N-CSR 1 d470791dncsr.htm EATON VANCE MUNICIPALS TRUST II Eaton Vance Municipals Trust II

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08134

 

 

Eaton Vance Municipals Trust II

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

January 31, 2023

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders



Eaton Vance
High Yield Municipal
Income Fund
Annual Report
January 31, 2023



Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.




Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Management’s Discussion of Fund Performance

Economic and Market Conditions
The volatile 12-month period starting February 1, 2022, encompassed the worst one-month performance for municipal bond returns since 2008 and the best one-month performance in 36 years.
As the period began, municipal rates -- along with U.S. Treasury rates -- rose as investors became increasingly concerned about the twin threats of inflation and interest rate hikes. On February 24, 2022, Russia’s invasion of Ukraine sent shock waves through markets worldwide, exacerbating inflationary pressures on energy and food prices. In March, the U.S. Federal Reserve (the Fed) ended a two-year period of near-zero-percent interest rates with a 0.25% increase, its first hike since 2018.
As investors recognized the potential for the Fed to raise interest rates at every policy meeting in 2022 to combat inflation, the Bloomberg Municipal Bond Index (the Index), a broad measure of the municipal bond market, declined 8.98% during the first half of 2022. Municipal bond mutual funds, which had reported net inflows during all but one week of 2021, recorded their worst outflow cycle on record.
In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal mutual funds experienced their first net inflows since January.
From August through October 2022, municipal performance turned negative again. Fund outflows resumed as investors reacted to statements by Fed officials that they were not done with rate hikes and fighting inflation remained the central bank’s top priority. After the Fed’s third straight 0.75% rate hike, the Index fell 3.84% in September -- its worst one-month performance in 14 years.
But in the final months of the period, municipal performance made another U-turn. Despite the Fed announcing a fourth 0.75% rate hike in November, the Index rose 4.68% during the month -- its best monthly performance since 1986. The rally was driven by multiple factors, including Fed signals that future rate hikes might be smaller, lower supplies of new municipal bond issues, growing investor demand, and positive inflows into separately managed accounts and exchange-traded funds, or ETFs.
The Fed indeed delivered a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Index -- helped by attractive yields and limited supply -- nonetheless eked out a slightly positive performance in December. As the period came to a close in January 2023, municipal bonds delivered a third straight month of positive performance, driven by a light supply of new issues and the return of inflows into open-end mutual funds
For the period as a whole, the Index returned -3.25% as interest rates rose and bond prices declined across the municipal bond yield curve. Municipal bonds outperformed U.S. Treasurys along the curve as well. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.
Fund Performance
For the 12-month period ended January 31, 2023, Eaton Vance High Yield Municipal Income Fund (the Fund) returned -6.80% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned -3.25%.
The Fund invests primarily in high yield municipal obligations -- defined as securities rated BBB and below. The Index, which reflects the broad municipal market, had a significantly smaller weight in BBB-rated and below-investment-grade issues than the Fund during the period.
For the period as a whole, the municipal high yield asset class underperformed the investment-grade municipal asset class. The generally longer durations of high yield bonds -- compared to investment-grade bonds -- meant that high yield bonds were more negatively affected by the U.S. Federal Reserve’s aggressive rate hikes during the period.
Detractors from Fund performance versus the Index during the period included an overweight position in bonds rated BBB and below, an overweight position in bonds with 17 years or more remaining to maturity, and security selections and an overweight position in the health care sector.
In contrast, contributors to Fund performance relative to the Index included an overweight position in Illinois bonds; security selections in the special tax sector; and the Fund’s hedging strategy, which used U.S. Treasury futures to help mitigate interest rate volatility during the period.
As a risk-management tactic within the Fund’s overall strategy, interest rate hedging is intended to moderate performance in both up and down markets. During a period when interest rates increased, the Fund’s hedging strategy mitigated some of the negative effects of rising rates and contributed to Fund performance relative to the Index, which is unhedged.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Performance

Portfolio Manager(s) Cynthia J. Clemson and William J. Delahunty, CFA
% Average Annual Total Returns1,2 Class
Inception Date
Performance
Inception Date
One Year Five Years Ten Years
Class A at NAV 08/07/1995 08/07/1995 (6.80)% 1.91% 3.20%
Class A with 3.25% Maximum Sales Charge (9.87) 1.24 2.86
Class C at NAV 06/18/1997 08/07/1995 (7.49) 1.18 2.59
Class C with 1% Maximum Deferred Sales Charge (8.39) 1.18 2.59
Class I at NAV 05/09/2007 08/07/1995 (6.55) 2.19 3.46
Class W at NAV 10/01/2021 08/07/1995 (6.23) 2.28 3.51

Bloomberg Municipal Bond Index (3.25)% 2.07% 2.38%
% Total Annual Operating Expense Ratios3 Class A Class C Class I Class W
Gross 0.76% 1.51% 0.51% 0.48%
Net 0.76 1.51 0.51 0.09
% Distribution Rates/Yields4 Class A Class C Class I Class W
Distribution Rate 3.93% 3.18% 4.17% 4.65%
Taxable-Equivalent Distribution Rate 6.63 5.37 7.05 7.85
SEC 30-day Yield 3.60 2.97 3.97 4.44
Taxable-Equivalent SEC 30-day Yield 6.08 5.02 6.70 7.50
% Total Leverage5  
Residual Interest Bond (RIB) Financing 7.12%
Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
Growth of Investment2 Amount Invested Period Beginning At NAV With Maximum Sales Charge
Class C $10,000 01/31/2012 $12,918 N.A.
Class I, at minimum investment $1,000,000 01/31/2012 $1,405,223 N.A.
Class W $10,000 01/31/2012 $14,116 N.A.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
3


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Fund Profile

Credit Quality (% of total investments)1,2
Footnotes:
1 For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and 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. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.
2 The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.
4


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Endnotes and Additional Disclosures

†  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
   
1 Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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.
Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.
Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class W is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.
3 Source: Fund prospectus. Net expense ratio for Class W reflects a contractual expense reimbursement of investment advisory fees that continues through 5/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.
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 comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.
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 at period end as a percentage of Fund net assets plus Floating Rate Notes.
  Fund profile subject to change due to active management.
  Additional Information
  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.
 
