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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04443

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

September 30, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Floating-Rate Municipal Income Fund

Semiannual Report

September 30, 2020

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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

Semiannual Report September 30, 2020

Eaton Vance

Floating-Rate Municipal Income Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	18
Liquidity Risk Management Program	22
Officers and Trustees	23
Important Notices	24

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		05/29/1992		–0.17	%		0.07	%		0.89	%		1.02	%
Class A with 2.25% Maximum Sales Charge		—		—		–2.45			–2.21			0.42			0.79
Class I at NAV		08/03/2010		05/29/1992		–0.09			0.22			1.04			1.18
Bloomberg Barclays 1 Year Municipal Bond Index		—		—		1.57	%		2.24	%		1.40	%		1.14	%
% Total Annual Operating Expense Ratios3											Class A			Class I
												0.59	%		0.44	%
% Distribution Rates/Yields4											Class A			Class I
Distribution Rate												0.15	%		0.29	%
Taxable-Equivalent Distribution Rate												0.25			0.49
SEC 30-day Yield												0.15			0.30
Taxable-Equivalent SEC 30-day Yield												0.25			0.51

Fund Profile

Credit Quality (% of total investments)⁵

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Endnotes and Additional Disclosures

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

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

Effective 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.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099- DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁵  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.

Fund profile subject to change due to active management.

3

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

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 (April 1, 2020 – September 30, 2020).

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 (4/1/20)		Ending Account Value (9/30/20)		Expenses Paid During Period* (4/1/20 – 9/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	998.30	$	2.86		0.57	%
Class I	$	1,000.00	$	999.10	$	2.10		0.42	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,022.20	$	2.89		0.57	%
Class I	$	1,000.00	$	1,023.00	$	2.13		0.42	%

* 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 183/365 (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 March 31, 2020.

4

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 97.6%
Security	Principal Amount (000’s omitted)		Value
Education — 9.2%
California Infrastructure and Economic Development Bank, (The Colburn School), 1.31%, (SIFMA + 1.20%), 6/1/22 (Put Date), 8/1/37(1)	$	20,000	$	20,084,600
Lehigh County General Purpose Authority, PA, (Muhlenberg College), 0.69%, (SIFMA + 0.58%), 11/1/24 (Put Date), 11/1/37(1)		3,835		3,823,802
Montana State University, 0.56%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(1)		1,680		1,678,354
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 0.529%, (70% of 1 mo. USD LIBOR + 0.42%), 4/1/22 (Put Date), 10/1/44(1)		6,750		6,744,397
University of Michigan, 0.38%, (SIFMA + 0.27%), 4/1/22 (Put Date), 4/1/33(1)		3,440		3,442,236
University of North Carolina at Chapel Hill, 0.454%, (67% of 1 mo. USD LIBOR + 0.35%), 12/1/21 (Put Date), 12/1/41(1)		5,000		5,000,350
			$	40,773,739
Electric Utilities — 4.5%
Long Island Power Authority, NY, Electric System Revenue, Series 2014C, 0.859%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1)	$	5,050	$	5,048,586
Long Island Power Authority, NY, Electric System Revenue, Series 2015C, 0.859%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1)		1,750		1,749,528
Oklahoma Municipal Power Authority, 0.50%, (SIFMA + 0.39%), 1/1/23(1)		5,035		5,034,496
Seattle, WA, Municipal Light and Power Revenue, 0.60%, (SIFMA + 0.49%), 11/1/23 (Put Date), 11/1/46(1)		8,000		8,028,480
			$	19,861,090
General Obligations — 10.1%
Bethlehem Area School District Authority, PA, 0.586%, (70% of 1 mo. USD LIBOR + 0.48%), 11/1/21 (Put Date), 7/1/31(1)	$	2,000	$	1,985,980
Bethlehem Area School District Authority, PA, 0.596%, (70% of 1 mo. USD LIBOR + 0.49%), 11/1/21 (Put Date), 1/1/30(1)		7,955		7,900,111
Connecticut, 0.86%, (SIFMA + 0.75%), 3/1/21(1)		275		275,547
Connecticut, 0.96%, (SIFMA + 0.85%), 3/1/22(1)		700		704,977
Delaware Valley Regional Finance Authority, PA, 0.64%, (SIFMA + 0.53%), 9/1/23 (Put Date), 9/1/48(1)		9,100		9,017,918
Delaware Valley Regional Finance Authority, PA, 0.864%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(1)		10,000		9,987,700
Illinois, 5.125%, 5/1/22		500		521,950

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Katy Independent School District, TX, (PSF Guaranteed), 0.38%, (67% of 1 mo. USD LIBOR + 0.28%), 8/16/21 (Put Date), 8/15/36(1)	$	4,800	$	4,784,976
Manheim Township School District, PA, 0.575%, (68% of 1 mo. USD LIBOR + 0.47%), 11/1/21 (Put Date), 5/1/25(1)		3,400		3,382,830
Massachusetts, 0.718%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(1)		6,400		6,391,552
			$	44,953,541
Hospital — 26.8%
Arizona Health Facilities Authority, (Phoenix Children’s Hospital), 1.96%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(1)	$	7,500	$	7,627,950
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 0.71%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(1)		5,000		5,003,550
Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 0.13%, 1/15/37(2)		1,500		1,500,000
Colorado Health Facilities Authority, (Valley View Hospital Association), 2.80% to 5/15/23 (Put Date), 5/15/42		2,845		2,971,432
Geisinger Authority, PA, (Geisinger Health System Foundation), 1.167%, (67% of 1 mo. USD LIBOR + 1.07%), 6/1/24 (Put Date), 6/1/28(1)		2,000		1,994,980
Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health System), 0.68%, (SIFMA + 0.57%), 12/4/24 (Put Date), 12/1/49(1)		1,800		1,791,036
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 0.86%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(1)		7,500		7,504,425
Indiana Finance Authority, (Parkview Health), 0.66%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(1)		6,785		6,783,711
Iowa Finance Authority, (Iowa Health System), 0.69%, (SIFMA + 0.58%), 1/4/24 (Put Date), 2/15/35(1)(3)		11,210		11,137,471
Irving Hospital Authority, TX, (Baylor Scott & White Medical Center - Irving), 1.21%, (SIFMA + 1.10%), 10/15/23 (Put Date), 10/15/44(1)		1,665		1,627,771
Louisiana Public Facilities Authority, (Louisiana Children’s Medical Center), 0.76%, (SIFMA + 0.65%), 9/1/23 (Put Date), 9/1/57(1)		10,000		9,982,200
Michigan Finance Authority, (McLaren Health Care), 0.503%, (68% of 1 mo. USD LIBOR + 0.40%), 10/15/21 (Put Date), 10/15/30(1)		890		884,224
Michigan Finance Authority, (Trinity Health Credit Group), 0.59%, (SIFMA + 0.48%), 2/1/22 (Put Date), 3/1/51(1)		5,000		4,999,450
Michigan Finance Authority, (Trinity Health Credit Group), 0.641%, (67% of 1 mo. USD LIBOR + 0.54%), 12/1/20 (Put Date), 12/1/39(1)		5,100		5,098,980
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University), 0.83%, (SIFMA + 0.72%), 9/1/23 (Put Date), 9/1/51(1)		10,500		10,496,640

