Eaton Vance Municipals Trust

Eaton Vance

Alabama Municipal Income Fund

February 29, 2012

Portfolio Manager William H. Ahern, Jr., CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/7/1993		6.45	%		11.78	%		4.36	%		4.68	%		—
Class A at 4.75% Maximum Sales Charge		—		1.35			6.50			3.35			4.17			—
Class B at NAV		5/1/1992		6.05			10.87			3.56			3.91			—
Class B at 5% Maximum Sales Charge		—		1.05			5.87			3.21			3.91			—
Class C at NAV		3/21/2006		6.05			10.97			3.58			—			3.86
Class C at 1% Maximum Sales Charge		—		5.05			9.97			3.58			—			3.86
Class I at NAV		3/3/2008		6.45			12.00			—			—			7.14
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.76	%		1.52	%		1.51	%		0.56	%
Net of Interest Expense							0.73			1.49			1.48			0.53

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							4.31	%		3.59	%		3.59	%		4.50	%
Taxable-Equivalent Distribution Rate							6.98			5.81			5.81			7.29
SEC 30-day Yield							2.35			1.73			1.73			2.67
Taxable-Equivalent SEC 30-day Yield							3.81			2.80			2.80			4.32

% Total Leverage⁵


Residual Interest Bond (RIB)																3.09	%

Fund Profile

Credit Quality (% of total investments)⁶

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.⁵ Absent such securities, the Fund’s credit quality (% of total investments) is as follows:⁶


AAA	5.6	%
AA	47.7
A	21.6
BBB	14.0
Not Rated	11.1

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

Eaton Vance

Arkansas Municipal Income Fund

February 29, 2012

Portfolio Manager Adam A. Weigold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		2/9/1994		6.11	%		10.74	%		2.68	%		4.07	%		—
Class A at 4.75% Maximum Sales Charge		—		1.03			5.45			1.68			3.57			—
Class B at NAV		10/2/1992		5.75			9.91			1.92			3.30			—
Class B at 5% Maximum Sales Charge		—		0.75			4.91			1.57			3.30			—
Class C at NAV		4/28/2006		5.75			9.91			1.93			—			2.72
Class C at 1% Maximum Sales Charge		—		4.75			8.91			1.93			—			2.72
Class I at NAV		8/3/2010		6.22			10.86			—			—			5.68
Barclays Capital Municipal Bond Index				5.67	%		12.42	%		5.50	%		5.32	%
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.74	%		1.49	%		1.49	%		0.54	%
Net of Interest Expense							0.73			1.48			1.48			0.53

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							3.73	%		3.02	%		3.02	%		3.92	%
Taxable-Equivalent Distribution Rate							6.17			5.00			5.00			6.48
SEC 30-day Yield							2.48			1.86			1.85			2.80
Taxable-Equivalent SEC 30-day Yield							4.10			3.08			3.06			4.63

% Total Leverage⁵


RIB																0.88	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	1.6	%	BBB	7.9	%
AA	62.5		BB	0.6
A	25.1		Not Rated	2.3

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Georgia Municipal Income Fund

February 29, 2012

Portfolio Manager Adam A. Weigold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/7/1993		6.76	%		11.15	%		3.00	%		4.22	%		—
Class A at 4.75% Maximum Sales Charge		—		1.70			5.91			2.00			3.72			—
Class B at NAV		12/23/1991		6.41			10.36			2.25			3.46			—
Class B at 5% Maximum Sales Charge		—		1.41			5.36			1.91			3.46			—
Class C at NAV		4/25/2006		6.29			10.37			2.23			—			2.84
Class C at 1% Maximum Sales Charge				5.29			9.37			2.23			—			2.84
Class I at NAV		3/3/2008		6.85			11.47			—			—			6.32
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.85	%		1.60	%		1.60	%		0.65	%
Net of Interest Expense							0.76			1.51			1.51			0.56

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							3.93	%		3.21	%		3.21	%		4.11	%
Taxable-Equivalent Distribution Rate							6.43			5.25			5.25			6.73
SEC 30-day Yield							2.92			2.30			2.32			3.26
Taxable-Equivalent SEC 30-day Yield							4.78			3.76			3.80			5.34

% Total Leverage⁵


RIB																5.86	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	9.7	%
AA	62.2
A	18.4
BBB	9.7

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Kentucky Municipal Income Fund

February 29, 2012

Portfolio Manager Adam A. Weigold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/7/1993		6.18	%		10.83	%		3.74	%		4.18	%		—
Class A at 4.75% Maximum Sales Charge		—		1.13			5.57			2.74			3.68			—
Class B at NAV		12/23/1991		5.81			10.10			2.99			3.42			—
Class B at 5% Maximum Sales Charge		—		0.81			5.10			2.64			3.42			—
Class C at NAV		3/23/2006		5.81			9.97			2.99			—			3.21
Class C at 1% Maximum Sales Charge		—		4.81			8.97			2.99			—			3.21
Class I at NAV		8/3/2010		6.28			11.05			—			—			5.89
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


							0.74	%		1.49	%		1.49	%		0.53	%

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							3.74	%		3.03	%		3.03	%		3.91	%
Taxable-Equivalent Distribution Rate							6.12			4.96			4.96			6.40
SEC 30-day Yield							2.65			2.04			2.04			2.98
Taxable-Equivalent SEC 30-day Yield							4.34			3.34			3.34			4.88

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Maryland Municipal Income Fund

February 29, 2012

Portfolio Manager Craig R. Brandon, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/10/1993		7.47	%		13.24	%		3.63	%		4.39	%		—
Class A at 4.75% Maximum Sales Charge		—		2.37			7.84			2.62			3.88			—
Class B at NAV		2/3/1992		7.15			12.44			2.88			3.63			—
Class B at 5% Maximum Sales Charge		—		2.15			7.44			2.53			3.63			—
Class C at NAV		5/2/2006		7.15			12.44			2.90			—			3.51
Class C at 1% Maximum Sales Charge		—		6.15			11.44			2.90			—			3.51
Class I at NAV		3/3/2008		7.68			13.57			—			—			7.03
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.82	%		1.57	%		1.57	%		0.62	%
Net of Interest Expense							0.78			1.53			1.53			0.58

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							3.74	%		3.03	%		3.03	%		3.93	%
Taxable-Equivalent Distribution Rate							6.09			4.93			4.93			6.40
SEC 30-day Yield							2.55			1.93			1.93			2.87
Taxable-Equivalent SEC 30-day Yield							4.15			3.14			3.14			4.67

% Total Leverage⁵


RIB																4.44	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	16.9	%	BBB	9.8	%
AA	34.0		BB	0.4
A	24.1		Not Rated	14.8

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Missouri Municipal Income Fund

February 29, 2012

Portfolio Manager Cynthia J. Clemson

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/7/1993		8.10	%		13.91	%		3.26	%		4.42	%		—
Class A at 4.75% Maximum Sales Charge		—		2.94			8.54			2.26			3.91			—
Class B at NAV		5/1/1992		7.73			13.10			2.49			3.66			—
Class B at 5% Maximum Sales Charge		—		2.73			8.10			2.14			3.66			—
Class C at NAV		2/16/2006		7.63			13.11			2.49			—			2.89
Class C at 1% Maximum Sales Charge		—		6.63			12.11			2.49			—			2.89
Class I at NAV		8/3/2010		8.20			14.24			—			—			7.03
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.77	%		1.53	%		1.53	%		0.57	%
Net of Interest Expense							0.74			1.50			1.50			0.54

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							3.68	%		2.97	%		2.97	%		3.84	%
Taxable-Equivalent Distribution Rate							6.02			4.86			4.86			6.28
SEC 30-day Yield							2.57			1.96			1.95			2.90
Taxable-Equivalent SEC 30-day Yield							4.21			3.21			3.19			4.75

% Total Leverage⁵


RIB																2.07	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	13.1	%	BBB	14.9	%
AA	51.7		BB	1.4
A	13.7		Not Rated	5.2

See Endnotes and Additional Disclosures in this report.

Eaton Vance

North Carolina Municipal Income Fund

February 29, 2012

Portfolio Manager Thomas M. Metzold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/7/1993		9.02	%		15.97	%		4.55	%		4.58	%		—
Class A at 4.75% Maximum Sales Charge		—		3.84			10.51			3.55			4.07			—
Class B at NAV		10/23/1991		8.57			15.13			3.76			3.82			—
Class B at 5% Maximum Sales Charge		—		3.57			10.13			3.42			3.82			—
Class C at NAV		5/2/2006		8.57			15.13			3.78			—			4.26
Class C at 1% Maximum Sales Charge		—		7.57			14.13			3.78			—			4.26
Class I at NAV		3/3/2008		9.10			16.30			—			—			7.63
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.87	%		1.62	%		1.62	%		0.67	%
Net of Interest Expense							0.78			1.53			1.53			0.58

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							4.24	%		3.53	%		3.52	%		4.42	%
Taxable-Equivalent Distribution Rate							7.07			5.89			5.87			7.37
SEC 30-day Yield							3.05			2.46			2.45			3.40
Taxable-Equivalent SEC 30-day Yield							5.09			4.10			4.09			5.67

% Total Leverage⁵


RIB																11.29	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	9.9	%
AA	70.2
A	12.9
BBB	4.6
Not Rated	2.4

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Oregon Municipal Income Fund

February 29, 2012

Portfolio Manager Thomas M. Metzold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/28/1993		12.93	%		22.03	%		4.47	%		4.89	%		—
Class A at 4.75% Maximum Sales Charge		—		7.57			16.22			3.47			4.38			—
Class B at NAV		12/24/1991		12.48			21.08			3.67			4.11			—
Class B at 5% Maximum Sales Charge		—		7.48			16.08			3.33			4.11			—
Class C at NAV		3/2/2006		12.47			21.06			3.67			—			4.07
Class C at 1% Maximum Sales Charge		—		11.47			20.06			3.67			—			4.07
Class I at NAV		8/3/2010		13.05			22.29			—			—			10.23
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.87	%		1.62	%		1.62	%		0.67	%
Net of Interest Expense							0.77			1.52			1.52			0.57

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							4.36	%		3.65	%		3.65	%		4.53	%
Taxable-Equivalent Distribution Rate							7.54			6.31			6.31			7.83
SEC 30-day Yield							3.36			2.77			2.77			3.72
Taxable-Equivalent SEC 30-day Yield							5.81			4.79			4.79			6.43

% Total Leverage⁵


RIB																10.65	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	7.7	%
AA	57.0
A	17.8
BBB	14.2
Not Rated	3.3

See Endnotes and Additional Disclosures in this report.

Eaton Vance

South Carolina Municipal Income Fund

February 29, 2012

Portfolio Manager Thomas M. Metzold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		2/14/1994		10.04	%		17.71	%		3.30	%		4.83	%		—
Class A at 4.75% Maximum Sales Charge		—		4.76			12.08			2.31			4.32			—
Class B at NAV		10/2/1992		9.73			16.91			2.56			4.08			—
Class B at 5% Maximum Sales Charge		—		4.73			11.91			2.22			4.08			—
Class C at NAV		1/12/2006		9.73			16.91			2.56			—			3.37
Class C at 1% Maximum Sales Charge		—		8.73			15.91			2.56			—			3.37
Class I at NAV		3/3/2008		10.26			17.93			—			—			7.91
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.86	%		1.62	%		1.61	%		0.66	%
Net of Interest Expense							0.76			1.52			1.51			0.56

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							4.07	%		3.36	%		3.35	%		4.26	%
Taxable-Equivalent Distribution Rate							6.73			5.56			5.54			7.05
SEC 30-day Yield							3.01			2.41			2.41			3.36
Taxable-Equivalent SEC 30-day Yield							4.98			3.99			3.99			5.56

% Total Leverage⁵


RIB																11.38	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	14.7	%
AA	41.1
A	27.8
BBB	16.4

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Tennessee Municipal Income Fund

February 29, 2012

Portfolio Manager Adam A. Weigold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/9/1993		7.33	%		10.50	%		2.38	%		3.71	%		—
Class A at 4.75% Maximum Sales Charge		—		2.20			5.30			1.38			3.21			—
Class B at NAV		8/25/1992		6.95			9.51			1.61			2.95			—
Class B at 5% Maximum Sales Charge		—		1.95			4.51			1.27			2.95			—
Class C at NAV		5/2/2006		6.95			9.63			1.63			—			2.30
Class C at 1% Maximum Sales Charge		—		5.95			8.63			1.63			—			2.30
Class I at NAV		8/3/2010		7.44			10.57			—			—			5.30
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.74	%		1.50	%		1.49	%		0.54	%
Net of Interest Expense							0.73			1.49			1.48			0.53

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							3.78	%		3.07	%		3.07	%		3.93	%
Taxable-Equivalent Distribution Rate							6.19			5.02			5.02			6.43
SEC 30-day Yield							2.41			1.79			1.78			2.73
Taxable-Equivalent SEC 30-day Yield							3.94			2.93			2.91			4.47

% Total Leverage⁵


RIB																0.55	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	10.3	%
AA	52.0
A	13.6
BBB	16.1
Not Rated	8.0

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Virginia Municipal Income Fund

February 29, 2012

Portfolio Manager Adam A. Weigold, CFA

Performance^1,2


															Since
% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years			Inception

Class A at NAV		12/17/1993		7.40	%		10.40	%		1.53	%		3.41	%		—
Class A at 4.75% Maximum Sales Charge		—		2.32			5.16			0.56			2.91			—
Class B at NAV		7/26/1991		6.96			9.50			0.77			2.64			—
Class B at 5% Maximum Sales Charge		—		1.96			4.50			0.44			2.64			—
Class C at NAV		2/8/2006		6.96			9.49			0.78			—			1.69
Class C at 1% Maximum Sales Charge		—		5.96			8.49			0.78			—			1.69
Class I at NAV		3/3/2008		7.49			10.61			—			—			5.18
Barclays Capital Municipal Bond Index		—		5.67	%		12.42	%		5.50	%		5.32	%		—
Barclays Capital 20 Year Municipal Bond Index		—		8.13			16.19			5.75			6.08			—

% Total Annual Operating Expense Ratios³						Class A			Class B			Class C			Class I


Gross							0.82	%		1.57	%		1.57	%		0.62	%
Net of Interest Expense							0.77			1.52			1.52			0.57

% Distribution Rates/Yields⁴						Class A			Class B			Class C			Class I


Distribution Rate							4.08	%		3.37	%		3.37	%		4.27	%
Taxable-Equivalent Distribution Rate							6.66			5.50			5.50			6.97
SEC 30-day Yield							3.02			2.43			2.42			3.37
Taxable-Equivalent SEC 30-day Yield							4.93			3.97			3.95			5.50

% Total Leverage⁵


RIB																7.04	%

Fund Profile

Credit Quality (% of total investments)⁶


AAA	15.7	%	BB	1.7	%
AA	42.2		B	1.2
A	28.8		Not Rated	2.4
BBB	8.0

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Municipal Income Funds

February 29, 2012

Endnotes and Additional Disclosures

¹		Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Barclays Capital 20 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 17-22 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²		Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³		Total annual operating expense ratios are as stated in the Fund’s most recent prospectus. Net expense ratio excludes interest expense relating 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.

⁴		The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. Taxable-equivalent performance is based on the highest federal and state income tax rates, as applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s) will vary depending on your income, exemptions and deductions. Rates do not include local taxes. SEC 30-day Yield is calculated by dividing the net investment income per share for the 30-day period by the maximum offering price at the end of the period and annualizing the result.

⁵		Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding as of period end as a percentage of Fund net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions, if applicable.

⁶		Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

		Fund profile subject to change due to active management.

Eaton Vance

Municipal Income Funds

February 29, 2012

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2011 – February 29, 2012).

Actual Expenses: The first section of each table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of each table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in each table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

Eaton Vance Alabama Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,064.50	$	3.95		0.77	%
Class B	$	1,000.00	$	1,060.50	$	7.79		1.52	%
Class C	$	1,000.00	$	1,060.50	$	7.79		1.52	%
Class I	$	1,000.00	$	1,064.50	$	2.93		0.57	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.00	$	3.87		0.77	%
Class B	$	1,000.00	$	1,017.30	$	7.62		1.52	%
Class C	$	1,000.00	$	1,017.30	$	7.62		1.52	%
Class I	$	1,000.00	$	1,022.00	$	2.87		0.57	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance

Municipal Income Funds

February 29, 2012

Fund Expenses — continued

Eaton Vance Arkansas Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,061.10	$	3.79		0.74	%
Class B	$	1,000.00	$	1,057.50	$	7.62		1.49	%
Class C	$	1,000.00	$	1,057.50	$	7.57		1.48	%
Class I	$	1,000.00	$	1,062.20	$	2.77		0.54	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.72		0.74	%
Class B	$	1,000.00	$	1,017.50	$	7.47		1.49	%
Class C	$	1,000.00	$	1,017.50	$	7.42		1.48	%
Class I	$	1,000.00	$	1,022.20	$	2.72		0.54	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance Georgia Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,067.60	$	4.11		0.80	%
Class B	$	1,000.00	$	1,064.10	$	8.01		1.56	%
Class C	$	1,000.00	$	1,062.90	$	7.95		1.55	%
Class I	$	1,000.00	$	1,068.50	$	3.09		0.60	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	4.02		0.80	%
Class B	$	1,000.00	$	1,017.10	$	7.82		1.56	%
Class C	$	1,000.00	$	1,017.20	$	7.77		1.55	%
Class I	$	1,000.00	$	1,021.90	$	3.02		0.60	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance

Municipal Income Funds

February 29, 2012

Fund Expenses — continued

Eaton Vance Kentucky Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,061.80	$	3.74		0.73	%
Class B	$	1,000.00	$	1,058.10	$	7.57		1.48	%
Class C	$	1,000.00	$	1,058.10	$	7.57		1.48	%
Class I	$	1,000.00	$	1,062.80	$	2.72		0.53	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.67		0.73	%
Class B	$	1,000.00	$	1,017.50	$	7.42		1.48	%
Class C	$	1,000.00	$	1,017.50	$	7.42		1.48	%
Class I	$	1,000.00	$	1,022.20	$	2.66		0.53	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance Maryland Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,074.70	$	4.13		0.80	%
Class B	$	1,000.00	$	1,071.50	$	7.98		1.55	%
Class C	$	1,000.00	$	1,071.50	$	7.93		1.54	%
Class I	$	1,000.00	$	1,076.80	$	3.10		0.60	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	4.02		0.80	%
Class B	$	1,000.00	$	1,017.20	$	7.77		1.55	%
Class C	$	1,000.00	$	1,017.20	$	7.72		1.54	%
Class I	$	1,000.00	$	1,021.90	$	3.02		0.60	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance

Municipal Income Funds

February 29, 2012

Fund Expenses — continued

Eaton Vance Missouri Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,081.00	$	3.88		0.75	%
Class B	$	1,000.00	$	1,077.30	$	7.80		1.51	%
Class C	$	1,000.00	$	1,076.30	$	7.74		1.50	%
Class I	$	1,000.00	$	1,082.00	$	2.85		0.55	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.10	$	3.77		0.75	%
Class B	$	1,000.00	$	1,017.40	$	7.57		1.51	%
Class C	$	1,000.00	$	1,017.40	$	7.52		1.50	%
Class I	$	1,000.00	$	1,022.10	$	2.77		0.55	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance North Carolina Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,090.20	$	4.26		0.82	%
Class B	$	1,000.00	$	1,085.70	$	8.19		1.58	%
Class C	$	1,000.00	$	1,085.70	$	8.14		1.57	%
Class I	$	1,000.00	$	1,091.00	$	3.22		0.62	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.80	$	4.12		0.82	%
Class B	$	1,000.00	$	1,017.00	$	7.92		1.58	%
Class C	$	1,000.00	$	1,017.10	$	7.87		1.57	%
Class I	$	1,000.00	$	1,021.80	$	3.12		0.62	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance

Municipal Income Funds

February 29, 2012

Fund Expenses — continued

Eaton Vance Oregon Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,129.30	$	4.50		0.85	%
Class B	$	1,000.00	$	1,124.80	$	8.45		1.60	%
Class C	$	1,000.00	$	1,124.70	$	8.45		1.60	%
Class I	$	1,000.00	$	1,130.50	$	3.44		0.65	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.27		0.85	%
Class B	$	1,000.00	$	1,016.90	$	8.02		1.60	%
Class C	$	1,000.00	$	1,016.90	$	8.02		1.60	%
Class I	$	1,000.00	$	1,021.60	$	3.27		0.65	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance South Carolina Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,100.40	$	4.23		0.81	%
Class B	$	1,000.00	$	1,097.30	$	8.19		1.57	%
Class C	$	1,000.00	$	1,097.30	$	8.13		1.56	%
Class I	$	1,000.00	$	1,102.60	$	3.24		0.62	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.80	$	4.07		0.81	%
Class B	$	1,000.00	$	1,017.10	$	7.87		1.57	%
Class C	$	1,000.00	$	1,017.10	$	7.82		1.56	%
Class I	$	1,000.00	$	1,021.80	$	3.12		0.62	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance

Municipal Income Funds

February 29, 2012

Fund Expenses — continued

Eaton Vance Tennessee Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,073.30	$	3.76		0.73	%
Class B	$	1,000.00	$	1,069.50	$	7.67		1.49	%
Class C	$	1,000.00	$	1,069.50	$	7.62		1.48	%
Class I	$	1,000.00	$	1,074.40	$	2.73		0.53	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.67		0.73	%
Class B	$	1,000.00	$	1,017.50	$	7.47		1.49	%
Class C	$	1,000.00	$	1,017.50	$	7.42		1.48	%
Class I	$	1,000.00	$	1,022.20	$	2.66		0.53	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance Virginia Municipal Income Fund


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(9/1/11)		(2/29/12)		(9/1/11 – 2/29/12)		Ratio


Actual
Class A	$	1,000.00	$	1,074.00	$	4.13		0.80	%
Class B	$	1,000.00	$	1,069.60	$	7.98		1.55	%
Class C	$	1,000.00	$	1,069.60	$	7.98		1.55	%
Class I	$	1,000.00	$	1,074.90	$	3.10		0.60	%




Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	4.02		0.80	%
Class B	$	1,000.00	$	1,017.20	$	7.77		1.55	%
Class C	$	1,000.00	$	1,017.20	$	7.77		1.55	%
Class I	$	1,000.00	$	1,021.90	$	3.02		0.60	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2011.

Eaton Vance

Alabama Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 101.0%

Principal

Amount

Security (000’s omitted) Value

Education — 5.2%

Auburn University, 5.00%, 6/1/36
$ 1,000 $ 1,123,980

University of Alabama, 5.00%, 7/1/34
1,500 1,653,285

$ 2,777,265

Electric Utilities — 0.7%

Puerto Rico Electric Power Authority, 5.00%, 7/1/37
$ 375 $ 382,275

$ 382,275

Escrowed / Prerefunded — 2.2%

Huntsville, Prerefunded to 5/1/12, 5.25%, 5/1/31
$ 1,125 $ 1,157,434

$ 1,157,434

General Obligations — 8.9%

Auburn, 5.25%, 12/1/27
$ 1,000 $ 1,143,580

Huntsville, 5.00%, 5/1/33
1,000 1,154,520

Madison, 5.15%, 2/1/39
1,250 1,340,037

Mobile, 5.00%, 2/15/27
1,000 1,118,400

$ 4,756,537

Hospital — 15.8%

Alabama Special Care Facilities Financing Authority, (Ascension Health), 5.00%, 11/15/39⁽¹⁾
$ 1,740 $ 1,819,640

Birmingham Special Care Facilities Financing Authority, (Children’s Hospital), 6.125%, 6/1/34
1,500 1,686,360

Health Care Authority, (Baptist Health), 5.00%, 11/15/16
400 430,548

Health Care Authority, (Baptist Health), 5.00%, 11/15/18
750 797,257

Health Care Authority, (Baptist Health), 5.00%, 11/15/21
400 415,756

Huntsville, Health Care Authority, 5.50%, 6/1/25
1,000 1,142,580

Marshall County, Health Care Authority, 5.75%, 1/1/32
1,000 1,011,300

University of Alabama, Hospital Revenue, 5.75% to 9/1/18 (Put Date), 9/1/22
1,000 1,160,280

$ 8,463,721

Industrial Development Revenue — 2.6%

Butler Industrial Development Board, (Georgia-Pacific Corp.), (AMT), 5.75%, 9/1/28
$ 600 $ 611,460

Selma Industrial Development Board, (International Paper Co.), 5.80%, 5/1/34
750 800,670

$ 1,412,130

Insured – Education — 8.2%

Alabama State Board of Education, (Chattahoochee Valley Community College), (AGC), 5.00%, 6/1/34
$ 1,000 $ 1,083,660

Alabama State University, (AGC), 4.75%, 5/1/33
475 513,556

Auburn University, (AGM), 5.00%, 6/1/38
250 268,280

Jacksonville State University, (AGC), 5.125%, 12/1/33
1,230 1,332,016

Montgomery, Public Educational Building Authority, (Alabama State University), (XLCA), 5.25%, 10/1/25
1,110 1,192,784

$ 4,390,296

Insured – Electric Utilities — 2.2%

Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24
$ 400 $ 477,172

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35
625 707,406

$ 1,184,578

Insured – Escrowed / Prerefunded — 11.1%

Birmingham, Waterworks and Sewer Board, (NPFG), Prerefunded to 1/1/13, 5.25%, 1/1/33
$ 2,500 $ 2,606,075

Helena, Utilities Board Water and Sewer, (NPFG), Prerefunded to 4/1/12, 5.25%, 4/1/33
550 558,008

Montgomery, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.15%, 11/15/27
2,065 2,315,670

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27
330 457,324

$ 5,937,077

Insured – General Obligations — 4.0%

Gadsden, (AMBAC), 5.125%, 8/1/28
$ 2,000 $ 2,158,100

$ 2,158,100

Insured – Hospital — 2.4%

East Alabama, Health Care Authority, (NPFG), 5.00%, 9/1/27
$ 1,265 $ 1,268,163

$ 1,268,163

See Notes to Financial Statements.

Eaton Vance

Alabama Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued

Principal

Amount

Security (000’s omitted) Value

Insured – Lease Revenue / Certificates of Participation — 4.1%

Montgomery County, Public Building Authority, (NPFG), 5.00%, 3/1/31
$ 500 $ 529,240

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27
770 1,067,089

Puerto Rico Public Finance Corp., (Commonwealth Appropriation), (AMBAC), 5.125%, 6/1/24⁽²⁾
520 628,020

$ 2,224,349

Insured – Special Tax Revenue — 6.1%

Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27
$ 1,880 $ 1,795,983

Birmingham-Jefferson Civic Center Authority, (NPFG), 0.00%, 9/1/18
505 284,997

Wilcox County, Board of Education, (XLCA), 4.60%, 3/1/36
1,275 1,213,404

$ 3,294,384

Insured – Transportation — 4.1%

Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/16
$ 1,000 $ 871,690

Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29
1,185 1,339,560

$ 2,211,250

Insured – Water and Sewer — 11.0%

Alabama Drinking Water Finance Authority, (AMBAC), 4.00%, 8/15/28
$ 2,410 $ 2,439,908

Cullman Utilities Board, (AGM), 5.00%, 9/1/30
1,000 1,119,280

Florence Water and Sewer Authority, (AGM), 4.75%, 8/15/36
750 802,200

West Morgan-East Lawrence, Water and Sewer Authority, (AGM), 0.00%, 8/15/41
2,600 460,512

West Morgan-East Lawrence, Water and Sewer Authority, (AGM), 4.85%, 8/15/35
1,000 1,074,980

$ 5,896,880

Other Revenue — 3.1%

Alabama Incentives Financing Authority, 5.00%, 9/1/29
$ 1,500 $ 1,675,170

$ 1,675,170

Special Tax Revenue — 4.4%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29
$ 145 $ 155,128

Guam, Limited Obligation Bonds, 5.75%, 12/1/34
155 165,100

Homewood Board of Education, 5.00%, 4/1/32
500 562,150

Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/41
500 538,555

Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57⁽¹⁾⁽³⁾
540 570,677

Virgin Islands Public Finance Authority, 6.75%, 10/1/37
325 373,877

$ 2,365,487

Water and Sewer — 4.9%

Auburn, Waterworks Board, 5.00%, 9/1/29
$ 1,315 $ 1,510,514

Opelika Utilities Board, 5.25%, 6/1/36
500 554,110

Opelika Utilities Board, 5.25%, 6/1/41
500 551,865

$ 2,616,489

Total Tax-Exempt Investments — 101.0%

(identified cost $49,308,978)
$ 54,171,585

Other Assets, Less Liabilities — (1.0)%
$ (534,677 )

Net Assets — 100.0%
$ 53,636,908

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
BHAC		- Berkshire Hathaway Assurance Corp.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Alabama municipalities. In addition, 13.1% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 52.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 16.5% of total investments.


⁽¹⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽²⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽³⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $165,677.

See Notes to Financial Statements.

Eaton Vance

Arkansas Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 97.9%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 0.9%

Arkansas Development Finance Authority, 5.00%, 6/1/24	$	500	$	613,075


			$	613,075




Education — 2.9%

Texas A&M University, 5.00%, 7/1/26⁽¹⁾	$	200	$	254,842
University of Arkansas, 5.00%, 12/1/29		250		271,822
University of Arkansas, (Fort Smith Campus), 4.75%, 12/1/35		500		548,140
University of Arkansas, (UAMS Campus), 5.00%, 12/1/30		750		866,280


			$	1,941,084




Escrowed / Prerefunded — 0.5%

Arkansas Development Finance Authority, (Waste Water System), 5.50%, 12/1/19	$	250	$	322,400


			$	322,400




General Obligations — 25.3%

Arkansas, 4.75%, 6/1/29	$	750	$	833,572
Arkansas State College Savings, 0.00%, 6/1/14		2,750		2,705,587
Arkansas Water, Waste Disposal and Pollution Facilities, 4.875%, 7/1/43		1,000		1,087,260
Benton, School District No. 8, 4.80%, 2/1/38		750		762,923
Benton, School District No. 8, 4.85%, 2/1/40		1,000		1,017,500
Bentonville, School District No. 6, 4.50%, 6/1/40		1,000		1,060,150
Bradford, Special School District, 4.75%, 2/1/39		315		329,632
Bryant, School District No. 25, 4.75%, 2/1/39		1,490		1,559,210
Conroe Independent School District, 5.00%, 2/15/35⁽¹⁾		150		169,010
Conway, School District No. 1, 4.75%, 2/1/34		750		780,360
Forrest City, School District No. 7, 4.625%, 2/1/35		595		623,739
Greenwood, School District No. 25, 4.20%, 12/1/26		865		918,267
Pottsville, School District No. 61, 4.50%, 2/1/38		1,250		1,309,487
Puerto Rico Public Buildings Authority, Government Facilities, 5.00%, 7/1/36		350		354,172
Pulaski County, Special School District, 5.00%, 2/1/35		500		518,380
Siloam Springs, School District No. 21, 4.60%, 6/1/34		1,000		1,019,430
Springdale School District No. 50, 4.625%, 6/1/35		1,000		1,056,730
Springdale School District No. 50, 4.75%, 6/1/39		1,000		1,059,240


			$	17,164,649




Hospital — 0.4%

North Little Rock, Health Facilities Board, (Baptist Health), 5.70%, 7/1/22	$	250	$	250,563


			$	250,563




Housing — 2.8%

Arkansas Development Finance Authority, SFMR, (GNMA), (AMT), 5.125%, 7/1/24	$	430	$	436,532
Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 4.75%, 7/1/32		645		653,165
Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 4.80%, 7/1/26		570		572,639
Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 5.00%, 1/1/29		85		85,393
Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 5.05%, 7/1/31		175		178,626


			$	1,926,355




Industrial Development Revenue — 3.7%

Arkansas Development Finance Authority, Industrial Facility Revenue, (Potlatch Corp.), (AMT), 7.75%, 8/1/25	$	400	$	409,428
Baxter, (Aeroquip Corp.), 5.80%, 10/1/13		2,000		2,132,700


			$	2,542,128




Insured – Education — 11.0%

Arkansas State University, (AMBAC), 5.00%, 9/1/35	$	1,000	$	1,047,900
Arkansas State University, (Consolidated Building System), (AMBAC), 5.00%, 4/1/24		1,000		1,231,560
Arkansas State University, (Student Fee), (AMBAC), 5.00%, 3/1/32		1,250		1,355,200
Pulaski Technical College, (Student Tuition & Fee), (AGM), 5.00%, 4/1/41		1,150		1,229,925
University of Arkansas, (Fayetteville Campus), (AMBAC), 5.00%, 11/1/36		1,000		1,070,540
University of Arkansas, (UAMS Campus), (NPFG), 5.00%, 11/1/34		1,000		1,050,560
University of Arkansas, Parking Revenue, (NPFG), 5.00%, 7/1/29		500		519,995


			$	7,505,680




Insured – Electric Utilities — 6.9%

Benton, Utilities Revenue, (AMBAC), 5.00%, 9/1/36	$	1,435	$	1,508,486
North Little Rock, Electric System, (NPFG), 6.50%, 7/1/15		825		882,370
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		650		760,416

See Notes to Financial Statements.