5


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Fund Expenses

Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; 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 (August 1, 2022 to January 31, 2023).
Actual Expenses
The first section of the 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 the 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 the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second section of the 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.
  Beginning
Account Value
(8/1/22)
Ending
Account Value
(1/31/23)
Expenses Paid
During Period*
(8/1/22 – 1/31/23)
Annualized
Expense
Ratio
Actual        
Class A $1,000.00 $ 993.40 $5.02 1.00%
Class C $1,000.00 $ 990.10 $8.83 1.76%
Class I $1,000.00 $ 994.70 $3.77 0.75%
Class W $1,000.00 $ 995.90 $1.11** 0.22%
 
Hypothetical        
(5% return per year before expenses)        
Class A $1,000.00 $1,020.16 $5.09 1.00%
Class C $1,000.00 $1,016.33 $8.94 1.76%
Class I $1,000.00 $1,021.43 $3.82 0.75%
Class W $1,000.00 $1,024.10 $1.12** 0.22%
* 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 184/365 (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 July 31, 2022.
** Absent a reimbursement of investment advisory fees by an affiliate, expenses would be higher.
6


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments

Corporate Bonds — 2.0%
Security Principal
Amount
(000's omitted)
Value
Hospital — 1.2%
Boston Medical Center Corp., 4.581%, 7/1/47 $  4,165 $     3,653,862
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32    5,365     5,284,525
Montefiore Obligated Group, 4.287%, 9/1/50    8,915     5,654,880
      $   14,593,267
Other — 0.8%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1) $  7,980 $     8,813,591
      $    8,813,591
Total Corporate Bonds
(identified cost $26,387,200)
    $   23,406,858
    
Tax-Exempt Municipal Obligations — 99.4%
Security Principal
Amount
(000's omitted)
Value
Cogeneration — 0.0%(2)
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(3) $    567 $       102,093
      $      102,093
Education — 4.3%
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1) $  1,270 $     1,244,384
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1)      925       735,107
Build NYC Resource Corp., NY, (East Harlem Scholars Academy Charter School), Social Bonds, 5.75%, 6/1/52(1)    1,500     1,546,860
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.):      
5.375%, 6/15/38(1)      545       542,984
5.375%, 6/15/48(1)    1,020       967,888
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55      325       328,861
Colorado Educational and Cultural Facilities Authority, (Aspen View Academy):      
4.00%, 5/1/41      100        89,806
4.00%, 5/1/51      500       421,860
District of Columbia, (KIPP DC):      
4.00%, 7/1/44      275        243,722
Security Principal
Amount
(000's omitted)
Value
Education (continued)
District of Columbia, (KIPP DC):(continued)      
4.00%, 7/1/49 $    385 $       329,217
District of Columbia, (Rocketship DC Obligated Group):      
5.00%, 6/1/41(1)    1,190     1,180,040
5.00%, 6/1/49(1)    2,100     1,999,515
5.00%, 6/1/61(1)    1,175     1,086,699
Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51(1)    1,000       795,290
Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55      750       630,300
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(1)      750       677,227
Indiana Finance Authority, (KIPP Indianapolis, Inc.):      
5.00%, 7/1/40      145       143,994
5.00%, 7/1/55      460       436,673
Los Ranchos de Albuquerque, NM, (Albuquerque Academy):      
4.00%, 9/1/35      300       310,827
4.00%, 9/1/40    1,200     1,204,704
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools):      
4.00%, 7/1/51(1)    1,650     1,296,240
4.00%, 7/1/56(1)    1,220       926,431
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46    4,000     4,093,960
Public Finance Authority, WI, (North Carolina Leadership Academy):      
4.00%, 6/15/29(1)      265       254,456
5.00%, 6/15/39(1)      205       198,965
5.00%, 6/15/49(1)      260       240,300
Public Finance Authority, WI, (Roseman University of Health Sciences):      
4.00%, 4/1/52(1)    1,000       768,930
5.00%, 4/1/40(1)      840       832,297
5.00%, 4/1/50(1)    2,510     2,371,322
Romeoville, IL, (Lewis University), 5.00%, 10/1/30    1,000     1,016,690
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54    2,000     1,634,360
Tennessee State School Bond Authority:      
5.00%, 11/1/52      380       426,337
5.00%, 11/1/52(4)   10,000    11,219,400
University of California, 5.00%, 5/15/38(4)   10,000    10,059,800
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/40      750       689,782
      $   50,945,228
 