5 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 1.149%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(1)	$	2,000	$	1,993,560
Ohio, (Cleveland Clinic Health System), 0.51%, (SIFMA + 0.40%), 6/1/23 (Put Date), 1/1/52(1)		18,440		18,371,587
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 0.71%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(1)		7,500		7,502,025
Washington Health Care Facilities Authority, (Catholic Health Initiatives), 1.11%, (SIFMA + 1.00%), 1/1/21 (Put Date), 1/1/35(1)		3,000		2,994,630
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 0.66%, (SIFMA + 0.55%), 7/26/23 (Put Date), 8/15/54(1)		1,000		1,000,420
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 0.76%, (SIFMA + 0.65%), 7/31/24 (Put Date), 8/15/54(1)		8,200		8,212,874
			$	119,478,916
Housing — 9.9%
Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 0.459%, (70% of 1 mo. USD LIBOR + 0.35%), 6/1/21 (Put Date), 12/1/48(1)	$	4,000	$	4,000,080
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.66%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(1)		3,955		3,955,000
Massachusetts Housing Finance Agency, (Single Family Housing), 0.44%, (SIFMA + 0.33%), 12/1/21 (Put Date), 12/1/48(1)		3,775		3,775,264
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 0.54%, (SIFMA + 0.43%), 7/3/23 (Put Date), 1/1/45(1)		10,000		9,999,600
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 0.66%, (SIFMA + 0.55%), 12/12/23 (Put Date), 7/1/41(1)		10,000		10,025,300
Pennsylvania Housing Finance Agency, 0.676%, (70% of 1 mo. USD LIBOR + 0.57%), 10/1/23 (Put Date), 10/1/47(1)		2,440		2,438,317
Pennsylvania Housing Finance Agency, 0.706%, (70% of 1 mo. USD LIBOR + 0.60%), 6/1/23 (Put Date), 10/1/45(1)		5,000		5,005,100
Washington Housing Finance Commission, 0.66%, (SIFMA + 0.55%), 10/1/23 (Put Date), 12/1/48(1)		5,000		5,012,150
			$	44,210,811
Industrial Development Revenue — 2.6%
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 0.91%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(1)	$	5,000	$	5,001,950

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
National Finance Authority, NH, (Waste Management, Inc.), (AMT), 0.86%, (SIFMA + 0.75%), 10/1/21 (Put Date), 10/1/33(1)	$	6,750	$	6,751,080
			$	11,753,030
Insured – General Obligations — 1.2%
Allegheny County, PA, (AGM), 0.718%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/26(1)	$	5,230	$	5,174,144
			$	5,174,144
Insured – Lease Revenue / Certificates of Participation — 0.4%
Kentucky Asset/Liability Commission, (NPFG), 0.718%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(1)	$	2,000	$	1,973,080
			$	1,973,080
Insured – Transportation — 0.6%
Metropolitan Transportation Authority, NY, (AGM), 0.407%, (69% of 1 mo. USD LIBOR + 0.30%), 4/1/21 (Put Date), 11/1/32(1)	$	1,500	$	1,483,560
Metropolitan Transportation Authority, NY, (AGM), 0.787%, (69% of 1 mo. USD LIBOR + 0.68%), 4/6/21 (Put Date), 11/1/32(1)		1,250		1,238,237
			$	2,721,797
Lease Revenue / Certificates of Participation — 0.5%
New Jersey Economic Development Authority, (School Facilities Construction), 1.66%, (SIFMA + 1.55%), 9/1/27(1)	$	2,000	$	1,976,980
			$	1,976,980
Other Revenue — 16.5%
Black Belt Energy Gas District, AL, 0.73%, (SIFMA + 0.62%), 12/1/23 (Put Date), 12/1/48(1)	$	20,000	$	20,027,600
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 0.486%, (70% of 1 mo. USD LIBOR + 0.38%), 8/1/21 (Put Date), 8/1/47(1)		10,000		9,967,200
California Infrastructure and Economic Development Bank, (Museum Associates), 0.754%, (70% of 1 mo. USD LIBOR + 0.65%), 2/1/21 (Put Date), 12/1/50(1)		3,000		2,999,010
Northern California Gas Authority No. 1, Gas Project Revenue, 0.918%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(1)		3,665		3,629,486
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.96%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(1)		17,500		17,529,400
Southeast Alabama Gas Supply District, (Project No. 2), 0.954%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(1)		5,000		4,986,450