Eaton Vance

Arkansas Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Insured – Electric Utilities (continued)


Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34	$	550	$	626,648
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		750		876,173


			$	4,654,093




Insured – General Obligations — 1.5%

Arkansas State College Savings, (FGIC), (NPFG), 0.00%, 6/1/17	$	500	$	464,335
Puerto Rico, (NPFG), 5.50%, 7/1/20		480		546,096


			$	1,010,431




Insured – Health – Miscellaneous — 1.0%

Arkansas Development Finance Authority, (Public Health Laboratory), (AMBAC), 3.90%, 12/1/24	$	130	$	130,103
Arkansas Development Finance Authority, (Public Health Laboratory), (AMBAC), 5.00%, 12/1/18		500		528,730


			$	658,833




Insured – Hospital — 6.5%

Heber Springs, Hospital and Health Care Facilities Board, (Baptist Healthcare System), (AGC), 5.00%, 5/1/26	$	1,140	$	1,214,408
Pulaski County, (Children’s Hospital), (AMBAC), 5.00%, 3/1/30		1,500		1,572,180
Pulaski County, (Children’s Hospital), (AMBAC), 5.00%, 3/1/35		1,565		1,624,845


			$	4,411,433




Insured – Lease Revenue / Certificates of Participation — 3.6%

Arkansas Development Finance Authority, SFMR, (Donaghey Plaza), (AGM), 5.00%, 6/1/29	$	1,000	$	1,049,400
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		1,000		1,385,830


			$	2,435,230




Insured – Other Revenue — 6.2%

Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/24	$	1,000	$	667,330
Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/30		1,320		646,787
Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/36		3,500		1,263,605
Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/46		7,690		1,656,580


			$	4,234,302




Insured – Special Tax Revenue — 3.7%

Bentonville Sales and Use Tax Revenue, (AMBAC), 4.375%, 11/1/27	$	185	$	196,119
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		1,000		1,130,080
Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42		1,000		147,070
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		2,200		182,226
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		5,215		831,688
Springdale Sales and Use Tax Revenue, (AGM), 4.00%, 7/1/27		40		41,615


			$	2,528,798




Insured – Transportation — 2.0%

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽²⁾	$	1,200	$	1,346,784


			$	1,346,784




Insured – Water and Sewer — 9.1%

Arkansas Community Water System, Public Water Authority, (NPFG), 5.00%, 10/1/33	$	515	$	518,893
Fort Smith, Water and Sewer, (AGM), 5.00%, 10/1/23		1,145		1,177,713
Fort Smith, Water and Sewer, (AGM), 5.00%, 10/1/32		500		560,480
Little Rock, Sewer Revenue, (AGM), 4.75%, 6/1/37		1,000		1,052,360
Little Rock, Sewer Revenue, (AGM), 5.00%, 6/1/31		450		487,179
Little Rock, Sewer Revenue, (AGM), 5.00%, 10/1/32		750		811,980
Rogers, Sewer Revenue, (AMBAC), 5.00%, 2/1/32		500		539,140
Rogers, Water Revenue, (AMBAC), 5.00%, 2/1/37		1,000		1,064,700


			$	6,212,445




Lease Revenue / Certificates of Participation — 2.4%

Arkansas Development Finance Authority, Correctional Facilities, 5.125%, 5/15/39	$	1,500	$	1,618,845


			$	1,618,845

See Notes to Financial Statements.

Eaton Vance

Arkansas Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Other Revenue — 0.7%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	7,250	$	496,770


			$	496,770




Special Tax Revenue — 4.3%

Little Rock, Hotel and Restaurant Gross Receipts Tax, 7.375%, 8/1/15	$	1,420	$	1,557,470
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		215		227,214
Rogers Sales and Use Tax, 4.125%, 11/1/31		500		531,130
Virgin Islands Public Finance Authority, 5.00%, 10/1/39		125		127,565
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		435		500,420


			$	2,943,799




Transportation — 0.7%

Northwest Arkansas Regional Airport Authority, (AMT), 5.00%, 2/1/18	$	500	$	501,990


			$	501,990




Water and Sewer — 1.8%

El Dorado, Water and Sewer System Revenue, 4.375%, 12/1/28	$	595	$	667,596
El Dorado, Water and Sewer System Revenue, 4.50%, 12/1/30		500		562,065


			$	1,229,661



Total Tax-Exempt Investments — 97.9%
(identified cost $62,208,925)			$	66,549,348



Other Assets, Less Liabilities — 2.1%			$	1,406,520



Net Assets — 100.0%			$	67,955,868

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
FNMA		- Federal National Mortgage Association
GNMA		- Government National Mortgage Association
NPFG		- National Public Finance Guaranty Corp.
SFMR		- Single Family Mortgage Revenue

The Fund invests primarily in debt securities issued by Arkansas municipalities. In addition, 13.1% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 52.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.0% to 28.3% of total investments.


⁽¹⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽²⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Georgia Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 102.3%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 4.6%

Atlanta Development Authority, Educational Facilities, 4.75%, 7/1/27	$	600	$	638,466
Fulton County Development Authority, (Georgia Technology Foundation), 5.00%, 11/1/30		750		881,632
Georgia Private Colleges and Universities Authority, (Emory University), 5.00%, 9/1/38		1,500		1,641,300


			$	3,161,398




Electric Utilities — 1.6%

Burke County Development Authority, (Oglethorpe Power Corp.), 5.50%, 1/1/33	$	1,000	$	1,080,340


			$	1,080,340




Escrowed / Prerefunded — 1.5%

Forsyth County Hospital Authority, (Georgia Baptist Health Care System), Escrowed to Maturity, 6.375%, 10/1/28	$	800	$	1,053,504


			$	1,053,504




General Obligations — 16.2%

Georgia, 1.00%, 3/1/26	$	2,000	$	1,579,820
Georgia, 2.00%, 8/1/27		500		465,660
Georgia, 5.00%, 7/1/29⁽¹⁾		600		723,390
Gwinnett County, School District, 5.00%, 2/1/36⁽²⁾		4,500		4,917,240
Jefferson City School District, 5.25%, 2/1/33		1,500		1,722,555
Lagrange-Troup County Hospital Authority, (West Georgia Health Foundation, Inc.), 5.50%, 7/1/38		500		539,710
Lincoln County, School District, 5.50%, 4/1/37		1,000		1,153,380


			$	11,101,755




Hospital — 9.0%

DeKalb County Hospital Authority, (DeKalb Medical Center), 6.125%, 9/1/40	$	1,000	$	1,081,120
Fulton County Development Authority, (Children’s Healthcare of Atlanta), 5.25%, 11/15/39		3,000		3,260,010
Glynn-Brunswick Memorial Hospital Authority, (Georgia Medical Center), 5.625%, 8/1/34		750		803,700
Macon-Bibb County Hospital Authority, (The Medical Center of Central Georgia), 5.00%, 8/1/35		1,000		1,053,460


			$	6,198,290




Housing — 3.4%

Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37	$	1,980	$	2,044,469
Georgia Private Colleges and Universities Authority, Student Housing Revenue, (Mercer Housing Corp.), 6.00%, 6/1/31		270		270,623


			$	2,315,092




Industrial Development Revenue — 6.7%

Albany Dougherty Payroll Development Authority, Solid Waste Disposal, (Procter and Gamble), (AMT), 5.20%, 5/15/28	$	2,000	$	2,441,500
Cartersville Development Authority, (Anheuser-Busch), (AMT), 5.95%, 2/1/32		700		701,295
Cobb County Development Authority, Solid Waste Disposal, (Georgia Waste Management Project), (AMT), 5.00%, 4/1/33		925		933,168
Vienna Water and Sewer, (Cargill), (AMT), 6.00%, 9/1/14		485		486,702


			$	4,562,665




Insured – Education — 1.8%

Savannah Economic Development Authority, (SSU Community Development I, LLC), (AGC), 5.25%, 6/15/27	$	1,125	$	1,252,418


			$	1,252,418




Insured – Electric Utilities — 10.1%

Georgia Municipal Electric Power Authority, (NPFG), 5.50%, 1/1/20⁽³⁾	$	3,005	$	3,370,648
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		390		456,249
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		895		1,019,727
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		310		350,874
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,450		1,693,934


			$	6,891,432




Insured – General Obligations — 5.9%

Coweta County, Water and Sewer Authority, (AGM), 5.00%, 6/1/26	$	1,135	$	1,462,890
Fayette County, School District, (AGM), 4.95%, 3/1/25		660		716,206
Newnan, Water, Sewer and Light Commission, (AMBAC), 5.25%, 1/1/24		1,040		1,329,640
Puerto Rico, (NPFG), 5.50%, 7/1/20		480		546,096


			$	4,054,832

See Notes to Financial Statements.

Eaton Vance

Georgia Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Hospital — 2.8%

Cobb County Kennestone Hospital Authority, (Wellstar Health System), (AMBAC), 5.50%, 4/1/37	$	1,750	$	1,927,905


			$	1,927,905




Insured – Lease Revenue / Certificates of Participation — 4.6%

Georgia Local Government Certificate of Participation, (NPFG), 4.75%, 6/1/28	$	935	$	961,143
Georgia Municipal Association, Inc. Certificate of Participation, (Riverdale), (AGC), 5.375%, 5/1/32		1,000		1,101,640
Georgia State University Higher Education Facilities Authority, (USG Real Estate Foundation), (AGC), 5.625%, 6/15/38		1,000		1,089,860


			$	3,152,643




Insured – Special Tax Revenue — 5.7%

Clarke County Hospital Authority, (Athens Regional Medical Center), (NPFG), 5.00%, 1/1/32	$	1,190	$	1,257,639
Henry County Hospital Authority Revenue, (Henry Medical Center, Inc.), (AMBAC), 6.00%, 7/1/29		1,000		1,010,490
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		4,000		1,035,720
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		545		615,894


			$	3,919,743




Insured – Transportation — 5.9%

Atlanta, Airport Passenger Facility Charge, (AGM), 4.75%, 1/1/28	$	785	$	824,603
Metropolitan Atlanta Rapid Transit Authority, (AMBAC), 6.25%, 7/1/20		1,000		1,196,060
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽²⁾		1,780		1,997,730


			$	4,018,393




Insured – Water and Sewer — 9.0%

Brunswick-Glynn County Joint Water & Sewer Commission, (AGM), 5.00%, 6/1/33	$	500	$	555,430
DeKalb County Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32		1,590		1,912,818
Douglasville-Douglas County, Water and Sewer Authority, (NPFG), 5.00%, 6/1/37		1,250		1,334,587
Henry County, Water and Sewer Authority, (NPFG), 5.25%, 2/1/25		1,000		1,280,750
Walton County, Water and Sewer Authority, (AGM), 5.00%, 2/1/33		1,000		1,085,980


			$	6,169,565




Special Tax Revenue — 9.1%

Athens-Clarke County Unified Government Development Authority, (Economic Development Projects), 5.00%, 6/1/32⁽⁴⁾	$	1,080	$	1,238,080
Floyd County Hospital Authority, (Floyd Health Medical Center), 5.25%, 7/1/29		750		843,300
Gainesville and Hall County Hospital Authority, (Northeast Georgia Medical Center), 5.00%, 2/15/33		1,750		1,863,977
Guam, Limited Obligation Bonds, 5.625%, 12/1/29		205		219,319
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		220		234,335
Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		5,980		438,693
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		835		882,436
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		435		500,420


			$	6,220,560




Transportation — 1.2%

Atlanta, Airport Revenue, 5.00%, 1/1/35	$	750	$	805,485


			$	805,485




Water and Sewer — 3.2%

Athens-Clarke County, Unified Government Water and Sewer Revenue, 5.50%, 1/1/38	$	1,000	$	1,125,510
Coweta County, Water and Sewer Authority, 5.00%, 6/1/37		1,000		1,077,450


			$	2,202,960



Total Tax-Exempt Investments — 102.3%
(identified cost $64,018,649)			$	70,088,980



Other Assets, Less Liabilities — (2.3)%			$	(1,593,824	)



Net Assets — 100.0%			$	68,495,156

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.

See Notes to Financial Statements.

Eaton Vance

Georgia Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued

The Fund invests primarily in debt securities issued by Georgia municipalities. In addition, 13.2% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 44.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.6% to 17.5% of total investments.


⁽¹⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽²⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽³⁾		Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽⁴⁾		When-issued security.

See Notes to Financial Statements.

Eaton Vance

Kentucky Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 96.2%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 2.2%

Kentucky Infrastructure Authority, (Wastewater and Drinking Water), 5.00%, 2/1/27⁽¹⁾	$	1,000	$	1,189,250


			$	1,189,250




Education — 2.4%

Campbellsville, (Campbellsville University), 5.70%, 3/1/34	$	1,280	$	1,317,107


			$	1,317,107




Escrowed / Prerefunded — 3.6%

Puerto Rico Electric Power Authority, Escrowed to various sinking fund dates through 7/1/17, Series O, 0.00%, 7/1/17	$	2,250	$	1,942,155


			$	1,942,155




General Obligations — 3.6%

Kenton County, 4.625%, 4/1/34	$	750	$	799,860
Lexington-Fayette Urban County Airport Board, 5.00%, 7/1/27		1,000		1,125,570


			$	1,925,430




Hospital — 7.4%

Kentucky Economic Development Authority, (Ashland Hospital Corp.), 5.00%, 2/1/30	$	1,000	$	1,071,850
Kentucky Economic Development Authority, (Baptist Healthcare System), 5.625%, 8/15/27		500		571,045
Kentucky Economic Development Authority, (Catholic Health Initiatives), 5.00%, 5/1/29		500		551,350
Kentucky Economic Development Finance Authority, (Baptist Healthcare System), 5.00%, 8/15/42		250		263,382
Murray Hospital Facilities, (Murray Calloway County Hospital), 5.125%, 8/1/37		1,000		949,590
Pikeville Hospital, (Pikeville Medical Center, Inc.), 6.25%, 3/1/31		500		587,475


			$	3,994,692




Housing — 4.1%

Kentucky Housing Corp., (AMT), 5.00%, 7/1/37	$	300	$	305,460
Kentucky Housing Corp., (AMT), 5.30%, 1/1/38		1,850		1,914,546


			$	2,220,006




Industrial Development Revenue — 3.5%

Owen County, (American Water Project), 6.25%, 6/1/39	$	500	$	552,795
Wickliffe, Solid Waste Disposal, (Westvaco Corp.), (AMT), 6.375%, 4/1/26		1,320		1,320,251


			$	1,873,046




Insured – Electric Utilities — 15.1%

Carroll County, Environmental Facilities, (AMBAC), (AMT), 5.75%, 2/1/26	$	1,000	$	1,082,140
Kentucky Municipal Power Agency, (Prairie State Project), (NPFG), 5.00%, 9/1/37		2,000		2,108,560
Kentucky Municipal Power Agency, (Prairie State Project), (NPFG), 5.25%, 9/1/27		1,000		1,100,190
Owensboro, (AMBAC), 0.00%, 1/1/20		2,000		1,549,180
Paducah Electric Plant Board, (AGC), 5.25%, 10/1/35⁽²⁾		1,200		1,309,152
Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24		400		477,172
Trimble County, Environmental Facilities, (AMBAC), (AMT), 6.00%, 3/1/37		500		531,495


			$	8,157,889




Insured – General Obligations — 1.3%

Puerto Rico, (NPFG), 5.50%, 7/1/20	$	600	$	682,620


			$	682,620




Insured – Hospital — 7.3%

Jefferson County, Health Facilities Authority, (University Medical Center), (NPFG), 5.25%, 7/1/22	$	850	$	851,232
Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/27		6,730		3,085,840


			$	3,937,072




Insured – Industrial Development Revenue — 0.5%

Boone County, (Dayton Power & Light Co. (The)), (FGIC), 4.70%, 1/1/28	$	250	$	257,543


			$	257,543




Insured – Lease Revenue / Certificates of Participation — 12.5%

Jefferson County, School District Finance Corp. School Building, (AGM), 4.50%, 7/1/23	$	1,000	$	1,077,240
Kentucky Area Development Districts Financing Trust, (XLCA), 4.70%, 6/1/35		1,150		1,168,136
Kentucky Property and Buildings Commission, (AGC), 5.25%, 2/1/29		500		565,000
Kentucky Property and Buildings Commission, (AGM), 5.00%, 11/1/26		500		562,520

See Notes to Financial Statements.

Eaton Vance

Kentucky Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Insured – Lease Revenue / Certificates of Participation (continued)


Louisville, Parking Authority, (NPFG), 5.00%, 6/1/32	$	1,000	$	1,009,980
Puerto Rico Public Buildings Authority, (AMBAC), 5.50%, 7/1/21		865		978,557
Puerto Rico Public Buildings Authority, (XLCA), 5.50%, 7/1/21		1,000		1,131,280
Wayne County, School District Finance Corp., (NPFG), 4.00%, 7/1/25		255		264,764


			$	6,757,477




Insured – Transportation — 5.3%

Louisville Regional Airport Authority, (AGM), (AMT), 5.50%, 7/1/38	$	1,000	$	1,058,230
Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/18		2,295		1,822,597


			$	2,880,827




Insured – Water and Sewer — 8.7%

Campbell, Kenton and Boone Counties, Sanitation District No. 1, (NPFG), 4.375%, 8/1/35	$	500	$	516,420
Campbell, Kenton and Boone Counties, Sanitation District No. 1, (NPFG), 5.00%, 8/1/37		1,000		1,099,010
Kentucky Rural Water Finance Corp., (NPFG), 4.70%, 8/1/35		1,060		1,101,573
Louisville and Jefferson County, Metropolitan Sewer District and Drainage System, (FGIC), (NPFG), 5.00%, 5/15/38		750		818,100
Owensboro, (AGC), 5.00%, 9/15/26		500		563,060
Owensboro, (AGC), 5.00%, 9/15/27		290		324,739
Owensboro, (AGC), 5.00%, 9/15/31		225		246,029


			$	4,668,931




Lease Revenue / Certificates of Participation — 9.1%

Jefferson County, (Capital Projects Corp.), 0.00%, 8/15/15	$	2,700	$	2,574,126
Kentucky Asset/Liability Commission Agency Fund Revenue, 5.00%, 9/1/22		1,000		1,194,030
Kentucky Property and Buildings Commission, 5.00%, 8/1/22		250		300,638
Kentucky Property and Buildings Commission, 5.50%, 11/1/28		750		863,317


			$	4,932,111




Other Revenue — 0.9%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	4,200	$	287,784
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		7,595		209,850


			$	497,634




Special Tax Revenue — 1.2%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	70	$	74,889
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		75		79,887
Virgin Islands Public Finance Authority, 5.00%, 10/1/39		125		127,565
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		325		373,877


			$	656,218




Transportation — 4.3%

Kentucky Turnpike Authority, (Revitalization Project), 5.00%, 7/1/32⁽³⁾	$	500	$	580,825
Kentucky Turnpike Authority, (Revitalization Project), 5.00%, 7/1/28		500		564,860
Kentucky Turnpike Authority, (Revitalization Project), 5.00%, 7/1/29		1,000		1,145,350


			$	2,291,035




Water and Sewer — 3.2%

Louisville & Jefferson County Metropolitan Sewer District, 5.00%, 5/15/34	$	1,000	$	1,129,130
Louisville & Jefferson County Metropolitan Sewer District, 5.00%, 5/15/27		500		589,125


			$	1,718,255



Total Tax-Exempt Investments — 96.2%
(identified cost $48,012,370)			$	51,899,298



Other Assets, Less Liabilities — 3.8%			$	2,053,235



Net Assets — 100.0%			$	53,952,533

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

See Notes to Financial Statements.

Eaton Vance

Kentucky Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
BHAC		- Berkshire Hathaway Assurance Corp.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Kentucky municipalities. In addition, 14.0% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 52.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 25.3% of total investments.


⁽¹⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽²⁾		Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽³⁾		When-issued security.

See Notes to Financial Statements.

Eaton Vance

Maryland Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 97.1%

	Principal
	Amount
Security	(000’s omitted)		Value



Cogeneration — 1.5%

Maryland Energy Financing Administration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$	1,250	$	1,257,625


			$	1,257,625




Education — 11.9%

Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins University), 5.00%, 7/1/32	$	2,000	$	2,024,540
Maryland Health and Higher Educational Facilities Authority, (Loyola College), 4.75%, 10/1/33		2,160		2,252,102
Maryland Health and Higher Educational Facilities Authority, (Loyola College), 5.125%, 10/1/45		1,000		1,045,910
Maryland Health and Higher Educational Facilities Authority, (Maryland Institute College of Art), 5.00%, 6/1/36		1,500		1,529,025
Maryland Health and Higher Educational Facilities Authority, (Washington Christian Academy), 5.50%, 7/1/38⁽¹⁾		400		174,960
Maryland Industrial Development Financing Authority, (Our Lady of Good Counsel High School), 6.00%, 5/1/35		1,000		1,018,650
University of Maryland, Auxiliary Facility and Tuition Revenue, 5.00%, 4/1/28		1,425		1,702,134


			$	9,747,321




Escrowed / Prerefunded — 2.6%

Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Hospital), Prerefunded to 11/15/13, 5.125%, 11/15/34	$	2,000	$	2,161,340


			$	2,161,340




General Obligations — 15.4%

Anne Arundel County, Water and Sewer Construction, 4.50%, 4/1/29	$	1,140	$	1,260,213
Baltimore County, (Metropolitan District), 5.00%, 2/1/31		2,000		2,250,740
Maryland, 5.00%, 11/1/19		2,000		2,539,480
Montgomery County, 5.00%, 5/1/23		1,000		1,185,200
Montgomery County, 5.00%, 5/1/25		1,500		1,755,255
Prince George’s County Housing Authority, 5.00%, 7/15/23		2,235		2,662,131
Puerto Rico, 0.00%, 7/1/16		1,100		958,859


			$	12,611,878




Health Care – Miscellaneous — 2.3%

Maryland Health and Higher Educational Facilities Authority, (Board of Child Care), 5.375%, 7/1/32	$	895	$	899,752
Maryland Health and Higher Educational Facilities Authority, (Board of Child Care), 5.625%, 7/1/22		1,000		1,009,260


			$	1,909,012




Hospital — 11.4%

Baltimore County, (Catholic Health Initiatives), 4.50%, 9/1/33	$	780	$	803,556
Maryland Health and Higher Educational Facilities Authority, (Anne Arundel Health Care Services, Inc.), 5.00%, 7/1/32		1,000		1,069,890
Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health Care), 5.00%, 5/15/40		2,000		2,158,300
Maryland Health and Higher Educational Facilities Authority, (Medstar Health, Inc.), 5.25%, 5/15/46		1,475		1,527,436
Maryland Health and Higher Educational Facilities Authority, (Peninsula Regional Medical Center), 5.00%, 7/1/36		1,280		1,314,278
Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/1/41		1,630		1,667,832
Maryland Health and Higher Educational Facilities Authority, (Washington County Hospital), 5.75%, 1/1/38		750		784,883


			$	9,326,175




Housing — 6.4%

Maryland Community Development Administration, (AMT), 5.10%, 9/1/37	$	1,000	$	1,025,950
Maryland Community Development Administration, Department of Housing and Community Development, (AMT), 5.15%, 9/1/42⁽²⁾		1,170		1,198,373
Maryland Community Development Administration, MFMR, (AMT), 4.85%, 9/1/37		1,000		1,012,180
Maryland Community Development Administration, MFMR, (AMT), 4.85%, 9/1/47		2,000		2,018,840


			$	5,255,343




Industrial Development Revenue — 2.4%

Maryland Economic Development Corp., (AFCO Cargo), (AMT), 6.50%, 7/1/24	$	900	$	798,777
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 7.34%, 7/1/24		185		175,576

See Notes to Financial Statements.

Eaton Vance

Maryland Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Industrial Development Revenue (continued)


Maryland Economic Development Corp., (Waste Management, Inc.), (AMT), 4.60%, 4/1/16	$	1,000	$	1,013,430


			$	1,987,783




Insured – Education — 1.8%

Morgan State University, Academic and Auxiliary Facilities, (NPFG), 6.10%, 7/1/20	$	1,200	$	1,488,300


			$	1,488,300




Insured – Escrowed / Prerefunded — 4.7%

Maryland Health and Higher Educational Facilities Authority, (Helix Health Issue), (AMBAC), Escrowed to Maturity, 5.00%, 7/1/27	$	3,145	$	3,878,194


			$	3,878,194




Insured – Hospital — 5.1%

Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/42	$	740	$	755,873
Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38		3,035		3,433,344


			$	4,189,217




Insured – Special Tax Revenue — 2.5%

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	550	$	231,754
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29		1,325		515,875
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		2,000		517,860
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		300		62,046
Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30		2,000		716,200


			$	2,043,735




Insured – Transportation — 9.7%

Maryland Transportation Authority, (AGM), 5.00%, 7/1/28	$	1,000	$	1,073,660
Maryland Transportation Authority, (AGM), 5.00%, 7/1/36		1,500		1,649,670
Maryland Transportation Authority, (AGM), 5.00%, 7/1/41⁽²⁾		2,000		2,186,380
Maryland Transportation Authority, Baltimore-Washington International Airport, (AMBAC), 5.00%, 3/1/27		1,500		1,519,560
Maryland Transportation Authority, Baltimore-Washington International Airport, (AMBAC), (AMT), 5.25%, 3/1/27		1,500		1,516,935


			$	7,946,205




Insured – Water and Sewer — 5.0%

Baltimore, (Wastewater Projects), (FGIC), (NPFG), 5.00%, 7/1/22	$	1,000	$	1,199,450
Baltimore, (Wastewater Projects), (NPFG), 5.65%, 7/1/20		2,000		2,390,480
Baltimore, (Water Projects), (FGIC), (NPFG), 5.125%, 7/1/42		500		506,795


			$	4,096,725




Other Revenue — 1.7%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	15,520	$	1,063,431
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		10,110		279,339


			$	1,342,770




Senior Living / Life Care — 1.9%

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30	$	470	$	537,878
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.40%, 1/1/37		375		366,941
Maryland Health and Higher Educational Facilities Authority, (King Farm Presbyterian Community), 5.00%, 1/1/17		135		132,100
Maryland Health and Higher Educational Facilities Authority, (Mercy Ridge), 4.75%, 7/1/34		500		503,605


			$	1,540,524




Special Tax Revenue — 6.0%

Baltimore (Clipper Mill), 6.25%, 9/1/33	$	743	$	758,410
Baltimore (Strathdale Manor), 7.00%, 7/1/33		495		511,216
Montgomery County, Department of Liquor Control, 5.00%, 4/1/21		1,000		1,193,700
Montgomery County, Department of Liquor Control, 5.00%, 4/1/29		250		282,305
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57⁽²⁾⁽³⁾		2,040		2,155,892


			$	4,901,523

See Notes to Financial Statements.

Eaton Vance

Maryland Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Transportation — 4.8%

Maryland State Department of Transportation, County Transportation, 5.00%, 2/15/23	$	1,000	$	1,166,260
Washington Metropolitan Area Transit Authority, 5.00%, 7/1/32		2,500		2,779,200


			$	3,945,460



Total Tax-Exempt Investments — 97.1%
(identified cost $74,837,746)			$	79,629,130



Other Assets, Less Liabilities — 2.9%			$	2,416,057



Net Assets — 100.0%			$	82,045,187

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
FGIC		- Financial Guaranty Insurance Company
MFMR		- Multi-Family Mortgage Revenue
NPFG		- National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by Maryland municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at February 29, 2012, 29.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 14.7% of total investments.


⁽¹⁾		Currently the issuer is in default with respect to interest payments.

⁽²⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽³⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $625,892.

See Notes to Financial Statements.

Eaton Vance

Missouri Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 98.2%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 3.2%

Missouri Environmental Improvement and Energy Resources Authority, 5.00%, 1/1/24	$	675	$	846,457
Missouri Environmental Improvement and Energy Resources Authority, 5.00%, 1/1/25		575		715,283
Missouri Environmental Improvement and Energy Resources Authority, (Revolving Fund Program), Water Pollution Control, 7.20%, 7/1/16		100		104,857
Missouri Environmental Improvement and Energy Resources Authority, (Revolving Fund Program), Water Pollution Control and Drinking Water, 5.00%, 7/1/30		1,000		1,195,810


			$	2,862,407




Education — 6.0%

Curators University System Facilities Revenue, (University of Missouri), 5.00%, 11/1/33	$	2,000	$	2,204,380
Missouri State Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39⁽¹⁾		1,275		1,435,612
Missouri State Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39⁽²⁾		1,500		1,688,955


			$	5,328,947




Electric Utilities — 1.5%

Puerto Rico Electric Power Authority, 5.25%, 7/1/25	$	1,150	$	1,287,782


			$	1,287,782




General Obligations — 11.6%

Clay County, Public School District, 5.00%, 3/1/28	$	1,000	$	1,197,810
Columbia School District, 5.00%, 3/1/31		1,000		1,180,590
Independence School District, (Direct Deposit Program), 5.00%, 3/1/29		1,000		1,161,860
Independence School District, (Direct Deposit Program), 5.00%, 3/1/30		1,000		1,155,640
Jackson County, Reorganized School District No. 7, 5.00%, 3/1/28		1,000		1,130,570
Kansas City, 4.75%, 2/1/25		1,000		1,130,880
Marion County School District No. 60, (Direct Deposit Program), 5.00%, 3/1/30		1,000		1,176,000
University City School District, (Direct Deposit Program), 5.00%, 2/15/26		750		865,132
Wentzville School District No. R-4, 0.00%, 3/1/28		3,000		1,320,090


			$	10,318,572




Hospital — 8.6%

Cape Girardeau County Industrial Development Authority, (Southeast Missouri Hospital Association), 5.00%, 6/1/36	$	1,000	$	986,780
Missouri State Health and Educational Facilities Authority, (Barnes Jewish Christian Hospital), 5.25%, 5/15/14		1,950		2,065,479
Missouri State Health and Educational Facilities Authority, (Children’s Mercy Hospital), 5.625%, 5/15/39		1,000		1,079,090
Missouri State Health and Educational Facilities Authority, (Freeman Health Systems), 5.25%, 2/15/18		450		450,774
Missouri State Health and Educational Facilities Authority, (Lake Regional Health System), 5.70%, 2/15/34		250		257,225
Missouri State Health and Educational Facilities Authority, (SSM Healthcare), 5.00%, 6/1/36		1,000		1,057,350
Saline County Industrial Development Authority, (John Fitzgibbon Memorial Hospital), 5.60%, 12/1/28		500		523,220
West Plains Industrial Development Authority, (Ozarks Medical Center), 5.65%, 11/15/22		1,175		1,169,383


			$	7,589,301




Housing — 2.6%

Jefferson County Industrial Development Authority, MFMR, (Riverview Bend Apartments), (AMT), 6.75%, 11/1/29	$	820	$	819,844
Missouri Housing Development Commission, (AMT), 5.05%, 1/1/24		505		510,600
Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 4.50%, 9/1/29		200		208,802
Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 4.70%, 3/1/35		595		620,990
Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 5.00%, 9/1/37		170		173,142


			$	2,333,378




Industrial Development Revenue — 3.7%

Missouri Development Finance Authority, Solid Waste Disposal, (Procter & Gamble Paper Products), (AMT), 5.20%, 3/15/29	$	1,480	$	1,801,974
Saint Louis Industrial Development Authority, (Anheuser Busch Sewer and Solid Waste Disposal Facilities), (AMT), 4.875%, 3/1/32		1,500		1,500,930


			$	3,302,904

See Notes to Financial Statements.

