Eaton Vance Investment Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-04443

Eaton Vance Investment Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

March 31

Date of Fiscal Year End

March 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Floating-Rate Municipal Income Fund

Annual Report

March 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up fore-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Annual Report March 31, 2019

Eaton Vance

Floating-Rate Municipal Income Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	21
Federal Tax Information	22
Management and Organization	23
Important Notices	26

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Viewed as a whole, the12-month period that began on April 1, 2018 was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 5.38%.

The period was marked by a flattening of the municipal bond yield curve.⁷ Rates declined across the curve, but declined more for bonds with maturities of 4 years and longer than for bonds with shorter1-3 year maturities. Lower-rated⁶ bonds generally outperformed higher-rated issues during the period and municipal bonds outperformed comparable U.S. Treasurys. But while the fiscal year overall was positive for municipal bond performance, investors endured considerable volatility during the12-month period.

As the fiscal year began in April 2018, the municipal bond market was at the tail end of a period of rising rates, driven by signs of increasing inflation, higher wage growth and fears that recently-passed tax legislation might overheat the economy. In an effort to blunt upward pressure on inflation, the U.S. Federal Reserve Board (the Fed) announced its second rate hike of 2018 in June. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked rates again and both U.S. Treasury and municipal rates rose across the curve.

In October 2018, a strong U.S. employment report and easing concerns over Italy’s national budget continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a looming government shutdown and dovish comments by the Fed that led investors to fear weakness in the U.S. economy, driving credit spreads wider and the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in the final month of 2018.

The first two months of the new year, in contrast, were a relatively quiet period for bonds. The final month

of the period, however, saw rates decline across the curve, in a dramatic reversal of the market’s direction at the beginning of the period. Driven initially by an unexpectedly weak February jobs report issued in early March, the rate decline was accelerated by reports of slowing gross domestic product growth in China and Germany as well as Brexit uncertainty. Downward pressure on rates appeared to culminate on March 20, 2019, when the Fed issued comments that were more dovish than the market had expected — leading many investors to conclude that further rate hikes were off the table for the rest of 2019.

Fund Performance

For the12-month period ended March 31, 2019, Eaton Vance Floating-Rate Municipal Income Fund (the Fund) Class A shares at net asset value (NAV) returned 1.49%, underperforming the 2.18% return of the Fund’s benchmark, the Bloomberg Barclays 1 Year Municipal Bond Index (the Index).

The Fund invests primarily in municipal obligations that are exempt from regular federal income tax and municipal floating-rate obligations or fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate. Management did not employ any fixed-rate to floating-rate swaps during the period.

Detractors from Fund performance versus the Index during the period included security selection in the transportation sector, holdings in bonds with less than one year remaining to maturity, which were not represented in the Index and an overweight in municipal variable rate demand obligation securities. In contrast, contributors to results relative to the Index included an overweight in the hospital sector, an overweight inA-rated securities and an underweight in prerefunded, or escrowed, bonds, which were the worst-performing sector in the Index during the period.

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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

2

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Performance^2,3

Portfolio Managers Craig R. Brandon, CFA and Adam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		05/29/1992		1.49	%		0.71	%		2.31	%
Class A with 2.25% Maximum Sales Charge		—		—		–0.83			0.25			2.08
Class I at NAV		08/03/2010		05/29/1992		1.75			0.86			2.44
Bloomberg Barclays 1 Year Municipal Bond Index		—		—		2.18	%		0.94	%		1.14	%
% Total Annual Operating Expense Ratios								Class A			Class I
									0.60	%		0.45	%
% Distribution Rates/Yields4								Class A			Class I
Distribution Rate									1.56	%		1.71	%
Taxable-Equivalent Distribution Rate									2.64			2.89
SEC30-day Yield									1.36			1.53
Taxable-Equivalent SEC30-day Yield									2.30			2.59

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 Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class I	$	250,000		03/31/2009	$	318,263		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. 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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

3

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Fund Profile

Credit Quality (% of total investments)⁶

* Amount is less than 0.05%.

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Endnotes and Additional Disclosures

¹ 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.

² Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from1-2 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.

³ 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.

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 I is linked to Class A. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

Effective August 19, 2013, the Fund changed its investment objective and policies. Prior to August 19, 2013, the Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years. Performance prior to August 19, 2013 reflects the Fund’s performance under its former investment objective and policies.

⁴ Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵ 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 astax-exempt income, qualified andnon-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 form1099-DIV and provided to the shareholder shortly after eachyear-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 lowertax-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 a30-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.

⁶ 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.

⁷ Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profile subject to change due to active management.

5

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

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 (October 1, 2018 – March 31, 2019).

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) or redemption fees (if applicable). 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 (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,006.90	$	3.00	**		0.60	%
Class I	$	1,000.00	$	1,008.70	$	2.25	**		0.45	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.90	$	3.02	**		0.60	%
Class I	$	1,000.00	$	1,022.70	$	2.27	**		0.45	%

* 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 182/365 (to reflect theone-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 September 30, 2018.

** Absent an allocation of certain expenses to affiliates, expenses would be higher.

6

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 100.1%
Security	Principal Amount (000’s omitted)		Value
Education — 11.0%
California Infrastructure and Economic Development Bank, (The Colburn School), 2.50%, (SIFMA + 1.00%), 6/1/20 (Put Date), 8/1/37(1)	$	2,000	$	2,009,240
California Infrastructure and Economic Development Bank, (The Colburn School), 2.70%, (SIFMA + 1.20%), 6/1/22 (Put Date), 8/1/37(1)		20,000		20,407,000
Colorado School of Mines, 2.168%, (67% of 1 mo. USD LIBOR + 0.50%), 2/1/23(1)		2,955		2,958,842
Lehigh County General Purpose Authority, PA, (Muhlenberg College), 2.08%, (SIFMA + 0.58%), 11/1/24 (Put Date), 11/1/37(1)		4,000		4,002,800
Montana State University, 1.95%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(1)		1,830		1,830,897
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: State Street Bank and Trust Company), 1.37%, 7/1/33(2)		5,170		5,170,000
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: Wells Fargo Bank, N.A.), 1.48%, 7/1/33(2)		5,000		5,000,000
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 2.169%, (70% of 1 mo. USD LIBOR + 0.42%), 4/1/22 (Put Date), 10/1/44(1)		6,750		6,748,852
Pennsylvania Higher Educational Facilities Authority, (Messiah College), 2.20% to 11/1/21 (Put Date), 11/1/31		1,850		1,839,196
University of Cincinnati, OH, 2.014%, (67% of 1 mo. USD LIBOR + 0.34%), 6/1/20(1)		3,000		2,999,880
University of Michigan, 1.77%, (SIFMA + 0.27%), 4/1/22 (Put Date), 4/1/33(1)		3,475		3,460,683
University of North Carolina at Chapel Hill, 2.018%, (67% of 1 mo. USD LIBOR + 0.35%), 12/9/21 (Put Date), 12/1/41(1)		5,000		5,004,150
University of North Carolina at Chapel Hill, 2.068%, (67% of 1 mo. USD LIBOR + 0.40%), 11/9/22 (Put Date), 12/1/41(1)		11,400		11,373,438
University of Pittsburgh, 1.74%, (SIFMA + 0.24%), 9/15/21(1)		2,000		1,996,600
West Virginia University, 2.03%, (SIFMA + 0.53%), 10/1/19 (Put Date), 10/1/41(1)		4,500		4,500,360
			$	79,301,938
Electric Utilities — 3.1%
California Municipal Finance Authority, (Anaheim System District), 1.85%, (SIFMA + 0.35%), 12/1/20 (Put Date), 10/1/45(1)	$	4,300	$	4,296,087
Long Island Power Authority, NY, Electric System Revenue, 2.493%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1)		10,750		10,775,155
Oklahoma Municipal Power Authority, 2.30%, (SIFMA + 0.80%), 1/1/23(1)		6,550		6,531,267

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Seattle, WA, Municipal Light and Power Revenue, 1.99%, (SIFMA + 0.49%), 11/1/23 (Put Date), 11/1/46(1)	$	1,000	$	1,000,310
			$	22,602,819
General Obligations — 14.5%
Bethlehem Area School District Authority, PA, 2.237%, (70% of 1 mo. USD LIBOR + 0.49%), 11/1/21 (Put Date), 1/1/30(1)	$	7,970	$	7,963,544
Bethlehem Area School District Authority, PA, 2.227%, (70% of 1 mo. USD LIBOR + 0.48%), 11/1/21 (Put Date), 7/1/31(1)		2,000		1,997,840
California, 2.443%, (70% of 1 mo. USD LIBOR + 0.70%), 12/1/20 (Put Date), 12/1/28(1)		3,450		3,464,283
California, 1.93%, (SIFMA + 0.43%), 12/3/18 (Put Date), 12/1/29(1)		6,500		6,521,645
Connecticut, 2.13%, (SIFMA + 0.63%), 3/1/20(1)		1,000		1,003,230
Connecticut, 2.25%, (SIFMA + 0.75%), 3/1/21(1)		275		276,356
Connecticut, 2.35%, (SIFMA + 0.85%), 3/1/22(1)		700		705,558
Connecticut, 2.52%, (SIFMA + 1.02%), 8/15/20(1)		3,000		3,028,920
Delaware Valley Regional Finance Authority, PA, 2.428%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(1)		13,000		12,915,500
Delaware Valley Regional Finance Authority, PA, 2.03%, (SIFMA + 0.53%), 9/1/23 (Put Date), 9/1/48(1)		9,100		9,103,913
Everett, WA, 1.90%, (SIFMA + 0.40%), 12/1/19 (Put Date), 12/1/34(1)		1,335		1,335,067
Illinois, 5.00%, 8/1/19		3,000		3,029,490
Illinois, 5.00%, 12/1/19		1,000		1,019,730
Illinois, 5.00%, 8/1/20		3,000		3,102,240
Lake County Forest Preserve District, IL, 2.229%, (67% of 3 mo. USD LIBOR + 0.48%), 12/15/20(1)		4,185		4,190,608
Manheim Township School District, PA, 2.163%, (68% of 1 mo. USD LIBOR + 0.47%), 11/1/21 (Put Date), 5/1/25(1)		3,400		3,418,428
Massachusetts, 2.383%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(1)		11,400		11,389,854
Massachusetts, 2.10%, (SIFMA + 0.60%), 2/1/20(1)		7,500		7,510,500
Mississippi, 1.998%, (67% of 1 mo. USD LIBOR + 0.33%), 9/1/20 (Put Date), 9/1/27(1)		2,745		2,745,466
New York, NY, (SPA: JPMorgan Chase Bank, N.A.), 1.50%, 1/1/36(2)		10,585		10,585,000
New York, NY, (SPA: JPMorgan Chase Bank, N.A.), 1.50%, 8/1/38(2)		4,800		4,800,000
Texas, (Texas Transportation Commission), 1.88%, (SIFMA + 0.38%), 10/1/21 (Put Date), 10/1/41(1)		4,500		4,488,930
			$	104,596,102

7 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 20.4%
Allen County, OH, (Mercy Health), 2.25%, (SIFMA + 0.75%), 5/1/20 (Put Date), 11/1/35(1)	$	1,250	$	1,251,225
Arizona Health Facilities Authority, (Phoenix Children’s Hospital), 3.35%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(1)		7,500		7,814,700
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 2.10%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(1)		5,000		5,000,400
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), (SPA: JPMorgan Chase Bank, N.A.), 1.43%, 1/15/48(2)		2,800		2,800,000
Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 1.47%, 1/15/37(2)		5,000		5,000,000
Colorado Health Facilities Authority, (Valley View Hospital Association), 2.80% to 5/15/23 (Put Date), 5/15/42		3,000		3,067,890
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Corp.), 2.643%, (68% of 1 mo. USD LIBOR + 0.95%), 7/1/20 (Put Date), 7/1/49(1)		1,000		1,001,990
Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 2.218%, (67% of 1 mo. USD LIBOR + 0.55%), 7/1/19 (Put Date), 7/1/49(1)		8,435		8,435,337
Gainesville and Hall County Hospital Authority, GA, (Northeast Georgia Health System, Inc.), 2.45%, (SIFMA + 0.95%), 2/18/20 (Put Date), 8/15/35(1)		8,400		8,405,040
Geisinger Authority, PA, (Geisinger Health System Foundation), 2.746%, (67% of 1 mo. USD LIBOR + 1.07%), 6/1/24 (Put Date), 6/1/28(1)		2,000		2,037,900
Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health System), 2.08%, (SIFMA + 0.58%), 12/1/19 (Put Date), 12/1/42(1)		5,000		5,003,600
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 2.25%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(1)		7,500		7,500,000
Indiana Finance Authority, (Parkview Health), 2.05%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(1)		7,000		7,003,640
Iowa Finance Authority, (Iowa Health System), 2.08%, (SIFMA + 0.58%), 1/4/24 (Put Date), 2/15/35(1)(3)		11,420		11,420,228
Irving Hospital Authority, TX, (Baylor Scott & White Medical Center - Irving), 2.60%, (SIFMA + 1.10%), 10/15/23 (Put Date), 10/15/44(1)		1,750		1,754,830
Louisiana Public Facilities Authority, (Louisiana Children’s Medical Center), 2.15%, (SIFMA + 0.65%), 9/1/23 (Put Date), 9/1/57(1)		10,000		10,004,900
Massachusetts Development Finance Agency, (Partners HealthCare System), 1.92%, (SIFMA + 0.42%), 1/27/22 (Put Date), 7/1/44(1)		10,000		9,962,100
Michigan Finance Authority, (McLaren Health Care), 2.097%, (68% of 1 mo. USD LIBOR + 0.40%), 10/15/21 (Put Date), 10/15/30(1)		965		964,566

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Michigan Finance Authority, (McLaren Health Care), 2.447%, (68% of 1 mo. USD LIBOR + 0.75%), 10/15/20 (Put Date), 10/15/38(1)	$	4,250	$	4,269,763
Michigan Finance Authority, (Trinity Health Credit Group), 2.212%, (67% of 1 mo. USD LIBOR + 0.54%), 12/1/20 (Put Date), 12/1/39(1)		5,100		5,111,628
Michigan Finance Authority, (Trinity Health Credit Group), 1.98%, (SIFMA + 0.48%), 2/1/22 (Put Date), 3/1/51(1)		5,000		4,999,800
Minneapolis, MN, (Fairview Health Services), (LOC: Wells Fargo Bank, N.A.), 1.48%, 11/15/48(2)		4,300		4,300,000
Montana Facility Finance Authority, (Billings Clinic Obligated Group), 2.05%, (SIFMA + 0.55%), 8/15/23 (Put Date), 8/15/37(1)		4,000		3,996,040
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University), 2.22%, (SIFMA + 0.72%), 9/1/23 (Put Date), 9/1/51(1)		10,500		10,505,775
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 2.783%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(1)		2,000		2,006,940
Phoenix Industrial Development Authority, AZ, (Mayo Clinic), (SPA: Wells Fargo Bank, N.A.), 1.46%, 11/15/52(2)		1,500		1,500,000
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(4)		7,500		7,503,000
Washington Health Care Facilities Authority, (Catholic Health Initiatives), 2.50%, (SIFMA + 1.00%), 1/1/21 (Put Date), 1/1/35(1)		3,000		3,007,080
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 2.05%, (SIFMA + 0.55%), 7/26/23 (Put Date), 8/15/54(1)		1,000		997,710
			$	146,626,082
Housing — 7.1%
Massachusetts Housing Finance Agency, 2.092%, (70% of 1 mo. USD LIBOR + 0.35%), 6/1/21 (Put Date), 12/1/48(1)	$	4,000	$	4,002,960
Massachusetts Housing Finance Agency, (Mill Road Apartments), 2.05%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(1)		4,000		4,000,000
Massachusetts Housing Finance Agency, (Single Family Housing), 1.83%, (SIFMA + 0.33%), 12/1/21 (Put Date), 12/1/48(1)		3,775		3,774,962
Minnesota Housing Finance Agency, 1.93%, (SIFMA + 0.43%), 7/3/23 (Put Date), 1/1/45(1)		10,000		9,959,900
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.05%, (SIFMA + 0.55%), 12/12/23 (Put Date), 7/1/41(1)		10,000		10,001,700
North Dakota Housing Finance Agency, 1.90%, (SIFMA + 0.40%), 2/1/22 (Put Date), 1/1/43(1)		5,000		4,999,800

8 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Pennsylvania Housing Finance Agency, 2.347%, (70% of 1 mo. USD LIBOR + 0.60%), 6/1/23 (Put Date), 10/1/45(1)	$	5,000	$	5,019,450
Pennsylvania Housing Finance Agency, SFMR, 2.317%, (70% of 1 mo. USD LIBOR + 0.57%), 10/1/23 (Put Date), 10/1/47(1)		2,440		2,444,636
Washington Housing Finance Commission, 2.05%, (SIFMA + 0.55%), 10/1/23 (Put Date), 12/1/48(1)		7,000		7,003,780
			$	51,207,188
Industrial Development Revenue — 4.2%
California Pollution Control Financing Authority, (Republic Services, Inc.), (AMT), 2.30% to 4/15/19 (Put Date), 11/1/42(3)	$	4,250	$	4,250,255
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 2.125% to 11/1/19 (Put Date), 11/1/41		1,000		1,002,110
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 2.30%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(1)		5,000		4,999,950
National Finance Authority, NH, (Waste Management, Inc.), (AMT), 2.25%, (SIFMA + 0.75%), 10/1/21 (Put Date), 10/1/33(1)		6,750		6,733,125
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.00% to 10/1/19 (Put Date), 4/1/29(3)		165		165,970
Pennsylvania Economic Development Financing Authority, PA, (Waste Management, Inc.), (AMT), 2.25% to 7/1/19 (Put Date), 7/1/41		2,500		2,500,675
Sussex County Industrial Development Authority, VA, (Atlantic Waste Disposal, Inc.), (AMT), 2.375% to 5/1/19 (Put Date), 6/1/28		1,500		1,500,810
Whiting, IN, (BP Products North America, Inc.), (AMT), 2.25%, (SIFMA + 0.75%), 12/2/19 (Put Date), 12/1/44(1)		9,000		9,004,680
			$	30,157,575
Insured – General Obligations — 0.8%
Allegheny County, PA, (AGM), 2.383%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/26(1)	$	5,860	$	5,846,346
			$	5,846,346
Insured – Lease Revenue / Certificates of Participation — 1.7%
Kentucky Asset/Liability Commission, (NPFG), 2.353%, (67% of 3 mo. USD LIBOR + 0.52%), 11/1/21(1)	$	12,000	$	11,983,320
			$	11,983,320