6 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.16%, (SIFMA + 1.05%), 7/3/23 (Put Date), 1/1/42(1)	$	12,000	$	12,120,480
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.201%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(1)		2,000		2,012,400
			$	73,272,026
Special Tax Revenue — 0.0%(4)
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(5)	$	35	$	0
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		60		60,155
Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(5)		90		56,873
			$	117,028
Transportation — 14.4%
Bay Area Toll Authority, CA, (San Francisco Bay Area), 0.757%, (70% of 3 mo. USD LIBOR + 0.55%), 4/1/21 (Put Date), 4/1/45(1)	$	12,000	$	12,000,480
E-470 Public Highway Authority, CO, 0.517%, (67% of 1 mo. USD LIBOR + 0.42%), 9/1/21 (Put Date), 9/1/39(1)		5,000		5,000,150
Metropolitan Transportation Authority, NY, 0.54%, (SIFMA + 0.43%), 2/1/25 (Put Date), 11/1/31(1)		20,000		18,022,800
New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.31%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(1)		9,000		9,003,330
New Jersey Turnpike Authority, 0.569%, (70% of 1 mo. USD LIBOR + 0.46%), 1/1/21 (Put Date), 1/1/28(1)		2,000		1,999,660
Pennsylvania Turnpike Commission, 0.71%, (SIFMA + 0.60%), 12/1/23(1)		1,000		1,004,700
Pennsylvania Turnpike Commission, 0.81%, (SIFMA + 0.70%), 12/1/23(1)		2,500		2,514,350
South Carolina Transportation Infrastructure Bank, 0.554%, (67% of 1 mo. USD LIBOR + 0.45%), 10/1/22 (Put Date), 10/1/31(1)		7,955		7,915,623
Triborough Bridge and Tunnel Authority, NY, 0.804%, (67% of 1 mo. USD LIBOR + 0.70%), 2/1/21 (Put Date), 1/1/32(1)		6,605		6,609,293
			$	64,070,386
Water and Sewer — 0.9%
North Penn Water Authority, PA, 0.27%, (SIFMA + 0.16%), 11/1/20(1)	$	1,000	$	999,790
North Penn Water Authority, PA, 0.47%, (SIFMA + 0.36%), 11/1/22(1)		1,450		1,443,765

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
North Penn Water Authority, PA, 0.67%, (SIFMA + 0.56%), 11/1/24(1)	$	1,690	$	1,679,691
			$	4,123,246
Total Tax-Exempt Municipal Securities — 97.6% (identified cost $436,979,914)			$	434,459,814
Other Assets, Less Liabilities — 2.4%			$	10,864,924
Net Assets — 100.0%			$	445,324,738

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

At September 30, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Pennsylvania	17.6%
California	11.0%
Others, representing less than 10% individually	69.0%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2020, 2.3% 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 0.5% to 1.8% of total investments.

⁽¹⁾ Floating rate security. The stated interest rate represents the rate in effect at September 30, 2020.

⁽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 September 30, 2020.

⁽³⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $11,137,471 or 2.5% of the Fund’s net assets.

⁽⁴⁾ Amount is less than 0.05%.

⁽⁵⁾ Issuer is in default with respect to interest and/or principal payments.

7 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

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
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement
USD	–	United States Dollar

8 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	September 30, 2020
Investments, at value (identified cost, $436,979,914)	$	434,459,814
Cash		3,934,791
Interest receivable		404,700
Receivable for investments sold		8,905,000
Receivable for Fund shares sold		80,069
Total assets	$	447,784,374
Liabilities
Payable for Fund shares redeemed	$	2,140,975
Distributions payable		10,813
Payable to affiliates:
Investment adviser fee		120,299
Distribution and service fees		27,835
Accrued expenses		159,714
Total liabilities	$	2,459,636
Net Assets	$	445,324,738
Sources of Net Assets
Paid-in capital	$	450,815,896
Accumulated loss		(5,491,158	)
Net Assets	$	445,324,738
Class A Shares
Net Assets	$	221,559,072
Shares Outstanding		22,687,731
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.77
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	9.99
Class I Shares
Net Assets	$	223,765,666
Shares Outstanding		22,901,275
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.77

On sales of $100,000 or more, the offering price of Class A shares is reduced.

9 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended September 30, 2020
Interest	$	2,170,263
Total investment income	$	2,170,263
Expenses
Investment adviser fee	$	812,723
Distribution and service fees
Class A		187,037
Trustees’ fees and expenses		13,371
Custodian fee		75,793
Transfer and dividend disbursing agent fees		34,518
Legal and accounting services		24,462
Printing and postage		11,274
Registration fees		40,617
Miscellaneous		30,273
Total expenses	$	1,230,068
Net investment income	$	940,195
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(1,326,578	)
Net realized loss	$	(1,326,578	)
Change in unrealized appreciation (depreciation) —
Investments	$	(1,420,156	)
Net change in unrealized appreciation (depreciation)	$	(1,420,156	)
Net realized and unrealized loss	$	(2,746,734	)
Net decrease in net assets from operations	$	(1,806,539	)

10 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
From operations —
Net investment income	$	940,195		$	10,354,893
Net realized loss		(1,326,578	)		(1,092,745	)
Net change in unrealized appreciation (depreciation)		(1,420,156	)		(1,389,159	)
Net increase (decrease) in net assets from operations	$	(1,806,539	)	$	7,872,989
Distributions to shareholders —
Class A	$	(366,911	)	$	(3,936,734	)
Class I		(556,404	)		(6,398,797	)
Total distributions to shareholders	$	(923,315	)	$	(10,335,531	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	10,832,815		$	216,416,435
Class I		52,331,628			225,365,243
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		361,514			3,815,304
Class I		457,028			5,547,624
Cost of shares redeemed
Class A		(70,021,751	)		(194,335,552	)
Class I		(116,331,372	)		(403,345,225	)
Net decrease in net assets from Fund share transactions	$	(122,370,138	)	$	(146,536,171	)
Net decrease in net assets	$	(125,099,992	)	$	(148,998,713	)
Net Assets
At beginning of period	$	570,424,730		$	719,423,443
At end of period	$	445,324,738		$	570,424,730