Eaton Vance

Missouri Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Education — 1.2%

Missouri State University Auxiliary Enterprise System, (XLCA), 5.00%, 4/1/25	$	1,000	$	1,103,650


			$	1,103,650




Insured – Electric Utilities — 8.1%

Missouri Environmental Improvement and Energy Resources Authority, (Union Electric), (AMBAC), (AMT), 5.45%, 10/1/28	$	2,250	$	2,251,755
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		390		456,249
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		455		518,409
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,375		1,606,316
Springfield Public Utility, (BHAC), (FGIC), 4.50%, 8/1/36		2,275		2,377,375


			$	7,210,104




Insured – Escrowed / Prerefunded — 3.3%

Missouri State Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), Escrowed to Maturity, 0.00%, 9/1/20	$	3,590	$	2,926,999


			$	2,926,999




Insured – General Obligations — 7.8%

Jackson County, Consolidated School District No. 002, (Missouri Direct Deposit), (NPFG), 5.00%, 3/1/27	$	1,200	$	1,294,320
Kansas City, (NPFG), 5.00%, 2/1/27		1,000		1,114,800
Platte County Reorganized School District No. R-3, (AGM), 5.00%, 3/1/25		1,000		1,107,850
Saint Charles County, Francis Howell School District, (FGIC), (NPFG), 0.00%, 3/1/16		1,000		950,670
Saint Charles County, Francis Howell School District, (FGIC), (NPFG), 5.25%, 3/1/21		1,000		1,281,800
Springfield, School District No. R-12, (AGM), 5.25%, 3/1/25		1,000		1,150,940


			$	6,900,380




Insured – Hospital — 5.7%

Missouri State Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), 0.00%, 9/1/20	$	4,000	$	2,959,160
Missouri State Health and Educational Facilities Authority, (St. Luke’s Health System), (AGM), 5.50%, 11/15/28		1,850		2,071,260


			$	5,030,420




Insured – Industrial Development Revenue — 0.8%

Missouri Environmental Improvement and Energy Resources Authority, (Missouri-American Water Co.), (AMBAC), (AMT), 4.60%, 12/1/36	$	755	$	717,884


			$	717,884




Insured – Lease Revenue / Certificates of Participation — 4.8%

Jackson County, Leasehold Revenue, (Truman Sports), (AMBAC), 0.00%, 12/1/20	$	1,000	$	724,620
Kansas City, Leasehold Revenue, (Municipal Assistance), (AMBAC), 0.00%, 4/15/26		2,270		1,260,940
Kansas City, Leasehold Revenue, (Municipal Assistance), (AMBAC), 0.00%, 4/15/30		2,105		928,747
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		1,000		1,385,830


			$	4,300,137




Insured – Special Tax Revenue — 5.7%

Bi-State Development Agency, Missouri and Illinois Metropolitan District, (Saint Clair County Metrolink), (AGM), 5.25%, 7/1/28	$	2,350	$	2,903,167
Kansas City, Special Obligations, (AGC), 5.00%, 3/1/28		1,000		1,103,670
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		4,000		1,035,720


			$	5,042,557




Insured – Transportation — 6.2%

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾	$	2,060	$	2,311,979
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		900		1,017,387
Saint Louis Airport, (Lambert International Airport), (FGIC), (NPFG), (AMT), 6.00%, 7/1/14		910		990,344
Saint Louis Airport, (Lambert International Airport), (NPFG), 5.50%, 7/1/30		1,000		1,135,360


			$	5,455,070




Insured – Water and Sewer — 1.2%

Metropolitan Saint Louis Sewer District, (NPFG), 5.00%, 5/1/36	$	1,000	$	1,091,860


			$	1,091,860

See Notes to Financial Statements.

Eaton Vance

Missouri Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Other Revenue — 3.0%

Missouri Development Finance Board Cultural Facilities Revenue, (Kauffman Center), 4.75%, 6/1/37	$	2,500	$	2,649,325


			$	2,649,325




Senior Living / Life Care — 3.7%

Lees Summit Industrial Development Authority, Health Facility, (John Knox Village), 5.125%, 8/15/32	$	925	$	895,927
Missouri State Health and Educational Facilities Authority, (Lutheran Senior Services), 5.125%, 2/1/27		1,300		1,323,959
Saint Louis County Industrial Development Authority, Series A, (Friendship Village West County), 5.50%, 9/1/28		1,000		1,025,010


			$	3,244,896




Special Tax Revenue — 3.5%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	270	$	288,859
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		295		314,222
Kansas City, Tax Increment Revenue, (Maincor Projects), Series A, 5.25%, 3/1/18		600		614,256
Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		6,185		453,732
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57⁽¹⁾		1,370		1,447,830


			$	3,118,899




Transportation — 2.6%

Missouri Highway and Transportation Commission, 5.00%, 5/1/19	$	1,000	$	1,169,840
Missouri Highway and Transportation Commission, 5.00%, 5/1/26		1,000		1,147,790


			$	2,317,630




Water and Sewer — 3.4%

Kansas City, Sanitation Sewer System Revenue, 5.25%, 1/1/34	$	1,200	$	1,362,192
Kansas City, Water Revenue, 5.25%, 12/1/32		1,465		1,687,870


			$	3,050,062



Total Tax-Exempt Investments — 98.2%
(identified cost $79,461,804)			$	87,183,164



Other Assets, Less Liabilities — 1.8%			$	1,577,623



Net Assets — 100.0%			$	88,760,787

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
BHAC		- Berkshire Hathaway Assurance Corp.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
GNMA		- Government National Mortgage Association
MFMR		- Multi-Family Mortgage Revenue
NPFG		- National Public Finance Guaranty Corp.
SFMR		- Single Family Mortgage Revenue
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Missouri municipalities. In addition, 13.0% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 45.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 18.7% of total investments.


⁽¹⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽²⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

North Carolina Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 106.0%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 8.3%

North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/38⁽¹⁾	$	5,000	$	5,639,300
North Carolina Capital Facilities Finance Agency, (Wake Forest University), 5.00%, 1/1/38		2,400		2,636,304
University of North Carolina at Charlotte, 5.00%, 4/1/32		1,250		1,447,925


			$	9,723,529




Electric Utilities — 5.3%

North Carolina Eastern Municipal Power Agency, 5.00%, 1/1/26	$	1,500	$	1,682,700
North Carolina Eastern Municipal Power Agency, 6.75%, 1/1/24		2,000		2,501,920
North Carolina Municipal Power Agency, (Catawba), 5.00%, 1/1/30		1,230		1,355,042
Puerto Rico Electric Power Authority, 5.50%, 7/1/38		625		663,162


			$	6,202,824




Escrowed / Prerefunded — 2.9%

Puerto Rico Electric Power Authority, Escrowed to various sinking fund dates through 7/1/17, Series N, 0.00%, 7/1/17	$	1,950	$	1,660,757
Puerto Rico Electric Power Authority, Escrowed to various sinking fund dates through 7/1/17, Series O, 0.00%, 7/1/17		2,000		1,726,360


			$	3,387,117




General Obligations — 0.9%

Charlotte, 5.00%, 7/1/29	$	1,000	$	1,047,090


			$	1,047,090




Hospital — 18.0%

Charlotte-Mecklenburg Hospital Authority, 5.00%, 1/15/47⁽¹⁾	$	4,980	$	5,193,293
North Carolina Medical Care Commission, (Duke University Health System), Series A, 5.00%, 6/1/42		2,295		2,437,405
North Carolina Medical Care Commission, (Mission Health System), 5.00%, 10/1/25		2,000		2,233,260
North Carolina Medical Care Commission, (Mission Health System), 5.00%, 10/1/36		825		872,058
North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.25%, 6/1/29		3,100		3,484,710
North Carolina Medical Care Commission, (Novant Health, Inc.), Series A, 4.75%, 11/1/43		2,000		2,036,180
North Carolina Medical Care Commission, (Rex Hospital, Inc.), Series A, 5.00%, 7/1/30		900		978,867
North Carolina Medical Care Commission, (Southeastern Regional Medical Center), 5.375%, 6/1/32		1,000		1,011,530
North Carolina Medical Care Commission, (University Health System), 6.25%, 12/1/33		2,500		2,899,675


			$	21,146,978




Housing — 6.4%

Charlotte Housing Authority, (South Oaks Crossing Apartments), (AMT), 4.60%, 8/20/26	$	1,430	$	1,458,071
North Carolina Housing Finance Agency, (AMT), 4.80%, 1/1/37		2,245		2,262,421
North Carolina Housing Finance Agency, (AMT), 4.80%, 1/1/39		1,940		1,960,312
North Carolina Housing Finance Agency, (AMT), 4.85%, 7/1/38		895		904,747
North Carolina Housing Finance Agency, (AMT), 4.90%, 7/1/37		950		963,091


			$	7,548,642




Industrial Development Revenue — 0.7%

Columbus County Industrial Facilities & Pollution Control Financing Authority, 5.70%, 5/1/34	$	750	$	791,243


			$	791,243




Insured – Education — 1.7%

North Carolina Educational Facilities Finance Agency, (Johnson & Wales University), (XLCA), 5.00%, 4/1/33	$	865	$	871,756
University of North Carolina at Wilmington, (AGC), 5.00%, 10/1/33		1,050		1,151,314


			$	2,023,070




Insured – Electric Utilities — 5.0%

Monroe, Combined Enterprise System Revenue, (AGC), 5.00%, 3/1/33	$	1,950	$	2,100,072
North Carolina Eastern Municipal Power Agency, (AGC), 6.00%, 1/1/19		1,000		1,156,420
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		1,740		1,982,486
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		600		679,110


			$	5,918,088

See Notes to Financial Statements.

Eaton Vance

North Carolina Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – General Obligations — 0.8%

Puerto Rico, (NPFG), 5.50%, 7/1/20	$	840	$	955,668


			$	955,668




Insured – Hospital — 6.8%

Johnston Memorial Hospital, (AGM), 21.816%, 10/1/36^(2)(3)(4)	$	1,675	$	2,242,021
North Carolina Medical Care Commission, (Betsy Johnson), (AGM), 5.375%, 10/1/24		1,025		1,103,207
North Carolina Medical Care Commission, (Wakemed), (AGC), 5.625%, 10/1/38		1,000		1,041,670
North Carolina Medical Care Commission, (Wakemed), (AGC), 5.875%, 10/1/38		2,090		2,192,473
North Carolina Medical Care Commission, (Wilson Memorial Hospital), (AMBAC), 0.00%, 11/1/15		1,500		1,361,280


			$	7,940,651




Insured – Lease Revenue / Certificates of Participation — 3.5%

Franklin County, Certificates of Participation, (NPFG), 5.00%, 9/1/27	$	1,500	$	1,636,245
Monroe, Certificates of Participation, (AGC), 5.50%, 3/1/39		1,000		1,093,090
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		1,000		1,385,830


			$	4,115,165




Insured – Special Tax Revenue — 3.1%

Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27	$	550	$	621,544
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		8,610		713,166
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43		12,000		2,158,920
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		625		99,675


			$	3,593,305




Insured – Transportation — 6.0%

Charlotte Airport, (NPFG), (AMT), 5.25%, 7/1/21	$	500	$	527,760
North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35		10,000		3,396,800
North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 5.375%, 1/1/26		1,000		1,138,200
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾		1,800		2,020,176


			$	7,082,936




Insured – Water and Sewer — 0.5%

Brunswick County, Enterprise System Water and Sewer Revenue, (AGM), 5.25%, 4/1/26	$	500	$	551,665


			$	551,665




Lease Revenue / Certificates of Participation — 14.5%

Cabarrus County, Certificates of Participation, 5.00%, 6/1/29	$	1,550	$	1,714,827
Cabarrus County, Certificates of Participation, 5.25%, 6/1/28		1,400		1,581,370
Charlotte, (Government Facilities), 5.00%, 6/1/33		1,500		1,533,555
Durham County, Certificates of Participation, 5.00%, 6/1/31		1,000		1,101,720
North Carolina Turnpike Authority, (Monroe Connector System), 5.00%, 7/1/36		750		846,900
North Carolina Turnpike Authority, Monroe Connector System Appropriation Revenue, 5.00%, 7/1/29		1,000		1,179,200
North Carolina Turnpike Authority, Monroe Connector System Appropriation Revenue, 5.00%, 7/1/31		1,000		1,165,790
North Carolina, Capital Improvement Limited Obligation Bonds, 5.00%, 5/1/27		1,000		1,187,370
North Carolina, Capital Improvement Limited Obligation Bonds, 5.00%, 5/1/30		1,000		1,170,220
North Carolina, Capital Improvement Limited Obligation Bonds, 5.25%, 5/1/31		1,000		1,170,250
Raleigh, (Downtown Improvement Projects), 5.00%, 2/1/27		2,000		2,191,700
Wake County, 5.00%, 1/1/33		1,000		1,134,630
Wake County, 5.00%, 6/1/36		1,000		1,108,500


			$	17,086,032




Other Revenue — 2.9%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	13,560	$	929,131
Durham County Industrial Facilities & Pollution Control Financing Authority, (Research Triangle Institute), 5.00%, 2/1/24		1,000		1,243,500
Durham County Industrial Facilities & Pollution Control Financing Authority, (Research Triangle Institute), 5.00%, 2/1/25		1,035		1,295,137


			$	3,467,768




Senior Living / Life Care — 1.6%

North Carolina Medical Care Commission, (United Methodist), 5.50%, 10/1/32	$	1,900	$	1,883,717


			$	1,883,717

See Notes to Financial Statements.

Eaton Vance

North Carolina Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Solid Waste — 1.0%

Mecklenburg County, Special Obligation, 5.00%, 1/1/26	$	1,000	$	1,182,770


			$	1,182,770




Special Tax Revenue — 3.4%

Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56	$	8,510	$	624,294
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57⁽¹⁾⁽⁵⁾		2,620		2,768,842
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		545		626,962


			$	4,020,098




Transportation — 2.8%

Charlotte Airport, 5.50%, 7/1/34	$	500	$	571,175
Charlotte Airport, (AMT), 5.00%, 7/1/36		500		528,435
Charlotte Airport, (AMT), 5.375%, 7/1/28		1,000		1,123,390
North Carolina Ports Authority, 5.25%, 2/1/40		1,000		1,086,530


			$	3,309,530




Water and Sewer — 9.9%

Cape Fear Public Utility Authority, Water and Sewer System, 5.00%, 8/1/35	$	2,495	$	2,810,543
Cary, Combined Enterprise System Revenue, 5.00%, 12/1/33		2,000		2,202,680
Charlotte, Water and Sewer, 5.00%, 7/1/34		1,000		1,135,410
Charlotte, Water and Sewer, 5.00%, 7/1/38		1,800		2,036,124
Winston-Salem, Water and Sewer System, 5.00%, 6/1/34		1,000		1,146,690
Winston-Salem, Water and Sewer System, 5.00%, 6/1/39		2,000		2,266,640


			$	11,598,087



Total Tax-Exempt Investments — 106.0%
(identified cost $111,489,307)			$	124,575,973



Other Assets, Less Liabilities — (6.0)%			$	(7,001,793	)



Net Assets — 100.0%			$	117,574,180

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by North Carolina municipalities. In addition, 16.2% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 25.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.7% to 12.3% of total investments.


⁽¹⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽²⁾		Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at February 29, 2012.

⁽³⁾		Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $5,025,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

⁽⁴⁾		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At February 29, 2012, the aggregate value of these securities is $2,242,021 or 1.9% of the Fund’s net assets.

⁽⁵⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $803,842.

See Notes to Financial Statements.

Eaton Vance

Oregon Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 108.8%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 8.8%

Forest Grove, (Pacific University), 6.375%, 5/1/39	$	3,000	$	3,156,540
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		2,000		2,279,740
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/25		1,000		1,060,370
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/31		500		543,030
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/34		1,000		1,079,970
Oregon Facilities Authority, (Reed College), 4.75%, 7/1/32		250		282,745
Oregon Facilities Authority, (Reed College), 5.00%, 7/1/29		250		292,160
Oregon Facilities Authority, (Reed College), 5.125%, 7/1/41		1,630		1,843,840
Oregon Health and Science University, 5.75%, 7/1/39		2,000		2,277,140


			$	12,815,535




Electric Utilities — 2.5%

Eugene, Electric Utility System, 5.00%, 8/1/25	$	945	$	1,146,814
Northern Wasco County, (Bonneville Power Administration), 5.20%, 12/1/24		1,000		1,023,360
Port of Morrow, (Portland General Electric), 5.00%, 5/1/33		1,250		1,380,188


			$	3,550,362




General Obligations — 34.6%

Benton and Polk Counties, Philomath School District No. 17J, 0.00%, 6/15/28	$	1,500	$	883,500
Benton and Polk Counties, Philomath School District No. 17J, 0.00%, 6/15/29		2,500		1,406,175
Benton and Polk Counties, Philomath School District No. 17J, 0.00%, 6/15/30		700		373,387
Benton and Polk Counties, Philomath School District No. 17J, 0.00%, 6/15/31		425		215,335
Clackamas County, School District No. 46, 0.00%, 6/15/32		2,230		1,058,626
Clackamas County, School District No. 46, 0.00%, 6/15/33		2,000		905,700
Clackamas County, School District No. 46, 0.00%, 6/15/39		12,870		4,502,698
Deschutes and Jefferson Counties, School District No. 2J, 0.00%, 6/15/27		3,175		1,914,461
Deschutes and Jefferson Counties, School District No. 2J, 0.00%, 6/15/31		3,970		1,955,106
Jackson County, School District No. 549C, 5.00%, 6/15/33⁽¹⁾		8,000		8,894,240
Keizer, (Keizer Station Area A Improvement District), 5.20%, 6/1/31		1,720		1,875,333
Multnomah and Clackamas Counties, Riverdale School District No. 51JT, 0.00%, 6/15/29		1,000		550,170
Multnomah and Clackamas Counties, Riverdale School District No. 51JT, 0.00%, 6/15/30		1,215		634,254
Multnomah and Clackamas Counties, Riverdale School District No. 51JT, 0.00%, 6/15/33		1,000		441,640
Multnomah and Clackamas Counties, Riverdale School District No. 51JT, 0.00%, 6/15/34		1,365		571,321
Oregon Elderly and Disabled Housing, (AMT), 5.65%, 8/1/26		3,555		3,558,804
Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 6/15/31		1,575		784,508
Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 6/15/33		5,820		2,635,587
Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 6/15/38		3,350		1,224,291
Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 12/15/38		2,120		760,105
Portland Housing Authority, (Pearl Court LP), (AMT), 4.50%, 1/1/22		1,325		1,359,397
Portland Housing Authority, (Pearl Court LP), (AMT), 4.625%, 1/1/27		1,280		1,304,371
Portland Housing Authority, (Yards Union Station Project), (AMT), 4.75%, 5/1/22		465		482,554
Portland Housing Authority, (Yards Union Station Project), (AMT), 4.85%, 5/1/29		2,740		2,793,156
Salem-Keizer, School District No. 24J, 0.00%, 6/15/30		12,660		6,777,278
Washington County, School District No 15 Forest Grove, 0.00%, 6/15/26		1,975		1,234,750
Washington County, School District No 15 Forest Grove, 4.00%, 6/15/21		595		693,484
Washington County, School District No 15 Forest Grove, 4.00%, 6/15/22		565		655,394


			$	50,445,625




Hospital — 6.4%

Deschutes County Hospital Facilities Authority, (Cascade Healthcare Community), 8.25%, 1/1/38	$	2,500	$	3,206,850
Hood River County Health Facilities Authority, Elderly Housing, (Down Manor), 6.50%, 1/1/17		2,105		2,113,504
Oregon State Facilities Authority, (Legacy Health System), 5.00%, 3/15/30		3,685		4,006,258


			$	9,326,612

See Notes to Financial Statements.

Eaton Vance

Oregon Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Housing — 9.3%

Oregon Health Authority, (Trillium Affordable Housing), (AMT), 6.75%, 2/15/29	$	780	$	780,234
Oregon Housing and Community Services Department, (AMT), 4.85%, 7/1/37		2,545		2,574,929
Oregon Housing and Community Services Department, (AMT), 5.15%, 7/1/42		5,000		5,145,800
Oregon Housing and Community Services Department, (AMT), 5.40%, 7/1/27		2,795		2,927,707
Oregon Housing and Community Services Department, SFMR, (AMT), 4.75%, 7/1/36		965		969,256
Oregon Housing and Community Services Department, SFMR, (AMT), 5.00%, 1/1/25		1,045		1,076,747


			$	13,474,673




Insured – Education — 2.4%

Oregon Health and Science University, (NPFG), 0.00%, 7/1/21	$	4,800	$	3,485,856


			$	3,485,856




Insured – Electric Utilities — 3.5%

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30	$	1,715	$	2,006,327
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		2,760		3,144,634


			$	5,150,961




Insured – General Obligations — 5.8%

Beaverton, School District, (AGC), 5.125%, 6/1/36	$	715	$	799,427
Linn County, Lebanon Community School District No. 9, (FGIC), (NPFG), 5.50%, 6/15/30		4,000		5,410,040
Newport, (AGC), 0.00%, 6/1/28		1,000		577,620
Newport, (AGC), 0.00%, 6/1/29		1,225		674,865
Washington, Multnomah and Yamhill Counties, School District No. 1J, (NPFG), 0.00%, 6/15/26		1,740		962,916


			$	8,424,868




Insured – Hospital — 3.4%

Deschutes County Hospital Facilities Authority, (Cascade Healthcare Community), (AMBAC), 5.375%, 1/1/35	$	1,415	$	1,515,720
Medford Hospital Facilities Authority, (Asante Health System), (AGM), 5.50%, 8/15/28		3,000		3,475,350


			$	4,991,070




Insured – Special Tax Revenue — 5.9%

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	560	$	235,967
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		450		93,069
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		12,100		1,548,800
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		1,015		1,147,031
Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42		20,000		2,941,400
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		29,650		2,455,910
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,255		200,147


			$	8,622,324




Insured – Transportation — 4.3%

Jackson County, Airport, (XLCA), 5.25%, 12/1/32	$	315	$	328,706
Jackson County, Airport, (XLCA), 5.25%, 12/1/37		1,685		1,743,587
Jackson County, Airport, (XLCA), (AMT), 5.25%, 12/1/23		1,930		2,129,755
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾		1,800		2,020,176


			$	6,222,224




Other Revenue — 7.9%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	20,255	$	1,387,872
Oregon State Department of Administrative Services, 5.00%, 4/1/28⁽¹⁾⁽²⁾		8,740		10,160,425


			$	11,548,297




Senior Living / Life Care — 1.2%

Clackamas County, Hospital Facility Authority, (Homewoods), 5.15%, 10/20/37	$	1,750	$	1,787,222


			$	1,787,222




Special Tax Revenue — 5.0%

Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56	$	12,970	$	951,479
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57⁽¹⁾⁽²⁾		5,220		5,516,548
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		755		868,545


			$	7,336,572

See Notes to Financial Statements.

Eaton Vance

Oregon Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Transportation — 4.2%

Port of Portland, Portland International Airport, 5.00%, 7/1/29	$	4,000	$	4,399,120
Redmond Airport Revenue, 5.50%, 6/1/24		215		234,415
Redmond Airport Revenue, 5.75%, 6/1/27		200		217,636
Redmond Airport Revenue, 6.00%, 6/1/34		550		594,885
Redmond Airport Revenue, 6.25%, 6/1/39		600		655,254


			$	6,101,310




Water and Sewer — 3.6%

Portland, Water System, 5.00%, 5/1/35	$	1,865	$	2,129,140
Washington County, Clean Water Services, 4.75%, 10/1/27		1,710		1,952,581
Washington County, Clean Water Services, 5.701%, 10/1/30		1,000		1,190,870


			$	5,272,591



Total Tax-Exempt Investments — 108.8%
(identified cost $141,210,005)			$	158,556,102



Other Assets, Less Liabilities — (8.8)%			$	(12,801,530	)



Net Assets — 100.0%			$	145,754,572

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
SFMR		- Single Family Mortgage Revenue
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Oregon municipalities. In addition, 16.2% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 23.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 9.6% of total investments.


⁽¹⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽²⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $5,206,973.

See Notes to Financial Statements.

Eaton Vance

South Carolina Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 106.9%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 3.2%

College of Charleston, Academic and Administrative Facilities, 5.00%, 4/1/37	$	4,195	$	4,604,055


			$	4,604,055




Electric Utilities — 6.5%

South Carolina Public Service Authority, (Santee Cooper), 5.375%, 1/1/28	$	4,510	$	5,272,416
South Carolina Public Service Authority, (Santee Cooper), 5.50%, 1/1/38		3,560		4,039,318


			$	9,311,734




General Obligations — 12.4%

Charleston County, 4.00%, 11/1/29	$	3,000	$	3,309,780
Charleston County, 5.00%, 11/1/25⁽¹⁾		2,255		2,806,776
Charleston County School District Development Corp., 4.00%, 2/1/24⁽²⁾		2,500		2,941,200
South Carolina, 3.25%, 8/1/30		1,760		1,780,187
South Carolina, (Air Carrier Hub Terminal A), 1.00%, 4/1/25⁽³⁾		4,275		3,427,524
South Carolina, (Coastal Carolina University), 2.50%, 4/1/30		3,850		3,626,585


			$	17,892,052




Hospital — 12.2%

Florence County, (McLeod Regional Medical Center Project), 5.00%, 11/1/37	$	1,000	$	1,065,450
Greenwood County, 5.375%, 10/1/39		3,835		4,075,148
Lexington County, (Health Services District, Inc.), 5.00%, 11/1/27		3,615		3,931,349
Lexington County, (Health Services District, Inc.), 5.00%, 11/1/32		1,160		1,233,718
South Carolina Jobs Economic Development Authority, (Health Services), 5.75%, 8/1/39		3,420		3,724,209
South Carolina Jobs Economic Development Authority, (Kershaw County Medical Center Project), 6.00%, 9/15/38		3,380		3,625,996


			$	17,655,870




Industrial Development Revenue — 2.1%

Richland County, (International Paper Co.), (AMT), 5.95%, 9/1/31	$	1,500	$	1,530,885
Richland County, (International Paper Co.), (AMT), 6.10%, 4/1/23		1,400		1,442,098


			$	2,972,983




Insured – Electric Utilities — 10.4%

Piedmont Municipal Power Agency, (AGC), (AMBAC), 0.00%, 1/1/32	$	9,410	$	3,880,684
Piedmont Municipal Power Agency, (AMBAC), 0.00%, 1/1/29		5,000		2,377,050
Piedmont Municipal Power Agency, (FGIC), (NPFG), 0.00%, 1/1/23		2,090		1,380,215
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		1,420		1,661,215
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/32		1,350		1,582,240
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		2,375		2,705,980
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		950		1,075,258
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		330		385,516


			$	15,048,158




Insured – General Obligations — 1.9%

Berkeley County, (AGM), 2.00%, 9/1/25	$	1,300	$	1,231,347
Berkeley County, School District, (AGM), 2.75%, 1/15/22		1,530		1,532,708


			$	2,764,055




Insured – Lease Revenue / Certificates of Participation — 3.1%

Scago Educational Facilities Corp., Pickens School District, (AGM), 4.50%, 12/1/28	$	3,210	$	3,352,941
St. Peters Parish-Jasper County Public Facilities Corp., (County Office Buildings Projects), (AGM), 5.00%, 4/1/31		1,000		1,079,890


			$	4,432,831




Insured – Special Tax Revenue — 0.3%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	3,390	$	280,794
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,255		200,147


			$	480,941

See Notes to Financial Statements.

Eaton Vance

South Carolina Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Transportation — 2.9%

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽⁴⁾	$	2,700	$	3,030,264
Richland-Lexington Airport District, (Columbia Metropolitan Airport), (AGC), (AMT), 5.00%, 1/1/21		1,095		1,165,825


			$	4,196,089




Insured – Utilities — 3.0%

Greer, Combined Utility System, (AMBAC), 5.50%, 9/1/27	$	1,000	$	1,313,720
Greer, Combined Utility System, (AMBAC), 5.50%, 9/1/32		2,000		2,657,200
South Carolina Jobs Economic Development Authority, (South Carolina Electric and Gas Co.), (AMBAC), 5.20%, 11/1/27		385		394,336


			$	4,365,256




Insured – Water and Sewer — 5.0%

Greenwood, Metropolitan District Sewer System, (AGM), 20.705%, 10/1/30^(5)(6)(7)	$	1,875	$	2,631,300
Lexington, Waterworks and Sewer Revenue, (AGC), 5.00%, 1/15/35		2,025		2,282,236
Sumter, Waterworks and Sewer System, (XLCA), 4.50%, 12/1/32		2,155		2,265,788


			$	7,179,324




Lease Revenue / Certificates of Participation — 13.2%

Berkeley County, School District, 5.125%, 12/1/30	$	2,350	$	2,508,930
Charleston Educational Excellence Financing Corp., 5.25%, 12/1/22		320		364,938
Dorchester County, School District No. 2, 5.25%, 12/1/29		2,500		2,608,150
Greenville County, School District, 5.00%, 12/1/24⁽⁴⁾		3,000		3,379,230
Laurens County, School District, 5.25%, 12/1/30		4,645		4,857,695
Lexington One, School Facilities Corp., 5.25%, 12/1/27		1,470		1,563,815
Lexington One, School Facilities Corp., 5.25%, 12/1/29		1,665		1,761,503
Lexington One, School Facilities Corp., 5.25%, 12/1/30		495		522,265
Newberry County, School District, 5.25%, 12/1/25		1,320		1,401,761


			$	18,968,287




Other Revenue — 8.7%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	21,465	$	1,470,782
Tobacco Settlement Revenue Management Authority, 5.00%, 6/1/18		650		650,851
Tobacco Settlement Revenue Management Authority, Escrowed to Maturity, 6.375%, 5/15/30		7,600		10,401,284


			$	12,522,917




Special Tax Revenue — 5.7%

Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56	$	23,870	$	1,751,103
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57⁽⁴⁾⁽⁸⁾		5,220		5,516,548
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		810		931,816


			$	8,199,467




Student Loan — 1.9%

South Carolina Education Assistance Authority, 5.10%, 10/1/29	$	2,450	$	2,704,898


			$	2,704,898




Transportation — 2.8%

South Carolina Ports Authority, 5.25%, 7/1/40	$	3,725	$	4,103,535


			$	4,103,535




Water and Sewer — 11.6%

Charleston, Waterworks and Sewer Revenue, 5.00%, 1/1/29	$	1,000	$	1,189,700
Charleston, Waterworks and Sewer Revenue, 5.00%, 1/1/30		1,000		1,179,320
Charleston, Waterworks and Sewer Revenue, 5.00%, 1/1/35		3,000		3,436,380
Columbia, Waterworks and Sewer Revenue, 5.00%, 2/1/40⁽⁴⁾⁽⁸⁾		7,500		8,418,375
North Charleston Sewer District, 2.00%, 1/1/29		1,000		865,520
North Charleston Sewer District, 2.00%, 1/1/30		1,000		850,740
North Charleston Sewer District, 2.00%, 1/1/31		1,000		838,160


			$	16,778,195



Total Tax-Exempt Investments — 106.9%
(identified cost $138,170,375)			$	154,180,647



Other Assets, Less Liabilities — (6.9)%			$	(9,937,809	)



Net Assets — 100.0%			$	144,242,838

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

See Notes to Financial Statements.

Eaton Vance

South Carolina Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by South Carolina municipalities. In addition, 13.6% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 24.9% 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 ranged from 1.5% to 7.1% of total investments.


⁽¹⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽²⁾		When-issued security.

⁽³⁾		Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽⁴⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽⁵⁾		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At February 29, 2012, the aggregate value of these securities is $2,631,300 or 1.8% of the Fund’s net assets.

⁽⁶⁾		Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $5,625,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

⁽⁷⁾		Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at February 29, 2012.

⁽⁸⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $4,394,923.

See Notes to Financial Statements.