7
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Electric Utilities — 2.7%
Arkansas River Power Authority, CO, 5.00%, 10/1/43 $  4,235 $     4,283,914
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45   15,890    14,897,988
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39    2,010     1,732,620
South Carolina Public Service Authority, 5.75%, 12/1/47   10,000    11,189,300
      $   32,103,822
Escrowed/Prerefunded — 2.6%
Build NYC Resource Corp., NY, (YMCA of Greater New York), Prerefunded to 8/1/25, 4.00%, 8/1/36 $    875 $       912,975
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.):      
Prerefunded to 7/1/24, 5.00%, 7/1/34      750       775,710
Prerefunded to 7/1/24, 5.00%, 7/1/39    1,250     1,292,850
Illinois Finance Authority, (Plymouth Place, Inc.), Prerefunded to 5/15/25, 5.00%, 5/15/37    1,000     1,058,950
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41    3,940     4,070,966
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University):      
Prerefunded to 4/1/24, 5.00%, 4/1/34    3,885     3,984,961
Prerefunded to 4/1/24, 5.00%, 4/1/39    3,500     3,590,055
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/43      570       660,192
San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/44   10,000    10,543,300
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), Prerefunded to 1/1/24, 7.00%, 1/1/34    3,000     3,119,640
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33    1,455     1,503,015
      $   31,512,614
General Obligations — 11.4%
Beaverton School District 48J, OR, 5.00%, 6/15/52(4) $ 15,000 $    16,896,900
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/31    1,225       929,885
Chicago Board of Education, IL:      
5.00%, 12/1/26    1,595     1,659,661
5.00%, 12/1/36    5,560     5,747,483
5.00%, 12/1/41    3,550     3,604,812
5.00%, 12/1/42    6,950     6,949,374
5.00%, 12/1/46    4,000      4,015,040
Security Principal
Amount
(000's omitted)
Value
General Obligations (continued)
Chicago, IL:      
5.00%, 1/1/40 $  2,000 $     2,028,500
5.00%, 1/1/44    7,000     7,033,390
5.25%, 1/1/38    6,750     7,266,982
5.50%, 1/1/43    2,000     2,121,160
Detroit, MI:      
5.00%, 4/1/30    1,400     1,474,662
5.00%, 4/1/31      865       910,828
5.50%, 4/1/31      565       620,715
5.50%, 4/1/32      595       652,703
5.50%, 4/1/35      350       378,126
5.50%, 4/1/45    1,930     2,000,426
5.50%, 4/1/50    3,620     3,732,365
Illinois:      
4.00%, 11/1/40    4,000     3,800,520
5.00%, 11/1/30    7,200     7,573,536
5.00%, 5/1/33    9,480    10,073,164
5.00%, 5/1/35    3,500     3,547,705
5.00%, 12/1/42    8,125     8,320,569
5.25%, 7/1/30    2,800     2,822,316
5.50%, 5/1/39    1,085     1,178,701
5.50%, 3/1/47    2,000     2,148,340
5.75%, 5/1/45    1,115     1,197,878
Leander Independent School District, 5.00%, 8/15/47(4)    5,000     5,550,800
Puerto Rico:      
0.00%, 7/1/24      190       177,879
0.00%, 7/1/33      731       424,221
4.00%, 7/1/33    4,500     4,218,030
5.25%, 7/1/23      317       318,615
5.625%, 7/1/29    3,343     3,560,441
5.75%, 7/1/31    9,280    10,084,866
Sherwood School District No. 88J, OR, 0.00%, 6/15/37    3,630     1,949,455
Ysleta Independent School District, TX, (PSF Guaranteed), 4.25%, 8/15/56    1,500     1,521,720
      $  136,491,768
Hospital — 6.1%
California Municipal Finance Authority, (NorthBay Healthcare Group):      
5.00%, 11/1/40 $    550 $       556,683
5.00%, 11/1/44      500       505,540
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37    1,000     1,033,060
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48    2,400      2,481,336
 
8
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Hospital (continued)
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 $  1,655 $     1,594,741
Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.50%, 11/1/47    4,000     4,340,160
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46    3,175     3,266,281
Cuyahoga County, OH, (The MetroHealth System):      
5.00%, 2/15/31    1,500     1,584,285
5.00%, 2/15/32    1,500     1,581,810
Decatur Hospital Authority, TX, (Wise Health System):      
4.00%, 9/1/34    1,604     1,500,494
4.00%, 9/1/44    9,039     7,655,219
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34    2,965     3,031,801
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), Prerefunded to 6/1/23, 6.00%, 6/1/39    3,805     3,844,800
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37    4,385     4,330,319
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40    1,120     1,088,338
Muskingum County, OH, (Genesis HealthCare System Obligated Group):      
5.00%, 2/15/33    2,775     2,776,609
5.00%, 2/15/48    3,000     2,744,850
New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group):      
4.00%, 7/1/48    6,265     5,254,080
5.00%, 7/1/41    1,750     1,744,173
New York Dormitory Authority, (Orange Regional Medical Center):      
5.00%, 12/1/32(1)    1,000     1,026,570
5.00%, 12/1/35(1)    1,000     1,009,810
5.00%, 12/1/40(1)    2,300     2,268,651
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35    3,100     3,105,952
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children's Medical Center), 5.25%, 12/1/39(4)    7,000     7,099,260
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38    2,500     2,466,550
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38    2,580     2,604,046
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33    2,500     2,523,675
      $   73,019,093
Security Principal
Amount
(000's omitted)
Value
Housing — 2.4%
CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56(1) $  4,000 $     3,529,920
CSCDA Community Improvement Authority, CA, Essential Housing Revenue:      
Social Bonds, 3.00%, 12/1/56(1)    8,895     6,345,515
Social Bonds, 3.00%, 3/1/57(1)    6,100     4,291,899
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.00%, 7/1/40    1,000       973,030
Maryland Economic Development Corp., (University of Maryland), 5.75%, 7/1/53    2,000     2,202,940
National Finance Authority, NH, Municipal Certificates, Series 2022-2, Class A, 4.00%, 10/20/36    6,972     6,761,112
Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51(1)    2,500     1,976,050
Texas Student Housing Corp., (University of North Texas):      
9.375%, 7/1/06(5)      860       860,000
11.00%, 7/1/31(5)    2,000     2,000,000
      $   28,940,466
Industrial Development Revenue — 12.6%
Arkansas Development Finance Authority, (Big River Steel), (AMT), 4.50%, 9/1/49(1) $  7,750 $     7,024,677
Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.45%, 9/1/52(1)    8,200     8,204,592
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32    1,890     1,895,727
Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52(1)    4,500     4,321,125
Houston, TX, (United Airlines, Inc. Terminal E Project), (AMT), 4.75%, 7/1/24    3,850     3,856,430
Houston, TX, (United Airlines, Inc.):      
(AMT), 4.00%, 7/15/41    4,595     4,141,244
(AMT), 5.00%, 7/15/27    1,750     1,798,913
Iowa Finance Authority, (Iowa Fertilizer Co.), 5.00%, 12/1/50   11,500    11,579,120
Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.), (AMT), 3.50%, 12/1/51(1)    5,250     3,818,220
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38    4,050     3,969,081
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1)    1,880     1,895,529
Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47(1)    2,650      2,249,612
 