11 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Financial Highlights

	Class A
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.800		$	9.830		$	9.830		$	9.800		$	9.800		$	9.900
Income (Loss) From Operations
Net investment income(1)	$	0.015		$	0.138		$	0.147		$	0.090		$	0.064		$	0.053
Net realized and unrealized gain (loss)		(0.031	)		(0.029	)		(0.001	)		0.029			0.005			(0.099	)
Total income (loss) from operations	$	(0.016	)	$	0.109		$	0.146		$	0.119		$	0.069		$	(0.046	)
Less Distributions
From net investment income	$	(0.014	)	$	(0.139	)	$	(0.146	)	$	(0.089	)	$	(0.069	)	$	(0.053	)
From net realized gain		—			—			—			—			—			(0.001	)
Total distributions	$	(0.014	)	$	(0.139	)	$	(0.146	)	$	(0.089	)	$	(0.069	)	$	(0.054	)
Net asset value — End of period	$	9.770		$	9.800		$	9.830		$	9.830		$	9.800		$	9.800
Total Return(2)		(0.17	)%(3)		1.12	%(4)		1.49	%(4)		1.22	%		0.71	%		(0.46	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	221,559		$	281,709		$	257,118		$	160,528		$	139,418		$	129,593
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.57	%(6)		0.59	%(4)		0.60	%(4)		0.60	%		0.63	%		0.61	%
Net investment income		0.30	%(6)		1.40	%		1.49	%		0.92	%		0.65	%		0.54	%
Portfolio Turnover		0	%(3)(7)		49	%		43	%		78	%		71	%		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⁾ Not annualized.

⁽⁴⁾ The investment adviser and administrator reimbursed certain operating expenses (equal to less than 0.005% of average daily net assets for each of the years ended March 31, 2020 and 2019). Absent this reimbursement, total return would be lower.

⁽⁵⁾ 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.

⁽⁶⁾ Annualized.

⁽⁷⁾ Amount is less than 1%.

12 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.800		$	9.840		$	9.830		$	9.800		$	9.800		$	9.910
Income (Loss) From Operations
Net investment income(1)	$	0.022		$	0.154		$	0.162		$	0.106		$	0.075		$	0.067
Net realized and unrealized gain (loss)		(0.031	)		(0.039	)		0.008			0.028			0.009			(0.108	)
Total income (loss) from operations	$	(0.009	)	$	0.115		$	0.170		$	0.134		$	0.084		$	(0.041	)
Less Distributions
From net investment income	$	(0.021	)	$	(0.155	)	$	(0.160	)	$	(0.104	)	$	(0.084	)	$	(0.068	)
From net realized gain		—			—			—			—			—			(0.001	)
Total distributions	$	(0.021	)	$	(0.155	)	$	(0.160	)	$	(0.104	)	$	(0.084	)	$	(0.069	)
Net asset value — End of period	$	9.770		$	9.800		$	9.840		$	9.830		$	9.800		$	9.800
Total Return(2)		(0.09	)%(3)		1.17	%(4)		1.75	%(4)		1.37	%		0.86	%		(0.41	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	223,766		$	288,716		$	462,305		$	242,928		$	139,300		$	29,849
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.42	%(6)		0.44	%(4)		0.45	%(4)		0.45	%		0.48	%		0.46	%
Net investment income		0.45	%(6)		1.56	%		1.65	%		1.08	%		0.77	%		0.69	%
Portfolio Turnover		0	%(3)(7)		49	%		43	%		78	%		71	%		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⁾ Not annualized.

⁽⁴⁾ The investment adviser and administrator reimbursed certain operating expenses (equal to less than 0.005% of average daily net assets for each of the years ended March 31, 2020 and 2019). Absent this reimbursement, total return would be lower.

⁽⁵⁾ 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.

⁽⁶⁾ Annualized.

⁽⁷⁾ Amount is less than 1%.

13 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited)

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 an open-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers 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 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 most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

As of September 30, 2020, 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.

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

14

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

H  Interim Financial Statements — The interim financial statements relating to September 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At March 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $1,638,426 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, 2020, $484,048 are short-term and $1,154,378 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	436,923,251
Gross unrealized appreciation	$	487,500
Gross unrealized depreciation		(2,950,937	)
Net unrealized depreciation	$	(2,463,437	)

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) and an indirect subsidiary of Eaton Vance Corp., 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 six months ended September 30, 2020, the investment adviser fee amounted to $812,723 or 0.33% (annualized) of the Fund’s average daily net assets.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2020, EVM earned $1,089 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 $459 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2020. 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 six months ended September 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

15

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

4  Distribution Plan

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 six months ended September 30, 2020 amounted to $187,037 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 $2,000,000 and $150,178,388, respectively, for the six months ended September 30, 2020.

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:

Class A	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		1,114,255			21,990,575
Issued to shareholders electing to receive payments of distributions in Fund shares		37,295			387,971
Redemptions		(7,216,341	)		(19,780,187	)
Net increase (decrease)		(6,064,791	)		2,598,359
Class I	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		5,381,133			22,895,259
Issued to shareholders electing to receive payments of distributions in Fund shares		47,085			563,744
Redemptions		(11,979,074	)		(41,010,299	)
Net decrease		(6,550,856	)		(17,551,296	)

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings 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 six months ended September 30, 2020. Effective October 27, 2020, the Fund renewed its line of credit agreement, which expires October 26, 2021, at substantially the same terms.

16

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

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 September 30, 2020, 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	$	—	$	434,459,814	$	—	$	434,459,814
Total Investments	$	—	$	434,459,814	$	—	$	434,459,814

9  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

10  Subsequent Event

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may result in the automatic termination of the Fund’s investment advisory agreement, and any related sub-advisory agreement(s), if applicable. Thus, the Fund’s Board will be asked to approve a new investment advisory agreement (and new sub-advisory agreement(s), if applicable). If approved by the Fund’s Board, the new investment advisory agreement (and new sub-advisory agreement(s), if applicable) is expected to be presented to Fund shareholders for approval, and, if approved, would take effect upon the closing of the transaction.