Eaton Vance

Tennessee Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 96.9%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 8.6%

Metropolitan Government of Nashville and Davidson County, (Vanderbilt University), Series A, 5.00%, 10/1/39	$	1,425	$	1,585,911
Metropolitan Government of Nashville and Davidson County, (Vanderbilt University), Series B, 5.00%, 10/1/39		1,000		1,112,920
Tennessee School Bond Authority, 5.00%, 5/1/39		1,500		1,661,100


			$	4,359,931




Electric Utilities — 7.0%

Chattanooga, Electric Revenue, 5.00%, 9/1/33	$	1,500	$	1,653,780
Clarksville, Electric Revenue, 5.00%, 9/1/34		500		564,370
Metropolitan Government of Nashville and Davidson County, Series A, 5.00%, 5/15/36		500		565,955
Puerto Rico Electric Power Authority, 5.25%, 7/1/25		680		761,471


			$	3,545,576




General Obligations — 7.3%

Johnson City, 5.00%, 6/1/31	$	350	$	387,265
Tennessee, 4.00%, 8/1/25		1,000		1,153,520
Tennessee, 5.00%, 5/1/29		1,000		1,212,800
Williamson County, 3.25%, 4/1/17		850		956,581


			$	3,710,166




Hospital — 13.4%

Chattanooga, Health, Educational and Housing Facilities Board, (Catholic Health Initiatives), 6.25%, 10/1/33	$	500	$	581,385
Johnson City, Health and Educational Facilities Board, 5.50%, 7/1/36		1,000		1,039,150
Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/39		5,000		1,268,300
Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/42		3,200		683,872
Knox County, Health, Educational and Housing Facilities Board, (East Tennessee Hospital), 5.75%, 7/1/33		500		505,890
Rutherford County, Health and Educational Facilities Board, (Ascension Health Care Group), 5.00%, 11/15/40		1,070		1,156,178
Shelby County, Health, Educational and Housing Facilities Board, (St. Jude Children’s Research Hospital), 5.00%, 7/1/31		500		532,310
Sullivan County, Health, Educational and Facilities Board, (Wellmont Health System), 5.25%, 9/1/36		1,000		1,021,890


			$	6,788,975




Housing — 4.3%

Tennessee Housing Development Agency, (AMT), 4.85%, 1/1/32	$	465	$	473,984
Tennessee Housing Development Agency, (AMT), 5.00%, 7/1/32		1,215		1,248,789
Tennessee Housing Development Agency, (AMT), 5.10%, 7/1/38		440		448,558


			$	2,171,331




Industrial Development Revenue — 1.5%

Hardeman County, (Correctional Facilities Corp.), 7.75%, 8/1/17	$	300	$	299,961
Metropolitan Nashville Airport Authority, (Aero Nashville Project), 5.20%, 7/1/26		500		483,290


			$	783,251




Insured – Education — 2.8%

Metropolitan Government of Nashville and Davidson County, (Meharry Medical College), (AMBAC), 6.00%, 12/1/19	$	1,230	$	1,423,811


			$	1,423,811




Insured – Electric Utilities — 10.1%

Lawrenceburg, Electric Revenue, (NPFG), 6.625%, 7/1/18	$	1,000	$	1,181,700
Lawrenceburg, Public Building Authority, (Electric System-Public Works), (AMBAC), 5.00%, 7/1/26		500		585,945
Metropolitan Government of Nashville and Davidson County, (AMBAC), 5.00%, 5/15/29		1,000		1,077,660
Metropolitan Government of Nashville and Davidson County, (NPFG), 0.00%, 5/15/17		1,000		937,130
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		260		304,166
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		450		512,712
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		170		192,415
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		300		350,469


			$	5,142,197

See Notes to Financial Statements.

Eaton Vance

Tennessee Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Escrowed / Prerefunded — 8.3%

Johnson City, Health and Educational Facilities Board, (Johnson City Medical Center), (NPFG), Prerefunded to 7/1/23, 5.125%, 7/1/25	$	1,155	$	1,159,389
Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), (AGM), Prerefunded to 1/1/13, 5.00%, 1/1/26		825		858,280
West Wilson Utility District Waterworks, (NPFG), Prerefunded to 6/1/14, 5.00%, 6/1/34		2,000		2,211,240


			$	4,228,909




Insured – General Obligations — 6.8%

Blount County, Public Building Authority, (AGC), 5.00%, 6/1/32	$	500	$	542,220
Franklin, Special School District, (AGM), 0.00%, 6/1/19		1,425		1,230,046
Franklin, Special School District, (AGM), 0.00%, 6/1/20		2,000		1,656,320


			$	3,428,586




Insured – Hospital — 1.3%

Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), (AGM), 5.00%, 1/1/26	$	675	$	684,133


			$	684,133




Insured – Lease Revenue / Certificates of Participation — 1.4%

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27	$	500	$	692,915


			$	692,915




Insured – Special Tax Revenue — 3.6%

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34	$	3,000	$	776,790
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		4,450		569,600
Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/33		1,750		491,453


			$	1,837,843




Insured – Transportation — 2.6%

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾	$	560	$	628,499
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		640		699,437


			$	1,327,936




Insured – Water and Sewer — 10.8%

Clarksville, Water, Sewer and Gas, (AGM), 5.25%, 2/1/18	$	1,000	$	1,223,930
Harpeth Valley Utilities District, Davidson and Williamson Counties, (FGIC), (NPFG), 5.00%, 9/1/35		1,000		1,074,780
Knox County, First Utility District, (NPFG), 5.00%, 12/1/25		875		962,045
Memphis, Sanitary Sewer System, (AGM), 4.75%, 7/1/24		1,000		1,069,290
Metropolitan Government of Nashville and Davidson County, Water System, (FGIC), (NPFG), 5.20%, 1/1/13		575		596,580
South Blount County, Utility District, Water Revenue, (AGM), 5.00%, 12/1/33		500		563,000


			$	5,489,625




Other Revenue — 0.9%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	6,550	$	448,806


			$	448,806




Special Tax Revenue — 2.3%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	135	$	144,430
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		145		154,448
Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		3,975		291,606
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		175		184,942
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		325		373,876


			$	1,149,302




Transportation — 3.9%

Memphis-Shelby County, Airport Authority, (AMT), 5.00%, 7/1/25	$	500	$	545,745
Memphis-Shelby County, Airport Authority, (AMT), 5.75%, 7/1/24		1,250		1,445,462


			$	1,991,207



Total Tax-Exempt Investments — 96.9%
(identified cost $45,629,178)			$	49,204,500



Other Assets, Less Liabilities — 3.1%			$	1,578,346



Net Assets — 100.0%			$	50,782,846

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

See Notes to Financial Statements.

Eaton Vance

Tennessee Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by Tennessee municipalities. In addition, 13.6% of the Fund’s net assets at February 29, 2012 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at February 29, 2012, 49.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 20.7% of total investments.


⁽¹⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Virginia Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments – 99.5%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 1.0%

Virginia Resources Authority, Clean Water Revenue, 5.00%, 10/1/31	$	1,000	$	1,178,250


			$	1,178,250




Education — 10.0%

Alexandria Industrial Development Authority, (Episcopal High School), 5.00%, 1/1/40	$	1,700	$	1,890,043
University of Virginia, 5.00%, 6/1/40⁽¹⁾		3,100		3,425,965
Virginia College Building Authority, 5.00%, 9/1/33		4,000		4,455,880
Virginia College Building Authority, 5.00%, 9/1/38		275		300,569
Virginia Public School Authority, 4.00%, 8/1/27		1,500		1,665,855


			$	11,738,312




Electric Utilities — 3.3%

Chesterfield County Economic Development Authority, (Virginia Electric Power Co. Project), (AMT), 5.60%, 11/1/31	$	1,500	$	1,546,620
Puerto Rico Electric Power Authority, 5.25%, 7/1/25		2,015		2,256,417


			$	3,803,037




Escrowed / Prerefunded — 0.1%

Henrico County Economic Development Authority, (Bon Secours Health System, Inc.), Prerefunded to 11/15/12, 5.60%, 11/15/30	$	75	$	77,893


			$	77,893




General Obligations — 7.3%

Loudoun County, 5.00%, 7/1/27	$	2,820	$	3,384,057
Peninsula Airport Commission, (City Guaranteed), (AMT), 5.50%, 7/15/21		1,390		1,420,663
Portsmouth, 4.75%, 7/15/25		500		578,415
Portsmouth, 5.25%, 7/15/25		675		813,665
Virginia, 5.00%, 6/1/31		2,000		2,375,320


			$	8,572,120




Hospital — 19.2%

Albemarle County Industrial Development Authority, (Martha Jefferson Hospital), 5.25%, 10/1/35	$	1,750	$	1,764,735
Fairfax County Industrial Development Authority, (Inova Health System Hospitals), 5.00%, 8/15/23⁽²⁾		5,000		6,163,139
Fairfax County Industrial Development Authority, (Inova Health System Hospitals), 5.50%, 5/15/35		3,000		3,351,930
Fauquier County Industrial Development Authority, (Fauquier Hospital), 5.25%, 10/1/37		700		729,344
Henrico County Economic Development Authority, (Bon Secours Health System, Inc.), 5.60%, 11/15/30		795		802,942
Prince William County Industrial Development Authority, 5.20%, 10/1/30		465		477,564
Prince William County Industrial Development Authority, (Potomac Hospital Corp.), 5.35%, 10/1/36		1,000		1,022,680
Smyth County Industrial Development Authority, (Mountain States Health Alliance), 5.50%, 7/1/28		1,100		1,190,409
Virginia Small Business Financing Authority, (Sentara Healthcare), 5.00%, 11/1/40		1,950		2,093,832
Virginia Small Business Financing Authority, (Wellmont Health), 5.25%, 9/1/27		1,500		1,572,570
Virginia Small Business Financing Authority, (Wellmont Health), 5.25%, 9/1/37		1,605		1,638,416
Winchester Industrial Development Authority, (Valley Health System), 5.25%, 1/1/37		1,500		1,590,135


			$	22,397,696




Housing — 6.8%

Fairfax County Redevelopment and Housing Authority, (Cedar Ridge), (AMT), 4.85%, 10/1/48	$	3,480	$	3,520,194
Multifamily Housing Bond Pass Through Certificates of Beneficial Owners, (Prince William County), (AMT), 6.00%, to 11/1/22 (Put Date), 11/1/33		1,725		1,704,800
Virginia Housing Development Authority, (AMT), 27.67%, 10/1/35^(3)(4)(5)		1,000		1,220,950
Virginia Housing Development Authority, Series A1, (AMT), 5.10%, 10/1/35		1,500		1,556,250


			$	8,002,194




Industrial Development Revenue — 2.3%

James City County Industrial Development Authority, (Anheuser Busch Cos., Inc.), (AMT), 6.00%, 4/1/32	$	1,250	$	1,251,388
Norfolk Airport Authority, (AMT), 6.25%, 1/1/30		1,615		1,492,486


			$	2,743,874




Insured – Education — 4.5%

Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	4,155	$	5,310,547


			$	5,310,547




Insured – Electric Utilities — 2.8%

Halifax County Industrial Development Authority, (Old Dominion Electric Cooperation), (AMBAC), (AMT), 5.625%, 6/1/28	$	2,000	$	2,062,920
Puerto Rico Electric Power Authority, (XLCA), 5.375%, 7/1/18		1,000		1,159,590


			$	3,222,510




Insured – Hospital — 5.5%

Harrisonburg Industrial Development Authority, (Rockingham Memorial Hospital), (AMBAC), 5.00%, 8/15/46	$	325	$	327,743

See Notes to Financial Statements.

Eaton Vance

Virginia Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Insured – Hospital (continued)


Henrico County Industrial Development Authority, (Bon Secours Health System, Inc.), (NPFG), 6.25%, 8/15/20	$	1,500	$	1,782,150
Virginia Beach, (Virginia Beach Memorial Hospital), (AMBAC), 5.125%, 2/15/18		3,655		4,325,144


			$	6,435,037




Insured – Lease Revenue / Certificates of Participation — 0.7%

Rappahannock Regional Jail Authority, (NPFG), 4.50%, 12/1/36	$	785	$	818,205


			$	818,205




Insured – Special Tax Revenue — 0.4%

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	1,020	$	429,797


			$	429,797




Insured – Transportation — 18.3%

Chesapeake Bay Bridge and Tunnel Commission, (General Resolution), (NPFG), 5.50%, 7/1/25	$	5,000	$	5,727,300
Metropolitan Washington, DC, Airport Authority System, (FGIC), (NPFG), (AMT), 5.00%, 10/1/33		950		962,768
Metropolitan Washington, DC, Airport Authority System, (FGIC), (NPFG), (AMT), 5.25%, 10/1/32		1,000		1,006,850
Norfolk Airport Authority, (AGM), 5.00%, 7/1/26		1,000		1,127,490
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽²⁾		3,040		3,411,853
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		1,600		1,808,688
Richmond Metropolitan Authority, Expressway, (FGIC), (NPFG), 5.25%, 7/15/22		3,800		4,458,958
Virginia Port Authority, (AGM), (FGIC), (AMT), 5.00%, 7/1/36		2,825		2,865,934


			$	21,369,841




Lease Revenue / Certificates of Participation — 1.5%

Washington County Industrial Development Authority, (Davenport & Co., LLC), 5.25%, 8/1/30	$	1,500	$	1,707,015


			$	1,707,015




Other Revenue — 3.0%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	7,000	$	479,640
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		14,980		413,897
Prince William County Industrial Development Authority, (Catholic Diocese Arlington), 5.50%, 10/1/33		1,250		1,291,163
Tobacco Settlement Financing Corp., 5.00%, 6/1/47		2,000		1,311,720


			$	3,496,420




Senior Living / Life Care — 1.8%

Fairfax County Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/42	$	1,085	$	1,099,409
Virginia Beach Development Authority, (Westminster-Canterbury), 5.375%, 11/1/32		1,000		1,008,030


			$	2,107,439




Special Tax Revenue — 1.3%

Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/38	$	3,750	$	861,450
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		665		702,779


			$	1,564,229




Transportation — 2.4%

Metropolitan Washington, DC, Airport Authority System, (AMT), 5.375%, 10/1/29	$	1,000	$	1,095,580
Washington Metropolitan Area Transit Authority, 5.00%, 7/1/32		1,500		1,667,520


			$	2,763,100




Water and Sewer — 7.3%

Hopewell Sewer System Revenue, 5.00%, 7/15/33	$	1,000	$	1,127,090
Fairfax County Water Authority, 5.25%, 4/1/27		2,795		3,813,219
Upper Occoquan Sewer Authority, 4.50%, 7/1/38		475		506,388
Virginia Resources Authority, Infrastructure Revenue, 5.25%, 11/1/33		2,710		3,087,530


			$	8,534,227



Total Tax-Exempt Investments – 99.5%
(identified cost $104,971,908)			$	116,271,743



Other Assets, Less Liabilities – 0.5%			$	534,123



Net Assets – 100.0%			$	116,805,866

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
XLCA		- XL Capital Assurance, Inc.

See Notes to Financial Statements.

Eaton Vance

Virginia Municipal Income Fund

February 29, 2012

Portfolio of Investments (Unaudited) — continued

The Fund invests primarily in debt securities issued by Virginia municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at February 29, 2012, 32.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 17.3% of total investments.


⁽¹⁾		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽²⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽³⁾		Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $4,000,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

⁽⁴⁾		Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at February 29, 2012.

⁽⁵⁾		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At February 29, 2012, the aggregate value of these securities is $1,220,950 or 1.0% of the Fund’s net assets.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Assets and Liabilities (Unaudited)


	February 29, 2012

Assets	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund

Investments —
Identified cost	$	49,308,978		$	62,208,925		$	64,018,649		$	48,012,370
Unrealized appreciation		4,862,607			4,340,423			6,070,331			3,886,928


Investments, at value	$	54,171,585		$	66,549,348		$	70,088,980		$	51,899,298


Cash	$	659,111		$	1,381,285		$	3,179,888		$	2,164,406
Interest receivable		628,371			743,642			709,904			506,884
Receivable for investments sold		25,139			—			15,900			5,042
Receivable for Fund shares sold		14,984			105,503			146,373			33,108
Receivable for variation margin on open financial futures contracts		18,125			53,906			82,656			46,719


Total assets	$	55,517,315		$	68,833,684		$	74,223,701		$	54,655,457



Liabilities

Payable for floating rate notes issued	$	1,710,000		$	600,000		$	4,265,000		$	—
Payable for when-issued securities		—			—			1,236,341			577,465
Payable for Fund shares redeemed		47,384			148,976			78,089			46,249
Distributions payable		65,618			32,900			79,013			25,570
Payable to affiliates:
Investment adviser fee		12,671			17,276			17,460			12,247
Distribution and service fees		10,055			16,008			15,112			10,652
Interest expense and fees payable		3,217			32,569			3,909			—
Accrued expenses		31,462			30,087			33,621			30,741


Total liabilities	$	1,880,407		$	877,816		$	5,728,545		$	702,924


Net Assets	$	53,636,908		$	67,955,868		$	68,495,156		$	53,952,533



Sources of Net Assets

Paid-in capital	$	51,486,168		$	70,763,113		$	73,503,315		$	55,363,629
Accumulated net realized loss		(2,620,077	)		(7,021,044	)		(10,885,957	)		(5,252,586	)
Accumulated undistributed (distributions in excess of) net investment income		(70,463	)		(63,796	)		(96,197	)		9,013
Net unrealized appreciation		4,841,280			4,277,595			5,973,995			3,832,477


Net Assets	$	53,636,908		$	67,955,868		$	68,495,156		$	53,952,533



Class A Shares

Net Assets	$	43,569,316		$	56,218,629		$	49,986,479		$	49,271,585
Shares Outstanding		4,379,743			6,040,133			5,666,576			5,496,287
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.95		$	9.31		$	8.82		$	8.96
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	10.45		$	9.77		$	9.26		$	9.41



Class B Shares

Net Assets	$	1,403,837		$	2,592,825		$	2,408,781		$	891,365
Shares Outstanding		128,299			259,319			255,544			92,101
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	10.94		$	10.00		$	9.43		$	9.68



Class C Shares

Net Assets	$	2,704,468		$	6,895,698		$	7,370,243		$	2,956,610
Shares Outstanding		246,965			689,764			781,350			305,301
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	10.95		$	10.00		$	9.43		$	9.68



Class I Shares

Net Assets	$	5,959,287		$	2,248,716		$	8,729,653		$	832,973
Shares Outstanding		598,746			241,788			986,709			92,919
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.95		$	9.30		$	8.85		$	8.96

On sales of $50,000 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.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Assets and Liabilities (Unaudited) — continued


	February 29, 2012

Assets	Maryland Fund			Missouri Fund			North Carolina Fund			Oregon Fund

Investments —
Identified cost	$	74,837,746		$	79,461,804		$	111,489,307		$	141,210,005
Unrealized appreciation		4,791,384			7,721,360			13,086,666			17,346,097


Investments, at value	$	79,629,130		$	87,183,164		$	124,575,973		$	158,556,102


Cash	$	5,290,199		$	2,417,191		$	1,018,584		$	2,639,369
Restricted cash*		90,000			—			505,000			660,000
Interest receivable		924,816			1,038,998			1,347,300			1,289,383
Receivable for investments sold		—			116,499			—			—
Receivable for Fund shares sold		121,940			77,772			352,182			453,772
Receivable for variation margin on open financial futures contracts		19,406			23,531			115,000			150,938


Total assets	$	86,075,491		$	90,857,155		$	127,914,039		$	163,749,564



Liabilities

Payable for floating rate notes issued	$	3,810,000		$	1,880,000		$	9,935,000		$	17,370,000
Payable for Fund shares redeemed		65,625			92,636			167,775			354,432
Distributions payable		69,586			40,061			113,266			107,622
Payable to affiliates:
Investment adviser fee		22,255			24,478			35,966			46,809
Distribution and service fees		22,478			18,298			26,594			37,490
Interest expense and fees payable		5,932			4,661			18,393			33,434
Accrued expenses		34,428			36,234			42,865			45,205


Total liabilities	$	4,030,304		$	2,096,368		$	10,339,859		$	17,994,992


Net Assets	$	82,045,187		$	88,760,787		$	117,574,180		$	145,754,572



Sources of Net Assets

Paid-in capital	$	87,212,431		$	90,566,274		$	113,710,515		$	146,833,913
Accumulated net realized loss		(9,922,636	)		(9,597,997	)		(9,306,956	)		(18,464,634	)
Accumulated undistributed (distributions in excess of) net investment income		(13,374	)		102,526			217,987			215,114
Net unrealized appreciation		4,768,766			7,689,984			12,952,634			17,170,179


Net Assets	$	82,045,187		$	88,760,787		$	117,574,180		$	145,754,572



Class A Shares

Net Assets	$	62,440,043		$	79,521,879		$	82,502,375		$	108,614,837
Shares Outstanding		6,703,434			8,176,060			8,774,387			11,413,295
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.31		$	9.73		$	9.40		$	9.52
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	9.77		$	10.22		$	9.87		$	9.99



Class B Shares

Net Assets	$	2,922,584		$	2,330,014		$	2,388,185		$	6,752,433
Shares Outstanding		287,731			216,760			236,174			648,770
Net Asset Value and Offering Price Per Share**
(net assets ¸ shares of beneficial interest outstanding)	$	10.16		$	10.75		$	10.11		$	10.41



Class C Shares

Net Assets	$	13,974,878		$	5,434,671		$	16,287,757		$	20,234,610
Shares Outstanding		1,375,383			506,066			1,610,345			1,941,905
Net Asset Value and Offering Price Per Share**
(net assets ¸ shares of beneficial interest outstanding)	$	10.16		$	10.74		$	10.11		$	10.42



Class I Shares

Net Assets	$	2,707,682		$	1,474,223		$	16,395,863		$	10,152,692
Shares Outstanding		290,032			151,394			1,738,906			1,067,950
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.34		$	9.74		$	9.43		$	9.51

On sales of $50,000 or more, the offering price of Class A shares is reduced.


*		Represents restricted cash on deposit at the broker for open financial futures contracts.

**		Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Assets and Liabilities (Unaudited) — continued


	February 29, 2012

Assets	South Carolina Fund			Tennessee Fund			Virginia Fund

Investments —
Identified cost	$	138,170,375		$	45,629,178		$	104,971,908
Unrealized appreciation		16,010,272			3,575,322			11,299,835


Investments, at value	$	154,180,647		$	49,204,500		$	116,271,743


Cash	$	3,457,895		$	2,361,833		$	5,588,265
Restricted cash*		—			225,000			—
Interest receivable		1,671,047			482,899			1,435,654
Receivable for investments sold		—			—			15,900
Receivable for Fund shares sold		1,089,179			80,014			252,489
Receivable for variation margin on open financial futures contracts		194,063			50,313			176,094


Total assets	$	160,592,831		$	52,404,559		$	123,740,145



Liabilities

Payable for floating rate notes issued	$	12,890,000		$	280,000		$	4,850,000
Payable for investments purchased		—			1,154,130			1,661,355
Payable for when-issued securities		2,919,225			—			—
Payable for Fund shares redeemed		273,348			103,181			190,063
Distributions payable		130,587			29,243			128,954
Payable to affiliates:
Investment adviser fee		45,349			11,073			35,575
Distribution and service fees		36,687			13,535			23,120
Interest expense and fees payable		13,073			499			4,080
Accrued expenses		41,724			30,052			41,132


Total liabilities	$	16,349,993		$	1,621,713		$	6,934,279


Net Assets	$	144,242,838		$	50,782,846		$	116,805,866



Sources of Net Assets

Paid-in capital	$	150,974,465		$	54,058,117		$	127,362,116
Accumulated net realized loss		(22,646,157	)		(6,757,267	)		(21,795,431	)
Accumulated undistributed (distributions in excess of) net investment income		130,438			(34,687	)		144,583
Net unrealized appreciation		15,784,092			3,516,683			11,094,598


Net Assets	$	144,242,838		$	50,782,846		$	116,805,866



Class A Shares

Net Assets	$	87,857,737		$	40,702,887		$	83,078,479
Shares Outstanding		9,137,774			4,523,784			9,809,449
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.61		$	9.00		$	8.47
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	10.09		$	9.45		$	8.89



Class B Shares

Net Assets	$	4,345,106		$	1,416,737		$	3,423,452
Shares Outstanding		426,138			144,539			365,174
Net Asset Value and Offering Price Per Share**
(net assets ¸ shares of beneficial interest outstanding)	$	10.20		$	9.80		$	9.37



Class C Shares

Net Assets	$	26,743,725		$	8,141,397		$	9,713,660
Shares Outstanding		2,621,902			831,176			1,035,555
Net Asset Value and Offering Price Per Share**
(net assets ¸ shares of beneficial interest outstanding)	$	10.20		$	9.80		$	9.38



Class I Shares

Net Assets	$	25,296,270		$	521,825		$	20,590,275
Shares Outstanding		2,628,526			58,028			2,425,158
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.62		$	8.99		$	8.49

On sales of $50,000 or more, the offering price of Class A shares is reduced.


*		Represents restricted cash on deposit at the broker for open financial futures contracts.

**		Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Operations (Unaudited)


	Six Months Ended February 29, 2012

Investment Income	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund

Interest	$	1,271,549		$	1,603,568		$	1,695,696		$	1,246,607


Total investment income	$	1,271,549		$	1,603,568		$	1,695,696		$	1,246,607





Expenses

Investment adviser fee	$	72,692		$	105,827		$	105,121		$	71,543
Distribution and service fees
Class A		42,766			56,494			47,565			47,686
Class B		7,471			12,421			12,692			4,550
Class C		11,881			30,915			33,607			12,763
Trustees’ fees and expenses		1,328			1,617			1,568			1,314
Custodian fee		20,626			23,371			23,155			20,363
Transfer and dividend disbursing agent fees		9,486			10,827			11,807			10,212
Legal and accounting services		23,756			18,944			22,781			20,192
Printing and postage		5,224			5,506			5,828			5,474
Registration fees		1,132			1,181			1,762			280
Interest expense and fees		6,610			3,390			19,167			—
Miscellaneous		7,563			10,355			8,531			7,647


Total expenses	$	210,535		$	280,848		$	293,584		$	202,024


Deduct —
Reduction of custodian fee	$	17		$	25		$	34		$	51


Total expense reductions	$	17		$	25		$	34		$	51



Net expenses	$	210,518		$	280,823		$	293,550		$	201,973



Net investment income	$	1,061,031		$	1,322,745		$	1,402,146		$	1,044,634





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	86,532		$	(529,212	)	$	(199,529	)	$	239,872
Financial futures contracts		(203,378	)		(318,056	)		(737,219	)		(331,871	)
Swap contracts		(27,898	)		(85,245	)		(123,993	)		(92,995	)


Net realized loss	$	(144,744	)	$	(932,513	)	$	(1,060,741	)	$	(184,994	)


Change in unrealized appreciation (depreciation) —
Investments	$	2,392,450		$	3,830,789		$	4,042,340		$	2,403,629
Financial futures contracts		(13,052	)		(188,186	)		(73,975	)		(79,405	)
Swap contracts		(6,381	)		(19,498	)		(28,362	)		(21,271	)


Net change in unrealized appreciation (depreciation)	$	2,373,017		$	3,623,105		$	3,940,003		$	2,302,953



Net realized and unrealized gain	$	2,228,273		$	2,690,592		$	2,879,262		$	2,117,959



Net increase in net assets from operations	$	3,289,304		$	4,013,337		$	4,281,408		$	3,162,593

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Operations (Unaudited) — continued


	Six Months Ended February 29, 2012

Investment Income	Maryland Fund			Missouri Fund			North Carolina Fund			Oregon Fund

Interest	$	1,901,776		$	2,031,891		$	2,956,914		$	3,731,247


Total investment income	$	1,901,776		$	2,031,891		$	2,956,914		$	3,731,247





Expenses

Investment adviser fee	$	128,336		$	144,880		$	204,280		$	262,897
Distribution and service fees
Class A		58,993			76,648			76,356			101,963
Class B		15,407			11,931			11,528			32,544
Class C		59,385			23,525			67,638			87,252
Trustees’ fees and expenses		1,824			1,965			2,476			2,950
Custodian fee		24,555			26,978			31,115			35,473
Transfer and dividend disbursing agent fees		14,782			14,875			20,072			20,292
Legal and accounting services		28,391			20,150			22,927			22,504
Printing and postage		6,345			6,406			8,023			8,004
Registration fees		3,353			170			794			39
Interest expense and fees		15,177			10,581			39,536			68,016
Miscellaneous		8,092			10,210			9,406			10,421


Total expenses	$	364,640		$	348,319		$	494,151		$	652,355


Deduct —
Reduction of custodian fee	$	38		$	30		$	14		$	26


Total expense reductions	$	38		$	30		$	14		$	26



Net expenses	$	364,602		$	348,289		$	494,137		$	652,329



Net investment income	$	1,537,174		$	1,683,602		$	2,462,777		$	3,078,918





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	93,823		$	299,372		$	(217,937	)	$	(681,192	)
Financial futures contracts		(87,279	)		(266,566	)		(879,308	)		(1,113,201	)
Swap contracts		—			(56,572	)		—			—


Net realized gain (loss)	$	6,544		$	(23,766	)	$	(1,097,245	)	$	(1,794,393	)


Change in unrealized appreciation (depreciation) —
Investments	$	4,053,472		$	4,984,182		$	8,194,016		$	15,129,294
Financial futures contracts		(24,030	)		(19,538	)		(81,552	)		(110,612	)
Swap contracts		—			(12,940	)		—			—


Net change in unrealized appreciation (depreciation)	$	4,029,442		$	4,951,704		$	8,112,464		$	15,018,682



Net realized and unrealized gain	$	4,035,986		$	4,927,938		$	7,015,219		$	13,224,289



Net increase in net assets from operations	$	5,573,160		$	6,611,540		$	9,477,996		$	16,303,207

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Operations (Unaudited) — continued


	Six Months Ended February 29, 2012

Investment Income	South Carolina Fund			Tennessee Fund			Virginia Fund

Interest	$	3,575,044		$	1,191,301		$	2,924,168


Total investment income	$	3,575,044		$	1,191,301		$	2,924,168





Expenses

Investment adviser fee	$	261,486		$	64,437		$	209,780
Distribution and service fees
Class A		81,633			39,354			80,076
Class B		20,996			7,161			17,326
Class C		112,485			35,358			44,900
Trustees’ fees and expenses		2,967			1,236			2,507
Custodian fee		36,255			19,344			31,893
Transfer and dividend disbursing agent fees		17,480			8,913			19,564
Legal and accounting services		22,544			19,573			24,139
Printing and postage		7,724			5,267			8,116
Registration fees		446			1,062			3,104
Interest expense and fees		51,144			1,722			24,367
Miscellaneous		11,190			8,281			11,179


Total expenses	$	626,350		$	211,708		$	476,951


Deduct —
Reduction of custodian fee	$	9		$	16		$	15


Total expense reductions	$	9		$	16		$	15



Net expenses	$	626,341		$	211,692		$	476,936



Net investment income	$	2,948,703		$	979,609		$	2,447,232





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	603,535		$	404,586		$	622,978
Financial futures contracts		(1,306,638	)		(465,207	)		(1,680,384	)
Swap contracts		—			(77,495	)		(76,721	)


Net realized loss	$	(703,103	)	$	(138,116	)	$	(1,134,127	)


Change in unrealized appreciation (depreciation) —
Investments	$	10,926,934		$	2,646,625		$	6,834,593
Financial futures contracts		(153,108	)		(42,241	)		(95,687	)
Swap contracts		—			(17,726	)		(17,549	)


Net change in unrealized appreciation (depreciation)	$	10,773,826		$	2,586,658		$	6,721,357



Net realized and unrealized gain	$	10,070,723		$	2,448,542		$	5,587,230



Net increase in net assets from operations	$	13,019,426		$	3,428,151		$	8,034,462

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Changes in Net Assets


	Six Months Ended February 29, 2012 (Unaudited)

Increase (Decrease) in Net Assets	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund

From operations —
Net investment income	$	1,061,031		$	1,322,745		$	1,402,146		$	1,044,634
Net realized loss from investment transactions, financial futures contracts and swap contracts		(144,744	)		(932,513	)		(1,060,741	)		(184,994	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		2,373,017			3,623,105			3,940,003			2,302,953


Net increase in net assets from operations	$	3,289,304		$	4,013,337		$	4,281,408		$	3,162,593


Distributions to shareholders —
From net investment income
Class A	$	(884,221	)	$	(1,136,195	)	$	(1,028,681	)	$	(968,660	)
Class B		(26,571	)		(42,620	)		(47,746	)		(15,897	)
Class C		(42,345	)		(106,141	)		(126,347	)		(44,387	)
Class I		(119,271	)		(40,546	)		(201,421	)		(14,459	)