9
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Industrial Development Revenue (continued)
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 $  6,500 $     6,501,690
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(1)      805       790,993
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30    1,000     1,001,540
National Finance Authority, NH, (Covanta):      
4.625%, 11/1/42(1)    6,335     5,693,011
(AMT), 4.875%, 11/1/42(1)    6,965     6,467,769
Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45(1)    8,890     7,186,320
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29(1)      480       428,093
New Jersey Economic Development Authority, (Continental Airlines):      
5.25%, 9/15/29    8,285     8,372,738
(AMT), 5.50%, 6/1/33    4,375     4,431,350
(AMT), 5.625%, 11/15/30    3,860     3,952,717
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1)    2,000     1,898,520
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40   21,725    22,237,275
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(1)    1,000       972,980
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35   13,570    13,569,593
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30    5,000     4,896,450
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)    6,290     5,950,780
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1)      475       469,281
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(1)    1,440     1,380,182
      $  150,955,552
Insured - Escrowed/Prerefunded — 1.0%
Irvington Township, NJ, (AGM), Prerefunded to 7/15/24, 5.00%, 7/15/32 $  1,000 $     1,037,400
North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42   10,000    10,715,500
      $   11,752,900
Security Principal
Amount
(000's omitted)
Value
Insured - General Obligations — 1.2%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42 $    480 $       482,443
McHenry County Community Unit School District No. 12, IL, (Johnsburg):      
(AGM), 5.00%, 1/1/31    3,175     3,242,056
(AGM), 5.00%, 1/1/32    1,215     1,240,552
(AGM), 5.00%, 1/1/33    1,405     1,434,280
(AGM), 5.00%, 7/1/34    2,810     2,869,600
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38    5,000     5,073,900
      $   14,342,831
Insured - Hospital — 0.3%
California Statewide Communities Development Authority, (Enloe University Medical Center), (AGM), 5.25%, 8/15/52 $    600 $       649,506
Grand Forks, ND, (Altru Health System), (AGM), 3.00%, 12/1/51    4,585     3,397,944
      $    4,047,450
Insured - Other Revenue — 2.3%
Harris County-Houston Sports Authority, TX:      
(AGM), (NPFG), 0.00%, 11/15/34 $ 12,700 $     7,368,794
(NPFG), 0.00%, 11/15/26    9,395     8,226,732
(NPFG), 0.00%, 11/15/28    9,600     7,770,240
(NPFG), Escrowed to Maturity, 0.00%, 11/15/26    1,115     1,014,549
(NPFG), Escrowed to Maturity, 0.00%, 11/15/28      400       345,692
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34    3,500     2,317,385
      $   27,043,392
Insured - Special Tax Revenue — 2.7%
Illinois Sports Facilities Authority:      
(AMBAC), 0.00%, 6/15/25 $    750 $       693,548
(AMBAC), 0.00%, 6/15/26    2,380     2,135,312
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (BAM), 4.00%, 12/15/42    4,060     3,884,689
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39   14,500    18,139,790
Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.375%, 11/15/52    2,000     2,218,840
Tolomato Community Development District, FL:      
(AGM), 3.75%, 5/1/39    2,515     2,485,021
(AGM), 3.75%, 5/1/40    2,985     2,910,435
      $   32,467,635
 