17

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

18

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating-Rate Municipal Income Fund (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account

19

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index, and assessed the Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax exempt current income over time through investments that, relative to its comparable funds, focus on higher quality municipal bonds with longer maturities. The Board noted that the performance of the Fund relative to its peer group and benchmark index during the three-year period was adversely impacted by the Fund’s 80% policy to invest in shorter duration floating-rate instruments, which underperformed slightly longer duration fixed-rate instruments during a period of a flattening yield curve.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The

20

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

21

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

22

Eaton Vance

Floating-Rate Municipal Income Fund

September 30, 2020

Officers and Trustees

Officers

Eric A. Stein

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

23

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.

24

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

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.

7642    9.30.20

Eaton Vance

National Limited Maturity Municipal Income Fund

Semiannual Report

September 30, 2020

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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

Semiannual Report September 30, 2020

Eaton Vance

National Limited Maturity Municipal Income Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	23
Liquidity Risk Management Program	27
Officers and Trustees	28
Important Notices	29

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Performance^1,2

Portfolio Managers Adam A. Weigold, CFA, Christopher J. Eustance, CFA and Trevor G. Smith

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		05/22/1992		3.11	%		2.54	%		2.33	%		2.71	%
Class A with 2.25% Maximum Sales Charge		—		—		0.83			0.20			1.87			2.48
Class C at NAV		12/08/1993		05/22/1992		2.74			1.77			1.58			1.94
Class C with 1% Maximum Sales Charge		—		—		1.74			0.77			1.58			1.94
Class I at NAV		10/01/2009		05/22/1992		3.19			2.59			2.48			2.87
Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index		—		—		3.75	%		4.03	%		2.70	%		2.70	%
Bloomberg Barclays 7 Year Municipal Bond Index		—		—		4.83			4.78			3.46			3.59
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.66	%		1.41	%		0.51	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.29	%		1.54	%		2.44	%
Taxable-Equivalent Distribution Rate									3.87			2.60			4.12
SEC 30-day Yield									0.61			–0.12			0.77
Taxable-Equivalent SEC 30-day Yield									1.02			–0.21			1.30

Fund Profile

Credit Quality (% of total investments)⁵

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Endnotes and Additional Disclosures

¹  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. Bloomberg Barclays 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 6-8 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.

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

Effective May 1, 2020, the Fund changed its primary benchmark from the Bloomberg Barclays 7 Year Municipal Bond Index to the Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index in connection with a change to the Fund’s investment policy with respect to its average portfolio duration (“Duration Policy”) because the investment adviser believes that the Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index better reflects the Fund’s updated Duration Policy.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099- DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁵  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.

Fund profile subject to change due to active management.

3

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

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 (April 1, 2020 – September 30, 2020).

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 (4/1/20)		Ending Account Value (9/30/20)		Expenses Paid During Period* (4/1/20 – 9/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,031.10	$	3.36		0.66	%
Class C	$	1,000.00	$	1,027.40	$	7.17		1.41	%
Class I	$	1,000.00	$	1,031.90	$	2.60		0.51	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.35		0.66	%
Class C	$	1,000.00	$	1,018.00	$	7.13		1.41	%
Class I	$	1,000.00	$	1,022.50	$	2.59		0.51	%

* 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 183/365 (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 March 31, 2020.

4

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 88.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.7%
Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/25	$	3,000	$	3,681,300
			$	3,681,300
Education — 2.6%
Allegheny County Higher Education Building Authority, PA, (Duquesne University), 5.00%, 3/1/25	$	100	$	110,413
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/24		150		175,146
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/26		165		205,245
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/27		125		159,629
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/28		185		241,616
Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 5.00%, 7/1/27		1,120		1,355,838
Forest Grove, OR, (Pacific University), Series 2015A, 5.00%, 5/1/22		200		210,472
Forest Grove, OR, (Pacific University), Series 2015A, 5.00%, 5/1/23		400		429,760
Houston Higher Education Finance Corp., TX, (St. John’s School), Prerefunded to 9/1/22, 5.00%, 9/1/25		1,000		1,090,430
New York Dormitory Authority, (Icahn School of Medicine at Mount Sinai), 5.00%, 7/1/23		4,000		4,460,200
New York Dormitory Authority, (Rochester Institute of Technology), 5.00%, 7/1/28		600		777,378
Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.), 5.00%, 4/1/25		175		202,025
Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.), 5.00%, 4/1/26		180		211,732
Romeoville, IL, (Lewis University), 5.00%, 10/1/21		500		514,635
Romeoville, IL, (Lewis University), 5.00%, 10/1/22		500		528,920
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/31		1,795		2,240,304
Union County Higher Educational Facilities Financing Authority, PA, (Bucknell University), Prerefunded to 4/1/22, 5.00%, 4/1/28		530		568,012
University of California, 5.00%, 5/15/21		20		20,079
			$	13,501,834
Electric Utilities — 5.2%
American Municipal Power-Ohio, Inc., (Meldahl Hydroelectric Project), 5.00%, 2/15/21	$	4,235	$	4,309,875
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30		2,390		2,475,251