Total distributions to shareholders	$	(1,072,408	)	$	(1,325,502	)	$	(1,404,195	)	$	(1,043,403	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	709,088		$	1,429,531		$	3,760,152		$	1,439,406
Class B		53,987			160,590			35,406			2,971
Class C		179,234			548,206			578,845			494,185
Class I		638,854			500,220			1,514,467			284,573
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		604,290			942,453			647,440			807,390
Class B		17,875			37,075			34,839			12,267
Class C		19,168			89,370			91,449			37,516
Class I		29,680			37,847			24,254			12,082
Cost of shares redeemed
Class A		(2,764,280	)		(6,581,888	)		(5,822,018	)		(2,477,322	)
Class B		(57,583	)		(146,851	)		(164,773	)		(5,471	)
Class C		(39,518	)		(413,640	)		(609,481	)		(134,838	)
Class I		(113,184	)		(114,975	)		(2,396,055	)		(8,949	)
Net asset value of shares exchanged
Class A		357,704			280,055			693,414			244,803
Class B		(357,704	)		(280,055	)		(693,414	)		(244,803	)


Net increase (decrease) in net assets from Fund share transactions	$	(722,389	)	$	(3,512,062	)	$	(2,305,475	)	$	463,810



Net increase (decrease) in net assets	$	1,494,507		$	(824,227	)	$	571,738		$	2,583,000





Net Assets

At beginning of period	$	52,142,401		$	68,780,095		$	67,923,418		$	51,369,533


At end of period	$	53,636,908		$	67,955,868		$	68,495,156		$	53,952,533





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of period	$	(70,463	)	$	(63,796	)	$	(96,197	)	$	9,013

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Changes in Net Assets — continued


	Six Months Ended February 29, 2012 (Unaudited)

Increase (Decrease) in Net Assets	Maryland Fund			Missouri Fund			North Carolina Fund			Oregon Fund

From operations —
Net investment income	$	1,537,174		$	1,683,602		$	2,462,777		$	3,078,918
Net realized gain (loss) from investment transactions, financial futures contracts and swap contracts		6,544			(23,766	)		(1,097,245	)		(1,794,393	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		4,029,442			4,951,704			8,112,464			15,018,682


Net increase in net assets from operations	$	5,573,160		$	6,611,540		$	9,477,996		$	16,303,207


Distributions to shareholders —
From net investment income
Class A	$	(1,205,610	)	$	(1,527,801	)	$	(1,749,049	)	$	(2,426,707	)
Class B		(54,147	)		(40,750	)		(46,579	)		(137,678	)
Class C		(207,875	)		(79,977	)		(271,962	)		(367,423	)
Class I		(54,892	)		(23,971	)		(368,011	)		(132,612	)


Total distributions to shareholders	$	(1,522,524	)	$	(1,672,499	)	$	(2,435,601	)	$	(3,064,420	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,475,770		$	3,702,089		$	6,089,711		$	6,102,141
Class B		59,245			15,407			58,015			158,803
Class C		2,145,772			437,883			3,309,373			2,254,780
Class I		350,325			792,555			2,644,609			6,833,648
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		835,810			1,187,189			1,408,244			1,933,418
Class B		42,049			34,173			40,554			100,802
Class C		129,738			56,138			212,008			302,446
Class I		20,072			19,988			60,145			73,084
Cost of shares redeemed
Class A		(2,490,421	)		(6,447,022	)		(4,210,160	)		(9,174,106	)
Class B		(118,096	)		(213,416	)		(257,849	)		(434,298	)
Class C		(441,562	)		(147,983	)		(1,656,812	)		(973,206	)
Class I		(248,698	)		(180,770	)		(1,821,514	)		(660,769	)
Net asset value of shares exchanged
Class A		723,661			269,382			151,437			617,708
Class B		(723,661	)		(269,382	)		(151,437	)		(617,708	)


Net increase (decrease) in net assets from Fund share transactions	$	2,760,004		$	(743,769	)	$	5,876,324		$	6,516,743



Net increase in net assets	$	6,810,640		$	4,195,272		$	12,918,719		$	19,755,530





Net Assets

At beginning of period	$	75,234,547		$	84,565,515		$	104,655,461		$	125,999,042


At end of period	$	82,045,187		$	88,760,787		$	117,574,180		$	145,754,572





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of period	$	(13,374	)	$	102,526		$	217,987		$	215,114

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Changes in Net Assets — continued


	Six Months Ended February 29, 2012 (Unaudited)

Increase (Decrease) in Net Assets	South Carolina Fund			Tennessee Fund			Virginia Fund

From operations —
Net investment income	$	2,948,703		$	979,609		$	2,447,232
Net realized loss from investment transactions, financial futures contracts and swap contracts		(703,103	)		(138,116	)		(1,134,127	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		10,773,826			2,586,658			6,721,357


Net increase in net assets from operations	$	13,019,426		$	3,428,151		$	8,034,462


Distributions to shareholders —
From net investment income
Class A	$	(1,836,887	)	$	(821,524	)	$	(1,763,443	)
Class B		(83,284	)		(25,836	)		(66,628	)
Class C		(443,674	)		(127,393	)		(172,908	)
Class I		(567,838	)		(6,427	)		(430,842	)


Total distributions to shareholders	$	(2,931,683	)	$	(981,180	)	$	(2,433,821	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,052,321		$	1,330,830		$	3,838,593
Class B		106,718			60,457			104,525
Class C		4,042,990			934,616			557,823
Class I		2,929,435			469,236			3,264,196
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,574,093			639,196			1,315,632
Class B		73,685			20,756			58,173
Class C		334,228			89,025			134,916
Class I		93,707			5,884			38,078
Cost of shares redeemed
Class A		(4,693,335	)		(3,275,262	)		(6,653,347	)
Class B		(415,020	)		(97,944	)		(180,734	)
Class C		(1,696,158	)		(797,931	)		(1,147,566	)
Class I		(3,776,100	)		(79,112	)		(2,156,351	)
Net asset value of shares exchanged
Class A		333,430			274,476			497,758
Class B		(333,430	)		(274,476	)		(497,758	)


Net increase (decrease) in net assets from Fund share transactions	$	4,626,564		$	(700,249	)	$	(826,062	)



Net increase in net assets	$	14,714,307		$	1,746,722		$	4,774,579





Net Assets

At beginning of period	$	129,528,531		$	49,036,124		$	112,031,287


At end of period	$	144,242,838		$	50,782,846		$	116,805,866





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of period	$	130,438		$	(34,687	)	$	144,583

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Changes in Net Assets — continued


	Year Ended August 31, 2011

Increase (Decrease) in Net Assets	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund

From operations —
Net investment income	$	2,275,486		$	2,890,415		$	3,439,873		$	2,208,588
Net realized loss from investment transactions, financial futures contracts and swap contracts		(694,893	)		(1,626,497	)		(1,138,089	)		(386,277	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(1,760,287	)		(695,152	)		(2,636,891	)		(1,296,780	)


Net increase (decrease) in net assets from operations	$	(179,694	)	$	568,766		$	(335,107	)	$	525,531


Distributions to shareholders —
From net investment income
Class A	$	(1,887,067	)	$	(2,537,016	)	$	(2,436,282	)	$	(2,048,557	)
Class B		(86,684	)		(99,812	)		(160,925	)		(69,047	)
Class C		(90,752	)		(212,447	)		(331,454	)		(79,745	)
Class I		(208,005	)		(22,028	)		(426,236	)		(7,750	)


Total distributions to shareholders	$	(2,272,508	)	$	(2,871,303	)	$	(3,354,897	)	$	(2,205,099	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,431,280		$	3,978,867		$	4,352,621		$	6,083,910
Class B		74,953			572,653			234,798			169,720
Class C		710,557			2,105,582			1,262,031			503,549
Class I		1,821,595			1,760,543			3,349,548			513,669
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,124,964			1,722,123			1,511,708			1,543,358
Class B		51,520			80,014			84,568			47,539
Class C		38,234			122,983			201,086			55,676
Class I		22,387			20,122			25,604			5,255
Cost of shares redeemed
Class A		(8,924,097	)		(10,006,737	)		(14,430,067	)		(8,836,114	)
Class B		(1,113,272	)		(273,267	)		(775,110	)		(521,165	)
Class C		(1,104,919	)		(1,693,684	)		(3,657,373	)		(283,769	)
Class I		(706,782	)		(42,183	)		(2,482,711	)		(12,988	)
Net asset value of shares exchanged
Class A		1,132,198			742,984			1,375,460			1,119,557
Class B		(1,132,198	)		(742,984	)		(1,375,460	)		(1,119,557	)


Net decrease in net assets from Fund share transactions	$	(5,573,580	)	$	(1,652,984	)	$	(10,323,297	)	$	(731,360	)



Net decrease in net assets	$	(8,025,782	)	$	(3,955,521	)	$	(14,013,301	)	$	(2,410,928	)





Net Assets

At beginning of year	$	60,168,183		$	72,735,616		$	81,936,719		$	53,780,461


At end of year	$	52,142,401		$	68,780,095		$	67,923,418		$	51,369,533





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of year	$	(59,086	)	$	(61,039	)	$	(94,148	)	$	7,782

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Changes in Net Assets — continued


	Year Ended August 31, 2011

Increase (Decrease) in Net Assets	Maryland Fund			Missouri Fund			North Carolina Fund			Oregon Fund

From operations —
Net investment income	$	3,768,947		$	3,769,251		$	5,344,201		$	6,722,729
Net realized loss from investment transactions, financial futures contracts and swap contracts		(1,014,425	)		(1,493,782	)		(2,602,701	)		(2,180,386	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(3,094,718	)		(3,215,050	)		(5,035,633	)		(8,225,194	)


Net decrease in net assets from operations	$	(340,196	)	$	(939,581	)	$	(2,294,133	)	$	(3,682,851	)


Distributions to shareholders —
From net investment income
Class A	$	(2,856,771	)	$	(3,443,213	)	$	(3,762,616	)	$	(5,451,567	)
Class B		(167,290	)		(116,487	)		(133,113	)		(363,386	)
Class C		(474,079	)		(172,421	)		(591,914	)		(778,675	)
Class I		(219,678	)		(11,821	)		(799,977	)		(62,938	)


Total distributions to shareholders	$	(3,717,818	)	$	(3,743,942	)	$	(5,287,620	)	$	(6,656,566	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,089,498		$	7,057,429		$	7,965,292		$	9,191,247
Class B		57,784			250,987			181,346			208,000
Class C		1,539,137			894,355			4,275,426			2,462,699
Class I		1,322,839			762,523			4,926,999			3,263,629
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,826,631			2,352,158			2,607,249			3,942,405
Class B		113,241			85,937			79,164			239,615
Class C		246,393			96,416			348,192			607,778
Class I		35,905			6,695			86,484			19,890
Cost of shares redeemed
Class A		(20,067,182	)		(25,266,849	)		(18,671,055	)		(34,356,166	)
Class B		(794,542	)		(544,279	)		(385,931	)		(1,574,962	)
Class C		(4,849,980	)		(1,792,384	)		(5,053,266	)		(5,915,450	)
Class I		(4,195,028	)		(24,727	)		(6,465,910	)		(138,262	)
Net asset value of shares exchanged
Class A		1,581,777			1,449,002			1,290,328			2,033,081
Class B		(1,581,777	)		(1,449,002	)		(1,290,328	)		(2,033,081	)


Net decrease in net assets from Fund share transactions	$	(22,675,304	)	$	(16,121,739	)	$	(10,106,010	)	$	(22,049,577	)



Net decrease in net assets	$	(26,733,318	)	$	(20,805,262	)	$	(17,687,763	)	$	(32,388,994	)





Net Assets

At beginning of year	$	101,967,865		$	105,370,777		$	122,343,224		$	158,388,036


At end of year	$	75,234,547		$	84,565,515		$	104,655,461		$	125,999,042





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of year	$	(28,024	)	$	91,423		$	190,811		$	200,616

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statements of Changes in Net Assets — continued


	Year Ended August 31, 2011

Increase (Decrease) in Net Assets	South Carolina Fund			Tennessee Fund			Virginia Fund

From operations —
Net investment income	$	7,151,957		$	2,255,352		$	5,789,804
Net realized loss from investment transactions, financial futures contracts and swap contracts		(6,360,755	)		(530,254	)		(3,889,585	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(7,000,008	)		(2,154,389	)		(2,985,064	)


Net decrease in net assets from operations	$	(6,208,806	)	$	(429,291	)	$	(1,084,845	)


Distributions to shareholders —
From net investment income
Class A	$	(4,328,242	)	$	(1,859,998	)	$	(4,158,919	)
Class B		(239,833	)		(82,822	)		(201,382	)
Class C		(1,044,906	)		(296,360	)		(458,994	)
Class I		(1,493,215	)		(1,974	)		(913,246	)


Total distributions to shareholders	$	(7,106,196	)	$	(2,241,154	)	$	(5,732,541	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,139,246		$	2,257,034		$	4,153,964
Class B		178,248			83,762			209,075
Class C		4,247,186			1,327,554			2,169,775
Class I		6,475,752			141,777			4,729,656
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,006,910			1,271,081			2,719,497
Class B		170,442			50,616			147,644
Class C		698,896			184,127			291,520
Class I		50,026			1,246			49,417
Cost of shares redeemed
Class A		(34,099,707	)		(9,828,504	)		(22,874,588	)
Class B		(910,166	)		(616,585	)		(907,871	)
Class C		(9,101,388	)		(2,534,375	)		(5,521,005	)
Class I		(18,577,550	)		(40,440	)		(3,888,503	)
Net asset value of shares exchanged
Class A		1,603,024			787,310			1,880,637
Class B		(1,603,024	)		(787,310	)		(1,880,637	)


Net decrease in net assets from Fund share transactions	$	(41,722,105	)	$	(7,702,707	)	$	(18,721,419	)



Net decrease in net assets	$	(55,037,107	)	$	(10,373,152	)	$	(25,538,805	)





Net Assets

At beginning of year	$	184,565,638		$	59,409,276		$	137,570,092


At end of year	$	129,528,531		$	49,036,124		$	112,031,287





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of year	$	113,418		$	(33,116	)	$	131,172

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Statement of Cash Flows (Unaudited)*


	Six Months Ended February 29, 2012

Cash Flows From Operating Activities	Oregon Fund

Net increase in net assets from operations	$	16,303,207
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Investments purchased		(6,344,153	)
Investments sold		4,865,475
Net amortization/accretion of premium (discount)		(998,016	)
Increase in restricted cash		(660,000	)
Decrease in interest receivable		22,388
Decrease in receivable for variation margin on open financial futures contracts		64,687
Increase in payable to affiliate for investment adviser fee		4,624
Increase in payable to affiliate for distribution and service fees		1,350
Decrease in interest expense and fees payable		(245	)
Decrease in accrued expenses		(25,764	)
Net change in unrealized (appreciation) depreciation from investments		(15,129,294	)
Net realized loss from investments		681,192


Net cash used in operating activities	$	(1,214,549	)





Cash Flows From Financing Activities

Proceeds from Fund shares sold	$	14,921,884
Fund shares redeemed		(11,052,311	)
Distributions paid, net of reinvestments		(678,993	)


Net cash provided by financing activities	$	3,190,580



Net increase in cash	$	1,976,031



Cash at beginning of period	$	663,338



Cash at end of period	$	2,639,369





Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	2,409,750
Cash paid for interest and fees		68,261


*	Statement of Cash Flows is only required for Oregon Fund.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights


	Alabama Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.540		$	9.930		$	9.290		$	9.330		$	9.600		$	9.910





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.197		$	0.405		$	0.402		$	0.402		$	0.402		$	0.394
Net realized and unrealized gain (loss)		0.412			(0.392	)		0.634			(0.036	)		(0.232	)		(0.261	)


Total income from operations	$	0.609		$	0.013		$	1.036		$	0.366		$	0.170		$	0.133





Less Distributions

From net investment income	$	(0.199	)	$	(0.403	)	$	(0.396	)	$	(0.406	)	$	(0.395	)	$	(0.395	)
From net realized gain		—			—			—			—			(0.045	)		(0.048	)


Total distributions	$	(0.199	)	$	(0.403	)	$	(0.396	)	$	(0.406	)	$	(0.440	)	$	(0.443	)



Net asset value — End of period	$	9.950		$	9.540		$	9.930		$	9.290		$	9.330		$	9.600



Total Return⁽²⁾		6.45	%⁽³⁾		0.26	%		11.37	%		4.19	%		1.89	%		1.30	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	43,569		$	42,857		$	49,083		$	43,090		$	49,124		$	44,947
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.74	%⁽⁴⁾		0.73	%		0.73	%		0.80	%		0.76	%		0.75	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.03	%⁽⁴⁾		0.03	%		0.02	%		0.05	%		0.11	%		0.16	%
Total expenses before custodian fee reduction		0.77	%⁽⁴⁾		0.76	%		0.75	%		0.85	%		0.87	%		0.91	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.74	%⁽⁴⁾		0.73	%		0.73	%		0.79	%		0.74	%		0.74	%⁽⁵⁾
Net investment income		4.09	%⁽⁴⁾		4.27	%		4.18	%		4.59	%		4.20	%		3.99	%
Portfolio Turnover		4	%⁽³⁾		10	%		16	%		22	%		12	%		29	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Alabama Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	10.490		$	10.920		$	10.230		$	10.270		$	10.560		$	10.900





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.176		$	0.368		$	0.365		$	0.370		$	0.363		$	0.353
Net realized and unrealized gain (loss)		0.453			(0.433	)		0.684			(0.036	)		(0.255	)		(0.293	)


Total income (loss) from operations	$	0.629		$	(0.065	)	$	1.049		$	0.334		$	0.108		$	0.060





Less Distributions

From net investment income	$	(0.179	)	$	(0.365	)	$	(0.359	)	$	(0.374	)	$	(0.353	)	$	(0.352	)
From net realized gain		—			—			—			—			(0.045	)		(0.048	)


Total distributions	$	(0.179	)	$	(0.365	)	$	(0.359	)	$	(0.374	)	$	(0.398	)	$	(0.400	)



Net asset value — End of period	$	10.940		$	10.490		$	10.920		$	10.230		$	10.270		$	10.560



Total Return⁽²⁾		6.05	%⁽³⁾		(0.51	)%		10.42	%		3.56	%		1.03	%		0.51	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,404		$	1,682		$	3,949		$	6,380		$	8,643		$	10,690
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁴⁾		1.49	%		1.48	%		1.55	%		1.52	%		1.50	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.03	%⁽⁴⁾		0.03	%		0.02	%		0.05	%		0.11	%		0.16	%
Total expenses before custodian fee reduction		1.52	%⁽⁴⁾		1.52	%		1.50	%		1.60	%		1.63	%		1.66	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.49	%		1.48	%		1.54	%		1.49	%		1.49	%⁽⁵⁾
Net investment income		3.33	%⁽⁴⁾		3.52	%		3.46	%		3.85	%		3.44	%		3.25	%
Portfolio Turnover		4	%⁽³⁾		10	%		16	%		22	%		12	%		29	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Alabama Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	10.500		$	10.930		$	10.230		$	10.270		$	10.560		$	10.900





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.177		$	0.368		$	0.361		$	0.369		$	0.368		$	0.351
Net realized and unrealized gain (loss)		0.452			(0.432	)		0.698			(0.035	)		(0.259	)		(0.291	)


Total income (loss) from operations	$	0.629		$	(0.064	)	$	1.059		$	0.334		$	0.109		$	0.060





Less Distributions

From net investment income	$	(0.179	)	$	(0.366	)	$	(0.359	)	$	(0.374	)	$	(0.354	)	$	(0.352	)
From net realized gain		—			—			—			—			(0.045	)		(0.048	)


Total distributions	$	(0.179	)	$	(0.366	)	$	(0.359	)	$	(0.374	)	$	(0.399	)	$	(0.400	)



Net asset value — End of period	$	10.950		$	10.500		$	10.930		$	10.230		$	10.270		$	10.560



Total Return⁽²⁾		6.05	%⁽³⁾		(0.50	)%		10.52	%		3.55	%		1.03	%		0.51	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,704		$	2,440		$	2,935		$	1,562		$	958		$	1,285
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁴⁾		1.48	%		1.48	%		1.55	%		1.51	%		1.50	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.03	%⁽⁴⁾		0.03	%		0.02	%		0.05	%		0.11	%		0.16	%
Total expenses before custodian fee reduction		1.52	%⁽⁴⁾		1.51	%		1.50	%		1.60	%		1.62	%		1.66	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.48	%		1.48	%		1.54	%		1.49	%		1.49	%⁽⁵⁾
Net investment income		3.35	%⁽⁴⁾		3.52	%		3.40	%		3.82	%		3.48	%		3.23	%
Portfolio Turnover		4	%⁽³⁾		10	%		16	%		22	%		12	%		29	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Alabama Fund — Class I

	Six Months Ended			Year Ended August 31,
	February 29, 2012												Period Ended
	(Unaudited)			2011			2010			2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	9.550		$	9.930		$	9.300		$	9.340		$	9.040





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.207		$	0.423		$	0.420		$	0.419		$	0.209
Net realized and unrealized gain (loss)		0.402			(0.380	)		0.625			(0.035	)		0.300


Total income from operations	$	0.609		$	0.043		$	1.045		$	0.384		$	0.509





Less Distributions

From net investment income	$	(0.209	)	$	(0.423	)	$	(0.415	)	$	(0.424	)	$	(0.209	)


Total distributions	$	(0.209	)	$	(0.423	)	$	(0.415	)	$	(0.424	)	$	(0.209	)



Net asset value — End of period	$	9.950		$	9.550		$	9.930		$	9.300		$	9.340



Total Return⁽³⁾		6.45	%⁽⁴⁾		0.56	%		11.47	%		4.51	%		5.64	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,959		$	5,163		$	4,201		$	3,343		$	3,958
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.54	%⁽⁵⁾		0.53	%		0.53	%		0.60	%		0.56	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.03	%⁽⁵⁾		0.03	%		0.02	%		0.05	%		0.11	%⁽⁵⁾
Total expenses before custodian fee reduction		0.57	%⁽⁵⁾		0.56	%		0.55	%		0.65	%		0.67	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.54	%⁽⁵⁾		0.53	%		0.53	%		0.59	%		0.54	%⁽⁵⁾
Net investment income		4.29	%⁽⁵⁾		4.46	%		4.37	%		4.79	%		4.47	%⁽⁵⁾
Portfolio Turnover		4	%⁽⁴⁾		10	%		16	%		22	%		12	%⁽⁷⁾


⁽¹⁾		For the period from the start of business, March 3, 2008, to August 31, 2008.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		For the year ended August 31, 2008.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Arkansas Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.950		$	9.230		$	8.870		$	9.160		$	9.710		$	9.970





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.181		$	0.381		$	0.377		$	0.392		$	0.415		$	0.419
Net realized and unrealized gain (loss)		0.360			(0.283	)		0.356			(0.278	)		(0.540	)		(0.254	)


Total income (loss) from operations	$	0.541		$	0.098		$	0.733		$	0.114		$	(0.125	)	$	0.165





Less Distributions

From net investment income	$	(0.181	)	$	(0.378	)	$	(0.373	)	$	(0.404	)	$	(0.425	)	$	(0.425	)


Total distributions	$	(0.181	)	$	(0.378	)	$	(0.373	)	$	(0.404	)	$	(0.425	)	$	(0.425	)



Net asset value — End of period	$	9.310		$	8.950		$	9.230		$	8.870		$	9.160		$	9.710



Total Return⁽²⁾		6.11	%⁽³⁾		1.17	%		8.39	%		1.55	%		(1.21	)%		1.61	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	56,219		$	57,912		$	63,478		$	59,111		$	56,405		$	57,319
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.73	%⁽⁴⁾		0.73	%		0.75	%		0.78	%		0.76	%		0.75	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁴⁾		0.01	%		0.01	%		0.05	%		0.14	%		0.20	%
Total expenses before custodian fee reduction		0.74	%⁽⁴⁾		0.74	%		0.76	%		0.83	%		0.90	%		0.95	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.73	%⁽⁴⁾		0.73	%		0.75	%		0.78	%		0.73	%		0.72	%⁽⁵⁾
Net investment income		4.02	%⁽⁴⁾		4.27	%		4.13	%		4.71	%		4.37	%		4.19	%
Portfolio Turnover		4	%⁽³⁾		7	%		8	%		18	%		15	%		26	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Arkansas Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.610		$	9.910		$	9.530		$	9.850		$	10.430		$	10.710





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.157		$	0.336		$	0.332		$	0.356		$	0.371		$	0.372
Net realized and unrealized gain (loss)		0.391			(0.302	)		0.377			(0.311	)		(0.573	)		(0.275	)


Total income (loss) from operations	$	0.548		$	0.034		$	0.709		$	0.045		$	(0.202	)	$	0.097





Less Distributions

From net investment income	$	(0.158	)	$	(0.334	)	$	(0.329	)	$	(0.365	)	$	(0.378	)	$	(0.377	)


Total distributions	$	(0.158	)	$	(0.334	)	$	(0.329	)	$	(0.365	)	$	(0.378	)	$	(0.377	)



Net asset value — End of period	$	10.000		$	9.610		$	9.910		$	9.530		$	9.850		$	10.430



Total Return⁽²⁾		5.75	%⁽³⁾		0.42	%		7.53	%		0.80	%		(1.97	)%		0.85	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,593		$	2,717		$	3,178		$	3,525		$	4,157		$	5,413
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁴⁾		1.48	%		1.50	%		1.53	%		1.50	%		1.50	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁴⁾		0.01	%		0.01	%		0.05	%		0.14	%		0.20	%
Total expenses before custodian fee reduction		1.49	%⁽⁴⁾		1.49	%		1.51	%		1.58	%		1.64	%		1.70	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.48	%		1.50	%		1.53	%		1.48	%		1.47	%⁽⁵⁾
Net investment income		3.25	%⁽⁴⁾		3.52	%		3.38	%		3.98	%		3.63	%		3.47	%
Portfolio Turnover		4	%⁽³⁾		7	%		8	%		18	%		15	%		26	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Arkansas Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.610		$	9.910		$	9.530		$	9.850		$	10.420		$	10.710





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.157		$	0.336		$	0.329		$	0.354		$	0.369		$	0.364
Net realized and unrealized gain (loss)		0.391			(0.302	)		0.380			(0.309	)		(0.562	)		(0.277	)


Total income (loss) from operations	$	0.548		$	0.034		$	0.709		$	0.045		$	(0.193	)	$	0.087





Less Distributions

From net investment income	$	(0.158	)	$	(0.334	)	$	(0.329	)	$	(0.365	)	$	(0.377	)	$	(0.377	)


Total distributions	$	(0.158	)	$	(0.334	)	$	(0.329	)	$	(0.365	)	$	(0.377	)	$	(0.377	)



Net asset value — End of period	$	10.000		$	9.610		$	9.910		$	9.530		$	9.850		$	10.420



Total Return⁽²⁾		5.75	%⁽³⁾		0.42	%		7.53	%		0.80	%		(1.88	)%		0.76	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	6,896		$	6,409		$	6,078		$	3,386		$	2,989		$	2,756
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.47	%⁽⁴⁾		1.48	%		1.50	%		1.53	%		1.52	%		1.50	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁴⁾		0.01	%		0.01	%		0.05	%		0.14	%		0.20	%
Total expenses before custodian fee reduction		1.48	%⁽⁴⁾		1.49	%		1.51	%		1.58	%		1.66	%		1.70	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.47	%⁽⁴⁾		1.48	%		1.50	%		1.53	%		1.48	%		1.47	%⁽⁵⁾
Net investment income		3.25	%⁽⁴⁾		3.52	%		3.35	%		3.95	%		3.62	%		3.41	%
Portfolio Turnover		4	%⁽³⁾		7	%		8	%		18	%		15	%		26	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Arkansas Fund — Class I

	Six Months Ended
	February 29, 2012			Year Ended			Period Ended
	(Unaudited)			August 31, 2011			August 31, 2010⁽¹⁾

Net asset value — Beginning of period	$	8.940		$	9.220		$	9.130





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.189		$	0.394		$	0.031
Net realized and unrealized gain (loss)		0.361			(0.277	)		0.090


Total income from operations	$	0.550		$	0.117		$	0.121





Less Distributions

From net investment income	$	(0.190	)	$	(0.397	)	$	(0.031	)


Total distributions	$	(0.190	)	$	(0.397	)	$	(0.031	)



Net asset value — End of period	$	9.300		$	8.940		$	9.220



Total Return⁽³⁾		6.22	%⁽⁴⁾		1.38	%		1.32	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,249		$	1,742		$	1
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.53	%⁽⁵⁾		0.53	%		0.55	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁵⁾		0.01	%		0.01	%⁽⁵⁾
Total expenses⁽⁷⁾		0.54	%⁽⁵⁾		0.54	%		0.56	%⁽⁵⁾
Net investment income		4.18	%⁽⁵⁾		4.40	%		4.25	%⁽⁵⁾
Portfolio Turnover		4	%⁽⁴⁾		7	%		8	%⁽⁸⁾


⁽¹⁾		For the period from the commencement of operations on August 3, 2010 to August 31, 2010.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		Excludes the effect of custody fee credits, if any, of less than 0.005%.
⁽⁸⁾		For the year ended August 31, 2010.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Georgia Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.440		$	8.820		$	8.500		$	8.730		$	9.130		$	9.460





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.183		$	0.410		$	0.400		$	0.391		$	0.393		$	0.393
Net realized and unrealized gain (loss)		0.380			(0.391	)		0.310			(0.229	)		(0.399	)		(0.321	)


Total income (loss) from operations	$	0.563		$	0.019		$	0.710		$	0.162		$	(0.006	)	$	0.072





Less Distributions

From net investment income	$	(0.183	)	$	(0.399	)	$	(0.390	)	$	(0.392	)	$	(0.394	)	$	(0.402	)


Total distributions	$	(0.183	)	$	(0.399	)	$	(0.390	)	$	(0.392	)	$	(0.394	)	$	(0.402	)



Net asset value — End of period	$	8.820		$	8.440		$	8.820		$	8.500		$	8.730		$	9.130



Total Return⁽²⁾		6.76	%⁽³⁾		0.32	%		8.49	%		2.30	%		(0.07	)%		0.71	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	49,986		$	48,635		$	58,448		$	63,387		$	68,832		$	69,269
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.74	%⁽⁴⁾		0.76	%		0.76	%		0.83	%		0.77	%		0.76	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.06	%⁽⁴⁾		0.09	%		0.09	%		0.18	%		0.21	%		0.29	%
Total expenses before custodian fee reduction		0.80	%⁽⁴⁾		0.85	%		0.85	%		1.01	%		0.98	%		1.05	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.74	%⁽⁴⁾		0.76	%		0.76	%		0.81	%		0.74	%		0.71	%⁽⁵⁾
Net investment income		4.32	%⁽⁴⁾		4.84	%		4.57	%		4.92	%		4.37	%		4.18	%
Portfolio Turnover		4	%⁽³⁾		6	%		12	%		18	%		34	%		12	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Georgia Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.020		$	9.430		$	9.080		$	9.320		$	9.750		$	10.100





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.162		$	0.371		$	0.357		$	0.354		$	0.348		$	0.347
Net realized and unrealized gain (loss)		0.410			(0.422	)		0.342			(0.241	)		(0.433	)		(0.343	)


Total income (loss) from operations	$	0.572		$	(0.051	)	$	0.699		$	0.113		$	(0.085	)	$	0.004





Less Distributions

From net investment income	$	(0.162	)	$	(0.359	)	$	(0.349	)	$	(0.353	)	$	(0.345	)	$	(0.354	)


Total distributions	$	(0.162	)	$	(0.359	)	$	(0.349	)	$	(0.353	)	$	(0.345	)	$	(0.354	)



Net asset value — End of period	$	9.430		$	9.020		$	9.430		$	9.080		$	9.320		$	9.750



Total Return⁽²⁾		6.41	%⁽³⁾		(0.47	)%		7.80	%		1.45	%		(0.78	)%		(0.02	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,409		$	3,086		$	5,143		$	6,387		$	8,301		$	11,363
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.51	%		1.51	%		1.57	%		1.52	%		1.51	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.06	%⁽⁴⁾		0.09	%		0.09	%		0.18	%		0.21	%		0.29	%
Total expenses before custodian fee reduction		1.56	%⁽⁴⁾		1.60	%		1.60	%		1.75	%		1.73	%		1.80	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.50	%⁽⁴⁾		1.51	%		1.51	%		1.56	%		1.49	%		1.46	%⁽⁵⁾
Net investment income		3.58	%⁽⁴⁾		4.09	%		3.81	%		4.18	%		3.62	%		3.44	%
Portfolio Turnover		4	%⁽³⁾		6	%		12	%		18	%		34	%		12	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Georgia Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.030		$	9.430		$	9.090		$	9.330		$	9.760		$	10.100