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation — 0.4%
Metropolitan Transportation Authority, NY, (AGM), 2.018%, (69% of 1 mo. USD LIBOR + 0.30%), 4/1/21 (Put Date), 11/1/32(1)	$	1,500	$	1,496,670
Metropolitan Transportation Authority, NY, (AGM), 2.398%, (69% of 1 mo. USD LIBOR + 0.68%), 4/6/21 (Put Date), 11/1/32(1)		1,250		1,256,463
			$	2,753,133
Insured – Water and Sewer — 0.7%
Pittsburgh Water and Sewer Authority, PA, (AGM), 2.39%, (70% of 1 mo. USD LIBOR + 0.64%), 12/1/20 (Put Date), 9/1/40(1)	$	5,000	$	5,002,750
			$	5,002,750
Lease Revenue / Certificates of Participation — 0.3%
New Jersey Economic Development Authority, (School Facilities Construction), 3.05%, (SIFMA + 1.55%), 9/1/27(1)	$	2,000	$	1,992,380
			$	1,992,380
Other Revenue — 12.8%
Black Belt Energy Gas District, AL, 2.12%, (SIFMA + 0.62%), 12/1/23 (Put Date), 12/1/48(1)	$	20,000	$	20,000,000
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 2.123%, (70% of 1 mo. USD LIBOR + 0.38%), 8/1/21 (Put Date), 8/1/47(1)		10,000		10,002,600
California Infrastructure and Economic Development Bank, (Museum Associates), 2.399%, (70% of 1 mo. USD LIBOR + 0.65%), 2/1/21 (Put Date), 12/1/50(1)		3,000		3,010,290
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), Series 2011A 3, 2.208%, (70% of 3 mo. USD LIBOR + 0.37%), 4/1/20 (Put Date), 4/1/38(1)		5,500		5,506,930
Lancaster Port Authority, OH, Gas Supply Revenue, (SPA: Royal Bank of Canada), 2.288%, (67% of 1 mo. USD LIBOR + 0.62%), 8/1/19(1)		1,700		1,700,221
Lancaster Port Authority, OH, Gas Supply Revenue, (SPA: Royal Bank of Canada), 2.388%, (67% of 1 mo. USD LIBOR + 0.72%), 8/1/19 (Put Date), 5/1/38(1)		4,480		4,480,807
New Mexico Municipal Energy Acquisition Authority, (SPA: Royal Bank of Canada), 2.418%, (67% of 1 mo. USD LIBOR + 0.75%), 8/1/19 (Put Date), 11/1/39(1)		7,000		7,001,540
Northern California Gas Authority No. 1, Gas Project Revenue, 2.594%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(1)		4,000		3,891,840
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 2.528%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(1)		17,500		17,408,650

9 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Southeast Alabama Gas Supply District, (Project No. 2), 2.518%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(1)	$	5,000	$	4,901,550
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 2.772%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(1)		2,000		2,022,700
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 2.55%, (SIFMA + 1.05%), 7/3/23 (Put Date), 1/1/42(1)		12,000		12,193,320
			$	92,120,448
Special Tax Revenue — 1.8%
Central Puget Sound Regional Transit Authority, WA, Sales Tax and Motor Vehicle Tax Revenue, Green Bonds, 1.80%, (SIFMA + 0.30%), 11/1/21 (Put Date), 11/1/45(1)	$	3,000	$	2,998,980
Central Puget Sound Regional Transit Authority, WA, Sales Tax and Motor Vehicle Tax Revenue, Green Bonds, 1.95%, (SIFMA + 0.45%), 11/1/23 (Put Date), 11/1/45(1)		5,000		5,003,450
Contra Costa Transportation Authority, CA, Sales Tax Revenue, 1.992%, (70% of 1 mo. USD LIBOR + 0.25%), 9/1/21 (Put Date), 3/1/34(1)		5,000		5,003,750
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(5)		35		0
New River Community Development District, FL, (Capital Improvements), Series2010A-2, 5.75%, 5/1/38		60		58,840
Sterling Hill Community Development District, FL, (Capital Improvements), 5.10%, 5/1/11(5)		20		2,000
Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(5)		90		57,776
			$	13,124,796
Transportation — 15.2%
Bay Area Toll Authority, CA, (San Francisco Bay Area), 1.85%, (SIFMA + 0.35%), 4/1/20 (Put Date), 4/1/47(1)	$	5,000	$	5,002,200
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.10%, (SIFMA + 0.60%), 4/1/20 (Put Date), 4/1/34(1)		3,500		3,505,880
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.508%, (70% of 3 mo. USD LIBOR + 0.55%), 4/1/21 (Put Date), 4/1/45(1)		12,000		12,021,360
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 2.60%, (SIFMA + 1.10%), 4/1/24 (Put Date), 4/1/45(1)		3,775		3,876,397
Denver City and County, CO, Airport System Revenue, 2.602%, (70% of 1 mo. USD LIBOR + 0.86%), 11/15/19 (Put Date), 11/15/31(1)		7,645		7,651,192
E-470 Public Highway Authority, CO, 2.086%, (67% of 1 mo. USD LIBOR + 0.42%), 9/1/21 (Put Date), 9/1/39(1)		5,000		5,001,500

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Kansas Department of Transportation, 2.068%, (67% of 1 mo. USD LIBOR + 0.40%), 9/1/19(1)	$	7,000	$	7,005,880
Kansas Department of Transportation, 2.092%, (70% of 1 mo. USD LIBOR + 0.35%), 9/1/22(1)		3,000		3,000,360
Metropolitan Transportation Authority, NY, 2.08%, (SIFMA + 0.58%), 6/1/20 (Put Date), 11/15/39(1)		3,030		3,028,727
Metropolitan Transportation Authority, NY, 2.368%, (67% of 1 mo. USD LIBOR + 0.70%), 2/1/20 (Put Date), 11/1/31(1)		1,000		1,001,870
New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.50%, (SIFMA + 1.00%), 12/15/19 (Put Date), 6/15/34(1)		7,000		7,006,370
New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.70%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(1)		9,000		9,072,000
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 6/15/19		500		503,320
New Jersey Turnpike Authority, 2.203%, (70% of 1 mo. USD LIBOR + 0.46%), 1/1/21 (Put Date), 1/1/28(1)		2,000		2,004,040
New Jersey Turnpike Authority, 2.223%, (70% of 1 mo. USD LIBOR + 0.48%), 1/1/22(1)		7,000		7,020,930
New Jersey Turnpike Authority, 2.342%, (70% of 1 mo. USD LIBOR + 0.60%), 1/1/23(1)		3,000		3,020,190
North Texas Tollway Authority, 2.17%, (SIFMA + 0.67%), 1/1/20 (Put Date), 1/1/38(1)		6,600		6,597,096
Pennsylvania Turnpike Commission, 2.10%, (SIFMA + 0.60%), 12/1/23(1)		1,000		997,410
Pennsylvania Turnpike Commission, 2.20%, (SIFMA + 0.70%), 12/1/23(1)		5,000		4,992,850
Pennsylvania Turnpike Commission, 2.38%, (SIFMA + 0.88%), 12/1/20(1)		685		688,617
Pennsylvania Turnpike Commission, 2.48%, (SIFMA+ 0.98%), 12/1/21(1)		1,850		1,868,334
Pennsylvania Turnpike Commission, 2.77%, (SIFMA + 1.27%), 12/1/20(1)		2,450		2,473,912
Triborough Bridge and Tunnel Authority, NY, 2.108%, (67% of SOFR + 0.50%), 10/1/20 (Put Date), 11/15/38(1)		5,000		5,009,650
Triborough Bridge and Tunnel Authority, NY, 2.368%, (67% of 1 mo. USD LIBOR + 0.70%), 2/1/21 (Put Date), 1/1/32(1)		6,670		6,723,026
			$	109,073,111
Water and Sewer — 6.1%
California Department of Water Resources, (Central Valley Project), 1.87%, (SIFMA + 0.37%), 12/1/22 (Put Date), 12/1/35(1)	$	11,000	$	11,002,750
Charleston, SC, Waterworks and Sewer System Revenue, 2.119%, (70% of 1 mo. USD LIBOR + 0.37%), 1/1/22 (Put Date), 1/1/35(1)		5,000		5,000,150

10 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Houston, TX, Combined Utility System Revenue, 2.107%, (70% of 1 mo. USD LIBOR + 0.36%), 8/1/21 (Put Date), 5/15/34(1)	$	14,000	$	13,982,080
Houston, TX, Combined Utility System Revenue, 2.40%, (SIFMA + 0.90%), 5/1/20 (Put Date), 5/15/34(1)		2,500		2,507,175
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: JPMorgan Chase Bank, N.A.), 1.50%, 6/15/50(2)		8,000		8,000,000
Riverside, CA, Water System Revenue, 2.13%, (SIFMA + 0.63%), 1/15/20 (Put Date), 10/1/35(1)		3,285		3,287,135
			$	43,779,290
TotalTax-Exempt Municipal Securities — 100.1% (identified cost $719,878,063)			$	720,167,278
Other Assets, Less Liabilities — (0.1)%			$	(743,835	)
Net Assets — 100.0%			$	719,423,443

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

At March 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of total investments, is as follows:

California	14.9%
Pennsylvania	13.5%
Others, representing less than 10% individually	71.7%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2019, 3.6% of total investments are backed by bond insurance of various financial guaranty assurance agencies. The aggregate percentage insured by an individual financial guaranty assurance agency ranged from 1.7% to 1.9% of total investments.

⁽¹⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2019.

⁽²⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2019.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under 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 March 31, 2019, the aggregate value of these securities is $15,836,453 or 2.2% of the Fund’s net assets.

⁽⁴⁾  When-issued, floating rate security whose rate will be determined after March 31, 2019.

⁽⁵⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
NPFG	–	National Public Finance Guarantee Corp.
SFMR	–	Single Family Mortgage Revenue
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SOFR	–	Secured Overnight Financing Rate
SPA	–	Standby Bond Purchase Agreement
USD	–	United States Dollar

11 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Statement of Assets and Liabilities

Assets	March 31, 2019
Investments, at value (identified cost, $719,878,063)	$	720,167,278
Cash		3,699,198
Interest receivable		1,751,165
Receivable for investments sold		4,775,908
Receivable for Fund shares sold		2,283,796
Total assets	$	732,677,345
Liabilities
Payable for when-issued securities	$	7,500,908
Payable for Fund shares redeemed		5,189,285
Distributions payable		108,071
Payable to affiliates:
Investment adviser fee		217,424
Distribution and service fees		32,753
Other		69,953
Accrued expenses		135,508
Total liabilities	$	13,253,902
Net Assets	$	719,423,443
Sources of Net Assets
Paid-in capital	$	719,722,205
Accumulated loss		(298,762	)
Net Assets	$	719,423,443
Class A Shares
Net Assets	$	257,118,052
Shares Outstanding		26,154,163
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.83
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.06
Class I Shares
Net Assets	$	462,305,391
Shares Outstanding		47,003,427
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.84

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Fund’s prospectus), the offering price of Class A shares is reduced.

12 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Statement of Operations

Investment Income	Year Ended March 31, 2019
Interest	$	11,842,361
Total investment income	$	11,842,361
Expenses
Investment adviser fee	$	2,021,216
Distribution and service fees
Class A		306,720
Trustees’ fees and expenses		29,754
Custodian fee		143,011
Transfer and dividend disbursing agent fees		91,074
Legal and accounting services		45,522
Printing and postage		21,792
Registration fees		154,929
Miscellaneous		44,916
Total expenses	$	2,858,934
Deduct —
Allocation of expenses to affiliates	$	7,968
Total expense reductions	$	7,968
Net expenses	$	2,850,966
Net investment income	$	8,991,395
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(13,613	)
Net realized loss	$	(13,613	)
Change in unrealized appreciation (depreciation) —
Investments	$	(78,435	)
Net change in unrealized appreciation (depreciation)	$	(78,435	)
Net realized and unrealized loss	$	(92,048	)
Net increase in net assets from operations	$	8,899,347

13 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Statements of Changes in Net Assets

	Year Ended March 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	8,991,395		$	3,090,653
Net realized gain (loss)		(13,613	)		14,259
Net change in unrealized appreciation (depreciation)		(78,435	)		901,612
Net increase in net assets from operations	$	8,899,347		$	4,006,524
Distributions to shareholders(1) —
Class A	$	(3,054,326	)	$	(1,261,123	)
Class I		(5,931,059	)		(1,799,827	)
Total distributions to shareholders	$	(8,985,385	)	$	(3,060,950	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	172,086,367		$	114,618,373
Class I		397,937,660			192,156,345
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,867,329			1,113,527
Class I		5,289,081			1,650,689
Cost of shares redeemed
Class A		(78,336,104	)		(95,073,437	)
Class I		(183,790,295	)		(90,673,508	)
Net increase in net assets from Fund share transactions	$	316,054,038		$	123,791,989
Net increase in net assets	$	315,968,000		$	124,737,563
Net Assets
At beginning of year	$	403,455,443		$	278,717,880
At end of year	$	719,423,443		$	403,455,443	(2)

⁽¹⁾   For the year ended March 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange commission, effective November 5, 2018.

⁽²⁾  Includes accumulated distributions in excess of net investment income of $(38,364) at March 31, 2018. The requirement to disclose the corresponding amount as of March 31, 2019 was eliminated.

14 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Financial Highlights

	Class A
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.830		$	9.800		$	9.800		$	9.900		$	9.900
Income (Loss) From Operations
Net investment income(1)	$	0.147		$	0.090		$	0.064		$	0.053		$	0.039
Net realized and unrealized gain (loss)		(0.001	)		0.029			0.005			(0.099	)		0.022
Total income (loss) from operations	$	0.146		$	0.119		$	0.069		$	(0.046	)	$	0.061
Less Distributions
From net investment income	$	(0.146	)	$	(0.089	)	$	(0.069	)	$	(0.053	)	$	(0.041	)
From net realized gain		—			—			—			(0.001	)		(0.020	)
Total distributions	$	(0.146	)	$	(0.089	)	$	(0.069	)	$	(0.054	)	$	(0.061	)
Net asset value — End of year	$	9.830		$	9.830		$	9.800		$	9.800		$	9.900
Total Return(2)		1.49	%(3)		1.22	%		0.71	%		(0.46	)%		0.62	%(3)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	257,118		$	160,528		$	139,418		$	129,593		$	141,537
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.60	%(3)		0.60	%		0.63	%		0.61	%		0.65	%(3)
Net investment income		1.49	%		0.92	%		0.65	%		0.54	%		0.40	%
Portfolio Turnover		43	%		78	%		71	%		7	%		103	%

⁽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⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to less than 0.005% and 0.01% of average daily net assets for the years ended March 31, 2019 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

15 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Financial Highlights — continued

	Class I
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.830		$	9.800		$	9.800		$	9.910		$	9.910
Income (Loss) From Operations
Net investment income(1)	$	0.162		$	0.106		$	0.075		$	0.067		$	0.052
Net realized and unrealized gain (loss)		0.008			0.028			0.009			(0.108	)		0.024
Total income (loss) from operations	$	0.170		$	0.134		$	0.084		$	(0.041	)	$	0.076
Less Distributions
From net investment income	$	(0.160	)	$	(0.104	)	$	(0.084	)	$	(0.068	)	$	(0.056	)
From net realized gain		—			—			—			(0.001	)		(0.020	)
Total distributions	$	(0.160	)	$	(0.104	)	$	(0.084	)	$	(0.069	)	$	(0.076	)
Net asset value — End of year	$	9.840		$	9.830		$	9.800		$	9.800		$	9.910
Total Return(2)		1.75	%(3)		1.37	%		0.86	%		(0.41	)%		0.77	%(3)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	462,305		$	242,928		$	139,300		$	29,849		$	34,258
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.45	%(3)		0.45	%		0.48	%		0.46	%		0.50	%(3)
Net investment income		1.65	%		1.08	%		0.77	%		0.69	%		0.53	%
Portfolio Turnover		43	%		78	%		71	%		7	%		103	%

⁽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.

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to less than 0.005% and 0.01% of average daily net assets for the years ended March 31, 2019 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

16 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Floating-Rate Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents apro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

Fair Valuation. 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 the 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 — The Fund��s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, andtax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest and dividend income generated by its investments innon-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends.

As of March 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an

17

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Notes to Financial Statements — continued

express disclaimer of liability on the part of Fund shareholders and theBy-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, theBy-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase 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 Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-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.

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended March 31, 2019 and March 31, 2018 was as follows:

	Year Ended March 31,
	2019		2018
Tax-exempt income	$	8,980,835	$	3,060,950
Ordinary income	$	4,550	$	—

As of March 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributedtax-exempt income	$	38,976
Deferred capital losses	$	(576,786	)
Net unrealized appreciation	$	347,119
Distributions payable	$	(108,071	)

At March 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $576,786 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2019, $36,227 are short-term and $540,559 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	719,820,159
Gross unrealized appreciation	$	950,227
Gross unrealized depreciation		(603,108	)
Net unrealized appreciation	$	347,119

18

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Notes to Financial Statements — continued

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 the 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) and is payable monthly. The annual asset rate and daily income rate are 0.30% and 3.00%, respectively, on average daily net assets of up to $500 million, 0.275% and 2.75%, respectively, on average daily net assets of $500 million but less than $1 billion and at reduced rates on daily net assets of $1 billion or more. For the year ended March 31, 2019, the investment adviser fee amounted to $2,021,216 or 0.36% of the Fund’s average daily net assets. EVM and BMR have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.60% and 0.45% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after July 31, 2019. Pursuant to this agreement, EVM and BMR were allocated $7,968 in total of the Fund’s operating expenses for the year ended March 31, 2019.

EVM serves as the administrator of the Fund, but receives no compensation. EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the year ended March 31, 2019, EVM earned $2,637 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $3,605 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2019. EVD also received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with 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 year ended March 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays 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 the 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 0.15% per annum of the Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended March 31, 2019 amounted to $306,720 for Class A shares.

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

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $567,400,195 and $240,267,038, respectively, for the year ended March 31, 2019.

6  Shares of Beneficial Interest

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

	Year Ended March 31,
Class A	2019			2018
Sales		17,496,212			11,671,936
Issued to shareholders electing to receive payments of distributions in Fund shares		291,574			113,373
Redemptions		(7,964,003	)		(9,686,675	)
Net increase		9,823,783			2,098,634

19

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Notes to Financial Statements — continued

	Year Ended March 31,
Class I	2019			2018
Sales		40,442,178			19,549,731
Issued to shareholders electing to receive payments of distributions in Fund shares		537,451			168,018
Redemptions		(18,677,109	)		(9,230,968	)
Net increase		22,302,520			10,486,781

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended March 31, 2019.

8  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 March 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	720,167,278	$	—	$	720,167,278
Total Investments	$	—	$	720,167,278	$	—	$	720,167,278

20

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance Floating-Rate Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 17, 2019

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

21

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Federal Tax Information (Unaudited)

The Form1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended March 31, 2019, the Fund designates 99.95% of distributions from net investment income as an exempt-interest dividend.

22

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 172 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 172 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2)Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2)Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

23

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2)None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm)(1991-1998). Directorships in the Last Five Years.(2)None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products)(2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

24

Eaton Vance

Floating-Rate Municipal Income Fund

March 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾ Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾ During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾ Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾ Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

25

Eaton Vance Funds

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 (International) Limited, Eaton Vance Advisers International Ltd., 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 call1-800-262-1122.

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 at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically 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) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

26

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

14727    3.31.19

Eaton Vance

National Limited Maturity

Municipal Income Fund

Annual Report

March 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up fore-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Annual ReportMarch 31, 2019

Eaton Vance

National Limited Maturity Municipal Income Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	25
Federal Tax Information	26
Management and Organization	27
Important Notices	30

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Viewed as a whole, the12-month period that began on April 1, 2018 was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 5.38%.

The period was marked by a flattening of the municipal bond yield curve.⁸ Rates declined across the curve, but declined more for bonds with maturities of 4 years and longer than for bonds with shorter1-3 year maturities. Lower-rated⁷ bonds generally outperformed higher-rated issues during the period and municipal bonds outperformed comparable U.S. Treasurys. But while the fiscal year overall was positive for municipal bond performance, investors endured considerable volatility during the12-month period.