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Arkansas River Power Authority, CO, 5.00%, 10/1/28	$	1,110	$	1,317,648
Arkansas River Power Authority, CO, 5.00%, 10/1/30		1,000		1,169,180
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 3.25%, 1/1/25		3,000		3,181,710
Long Island Power Authority, NY, Electric System Revenue, 0.859%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1)		10,000		9,997,300
Municipal Electric Authority of Georgia, 5.25%, 1/1/21		2,000		2,023,780
Nebraska Public Power District, 5.00%, 1/1/29		2,000		2,425,480
			$	26,900,224
Escrowed / Prerefunded — 3.5%
Beaverton School District No. 48J, OR, Prerefunded to 6/15/24, 5.00%, 6/15/30	$	1,150	$	1,353,539
Delaware Health Facilities Authority, (Nanticoke Memorial Hospital, Inc.), Escrowed to Maturity, 5.00%, 7/1/23		1,000		1,126,430
Lancaster Industrial Development Authority, PA, (Garden Spot Village), Escrowed to Maturity, 5.00%, 5/1/23		340		381,796
Norfolk Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/27		2,500		2,742,425
North Carolina Medical Care Commission, (Vidant Health), Prerefunded to 6/1/22, 5.00%, 6/1/36		1,830		1,975,522
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/26		5,000		5,328,050
Virginia Transportation Board, Prerefunded to 3/15/22, 4.00%, 3/15/25		4,645		4,904,423
			$	17,812,185
General Obligations — 14.8%
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/25	$	1,000	$	1,216,890
Bergen County Improvement Authority, NJ, (County Administration Complex), 5.00%, 11/15/24		1,100		1,310,309
Bergen County Improvement Authority, NJ, (Valley Program Project), 4.00%, 3/1/32		1,100		1,344,101
Bingham and Bonneville Counties Joint School District No. 93, ID, 5.00%, 9/15/25		630		687,859
Collin County Community College District, TX, 5.00%, 8/15/26		1,000		1,261,060
Connecticut, 4.00%, 6/1/32		700		843,535
Cook County School District No. 63, IL, 5.00%, 12/1/28		2,595		3,311,116
Cook County School District No. 63, IL, 5.00%, 12/1/29		2,725		3,457,752
Dane County, WI, 2.00%, 4/1/28(2)		1,000		1,067,920
Dane County, WI, 2.00%, 4/1/29(2)		1,000		1,058,190
Dane County, WI, 2.00%, 4/1/30(2)		1,000		1,051,900
Delaware Valley Regional Finance Authority, PA, 0.64%, (SIFMA + 0.53%), 9/1/23 (Put Date), 9/1/48(1)		4,900		4,855,802

5 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Franklin Township School District, NJ, 5.00%, 8/15/22	$	1,000	$	1,090,510
Guilford, CT, 4.00%, 8/1/32		250		315,070
Gwinnett County School District, GA, 5.00%, 2/1/26		2,220		2,673,990
Illinois, 3.25%, 11/1/26		960		945,907
Illinois, 4.00%, 6/1/33		4,900		4,820,963
Illinois, 5.00%, 2/1/23		5,000		5,244,150
Illinois, 5.00%, 11/1/24		1,100		1,172,545
Illinois, 5.00%, 2/1/25		4,000		4,315,040
Illinois, 5.00%, 11/1/26		5,000		5,401,750
Illinois, 5.50%, 5/1/30		500		572,370
Kentwood Public Schools, MI, 4.00%, 5/1/21		465		475,328
Millcreek Township School District, PA, 5.00%, 9/15/21		3,730		3,882,743
Millcreek Township School District, PA, 5.00%, 9/15/25		500		566,260
New York, NY, 5.00%, 8/1/24		2,000		2,307,260
Palo Alto, CA, (Election of 2008), 5.00%, 8/1/28		1,250		1,254,838
Pittsburgh, PA, Prerefunded to 9/1/22, 5.00%, 9/1/26		1,000		1,092,450
Portland Community College District, OR, 5.00%, 6/15/28		1,000		1,244,950
Portland Community College District, OR, 5.00%, 6/15/29		2,500		3,094,950
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/23		13,010		12,867,150
Salem-Keizer School District No. 24J, OR, 5.00%, 6/15/27		1,150		1,482,546
			$	76,287,204
Hospital — 7.2%
Batesville Public Facilities Board, AR, (White River Health System, Inc.), 5.00%, 6/1/22	$	595	$	624,351
Batesville Public Facilities Board, AR, (White River Health System, Inc.), 5.00%, 6/1/23		795		851,676
Berks County Municipal Authority, PA, (Tower Health), 5.00% to 2/1/27 (Put Date), 2/1/40		3,000		3,334,980
Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/28		1,000		1,116,300
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/21		300		310,782
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/22		185		198,081
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 5.00%, 8/1/30		1,010		1,276,973
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/27		200		249,184
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/28		250		316,515
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/34		1,150		1,412,062
Florence County, SC, (McLeod Regional Medical Center), 5.00%, 11/1/22		665		724,198
Halifax Hospital Medical Center, FL, 5.00%, 6/1/22		515		551,297
Halifax Hospital Medical Center, FL, 5.00%, 6/1/24		325		371,709

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Halifax Hospital Medical Center, FL, 5.00%, 6/1/25	$	1,380	$	1,619,665
Hamilton County, OH, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/24		1,250		1,443,075
Hawaii Department of Budget and Finance, (Hawaii Pacific Health Group), 5.00%, 7/1/24		460		513,719
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/23		1,000		1,106,090
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/24		500		574,570
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00% to 10/1/26 (Put Date), 10/1/47		1,500		1,832,160
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33		4,000		4,932,240
New York Dormitory Authority, (Orange Regional Medical Center), Series 2017, 5.00%, 12/1/26(3)		1,500		1,795,545
New York Dormitory Authority, (Orange Regional Medical Center), Series 2017, 5.00%, 12/1/27(3)		1,200		1,446,372
Oregon Facilities Authority, (Providence Health and Services Group), 5.00%, 10/1/24		1,000		1,126,840
Philadelphia Hospitals and Higher Education Facilities Authority, PA, (The Children’s Hospital of Philadelphia), 5.00%, 7/1/32		925		953,175
Rhode Island Health and Educational Building Corp., (Care New England Health System), 5.00%, 9/1/31		2,650		2,755,576
South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.), 5.00% to 10/1/25 (Put Date), 12/1/48		1,500		1,791,945
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/20		375		377,138
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/22		500		537,275
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/23		250		276,803
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/24		285		302,815
University of California, (Regents Medical Center), 5.00%, 5/15/22		890		958,583
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/25		1,230		1,418,178
			$	37,099,872
Housing — 0.5%
Allegheny County Residential Finance Authority, PA, SFMR, (AMT), 4.80%, 11/1/22	$	155	$	155,516
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		345,802