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.162		$	0.372		$	0.357		$	0.354		$	0.345		$	0.342
Net realized and unrealized gain (loss)		0.400			(0.413	)		0.333			(0.241	)		(0.429	)		(0.328	)


Total income (loss) from operations	$	0.562		$	(0.041	)	$	0.690		$	0.113		$	(0.084	)	$	0.014





Less Distributions

From net investment income	$	(0.162	)	$	(0.359	)	$	(0.350	)	$	(0.353	)	$	(0.346	)	$	(0.354	)


Total distributions	$	(0.162	)	$	(0.359	)	$	(0.350	)	$	(0.353	)	$	(0.346	)	$	(0.354	)



Net asset value — End of period	$	9.430		$	9.030		$	9.430		$	9.090		$	9.330		$	9.760



Total Return⁽²⁾		6.29	%⁽³⁾		(0.36	)%		7.69	%		1.56	%		(0.88	)%		0.08	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	7,370		$	6,996		$	9,621		$	8,190		$	7,688		$	6,318
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁴⁾		1.51	%		1.51	%		1.57	%		1.53	%		1.51	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.06	%⁽⁴⁾		0.09	%		0.09	%		0.18	%		0.21	%		0.29	%
Total expenses before custodian fee reduction		1.55	%⁽⁴⁾		1.60	%		1.60	%		1.75	%		1.74	%		1.80	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.51	%		1.51	%		1.56	%		1.49	%		1.46	%⁽⁵⁾
Net investment income		3.56	%⁽⁴⁾		4.10	%		3.81	%		4.16	%		3.60	%		3.41	%
Portfolio Turnover		4	%⁽³⁾		6	%		12	%		18	%		34	%		12	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Georgia Fund — Class I

	Six Months Ended			Year Ended August 31,
	February 29, 2012												Period Ended
	(Unaudited)			2011			2010			2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.470		$	8.850		$	8.520		$	8.750		$	8.400





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.192		$	0.427		$	0.419		$	0.407		$	0.208
Net realized and unrealized gain (loss)		0.380			(0.390	)		0.319			(0.228	)		0.347


Total income from operations	$	0.572		$	0.037		$	0.738		$	0.179		$	0.555





Less Distributions

From net investment income	$	(0.192	)	$	(0.417	)	$	(0.408	)	$	(0.409	)	$	(0.205	)


Total distributions	$	(0.192	)	$	(0.417	)	$	(0.408	)	$	(0.409	)	$	(0.205	)



Net asset value — End of period	$	8.850		$	8.470		$	8.850		$	8.520		$	8.750



Total Return⁽³⁾		6.85	%⁽⁴⁾		0.53	%		8.81	%		2.51	%		6.62	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	8,730		$	9,207		$	8,725		$	6,555		$	4,579
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.54	%⁽⁵⁾		0.56	%		0.56	%		0.62	%		0.58	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.06	%⁽⁵⁾		0.09	%		0.09	%		0.18	%		0.21	%⁽⁵⁾
Total expenses before custodian fee reduction		0.60	%⁽⁵⁾		0.65	%		0.65	%		0.80	%		0.79	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.54	%⁽⁵⁾		0.56	%		0.56	%		0.61	%		0.55	%⁽⁵⁾
Net investment income		4.52	%⁽⁵⁾		5.03	%		4.77	%		5.12	%		4.75	%⁽⁵⁾
Portfolio Turnover		4	%⁽⁴⁾		6	%		12	%		18	%		34	%⁽⁷⁾


⁽¹⁾		For the period from the start of business, March 3, 2008, to August 31, 2008.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		For the year ended August 31, 2008.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Kentucky Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.610		$	8.890		$	8.410		$	8.610		$	8.970		$	9.240





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.176		$	0.371		$	0.380		$	0.382		$	0.386		$	0.399
Net realized and unrealized gain (loss)		0.350			(0.281	)		0.473			(0.200	)		(0.359	)		(0.277	)


Total income from operations	$	0.526		$	0.090		$	0.853		$	0.182		$	0.027		$	0.122





Less Distributions

From net investment income	$	(0.176	)	$	(0.370	)	$	(0.373	)	$	(0.382	)	$	(0.387	)	$	(0.392	)


Total distributions	$	(0.176	)	$	(0.370	)	$	(0.373	)	$	(0.382	)	$	(0.387	)	$	(0.392	)



Net asset value — End of period	$	8.960		$	8.610		$	8.890		$	8.410		$	8.610		$	8.970



Total Return⁽²⁾		6.18	%⁽³⁾		1.13	%		10.32	%		2.44	%		0.29	%		1.31	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	49,272		$	47,322		$	48,929		$	46,662		$	49,880		$	50,736
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.73	%⁽⁴⁾		0.74	%		0.74	%		0.78	%		0.77	%		0.78	%⁽⁵⁾
Interest and fee expense		—			—			—			—			0.03	%		0.06	%
Total expenses before custodian fee reduction		0.73	%⁽⁴⁾		0.74	%		0.74	%		0.78	%		0.80	%		0.84	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.73	%⁽⁴⁾		0.73	%		0.74	%		0.77	%		0.75	%		0.76	%⁽⁵⁾
Net investment income		4.07	%⁽⁴⁾		4.33	%		4.36	%		4.75	%		4.35	%		4.35	%
Portfolio Turnover		7	%⁽³⁾		7	%		7	%		15	%		19	%		14	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Kentucky Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.300		$	9.600		$	9.080		$	9.300		$	9.680		$	9.970





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.156		$	0.332		$	0.341		$	0.347		$	0.345		$	0.356
Net realized and unrealized gain (loss)		0.379			(0.301	)		0.513			(0.222	)		(0.383	)		(0.298	)


Total income (loss) from operations	$	0.535		$	0.031		$	0.854		$	0.125		$	(0.038	)	$	0.058





Less Distributions

From net investment income	$	(0.155	)	$	(0.331	)	$	(0.334	)	$	(0.345	)	$	(0.342	)	$	(0.348	)


Total distributions	$	(0.155	)	$	(0.331	)	$	(0.334	)	$	(0.345	)	$	(0.342	)	$	(0.348	)



Net asset value — End of period	$	9.680		$	9.300		$	9.600		$	9.080		$	9.300		$	9.680



Total Return⁽²⁾		5.81	%⁽³⁾		0.41	%		9.54	%		1.60	%		(0.41	)%		0.56	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	891		$	1,090		$	2,607		$	4,186		$	6,236		$	8,050
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁴⁾		1.49	%		1.49	%		1.53	%		1.52	%		1.53	%⁽⁵⁾
Interest and fee expense		—			—			—			—			0.03	%		0.06	%
Total expenses before custodian fee reduction		1.48	%⁽⁴⁾		1.49	%		1.49	%		1.53	%		1.55	%		1.59	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.48	%		1.49	%		1.52	%		1.50	%		1.51	%⁽⁵⁾
Net investment income		3.33	%⁽⁴⁾		3.59	%		3.62	%		4.01	%		3.60	%		3.60	%
Portfolio Turnover		7	%⁽³⁾		7	%		7	%		15	%		19	%		14	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Kentucky Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.300		$	9.600		$	9.090		$	9.300		$	9.680		$	9.970





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.155		$	0.331		$	0.341		$	0.348		$	0.346		$	0.354
Net realized and unrealized gain (loss)		0.380			(0.300	)		0.504			(0.213	)		(0.384	)		(0.296	)


Total income (loss) from operations	$	0.535		$	0.031		$	0.845		$	0.135		$	(0.038	)	$	0.058





Less Distributions

From net investment income	$	(0.155	)	$	(0.331	)	$	(0.335	)	$	(0.345	)	$	(0.342	)	$	(0.348	)


Total distributions	$	(0.155	)	$	(0.331	)	$	(0.335	)	$	(0.345	)	$	(0.342	)	$	(0.348	)



Net asset value — End of period	$	9.680		$	9.300		$	9.600		$	9.090		$	9.300		$	9.680



Total Return⁽²⁾		5.81	%⁽³⁾		0.40	%		9.42	%		1.71	%		(0.41	)%		0.56	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,957		$	2,445		$	2,243		$	2,509		$	2,189		$	1,994
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁴⁾		1.49	%		1.49	%		1.53	%		1.52	%		1.53	%⁽⁵⁾
Interest and fee expense		—			—			—			—			0.03	%		0.06	%
Total expenses before custodian fee reduction		1.48	%⁽⁴⁾		1.49	%		1.49	%		1.53	%		1.55	%		1.59	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.48	%		1.49	%		1.52	%		1.50	%		1.51	%⁽⁵⁾
Net investment income		3.30	%⁽⁴⁾		3.57	%		3.61	%		4.00	%		3.62	%		3.59	%
Portfolio Turnover		7	%⁽³⁾		7	%		7	%		15	%		19	%		14	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Kentucky Fund — Class I

	Six Months Ended
	February 29, 2012			Year Ended			Period Ended
	(Unaudited)			August 31, 2011			August 31, 2010⁽¹⁾

Net asset value — Beginning of period	$	8.610		$	8.890		$	8.780





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.183		$	0.385		$	0.031
Net realized and unrealized gain (loss)		0.352			(0.275	)		0.110


Total income from operations	$	0.535		$	0.110		$	0.141





Less Distributions

From net investment income	$	(0.185	)	$	(0.390	)	$	(0.031	)


Total distributions	$	(0.185	)	$	(0.390	)	$	(0.031	)



Net asset value — End of period	$	8.960		$	8.610		$	8.890



Total Return⁽³⁾		6.28	%⁽⁴⁾		1.35	%		1.60	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	833		$	512		$	1
Ratios (as a percentage of average daily net assets):
Total expenses⁽⁶⁾		0.53	%⁽⁵⁾		0.53	%		0.56	%⁽⁵⁾
Net investment income		4.21	%⁽⁵⁾		4.48	%		4.40	%⁽⁵⁾
Portfolio Turnover		7	%⁽⁴⁾		7	%		7	%⁽⁷⁾


⁽¹⁾		For the period from the commencement of operations on August 3, 2010 to August 31, 2010.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Excludes the effect of custody fee credits, if any, of less than 0.005%.
⁽⁷⁾		For the year ended August 31, 2010.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Maryland Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.840		$	9.150		$	8.670		$	8.900		$	9.260		$	9.620





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.186		$	0.397		$	0.391		$	0.403		$	0.404		$	0.411
Net realized and unrealized gain (loss)		0.468			(0.316	)		0.474			(0.226	)		(0.348	)		(0.347	)


Total income from operations	$	0.654		$	0.081		$	0.865		$	0.177		$	0.056		$	0.064





Less Distributions

From net investment income	$	(0.184	)	$	(0.391	)	$	(0.385	)	$	(0.407	)	$	(0.416	)	$	(0.424	)


Total distributions	$	(0.184	)	$	(0.391	)	$	(0.385	)	$	(0.407	)	$	(0.416	)	$	(0.424	)



Net asset value — End of period	$	9.310		$	8.840		$	9.150		$	8.670		$	8.900		$	9.260



Total Return⁽²⁾		7.47	%⁽³⁾		1.03	%		10.15	%		2.43	%		0.60	%		0.59	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	62,440		$	57,801		$	75,279		$	75,555		$	81,774		$	75,025
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.76	%⁽⁴⁾		0.78	%		0.78	%		0.82	%		0.77	%		0.78	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁴⁾		0.04	%		0.03	%		0.10	%		0.23	%		0.41	%
Total expenses before custodian fee reduction		0.80	%⁽⁴⁾		0.82	%		0.81	%		0.92	%		1.00	%		1.19	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.76	%⁽⁴⁾		0.78	%		0.78	%		0.81	%		0.74	%		0.73	%⁽⁵⁾
Net investment income		4.12	%⁽⁴⁾		4.53	%		4.35	%		4.97	%		4.41	%		4.29	%
Portfolio Turnover		2	%⁽³⁾		1	%		7	%		16	%		15	%		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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Maryland Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.640		$	9.980		$	9.460		$	9.700		$	10.090		$	10.490





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.166		$	0.361		$	0.353		$	0.374		$	0.368		$	0.373
Net realized and unrealized gain (loss)		0.518			(0.346	)		0.517			(0.239	)		(0.382	)		(0.388	)


Total income (loss) from operations	$	0.684		$	0.015		$	0.870		$	0.135		$	(0.014	)	$	(0.015	)





Less Distributions

From net investment income	$	(0.164	)	$	(0.355	)	$	(0.350	)	$	(0.375	)	$	(0.376	)	$	(0.385	)


Total distributions	$	(0.164	)	$	(0.355	)	$	(0.350	)	$	(0.375	)	$	(0.376	)	$	(0.385	)



Net asset value — End of period	$	10.160		$	9.640		$	9.980		$	9.460		$	9.700		$	10.090



Total Return⁽²⁾		7.15	%⁽³⁾		0.26	%		9.33	%		1.76	%		(0.15	)%		(0.22	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,923		$	3,494		$	5,930		$	7,742		$	10,140		$	12,995
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%⁽⁴⁾		1.53	%		1.53	%		1.58	%		1.52	%		1.53	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁴⁾		0.04	%		0.03	%		0.10	%		0.23	%		0.41	%
Total expenses before custodian fee reduction		1.55	%⁽⁴⁾		1.57	%		1.56	%		1.68	%		1.75	%		1.94	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁴⁾		1.53	%		1.53	%		1.56	%		1.48	%		1.48	%⁽⁵⁾
Net investment income		3.38	%⁽⁴⁾		3.78	%		3.61	%		4.23	%		3.67	%		3.56	%
Portfolio Turnover		2	%⁽³⁾		1	%		7	%		16	%		15	%		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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Maryland Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.640		$	9.980		$	9.460		$	9.710		$	10.090		$	10.470





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.165		$	0.361		$	0.352		$	0.373		$	0.364		$	0.366
Net realized and unrealized gain (loss)		0.519			(0.346	)		0.518			(0.248	)		(0.368	)		(0.361	)


Total income (loss) from operations	$	0.684		$	0.015		$	0.870		$	0.125		$	(0.004	)	$	0.005





Less Distributions

From net investment income	$	(0.164	)	$	(0.355	)	$	(0.350	)	$	(0.375	)	$	(0.376	)	$	(0.385	)


Total distributions	$	(0.164	)	$	(0.355	)	$	(0.350	)	$	(0.375	)	$	(0.376	)	$	(0.385	)



Net asset value — End of period	$	10.160		$	9.640		$	9.980		$	9.460		$	9.710		$	10.090



Total Return⁽²⁾		7.15	%⁽³⁾		0.26	%		9.33	%		1.65	%		(0.05	)%		(0.03	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	13,975		$	11,488		$	15,194		$	12,388		$	9,790		$	6,878
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.53	%		1.52	%		1.57	%		1.53	%		1.53	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁴⁾		0.04	%		0.03	%		0.10	%		0.23	%		0.41	%
Total expenses before custodian fee reduction		1.54	%⁽⁴⁾		1.57	%		1.55	%		1.67	%		1.76	%		1.94	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.50	%⁽⁴⁾		1.53	%		1.52	%		1.56	%		1.49	%		1.48	%⁽⁵⁾
Net investment income		3.36	%⁽⁴⁾		3.78	%		3.59	%		4.20	%		3.65	%		3.53	%
Portfolio Turnover		2	%⁽³⁾		1	%		7	%		16	%		15	%		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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Maryland Fund — Class I

	Six Months Ended			Year Ended August 31,
	February 29, 2012												Period Ended
	(Unaudited)			2011			2010			2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.860		$	9.170		$	8.680		$	8.900		$	8.600





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.196		$	0.416		$	0.406		$	0.419		$	0.206
Net realized and unrealized gain (loss)		0.478			(0.316	)		0.487			(0.216	)		0.310


Total income from operations	$	0.674		$	0.100		$	0.893		$	0.203		$	0.516





Less Distributions

From net investment income	$	(0.194	)	$	(0.410	)	$	(0.403	)	$	(0.423	)	$	(0.216	)


Total distributions	$	(0.194	)	$	(0.410	)	$	(0.403	)	$	(0.423	)	$	(0.216	)



Net asset value — End of period	$	9.340		$	8.860		$	9.170		$	8.680		$	8.900



Total Return⁽³⁾		7.68	%⁽⁴⁾		1.24	%		10.47	%		2.75	%		6.01	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,708		$	2,452		$	5,565		$	448		$	85
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.56	%⁽⁵⁾		0.58	%		0.58	%		0.61	%		0.58	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁵⁾		0.04	%		0.03	%		0.10	%		0.23	%⁽⁵⁾
Total expenses before custodian fee reduction		0.60	%⁽⁵⁾		0.62	%		0.61	%		0.71	%		0.81	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.56	%⁽⁵⁾		0.58	%		0.58	%		0.61	%		0.54	%⁽⁵⁾
Net investment income		4.33	%⁽⁵⁾		4.75	%		4.50	%		5.16	%		4.60	%⁽⁵⁾
Portfolio Turnover		2	%⁽⁴⁾		1	%		7	%		16	%		15	%⁽⁷⁾


⁽¹⁾		For the period from the start of business, March 3, 2008, to August 31, 2008.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		For the year ended August 31, 2008.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Missouri Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.180		$	9.570		$	9.080		$	9.370		$	9.750		$	10.120





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.187		$	0.390		$	0.386		$	0.389		$	0.406		$	0.415
Net realized and unrealized gain (loss)		0.549			(0.393	)		0.473			(0.288	)		(0.377	)		(0.368	)


Total income (loss) from operations	$	0.736		$	(0.003	)	$	0.859		$	0.101		$	0.029		$	0.047





Less Distributions

From net investment income	$	(0.186	)	$	(0.387	)	$	(0.369	)	$	(0.391	)	$	(0.409	)	$	(0.417	)


Total distributions	$	(0.186	)	$	(0.387	)	$	(0.369	)	$	(0.391	)	$	(0.409	)	$	(0.417	)



Net asset value — End of period	$	9.730		$	9.180		$	9.570		$	9.080		$	9.370		$	9.750



Total Return⁽²⁾		8.10	%⁽³⁾		0.09	%		9.63	%		1.41	%		0.29	%		0.41	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	79,522		$	76,391		$	95,047		$	89,556		$	94,078		$	90,059
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.73	%⁽⁴⁾		0.74	%		0.75	%		0.80	%		0.76	%		0.75	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.02	%⁽⁴⁾		0.03	%		0.02	%		0.04	%		0.08	%		0.17	%
Total expenses before custodian fee reduction		0.75	%⁽⁴⁾		0.77	%		0.77	%		0.84	%		0.84	%		0.92	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.73	%⁽⁴⁾		0.74	%		0.75	%		0.79	%		0.74	%		0.71	%⁽⁵⁾
Net investment income		4.01	%⁽⁴⁾		4.28	%		4.12	%		4.51	%		4.21	%		4.12	%
Portfolio Turnover		5	%⁽³⁾		6	%		9	%		21	%		18	%		20	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Missouri Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	10.140		$	10.580		$	10.040		$	10.360		$	10.770		$	11.180





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.169		$	0.354		$	0.349		$	0.359		$	0.370		$	0.377
Net realized and unrealized gain (loss)		0.608			(0.442	)		0.523			(0.320	)		(0.410	)		(0.409	)


Total income (loss) from operations	$	0.777		$	(0.088	)	$	0.872		$	0.039		$	(0.040	)	$	(0.032	)





Less Distributions

From net investment income	$	(0.167	)	$	(0.352	)	$	(0.332	)	$	(0.359	)	$	(0.370	)	$	(0.378	)


Total distributions	$	(0.167	)	$	(0.352	)	$	(0.332	)	$	(0.359	)	$	(0.370	)	$	(0.378	)



Net asset value — End of period	$	10.750		$	10.140		$	10.580		$	10.040		$	10.360		$	10.770



Total Return⁽²⁾		7.73	%⁽³⁾		(0.74	)%		8.82	%		0.64	%		(0.39	)%		(0.35	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,330		$	2,618		$	4,467		$	6,542		$	7,404		$	9,626
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁴⁾		1.50	%		1.50	%		1.55	%		1.51	%		1.50	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.02	%⁽⁴⁾		0.03	%		0.02	%		0.04	%		0.08	%		0.17	%
Total expenses before custodian fee reduction		1.51	%⁽⁴⁾		1.53	%		1.52	%		1.59	%		1.59	%		1.67	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.50	%		1.50	%		1.54	%		1.49	%		1.46	%⁽⁵⁾
Net investment income		3.27	%⁽⁴⁾		3.52	%		3.38	%		3.77	%		3.47	%		3.38	%
Portfolio Turnover		5	%⁽³⁾		6	%		9	%		21	%		18	%		20	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Missouri Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	10.140		$	10.570		$	10.030		$	10.350		$	10.770		$	11.170





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.168		$	0.354		$	0.348		$	0.359		$	0.364		$	0.371
Net realized and unrealized gain (loss)		0.599			(0.432	)		0.524			(0.320	)		(0.414	)		(0.393	)


Total income (loss) from operations	$	0.767		$	(0.078	)	$	0.872		$	0.039		$	(0.050	)	$	(0.022	)





Less Distributions

From net investment income	$	(0.167	)	$	(0.352	)	$	(0.332	)	$	(0.359	)	$	(0.370	)	$	(0.378	)


Total distributions	$	(0.167	)	$	(0.352	)	$	(0.332	)	$	(0.359	)	$	(0.370	)	$	(0.378	)



Net asset value — End of period	$	10.740		$	10.140		$	10.570		$	10.030		$	10.350		$	10.770



Total Return⁽²⁾		7.63	%⁽³⁾		(0.65	)%		8.82	%		0.64	%		(0.48	)%		(0.26	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,435		$	4,796		$	5,856		$	5,553		$	5,561		$	4,491
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁴⁾		1.50	%		1.49	%		1.55	%		1.52	%		1.50	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.02	%⁽⁴⁾		0.03	%		0.02	%		0.04	%		0.08	%		0.17	%
Total expenses before custodian fee reduction		1.50	%⁽⁴⁾		1.53	%		1.51	%		1.59	%		1.60	%		1.67	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.50	%		1.49	%		1.54	%		1.49	%		1.46	%⁽⁵⁾
Net investment income		3.25	%⁽⁴⁾		3.52	%		3.37	%		3.76	%		3.42	%		3.35	%
Portfolio Turnover		5	%⁽³⁾		6	%		9	%		21	%		18	%		20	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Missouri Fund — Class I

	Six Months Ended
	February 29, 2012			Year Ended			Period Ended
	(Unaudited)			August 31, 2011			August 31, 2010⁽¹⁾

Net asset value — Beginning of period	$	9.190		$	9.580		$	9.370





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.195		$	0.402		$	0.032
Net realized and unrealized gain (loss)		0.550			(0.386	)		0.210


Total income from operations	$	0.745		$	0.016		$	0.242





Less Distributions

From net investment income	$	(0.195	)	$	(0.406	)	$	(0.032	)


Total distributions	$	(0.195	)	$	(0.406	)	$	(0.032	)



Net asset value — End of period	$	9.740		$	9.190		$	9.580



Total Return⁽³⁾		8.20	%⁽⁴⁾		0.30	%		2.58	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,474		$	760		$	1
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.53	%⁽⁵⁾		0.54	%		0.56	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.02	%⁽⁵⁾		0.03	%		0.02	%⁽⁵⁾
Total expenses⁽⁷⁾		0.55	%⁽⁵⁾		0.57	%		0.58	%⁽⁵⁾
Net investment income		4.15	%⁽⁵⁾		4.41	%		4.19	%⁽⁵⁾
Portfolio Turnover		5	%⁽⁴⁾		6	%		9	%⁽⁸⁾


⁽¹⁾		For the period from the commencement of operations on August 3, 2010 to August 31, 2010.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		Excludes the effect of custody fee credits, if any, of less than 0.005%.
⁽⁸⁾		For the year ended August 31, 2010.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	North Carolina Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.820		$	9.340		$	8.810		$	8.810		$	9.160		$	9.370





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.208		$	0.437		$	0.429		$	0.418		$	0.400		$	0.404
Net realized and unrealized gain (loss)		0.578			(0.525	)		0.513			(0.019	)		(0.355	)		(0.212	)


Total income (loss) from operations	$	0.786		$	(0.088	)	$	0.942		$	0.399		$	0.045		$	0.192





Less Distributions

From net investment income	$	(0.206	)	$	(0.432	)	$	(0.412	)	$	(0.399	)	$	(0.395	)	$	(0.402	)


Total distributions	$	(0.206	)	$	(0.432	)	$	(0.412	)	$	(0.399	)	$	(0.395	)	$	(0.402	)



Net asset value — End of period	$	9.400		$	8.820		$	9.340		$	8.810		$	8.810		$	9.160



Total Return⁽²⁾		9.02	%⁽³⁾		(0.79	)%		10.92	%		4.99	%		0.49	%		2.04	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	82,502		$	74,111		$	86,047		$	78,245		$	86,348		$	79,909
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.75	%⁽⁴⁾		0.78	%		0.77	%		0.82	%		0.78	%		0.77	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.07	%⁽⁴⁾		0.09	%		0.08	%		0.11	%		0.29	%		0.58	%
Total expenses before custodian fee reduction		0.82	%⁽⁴⁾		0.87	%		0.85	%		0.93	%		1.07	%		1.35	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.75	%⁽⁴⁾		0.78	%		0.77	%		0.82	%		0.75	%		0.74	%⁽⁵⁾
Net investment income		4.63	%⁽⁴⁾		4.98	%		4.72	%		5.11	%		4.41	%		4.32	%
Portfolio Turnover		5	%⁽³⁾		7	%		10	%		42	%		23	%		9	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	North Carolina Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.490		$	10.050		$	9.480		$	9.470		$	9.850		$	10.080





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.188		$	0.398		$	0.389		$	0.383		$	0.357		$	0.360
Net realized and unrealized gain (loss)		0.617			(0.565	)		0.555			(0.011	)		(0.388	)		(0.233	)


Total income (loss) from operations	$	0.805		$	(0.167	)	$	0.944		$	0.372		$	(0.031	)	$	0.127





Less Distributions

From net investment income	$	(0.185	)	$	(0.393	)	$	(0.374	)	$	(0.362	)	$	(0.349	)	$	(0.357	)


Total distributions	$	(0.185	)	$	(0.393	)	$	(0.374	)	$	(0.362	)	$	(0.349	)	$	(0.357	)



Net asset value — End of period	$	10.110		$	9.490		$	10.050		$	9.480		$	9.470		$	9.850



Total Return⁽²⁾		8.57	%⁽³⁾		(1.54	)%		10.14	%		4.30	%		(0.33	)%		1.23	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,388		$	2,544		$	4,220		$	5,209		$	6,719		$	8,683
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%⁽⁴⁾		1.53	%		1.52	%		1.57	%		1.53	%		1.52	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.07	%⁽⁴⁾		0.09	%		0.08	%		0.11	%		0.29	%		0.58	%
Total expenses before custodian fee reduction		1.58	%⁽⁴⁾		1.62	%		1.60	%		1.68	%		1.82	%		2.10	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁴⁾		1.53	%		1.52	%		1.57	%		1.50	%		1.49	%⁽⁵⁾
Net investment income		3.89	%⁽⁴⁾		4.22	%		3.98	%		4.37	%		3.66	%		3.57	%
Portfolio Turnover		5	%⁽³⁾		7	%		10	%		42	%		23	%		9	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	North Carolina Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.490		$	10.050		$	9.480		$	9.470		$	9.850		$	10.070





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.187		$	0.398		$	0.385		$	0.384		$	0.355		$	0.357
Net realized and unrealized gain (loss)		0.618			(0.564	)		0.558			(0.012	)		(0.386	)		(0.220	)


Total income (loss) from operations	$	0.805		$	(0.166	)	$	0.943		$	0.372		$	(0.031	)	$	0.137





Less Distributions

From net investment income	$	(0.185	)	$	(0.394	)	$	(0.373	)	$	(0.362	)	$	(0.349	)	$	(0.357	)


Total distributions	$	(0.185	)	$	(0.394	)	$	(0.373	)	$	(0.362	)	$	(0.349	)	$	(0.357	)



Net asset value — End of period	$	10.110		$	9.490		$	10.050		$	9.480		$	9.470		$	9.850



Total Return⁽²⁾		8.57	%⁽³⁾		(1.54	)%		10.13	%		4.30	%		(0.33	)%		1.34	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	16,288		$	13,509		$	14,952		$	8,734		$	8,073		$	4,880
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.53	%		1.52	%		1.57	%		1.53	%		1.51	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.07	%⁽⁴⁾		0.09	%		0.08	%		0.11	%		0.29	%		0.58	%
Total expenses before custodian fee reduction		1.57	%⁽⁴⁾		1.62	%		1.60	%		1.68	%		1.82	%		2.09	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.50	%⁽⁴⁾		1.53	%		1.52	%		1.57	%		1.50	%		1.48	%⁽⁵⁾
Net investment income		3.86	%⁽⁴⁾		4.22	%		3.94	%		4.36	%		3.65	%		3.56	%
Portfolio Turnover		5	%⁽³⁾		7	%		10	%		42	%		23	%		9	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	North Carolina Fund — Class I

	Six Months Ended			Year Ended August 31,
	February 29, 2012												Period Ended
	(Unaudited)			2011			2010			2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.840		$	9.370		$	8.830		$	8.820		$	8.550





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.218		$	0.455		$	0.447		$	0.437		$	0.216
Net realized and unrealized gain (loss)		0.588			(0.535	)		0.523			(0.010	)		0.259


Total income (loss) from operations	$	0.806		$	(0.080	)	$	0.970		$	0.427		$	0.475





Less Distributions

From net investment income	$	(0.216	)	$	(0.450	)	$	(0.430	)	$	(0.417	)	$	(0.205	)


Total distributions	$	(0.216	)	$	(0.450	)	$	(0.430	)	$	(0.417	)	$	(0.205	)



Net asset value — End of period	$	9.430		$	8.840		$	9.370		$	8.830		$	8.820



Total Return⁽³⁾		9.10	%⁽⁴⁾		(0.57	)%		11.23	%		5.32	%		5.56	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	16,396		$	14,491		$	17,125		$	8,303		$	950
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.55	%⁽⁵⁾		0.58	%		0.58	%		0.63	%		0.58	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.07	%⁽⁵⁾		0.09	%		0.08	%		0.11	%		0.29	%⁽⁵⁾
Total expenses before custodian fee reduction		0.62	%⁽⁵⁾		0.67	%		0.66	%		0.74	%		0.87	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.55	%⁽⁵⁾		0.58	%		0.58	%		0.62	%		0.54	%⁽⁵⁾
Net investment income		4.83	%⁽⁵⁾		5.18	%		4.91	%		5.33	%		4.86	%⁽⁵⁾
Portfolio Turnover		5	%⁽⁴⁾		7	%		10	%		42	%		23	%⁽⁷⁾


⁽¹⁾		For the period from the start of business, March 3, 2008, to August 31, 2008.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		For the year ended August 31, 2008.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Oregon Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.630		$	9.180		$	8.510		$	8.720		$	9.260		$	9.550





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.213		$	0.443		$	0.413		$	0.399		$	0.410		$	0.411
Net realized and unrealized gain (loss)		0.889			(0.554	)		0.648			(0.210	)		(0.533	)		(0.278	)


Total income (loss) from operations	$	1.102		$	(0.111	)	$	1.061		$	0.189		$	(0.123	)	$	0.133





Less Distributions

From net investment income	$	(0.212	)	$	(0.439	)	$	(0.391	)	$	(0.399	)	$	(0.417	)	$	(0.423	)


Total distributions	$	(0.212	)	$	(0.439	)	$	(0.391	)	$	(0.399	)	$	(0.417	)	$	(0.423	)



Net asset value — End of period	$	9.520		$	8.630		$	9.180		$	8.510		$	8.720		$	9.260