As the fiscal year began in April 2018, the municipal bond market was at the tail end of a period of rising rates, driven by signs of increasing inflation, higher wage growth and fears that recently-passed tax legislation might overheat the economy. In an effort to blunt upward pressure on inflation, the U.S. Federal Reserve Board (the Fed) announced its second rate hike of 2018 in June. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked rates again and both U.S. Treasury and municipal rates rose across the curve. In October 2018, a strong U.S. employment report and easing concerns over Italy’s national budget continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a looming government shutdown and dovish comments by the Fed that led investors to fear weakness in the U.S. economy, driving credit spreads wider and the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in the final month of 2018.

The first two months of the new year, in contrast, were a relatively quiet period for bonds. The final month of the period, however, saw rates decline across the curve,

in a dramatic reversal of the market’s direction at the beginning of the period. Driven initially by an unexpectedly weak February jobs report issued in early March, the rate decline was accelerated by reports of slowing gross domestic product growth in China and Germany as well as Brexit uncertainty. Downward pressure on rates appeared to culminate on March 20, 2019, when the Fed issued comments that were more dovish than the market had expected — leading many investors to conclude that further rate hikes were off the table for the rest of 2019.

Fund Performance

For the12-month period ended March 31, 2019, Eaton Vance National Limited Maturity Municipal Income Fund (the Fund) Class A shares at net asset value (NAV) returned 3.45%, underperforming the 5.66% return of the Fund’s benchmark, the Bloomberg Barclays 7 Year Municipal Bond Index (the Index).

The Fund’s overall strategy is to invest in municipal obligations that are exempt from regular federal income tax. The Fund seeks to maintain a dollar-weighted average portfolio duration⁶ between three and nine years.

While the Index includes only bonds with maturities of six to eight years, the Fund may invest in individual municipal obligations of any maturity and thus own bonds with shorter maturities and longer maturities than the holdings in the Index. During the period, the Fund’sout-of-Index holdings in bonds with maturities of one to five years underperformed thesix-to-eight year bonds in the Index and thus detracted from performance versus the Index.

Other detractors from Fund performance versus the Index included an overweight, relative to the Index, in prerefunded, or escrowed, bonds and security selection in the transportation sector.

In contrast, contributors to Fund performance versus the Index during the period included an overweight in Illinois bonds and an overweight in bonds rated BBB and below.

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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

2

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Performance^2,3

Portfolio ManagerAdam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		05/22/1992		3.45	%		2.48	%		3.95	%
Class A with 2.25% Maximum Sales Charge		—		—		1.17			2.02			3.71
Class C at NAV		12/08/1993		05/22/1992		2.73			1.71			3.16
Class C with 1% Maximum Sales Charge		—		—		1.73			1.71			3.16
Class I at NAV		10/01/2009		05/22/1992		3.61			2.63			4.08
Bloomberg Barclays 7 Year Municipal Bond Index		—		—		5.66	%		3.11	%		4.05	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.67	%		1.42	%		0.52	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						2.67	%		1.91	%		2.82	%
Taxable-Equivalent Distribution Rate						4.51			3.23			4.76
SEC30-day Yield						1.56			0.85			1.74
Taxable-Equivalent SEC30-day Yield						2.63			1.44			2.94

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 Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		03/31/2009	$	13,658		N.A.
Class I	$	250,000		03/31/2009	$	372,874		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. 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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

3

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Fund Profile

Credit Quality (% of total investments)⁷

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Endnotes and Additional Disclosures

¹  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.

²  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from6-8 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.

³  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.

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 I is linked to Class A. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  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 astax-exempt income, qualified andnon-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 form1099-DIV and provided to the shareholder shortly after eachyear-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 lowertax-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 a30-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.

⁶  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

⁷  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.

⁸  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profile subject to change due to active management.

5

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

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 (October 1, 2018 – March 31, 2019).

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) or redemption fees (if applicable). 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 (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,028.80	$	3.54		0.70	%
Class C	$	1,000.00	$	1,024.80	$	7.32		1.45	%
Class I	$	1,000.00	$	1,029.50	$	2.78		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.53		0.70	%
Class C	$	1,000.00	$	1,017.70	$	7.29		1.45	%
Class I	$	1,000.00	$	1,022.20	$	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 182/365 (to reflect theone-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 September 30, 2018.

6

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 95.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.1%
Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/25	$	3,000	$	3,600,570
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.25%, 6/1/20		280		292,096
Rhode Island Clean Water Finance Agency, Water Pollution Control, 4.00%, 10/1/20		1,850		1,917,377
			$	5,810,043
Education — 3.9%
Allegheny County Higher Education Building Authority, PA, (Duquesne University), 5.00%, 3/1/25	$	100	$	110,910
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/27		145		145,377
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/25		500		508,260
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/21		250		266,925
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/22		330		361,416
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/23		300		335,889
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/24		665		759,669
Forest Grove, OR, (Pacific University), Series 2015A, 5.00%, 5/1/22		200		215,686
Forest Grove, OR, (Pacific University), Series 2015A, 5.00%, 5/1/23		400		439,740
Houston Higher Education Finance Corp., TX, (St. John’s School), 5.00%, 9/1/25		1,000		1,097,140
Massachusetts Development Finance Agency, (Bentley University), 5.00%, 7/1/24		1,110		1,285,946
Massachusetts Development Finance Agency, (Tufts University), (SPA: U.S. Bank, N.A.), 1.27%, 8/15/48(1)		3,310		3,310,000
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry of New Jersey), Prerefunded to 6/1/19, 7.125%, 12/1/23		2,750		2,775,162
New York Dormitory Authority, (Icahn School of Medicine at Mount Sinai), 5.00%, 7/1/23		4,000		4,516,800
Romeoville, IL, (Lewis University), 5.00%, 10/1/21		500		529,800
Romeoville, IL, (Lewis University), 5.00%, 10/1/22		500		540,325
Union County Higher Educational Facilities Financing Authority, PA, (Bucknell University), 5.00%, 4/1/28		530		579,211
University of California, Series Q, 5.00%, 5/15/21		20		20,057
Vermont Educational and Health Buildings Financing Agency, (St. Michael’s College), 5.00%, 10/1/23		1,235		1,336,307
Vermont Educational and Health Buildings Financing Agency, (St. Michael’s College), 5.00%, 10/1/24		675		729,702

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Vermont Educational and Health Buildings Financing Agency, (St. Michael’s College), 5.00%, 10/1/26	$	575	$	617,079
			$	20,481,401
Electric Utilities — 7.3%
American Municipal Power-Ohio, Inc., (Meldahl Hydroelectric Project), 5.00%, 2/15/21	$	4,235	$	4,493,420
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30		2,390		2,514,519
Arkansas River Power Authority, CO, 5.00%, 10/1/28		1,110		1,310,377
Arkansas River Power Authority, CO, 5.00%, 10/1/30		1,000		1,159,740
Chesterfield County Economic Development Authority, VA, (Virginia Electric and Power Co.), 5.00%, 5/1/23		2,000		2,004,820
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 3.25%, 1/1/25		3,000		3,077,550
Long Island Power Authority, NY, Electric System Revenue, 2.493%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2)		10,000		10,023,400
Montgomery County Industrial Development Authority, PA, (Exelon Generation Co., LLC), 2.55% to 6/1/20 (Put Date), 6/1/29		1,750		1,753,360
Montgomery County Industrial Development Authority, PA, (Exelon Generation Co., LLC), (AMT), 2.70% to 4/1/20 (Put Date), 10/1/34		1,500		1,502,490
Municipal Electric Authority of Georgia, 5.25%, 1/1/21		2,000		2,111,360
Nebraska Public Power District, 5.00%, 1/1/29		2,000		2,373,720
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.00%, 9/1/29		2,685		2,809,691
Vernon, Electric System Revenue, CA, 5.125%, 8/1/21		3,135		3,168,419
			$	38,302,866
Escrowed / Prerefunded — 6.0%
Dauphin County General Authority, PA, (Pinnacle Health System), Prerefunded to 6/1/19, 5.75%, 6/1/20	$	2,225	$	2,240,397
Delaware River Port Authority, Prerefunded to 1/1/20, 5.00%, 1/1/27		1,105		1,133,940
Georgia State Road and Tollway Authority, (Federal Highway Grant Anticipation Revenue Bonds), Prerefunded to 6/1/19, 5.00%, 6/1/21		3,000		3,017,340
Massachusetts Development Finance Agency, (Dominion Energy Brayton), Prerefunded to 5/1/19, 5.75%, 12/1/42		3,200		3,211,008
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), Prerefunded to 7/1/19, 5.00%, 7/1/22		1,250		1,260,712
Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20		495		507,964
Michigan, Prerefunded to 5/1/19, 6.00%, 11/1/22		2,985		2,995,746

7 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Norfolk Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/27	$	2,500	$	2,778,925
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/26		5,000		5,477,800
Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/19, 4.625%, 7/1/22		1,000		1,007,650
Vernon, Electric System Revenue, CA, Prerefunded to 8/1/19, 5.125%, 8/1/21		1,440		1,457,496
Virginia Transportation Board, Prerefunded to 3/15/22, 4.00%, 3/15/25		4,645		4,980,555
Washington County Industrial Development Authority, PA, (Washington & Jefferson College), Prerefunded to 5/1/20, 5.00%, 11/1/23		1,000		1,037,800
			$	31,107,333
General Obligations — 12.7%
Beaverton School District No. 48J, OR, 5.00%, 6/15/25	$	1,000	$	1,194,120
Beaverton School District No. 48J, OR, 5.00%, 6/15/30		3,500		4,010,930
Bergen County Improvement Authority, NJ, (County Administration Complex), 5.00%, 11/15/24		1,100		1,300,255
Bingham and Bonneville Counties Joint School District No. 93, ID, 5.00%, 9/15/25		630		699,584
Chester County, PA, 5.00%, 7/15/28		325		328,273
Cook County School District No. 63, IL, 5.00%, 12/1/28		2,595		3,132,139
Cook County School District No. 63, IL, 5.00%, 12/1/29		2,725		3,267,111
Delaware Valley Regional Finance Authority, PA, 2.03%, (SIFMA + 0.53%), 9/1/23 (Put Date), 9/1/48(2)		4,900		4,902,107
Franklin Township School District, NJ, 5.00%, 8/15/22		1,000		1,105,130
Gwinnett County School District, GA, 5.00%, 2/1/26		2,220		2,630,256
Illinois, 5.00%, 8/1/20		2,925		3,024,684
Illinois, 5.00%, 10/1/22		2,000		2,153,640
Illinois, 5.00%, 2/1/23		5,000		5,364,650
Illinois, 5.00%, 2/1/25		4,000		4,377,560
Kentwood Public Schools, MI, 4.00%, 5/1/21		465		486,929
Millcreek Township School District, PA, 5.00%, 9/15/21		3,730		3,988,041
Millcreek Township School District, PA, 5.00%, 9/15/25		500		563,990
New York, NY, 5.00%, 8/1/24		2,000		2,313,540
Oregon, 5.00%, 5/1/28		500		604,235
Oregon, 5.00%, 8/1/29		500		603,445
Palo Alto, CA, (Election of 2008), 5.00%, 8/1/28		1,250		1,307,675
Pittsburgh, PA, 5.00%, 9/1/26		1,000		1,101,910
Portland Community College District, OR, 5.00%, 6/15/28		1,000		1,209,520
Portland Community College District, OR, 5.00%, 6/15/29		2,500		3,016,650
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/23		13,010		12,024,753
Salem-Keizer School District No. 24J, OR, 5.00%, 6/15/27		1,150		1,428,070
			$	66,139,197

Security	Principal Amount (000’s omitted)		Value
Hospital — 8.2%
Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/28	$	1,000	$	1,112,120
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/21		300		320,532
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/22		185		202,235
California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/19		500		500,000
Dauphin County General Authority, PA, (Pinnacle Health System), 5.75%, 6/1/20		2,230		2,245,097
Delaware Health Facilities Authority, (Nanticoke Memorial Hospital, Inc.), 5.00%, 7/1/23		1,000		1,095,280
Florence County, SC, (McLeod Regional Medical Center), 5.00%, 11/1/22		665		740,285
Halifax Hospital Medical Center, FL, 5.00%, 6/1/22		515		560,191
Halifax Hospital Medical Center, FL, 5.00%, 6/1/24		325		368,271
Halifax Hospital Medical Center, FL, 5.00%, 6/1/25		1,380		1,590,560
Hamilton County, OH, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/24		1,250		1,444,013
Hawaii Department of Budget and Finance, (Hawaii Pacific Health Group), 5.00%, 7/1/24		460		520,637
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/23		1,000		1,122,200
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/24		500		574,530
Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/20		1,000		1,036,520
Lycoming County Authority, PA, (Susquehanna Health System), 5.10%, 7/1/20		750		756,480
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25		2,715		2,812,197
Michigan Finance Authority, (Beaumont Health), 5.00%, 8/1/22		1,500		1,658,535
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/20		650		677,001
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/21		760		816,673
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/22		1,000		1,106,180
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48		2,000		2,021,740
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/21		1,000		1,075,490
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/27(3)		1,200		1,414,488
New York Dormitory Authority, (Orange Regional Medical Center), Series 2017, 5.00%, 12/1/26(3)		1,500		1,766,850
North Carolina Medical Care Commission, (Vidant Health), 5.00%, 6/1/36		1,830		1,972,502

8 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Orange County Health Facilities Authority, FL, (Orlando Health, Inc.), 5.125%, 10/1/26	$	955	$	972,085
Orange County Health Facilities Authority, FL, (Orlando Health, Inc.), 5.375%, 10/1/23		970		988,546
Oregon Facilities Authority, (Providence Health and Services Group), 5.00%, 10/1/24		1,000		1,138,380
Philadelphia Hospitals and Higher Education Facilities Authority, PA, (The Children’s Hospital of Philadelphia), 5.00%, 7/1/32		925		987,197
Rhode Island Health and Educational Building Corp., (Care New England Health System), 5.00%, 9/1/31		2,650		2,956,737
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/19		350		354,715
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/20		375		387,518
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/22		500		534,660
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/23		250		270,685
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/24		285		312,736
University of California, (Regents Medical Center), 5.00%, 5/15/22		890		988,131
Washington Township Health Care District, CA, 5.50%, 7/1/19		250		252,155
Washington Township Health Care District, CA, 5.75%, 7/1/24		1,750		1,765,855
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/25		1,230		1,410,761
			$	42,830,768
Housing — 0.7%
Allegheny County Residential Finance Authority, PA, SFMR, (AMT), 4.80%, 11/1/22	$	465	$	465,990
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University), 4.00%, 4/1/23		350		350,900
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University), 4.00%, 4/1/24		270		269,517
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University), 4.00%, 4/1/25		360		357,347
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University), 4.00%, 4/1/26		375		370,271
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University), 5.00%, 4/1/31		1,330		1,363,915
Sandoval County, NM, MFMR, 6.00%, 5/1/32(3)		535		535,203
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(4)		95		84,075
			$	3,797,218

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 5.1%
Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 2.125% to 4/1/20 (Put Date), 4/1/27	$	1,870	$	1,871,159
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)		1,880		1,973,549
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.00% to 10/1/19 (Put Date), 4/1/29(3)		2,300		2,313,524
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		1,780		1,836,835
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44(3)		1,880		1,892,277
Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 1/1/24		3,000		3,298,350
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.625%, 11/1/25		1,000		1,004,680
Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23		6,165		6,491,807
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(3)		420		426,182
Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 3/1/23 (Put Date), 3/1/46		5,000		5,529,700
			$	26,638,063
Insured – Education — 1.6%
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23	$	500	$	557,665
New York Dormitory Authority, (Educational Housing Services), (AMBAC), 5.25%, 7/1/21		2,025		2,161,606
New York Dormitory Authority, (Rochester Institute of Technology), (AMBAC), 5.25%, 7/1/22		5,150		5,744,310
			$	8,463,581
Insured – Electric Utilities — 0.5%
Louisiana Energy & Power Authority, (AGM), 5.25%, 6/1/25	$	1,125	$	1,276,087
Paducah Electric Plant Board, KY, (AGM), 5.00%, 10/1/26		1,100		1,291,103
			$	2,567,190
Insured – Escrowed / Prerefunded — 0.8%
Cambria County, PA, (BAM), Escrowed to Maturity, 5.00%, 8/1/21	$	925	$	998,195
North Hudson Sewer Authority, NJ, (NPFG), Escrowed to Maturity, 5.125%, 8/1/22		1,000		1,113,170
Westmoreland Municipal Authority, PA, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19		1,900		1,888,980
			$	4,000,345

9 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 11.0%
Atlantic City, NJ, (BAM), 5.00%, 3/1/26	$	250	$	292,525
Bolingbrook, IL, (AGM), 5.00%, 1/1/23		1,000		1,104,370
Boston, MA, (NPFG), 0.125%, 3/1/22		7,855		7,497,833
Cambria County, PA, (BAM), 5.00%, 8/1/21		1,455		1,557,359
Cambria County, PA, (BAM), 5.00%, 8/1/22		2,430		2,667,775
Jackson Township Board of Education of Ocean County, NJ, (NPFG), 5.25%, 6/15/23		6,000		6,737,400
Linn County Community School District No. 9, OR, (Lebanon), (NPFG), 5.25%, 6/15/21		1,055		1,138,092
Linn County Community School District No. 9, OR, (Lebanon), (NPFG), 5.25%, 6/15/22		625		695,975
Livonia Public Schools School District, MI, (BAM), 5.00%, 5/1/22		1,675		1,829,871
Luzerne County, PA, (AGM), 5.00%, 11/15/22		2,250		2,488,950
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/23		940		1,030,983
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/24		1,075		1,202,517
New Haven, CT, (AGM), 5.00%, 8/1/22		5,000		5,475,700
Pennsylvania, (NPFG), 5.375%, 7/1/19		1,000		1,009,320
Philadelphia School District, PA, (AGM), 5.50%, 6/1/21		1,000		1,077,820
Pittsburgh School District, PA, (AGM), Prerefunded to 9/1/20, 5.00%, 9/1/22		15		15,740
Rockland County, NY, (AGM), 4.00%, 5/1/21		1,820		1,910,800
Rockland County, NY, (AGM), 5.00%, 3/1/21		3,000		3,192,630
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/22		3,000		2,836,140
Washington, (AMBAC), 0.00%, 12/1/22		10,000		9,362,100
West Virginia, (NPFG), 0.00%, 11/1/21		4,275		4,073,006
			$	57,196,906
Insured – Hospital — 0.2%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	250	$	299,867
Oregon Health and Science University, (NPFG), 0.00%, 7/1/21		1,050		967,470
			$	1,267,337
Insured – Lease Revenue / Certificates of Participation — 0.4%
Kentucky Asset/Liability Commission, (NPFG), 2.353%, (67% of 3 mo. USD LIBOR + 0.52%), 11/1/21(2)	$	2,060	$	2,057,137
			$	2,057,137
Insured – Other Revenue — 0.0%(5)
Cleveland, OH, Parking Facilities, (AGM), Escrowed to Maturity, 5.25%, 9/15/20	$	160	$	168,446
			$	168,446