10
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Insured - Transportation — 1.4%
Chicago, IL, (O'Hare International Airport):      
(AGM), 5.25%, 1/1/32 $  1,500 $     1,503,300
(AGM), 5.25%, 1/1/33      650       651,411
(AGM), 5.50%, 1/1/43    1,355     1,375,528
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37    6,665     3,360,293
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32    1,955     2,241,368
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30    9,440     7,496,776
      $   16,628,676
Insured - Water and Sewer — 0.7%
Jefferson County, AL, Sewer Revenue:      
(AGM), 0.00%, 10/1/27 $  2,155 $     1,744,731
(AGM), 0.00%, 10/1/28    3,965     3,007,373
(AGM), 0.00%, 10/1/29    3,035     2,151,360
(AGM), 0.00%, 10/1/30    2,580     1,705,045
      $    8,608,509
Lease Revenue/Certificates of Participation — 2.3%
Baltimore, MD, (Harbor Point), 5.00%, 6/1/51(1) $  1,600 $     1,566,880
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), Prerefunded to 12/1/23, 5.00%, 12/1/29(4)   10,875    11,106,094
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion):      
5.00%, 6/15/57    3,000     3,017,820
5.50%, 6/15/53    2,420     2,463,971
New Jersey Economic Development Authority, (School Facilities Construction):      
5.00%, 6/15/43      960     1,002,915
5.00%, 6/15/44    8,290     8,706,904
      $   27,864,584
Nursing Home — 0.0%(2)
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25 $    315 $       316,783
      $      316,783
Other Revenue — 3.8%
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 $ 31,130 $    29,729,150
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(5)    6,250     1,125,000
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51    2,940      3,127,484
Security Principal
Amount
(000's omitted)
Value
Other Revenue (continued)
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1) $  1,260 $     1,316,864
Military Installation Development Authority, UT, 4.00%, 6/1/41    1,500     1,246,635
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)    2,040     2,060,991
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37    5,465     5,796,999
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30      700       725,095
      $   45,128,218
Senior Living/Life Care — 10.6%
California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29(1) $    360 $       323,410
Atlantic Beach, FL, (Fleet Landing):      
5.00%, 11/15/37    7,945     7,945,556
5.00%, 11/15/38    1,000       998,840
California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/52      880       666,688
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37    3,250     3,142,847
Clackamas County Hospital Facility Authority, OR, (Mary's Woods at Marylhurst), 5.00%, 5/15/48      425       377,069
Clackamas County Hospital Facility Authority, OR, (Rose Villa):      
5.25%, 11/15/50      250       232,083
5.375%, 11/15/55      300       279,288
Colorado Health Facilities Authority, (Aberdeen Ridge):      
5.00%, 5/15/44    2,250     1,902,487
5.00%, 5/15/58    2,525     1,968,894
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37      750       743,985
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(1)    1,000       926,870
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32    1,600     1,539,472
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38    1,000       888,310
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38      125       125,043
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.):      
5.75%, 1/1/28      415       415,344
6.375%, 1/1/33      655       655,806
Howard County, MD, (Vantage House), 5.00%, 4/1/36    1,725     1,605,026
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41      400        355,912
 
11
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Senior Living/Life Care (continued)
Iowa Finance Authority, (Lifespace Communities, Inc.):      
4.125%, 5/15/38 $  1,500 $    1,236,795
5.00%, 5/15/43    2,750     2,438,397
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37    2,500     2,545,750
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):      
5.00%, 11/15/33(1)    1,550     1,645,526
5.00%, 11/15/38(1)    1,010     1,050,198
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.):      
5.00%, 10/1/37(1)    1,100     1,118,667
5.00%, 10/1/47(1)    1,280     1,267,379
5.00%, 10/1/57(1)    2,410     2,306,683
Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39      370       376,175
Massachusetts Development Finance Agency, (Salem Community Corp.), 5.125%, 1/1/40    1,020       959,983
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30(5)       25        17,750
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40    1,300     1,300,182
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48    9,045     8,304,124
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront):      
5.125%, 10/1/34    2,500     2,505,150
5.40%, 10/1/44    1,770     1,767,610
National Finance Authority, NH, (The Vista):      
5.25%, 7/1/39(1)      585       554,159
5.625%, 7/1/46(1)      555       529,637
5.75%, 7/1/54(1)    1,745     1,664,608
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37    6,320     6,183,362
New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52   15,000    15,040,200
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge):      
4.00%, 1/1/25    1,600     1,562,256
4.375%, 1/1/39    1,250     1,036,775
5.00%, 1/1/49    6,000     4,969,920
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37    1,675     1,742,067
North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/45    1,000        946,740
Security Principal
Amount
(000's omitted)
Value
Senior Living/Life Care (continued)
Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27(1) $  6,000 $     5,871,660
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56    1,835     1,402,068
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(1)      770       747,285
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1)    1,445     1,526,758
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30    1,945     1,889,023
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38    1,250     1,220,863
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks):      
6.625%, 11/15/41      725       711,551
6.75%, 11/15/51    3,250     3,106,967
6.875%, 11/15/55      200       193,046
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44    5,130     5,109,275
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(1)    3,350     2,985,252
Warren County, OH, (Otterbein Homes Obligated Group):      
5.00%, 7/1/39    1,975     2,005,672
5.50%, 7/1/39      500       506,210
Washington Housing Finance Commission, (Bayview Manor Homes):      
5.00%, 7/1/36(1)    1,500     1,363,035
5.00%, 7/1/46(1)    1,250     1,036,413
Washington Housing Finance Commission, (Horizon House):      
5.00%, 1/1/43(1)    4,000     4,003,240
5.00%, 1/1/48(1)    2,410     2,392,913
Washington Housing Finance Commission, (Transforming Age):      
5.00%, 1/1/44(1)    2,780     2,312,182
5.00%, 1/1/49(1)      695       559,246
      $  127,105,682
Special Tax Revenue — 9.7%
Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38 $  6,985 $     7,081,533
Conroe Local Government Corp., TX, (Conroe Convention Center Hotel):      
3.50%, 10/1/31(1)      685       597,649
5.00%, 10/1/50(1)    1,605      1,368,792
 