Total Return⁽²⁾		12.93	%⁽³⁾		(1.01	)%		12.77	%		2.65	%		(1.36	)%		1.34	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	108,615		$	99,049		$	126,583		$	118,827		$	124,199		$	110,060
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.75	%⁽⁴⁾		0.77	%		0.78	%		0.82	%		0.76	%		0.78	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.10	%⁽⁴⁾		0.10	%		0.04	%		0.12	%		0.22	%		0.47	%
Total expenses before custodian fee reduction		0.85	%⁽⁴⁾		0.87	%		0.82	%		0.94	%		0.98	%		1.25	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.75	%⁽⁴⁾		0.77	%		0.78	%		0.81	%		0.74	%		0.75	%⁽⁵⁾
Net investment income		4.78	%⁽⁴⁾		5.21	%		4.71	%		5.05	%		4.53	%		4.31	%
Portfolio Turnover		3	%⁽³⁾		12	%		22	%		42	%		34	%		42	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Oregon Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.440		$	10.040		$	9.310		$	9.540		$	10.120		$	10.440





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.197		$	0.414		$	0.380		$	0.372		$	0.375		$	0.376
Net realized and unrealized gain (loss)		0.969			(0.604	)		0.708			(0.233	)		(0.577	)		(0.312	)


Total income (loss) from operations	$	1.166		$	(0.190	)	$	1.088		$	0.139		$	(0.202	)	$	0.064





Less Distributions

From net investment income	$	(0.196	)	$	(0.410	)	$	(0.358	)	$	(0.369	)	$	(0.378	)	$	(0.384	)


Total distributions	$	(0.196	)	$	(0.410	)	$	(0.358	)	$	(0.369	)	$	(0.378	)	$	(0.384	)



Net asset value — End of period	$	10.410		$	9.440		$	10.040		$	9.310		$	9.540		$	10.120



Total Return⁽²⁾		12.48	%⁽³⁾		(1.73	)%		11.92	%		1.85	%		(2.04	)%		0.56	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	6,752		$	6,873		$	10,773		$	12,114		$	14,432		$	17,077
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.52	%		1.53	%		1.56	%		1.51	%		1.53	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.10	%⁽⁴⁾		0.10	%		0.04	%		0.12	%		0.22	%		0.47	%
Total expenses before custodian fee reduction		1.60	%⁽⁴⁾		1.62	%		1.57	%		1.68	%		1.73	%		2.00	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.50	%⁽⁴⁾		1.52	%		1.53	%		1.56	%		1.49	%		1.50	%⁽⁵⁾
Net investment income		4.04	%⁽⁴⁾		4.44	%		3.96	%		4.31	%		3.77	%		3.60	%
Portfolio Turnover		3	%⁽³⁾		12	%		22	%		42	%		34	%		42	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Oregon Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.450		$	10.050		$	9.320		$	9.550		$	10.130		$	10.440





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.196		$	0.415		$	0.380		$	0.371		$	0.373		$	0.368
Net realized and unrealized gain (loss)		0.970			(0.605	)		0.708			(0.232	)		(0.575	)		(0.294	)


Total income (loss) from operations	$	1.166		$	(0.190	)	$	1.088		$	0.139		$	(0.202	)	$	0.074





Less Distributions

From net investment income	$	(0.196	)	$	(0.410	)	$	(0.358	)	$	(0.369	)	$	(0.378	)	$	(0.384	)


Total distributions	$	(0.196	)	$	(0.410	)	$	(0.358	)	$	(0.369	)	$	(0.378	)	$	(0.384	)



Net asset value — End of period	$	10.420		$	9.450		$	10.050		$	9.320		$	9.550		$	10.130



Total Return⁽²⁾		12.47	%⁽³⁾		(1.72	)%		11.91	%		1.85	%		(2.03	)%		0.66	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	20,235		$	16,815		$	21,031		$	19,429		$	16,927		$	8,362
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.52	%		1.53	%		1.57	%		1.52	%		1.53	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.10	%⁽⁴⁾		0.10	%		0.04	%		0.12	%		0.22	%		0.47	%
Total expenses before custodian fee reduction		1.60	%⁽⁴⁾		1.62	%		1.57	%		1.69	%		1.74	%		2.00	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.50	%⁽⁴⁾		1.52	%		1.53	%		1.56	%		1.49	%		1.50	%⁽⁵⁾
Net investment income		4.02	%⁽⁴⁾		4.46	%		3.96	%		4.29	%		3.78	%		3.54	%
Portfolio Turnover		3	%⁽³⁾		12	%		22	%		42	%		34	%		42	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Oregon Fund — Class I

	Six Months Ended
	February 29, 2012			Year Ended			Period Ended
	(Unaudited)			August 31, 2011			August 31, 2010⁽¹⁾

Net asset value — Beginning of period	$	8.620		$	9.180		$	8.850





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.220		$	0.461		$	0.033
Net realized and unrealized gain (loss)		0.891			(0.566	)		0.330


Total income (loss) from operations	$	1.111		$	(0.105	)	$	0.363





Less Distributions

From net investment income	$	(0.221	)	$	(0.455	)	$	(0.033	)


Total distributions	$	(0.221	)	$	(0.455	)	$	(0.033	)



Net asset value — End of period	$	9.510		$	8.620		$	9.180



Total Return⁽³⁾		13.05	%⁽⁴⁾		(0.92	)%		4.11	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	10,153		$	3,262		$	1
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.55	%⁽⁵⁾		0.57	%		0.60	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.10	%⁽⁵⁾		0.10	%		0.04	%⁽⁵⁾
Total expenses⁽⁷⁾		0.65	%⁽⁵⁾		0.67	%		0.64	%⁽⁵⁾
Net investment income		4.88	%⁽⁵⁾		5.44	%		4.66	%⁽⁵⁾
Portfolio Turnover		3	%⁽⁴⁾		12	%		22	%⁽⁸⁾


⁽¹⁾		For the period from the commencement of operations on August 3, 2010 to August 31, 2010.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		Excludes the effect of custody fee credits, if any, of less than 0.005%.
⁽⁸⁾		For the year ended August 31, 2010.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	South Carolina Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.930		$	9.530		$	8.870		$	9.100		$	9.700		$	10.050





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.207		$	0.442		$	0.413		$	0.405		$	0.420		$	0.409
Net realized and unrealized gain (loss)		0.679			(0.603	)		0.639			(0.233	)		(0.598	)		(0.346	)


Total income (loss) from operations	$	0.886		$	(0.161	)	$	1.052		$	0.172		$	(0.178	)	$	0.063





Less Distributions

From net investment income	$	(0.206)		$	(0.439	)	$	(0.392	)	$	(0.402	)	$	(0.422	)	$	(0.413	)


Total distributions	$	(0.206)		$	(0.439	)	$	(0.392	)	$	(0.402	)	$	(0.422	)	$	(0.413	)



Net asset value — End of period	$	9.610		$	8.930		$	9.530		$	8.870		$	9.100		$	9.700



Total Return⁽²⁾		10.04	%⁽³⁾		(1.52	)%		12.12	%		2.23	%		(1.75	)%		0.55	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	87,858		$	78,406		$	109,294		$	103,451		$	110,470		$	103,975
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.73	%⁽⁴⁾		0.76	%		0.75	%		0.80	%		0.77	%		0.76	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.08	%⁽⁴⁾		0.10	%		0.04	%		0.10	%		0.22	%		0.45	%
Total expenses before custodian fee reduction		0.81	%⁽⁴⁾		0.86	%		0.79	%		0.90	%		0.99	%		1.21	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.73	%⁽⁴⁾		0.76	%		0.75	%		0.80	%		0.75	%		0.73	%⁽⁵⁾
Net investment income		4.52	%⁽⁴⁾		4.99	%		4.51	%		4.91	%		4.44	%		4.06	%
Portfolio Turnover		17	%⁽³⁾		14	%		26	%		44	%		47	%		33	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	South Carolina Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.470		$	10.110		$	9.410		$	9.650		$	10.280		$	10.660





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.184		$	0.398		$	0.365		$	0.364		$	0.371		$	0.356
Net realized and unrealized gain (loss)		0.728			(0.643	)		0.680			(0.246	)		(0.631	)		(0.378	)


Total income (loss) from operations	$	0.912		$	(0.245	)	$	1.045		$	0.118		$	(0.260	)	$	(0.022	)





Less Distributions

From net investment income	$	(0.182)		$	(0.395	)	$	(0.345	)	$	(0.358	)	$	(0.370	)	$	(0.358	)


Total distributions	$	(0.182)		$	(0.395	)	$	(0.345	)	$	(0.358	)	$	(0.370	)	$	(0.358	)



Net asset value — End of period	$	10.200		$	9.470		$	10.110		$	9.410		$	9.650		$	10.280



Total Return⁽²⁾		9.73	%⁽³⁾		(2.29	)%		11.31	%		1.59	%		(2.56	)%		(0.29	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	4,345		$	4,585		$	7,252		$	9,442		$	11,316		$	14,559
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁴⁾		1.52	%		1.51	%		1.56	%		1.52	%		1.51	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.08	%⁽⁴⁾		0.10	%		0.04	%		0.10	%		0.22	%		0.45	%
Total expenses before custodian fee reduction		1.57	%⁽⁴⁾		1.62	%		1.55	%		1.66	%		1.74	%		1.96	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.52	%		1.51	%		1.56	%		1.50	%		1.48	%⁽⁵⁾
Net investment income		3.80	%⁽⁴⁾		4.24	%		3.76	%		4.17	%		3.69	%		3.33	%
Portfolio Turnover		17	%⁽³⁾		14	%		26	%		44	%		47	%		33	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	South Carolina Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.470		$	10.110		$	9.410		$	9.660		$	10.280		$	10.660





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.183		$	0.399		$	0.365		$	0.364		$	0.369		$	0.349
Net realized and unrealized gain (loss)		0.729			(0.644	)		0.680			(0.256	)		(0.619	)		(0.371	)


Total income (loss) from operations	$	0.912		$	(0.245	)	$	1.045		$	0.108		$	(0.250	)	$	(0.022	)





Less Distributions

From net investment income	$	(0.182)		$	(0.395	)	$	(0.345	)	$	(0.358	)	$	(0.370	)	$	(0.358	)


Total distributions	$	(0.182)		$	(0.395	)	$	(0.345	)	$	(0.358	)	$	(0.370	)	$	(0.358	)



Net asset value — End of period	$	10.200		$	9.470		$	10.110		$	9.410		$	9.660		$	10.280



Total Return⁽²⁾		9.73	%⁽³⁾		(2.29	)%		11.31	%		1.48	%		(2.46	)%		(0.29	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	26,744		$	22,267		$	28,500		$	23,022		$	20,867		$	13,623
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁴⁾		1.51	%		1.50	%		1.55	%		1.52	%		1.51	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.08	%⁽⁴⁾		0.10	%		0.04	%		0.10	%		0.22	%		0.45	%
Total expenses before custodian fee reduction		1.56	%⁽⁴⁾		1.61	%		1.54	%		1.65	%		1.74	%		1.96	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.51	%		1.50	%		1.55	%		1.50	%		1.48	%⁽⁵⁾
Net investment income		3.77	%⁽⁴⁾		4.25	%		3.75	%		4.15	%		3.69	%		3.29	%
Portfolio Turnover		17	%⁽³⁾		14	%		26	%		44	%		47	%		33	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	South Carolina Fund — Class I

	Six Months Ended			Year Ended August 31,
	February 29, 2012												Period Ended
	(Unaudited)			2011			2010			2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.930		$	9.540		$	8.880		$	9.110		$	8.620





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.217		$	0.459		$	0.432		$	0.422		$	0.215
Net realized and unrealized gain (loss)		0.688			(0.612	)		0.637			(0.233	)		0.496


Total income (loss) from operations	$	0.905		$	(0.153	)	$	1.069		$	0.189		$	0.711





Less Distributions

From net investment income	$	(0.215)		$	(0.457	)	$	(0.409	)	$	(0.419	)	$	(0.221	)


Total distributions	$	(0.215)		$	(0.457	)	$	(0.409	)	$	(0.419	)	$	(0.221	)



Net asset value — End of period	$	9.620		$	8.930		$	9.540		$	8.880		$	9.110



Total Return⁽³⁾		10.26	%⁽⁴⁾		(1.43	)%		12.32	%		2.56	%		8.26	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	25,296		$	24,270		$	39,520		$	23,727		$	22,826
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.54	%⁽⁵⁾		0.56	%		0.56	%		0.60	%		0.55	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.08	%⁽⁵⁾		0.10	%		0.04	%		0.10	%		0.22	%⁽⁵⁾
Total expenses before custodian fee reduction		0.62	%⁽⁵⁾		0.66	%		0.60	%		0.70	%		0.77	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.54	%⁽⁵⁾		0.56	%		0.56	%		0.60	%		0.54	%⁽⁵⁾
Net investment income		4.74	%⁽⁵⁾		5.17	%		4.71	%		5.11	%		4.68	%⁽⁵⁾
Portfolio Turnover		17	%⁽⁴⁾		14	%		26	%		44	%		47	%⁽⁷⁾


⁽¹⁾		For the period from the start of business, March 3, 2008, to August 31, 2008.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		For the year ended August 31, 2008.

See Notes to Financial Statements.

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February 29, 2012

Financial Highlights — continued


	Tennessee Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.560		$	8.960		$	8.670		$	9.100		$	9.530		$	9.850





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.180		$	0.380		$	0.380		$	0.388		$	0.409		$	0.407
Net realized and unrealized gain (loss)		0.440			(0.403	)		0.279			(0.424	)		(0.433	)		(0.318	)


Total income (loss) from operations	$	0.620		$	(0.023	)	$	0.659		$	(0.036	)	$	(0.024	)	$	0.089





Less Distributions

From net investment income	$	(0.180)		$	(0.377	)	$	(0.369	)	$	(0.394	)	$	(0.406	)	$	(0.409	)


Total distributions	$	(0.180)		$	(0.377	)	$	(0.369	)	$	(0.394	)	$	(0.406	)	$	(0.409	)



Net asset value — End of period	$	9.000		$	8.560		$	8.960		$	8.670		$	9.100		$	9.530



Total Return⁽²⁾		7.33	%⁽³⁾		(0.20	)%		7.71	%		(0.03	)%		(0.26	)%		0.85	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	40,703		$	39,755		$	47,371		$	46,787		$	49,219		$	49,444
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.72	%⁽⁴⁾		0.73	%		0.74	%		0.79	%		0.74	%		0.75	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁴⁾		0.01	%		0.01	%		0.03	%		0.09	%		0.21	%
Total expenses before custodian fee reduction		0.73	%⁽⁴⁾		0.74	%		0.75	%		0.82	%		0.83	%		0.96	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.72	%⁽⁴⁾		0.73	%		0.74	%		0.79	%		0.72	%		0.72	%⁽⁵⁾
Net investment income		4.17	%⁽⁴⁾		4.39	%		4.27	%		4.72	%		4.35	%		4.15	%
Portfolio Turnover		4	%⁽³⁾		5	%		12	%		20	%		26	%		20	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

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Financial Highlights — continued


	Tennessee Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.320		$	9.760		$	9.450		$	9.910		$	10.380		$	10.730





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.161		$	0.343		$	0.342		$	0.356		$	0.369		$	0.365
Net realized and unrealized gain (loss)		0.480			(0.443	)		0.298			(0.458	)		(0.475	)		(0.350	)


Total income (loss) from operations	$	0.641		$	(0.100	)	$	0.640		$	(0.102	)	$	(0.106	)	$	0.015





Less Distributions

From net investment income	$	(0.161)		$	(0.340	)	$	(0.330	)	$	(0.358	)	$	(0.364	)	$	(0.365	)


Total distributions	$	(0.161)		$	(0.340	)	$	(0.330	)	$	(0.358	)	$	(0.364	)	$	(0.365	)



Net asset value — End of period	$	9.800		$	9.320		$	9.760		$	9.450		$	9.910		$	10.380



Total Return⁽²⁾		6.95	%⁽³⁾		(0.99	)%		6.86	%		(0.73	)%		(1.05	)%		0.09	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,417		$	1,634		$	3,024		$	4,069		$	5,247		$	6,215
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁴⁾		1.49	%		1.49	%		1.54	%		1.49	%		1.50	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁴⁾		0.01	%		0.01	%		0.03	%		0.09	%		0.21	%
Total expenses before custodian fee reduction		1.49	%⁽⁴⁾		1.50	%		1.50	%		1.57	%		1.58	%		1.71	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.49	%		1.49	%		1.54	%		1.47	%		1.47	%⁽⁵⁾
Net investment income		3.42	%⁽⁴⁾		3.64	%		3.52	%		3.99	%		3.60	%		3.41	%
Portfolio Turnover		4	%⁽³⁾		5	%		12	%		20	%		26	%		20	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

102

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Financial Highlights — continued


	Tennessee Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	9.320		$	9.760		$	9.440		$	9.910		$	10.370		$	10.720





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.161		$	0.342		$	0.339		$	0.351		$	0.366		$	0.362
Net realized and unrealized gain (loss)		0.480			(0.442	)		0.311			(0.463	)		(0.463	)		(0.347	)


Total income (loss) from operations	$	0.641		$	(0.100	)	$	0.650		$	(0.112	)	$	(0.097	)	$	0.015





Less Distributions

From net investment income	$	(0.161)		$	(0.340	)	$	(0.330	)	$	(0.358	)	$	(0.363	)	$	(0.365	)


Total distributions	$	(0.161)		$	(0.340	)	$	(0.330	)	$	(0.358	)	$	(0.363	)	$	(0.365	)



Net asset value — End of period	$	9.800		$	9.320		$	9.760		$	9.440		$	9.910		$	10.370



Total Return⁽²⁾		6.95	%⁽³⁾		(0.99	)%		6.97	%		(0.83	)%		(0.95	)%		0.09	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	8,141		$	7,544		$	9,013		$	6,004		$	4,078		$	2,683
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.47	%⁽⁴⁾		1.48	%		1.49	%		1.54	%		1.50	%		1.49	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁴⁾		0.01	%		0.01	%		0.03	%		0.09	%		0.21	%
Total expenses before custodian fee reduction		1.48	%⁽⁴⁾		1.49	%		1.50	%		1.57	%		1.59	%		1.70	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.47	%⁽⁴⁾		1.48	%		1.49	%		1.54	%		1.47	%		1.46	%⁽⁵⁾
Net investment income		3.42	%⁽⁴⁾		3.64	%		3.49	%		3.93	%		3.59	%		3.40	%
Portfolio Turnover		4	%⁽³⁾		5	%		12	%		20	%		26	%		20	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

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February 29, 2012

Financial Highlights — continued


	Tennessee Fund — Class I

	Six Months Ended
	February 29, 2012			Year Ended			Period Ended
	(Unaudited)			August 31, 2011			August 31, 2010⁽¹⁾

Net asset value — Beginning of period	$	8.550		$	8.960		$	8.890





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.185		$	0.395		$	0.030
Net realized and unrealized gain (loss)		0.443			(0.413	)		0.070


Total income (loss) from operations	$	0.628		$	(0.018	)	$	0.100





Less Distributions

From net investment income	$	(0.188	)	$	(0.392	)	$	(0.030	)


Total distributions	$	(0.188	)	$	(0.392	)	$	(0.030	)



Net asset value — End of period	$	8.990		$	8.550		$	8.960



Total Return⁽³⁾		7.44	%⁽⁴⁾		(0.15	)%		1.12	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	522		$	104		$	1
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.52	%⁽⁵⁾		0.53	%		0.57	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁵⁾		0.01	%		0.01	%⁽⁵⁾
Total expenses⁽⁷⁾		0.53	%⁽⁵⁾		0.54	%		0.58	%⁽⁵⁾
Net investment income		4.25	%⁽⁵⁾		4.59	%		4.24	%⁽⁵⁾
Portfolio Turnover		4	%⁽⁴⁾		5	%		12	%⁽⁸⁾


⁽¹⁾		For the period from the commencement of operations on August 3, 2010 to August 31, 2010.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		Excludes the effect of custody fee credits, if any, of less than 0.005%.
⁽⁸⁾		For the year ended August 31, 2010.

See Notes to Financial Statements.

104

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February 29, 2012

Financial Highlights — continued


	Virginia Fund — Class A

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.060		$	8.480		$	8.360		$	8.690		$	9.280		$	9.770





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.180		$	0.394		$	0.396		$	0.391		$	0.412		$	0.403
Net realized and unrealized gain (loss)		0.409			(0.424	)		0.100			(0.327	)		(0.592	)		(0.485	)


Total income (loss) from operations	$	0.589		$	(0.030	)	$	0.496		$	0.064		$	(0.180	)	$	(0.082	)





Less Distributions

From net investment income	$	(0.179)		$	(0.390	)	$	(0.376	)	$	(0.394	)	$	(0.410	)	$	(0.408	)


Total distributions	$	(0.179)		$	(0.390	)	$	(0.376	)	$	(0.394	)	$	(0.410	)	$	(0.408	)



Net asset value — End of period	$	8.470		$	8.060		$	8.480		$	8.360		$	8.690		$	9.280



Total Return⁽²⁾		7.40	%⁽³⁾		(0.31	)%		5.97	%		1.27	%		(2.00	)%		(0.95	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	83,078		$	80,065		$	99,082		$	105,788		$	107,673		$	107,632
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.76	%⁽⁴⁾		0.77	%		0.78	%		0.83	%		0.78	%		0.78	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁴⁾		0.05	%		0.04	%		0.12	%		0.37	%		0.57	%
Total expenses before custodian fee reduction		0.80	%⁽⁴⁾		0.82	%		0.82	%		0.95	%		1.15	%		1.35	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.76	%⁽⁴⁾		0.77	%		0.78	%		0.82	%		0.76	%		0.76	%⁽⁵⁾
Net investment income		4.43	%⁽⁴⁾		4.82	%		4.61	%		5.06	%		4.53	%		4.14	%
Portfolio Turnover		5	%⁽³⁾		4	%		5	%		32	%		26	%		28	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

105

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February 29, 2012

Financial Highlights — continued


	Virginia Fund — Class B

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.920		$	9.380		$	9.250		$	9.620		$	10.270		$	10.820





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.166		$	0.368		$	0.368		$	0.370		$	0.381		$	0.367
Net realized and unrealized gain (loss)		0.448			(0.465	)		0.110			(0.370	)		(0.656	)		(0.547	)


Total income (loss) from operations	$	0.614		$	(0.097	)	$	0.478		$	—		$	(0.275	)	$	(0.180	)





Less Distributions

From net investment income	$	(0.164)		$	(0.363	)	$	(0.348	)	$	(0.370	)	$	(0.375	)	$	(0.370	)


Total distributions	$	(0.164)		$	(0.363	)	$	(0.348	)	$	(0.370	)	$	(0.375	)	$	(0.370	)



Net asset value — End of period	$	9.370		$	8.920		$	9.380		$	9.250		$	9.620		$	10.270



Total Return⁽²⁾		6.96	%⁽³⁾		(1.00	)%		5.19	%		0.43	%		(2.73	)%		(1.77	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	3,423		$	3,757		$	6,478		$	9,863		$	14,451		$	19,055
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%⁽⁴⁾		1.52	%		1.53	%		1.58	%		1.53	%		1.53	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁴⁾		0.05	%		0.04	%		0.12	%		0.37	%		0.57	%
Total expenses before custodian fee reduction		1.55	%⁽⁴⁾		1.57	%		1.57	%		1.70	%		1.90	%		2.10	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁴⁾		1.52	%		1.53	%		1.57	%		1.51	%		1.51	%⁽⁵⁾
Net investment income		3.68	%⁽⁴⁾		4.06	%		3.87	%		4.34	%		3.78	%		3.40	%
Portfolio Turnover		5	%⁽³⁾		4	%		5	%		32	%		26	%		28	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

106

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Virginia Fund — Class C

	Six Months Ended			Year Ended August 31,
	February 29, 2012
	(Unaudited)			2011			2010			2009			2008			2007

Net asset value — Beginning of period	$	8.930		$	9.390		$	9.260		$	9.630		$	10.280		$	10.810





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.166		$	0.369		$	0.367		$	0.368		$	0.381		$	0.365
Net realized and unrealized gain (loss)		0.449			(0.465	)		0.111			(0.368	)		(0.656	)		(0.525	)


Total income (loss) from operations	$	0.615		$	(0.096	)	$	0.478		$	—		$	(0.275	)	$	(0.160	)





Less Distributions

From net investment income	$	(0.165)		$	(0.364	)	$	(0.348	)	$	(0.370	)	$	(0.375	)	$	(0.370	)


Total distributions	$	(0.165)		$	(0.364	)	$	(0.348	)	$	(0.370	)	$	(0.375	)	$	(0.370	)



Net asset value — End of period	$	9.380		$	8.930		$	9.390		$	9.260		$	9.630		$	10.280



Total Return⁽²⁾		6.96	%⁽³⁾		(0.99	)%		5.19	%		0.43	%		(2.73	)%		(1.58	)%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	9,714		$	9,699		$	13,453		$	12,287		$	9,451		$	5,236
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%⁽⁴⁾		1.52	%		1.53	%		1.59	%		1.53	%		1.53	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁴⁾		0.05	%		0.04	%		0.12	%		0.37	%		0.57	%
Total expenses before custodian fee reduction		1.55	%⁽⁴⁾		1.57	%		1.57	%		1.71	%		1.90	%		2.10	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁴⁾		1.52	%		1.53	%		1.58	%		1.51	%		1.51	%⁽⁵⁾
Net investment income		3.68	%⁽⁴⁾		4.08	%		3.86	%		4.29	%		3.80	%		3.40	%
Portfolio Turnover		5	%⁽³⁾		4	%		5	%		32	%		26	%		28	%


⁽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⁾		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

See Notes to Financial Statements.

107

Eaton Vance

Municipal Income Funds

February 29, 2012

Financial Highlights — continued


	Virginia Fund — Class I

	Six Months Ended			Year Ended August 31,
	February 29, 2012												Period Ended
	(Unaudited)			2011			2010			2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.080		$	8.500		$	8.370		$	8.710		$	8.440





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.189		$	0.411		$	0.414		$	0.403		$	0.222
Net realized and unrealized gain (loss)		0.409			(0.424	)		0.109			(0.332	)		0.263


Total income (loss) from operations	$	0.598		$	(0.013	)	$	0.523		$	0.071		$	0.485





Less Distributions

From net investment income	$	(0.188)		$	(0.407	)	$	(0.393	)	$	(0.411	)	$	(0.215	)


Total distributions	$	(0.188)		$	(0.407	)	$	(0.393	)	$	(0.411	)	$	(0.215	)



Net asset value — End of period	$	8.490		$	8.080		$	8.500		$	8.370		$	8.710



Total Return⁽³⁾		7.49	%⁽⁴⁾		(0.09	)%		6.30	%		1.36	%		5.73	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	20,590		$	18,510		$	18,557		$	9,945		$	1,338
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.56	%⁽⁵⁾		0.57	%		0.57	%		0.64	%		0.63	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁵⁾		0.05	%		0.04	%		0.12	%		0.37	%⁽⁵⁾
Total expenses before custodian fee reduction		0.60	%⁽⁵⁾		0.62	%		0.61	%		0.76	%		1.00	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.56	%⁽⁵⁾		0.57	%		0.57	%		0.63	%		0.56	%⁽⁵⁾
Net investment income		4.62	%⁽⁵⁾		5.02	%		4.81	%		5.20	%		5.07	%⁽⁵⁾
Portfolio Turnover		5	%⁽⁴⁾		4	%		5	%		32	%		26	%⁽⁷⁾


⁽¹⁾		For the period from the start of business, March 3, 2008, to August 31, 2008.
⁽²⁾		Computed using average shares outstanding.
⁽³⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽⁴⁾		Not annualized.
⁽⁵⁾		Annualized.
⁽⁶⁾		Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).
⁽⁷⁾		For the year ended August 31, 2008.

See Notes to Financial Statements.

108

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Municipals Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of twenty-two funds, eleven of which, each non-diversified, are included in these financial statements. They include Eaton Vance Alabama Municipal Income Fund (Alabama Fund), Eaton Vance Arkansas Municipal Income Fund (Arkansas Fund), Eaton Vance Georgia Municipal Income Fund (Georgia Fund), Eaton Vance Kentucky Municipal Income Fund (Kentucky Fund), Eaton Vance Maryland Municipal Income Fund (Maryland Fund), Eaton Vance Missouri Municipal Income Fund (Missouri Fund), Eaton Vance North Carolina Municipal Income Fund (North Carolina Fund), Eaton Vance Oregon Municipal Income Fund (Oregon Fund), Eaton Vance South Carolina Municipal Income Fund (South Carolina Fund), Eaton Vance Tennessee Municipal Income Fund (Tennessee Fund) and Eaton Vance Virginia Municipal Income Fund (Virginia Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds seek to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The Funds offer four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares of each Fund automatically convert to Class A shares eight years after their purchase as described in each Fund’s prospectus. Beginning January 1, 2012, Class B shares are only available for purchase upon exchange from another Eaton Vance fund or through reinvestment of distributions. 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.

A Investment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) 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 asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, 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 obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, 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.

109

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued

At August 31, 2011, the following Funds, for federal income tax purposes, had capital loss carryforwards which will 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 will 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 amounts and expiration dates of the capital loss carryforwards are as follows:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
Expiration Date	Fund		Fund		Fund		Fund		Fund		Fund


August 31, 2012	$	—	$	—	$	117,457	$	2,260,947	$	—	$	135,451
August 31, 2013		—		661,011		931,893		944,485		818,358		831,764
August 31, 2015		—		—		536,265		—		204,999		—
August 31, 2016		143,185		126,693		306,338		98,602		4,159,062		337,671
August 31, 2017		149,650		826,603		980,989		155,003		34,823		2,259,438
August 31, 2018		1,195,230		1,981,781		2,812,349		442,246		2,032,881		3,282,262
August 31, 2019		434,821		1,798,823		3,087,553		958,653		1,823,894		1,434,581



	$	1,922,886	$	5,394,911	$	8,772,844	$	4,859,936	$	9,074,017	$	8,281,167


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
Expiration Date	Fund		Fund		Fund		Fund		Fund


August 31, 2012	$	—	$	—	$	—	$	—	$	174,008
August 31, 2013		—		1,258,470		290,746		309,297		1,185,970
August 31, 2015		88,235		—		—		—		—
August 31, 2016		274,170		2,145,240		1,027,752		238,529		502,088
August 31, 2017		—		1,066,237		3,019,420		—		3,212,881
August 31, 2018		3,573,563		9,061,392		10,869,967		3,909,047		464,954
August 31, 2019		1,655,671		809,441		527,346		1,662,071		10,782,176



	$	5,591,639	$	14,340,780	$	15,735,231	$	6,118,944	$	16,322,077

In addition, such capital loss carryforwards cannot be utilized prior to the utilization of new capital losses, if any, created after August 31, 2011.

Additionally, at August 31, 2011, the Alabama Fund, Arkansas Fund, Georgia Fund, Kentucky Fund, Maryland Fund, Missouri Fund, North Carolina Fund, Oregon Fund, South Carolina Fund, Tennessee Fund and Virginia Fund had net capital losses of $734,560, $734,338, $1,215,903, $236,394, $1,009,896, $1,406,499, $2,649,470, $2,793,236, $6,592,722, $601,933 and $4,754,272, respectively, attributable to security transactions incurred after October 31, 2010. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending August 31, 2012.

As of February 29, 2012, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended August 31, 2011 remains subject to examination by the Internal Revenue Service.

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 Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

F 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.

G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

110

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued

H 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 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.

I Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Funds’ 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 broker upon 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 February 29, 2012, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:


	Alabama		Arkansas		Georgia		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund


Floating Rate Notes Outstanding	$	1,710,000	$	600,000	$	4,265,000	$	3,810,000	$	1,880,000
Interest Rate or Range of Interest Rates (%)		0.26 - 0.27		0.31		0.26 - 0.31		0.22 -0.27		0.16 - 0.31
Collateral for Floating Rate Notes Outstanding	$	2,390,317	$	1,346,784	$	6,914,970	$	5,540,645	$	3,747,591


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


Floating Rate Notes Outstanding	$	9,935,000	$	17,370,000	$	12,890,000	$	280,000	$	4,850,000
Interest Rate or Range of Interest Rates (%)		0.16 - 0.31		0.18 - 0.31		0.16 - 0.31		0.31		0.26 - 0.31
Collateral for Floating Rate Notes Outstanding	$	15,621,612	$	26,591,389	$	20,344,417	$	628,499	$	9,574,992

For the six months ended February 29, 2012, the Funds’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:


	Alabama			Arkansas			Georgia			Maryland			Missouri
	Fund			Fund			Fund			Fund			Fund


Average Floating Rate Notes Outstanding	$	1,710,000		$	691,071		$	4,615,275		$	3,810,000		$	2,454,451
Average Interest Rate		0.78	%		0.99	%		0.84	%		0.80	%		0.87	%

111

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued


	North Carolina			Oregon			South Carolina			Tennessee			Virginia
	Fund			Fund			Fund			Fund			Fund


Average Floating Rate Notes Outstanding	$	9,935,000		$	17,370,000		$	12,890,000		$	357,060		$	5,130,220
Average Interest Rate		0.80	%		0.79	%		0.80	%		0.97	%		0.96	%

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of February 29, 2012.