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 3.0%
Garden State Preservation Trust, NJ, (AGM), 5.75%, 11/1/28	$	1,000	$	1,230,300
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/22		7,000		6,293,840
Massachusetts, Special Obligation, (AGM), 5.50%, 6/1/21		5,000		5,420,250
Pennsylvania Turnpike Commission, Registration Fee Revenue, (AGM), 5.25%, 7/15/22		1,000		1,117,060
Successor Agency to Burbank Redevelopment Agency, CA, (BAM), 5.00%, 12/1/22		1,305		1,474,337
			$	15,535,787
Insured – Student Loan — 0.2%
Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27	$	1,175	$	1,181,921
			$	1,181,921
Insured – Transportation — 1.0%
New Jersey Transportation Trust Fund Authority, (NPFG), 5.50%, 12/15/20	$	5,000	$	5,295,700
			$	5,295,700
Insured – Water and Sewer — 2.0%
Allegheny County Sanitation Authority, PA, (AGM), 5.00%, 6/1/24	$	500	$	525,950
Altoona City Authority, PA, Water Revenue, (AGM), 5.25%, 11/1/19		1,355		1,382,886
Kansas City, MO, Water Revenue, (BHAC), 5.00%, 12/1/23		3,125		3,133,344
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/23		5,000		5,674,500
			$	10,716,680
Lease Revenue / Certificates of Participation — 0.9%
Burke County, NC, Limited Obligation Bonds, 5.00%, 4/1/28	$	250	$	304,797
Burke County, NC, Limited Obligation Bonds, 5.00%, 4/1/29		250		303,233
California Public Works, (University of California), Escrowed to Maturity, 5.25%, 6/1/20		500		522,850
California State Public Works Board, 5.00%, 11/1/26		2,725		3,108,326
Michigan Strategic Fund, Limited Obligation Revenue, (Facility for Rare Isotope Beams), 5.00%, 3/1/21		500		531,420
			$	4,770,626
Other Revenue — 2.2%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 5.00%, 7/15/23	$	1,200	$	1,342,116
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 5.00%, 7/15/24		1,500		1,700,400
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/23		1,000		1,156,400

10 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(4)	$	1,200	$	216,000
Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(3)		1,035		1,134,712
New Mexico Municipal Energy Acquisition Authority, (SPA: Royal Bank of Canada), 2.418%, (67% of 1 mo. USD LIBOR + 0.75%), 11/1/39(2)		400		400,088
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 2.528%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(2)		2,000		1,989,560
Philadelphia Redevelopment Authority, PA, (Transformation Initiative), 5.00%, 4/15/24		750		809,580
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		260		260,562
Will and Kankakee Counties Community Unit School District No.255-U, IL, 5.00%, 6/1/23		675		743,539
Will and Kankakee Counties Community Unit School District No.255-U, IL, 5.00%, 6/1/24		590		661,821
Will and Kankakee Counties Community Unit School District No.255-U, IL, 5.00%, 6/1/25		1,000		1,137,190
			$	11,551,968
Senior Living / Life Care — 4.2%
Hawaii State Department of Budget and Finance, Special Purpose Senior Living Revenue, 5.00%, 11/15/27	$	1,775	$	1,978,610
Howard County, MD, (Vantage House), 5.00%, 4/1/21		175		178,694
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.092%, (70% of 1 mo. USD LIBOR + 1.35%), 5/1/21 (Put Date), 5/1/36(2)		1,300		1,304,264
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/20		1,155		1,185,885
Lancaster Industrial Development Authority, PA, (Garden Spot Village), 5.00%, 5/1/23		340		367,727
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/21		675		711,869
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/22		550		589,826
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/23		705		766,687
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/24		430		471,766
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 4.25%, 1/1/33		2,105		2,047,155
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/30		1,265		1,335,536
North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/20		1,230		1,266,654
North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/21		1,380		1,441,410
North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/22		1,435		1,516,034
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 4.125% to 8/1/24 (Put Date), 8/1/47		975		974,259

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/27	$	2,140	$	2,279,314
Washington Housing Finance Commission, (Wesley Homes at Lea Hill), 3.75%, 7/1/26(3)		3,420		3,434,638
			$	21,850,328
Special Tax Revenue — 6.6%
Detroit Downtown Development Authority, MI, 0.00%, 7/1/21	$	2,000	$	1,813,660
Garden State Preservation Trust, NJ, 4.00%, 11/1/23		2,040		2,155,097
Jurupa Public Financing Authority, CA, 5.00%, 9/1/21		600		648,696
Louisiana, Highway Improvement Revenue, 5.00%, 6/15/25		750		866,003
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.00%, 10/1/24		2,500		2,656,800
Michigan Trunk Line, 5.00%, 11/15/23		600		653,646
Michigan Trunk Line, 5.00%, 11/15/26		1,100		1,195,095
Michigan Trunk Line, 5.00%, 11/15/28		2,000		2,166,460
Michigan Trunk Line, 5.00%, 11/15/29		1,500		1,623,240
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(4)		280		0
New River Community Development District, FL, (Capital Improvements), Series2010A-2, 5.75%, 5/1/38		355		348,137
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/24		1,405		1,614,050
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/25		1,470		1,723,707
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/26		1,545		1,846,182
Pennsylvania Turnpike Commission, Oil Franchise Tax, 5.00%, 12/1/25		6,350		7,166,610
Saint Clair County Highway Revenue, IL, 4.00%, 1/1/22		555		586,069
Saint Clair County Highway Revenue, IL, 4.00%, 1/1/23		310		333,213
Saint Clair County Highway Revenue, IL, 4.00%, 1/1/24		360		385,668
South Orange County Public Financing Authority, CA, 5.00%, 8/15/24		1,000		1,099,590
Sterling Hill Community Development District, FL, (Capital Improvements), 5.10%, 5/1/11(4)		275		27,500
Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(4)		276		176,367
Terrebonne Levee and Conservation District, LA, (Public Improvement Sales Tax), 5.00%, 7/1/25		2,815		3,159,077
Winter Garden Village at Fowler Groves Community Development District, FL, 3.00%, 5/1/24		2,260		2,257,853
			$	34,502,720

11 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Student Loan — 1.6%
Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33	$	5,920	$	6,027,685
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/24		1,000		1,143,430
New Jersey Higher Education Assistance Authority, 5.25%, 6/1/21		1,000		1,005,630
			$	8,176,745
Transportation — 13.6%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), 5.00%, 1/1/26	$	840	$	900,522
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), 5.00%, 1/1/28		520		555,459
Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.00%, 7/1/20		2,455		2,555,729
Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.00%, 7/1/21		3,755		4,028,101
Central Texas Regional Mobility Authority, 5.00%, 1/1/27		1,285		1,506,277
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/21		500		527,830
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/26		3,500		4,060,140
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/21		950		1,002,877
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/22		825		894,548
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23		1,300		1,443,117
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26		3,100		3,575,819
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/30		3,000		3,227,790
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.00%, 11/1/26		4,795		5,047,121
Grand Parkway Transportation Corp., TX, 5.00%, 2/1/23		2,400		2,678,208
Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/21		4,750		5,125,297
Hawaii Airports System, 5.25%, 7/1/28		3,650		3,804,395
Kentucky Public Transportation Infrastructure Authority, 0.00%, 7/1/21		550		513,607
Long Beach, CA, Harbor Revenue, 5.00%, 5/15/23		500		520,480
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/25		2,500		2,955,825
Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/26		885		1,029,335
Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/27		1,250		1,446,750
Metropolitan Transportation Authority, NY, 5.00%, 11/15/21		3,000		3,244,890

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/26	$	2,500	$	2,998,700
Metropolitan Washington Airport Authority System, DC, 5.00%, 10/1/22		5,000		5,269,950
New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.70%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(2)		4,000		4,032,000
New Jersey Turnpike Authority, 5.00%, 1/1/20		975		977,476
North Texas Tollway Authority, (Dallas North Tollway System), 6.00%, 1/1/23		935		938,001
Pennsylvania Economic Development Financing Authority, (National Railroad Passenger), (AMT), 5.00%, 11/1/25		1,000		1,085,560
Pennsylvania Economic Development Financing Authority, (National Railroad Passenger), (AMT), 5.00%, 11/1/26		890		965,267
Pennsylvania Turnpike Commission, Series 2013C, 5.00%, 12/1/22		1,000		1,118,710
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/23		1,000		1,068,870
South Jersey Transportation Authority, NJ, 5.00%, 11/1/22		325		352,541
South Jersey Transportation Authority, NJ, 5.00%, 11/1/24		1,175		1,312,169
			$	70,763,361
Water and Sewer — 0.9%
Chicago, IL, Water Revenue, 5.00%, 11/1/22	$	1,000	$	1,103,670
Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/22		1,000		1,089,740
New Jersey Economic Environmental Infrastructure Trust, 5.00%, 9/1/20		1,000		1,050,500
Portland, OR, Sewer System Revenue, 5.00%, 5/1/28		1,000		1,206,990
			$	4,450,900
TotalTax-Exempt Municipal Securities — 95.7% (identified cost $483,138,328)			$	499,624,567
Taxable Municipal Securities — 1.3%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 0.2%
Chicago, IL, 7.75%, 1/1/42	$	922	$	997,438
			$	997,438
Insured – General Obligations — 0.3%
Detroit, MI, (AMBAC), 4.96%, 4/1/20	$	1,472	$	1,471,510
			$	1,471,510

12 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 0.6%
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 5.50% to 8/1/24 (Put Date), 8/1/44	$	3,295	$	3,247,091
			$	3,247,091
Student Loan — 0.2%
Massachusetts Educational Financing Authority, 3.875%, 7/1/23	$	1,100	$	1,142,889
			$	1,142,889
Total Taxable Municipal Securities — 1.3% (identified cost $6,772,796)			$	6,858,928
Total Investments — 97.0% (identified cost $489,911,124)			$	506,483,495
Other Assets, Less Liabilities — 3.0%			$	15,635,932
Net Assets — 100.0%			$	522,119,427

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

At March 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Illinois	10.9%
Pennsylvania	10.3%
New York	10.2%
Others, representing less than 10% individually	65.6%

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. In order to reduce the risk associated with such economic developments, at March 31, 2019, 21.7% 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 or financial guaranty assurance agency ranged from 0.2% to 7.0% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2019.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2019.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under 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 March 31, 2019, the aggregate value of these securities is $14,891,423 or 2.9% of the Fund’s net assets.

⁽⁴⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

⁽⁵⁾  Amount is less than 0.05%.

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.
BHAC	–	Berkshire Hathaway Assurance Corp.
FGIC	–	Financial Guaranty Insurance Company
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
MFMR	–	Multi-Family Mortgage Revenue
NPFG	–	National Public Finance Guarantee Corp.
SFMR	–	Single Family Mortgage Revenue
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement
USD	–	United States Dollar

13 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Statement of Assets and Liabilities

Assets	March 31, 2019
Investments, at value (identified cost, $489,911,124)	$	506,483,495
Cash		10,067,080
Interest receivable		5,725,863
Receivable for investments sold		1,040,925
Receivable for Fund shares sold		342,744
Total assets	$	523,660,107
Liabilities
Payable for Fund shares redeemed	$	569,290
Distributions payable		571,420
Payable to affiliates:
Investment adviser fee		176,148
Distribution and service fees		52,390
Accrued expenses		171,432
Total liabilities	$	1,540,680
Net Assets	$	522,119,427
Sources of Net Assets
Paid-in capital	$	515,188,774
Distributable earnings		6,930,653
Net Assets	$	522,119,427
Class A Shares
Net Assets	$	192,154,798
Shares Outstanding		19,632,239
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.79
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.02
Class C Shares
Net Assets	$	35,667,195
Shares Outstanding		3,884,192
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.18
Class I Shares
Net Assets	$	294,297,434
Shares Outstanding		30,057,040
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.79

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Fund’s prospectus), 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.

14 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Statement of Operations

Investment Income	Year Ended March 31, 2019
Interest	$	18,536,467
Total investment income	$	18,536,467
Expenses
Investment adviser fee	$	2,141,240
Distribution and service fees
Class A		275,254
Class C		533,898
Trustees’ fees and expenses		26,509
Custodian fee		121,681
Transfer and dividend disbursing agent fees		171,511
Legal and accounting services		66,208
Printing and postage		35,876
Registration fees		153,911
Miscellaneous		112,440
Total expenses	$	3,638,528
Net investment income	$	14,897,939
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	723,933
Net realized gain	$	723,933
Change in unrealized appreciation (depreciation) —
Investments	$	2,079,250
Net change in unrealized appreciation (depreciation)	$	2,079,250
Net realized and unrealized gain	$	2,803,183
Net increase in net assets from operations	$	17,701,122

15 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Statements of Changes in Net Assets

	Year Ended March 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	14,897,939		$	15,914,608
Net realized gain		723,933			1,262,370
Net change in unrealized appreciation (depreciation)		2,079,250			(8,077,960	)
Net increase in net assets from operations	$	17,701,122		$	9,099,018
Distributions to shareholders(1) —
Class A	$	(5,117,370	)	$	(5,793,532	)
Class B		—			(1,933	)
Class C		(1,202,628	)		(1,745,558	)
Class I		(8,502,904	)		(8,349,773	)
Total distributions to shareholders	$	(14,822,902	)	$	(15,890,796	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	19,901,418		$	20,568,218
Class B		—			185
Class C		3,738,749			5,389,399
Class I		142,374,110			113,217,079
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,175,790			4,677,455
Class B		—			1,553
Class C		1,009,919			1,423,740
Class I		2,382,091			2,655,598
Cost of shares redeemed
Class A		(42,051,357	)		(46,088,470	)
Class B		—			(140,095	)
Class C		(23,491,886	)		(32,866,586	)
Class I		(140,640,187	)		(110,053,387	)
Net asset value of shares converted
Class A		19,142,023			66,521
Class B		—			(66,521	)
Class C		(19,142,023	)		—
Net asset value of shares merged*
Class A		—			66,131
Class B		—			(66,131	)
Net decrease in net assets from Fund share transactions	$	(32,601,353	)	$	(41,215,311	)
Net decrease in net assets	$	(29,723,133	)	$	(48,007,089	)
Net Assets
At beginning of year	$	551,842,560		$	599,849,649
At end of year	$	522,119,427		$	551,842,560	(2)

⁽¹⁾   For the year ended March 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange commission, effective November 5, 2018.

⁽²⁾  Includes accumulated undistributed net investment income of $52,920 at March 31, 2018. The requirement to disclose the corresponding amount as of March 31, 2019 was eliminated.

* At the close of business on September 20, 2017, Class B shares were merged into Class A shares.

16 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Financial Highlights

	Class A
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.730		$	9.850		$	10.160		$	10.180		$	10.000
Income (Loss) From Operations
Net investment income(1)	$	0.272		$	0.274		$	0.283		$	0.298		$	0.314
Net realized and unrealized gain (loss)		0.058			(0.120	)		(0.311	)		(0.020	)		0.179
Total income (loss) from operations	$	0.330		$	0.154		$	(0.028	)	$	0.278		$	0.493
Less Distributions
From net investment income	$	(0.270	)	$	(0.274	)	$	(0.282	)	$	(0.298	)	$	(0.313	)
Total distributions	$	(0.270	)	$	(0.274	)	$	(0.282	)	$	(0.298	)	$	(0.313	)
Net asset value — End of year	$	9.790		$	9.730		$	9.850		$	10.160		$	10.180
Total Return(2)		3.45	%		1.55	%		(0.29	)%		2.79	%		4.98	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	192,155		$	189,734		$	212,891		$	275,435		$	307,562
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.68	%		0.67	%		0.67	%		0.66	%		0.69	%
Net investment income		2.80	%		2.77	%		2.82	%		2.95	%		3.09	%
Portfolio Turnover		14	%		13	%		17	%		10	%		7	%

⁽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⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

17 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Financial Highlights — continued

	Class C
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.120		$	9.240		$	9.530		$	9.550		$	9.380
Income (Loss) From Operations
Net investment income(1)	$	0.186		$	0.188		$	0.195		$	0.209		$	0.223
Net realized and unrealized gain (loss)		0.059			(0.121	)		(0.291	)		(0.020	)		0.169
Total income (loss) from operations	$	0.245		$	0.067		$	(0.096	)	$	0.189		$	0.392
Less Distributions
From net investment income	$	(0.185	)	$	(0.187	)	$	(0.194	)	$	(0.209	)	$	(0.222	)
Total distributions	$	(0.185	)	$	(0.187	)	$	(0.194	)	$	(0.209	)	$	(0.222	)
Net asset value — End of year	$	9.180		$	9.120		$	9.240		$	9.530		$	9.550
Total Return(2)		2.73	%		0.71	%		(1.03	)%		2.01	%		4.21	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	35,667		$	73,533		$	100,360		$	119,453		$	124,647
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.43	%		1.42	%		1.42	%		1.41	%		1.44	%
Net investment income		2.05	%		2.02	%		2.07	%		2.21	%		2.34	%
Portfolio Turnover		14	%		13	%		17	%		10	%		7	%

⁽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⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

18 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Financial Highlights — continued

	Class I
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.730		$	9.850		$	10.170		$	10.190		$	10.000
Income (Loss) From Operations
Net investment income(1)	$	0.286		$	0.289		$	0.298		$	0.314		$	0.328
Net realized and unrealized gain (loss)		0.059			(0.120	)		(0.321	)		(0.021	)		0.191
Total income (loss) from operations	$	0.345		$	0.169		$	(0.023	)	$	0.293		$	0.519
Less Distributions
From net investment income	$	(0.285	)	$	(0.289	)	$	(0.297	)	$	(0.313	)	$	(0.329	)
Total distributions	$	(0.285	)	$	(0.289	)	$	(0.297	)	$	(0.313	)	$	(0.329	)
Net asset value — End of year	$	9.790		$	9.730		$	9.850		$	10.170		$	10.190
Total Return(2)		3.61	%		1.70	%		(0.24	)%		2.94	%		5.24	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	294,297		$	288,575		$	286,331		$	297,168		$	239,511
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.53	%		0.52	%		0.52	%		0.51	%		0.54	%
Net investment income		2.95	%		2.92	%		2.97	%		3.10	%		3.23	%
Portfolio Turnover		14	%		13	%		17	%		10	%		7	%

⁽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.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

19 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance National Limited Maturity Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents apro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

Fair Valuation. 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 the 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 — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, andtax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments innon-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of March 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

20

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Notes to Financial Statements — continued

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

H  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase 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 Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-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.

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended March 31, 2019 and March 31, 2018 was as follows:

	Year Ended March 31,
	2019		2018
Tax-exempt income	$	14,469,194	$	15,566,193
Ordinary income	$	353,708	$	324,603

During the year ended March 31, 2019, distributable earnings was increased by $6,473,142 andpaid-in capital was decreased by $6,473,142 due to expired capital loss carryforwards. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of March 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributedtax-exempt income	$	737,340
Deferred capital losses	$	(10,199,331	)
Net unrealized appreciation	$	16,964,064
Distributions payable	$	(571,420	)

At March 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $10,199,331 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2019, $10,199,331 are short-term.

21

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	489,519,431
Gross unrealized appreciation	$	18,949,395
Gross unrealized depreciation		(1,985,331	)
Net unrealized appreciation	$	16,964,064

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 the 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.

Daily Net Assets	Annual Asset Rate			Daily Income Rate
Up to $500 million		0.300	%		3.00	%
$500 million up to $1 billion		0.275			2.75

On average daily net assets of $1 billion or more, the rates are further reduced.

For the year ended March 31, 2019, the investment adviser fee amounted to $2,141,240 or 0.40% of the Fund’s average daily net assets.

EVM serves as the administrator of the Fund, but receives no compensation. EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the year ended March 31, 2019, EVM earned $17,734 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $3,756 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2019. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with 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 year ended March 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays 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 the 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 0.15% per annum of its average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended March 31, 2019 amounted to $275,254 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2019, the Fund paid or accrued to EVD $444,915 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.15% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from and Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended March 31, 2019 amounted to $88,983 for Class C shares.

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

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Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Notes to Financial Statements — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed 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. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. For the year ended March 31, 2019, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $74,336,028 and $111,501,864, respectively, for the year ended March 31, 2019.