12
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Special Tax Revenue (continued)
Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39 $  2,000 $    2,031,540
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33      600       619,866
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36    4,090     4,125,869
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50      585       491,020
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(1)      900       920,772
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 6/15/50    5,000     5,080,850
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29    4,460     4,505,849
New River Community Development District, FL, (Capital Improvements):      
5.00%, 5/1/13(5)    1,005            10
5.75%, 5/1/38    1,105     1,114,846
New York City Transitional Finance Authority, NY, Future Tax Revenue:      
5.00%, 11/1/46(4)   10,000    11,178,100
5.50%, 11/1/45(4)   10,000    11,730,400
New York Dormitory Authority, Personal Income Tax Revenue:      
4.00%, 3/15/46    5,000     4,941,500
5.00%, 2/15/37(4)   10,000    10,418,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51    5,000     4,871,100
Puerto Rico Sales Tax Financing Corp.:      
0.00%, 7/1/46    6,880     1,897,848
0.00%, 7/1/51   11,000     2,299,110
4.329%, 7/1/40    4,995     4,794,301
5.00%, 7/1/58   21,175    20,915,394
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43    1,250     1,236,837
South Orange County Public Financing Authority, CA, (Ladera Ranch):      
5.00%, 8/15/31    1,500     1,517,055
5.00%, 8/15/33    1,000     1,010,870
5.00%, 8/15/34      450       454,748
South Village Community Development District, FL:      
3.50%, 5/1/32      790       792,481
3.625%, 5/1/35      485       483,157
3.75%, 5/1/38    1,010       975,014
4.875%, 5/1/35      500       501,855
5.00%, 5/1/38      100       100,288
Southern Hills Plantation I Community Development District, FL:      
Series A1, 5.80%, 5/1/35      993        908,425
Security Principal
Amount
(000's omitted)
Value
Special Tax Revenue (continued)
Southern Hills Plantation I Community Development District, FL:(continued)      
Series A2, 5.80%, 5/1/35 $    795 $       543,700
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35      490       412,556
Tolomato Community Development District, FL:      
3.00%, 5/1/32    1,540     1,339,076
3.25%, 5/1/40    2,865     2,230,918
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37    3,405     3,180,508
      $  116,671,837
Student Loan — 0.4%
New Jersey Higher Education Student Assistance Authority:      
(AMT), 4.00%, 12/1/30 $  1,795 $     1,800,654
(AMT), 4.75%, 12/1/43    2,765     2,765,415
      $    4,566,069
Transportation — 20.4%
Broward County, FL, Port Facilities Revenue, (AMT), 5.25%, 9/1/47 $  2,000 $     2,158,280
California Municipal Finance Authority, (HumanGood - California Obligated Group), (AMT), 5.00%, 6/1/48    1,600     1,619,440
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43    7,000     7,151,480
Chesapeake Bay Bridge and Tunnel District, VA, (General Resolution), 5.00%, 7/1/51    4,000     4,074,720
Chicago, IL, (O'Hare International Airport):      
(AMT), 4.375%, 1/1/40    2,500     2,511,675
(AMT), 5.00%, 7/1/33      500       522,365
(AMT), 5.00%, 1/1/53    5,915     6,107,297
(AMT), 5.50%, 1/1/55(4)    4,000     4,361,600
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44    2,500     2,502,225
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29    7,000     7,110,250
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/53    8,385     8,891,035
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43    3,025     3,042,666
Hidalgo County Regional Mobility Authority, TX:      
4.00%, 12/1/39      340       324,282
4.00%, 12/1/40      400       379,168
4.00%, 12/1/41      400        376,700
 
13
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Transportation (continued)
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project):      
0.00%, 7/1/29 $  1,135 $      862,237
0.00%, 7/1/30      500       354,125
0.00%, 7/1/31    1,150       757,804
Prerefunded to 7/1/23, 0.00%, 7/1/28    2,690     1,952,671
Metropolitan Nashville Airport Authority, TN, (AMT), 5.50%, 7/1/52    3,500     3,853,150
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55   11,500    11,955,285
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/35    5,000     5,159,850
New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47    9,100     9,875,411
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34    5,000     5,059,750
New Jersey Transportation Trust Fund Authority, (Transportation Program):      
4.00%, 6/15/39    3,150     3,159,639
4.00%, 6/15/50    5,000     4,761,250
5.50%, 6/15/50    1,750     1,936,918
New Jersey Turnpike Authority, 5.00%, 1/1/48(4)    5,000     5,320,950
New York Thruway Authority, 4.00%, 1/1/45    7,770     7,607,762
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):      
(AMT), 5.00%, 7/1/46    9,435     9,440,944
(AMT), 5.25%, 1/1/50    7,520     7,542,109
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):      
(AMT), 4.00%, 12/1/39      300       284,856
(AMT), 4.00%, 12/1/41      150       139,317
(AMT), 5.00%, 12/1/29    4,700     5,146,876
(AMT), 5.00%, 12/1/31    8,050     8,991,125
North Texas Tollway Authority, 4.125%, 1/1/40    7,500     7,616,775
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One):      
(AMT), 5.25%, 6/30/53    3,000     3,156,150
(AMT), 5.75%, 6/30/48    9,750    10,814,602
(AMT), 6.00%, 6/30/61    5,000     5,556,200
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(4)   12,080    12,218,195
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/50    4,710     4,945,217
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47    7,360     7,574,986
South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/42    6,500      6,660,550
Security Principal
Amount
(000's omitted)
Value
Transportation (continued)
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35 $    375 $       397,924
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58   10,975    11,124,589
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42    5,000     5,080,800
Texas Transportation Commission, (State Highway System):      
0.00%, 8/1/36      550       293,084
0.00%, 8/1/46    2,500       736,675
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51(4)    7,000     7,647,360
Virginia Small Business Financing Authority, (Transform 66 P3 Project):      
(AMT), 4.00%, 1/1/40    3,220     3,079,672
(AMT), 5.00%, 12/31/52   12,500    12,518,875
      $  244,716,866
Water and Sewer — 0.5%
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33 $  1,905 $     1,958,511
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/52(4)    3,000     3,426,420
      $    5,384,931
Total Tax-Exempt Municipal Obligations
(identified cost $1,187,554,928)
    $1,190,716,999
    
Taxable Municipal Obligations — 5.4%
Security Principal
Amount
(000's omitted)
Value
Cogeneration — 0.0%(2)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23 $    230 $        41,343
      $       41,343
Education — 0.3%
California Municipal Finance Authority, (Albert Einstein Academies):      
4.35%, 8/1/38(1) $  1,100 $       860,541
4.50%, 8/1/43(1)    1,500      1,082,040
 