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

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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

K Interest Rate Swaps — Pursuant to interest rate swap agreements, a Fund makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

L When-Issued Securities and Delayed Delivery Transactions — The Funds may purchase or sell 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 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. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

M Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

N Interim Financial Statements — The interim financial statements relating to February 29, 2012 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

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 (reduced by available capital loss carryforwards, if any) 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. The Funds distinguish between distributions on a tax basis and a financial reporting basis. Accounting

112

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued

principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) as presented in the following table and is payable monthly.


	Annual Asset			Daily Income
Daily Net Assets	Rate			Rate


Up to $20 million		0.10	%		1.00	%
$20 million up to $40 million		0.20			2.00
$40 million up to $500 million		0.30			3.00

On average daily net assets of $500 million or more, the rates are reduced.

For the six months ended February 29, 2012, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:


	Alabama			Arkansas			Georgia			Kentucky			Maryland			Missouri
	Fund			Fund			Fund			Fund			Fund			Fund


Investment Adviser Fee	$	72,692		$	105,827		$	105,121		$	71,543		$	128,336		$	144,880
Effective Annual Rate		0.28	%		0.31	%		0.32	%		0.27	%		0.33	%		0.34	%


	North Carolina			Oregon			South Carolina			Tennessee			Virginia
	Fund			Fund			Fund			Fund			Fund


Investment Adviser Fee	$	204,280		$	262,897		$	261,486		$	64,437		$	209,780
Effective Annual Rate		0.38	%		0.40	%		0.39	%		0.27	%		0.37	%

EVM serves as administrator of each Fund, but receives no compensation. EVM serves as the sub-transfer agent of each Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. 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. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM and Class A sales charges that the Funds were informed were received by EVD for the six months ended February 29, 2012 were as follows:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


EVM’s Sub-Transfer Agent Fees	$	627	$	719	$	778	$	716	$	1,139	$	1,069
EVD’s Class A Sales Charges	$	3,181	$	6,896	$	12,786	$	7,011	$	8,977	$	7,654


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


EVM’s Sub-Transfer Agent Fees	$	1,339	$	1,415	$	933	$	642	$	1,483
EVD’s Class A Sales Charges	$	24,396	$	35,346	$	16,243	$	5,819	$	9,889

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Notes to Financial Statements (Unaudited) — continued

Except for Trustees of the Funds who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended February 29, 2012, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended February 29, 2012 for Class A shares amounted to the following:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


Class A Distribution and Service Fees	$	42,766	$	56,494	$	47,565	$	47,686	$	58,993	$	76,648


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


Class A Distribution and Service Fees	$	76,356	$	101,963	$	81,633	$	39,354	$	80,076

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. Each Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 5% and 6.25% of the aggregate amount received by each Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the six months ended February 29, 2012, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% (annualized) of the average daily net assets of each Fund’s Class B and Class C shares:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


Class B Distribution Fees	$	5,898	$	9,806	$	10,020	$	3,592	$	12,163	$	9,419
Class C Distribution Fees	$	9,380	$	24,407	$	26,532	$	10,076	$	46,883	$	18,572





			North Carolina		Oregon		South Carolina		Tennessee		Virginia
			Fund		Fund		Fund		Fund		Fund


Class B Distribution Fees			$	9,101	$	25,693	$	16,576	$	5,653	$	13,678
Class C Distribution Fees			$	53,398	$	68,883	$	88,804	$	27,914	$	35,447

At February 29, 2012, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


Class B	$	1,226,000	$	1,227,000	$	1,793,000	$	1,265,000	$	1,509,000	$	394,000
Class C	$	336,000	$	585,000	$	803,000	$	256,000	$	1,145,000	$	371,000

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Notes to Financial Statements (Unaudited) — continued


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


Class B	$	1,852,000	$	1,645,000	$	1,193,000	$	699,000	$	952,000
Class C	$	1,201,000	$	1,582,000	$	2,434,200	$	627,000	$	833,000

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class B and Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the six months ended February 29, 2012 amounted to the following:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


Class B Service Fees	$	1,573	$	2,615	$	2,672	$	958	$	3,244	$	2,512
Class C Service Fees	$	2,501	$	6,508	$	7,075	$	2,687	$	12,502	$	4,953


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


Class B Service Fees	$	2,427	$	6,851	$	4,420	$	1,508	$	3,648
Class C Service Fees	$	14,240	$	18,369	$	23,681	$	7,444	$	9,453

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen 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. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under each Fund’s Class B and Class C Plans. CDSCs received on Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to each Fund. For the six months ended February 29, 2012, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


Class A	$	—	$	100	$	—	$	—	$	—	$	—
Class B	$	—	$	1,300	$	3,500	$	—	$	700	$	1,500
Class C	$	—	$	1,400	$	200	$	—	$	—	$	—


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


Class A	$	—	$	—	$	—	$	300	$	700
Class B	$	1,800	$	5,500	$	2,300	$	500	$	700
Class C	$	700	$	—	$	1,000	$	—	$	100

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Notes to Financial Statements (Unaudited) — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended February 29, 2012 were as follows:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


Purchases	$	2,181,170	$	2,484,171	$	2,513,443	$	3,317,198	$	1,598,081	$	4,256,311
Sales	$	3,246,807	$	8,355,831	$	7,174,564	$	4,478,049	$	4,582,325	$	8,329,183


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


Purchases	$	8,099,463	$	6,344,153	$	26,011,287	$	1,953,537	$	6,010,295
Sales	$	5,708,209	$	4,865,475	$	25,001,498	$	5,267,131	$	14,497,762

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 were as follows:


Alabama Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		73,015			256,068
Issued to shareholders electing to receive payments of distributions in Fund shares		62,198			119,050
Redemptions		(283,934	)		(946,939	)
Exchange from Class B shares		36,644			119,182



Net decrease		(112,077	)		(452,639	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		5,129			7,210
Issued to shareholders electing to receive payments of distributions in Fund shares		1,674			4,948
Redemptions		(5,457	)		(105,293	)
Exchange to Class A shares		(33,328	)		(108,295	)



Net decrease		(31,982	)		(201,430	)

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	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		16,647			68,150
Issued to shareholders electing to receive payments of distributions in Fund shares		1,793			3,670
Redemptions		(3,756	)		(108,148	)



Net increase (decrease)		14,684			(36,328	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		66,569			190,274
Issued to shareholders electing to receive payments of distributions in Fund shares		3,049			2,362
Redemptions		(11,736	)		(74,700	)



Net increase		57,882			117,936





Arkansas Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		157,062			445,100
Issued to shareholders electing to receive payments of distributions in Fund shares		103,813			193,545
Redemptions		(724,893	)		(1,128,703	)
Exchange from Class B shares		31,097			83,105



Net decrease		(432,921	)		(406,953	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		16,642			59,566
Issued to shareholders electing to receive payments of distributions in Fund shares		3,801			8,377
Redemptions		(14,933	)		(28,528	)
Exchange to Class A shares		(28,936	)		(77,317	)



Net decrease		(23,426	)		(37,902	)

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Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		56,031			220,044
Issued to shareholders electing to receive payments of distributions in Fund shares		9,162			12,877
Redemptions		(42,372	)		(179,344	)



Net increase		22,821			53,577





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		55,513			197,205
Issued to shareholders electing to receive payments of distributions in Fund shares		4,166			2,249
Redemptions		(12,753	)		(4,702	)



Net increase		46,926			194,752





Georgia Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		436,414			510,659
Issued to shareholders electing to receive payments of distributions in Fund shares		75,714			178,864
Redemptions		(688,306	)		(1,716,770	)
Exchange from Class B shares		81,509			164,007



Net decrease		(94,669	)		(863,240	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		3,944			26,044
Issued to shareholders electing to receive payments of distributions in Fund shares		3,818			9,359
Redemptions		(18,128	)		(85,382	)
Exchange to Class A shares		(76,271	)		(153,365	)



Net decrease		(86,637	)		(203,344	)

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Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		63,447			138,697
Issued to shareholders electing to receive payments of distributions in Fund shares		10,004			22,264
Redemptions		(67,101	)		(405,756	)



Net increase (decrease)		6,350			(244,795	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		175,270			393,520
Issued to shareholders electing to receive payments of distributions in Fund shares		2,823			3,021
Redemptions		(278,785	)		(295,216	)



Net increase (decrease)		(100,692	)		101,325





Kentucky Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		164,574			716,621
Issued to shareholders electing to receive payments of distributions in Fund shares		92,367			180,481
Redemptions		(283,820	)		(1,038,257	)
Exchange from Class B shares		28,314			131,294



Net increase (decrease)		1,435			(9,861	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		317			18,632
Issued to shareholders electing to receive payments of distributions in Fund shares		1,302			5,143
Redemptions		(590	)		(56,604	)
Exchange to Class A shares		(26,215	)		(121,550	)



Net decrease		(25,186	)		(154,379	)

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Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		52,553			54,242
Issued to shareholders electing to receive payments of distributions in Fund shares		3,970			6,024
Redemptions		(14,016	)		(31,013	)



Net increase		42,507			29,253





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		33,152			60,190
Issued to shareholders electing to receive payments of distributions in Fund shares		1,377			611
Redemptions		(1,021	)		(1,504	)



Net increase		33,508			59,297





Maryland Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		270,107			235,864
Issued to shareholders electing to receive payments of distributions in Fund shares		91,837			209,077
Redemptions		(276,329	)		(2,314,804	)
Exchange from Class B shares		79,405			180,973



Net increase (decrease)		165,020			(1,688,890	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		6,013			6,141
Issued to shareholders electing to receive payments of distributions in Fund shares		4,241			11,883
Redemptions		(12,113	)		(84,048	)
Exchange to Class A shares		(72,784	)		(165,848	)



Net decrease		(74,643	)		(231,872	)

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Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		216,056			159,613
Issued to shareholders electing to receive payments of distributions in Fund shares		13,060			25,850
Redemptions		(45,033	)		(516,555	)



Net increase (decrease)		184,083			(331,092	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		38,731			148,707
Issued to shareholders electing to receive payments of distributions in Fund shares		2,198			4,091
Redemptions		(27,637	)		(483,102	)



Net increase (decrease)		13,292			(330,304	)





Missouri Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		389,388			772,309
Issued to shareholders electing to receive payments of distributions in Fund shares		125,950			258,828
Redemptions		(689,781	)		(2,794,767	)
Exchange from Class B shares		28,303			158,931



Net decrease		(146,140	)		(1,604,699	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		1,498			25,042
Issued to shareholders electing to receive payments of distributions in Fund shares		3,286			8,562
Redemptions		(20,520	)		(53,841	)
Exchange to Class A shares		(25,603	)		(143,793	)



Net decrease		(41,339	)		(164,030	)

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	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		41,959			87,799
Issued to shareholders electing to receive payments of distributions in Fund shares		5,394			9,606
Redemptions		(14,452	)		(178,173	)



Net increase (decrease)		32,901			(80,768	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		85,879			84,589
Issued to shareholders electing to receive payments of distributions in Fund shares		2,104			732
Redemptions		(19,320	)		(2,697	)



Net increase		68,663			82,624





North Carolina Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		663,184			910,471
Issued to shareholders electing to receive payments of distributions in Fund shares		154,928			298,418
Redemptions		(462,828	)		(2,166,265	)
Exchange from Class B shares		16,778			149,795



Net increase (decrease)		372,062			(807,581	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		5,901			19,217
Issued to shareholders electing to receive payments of distributions in Fund shares		4,153			8,426
Redemptions		(26,458	)		(40,232	)
Exchange to Class A shares		(15,599	)		(139,202	)



Net decrease		(32,003	)		(151,791	)

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	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		335,746			441,209
Issued to shareholders electing to receive payments of distributions in Fund shares		21,677			37,061
Redemptions		(170,882	)		(542,187	)



Net increase (decrease)		186,541			(63,917	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		292,674			552,694
Issued to shareholders electing to receive payments of distributions in Fund shares		6,600			9,880
Redemptions		(198,697	)		(751,962	)



Net increase (decrease)		100,577			(189,388	)





Oregon Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		673,584			1,079,310
Issued to shareholders electing to receive payments of distributions in Fund shares		214,193			465,145
Redemptions		(1,022,026	)		(4,093,821	)
Exchange from Class B shares		68,133			239,739



Net decrease		(66,116	)		(2,309,627	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		16,380			21,711
Issued to shareholders electing to receive payments of distributions in Fund shares		10,229			25,838
Redemptions		(43,882	)		(173,027	)
Exchange to Class A shares		(62,259	)		(219,120	)



Net decrease		(79,532	)		(344,598	)

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Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		230,321			259,745
Issued to shareholders electing to receive payments of distributions in Fund shares		30,595			65,508
Redemptions		(98,849	)		(637,673	)



Net increase (decrease)		162,067			(312,420	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		754,674			392,634
Issued to shareholders electing to receive payments of distributions in Fund shares		8,013			2,326
Redemptions		(73,191	)		(16,619	)



Net increase		689,496			378,341





South Carolina Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		657,650			695,504
Issued to shareholders electing to receive payments of distributions in Fund shares		170,524			340,587
Redemptions		(510,737	)		(3,896,980	)
Exchange from Class B shares		36,242			182,095



Net increase (decrease)		353,679			(2,678,794	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		11,153			18,324
Issued to shareholders electing to receive payments of distributions in Fund shares		7,537			18,226
Redemptions		(42,762	)		(97,740	)
Exchange to Class A shares		(34,143	)		(171,656	)



Net decrease		(58,215	)		(232,846	)

124

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Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		410,916			446,238
Issued to shareholders electing to receive payments of distributions in Fund shares		34,130			74,784
Redemptions		(174,664	)		(987,145	)



Net increase (decrease)		270,382			(466,123	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		317,662			732,224
Issued to shareholders electing to receive payments of distributions in Fund shares		10,136			5,643
Redemptions		(415,797	)		(2,162,664	)



Net decrease		(87,999	)		(1,424,797	)


Tennessee Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		152,992			263,305
Issued to shareholders electing to receive payments of distributions in Fund shares		73,346			147,507
Redemptions		(378,896	)		(1,142,745	)
Exchange from Class B shares		31,558			90,843



Net decrease		(121,000	)		(641,090	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		6,456			8,879
Issued to shareholders electing to receive payments of distributions in Fund shares		2,189			5,386
Redemptions		(10,371	)		(65,411	)
Exchange to Class A shares		(28,954	)		(83,351	)



Net decrease		(30,680	)		(134,497	)

125

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February 29, 2012

Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		97,506			139,292
Issued to shareholders electing to receive payments of distributions in Fund shares		9,383			19,603
Redemptions		(85,314	)		(273,148	)



Net increase (decrease)		21,575			(114,253	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		54,181			16,541
Issued to shareholders electing to receive payments of distributions in Fund shares		669			145
Redemptions		(8,951	)		(4,669	)



Net increase		45,899			12,017





Virginia Fund
	Six Months Ended
	February 29, 2012			Year Ended
Class A	(Unaudited)			August 31, 2011


Sales		467,409			511,170
Issued to shareholders electing to receive payments of distributions in Fund shares		160,245			333,569
Redemptions		(811,783	)		(2,828,048	)
Exchange from Class B shares		60,031			229,351



Net decrease		(124,098	)		(1,753,958	)





	Six Months Ended
	February 29, 2012			Year Ended
Class B	(Unaudited)			August 31, 2011


Sales		11,749			22,792
Issued to shareholders electing to receive payments of distributions in Fund shares		6,407			16,363
Redemptions		(19,874	)		(101,267	)
Exchange to Class A shares		(54,233	)		(207,133	)



Net decrease		(55,951	)		(269,245	)

126

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February 29, 2012

Notes to Financial Statements (Unaudited) — continued


	Six Months Ended
	February 29, 2012			Year Ended
Class C	(Unaudited)			August 31, 2011


Sales		61,726			240,878
Issued to shareholders electing to receive payments of distributions in Fund shares		14,852			32,276
Redemptions		(127,445	)		(619,488	)



Net decrease		(50,867	)		(346,334	)





	Six Months Ended
	February 29, 2012			Year Ended
Class I	(Unaudited)			August 31, 2011


Sales		392,975			580,836
Issued to shareholders electing to receive payments of distributions in Fund shares		4,626			6,050
Redemptions		(263,331	)		(479,730	)



Net increase		134,270			107,156

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at February 29, 2012, as determined on a federal income tax basis, were as follows:


	Alabama			Arkansas			Georgia			Kentucky			Maryland			Missouri
	Fund			Fund			Fund			Fund			Fund			Fund


Aggregate cost	$	47,432,880		$	61,438,054		$	59,620,688		$	47,957,533		$	70,969,592		$	77,495,627



Gross unrealized appreciation	$	5,070,583		$	4,825,427		$	6,656,988		$	4,255,093		$	5,932,558		$	8,316,095
Gross unrealized depreciation		(41,878	)		(314,133	)		(453,696	)		(313,328	)		(1,083,020	)		(508,558	)



Net unrealized appreciation	$	5,028,705		$	4,511,294		$	6,203,292		$	3,941,765		$	4,849,538		$	7,807,537


	North Carolina			Oregon			South Carolina			Tennessee			Virginia
	Fund			Fund			Fund			Fund			Fund


Aggregate cost	$	101,625,675		$	123,445,602		$	124,983,937		$	45,271,923		$	99,827,294



Gross unrealized appreciation	$	13,085,260		$	20,195,814		$	16,489,877		$	4,553,397		$	12,739,480
Gross unrealized depreciation		(69,962	)		(2,455,314	)		(183,167	)		(900,820	)		(1,145,031	)



Net unrealized appreciation	$	13,015,298		$	17,740,500		$	16,306,710		$	3,652,577		$	11,594,449

9 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $600 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended February 29, 2012.

127

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued

10 Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and interest rate swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at February 29, 2012 is as follows:


Futures Contracts
										Net
	Expiration			Aggregate						Unrealized
Fund	Month/Year	Contracts	Position	Cost			Value			Depreciation


Alabama	6/12	2 U.S. 10-Year Treasury Note	Short	$	(260,684	)	$	(261,906	)	$	(1,222	)
	6/12	24 U.S. 30-Year Treasury Bond	Short		(3,379,645	)		(3,399,750	)		(20,105	)



Arkansas	6/12	75 U.S. 30-Year Treasury Bond	Short	$	(10,561,391	)	$	(10,624,219	)	$	(62,828	)



Georgia	6/12	115 U.S. 30-Year Treasury Bond	Short	$	(16,194,133	)	$	(16,290,469	)	$	(96,336	)



Kentucky	6/12	65 U.S. 30-Year Treasury Bond	Short	$	(9,153,206	)	$	(9,207,657	)	$	(54,451	)



Maryland	6/12	27 U.S. 30-Year Treasury Bond	Short	$	(3,802,101	)	$	(3,824,719	)	$	(22,618	)



Missouri	6/12	39 U.S. 10-Year Treasury Note	Short	$	(5,083,335	)	$	(5,107,172	)	$	(23,837	)
	6/12	9 U.S. 30-Year Treasury Bond	Short		(1,267,367	)		(1,274,906	)		(7,539	)



North Carolina	6/12	160 U.S. 30-Year Treasury Bond	Short	$	(22,530,968	)	$	(22,665,000	)	$	(134,032	)



Oregon	6/12	210 U.S. 30-Year Treasury Bond	Short	$	(29,571,895	)	$	(29,747,813	)	$	(175,918	)



South Carolina	6/12	270 U.S. 30-Year Treasury Bond	Short	$	(38,021,008	)	$	(38,247,188	)	$	(226,180	)



Tennessee	6/12	70 U.S. 30-Year Treasury Bond	Short	$	(9,857,298	)	$	(9,915,937	)	$	(58,639	)



Virginia	6/12	245 U.S. 30-Year Treasury Bond	Short	$	(34,500,544	)	$	(34,705,781	)	$	(205,237	)

At February 29, 2012, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, the Funds enter into interest rate swap contracts. The Funds also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

128

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at February 29, 2012 were as follows:


	Alabama			Arkansas			Georgia			Kentucky			Maryland			Missouri
	Fund			Fund			Fund			Fund			Fund			Fund


Liability Derivative:
Futures Contracts	$	(21,327	)⁽¹⁾	$	(62,828	)⁽¹⁾	$	(96,336	)⁽¹⁾	$	(54,451	)⁽¹⁾	$	(22,618	)⁽¹⁾	$	(31,376	)⁽¹⁾



Total	$	(21,327	)	$	(62,828	)	$	(96,336	)	$	(54,451	)	$	(22,618	)	$	(31,376	)


	North Carolina			Oregon			South Carolina			Tennessee			Virginia
	Fund			Fund			Fund			Fund			Fund


Liability Derivative:
Futures Contracts	$	(134,032	)⁽¹⁾	$	(175,918	)⁽¹⁾	$	(226,180	)⁽¹⁾	$	(58,639	)⁽¹⁾	$	(205,237	)⁽¹⁾



Total	$	(134,032	)	$	(175,918	)	$	(226,180	)	$	(58,639	)	$	(205,237	)


⁽¹⁾		Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended February 29, 2012 was as follows:


	Alabama			Arkansas			Georgia			Kentucky			Maryland			Missouri
	Fund			Fund			Fund			Fund			Fund			Fund


Realized Gain (Loss) on Derivatives Recognized in Income	$	(231,276	)⁽¹⁾	$	(403,301	)⁽¹⁾	$	(861,212	)⁽¹⁾	$	(424,866	)⁽¹⁾	$	(87,279	)⁽²⁾	$	(323,138	)⁽¹⁾
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	(19,433	)⁽³⁾	$	(207,684	)⁽³⁾	$	(102,337	)⁽³⁾	$	(100,676	)⁽³⁾	$	(24,030	)⁽⁴⁾	$	(32,478	)⁽³⁾


	North Carolina			Oregon			South Carolina			Tennessee			Virginia
	Fund			Fund			Fund			Fund			Fund


Realized Gain (Loss) on Derivatives Recognized in Income	$	(879,308	)⁽²⁾	$	(1,113,201	)⁽²⁾	$	(1,306,638	)⁽²⁾	$	(542,702	)⁽¹⁾	$	(1,757,105	)⁽¹⁾
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	(81,552	)⁽⁴⁾	$	(110,612	)⁽⁴⁾	$	(153,108	)⁽⁴⁾	$	(59,967	)⁽³⁾	$	(113,236	)⁽³⁾


⁽¹⁾		Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Swap contracts.
⁽²⁾		Statement of Operations location: Net realized gain (loss) – Financial futures contracts.
⁽³⁾		Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Swap contracts.
⁽⁴⁾		Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

129

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued

The average notional amounts of futures contracts and interest rate swaps outstanding during the six months ended February 29, 2012, which are indicative of the volume of these derivative types, were approximately as follows:


	Alabama		Arkansas		Georgia		Kentucky		Maryland		Missouri
	Fund		Fund		Fund		Fund		Fund		Fund


Average Notional Amount:
Futures Contracts	$	2,643,000	$	6,786,000	$	11,071,000	$	5,357,000	$	3,900,000	$	5,086,000
Interest Rate Swaps	$	257,000	$	786,000	$	1,143,000	$	857,000	$	—	$	521,000


	North Carolina		Oregon		South Carolina		Tennessee		Virginia
	Fund		Fund		Fund		Fund		Fund


Average Notional Amount:
Futures Contracts	$	16,000,000	$	21,000,000	$	27,000,000	$	7,000,000	$	24,500,000
Interest Rate Swaps	$	—	$	—	$	—	$	714,000	$	707,000

11 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 February 29, 2012, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:


Alabama Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	54,171,585	$	—	$	54,171,585



Total Investments	$	—		$	54,171,585	$	—	$	54,171,585



Liability Description



Futures Contracts	$	(21,327	)	$	—	$	—	$	(21,327	)



Total	$	(21,327	)	$	—	$	—	$	(21,327	)

130

Eaton Vance

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February 29, 2012

Notes to Financial Statements (Unaudited) — continued


Alabama Fund
Asset Description	Level 1			Level 2		Level 3		Total


Arkansas Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	66,549,348	$	—	$	66,549,348



Total Investments	$	—		$	66,549,348	$	—	$	66,549,348



Liability Description



Futures Contracts	$	(62,828	)	$	—	$	—	$	(62,828	)



Total	$	(62,828	)	$	—	$	—	$	(62,828	)





Georgia Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	70,088,980	$	—	$	70,088,980



Total Investments	$	—		$	70,088,980	$	—	$	70,088,980



Liability Description



Futures Contracts	$	(96,336	)	$	—	$	—	$	(96,336	)



Total	$	(96,336	)	$	—	$	—	$	(96,336	)





Kentucky Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	51,899,298	$	—	$	51,899,298



Total Investments	$	—		$	51,899,298	$	—	$	51,899,298



Liability Description



Futures Contracts	$	(54,451	)	$	—	$	—	$	(54,451	)



Total	$	(54,451	)	$	—	$	—	$	(54,451	)





Maryland Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	79,629,130	$	—	$	79,629,130



Total Investments	$	—		$	79,629,130	$	—	$	79,629,130



Liability Description



Futures Contracts	$	(22,618	)	$	—	$	—	$	(22,618	)



Total	$	(22,618	)	$	—	$	—	$	(22,618	)

131

Eaton Vance

Municipal Income Funds

February 29, 2012

Notes to Financial Statements (Unaudited) — continued


Missouri Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	87,183,164	$	—	$	87,183,164



Total Investments	$	—		$	87,183,164	$	—	$	87,183,164



Liability Description



Futures Contracts	$	(31,376	)	$	—	$	—	$	(31,376	)



Total	$	(31,376	)	$	—	$	—	$	(31,376	)





North Carolina Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	124,575,973	$	—	$	124,575,973



Total Investments	$	—		$	124,575,973	$	—	$	124,575,973



Liability Description



Futures Contracts	$	(134,032	)	$	—	$	—	$	(134,032	)



Total	$	(134,032	)	$	—	$	—	$	(134,032	)





Oregon Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	158,556,102	$	—	$	158,556,102



Total Investments	$	—		$	158,556,102	$	—	$	158,556,102



Liability Description



Futures Contracts	$	(175,918	)	$	—	$	—	$	(175,918	)



Total	$	(175,918	)	$	—	$	—	$	(175,918	)





South Carolina Fund
Asset Description	Level 1			Level 2		Level 3		Total


Tax-Exempt Investments	$	—		$	154,180,647	$	—	$	154,180,647



Total Investments	$	—		$	154,180,647	$	—	$	154,180,647



Liability Description



Futures Contracts	$	(226,180	)	$	—	$	—	$	(226,180	)



Total	$	(226,180	)	$	—	$	—	$	(226,180	)

132

Eaton Vance

Municipal Income Funds

February 29, 2012

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:


•	Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•	None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•	Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•	We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

135

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not required in this filing.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of 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.


Eaton Vance Municipals Trust Semiannual Report February 29, 2012


Performance and Fund Profile

Alabama			2

Arkansas			3

Georgia			4

Kentucky			5

Maryland			6

Missouri			7

North Carolina			8

Oregon			9

South Carolina			10

Tennessee			11

Virginia			12

Endnotes and Additional Disclosures			13
Fund Expenses			14
Financial Statements			20
Officers and Trustees			134
Important Notices			135


Tax-Exempt Investments — 101.0%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 5.2%

Auburn University, 5.00%, 6/1/36	$	1,000	$	1,123,980
University of Alabama, 5.00%, 7/1/34		1,500		1,653,285


			$	2,777,265




Electric Utilities — 0.7%

Puerto Rico Electric Power Authority, 5.00%, 7/1/37	$	375	$	382,275


			$	382,275




Escrowed / Prerefunded — 2.2%

Huntsville, Prerefunded to 5/1/12, 5.25%, 5/1/31	$	1,125	$	1,157,434


			$	1,157,434




General Obligations — 8.9%

Auburn, 5.25%, 12/1/27	$	1,000	$	1,143,580
Huntsville, 5.00%, 5/1/33		1,000		1,154,520
Madison, 5.15%, 2/1/39		1,250		1,340,037
Mobile, 5.00%, 2/15/27		1,000		1,118,400


			$	4,756,537




Hospital — 15.8%

Alabama Special Care Facilities Financing Authority, (Ascension Health), 5.00%, 11/15/39⁽¹⁾	$	1,740	$	1,819,640
Birmingham Special Care Facilities Financing Authority, (Children’s Hospital), 6.125%, 6/1/34		1,500		1,686,360
Health Care Authority, (Baptist Health), 5.00%, 11/15/16		400		430,548
Health Care Authority, (Baptist Health), 5.00%, 11/15/18		750		797,257
Health Care Authority, (Baptist Health), 5.00%, 11/15/21		400		415,756
Huntsville, Health Care Authority, 5.50%, 6/1/25		1,000		1,142,580
Marshall County, Health Care Authority, 5.75%, 1/1/32		1,000		1,011,300
University of Alabama, Hospital Revenue, 5.75% to 9/1/18 (Put Date), 9/1/22		1,000		1,160,280


			$	8,463,721




Industrial Development Revenue — 2.6%

Butler Industrial Development Board, (Georgia-Pacific Corp.), (AMT), 5.75%, 9/1/28	$	600	$	611,460
Selma Industrial Development Board, (International Paper Co.), 5.80%, 5/1/34		750		800,670


			$	1,412,130




Insured – Education — 8.2%

Alabama State Board of Education, (Chattahoochee Valley Community College), (AGC), 5.00%, 6/1/34	$	1,000	$	1,083,660
Alabama State University, (AGC), 4.75%, 5/1/33		475		513,556
Auburn University, (AGM), 5.00%, 6/1/38		250		268,280
Jacksonville State University, (AGC), 5.125%, 12/1/33		1,230		1,332,016
Montgomery, Public Educational Building Authority, (Alabama State University), (XLCA), 5.25%, 10/1/25		1,110		1,192,784


			$	4,390,296




Insured – Electric Utilities — 2.2%

Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24	$	400	$	477,172
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		625		707,406


			$	1,184,578




Insured – Escrowed / Prerefunded — 11.1%

Birmingham, Waterworks and Sewer Board, (NPFG), Prerefunded to 1/1/13, 5.25%, 1/1/33	$	2,500	$	2,606,075
Helena, Utilities Board Water and Sewer, (NPFG), Prerefunded to 4/1/12, 5.25%, 4/1/33		550		558,008
Montgomery, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.15%, 11/15/27		2,065		2,315,670
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		330		457,324


			$	5,937,077




Insured – General Obligations — 4.0%

Gadsden, (AMBAC), 5.125%, 8/1/28	$	2,000	$	2,158,100


			$	2,158,100




Insured – Hospital — 2.4%

East Alabama, Health Care Authority, (NPFG), 5.00%, 9/1/27	$	1,265	$	1,268,163


			$	1,268,163


Officers of Eaton Vance Municipals Trust


Thomas M. Metzold President Payson F. Swaffield Vice President Barbara E. Campbell Treasurer		Maureen A. Gemma Vice President, Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer


Trustees of Eaton Vance Municipals Trust


Ralph F. Verni Chairman Scott E. Eston Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman		William H. Park Ronald A. Pearlman Helen Frame Peters Lynn A. Stout Harriett Tee Taggart


(a)(1)		Registrant’s Code of Ethics — Not applicable (please see Item 2).
(a)(2)(i)		Treasurer’s Section 302 certification.
(a)(2)(ii)		President’s Section 302 certification.
(b)		Combined Section 906 certification.


Eaton Vance Municipals Trust

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

Date:		April 10, 2012


By:		/s/ Barbara E. Campbell Barbara E. Campbell
		Treasurer

Date:		April 10, 2012

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

Date:		April 10, 2012