6 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
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	$	355,957
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/32		365		399,591
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/33		300		326,562
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/27		500		550,415
Sandoval County, NM, MFMR, 6.00%, 5/1/32(3)		505		505,419
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(4)		95		95,000
			$	2,734,262
Industrial Development Revenue — 4.2%
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)	$	1,880	$	2,098,644
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(3)		860		852,965
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(3)		435		428,597
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 0.45% to 11/2/20 (Put Date), 8/1/45(5)		1,500		1,500,105
Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 1/1/24		3,000		3,312,390
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.625%, 11/1/25		1,000		1,056,840
Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23		6,165		6,632,800
Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 3/1/23 (Put Date), 3/1/46		5,000		5,521,450
			$	21,403,791
Insured – Education — 1.8%
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23	$	500	$	547,300
New York Dormitory Authority, (Educational Housing Services), (AMBAC), 5.25%, 7/1/21		2,025		2,092,756
New York Dormitory Authority, (Rochester Institute of Technology), (AMBAC), 5.25%, 7/1/22		5,150		5,586,308
Northern Illinois University, (BAM), 5.00%, 4/1/30		850		1,085,918
			$	9,312,282

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities — 1.0%
Brownsville, TX, Utility System Revenue, (AGM), 5.00%, 9/1/28	$	450	$	584,127
Brownsville, TX, Utility System Revenue, (AGM), 5.00%, 9/1/29		875		1,154,755
Louisiana Energy & Power Authority, (AGM), 5.25%, 6/1/25		1,125		1,268,854
Paducah Electric Plant Board, KY, (AGM), 5.00%, 10/1/26		1,100		1,357,664
Puerto Rico Electric Power Authority, (NPFG), 5.00%, 7/1/23		160		161,046
Puerto Rico Electric Power Authority, (NPFG), 5.00%, 7/1/24		115		115,943
Puerto Rico Electric Power Authority, (NPFG), Series SS, 5.00%, 7/1/25		300		302,460
			$	4,944,849
Insured – Escrowed / Prerefunded — 0.4%
Bolingbrook, IL, (AGM), Escrowed to Maturity, 5.00%, 1/1/23	$	875	$	967,663
North Hudson Sewer Authority, NJ, (NPFG), Escrowed to Maturity, 5.125%, 8/1/22		1,000		1,089,750
			$	2,057,413
Insured – General Obligations — 11.4%
Atlantic City, NJ, (BAM), 5.00%, 3/1/26	$	250	$	304,148
Bolingbrook, IL, (AGM), 5.00%, 1/1/23		125		137,680
Boston, MA, (NPFG), 0.125%, 3/1/22		7,855		7,855,157
Cambria County, PA, (AGM), 4.00%, 8/1/33		500		567,600
Cambria County, PA, (BAM), 5.00%, 8/1/21		1,085		1,125,590
Cambria County, PA, (BAM), 5.00%, 8/1/22		1,850		2,000,793
Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/28		400		465,996
Jackson Township Board of Education of Ocean County, NJ, (NPFG), 5.25%, 6/15/23		6,000		6,639,480
Linn County Community School District No. 9, OR, (Lebanon), (NPFG), 5.25%, 6/15/21		1,055		1,093,001
Linn County Community School District No. 9, OR, (Lebanon), (NPFG), 5.25%, 6/15/22		625		679,413
Livonia Public Schools School District, MI, (BAM), 5.00%, 5/1/22		1,675		1,798,213
Luzerne County, PA, (AGM), 5.00%, 11/15/22		2,250		2,461,972
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/23		940		1,026,912
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/24		1,165		1,318,675
New Haven, CT, (AGM), 5.00%, 8/1/22		5,000		5,358,950
Philadelphia School District, PA, (AGM), 5.50%, 6/1/21		1,000		1,032,070
Puerto Rico, (AGM), 5.25%, 7/1/24		500		512,870
Puerto Rico Public Buildings Authority, (NPFG), 6.00%, 7/1/24		240		246,250
Rockland County, NY, (AGM), 4.00%, 5/1/21		1,820		1,860,422
Rockland County, NY, (AGM), 5.00%, 3/1/21		3,000		3,059,910

7 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/22	$	3,000	$	2,983,380
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/31		910		1,175,129
Washington, (AMBAC), 0.00%, 12/1/22		10,000		9,927,800
West Virginia, (NPFG), 0.00%, 11/1/21		4,275		4,265,723
Will and Cook Counties Community High School District No. 210, IL, (AGM), 4.00%, 1/1/34		650		716,541
			$	58,613,675
Insured – Hospital — 0.2%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	250	$	299,120
Massachusetts Development Finance Agency, (Wellforce), (AGM), 5.00%, 10/1/26		360		441,972
Oregon Health and Science University, (NPFG), 0.00%, 7/1/21		365		364,317
			$	1,105,409
Insured – Special Tax Revenue — 2.8%
Garden State Preservation Trust, NJ, (AGM), 5.75%, 11/1/28	$	1,000	$	1,258,600
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/22		7,000		6,706,910
Massachusetts, Special Obligation, (AGM), 5.50%, 6/1/21		5,000		5,178,450
Pennsylvania Turnpike Commission, Registration Fee Revenue, (AGM), 5.25%, 7/15/22		1,000		1,091,310
			$	14,235,270
Insured – Transportation — 1.1%
New Jersey Transportation Trust Fund Authority, (NPFG), 5.50%, 12/15/20	$	5,350	$	5,399,862
			$	5,399,862
Insured – Water and Sewer — 1.3%
Allegheny County Sanitation Authority, PA, (AGM), 5.00%, 6/1/24	$	500	$	503,990
Calexico Financing Authority, CA, Water Revenue, (AGM), 4.00%, 11/1/27		125		151,293
Calexico Financing Authority, CA, Water Revenue, (AGM), 4.00%, 11/1/28		200		244,532
Calexico Financing Authority, CA, Water Revenue, (AGM), 4.00%, 11/1/29		205		253,236
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/23		5,000		5,645,400
			$	6,798,451