14
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Education (continued)
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 $  1,750 $     1,332,923
      $    3,275,504
Escrowed/Prerefunded — 0.9%
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42 $ 10,316 $    10,877,500
      $   10,877,500
General Obligations — 1.1%
Atlantic City, NJ, 7.50%, 3/1/40 $  5,440 $     6,443,843
Chicago, IL, 7.75%, 1/1/42    4,356     4,467,339
Detroit, MI:      
3.11%, 4/1/28      830       732,774
3.344%, 4/1/30      125       106,604
3.644%, 4/1/34      500       411,260
Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43    2,685     1,188,246
      $   13,350,066
Hospital — 1.5%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 $ 12,750 $    13,027,822
Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47    6,000     4,971,060
      $   17,998,882
Insured - General Obligations — 0.4%
Detroit, MI, (AMBAC), 5.15%, 4/1/25 $  4,779 $     4,727,867
Elmwood Park, IL, (AGM), 2.544%, 12/1/36      355       273,616
      $    5,001,483
Special Tax Revenue — 0.6%
American Samoa Economic Development Authority:      
2.47%, 9/1/24(1) $    475 $       452,148
3.72%, 9/1/27(1)    1,115     1,006,410
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands):      
4.80%, 3/1/36    3,000     2,588,820
5.25%, 3/1/31    2,910     2,773,405
      $    6,820,783
Security Principal
Amount
(000's omitted)
Value
Transportation — 0.6%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(6) $  7,375 $     7,573,166
      $    7,573,166
Total Taxable Municipal Obligations
(identified cost $64,366,790)
    $   64,938,727
Total Investments — 106.8%
(identified cost $1,278,308,918)
    $1,279,062,584
Other Assets, Less Liabilities — (6.8)%     $   (81,368,964)
Net Assets — 100.0%     $1,197,693,620
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2023, the aggregate value of these securities is $151,096,835 or 12.6% of the Fund's net assets.
(2) Amount is less than 0.05%.
(3) Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.
(4) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
(5) Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy.
(6) Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.
At January 31, 2023, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:
 Texas 13.3%
 Illinois 12.7%
 New York 12.6%
 Others, representing less than 10% individually 66.2%
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2023, 9.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 3.8% of total investments.
 
15
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Portfolio of Investments — continued

Futures Contracts
Description Number of
Contracts
Position Expiration
Date
Notional
Amount
Value/Unrealized
Appreciation
(Depreciation)
Interest Rate Futures          
U.S. 10-Year Treasury Note (175) Short 3/22/23 $(20,040,234) $ (211,906)
U.S. Long Treasury Bond (112) Short 3/22/23 (14,546,000) (248,831)
          $(460,737)
Abbreviations:
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.
BAM – Build America Mutual Assurance Co.
NPFG – National Public Finance Guarantee Corp.
PSF – Permanent School Fund
16
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Statement of Assets and Liabilities

  January 31, 2023
Assets   
Unaffiliated investments, at value (identified cost $1,278,308,918) $ 1,279,062,584
Cash 34,804
Deposits for derivatives collateral — futures contracts 871,497
Interest receivable 13,597,577
Receivable for investments sold 1,882,356
Receivable for Fund shares sold 3,978,475
Receivable from affiliate 11,553
Total assets $1,299,438,846
Liabilities  
Payable for floating rate notes issued $ 91,915,598
Demand note payable 290,000
Payable for investments purchased 3,814,768
Payable for Fund shares redeemed 3,469,288
Payable for variation margin on open futures contracts 51,514
Distributions payable 593,553
Payable to affiliates:  
 Investment adviser fee 431,677
Distribution and service fees 110,343
Interest expense and fees payable 644,314
Accrued expenses 424,171
Total liabilities $ 101,745,226
Net Assets $1,197,693,620
Sources of Net Assets  
Paid-in capital $ 1,324,114,280
Accumulated loss (126,420,660)
Net Assets $1,197,693,620
Class A Shares  
Net Assets $ 306,809,428
Shares Outstanding 37,656,057
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 8.15
Maximum Offering Price Per Share
(100 ÷ 96.75 of net asset value per share)
$ 8.42
Class C Shares  
Net Assets $ 53,672,231
Shares Outstanding 7,122,633
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)
$ 7.54
Class I Shares  
Net Assets $ 802,994,405
Shares Outstanding 98,452,078
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 8.16
17
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Statement of Assets and Liabilities — continued

  January 31, 2023
Class W Shares  
Net Assets $34,217,556
Shares Outstanding 4,196,142
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 8.15
On sales of $100,000 or more, the offering price of Class A shares is reduced.
* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.
18
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Statement of Operations

  Year Ended
  January 31, 2023
Investment Income  
Interest income $ 54,809,912
Total investment income  $ 54,809,912
Expenses  
Investment adviser fee $ 5,376,769
Distribution and service fees:  
Class A 835,530
Class C 632,554
Trustees’ fees and expenses 91,968
Custodian fee 286,916
Transfer and dividend disbursing agent fees 450,568
Legal and accounting services 163,545
Printing and postage 59,037
Registration fees 98,876
Interest expense and fees 1,620,290
Miscellaneous 144,931
Total expenses $ 9,760,984
Deduct:  
Reimbursement of investment adviser fee — Class W $ 71,618
Total expense reductions $ 71,618
Net expenses $ 9,689,366
Net investment income $ 45,120,546
Realized and Unrealized Gain (Loss)  
Net realized gain (loss):  
Investment transactions $ (77,444,281)
Futures contracts 6,166,692
Net realized loss $ (71,277,589)
Change in unrealized appreciation (depreciation):  
Investments $ (79,702,938)
Futures contracts (951,400)
Net change in unrealized appreciation (depreciation) $ (80,654,338)
Net realized and unrealized loss $(151,931,927)
Net decrease in net assets from operations $(106,811,381)
19
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Statements of Changes in Net Assets