7  Shares of Beneficial Interest

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

	Year Ended March 31,
Class A	2019			2018
Sales		2,064,572			2,069,213
Issued to shareholders electing to receive payments of distributions in Fund shares		430,466			472,893
Redemptions		(4,340,820	)		(4,659,068	)
Converted from Class B shares		—			6,668
Converted from Class C shares		1,971,905			—
Merger from Class B shares		—			6,624
Net increase (decrease)		126,123			(2,103,670	)
	Year Ended March 31,
Class B	2019			2018(1)
Sales		—			18
Issued to shareholders electing to receive payments of distributions in Fund shares		—			156
Redemptions		—			(14,075	)
Converted to Class A shares		—			(6,665	)
Merger to Class A shares		—			(6,621	)
Net increase (decrease)		—			(27,187	)
	Year Ended March 31,
Class C	2019			2018
Sales		411,525			580,295
Issued to shareholders electing to receive payments of distributions in Fund shares		111,076			153,478
Redemptions		(2,595,723	)		(3,535,078	)
Converted to Class A shares		(2,101,562	)		—
Net decrease		(4,174,684	)		(2,801,305	)

23

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Notes to Financial Statements — continued

	Year Ended March 31,
Class I	2019			2018
Sales		14,691,924			11,468,854
Issued to shareholders electing to receive payments of distributions in Fund shares		245,579			268,462
Redemptions		(14,538,329	)		(11,134,427	)
Net increase		399,174			602,889

⁽¹⁾   At the close of business on September 20, 2017, Class B shares were merged into Class A shares.

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended March 31, 2019.

9  Fair Value Measurements

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

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

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

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

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

At March 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	499,624,567	$	—	$	499,624,567
Taxable Municipal Securities		—		6,858,928		—		6,858,928
Total Investments	$	—	$	506,483,495	$	—	$	506,483,495

24

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance National Limited Maturity Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Limited Maturity Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 17, 2019

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

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Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Federal Tax Information (Unaudited)

The Form1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended March 31, 2019, the Fund designates 97.61% of distributions from net investment income as an exempt-interest dividend.

26

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 172 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 172 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2)Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2)Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2)None.

27

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

28

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2019

Management and Organization — continued

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

29

Eaton Vance Funds

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 (International) Limited, Eaton Vance Advisers International Ltd., 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 call1-800-262-1122.

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 at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically 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) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

30

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

14728    3.31.19

Eaton Vance

New York Municipal Opportunities Fund

Annual Report

March 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up fore-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Annual ReportMarch 31, 2019

Eaton Vance

New York Municipal Opportunities Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	21
Federal Tax Information	22
Management and Organization	23
Important Notices	26

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Viewed as a whole, the12-month period that began on April 1, 2018 was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 5.38%.

The period was marked by a flattening of the municipal bond yield curve.⁷ Rates declined across the curve, but declined more for bonds with maturities of 4 years and longer than for bonds with shorter1-3 year maturities. Lower-rated⁶ bonds generally outperformed higher-rated issues during the period and municipal bonds outperformed comparable U.S. Treasurys. But while the fiscal year overall was positive for municipal bond performance, investors endured considerable volatility during the12-month period.

As the fiscal year began in April 2018, the municipal bond market was at the tail end of a period of rising rates, driven by signs of increasing inflation, higher wage growth and fears that recently-passed tax legislation might overheat the economy. In an effort to blunt upward pressure on inflation, the U.S. Federal Reserve Board (the Fed) announced its second rate hike of 2018 in June. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked rates again and both U.S. Treasury and municipal rates rose across the curve. In October 2018, a strong U.S. employment report and easing concerns over Italy’s national budget continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a looming government shutdown and dovish comments by the Fed that led investors to fear weakness in the U.S. economy, driving credit spreads wider and the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in the final month of 2018.

The first two months of the new year, in contrast, were a relatively quiet period for bonds. The final month of the period, however, saw rates decline across the curve, in a dramatic reversal of the market’s direction at the beginning of the period. Driven initially by an unexpectedly weak February jobs report issued in early March, the rate decline was accelerated by reports of slowing gross domestic product growth in China and Germany as well as Brexit uncertainty. Downward pressure on rates appeared

to culminate on March 20, 2019, when the Fed issued comments that were more dovish than the market had expected — leading many investors to conclude that further rate hikes were off the table for the rest of 2019.

Fund Performance

For the12-month period ended March 31, 2019, Eaton Vance New York Municipal Opportunities Fund (the Fund) Class A shares at net asset value (NAV) returned 4.75%, underperforming the 5.38% return of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond Index (the Index).

In seeking to achieve its primary objective of maximizingafter-tax total return, the Fund employs a flexible investment strategy that allows it to seek opportunities, principally in the New York municipal bond market, virtually anywhere on the yield curve, anywhere on the credit curve and across different sectors. Management has the ability to be opportunistic in pursuing the Fund’safter-tax total return objective, trading holdings whenever opportunities arise, with the ability to invest up to 20% of net assets in debt obligations other thantax-exempt municipal bonds, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies and instrumentalities. Up to 50% of the Fund’s net assets may be invested in below-investment-grade securities. The Fund may also hedge interest rate risk and hold leveraged investments.

Detractors from Fund performance versus the Index during the period included security selection in the health care sector, an underweight, relative to the Index, inzero-coupon bonds, which were the best-performing coupon structure in the Index during the period and an overweight in bonds with four years or less remaining to maturity.

In contrast, contributors to Fund performance relative to the Index included an overweight inBBB-rated bonds, security selection and an overweight in alternative minimum tax bonds and an insured Puerto Rico bond. This was due to strong performance of Puerto Rico’s debt during the period, as ongoing bankruptcy negotiations led to anticipation that bondholder recoveries could exceed those originally anticipated by the market. It should be noted that most uninsured bonds issued by the Commonwealth of Puerto Rico and its various conduit issuers were no longer included in the Index. As Puerto Rico continued to deal with an ongoing fiscal crisis, bonds issued by its various legal entities were impacted by a number of factors throughout the period, including monetary default. As the period ended, Puerto Rico continued to negotiate with creditors and address its current debt structure under the Puerto Rico Oversight, Management, and Economic Stability Act passed by the U.S. Congress.

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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

2

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Performance^2,3

Portfolio ManagersAdam A. Weigold, CFA and Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		05/29/1992		4.75	%		2.34	%		3.38	%
Class A with 2.25% Maximum Sales Charge		—		—		2.42			1.88			3.14
Class C at NAV		12/08/1993		05/29/1992		4.09			1.58			2.61
Class C with 1% Maximum Sales Charge		—		—		3.09			1.58			2.61
Class I at NAV		08/03/2010		05/29/1992		4.91			2.49			3.51
Bloomberg Barclays Municipal Bond Index		—		—		5.38	%		3.73	%		4.71	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.75	%		1.50	%		0.60	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						2.24	%		1.48	%		2.39	%
Taxable-Equivalent Distribution Rate						4.15			2.74			4.43
SEC30-day Yield						1.65			0.94			1.83
Taxable-Equivalent SEC30-day Yield						3.05			1.75			3.39

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 Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		03/31/2009	$	12,942		N.A.
Class I	$	250,000		03/31/2009	$	352,996		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. 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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

3

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Endnotes and Additional Disclosures

¹ 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.

² Bloomberg Barclays 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.

³ 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.

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 I is linked to Class A. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

Performance prior to April 25, 2016 reflects the Fund’s performance under its former investment objective and policies.

⁴ Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵ 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 astax-exempt income, qualified andnon-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 form1099-DIV and provided to the shareholder shortly after eachyear-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 lowertax-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 a30-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.

⁶ 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.

⁷ Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profile subject to change due to active management.

5

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

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 (October 1, 2018 – March 31, 2019).

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) or redemption fees (if applicable). 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 (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,038.70	$	4.12		0.81	%
Class C	$	1,000.00	$	1,036.20	$	7.92		1.56	%
Class I	$	1,000.00	$	1,039.50	$	3.36		0.66	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	4.08		0.81	%
Class C	$	1,000.00	$	1,017.20	$	7.85		1.56	%
Class I	$	1,000.00	$	1,021.60	$	3.33		0.66	%

* 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 182/365 (to reflect theone-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 September 30, 2018.

6

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 90.0%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.6%
New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/36	$	1,000	$	1,213,650
			$	1,213,650
Cogeneration — 0.4%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	310	$	310,121
			$	310,121
Education — 14.7%
Buffalo and Erie County Industrial Land Development Corp., (Global Concepts Charter School), 5.00%, 10/1/37	$	405	$	466,398
Dutchess County Local Development Corp., (Culinary Institute of America), 5.00%, 7/1/26		300		353,496
Dutchess County Local Development Corp., (Culinary Institute of America), 5.00%, 7/1/27		330		386,842
Dutchess County Local Development Corp., (Culinary Institute of America), 5.00%, 7/1/28		200		233,240
Dutchess County Local Development Corp., (Marist College), 5.00%, 7/1/28		110		137,628
Dutchess County Local Development Corp., (Marist College), 5.00%, 7/1/29		130		161,305
Hempstead Local Development Corp., (Molloy College), 5.00%, 7/1/25		775		896,497
Monroe County Industrial Development Corp., (Nazareth College of Rochester), 5.00%, 10/1/24		885		1,008,103
Monroe County Industrial Development Corp., (Nazareth College of Rochester), 5.00%, 10/1/25		930		1,075,071
Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/21		930		994,812
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		545		659,494
New York Dormitory Authority, (Culinary Institute of America), 5.00%, 7/1/23		250		279,800
New York Dormitory Authority, (New York University), 5.00%, 7/1/27		570		713,355
New York Dormitory Authority, (New York University), 5.00%, 7/1/39		500		609,360
New York Dormitory Authority, (Pace University), 4.00%, 5/1/22		500		526,350
New York Dormitory Authority, (Yeshiva University), 5.00%, 11/1/20		2,265		2,357,548
			$	10,859,299

Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 0.9%
Long Island Power Authority, Electric System Revenue, 5.00%, 9/1/28	$	500	$	626,460
			$	626,460
Escrowed / Prerefunded — 0.6%
Triborough Bridge and Tunnel Authority, Escrowed to Maturity, 5.00%, 1/1/20	$	410	$	420,955
			$	420,955
General Obligations — 7.8%
Albany County, 4.00%, 4/1/29	$	1,835	$	2,094,854
Dutchess County, 2019 Series A, 4.00%, 3/1/30		795		916,341
Dutchess County, 2019 Series B, 4.00%, 3/1/30		435		501,394
Elmira, 3.50%, 5/24/19(1)		725		725,609
New York City, 4.00%, 8/1/34		460		502,352
New York, 5.00%, 3/1/28		800		1,024,088
			$	5,764,638
Hospital — 13.0%
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/28	$	1,390	$	1,489,177
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/29		1,000		1,064,200
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 5.00%, 11/1/25		1,305		1,478,343
Monroe County Industrial Development Corp., (Rochester General Hospital), 4.00%, 12/1/22		820		880,434
Nassau County Local Economic Assistance and Financing Corp., (Catholic Health Services of Long Island), 5.00%, 7/1/22		1,000		1,068,570
Nassau County Local Economic Assistance Corp., (Catholic Health Services of Long Island), 5.00%, 7/1/23		500		560,900
New York Dormitory Authority, (NYU Hospital Center), 5.00%, 7/1/20		740		771,021
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/23(1)		400		447,852
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/24(1)		600		684,468
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/25(1)		500		575,885
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/26(1)		500		588,950
			$	9,609,800

7 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing — 1.9%
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/25	$	300	$	350,457
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/26		300		356,484
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/23		95		105,923
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/24		165		187,484
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/25		170		196,466
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/26		170		199,449
			$	1,396,263
Industrial Development Revenue — 6.5%
New York Energy Research and Development Authority, (New York Electric and Gas Corp.), 2.00% to 5/1/20 (Put Date), 6/1/29	$	1,500	$	1,506,870
New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), 2.875% to 7/1/25 (Put Date), 5/15/32		1,155		1,191,486
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1)		1,000		931,690
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44(1)		535		538,494
Niagara Area Development Corp., (Covanta), 3.50%, 11/1/24(1)		610		623,774
			$	4,792,314
Insured – Education — 3.8%
New York Dormitory Authority, (Educational Housing Services), (AMBAC), 5.25%, 7/1/20	$	1,420	$	1,475,806
New York Dormitory Authority, (St. John’s University), (NPFG), 5.25%, 7/1/21		1,200		1,294,416
			$	2,770,222
Insured – Electric Utilities — 3.0%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	2,050	$	2,214,964
			$	2,214,964
Insured – General Obligations — 2.6%
Clinton County, (AGM), (AMT), 3.50%, 6/1/27	$	1,000	$	1,065,090
Mount Vernon School District, (AGM), 5.00%, 8/15/24		735		815,843
			$	1,880,933

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 3.2%
New York Thruway Authority, Miscellaneous Tax Revenue, (AMBAC), 5.50%, 4/1/20	$	2,235	$	2,324,065
			$	2,324,065
Other Revenue — 3.1%
Albany Parking Authority, 5.00%, 7/15/23	$	700	$	783,818
Chautauqua County Capital Resource Corp., (Jamestown Center City Development Corp.), 1.70% to 11/1/19 (Put Date), 11/1/31		1,200		1,199,100
New York City Trust for Cultural Resources, (Alvin Ailey Dance Foundation), 5.00%, 7/1/27		265		317,467
			$	2,300,385
Senior Living / Life Care — 6.5%
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25	$	750	$	858,885
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/23		1,455		1,594,083
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/24		750		757,665
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 3.25%, 7/1/22		450		455,481
Westchester County Local Development Corp., (Kendal on Hudson), 3.00%, 1/1/20		625		629,000
Westchester County Local Development Corp., (Kendal on Hudson), 4.00%, 1/1/23		500		527,775
			$	4,822,889
Special Tax Revenue — 7.2%
New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 5/1/19, 5.00%, 5/1/24	$	1,900	$	1,905,396
New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 5/1/30		175		195,088
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/30		1,875		2,289,300
Sales Tax Asset Receivable Corp., 4.00%, 10/15/32		820		905,649
			$	5,295,433
Transportation — 13.2%
New York Transportation Development Corp., (Delta Airlines,Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/29	$	2,000	$	2,374,560
New York Transportation Development Corp., (Terminal One Group Association, L.P.), (AMT), 5.00%, 1/1/22		605		651,107
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/24		795		900,019

8 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28	$	520	$	625,170
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/29		275		333,737
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/30		375		450,848
Port Authority of New York and New Jersey, (AMT), 4.00%, 7/15/31		600		631,092
Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/27		2,250		2,765,092
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/28		130		157,265
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		745		869,475
			$	9,758,365
TotalTax-Exempt Municipal Securities — 90.0% (identified cost $64,116,321)			$	66,360,756
Taxable Municipal Securities — 3.9%
Security	Principal Amount (000’s omitted)		Value
Other Revenue — 2.5%
Brooklyn Arena Local Development Corp., (Barclays Center), 4.391%, 7/15/41	$	2,000	$	1,867,660
			$	1,867,660
Transportation — 1.4%
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), 3.673%, 7/1/30	$	1,000	$	991,890
			$	991,890
Total Taxable Municipal Securities — 3.9% (identified cost $3,000,000)			$	2,859,550

Miscellaneous — 0.6%
Security	Units		Value
Real Estate — 0.6%
CMS Liquidating Trust(1)(2)(3)		150	$	433,481
Total Miscellaneous — 0.6% (identified cost $480,000)			$	433,481
Total Investments — 94.5% (identified cost $67,596,321)			$	69,653,787
Other Assets, Less Liabilities — 5.5%			$	4,081,613
Net Assets — 100.0%			$	73,735,400

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

The Fund invests primarily in debt securities issued by New York 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 March 31, 2019, 13.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.7% to 5.5% of total investments.

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under 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 March 31, 2019, the aggregate value of these securities is $5,550,203 or 7.5% of the Fund’s net assets.

⁽²⁾  Non-income producing security.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

Abbreviations:

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.
NPFG	–	National Public Finance Guarantee Corp.

9 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Statement of Assets and Liabilities

Assets	March 31, 2019
Investments, at value (identified cost, $67,596,321)	$	69,653,787
Cash		3,519,955
Interest receivable		924,568
Receivable for Fund shares sold		32,321
Total assets	$	74,130,631
Liabilities
Payable for Fund shares redeemed	$	248,381
Distributions payable		32,112
Payable to affiliates:
Investment adviser fee		23,686
Distribution and service fees		13,817
Accrued expenses		77,235
Total liabilities	$	395,231
Net Assets	$	73,735,400
Sources of Net Assets
Paid-in capital	$	73,287,191
Distributable earnings		448,209
Net Assets	$	73,735,400
Class A Shares
Net Assets	$	42,073,079
Shares Outstanding		4,261,140
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.87
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.10
Class C Shares
Net Assets	$	10,662,754
Shares Outstanding		1,135,947
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.39
Class I Shares
Net Assets	$	20,999,567
Shares Outstanding		2,126,575
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.87

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Fund’s prospectus), 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.

10 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Statement of Operations

Investment Income	Year Ended March 31, 2019
Interest	$	2,427,534
Total investment income	$	2,427,534
Expenses
Investment adviser fee	$	291,112
Distribution and service fees
Class A		63,225
Class C		130,094
Trustees’ fees and expenses		4,012
Custodian fee		35,651
Transfer and dividend disbursing agent fees		33,031
Legal and accounting services		52,892
Printing and postage		16,204
Registration fees		5,513
Miscellaneous		29,383
Total expenses	$	661,117
Net investment income	$	1,766,417
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	16,458
Net realized gain	$	16,458
Change in unrealized appreciation (depreciation) —
Investments	$	1,466,802
Net change in unrealized appreciation (depreciation)	$	1,466,802
Net realized and unrealized gain	$	1,483,260
Net increase in net assets from operations	$	3,249,677

11 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Statements of Changes in Net Assets

	Year Ended March 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	1,766,417		$	2,017,297
Net realized gain		16,458			18,133
Net change in unrealized appreciation (depreciation)		1,466,802			(872,543	)
Net increase in net assets from operations	$	3,249,677		$	1,162,887
Distributions to shareholders(1) —
Class A	$	(1,053,639	)	$	(1,202,318	)
Class C		(253,026	)		(321,944	)
Class I		(434,034	)		(468,216	)
Total distributions to shareholders	$	(1,740,699	)	$	(1,992,478	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	1,414,558		$	3,944,375
Class C		871,596			821,113
Class I		11,048,304			4,229,976
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		893,454			1,024,589
Class C		187,700			230,971
Class I		245,416			254,211
Cost of shares redeemed
Class A		(9,089,115	)		(12,138,361	)
Class C		(3,316,590	)		(7,365,227	)
Class I		(6,965,816	)		(5,850,641	)
Net asset value of shares converted
Class A		3,646,530			—
Class C		(3,646,530	)		—
Net decrease in net assets from Fund share transactions	$	(4,710,493	)	$	(14,848,994	)
Net decrease in net assets	$	(3,201,515	)	$	(15,678,585	)
Net Assets
At beginning of year	$	76,936,915		$	92,615,500
At end of year	$	73,735,400		$	76,936,915	(2)

⁽¹⁾   For the year ended March 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange commission, effective November 5, 2018.

⁽²⁾  Includes accumulated undistributed net investment income of $7,339 at March 31, 2018. The requirement to disclose the corresponding amount as of March 31, 2019 was eliminated.