  Year Ended January 31,
  2023 2022
Increase (Decrease) in Net Assets    
From operations:    
Net investment income $ 45,120,546 $ 49,317,836
Net realized gain (loss) (71,277,589) 1,422,237
Net change in unrealized appreciation (depreciation) (80,654,338) (49,612,939)
Net increase (decrease) in net assets from operations $ (106,811,381) $ 1,127,134
Distributions to shareholders:    
Class A $ (12,459,627) $ (12,582,413)
Class C (1,876,321) (2,056,099)
Class I (33,694,504) (34,798,742)
Class W (764,048) (1,745) (1)
Total distributions to shareholders $ (48,794,500) $ (49,438,999)
Transactions in shares of beneficial interest:    
Class A $ (65,175,033) $ 6,265,917
Class C (21,039,817) (12,390,847)
Class I (153,802,108) 101,468,938
Class W 34,116,812 310,119 (1)
Net increase (decrease) in net assets from Fund share transactions $ (205,900,146) $ 95,654,127
Net increase (decrease) in net assets $ (361,506,027) $ 47,342,262
Net Assets    
At beginning of year $ 1,559,199,647 $ 1,511,857,385
At end of year $1,197,693,620 $1,559,199,647
(1) For the period from the commencement of operations, October 1, 2021, to January 31, 2022.
20
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Financial Highlights

  Class A
  Year Ended January 31,
  2023 2022 2021 2020 2019
Net asset value — Beginning of year $ 9.080 $ 9.360 $ 9.380 $ 8.830 $ 8.880
Income (Loss) From Operations          
Net investment income(1) $ 0.284 $ 0.281 $ 0.303 $ 0.327 $ 0.345
Net realized and unrealized gain (loss) (0.905) (0.279) (0.008) (2) 0.590 (0.059)
Total income (loss) from operations $ (0.621) $ 0.002 $ 0.295 $ 0.917 $ 0.286
Less Distributions          
From net investment income $ (0.309) $ (0.282) $ (0.315) $ (0.367) $ (0.336)
Total distributions $ (0.309) $ (0.282) $ (0.315) $ (0.367) $ (0.336)
Net asset value — End of year $ 8.150 $ 9.080 $ 9.360 $ 9.380 $ 8.830
Total Return(3) (6.80)% (0.02)% 3.31% 10.55% 3.29%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $306,809 $412,905 $419,256 $427,334 $350,923
Ratios (as a percentage of average daily net assets):          
Expenses excluding interest and fees 0.78% 0.73% 0.76% 0.76% 0.79%
Interest and fee expense(4) 0.13% 0.03% 0.06% 0.13% 0.17%
Total expenses 0.91% 0.76% 0.82% 0.89% 0.96%
Net investment income 3.44% 3.01% 3.35% 3.57% 3.92%
Portfolio Turnover 53% 22% 54% 23% 32%
(1) Computed using average shares outstanding.
(2) The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.
(3) 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.
(4) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
21
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Financial Highlights — continued

  Class C
  Year Ended January 31,
  2023 2022 2021 2020 2019
Net asset value — Beginning of year $ 8.400 $ 8.660 $ 8.680 $ 8.170 $ 8.210
Income (Loss) From Operations          
Net investment income(1) $ 0.205 $ 0.195 $ 0.219 $ 0.239 $ 0.252
Net realized and unrealized gain (loss) (0.837) (0.259) (0.011) (2) 0.551 (0.042)
Total income (loss) from operations $ (0.632) $ (0.064) $ 0.208 $ 0.790 $ 0.210
Less Distributions          
From net investment income $ (0.228) $ (0.196) $ (0.228) $ (0.280) $ (0.250)
Total distributions $ (0.228) $ (0.196) $ (0.228) $ (0.280) $ (0.250)
Net asset value — End of year $ 7.540 $ 8.400 $ 8.660 $ 8.680 $ 8.170
Total Return(3) (7.49)% (0.78)% 2.52% 9.80% 2.60%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $53,672 $82,817 $97,724 $139,608 $126,049
Ratios (as a percentage of average daily net assets):          
Expenses excluding interest and fees 1.53% 1.48% 1.51% 1.51% 1.54%
Interest and fee expense(4) 0.13% 0.03% 0.06% 0.13% 0.17%
Total expenses 1.66% 1.51% 1.57% 1.64% 1.71%
Net investment income 2.68% 2.26% 2.63% 2.82% 3.10%
Portfolio Turnover 53% 22% 54% 23% 32%
(1) Computed using average shares outstanding.
(2) The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.
(3) 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.
(4) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
22
See Notes to Financial Statements.


Eaton Vance
High Yield Municipal Income Fund
January 31, 2023
Financial Highlights — continued

  Class I
  Year Ended January 31,
  2023 2022 2021 2020 2019
Net asset value — Beginning of year $ 9.090 $ 9.370 $ 9.390 $ 8.840 $ 8.880
Income (Loss) From Operations          
Net investment income(1) $ 0.305 $ 0.304 $ 0.326 $ 0.349 $ 0.364
Net realized and unrealized gain (loss) (0.905) (0.279) (0.009) (2) 0.590 (0.046)
Total income (loss) from operations $ (0.600) $ 0.025 $ 0.317 $ 0.939 $ 0.318
Less Distributions          
From net investment income $ (0.330) $ (0.305) $ (0.337) $ (0.389)