12 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Financial Highlights

	Class A
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.660		$	9.770		$	10.090		$	10.110		$	10.030
Income (Loss) From Operations
Net investment income(1)	$	0.245		$	0.241		$	0.269		$	0.275		$	0.295
Net realized and unrealized gain (loss)		0.207			(0.113	)		(0.322	)		(0.023	)		0.077
Total income (loss) from operations	$	0.452		$	0.128		$	(0.053	)	$	0.252		$	0.372
Less Distributions
From net investment income	$	(0.242	)	$	(0.238	)	$	(0.267	)	$	(0.272	)	$	(0.292	)
Total distributions	$	(0.242	)	$	(0.238	)	$	(0.267	)	$	(0.272	)	$	(0.292	)
Net asset value — End of year	$	9.870		$	9.660		$	9.770		$	10.090		$	10.110
Total Return(2)		4.75	%		1.30	%		(0.55	)%		2.54	%		3.74	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	42,073		$	44,330		$	51,983		$	47,738		$	51,458
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.79	%		0.75	%		0.74	%		0.75	%		0.77	%
Net investment income		2.54	%		2.45	%		2.70	%		2.74	%		2.91	%
Portfolio Turnover		54	%		66	%		68	%		9	%		8	%

⁽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⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

13 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Financial Highlights — continued

	Class C
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.180		$	9.290		$	9.590		$	9.610		$	9.540
Income (Loss) From Operations
Net investment income(1)	$	0.164		$	0.159		$	0.185		$	0.190		$	0.208
Net realized and unrealized gain (loss)		0.207			(0.113	)		(0.302	)		(0.023	)		0.067
Total income (loss) from operations	$	0.371		$	0.046		$	(0.117	)	$	0.167		$	0.275
Less Distributions
From net investment income	$	(0.161	)	$	(0.156	)	$	(0.183	)	$	(0.187	)	$	(0.205	)
Total distributions	$	(0.161	)	$	(0.156	)	$	(0.183	)	$	(0.187	)	$	(0.205	)
Net asset value — End of year	$	9.390		$	9.180		$	9.290		$	9.590		$	9.610
Total Return(2)		4.09	%		0.48	%		(1.24	)%		1.77	%		2.90	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	10,663		$	16,306		$	22,763		$	26,312		$	26,342
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.54	%		1.50	%		1.50	%		1.50	%		1.52	%
Net investment income		1.79	%		1.71	%		1.95	%		1.99	%		2.16	%
Portfolio Turnover		54	%		66	%		68	%		9	%		8	%

⁽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⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

14 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Financial Highlights — continued

	Class I
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.660		$	9.770		$	10.090		$	10.110		$	10.030
Income (Loss) From Operations
Net investment income(1)	$	0.260		$	0.255		$	0.284		$	0.290		$	0.308
Net realized and unrealized gain (loss)		0.206			(0.112	)		(0.322	)		(0.023	)		0.079
Total income (loss) from operations	$	0.466		$	0.143		$	(0.038	)	$	0.267		$	0.387
Less Distributions
From net investment income	$	(0.256	)	$	(0.253	)	$	(0.282	)	$	(0.287	)	$	(0.307	)
Total distributions	$	(0.256	)	$	(0.253	)	$	(0.282	)	$	(0.287	)	$	(0.307	)
Net asset value — End of year	$	9.870		$	9.660		$	9.770		$	10.090		$	10.110
Total Return(2)		4.91	%		1.45	%		(0.40	)%		2.70	%		3.89	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	21,000		$	16,301		$	17,869		$	13,601		$	12,101
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.64	%		0.60	%		0.60	%		0.60	%		0.62	%
Net investment income		2.68	%		2.60	%		2.85	%		2.89	%		3.04	%
Portfolio Turnover		54	%		66	%		68	%		9	%		8	%

⁽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.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

15 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance New York Municipal Opportunities Fund (the Fund) is anon-diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The Fund’s investment objective is to seek to maximizeafter-tax total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents apro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

Fair Valuation. 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 the 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 — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, andtax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments innon-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of March 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

16

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

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

H  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase 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 Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-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.

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended March 31, 2019 and March 31, 2018 was as follows:

	Year Ended March 31,
	2019		2018
Tax-exempt income	$	1,642,924	$	1,869,897
Ordinary income	$	97,775	$	122,581

During the year ended March 31, 2019, distributable earnings was increased by $1,022,603 andpaid-in capital was decreased by $1,022,603 due to expired capital loss carryforwards. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of March 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributedtax-exempt income	$	39,451
Deferred capital losses	$	(1,721,105	)
Net unrealized appreciation	$	2,161,975
Distributions payable	$	(32,112	)

At March 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $1,721,105 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2019, $1,721,105 are short-term.

17

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	67,491,812
Gross unrealized appreciation	$	2,444,846
Gross unrealized depreciation		(282,871	)
Net unrealized appreciation	$	2,161,975

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 the 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) and is payable monthly. The annual asset rate and daily income rate are 0.30% and 3.00%, respectively, when daily net assets are less than $500 million and at reduced rates when daily net assets are $500 million or more. For the year ended March 31, 2019, the investment adviser fee amounted to $291,112 or 0.40% of the Fund’s average daily net assets.

EVM serves as the administrator of the Fund, but receives no compensation. EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the year ended March 31, 2019, EVM earned $8,281 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $731 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2019. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with 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 year ended March 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays 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 the 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 0.15% per annum of the Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended March 31, 2019 amounted to $63,225 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2019, the Fund paid or accrued to EVD $108,412 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.15% per annum of the Fund’s average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended March 31, 2019 amounted to $21,682 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 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. For the year ended March 31, 2019, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

18

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $39,303,435 and $45,440,402, respectively, for the year ended March 31, 2019.

7  Shares of Beneficial Interest

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

	Year Ended March 31,
Class A	2019			2018
Sales		146,494			401,540
Issued to shareholders electing to receive payments of distributions in Fund shares		92,321			104,426
Redemptions		(941,772	)		(1,237,253	)
Converted from Class C shares		374,383			—
Net decrease		(328,574	)		(731,287	)
	Year Ended March 31,
Class C	2019			2018
Sales		95,675			88,190	��
Issued to shareholders electing to receive payments of distributions in Fund shares		20,419			24,766
Redemptions		(362,130	)		(788,053	)
Converted to Class A shares		(393,704	)		—
Net decrease		(639,740	)		(675,097	)
	Year Ended March 31,
Class I	2019			2018
Sales		1,135,009			430,776
Issued to shareholders electing to receive payments of distributions in Fund shares		25,358			25,919
Redemptions		(721,396	)		(598,110	)
Net increase (decrease)		438,971			(141,415	)

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended March 31, 2019.

19

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

9  Fair Value Measurements

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

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

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

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

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

At March 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3*		Total
Tax-Exempt Municipal Securities	$	—	$	66,360,756	$	—	$	66,360,756
Taxable Municipal Securities		—		2,859,550		—		2,859,550
Miscellaneous		—		—		433,481		433,481
Total Investments	$	—	$	69,220,306	$	433,481	$	69,653,787

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended March 31, 2019 is not presented.

20

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance New York Municipal Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance New York Municipal Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund, as of March 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned, as of March 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

May 17, 2019

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

21

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Federal Tax Information (Unaudited)

The Form1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended March 31, 2019, the Fund designates 94.38% of distributions from net investment income as an exempt-interest dividend.

22

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 172 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 172 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2)Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman(2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm)(1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company(1983-1985). Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2)Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

23

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson); 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2)None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm)(1991-1998). Directorships in the Last Five Years.(2)None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

24

Eaton Vance

New York Municipal Opportunities Fund

March 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012).

⁽¹⁾ Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾ During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾ Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾ Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

25

Eaton Vance Funds

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 (International) Limited, Eaton Vance Advisers International Ltd., 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 call1-800-262-1122.

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 at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically 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) files a schedule of portfolio holdings on Part F toForm N-Port with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

26

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

23362    3.31.19

Eaton Vance

Short Duration Municipal Opportunities Fund

Annual Report

March 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual ReportMarch 31, 2019

Eaton Vance

Short Duration Municipal Opportunities Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	27
Federal Tax Information	28
Management and Organization	29
Important Notices	32

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Viewed as a whole, the12-month period that began on April 1, 2018 was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 5.38%.

The period was marked by a flattening of the municipal bond yield curve.⁷ Rates declined across the curve, but declined more for bonds with maturities of 4 years and longer than for bonds with shorter1-3 year maturities. Lower-rated⁶ bonds generally outperformed higher-rated issues during the period and municipal bonds outperformed comparable U.S. Treasurys. But while the fiscal year overall was positive for municipal bond performance, investors endured considerable volatility during the12-month period.

As the fiscal year began in April 2018, the municipal bond market was at the tail end of a period of rising rates, driven by signs of increasing inflation, higher wage growth and fears that recently-passed tax legislation might overheat the economy. In an effort to blunt upward pressure on inflation, the U.S. Federal Reserve Board (the Fed) announced its second rate hike of 2018 in June. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked rates again and both U.S. Treasury and municipal rates rose across the curve. In October 2018, a strong U.S. employment report and easing concerns over Italy’s national budget continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a looming government shutdown and dovish comments by the Fed that led investors to fear weakness in the U.S. economy, driving credit spreads wider and the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in the final month of 2018.

The first two months of the new year, in contrast, were a relatively quiet period for bonds. The final month of the period, however, saw rates decline across the curve, in a dramatic reversal of the market’s direction at the

beginning of the period. Driven initially by an unexpectedly weak February jobs report issued in early March, the rate decline was accelerated by reports of slowing gross domestic product growth in China and Germany as well as Brexit uncertainty. Downward pressure on rates appeared to culminate on March 20, 2019, when the Fed issued comments that were more dovish than the market had expected — leading many investors to conclude that further rate hikes were off the table for the rest of 2019.

Fund Performance

For the12-month period ended March 31, 2019, Eaton Vance Short Duration Municipal Opportunities Fund (the Fund) Class A shares at net asset value (NAV) returned 3.52%, underperforming the 4.35% return of the Fund’s benchmark, the Bloomberg Barclays Short-Intermediate
1–10 Year Municipal Bond Index (the Index).

In seeking to achieve its primary objective of maximizingafter-tax total return, the Fund employs a flexible investment strategy that allows it to seek opportunities virtually anywhere on the credit curve, across different sectors and different state issuers, while maintaining an average weighted duration⁸ below 4.5 years. Management has the ability to be opportunistic in pursuing the Fund’safter-tax total return objective, trading holdings whenever opportunities arise, with the ability to invest up to 20% of net assets in debt obligations other thantax-exempt municipal bonds, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies and instrumentalities. Up to 50% of the Fund’s net assets may be invested in below-investment-grade securities. The Fund may also hedge interest rate risk and hold leveraged investments.

Detractors from Fund performance versus the Index during the period included security selection in the health care sector, an overweight, relative to the Index, in floating-rate notes and security selection in bonds rated A or higher.

In contrast, Fund holdings in taxable municipal bonds, which were not represented in the Index, contributed to performance relative to the Index. Additional contributors to relative results versus the Index included an overweight inBBB-rated bonds, holdings rated below-investment-grade, which were not represented in the Index and security selection and an overweight in Illinois bonds, during a period when Illinois was the best-performing state in the Index.

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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

2

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Performance^2,3

Portfolio ManagerAdam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		06/01/1992		3.52	%		2.79	%		3.38	%
Class A with 2.25% Maximum Sales Charge		—		—		1.18			2.32			3.15
Class C at NAV		12/08/1993		06/01/1992		2.79			2.04			2.61
Class C with 1% Maximum Sales Charge		—		—		1.79			2.04			2.61
Class I at NAV		08/03/2010		06/01/1992		3.78			2.96			3.51
Bloomberg Barclays Short-Intermediate 1–10 Year Municipal Bond Index		—		—		4.35	%		2.27	%		2.97	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.85	%		1.60	%		0.70	%
Net						0.70			1.45			0.55
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.91	%		1.13	%		2.08	%
Taxable-Equivalent Distribution Rate						3.23			1.91			3.51
SEC30-day Yield						1.75			1.02			1.94
Taxable-Equivalent SEC30-day Yield						2.95			1.73			3.28

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 Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		03/31/2009	$	12,944		N.A.
Class I	$	250,000		03/31/2009	$	353,107		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. 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 or equal to 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 recentmonth-end, please refer to eatonvance.com.

3

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Endnotes and Additional Disclosures

¹  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.

²  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays Short-Intermediate 1–10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 1–10 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.

³  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.

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 I is linked to Class A. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

Performance prior to November 14, 2016 reflects the Fund’s performance under its former investment objective and policies.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 7/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  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 astax-exempt income, qualified andnon-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 form1099-DIV and provided to the shareholder shortly after eachyear-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 lowertax-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 a30-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.

⁶  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.

⁷  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

⁸  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Fund profile subject to change due to active management.

5

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

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 (October 1, 2018 – March 31, 2019).

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) or redemption fees (if applicable). 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 (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,023.30	$	3.53	**		0.70	%
Class C	$	1,000.00	$	1,020.00	$	7.30	**		1.45	%
Class I	$	1,000.00	$	1,025.10	$	2.78	**		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.53	**		0.70	%
Class C	$	1,000.00	$	1,017.70	$	7.29	**		1.45	%
Class I	$	1,000.00	$	1,022.20	$	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 182/365 (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 September 30, 2018.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

6

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 96.6%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
Ohio Water Development Authority, Water Pollution Control Loan Fund, 1.72%, (SIFMA + 0.22%), 12/1/20(1)	$	1,000	$	999,630
			$	999,630
Education — 8.5%
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/21	$	250	$	269,625
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/22		250		276,695
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/23		225		254,885
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/24		275		316,627
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/21(2)		100		106,654
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/22(2)		165		179,865
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/23(2)		175		194,593
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/24(2)		160		180,950
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/25(2)		300		344,220
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/23(3)		425		476,361
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/24(3)		350		399,802
Massachusetts Development Finance Agency, (Tufts University), (SPA: U.S. Bank, N.A.), 1.42%, 8/15/48(4)		4,750		4,750,000
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/21		355		380,347
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/22		600		658,296
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo), 1.35%, 2/15/26(4)		1,465		1,465,000
Montana State University, 1.95%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(1)		1,830		1,830,897
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: State Street Bank and Trust Co.), 1.48%, 7/1/35(4)		5,200		5,200,000
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: Wells Fargo Bank, N.A.), 1.48%, 7/1/33(4)		3,255		3,255,000
New York Dormitory Authority, (Pace University), 4.00%, 5/1/22		495		521,086
New York Dormitory Authority, (Yeshiva University), 4.00%, 9/1/23		1,235		1,243,818

Security	Principal Amount (000’s omitted)		Value
Education (continued)
New York Dormitory Authority, (Yeshiva University), 5.00%, 11/1/19	$	425	$	431,694
Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/25		1,000		1,109,580
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 2.169%, (70% of 1 mo. USD LIBOR + 0.42%), 4/1/22 (Put Date), 10/1/44(1)		6,750		6,748,852
Pennsylvania Higher Educational Facilities Authority, (Messiah College), 2.20% to 11/1/21 (Put Date), 11/1/31		750		745,620
Pennsylvania Higher Educational Facilities Authority, (Messiah College), 2.72% to 5/1/21 (Put Date), 11/1/31		1,845		1,845,701
Pennsylvania Higher Educational Facilities Authority, (York College of Pennsylvania), 2.85% to 5/1/21 (Put Date), 5/1/34		1,500		1,519,380
Philadelphia Authority for Industrial Development, PA, (La Salle University), 5.00%, 5/1/23		1,840		1,990,052
Philadelphia Authority for Industrial Development, PA, (La Salle University), 5.00%, 5/1/24		1,715		1,881,492
Public Finance Authority, WI, (Barton College), 5.00%, 3/1/28		1,545		1,677,932
South Carolina Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning, (Furman University), (SPA: Wells Fargo Bank, N.A.), 1.51%, 10/1/39(4)		7,570		7,570,000
			$	47,825,024
Electric Utilities — 3.7%
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45	$	4,000	$	4,087,200
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 3.25%, 1/1/25		3,250		3,334,013
Long Island Power Authority, NY, Electric System Revenue, 2.493%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1)		10,000		10,023,400
Rockport, IN, (Indiana Michigan Power Co.), 3.05%, 6/1/25		1,600		1,636,336
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/22		385		417,459
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/23		600		664,404
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/24		500		564,245
			$	20,727,057
Escrowed / Prerefunded — 0.1%
Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20	$	345	$	354,036
			$	354,036

7 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations — 13.6%
American Samoa Economic Development Authority, 6.00%, 9/1/23(2)	$	1,500	$	1,520,985
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/24		1,000		1,167,100
Bensalem Township School District, PA, 3.00%, 2/15/21		20		20,502
California, 5.00%, 8/1/23		2,085		2,384,406
Chicago Board of Education, IL, 4.00%, 12/1/20		250		255,425
Chicago Board of Education, IL, 4.00%, 12/1/22		700		718,263
Chicago Board of Education, IL, 5.00%, 12/1/20		945		980,787
Chicago Board of Education, IL, 5.00%, 12/1/22		1,200		1,272,444
Chicago Board of Education, IL, 5.00%, 12/1/23		2,000		2,138,340
Chicago Board of Education, IL, 5.00%, 12/1/24		2,000		2,149,760
Chicago, IL, 5.00%, 12/1/22		1,000		1,033,340
Chicago, IL, 5.625%, 1/1/29		1,000		1,155,470
Connecticut, 5.00%, 4/15/23(3)		3,200		3,575,360
Dallas, TX, 5.00%, 2/15/23		1,000		1,089,930
Dallas, TX, 5.00%, 2/15/26		1,000		1,168,750
Delaware Valley Regional Finance Authority, PA, 2.428%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(1)		9,000		8,941,500
Detroit, MI, 5.00%, 4/1/20		810		827,561
Detroit, MI, 5.00%, 4/1/21		1,000		1,039,060
Elmira, NY, 3.50%, 5/24/19(2)		2,000		2,001,680
Elmira, NY, 3.75%, 7/16/19(2)		1,000		1,002,100
Elmira, NY, 5.00%, 5/15/26		115		115,066
Fairfax County, VA, 5.00%, 10/1/21		2,000		2,171,340
Georgia, 5.00%, 7/1/19		2,445		2,466,198
Harford County, MD, 5.00%, 9/15/23		1,000		1,146,830
Honolulu City and County, HI, 1.81%, (SIFMA + 0.31%), 9/1/20 (Put Date), 9/1/24(1)		1,000		999,760
Illinois, 0.00%, 8/1/20		265		253,994
Illinois, 0.00%, 8/1/21		200		185,274
Illinois, 5.00%, 12/1/19		2,500		2,549,325
Illinois, 5.00%, 1/1/20		750		765,510
Illinois, 5.00%, 8/1/20		2,000		2,068,160
Illinois, 5.00%, 11/1/21		10,000		10,617,100
Illinois, 5.00%, 2/1/22		370		393,340
Illinois, 5.00%, 6/1/22		495		529,640
Illinois, 5.00%, 10/1/22		2,000		2,153,640
Illinois, 5.00%, 10/1/23		285		308,886
Illinois, 5.00%, 2/1/24		500		542,115
Illinois, 5.00%, 6/1/24		4,850		5,280,680
Illinois, 5.00%, 8/1/24		2,085		2,211,184
Illinois, 5.00%, 8/1/25		1,000		1,054,590
New Haven, CT, 5.00%, 8/1/21		1,000		1,063,040

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
North Carolina, 5.00%, 6/1/23	$	895	$	1,019,772
Union City, NJ, 5.00%, 11/1/23		1,000		1,120,540
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/27		2,000		2,101,820
Will County Community High School District No. 210, IL, 4.00%, 1/1/22		950		950,342
			$	76,510,909
Hospital — 16.2%
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/20	$	785	$	808,817
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23		450		501,336
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/22		150		162,801
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/23		175		193,683
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.50%, 12/1/58(2)		2,000		2,265,640
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/22		500		541,170
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/23		500		554,475
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 2.10%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(1)		3,000		3,000,240
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), (SPA: JPMorgan Chase Bank, N.A.), 1.50%, 1/15/48(4)		4,150		4,150,000
Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 1.47%, 1/15/38(4)		3,795		3,795,000
Colorado Health Facilities Authority, (Valley View Hospital Association), 2.80% to 5/15/23 (Put Date), 5/15/42		2,000		2,045,260
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Corp.), 2.643%, (68% of 1 mo. USD LIBOR + 0.95%), 7/1/20 (Put Date), 7/1/49(1)		1,000		1,001,990
Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 2.218%, (67% of 1 mo. USD LIBOR + 0.55%), 7/1/19 (Put Date), 7/1/49(1)		1,000		1,000,040
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/23		1,000		1,090,030
Decatur Hospital Authority, TX, (Wise Regional Health System), 4.00%, 9/1/20		255		260,725
Delaware Health Facilities Authority, (Nanticoke Memorial Hospital, Inc.), 5.00%, 7/1/23		655		717,408
Doylestown Hospital Authority, PA, (Doylestown Hospital), 5.00%, 7/1/20		1,155		1,188,865

8 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Idaho Health Facilities Authority, (Madison Memorial Hospital), 5.00%, 9/1/21	$	1,630	$	1,723,643
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 2.25%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(1)		5,000		5,000,000
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/23		1,000		1,122,200
Illinois Finance Authority, (Southern Illinois Healthcare Enterprises, Inc.), 5.00%, 3/1/23		250		276,483
Indiana Finance Authority, (Parkview Health), 2.05%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(1)		3,000		3,001,560
Kanabec County, MN, (FirstLight Health System), 2.75%, 12/1/19		2,250		2,250,382
Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/21		50		53,853
Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/23		500		564,225
Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/25		80		93,668
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), 5.00%, 11/15/24		100		114,840
Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/23		555		605,078
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/21		185		194,248
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/22		450		493,434
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/23		725		812,043
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/24		650		741,839
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25		710		735,418
Michigan Finance Authority, (McLaren Health Care), 2.097%, (68% of 1 mo. USD LIBOR + 0.40%), 10/15/21 (Put Date), 10/15/30(1)		965		964,566
Michigan Finance Authority, (McLaren Health Care), 2.447%, (68% of 1 mo. USD LIBOR + 0.75%), 10/15/20 (Put Date), 10/15/38(1)		5,000		5,023,250
Michigan Finance Authority, (Trinity Health Credit Group), 1.98%, (SIFMA + 0.48%), 2/1/22 (Put Date), 3/1/51(1)		5,000		4,999,800
Montana Facility Finance Authority, (Billings Clinic Obligated Group), 2.05%, (SIFMA + 0.55%), 8/15/23 (Put Date), 8/15/37(1)		4,500		4,495,545
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/25		1,050		1,169,584
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/26		1,010		1,121,979
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University), 5.00%, 9/1/23		1,000		1,131,510

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/24	$	540	$	610,281
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/30		1,595		1,811,059
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center), 5.00%, 7/1/20		1,000		1,036,330
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/24		1,300		1,491,763
North Carolina Medical Care Commission, (Novant Health Obligated Group), (SPA: JPMorgan Chase Bank, N.A.), 1.52%, 11/1/34(5)		5,000		5,000,000
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 2.783%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(1)		1,000		1,003,470
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/23		1,250		1,384,062
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/24		720		810,461
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/25		400		457,584
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/25		1,195		1,349,752
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/28		1,395		1,624,547
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/29		1,000		1,168,410
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/30		1,000		1,159,440
Oroville, CA, (Oroville Hospital), 5.25%, 4/1/54		3,000		3,354,720
Rhode Island Health and Educational Building Corp., (Care New England Health System), 5.00%, 9/1/19		1,000		1,009,620
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 2.10%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(1)(3)		7,500		7,503,000
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/23		50		56,265
			$	90,797,392
Housing — 3.9%
Massachusetts Development Finance Agency, (UMass Boston Student Housing), 5.00%, 10/1/21	$	1,000	$	1,067,930
Massachusetts Development Finance Agency, (UMass Boston Student Housing), 5.00%, 10/1/22		500		544,940
Massachusetts Housing Finance Agency, (Mill Road Apartments), 2.05%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(1)		2,675		2,675,000
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.05%, (SIFMA + 0.55%), 12/12/23 (Put Date), 7/1/41(1)		10,000		10,001,700

9 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Island Campus, LLC - Texas A&M University), 4.00%, 4/1/23	$	1,295	$	1,311,239
North Dakota Housing Finance Agency, 1.90%, (SIFMA + 0.40%), 2/1/22 (Put Date), 1/1/43(1)		2,500		2,499,900
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/25		600		682,824
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/26		200		230,900
Washington Housing Finance Commission, 2.05%, (SIFMA + 0.55%), 10/1/23 (Put Date), 12/1/48(1)		3,000		3,001,620
			$	22,016,053
Industrial Development Revenue — 10.0%
Burke County Development Authority, GA, (Georgia Transmission Corp.), 2.50% to 5/3/21 (Put Date), 1/1/52	$	2,000	$	2,022,640
California Pollution Control Financing Authority, (Republic Services, Inc.), (AMT), 2.30% to 4/15/19 (Put Date), 11/1/42(2)		4,250		4,250,255
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(2)		1,000		1,039,700
Iowa Finance Authority, (Iowa Fertilizer Co.), 3.125%, 12/1/22(3)		4,000		4,026,320
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(2)		875		895,116
Massachusetts Development Finance Agency, (Waste Management, Inc.), (AMT), 2.25% to 5/1/19 (Put Date), 5/1/27(2)		2,000		2,000,180
Michigan Strategic Fund, (Waste Management, Inc.), (AMT), 2.85% to 8/2/21 (Put Date), 8/1/27		3,000		3,044,010
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 2.30%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(1)		5,000		4,999,950
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(2)		1,500		1,559,550
National Finance Authority, NH, (Waste Management, Inc.), (AMT), 2.25%, (SIFMA + 0.75%), 10/1/21 (Put Date), 10/1/33(1)		2,000		1,995,000
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.00% to 10/1/19 (Put Date), 4/1/29(2)		320		321,882
New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33		3,500		3,587,535
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44(2)		3,055		3,074,949

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(2)	$	3,930	$	4,018,740
Ohio Air Quality Development Authority, (Ohio Valley Electric Corp.), 5.625%, 10/1/19		4,150		4,194,322
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 3.75%, 1/15/28(2)		800		834,688
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.00% to 6/1/21 (Put Date), 7/1/29		5,000		4,982,250
Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23		1,520		1,600,575
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(2)		2,000		2,029,440
Washington Economic Development Finance Authority, (Columbia Pulp I, LLC), (AMT), 7.50%, 1/1/32(2)		500		565,300
West Virginia Economic Development Authority, (Appalachian Power Co.), 2.55% to 4/1/24 (Put Date), 3/1/40(3)		4,000		4,056,400
Whiting, IN, (BP Products North America, Inc.), (AMT), 2.25%, (SIFMA + 0.75%), 12/2/19 (Put Date), 12/1/44(1)		1,000		1,000,520
			$	56,099,322
Insured – Electric Utilities — 0.7%
Puerto Rico Electric Power Authority, (AGM), 4.00%, 7/1/23	$	305	$	305,601
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/21		450		466,159
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,740		1,880,018
Puerto Rico Electric Power Authority, Series RR, (NPFG), 5.00%, 7/1/23		170		171,097
Puerto Rico Electric Power Authority, Series RR, (NPFG), 5.00%, 7/1/24		500		503,030
Puerto Rico Electric Power Authority, Series SS, (NPFG), 5.00%, 7/1/23		325		327,096
			$	3,653,001
Insured – General Obligations — 1.6%
Atlantic City, NJ, (BAM), 5.00%, 3/1/20	$	250	$	256,570
Boston, MA, (NPFG), 0.125%, 3/1/22		2,920		2,787,227
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/23		100		110,934
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/20		1,000		952,790
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/22		370		329,644
Matteson, IL, (AGM), 3.60%, 12/1/24		395		403,947
McHenry and Kane Counties Community Consolidated School District No. 158, IL, (NPFG), 0.00%, 1/1/21		1,090		1,047,512
Paterson, NJ, (BAM), 5.00%, 1/15/26		485		524,571
Puerto Rico, (AGC), 5.00%, 7/1/24		125		129,065
Puerto Rico, (NPFG), 5.25%, 7/1/22		135		136,211
Stickney, IL, (BAM), 4.00%, 12/1/22		200		212,186
Stickney, IL, (BAM), 4.00%, 12/1/23		350		375,347

10 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Will County Community High School District No. 210, IL, (AGM), 0.00%, 1/1/21	$	1,770	$	1,690,474
			$	8,956,478
Insured – Hospital — 1.4%
Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (AGM), (LOC: TD Bank, N.A.), 1.45%, 1/15/44(4)	$	7,895	$	7,895,000
			$	7,895,000
Insured – Lease Revenue / Certificates of Participation — 1.7%
Kentucky Asset/Liability Commission, (NPFG), 2.353%, (67% of 3 mo. USD LIBOR + 0.52%), 11/1/21(1)	$	7,000	$	6,990,270
Kentucky Asset/Liability Commission, (NPFG), 2.383%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(1)		2,570		2,497,372
			$	9,487,642
Insured – Other Revenue — 0.2%
Arborwood Community Development District, FL, (AGM), 2.60%, 5/1/24	$	1,190	$	1,203,637
			$	1,203,637
Insured – Special Tax Revenue — 0.2%
Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31	$	430	$	430,237
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/24		410		446,449
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/25		460		505,526
			$	1,382,212
Insured – Transportation — 1.2%
Alabama Port Authority, (AGM), (AMT), 5.00%, 10/1/23	$	2,075	$	2,310,782
New Jersey Transportation Trust Fund Authority, (NPFG), 5.50%, 12/15/22		3,000		3,345,780
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		315		352,913
Puerto Rico Highway and Transportation Authority, (NPFG), 5.00%, 7/1/29		645		647,664
			$	6,657,139
Lease Revenue / Certificates of Participation — 0.4%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25	$	2,000	$	2,328,860
			$	2,328,860

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 5.7%
Albany Parking Authority, NY, 5.00%, 7/15/19	$	160	$	161,440
Albany Parking Authority, NY, 5.00%, 7/15/20		575		597,649
Albany Parking Authority, NY, 5.00%, 7/15/21		635		679,590
Albany Parking Authority, NY, 5.00%, 7/15/22		705		772,638
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), 5.00%, 5/1/23(2)		750		803,910
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/23		500		553,690
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/24		600		675,030
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/25		500		571,985
Black Belt Energy Gas District, AL, 4.00% to 12/1/23 (Put Date), 12/1/48		1,000		1,065,430
Kalispel Tribe of Indians, WA, 5.00%, 1/1/32(2)		795		871,590
Kansas City Land Clearance for Redevelopment Authority, MO, (Convention Center Hotel), 4.375%, 2/1/31(2)		1,000		1,026,120
Main Street Natural Gas, Inc., GA, 2.418%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(1)		2,500		2,481,775
Northern California Gas Authority No. 1, Gas Project Revenue, 2.594%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(1)		1,000		972,960
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 2.528%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/ 24 (Put Date), 10/1/48(1)		3,000		2,984,340
Southeast Alabama Gas Supply District, (Project No. 1), 2.15%, (SIFMA + 0.65%), 4/1/24 (Put Date), 4/1/49(1)		2,000		2,000,540
Southeast Alabama Gas Supply District, (Project No. 2), 2.518%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(1)		2,000		1,960,620
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 2.449%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(1)		3,680		3,659,981
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 2.772%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(1)		3,250		3,286,887
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 2.55%, (SIFMA + 1.05%), 7/3/23 (Put Date), 1/1/42(1)		7,000		7,112,770
			$	32,238,945
Senior Living / Life Care — 11.3%
Atlantic Beach, FL, (Fleet Landing), 3.25%, 11/15/24	$	2,155	$	2,176,033
Berks County Industrial Development Authority, PA, (Highlands At Wyomissing), 5.00%, 5/15/28		300		339,228
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/22		225		240,869
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/23		200		217,598

11 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/24	$	250	$	275,153
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/25		250		278,385
Brookhaven Local Development Corp., NY, (Jefferson’s Ferry), 5.00%, 11/1/19		325		330,746
Bucks County Industrial Development Authority, PA, (Pennswood Village), 5.00%, 10/1/24		800		896,784
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/20		290		300,063
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/21		315		330,366
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/22		430		456,127
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 3.20%, 5/15/25		775		776,844
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/20		210		212,436
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/21		300		307,638
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/22		300		311,463
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 3.125%, 5/15/27		500		500,620
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/19		200		200,648
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/21		325		342,212
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/22		850		914,158
District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24		915		915,650
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/21		250		261,910
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/22		250		265,990
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/23		355		383,002
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/24		425		463,594
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 3.60%, 7/1/23		500		503,645
Hanover County Economic Development Authority, VA, (Covenant Woods), 3.625%, 7/1/28		720		728,431
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/21		860		901,650
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/22		415		441,485
Iowa Finance Authority, (Northcrest, Inc.), 3.25%, 3/1/23		3,300		3,300,693
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/22		920		974,436

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Massachusetts Development Finance Agency,(Carleton-Willard Village), 5.25%, 12/1/25	$	275	$	281,465
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 4.00%, 11/15/23(2)		2,500		2,536,950
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 3.50%, 10/1/22(2)		500		512,420
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 4.00%, 10/1/25(2)		515		540,230
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 4.00%, 10/1/26(2)		500		523,415
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 4.00%, 10/1/27(2)		400		417,284
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 2.875% to 2/1/22 (Put Date), 2/1/34		2,000		2,009,320
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 4.00%, 1/1/23		6,000		6,074,160
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/21		540		555,898
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/23		1,795		1,889,345
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.00%, 1/1/25		1,600		1,601,808
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/21		505		529,457
Public Finance Authority, WI, (Mary’s Woods at Marylhurst), 3.95%, 11/15/24(2)		1,250		1,256,812
Rockville, MD, (Ingleside at King Farm), 3.00%, 11/1/25		750		747,323
Rockville, MD, (Ingleside at King Farm), 3.50%, 11/1/26		525		526,874
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/23		210		233,917
Sarasota County Health Facilities Authority, FL, (Village on the Isle), 2.70%, 1/1/22		1,100		1,094,203
Sarasota County Health Facilities Authority, FL, (Village on the Isle), 3.30%, 1/1/23		1,500		1,501,125
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/20		450		459,626
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/22		500		528,605
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/23		1,365		1,461,273
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/24		1,450		1,568,262
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/25		1,510		1,646,066

12 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/26	$	1,595	$	1,747,530
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 4.125% to 8/1/24 (Put Date), 8/1/47		1,000		999,240
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/23		2,015		2,181,258
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/24		1,490		1,630,060
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/25		1,615		1,786,255
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 10.00%, 3/15/23(2)		520		519,901
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 4.00%, 10/1/23(2)		2,000		2,015,040
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/23		230		254,932
Vermont Economic Development Authority, (Wake Robin Corp.), 4.00%, 5/1/21		215		219,476
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27		1,000		1,092,240
Washington County, MD, (Diakon Lutheran Social Ministries), 5.00%, 1/1/21		340		356,888
Washington County, MD, (Diakon Lutheran Social Ministries), 5.00%, 1/1/23		365		401,296
Washington County, MD, (Diakon Lutheran Social Ministries), 5.00%, 1/1/24		350		391,685
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/25(2)		1,165		1,299,068
Washington Housing Finance Commission, (Judson Park), 3.70%, 7/1/23(2)		440		442,702
Washington Housing Finance Commission, (Wesley Homes at Lea Hill), 3.20%, 7/1/21(2)		395		394,222
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/22		200		208,112
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/23		250		262,260
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/24		365		381,034
			$	63,626,894
Special Tax Revenue — 1.4%
Illinois Sports Facilities Authority, 5.00%, 6/15/22	$	315	$	330,860
Illinois Sports Facilities Authority, 5.00%, 6/15/23		250		266,210

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Illinois, Sales Tax Revenue, 5.00%, 6/15/22	$	945	$	1,013,550
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: JPMorgan Chase Bank, N.A.), 1.50%, 8/1/42(4)		5,000		5,000,000
Sales Tax Securitization Corp., IL, 5.00%, 1/1/23		650		711,906
South Village Community Development District, FL, 2.00%, 5/1/19		300		300,039
			$	7,622,565
Student Loan — 4.9%
Connecticut Higher Education Supplement Loan Authority, (AMT), 5.00%, 11/15/20	$	550	$	575,278
Connecticut Higher Education Supplement Loan Authority, (AMT), 5.00%, 11/15/22		750		821,663
Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33		6,460		6,577,507
Massachusetts Educational Financing Authority, (AMT), 5.00%, 1/1/20		500		511,660
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/21		3,900		4,162,236
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/23		1,000		1,119,630
Massachusetts Educational Financing Authority, Series 2012, (AMT), 5.00%, 7/1/20		5,000		5,192,350
Massachusetts Educational Financing Authority, Series 2013, (AMT), 5.00%, 7/1/20		2,000		2,076,940
New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/23		4,475		5,035,673
Rhode Island Student Loan Authority, (AMT), 5.00%, 12/1/23		1,250		1,408,975
			$	27,481,912
Transportation — 8.7%
Denver City and County, CO, Airport System Revenue, 2.602%, (70% of 1 mo. USD LIBOR + 0.86%), 11/15/19 (Put Date), 11/15/31(1)	$	425	$	425,344
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/24		5,000		5,801,750
E-470 Public Highway Authority, CO, 2.086%, (67% of 1 mo. USD LIBOR + 0.42%), 9/1/21 (Put Date), 9/1/39(1)		3,500		3,501,050
E-470 Public Highway Authority, CO, 2.722%, (67% of 1 mo. USD LIBOR + 1.05%), 9/1/21 (Put Date), 9/1/39(1)		3,375		3,405,341
Eagle County Air Terminal Corp., CO, (AMT), 4.00%, 5/1/26		1,000		1,090,500
Grand Parkway Transportation Corp., TX, 5.00%, 2/1/23		1,600		1,785,472
Maryland Economic Development Corp., (Purple Line Light Rail), (AMT), 5.00%, 3/31/24		1,000		1,074,110
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/23		1,480		1,643,925

13 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Transportation Trust Fund Authority, 0.00%, 12/15/24	$	200	$	170,060
New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/23		1,000		1,109,550
New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.70%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(1)		13,000		13,104,000
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 12/15/23		1,500		1,671,525
New York Transportation Development Corp., (Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/23		3,000		3,303,990
Pennsylvania Turnpike Commission, 2.10%, (SIFMA + 0.60%), 12/1/23(1)		1,000		997,410
Pennsylvania Turnpike Commission, 2.20%, (SIFMA + 0.70%), 12/1/23(1)		2,500		2,496,425
Pennsylvania Turnpike Commission, 2.48%, (SIFMA+ 0.98%), 12/1/21(1)		2,150		2,171,306
Port of Oakland, CA, (AMT), 5.00%, 11/1/24		2,000		2,317,940
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/22		300		325,131
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/23		350		387,993
Susquehanna Area Regional Airport Authority, PA, (AMT), 5.00%, 1/1/21		2,000		2,084,940
			$	48,867,762
Water and Sewer — 1.0%
California Department of Water Resources, (Central Valley Project), 1.87%, (SIFMA + 0.37%), 12/1/22 (Put Date), 12/1/35(1)	$	500	$	500,125
Charleston, SC, Waterworks and Sewer System Revenue, 2.119%, (70% of 1 mo. USD LIBOR + 0.37%), 1/1/22 (Put Date), 1/1/35(1)		5,000		5,000,150
Riverside, CA, Water System Revenue, 2.13%, (SIFMA + 0.63%), 1/15/20 (Put Date), 10/1/35(1)		215		215,140
			$	5,715,415
Total Tax-Exempt Municipal Securities — 96.6% (identified cost $536,754,826)			$	542,446,885

Tax-Exempt Mortgage-Backed Securities — 0.1%
Security	Principal Amount (000’s omitted)		Value
FRETE 2017-ML01 Trust, Class A, (Freddie Mac guaranteed), 2.99%, (1 mo. USD LIBOR + 0.50%), 1/25/33(1)(2)	$	484	$	484,267
Total Tax-Exempt Mortgage-Backed Securities — 0.1% (identified cost $483,890)			$	484,267
Taxable Municipal Securities — 3.0%
Security	Principal Amount (000’s omitted)		Value
Education — 0.7%
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.43%, 6/1/27(2)	$	3,340	$	3,396,212
Public Finance Authority, WI, (Barton College), 5.00%, 3/1/20		340		340,932
			$	3,737,144
General Obligations — 0.2%
Chicago Board of Education, IL, 5.182%, 12/1/21	$	325	$	326,758
Chicago, IL, 7.75%, 1/1/42		931		1,007,174
			$	1,333,932
Hospital — 1.0%
Doylestown Hospital Authority, PA, (Doylestown Hospital), 2.754%, 7/1/19	$	500	$	499,105
Doylestown Hospital Authority, PA, (Doylestown Hospital), 3.063%, 7/1/20		2,020		2,008,042
Doylestown Hospital Authority, PA, (Doylestown Hospital), 3.263%, 7/1/21		1,000		990,850
Doylestown Hospital Authority, PA, (Doylestown Hospital), 3.489%, 7/1/22		815		807,779
Oklahoma Development Finance Authority, (OU Medicine), 5.45%, 8/15/28		1,250		1,372,300
			$	5,678,076
Insured – Hospital — 0.2%
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.522%, 7/1/20	$	500	$	501,385
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.653%, 7/1/22		375		379,365
			$	880,750
Senior Living / Life Care — 0.4%
Berks County Industrial Development Authority, PA, (Highlands At Wyomissing), 3.20%, 5/15/21	$	815	$	815,179

14 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 4.00%, 11/15/22	$	550	$	550,720
Tarrant County Cultural Education Facilities Finance Corp., TX, (Buckner SeniorLiving - Ventana), 4.00%, 11/15/21		1,060		1,060,488
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 12.50%, 3/15/23(2)		90		89,978
			$	2,516,365
Special Tax Revenue — 0.4%
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), 3.29%, 7/1/19	$	1,290	$	1,290,426
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), 3.52%, 7/1/20		1,000		1,002,390
			$	2,292,816
Transportation — 0.1%
South Jersey Transportation Authority, NJ, 4.20%, 11/1/21	$	725	$	730,118
			$	730,118
Total Taxable Municipal Securities — 3.0% (identified cost $16,947,895)			$	17,169,201
Corporate Bonds & Notes — 1.2%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.6%
Harnett Health System, Inc., 6.50%, 4/1/32	$	1,865	$	1,942,138
St. Joseph’s Hospital & Medical Center, 3.926%, 7/1/22		1,250		1,260,525
			$	3,202,663
Other Revenue — 0.6%
Morongo Band of Mission Indians, CA, 7.00%, 10/1/39(2)	$	3,470	$	3,631,112
			$	3,631,112
Total Corporate Bonds & Notes — 1.2% (identified cost $6,585,000)			$	6,833,775
Total Investments — 100.9% (identified cost $560,771,611)			$	566,934,128
Other Assets, Less Liabilities — (0.9)%			$	(5,174,375	)
Net Assets — 100.0%			$	561,759,753

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

At March 31, 2019, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

Illinois	10.4%
Pennsylvania	10.1%
Others, representing less than 10% individually	80.4%

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. In order to reduce the risk associated with such economic developments, at March 31, 2019, 7.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from less than 0.05% to 3.9% of total investments.

⁽¹⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2019.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under 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 March 31, 2019, the aggregate value of these securities is $49,147,720 or 8.7% of the Fund’s net assets.

⁽³⁾  When-issued security.

⁽⁴⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2019.

⁽⁵⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2019.

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.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
NPFG	–	National Public Finance Guarantee Corp.
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

Currency Abbreviations:

USD – United States Dollar

15 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Statement of Assets and Liabilities

Assets	March 31, 2019
Investments, at value (identified cost, $560,771,611)	$	566,934,128
Cash		15,686,053
Interest receivable		4,703,245
Receivable for investments sold		340,000
Receivable for Fund shares sold		2,563,773
Total assets	$	590,227,199
Liabilities
Payable for investments purchased	$	7,134,274
Payable for when-issued securities		19,942,327
Payable for Fund shares redeemed		852,139
Distributions payable		165,206
Payable to affiliates:
Investment adviser fee		180,416
Distribution and service fees		32,727
Other		37,036
Accrued expenses		123,321
Total liabilities	$	28,467,446
Net Assets	$	561,759,753
Sources of Net Assets
Paid-in capital	$	555,106,795
Distributable earnings		6,652,958
Net Assets	$	561,759,753
Class A Shares
Net Assets	$	94,489,220
Shares Outstanding		9,378,932
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.07
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.30
Class C Shares
Net Assets	$	28,258,475
Shares Outstanding		2,928,510
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.65
Class I Shares
Net Assets	$	439,012,058
Shares Outstanding		43,556,803
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.08

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Fund’s prospectus), 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.

16 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Statement of Operations

Investment Income	Year Ended March 31, 2019
Interest	$	8,447,330
Total investment income	$	8,447,330
Expenses
Investment adviser and administration fee	$	1,145,721
Distribution and service fees
Class A		88,321
Class C		200,843
Trustees’ fees and expenses		15,683
Custodian fee		80,444
Transfer and dividend disbursing agent fees		98,640
Legal and accounting services		48,649
Printing and postage		26,045
Registration fees		138,785
Miscellaneous		53,704
Total expenses	$	1,896,835
Deduct —
Allocation of expenses to affiliate	$	19,719
Total expense reductions	$	19,719
Net expenses	$	1,877,116
Net investment income	$	6,570,214
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	850,747
Net realized gain	$	850,747
Change in unrealized appreciation (depreciation) —
Investments	$	5,135,439
Net change in unrealized appreciation (depreciation)	$	5,135,439
Net realized and unrealized gain	$	5,986,186
Net increase in net assets from operations	$	12,556,400

17 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Statements of Changes in Net Assets

	Year Ended March 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	6,570,214		$	1,476,650
Net realized gain		850,747			217,054
Net change in unrealized appreciation (depreciation)		5,135,439			83,605
Net increase in net assets from operations	$	12,556,400		$	1,777,309
Distributions to shareholders(1)—
Class A	$	(1,318,352	)	$	(617,098	)
Class C		(333,353	)		(147,548	)
Class I		(4,871,566	)		(691,417	)
Total distributions to shareholders	$	(6,523,271	)	$	(1,456,063	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	74,111,564		$	15,462,102
Class C		21,047,540			9,630,045
Class I		422,623,494			90,268,161
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,031,491			525,627
Class C		290,324			128,160
Class I		4,077,176			550,030
Cost of shares redeemed
Class A		(21,422,807	)		(4,718,853	)
Class C		(6,149,502	)		(2,779,773	)
Class I		(76,677,890	)		(14,197,098	)
Net asset value of shares converted
Class A		3,685,181			—
Class C		(3,685,181	)		—
Net increase in net assets from Fund share transactions	$	418,931,390		$	94,868,401
Net increase in net assets	$	424,964,519		$	95,189,647
Net Assets
At beginning of year	$	136,795,234		$	41,605,587
At end of year	$	561,759,753		$	136,795,234	(2)

⁽¹⁾   For the year ended March 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange commission, effective November 5, 2018.

⁽²⁾  Includes accumulated distributions in excess of net investment income of $(8,056) at March 31, 2018. The requirement to disclose the corresponding amount as of March 31, 2019 was eliminated.

18 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Financial Highlights

	Class A
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.950		$	9.830		$	10.060		$	10.030		$	9.900
Income (Loss) From Operations
Net investment income(1)	$	0.224		$	0.212		$	0.248		$	0.264		$	0.271
Net realized and unrealized gain (loss)		0.121			0.117			(0.235	)		0.027			0.128
Total income from operations	$	0.345		$	0.329		$	0.013		$	0.291		$	0.399
Less Distributions
From net investment income	$	(0.225	)	$	(0.209	)	$	(0.243	)	$	(0.261	)	$	(0.269	)
Total distributions	$	(0.225	)	$	(0.209	)	$	(0.243	)	$	(0.261	)	$	(0.269	)
Net asset value — End of year	$	10.070		$	9.950		$	9.830		$	10.060		$	10.030
Total Return(2)		3.52	%(3)		3.36	%(3)		0.13	%(3)		2.95	%		4.06	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	94,489		$	36,045		$	24,526		$	35,441		$	43,069
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.70	%(3)		0.70	%(3)		0.80	%(3)(5)		0.77	%		0.77	%
Net investment income		2.25	%		2.13	%		2.48	%		2.65	%		2.71	%
Portfolio Turnover		48	%		55	%		82	%		9	%		4	%

⁽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⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01%, 0.15% and 0.22% of average daily net assets for the years ended March 31, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Includes interest expense of 0.01%.

19 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Financial Highlights — continued

	Class C
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.530		$	9.410		$	9.640		$	9.610		$	9.480
Income (Loss) From Operations
Net investment income(1)	$	0.144		$	0.131		$	0.165		$	0.181		$	0.188
Net realized and unrealized gain (loss)		0.120			0.117			(0.234	)		0.027			0.127
Total income (loss) from operations	$	0.264		$	0.248		$	(0.069	)	$	0.208		$	0.315
Less Distributions
From net investment income	$	(0.144	)	$	(0.128	)	$	(0.161	)	$	(0.178	)	$	(0.185	)
Total distributions	$	(0.144	)	$	(0.128	)	$	(0.161	)	$	(0.178	)	$	(0.185	)
Net asset value — End of year	$	9.650		$	9.530		$	9.410		$	9.640		$	9.610
Total Return(2)		2.79	%(3)		2.64	%(3)		(0.73	)%(3)		2.20	%		3.34	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	28,258		$	16,403		$	9,324		$	10,396		$	11,036
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.45	%(3)		1.45	%(3)		1.55	%(3)(5)		1.52	%		1.52	%
Net investment income		1.51	%		1.37	%		1.72	%		1.89	%		1.96	%
Portfolio Turnover		48	%		55	%		82	%		9	%		4	%

⁽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⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01%, 0.15% and 0.24% of average daily net assets for the years ended March 31, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Includes interest expense of 0.01%.

20 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Financial Highlights — continued

	Class I
	Year Ended March 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.950		$	9.830		$	10.060		$	10.030		$	9.900
Income (Loss) From Operations
Net investment income(1)	$	0.237		$	0.226		$	0.269		$	0.278		$	0.286
Net realized and unrealized gain (loss)		0.133			0.118			(0.242	)		0.027			0.128
Total income from operations	$	0.370		$	0.344		$	0.027		$	0.305		$	0.414
Less Distributions
From net investment income	$	(0.240	)	$	(0.224	)	$	(0.257	)	$	(0.275	)	$	(0.284	)
Total distributions	$	(0.240	)	$	(0.224	)	$	(0.257	)	$	(0.275	)	$	(0.284	)
Net asset value — End of year	$	10.080		$	9.950		$	9.830		$	10.060		$	10.030
Total Return(2)		3.78	%(3)		3.51	%(3)		0.27	%(3)		3.10	%		4.21	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	439,012		$	84,347		$	7,755		$	15,931		$	13,677
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.55	%(3)		0.55	%(3)		0.68	%(3)(5)		0.62	%		0.62	%
Net investment income		2.37	%		2.26	%		2.68	%		2.79	%		2.85	%
Portfolio Turnover		48	%		55	%		82	%		9	%		4	%

⁽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.

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01%, 0.15% and 0.11% of average daily net assets for the years ended March 31, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Includes interest expense of 0.01%.

21 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Short Duration Municipal Opportunities Fund (the Fund) is a non-diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek to maximize after-tax total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

Fair Valuation. 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 the 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 companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial 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 — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of March 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

22

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

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

H  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase 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 Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended March 31, 2019 and March 31, 2018 was as follows:

	Year Ended March 31,
	2019		2018
Tax-exempt income	$	5,816,061	$	1,360,267
Ordinary income	$	707,210	$	95,796

During the year ended March 31, 2019, distributable earnings was decreased by $47,127 and paid-in capital was increased by $47,127 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of March 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	370,245
Undistributed tax-exempt income	$	157,160
Net unrealized appreciation	$	6,290,759
Distributions payable	$	(165,206	)

During the year ended March 31, 2019, capital loss carryforwards of $435,325 were utilized to offset net realized gains by the Fund.

23

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	560,643,367
Gross unrealized appreciation	$	6,595,707
Gross unrealized depreciation		(304,946	)
Net unrealized appreciation	$	6,290,761

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion, and at a reduced rate on daily net assets of $1 billion or more, and is payable monthly. For the year ended March 31, 2019, the investment adviser fee amounted to $1,145,721 or 0.40% of the Fund’s average daily net assets.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as interest, taxes or litigation expenses) exceed 0.70%, 1.45% and 0.55% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after July 31, 2019. Pursuant to this agreement, EVM was allocated $19,719 of the Fund’s operating expenses for the year ended March 31, 2019.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended March 31, 2019, EVM earned $5,242 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $14,394 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2019. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended March 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.15% per annum of the Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended March 31, 2019 amounted to $88,321 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2019, the Fund paid or accrued to EVD $167,369 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.15% per annum of the Fund’s average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended March 31, 2019 amounted to $33,474 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 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

24

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended March 31, 2019, the Fund was informed that EVD received approximately $10,000 and $8,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $567,261,230 and $140,043,852, respectively, for the year ended March 31, 2019.

7  Shares of Beneficial Interest

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

	Year Ended March 31,
Class A	2019			2018
Sales		7,431,485			1,548,683
Issued to shareholders electing to receive payments of distributions in Fund shares		103,365			52,742
Redemptions		(2,148,049	)		(473,733	)
Converted from Class C shares		369,137			—
Net increase		5,755,938			1,127,692
	Year Ended March 31,
Class C	2019			2018
Sales		2,206,027			1,008,770
Issued to shareholders electing to receive payments of distributions in Fund shares		30,394			13,429
Redemptions		(643,940	)		(291,314	)
Converted to Class A shares		(385,301	)		—
Net increase		1,207,180			730,885
	Year Ended March 31,
Class I	2019			2018
Sales		42,362,188			9,054,505
Issued to shareholders electing to receive payments of distributions in Fund shares		408,081			55,206
Redemptions		(7,688,380	)		(1,423,604	)
Net increase		35,081,889			7,686,107

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended March 31, 2019.

25

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Notes to Financial Statements — continued

9  Fair Value Measurements

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

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

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

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

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

At March 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	542,446,885	$	—	$	542,446,885
Tax-Exempt Mortgage-Backed Securities		—		484,267		—		484,267
Taxable Municipal Securities		—		17,169,201		—		17,169,201
Corporate Bonds & Notes		—		6,833,775		—		6,833,775
Total Investments	$	—	$	566,934,128	$	—	$	566,934,128

26

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance Short Duration Municipal Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration Municipal Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund, as of March 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned, as of March 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 17, 2019

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

27

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends and capital gains dividends.

Exempt-Interest Dividends.  For the fiscal year ended March 31, 2019, the Fund designates 89.16% of distributions from net investment income as an exempt-interest dividend.

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended March 31, 2019, $4,372 or, if subsequently determined to be different, the net capital gain of such year.

28

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 172 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 172 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2)Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company)(1989-1995). Formerly, Consultant, Bain and Company (management consulting firm)(1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company(1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2)Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

29

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson); 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional)(2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm)(2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm)(1972-1981). Directorships in the Last Five Years.(2)None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm)(1991-1998). Directorships in the Last Five Years.(2)None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company)(2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

30

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

31

Eaton Vance Funds

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 (International) Limited, Eaton Vance Advisers International Ltd., 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 typically 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) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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.

32

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

23361    3.31.19

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of

Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Floating-Rate Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, Eaton Vance National Limited Maturity Municipal Income Fund and Eaton Vance New York Municipal Opportunities Fund (the “Fund(s)”) are the series of Eaton Vance Investment Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 4 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as anopen-end management investment company.

(a-d)

The following tables present the aggregate fees billed to each Fund for the Fund’s respective fiscal years ended March 31, 2018and March 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during those periods.

Eaton Vance Floating-Rate Municipal Income Fund

Fiscal Years Ended	03/31/18		03/31/19
Audit Fees	$	34,400	$	33,100
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,028	$	9,028
All Other Fees(3)	$	0	$	0
Total	$	43,428	$	42,128

Eaton Vance Short Duration Municipal Opportunities Fund

Fiscal Years Ended	03/31/18		03/31/19
Audit Fees	$	33,930	$	33,930
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,028	$	9,028
All Other Fees(3)	$	0	$	0
Total	$	42,958	$	42,958

Eaton Vance National Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/18		03/31/19
Audit Fees	$	53,550	$	54,275
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	11,593	$	11,593
All Other Fees(3)	$	0	$	0
Total	$	65,143	$	65,868

Eaton Vance New York Municipal Opportunities Fund

Fiscal Years Ended	03/31/18		03/31/19
Audit Fees	$	37,680	$	37,680
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,240	$	9,240
All Other Fees(3)	$	0	$	0
Total	$	46,920	$	46,920

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The Funds comprised all of the series of the Trust at 3/31/2019, and have the same fiscal year end (March 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	03/31/18		03/31/19
Audit Fees	$	159,560	$	158,985
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	38,889	$	38,889
All Other Fees(3)	$	0	$	0
Total	$	198,449	$	197,874

⁽¹⁾ Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾ Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.

⁽³⁾ All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The Trust’s audit committee has adopted policies and procedures relating to thepre-approval of services provided by the Trust’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.

ThePre-Approval Policies and the types of audit andnon-audit servicespre-approved therein must be reviewed and ratified by the Trust’s audit committee at least annually. The Trust’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the Trust’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01(c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

(g)The following table presents (i) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Funds in the Trust by D&T for the last two fiscal years of each Fund; and (ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last two fiscal years of each Fund.

Fiscal Years Ended	03/31/18		03/31/19
Registrant(1)	$	38,889	$	38,889
Eaton Vance(2)	$	155,208	$	87,482

⁽¹⁾ Includes all of the Funds of the Trust.

⁽²⁾ The investment adviser to the Funds, as well as any of its affiliates that provide ongoing services to the Funds, are subsidiaries of Eaton Vance Corp.

(h) The Trust’s audit committee has considered whether the provision by the Trust’s principal accountant ofnon-audit services to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this FormN-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers

Not applicable.

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.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics.
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Investment Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 24, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	May 24, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 24, 2019