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 1.9%
Burke County, NC, Limited Obligation Bonds, 5.00%, 4/1/28	$	250	$	316,738
Burke County, NC, Limited Obligation Bonds, 5.00%, 4/1/29		250		314,570
California State Public Works Board, 5.00%, 11/1/26		2,725		3,107,399
Michigan Strategic Fund, Limited Obligation Revenue, (Facility for Rare Isotope Beams), 5.00%, 3/1/21		500		509,480
New Jersey Economic Development Authority, (School Facilities Construction), 4.00%, 6/15/28		5,000		5,277,950
			$	9,526,137
Other Revenue — 2.5%
Black Belt Energy Gas District, AL, 0.48%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(1)	$	5,000	$	4,914,400
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/23		1,000		1,149,640
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6)		1,200		216,000
Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(3)		1,035		1,165,296
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.96%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(1)		2,000		2,003,360
Philadelphia Redevelopment Authority, PA, (Transformation Initiative), 5.00%, 4/15/24		750		801,870
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		240		240,310
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/23		675		745,834
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/24		590		673,420
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/25		1,000		1,173,170
			$	13,083,300
Senior Living / Life Care — 3.9%
Hawaii State Department of Budget and Finance, Special Purpose Senior Living Revenue, 5.00%, 11/15/27	$	1,775	$	1,921,579
Howard County, MD, (Vantage House), 5.00%, 4/1/21		90		90,580
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 1.459%, (70% of 1 mo. USD LIBOR + 1.35%), 5/1/21 (Put Date), 5/1/36(1)		1,300		1,300,195
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/21		675		690,113
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/22		550		576,153
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/23		705		755,048
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/24		480		524,112

8 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 4.25%, 1/1/33	$	2,105	$	2,229,174
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/30		1,265		1,377,534
North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/20		1,230		1,230,000
North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/21		1,380		1,399,858
North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/22		1,435		1,473,860
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 4.125% to 8/1/24 (Put Date), 8/1/47		975		1,052,532
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/27		2,140		2,184,384
Washington Housing Finance Commission, (Wesley Homes at Lea Hill), 3.75%, 7/1/26(3)		3,420		3,422,291
			$	20,227,413
Special Tax Revenue — 7.8%
Baltimore, MD, (Harbor Point), 3.05%, 6/1/28(3)	$	190	$	185,791
Baltimore, MD, (Harbor Point), 3.15%, 6/1/29(3)		200		195,386
Baltimore, MD, (Harbor Point), 3.20%, 6/1/30(3)		200		194,150
Detroit Downtown Development Authority, MI, 0.00%, 7/1/21		2,000		1,935,580
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/34		1,010		998,971
Garden State Preservation Trust, NJ, 4.00%, 11/1/23		2,040		2,119,703
Jurupa Public Financing Authority, CA, 5.00%, 9/1/21		600		625,884
Louisiana, Highway Improvement Revenue, 5.00%, 6/15/25		750		874,672
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.00%, 10/1/24		2,500		2,625,750
Michigan Trunk Line, 5.00%, 11/15/23		600		631,830
Michigan Trunk Line, 5.00%, 11/15/26		1,100		1,157,585
Michigan Trunk Line, 5.00%, 11/15/28		2,000		2,102,620
Michigan Trunk Line, 5.00%, 11/15/29		1,500		1,576,965
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(6)		280		0
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		345		345,897
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/24		1,405		1,614,219
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/25		1,470		1,743,214
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/26		1,545		1,881,501
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/31		1,480		1,969,318
Pennsylvania Turnpike Commission, Oil Franchise Tax, 5.00%, 12/1/25		6,350		7,168,832

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Saint Clair County Highway Revenue, IL, 4.00%, 1/1/22	$	555	$	581,612
Saint Clair County Highway Revenue, IL, Escrowed to Maturity, 4.00%, 1/1/23		310		336,620
Saint Clair County Highway Revenue, IL, Prerefunded to 1/1/23, 4.00%, 1/1/24		360		390,913
Sales Tax Securitization Corp., IL, Series 2018C, 5.00%, 1/1/29		1,525		1,887,386
Sales Tax Securitization Corp., IL, Series 2020A, 5.00%, 1/1/29		500		618,815
South Orange County Public Financing Authority, CA, 5.00%, 8/15/24		1,000		1,061,570
Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(6)		276		173,612
Terrebonne Levee and Conservation District, LA, (Public Improvement Sales Tax), Prerefunded to 7/1/23, 5.00%, 7/1/25		2,815		3,183,343
Winter Garden Village at Fowler Groves Community Development District, FL, 3.00%, 5/1/24		1,830		1,854,430
			$	40,036,169
Student Loan — 1.3%
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/22	$	125	$	134,106
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/23		230		253,525
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/24		300		338,532
Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33		4,930		4,998,182
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/24		1,000		1,131,340
			$	6,855,685
Transportation — 10.8%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), Prerefunded to 1/1/22, 5.00%, 1/1/26	$	840	$	888,023
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), Prerefunded to 1/1/22, 5.00%, 1/1/28		520		549,728
Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.00%, 7/1/21		3,755		3,875,085
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/21		500		504,880
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/26		3,500		4,150,685
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/21		950		959,291

9 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/22	$	825	$	865,574
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23		1,300		1,419,587
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/30		3,000		3,144,750
Grand Parkway Transportation Corp., TX, 5.00%, 2/1/23		2,400		2,632,872
Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/21		4,750		4,958,952
Kentucky Public Transportation Infrastructure Authority, 0.00%, 7/1/21		550		540,793
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/25		2,500		2,961,475
Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/26		885		1,041,096
Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/27		1,250		1,464,163
New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.31%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(1)		4,000		4,001,480
New York Thruway Authority, 5.00%, 1/1/30		2,340		2,730,031
Pennsylvania Economic Development Financing Authority, (National Railroad Passenger), (AMT), 5.00%, 11/1/25		1,000		1,090,550
Pennsylvania Economic Development Financing Authority, (National Railroad Passenger), (AMT), 5.00%, 11/1/26		890		969,424
Pennsylvania Turnpike Commission, 5.00%, 12/1/37		2,850		3,538,988
Pennsylvania Turnpike Commission, Series 2013C, 5.00%, 12/1/22		1,000		1,103,010
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/23		1,000		1,030,150
Port Authority of New York and New Jersey, 5.00%, 7/15/31		2,500		3,274,750
Port of New Orleans, LA, (AMT), 5.00%, 4/1/26		485		583,508
Port of New Orleans, LA, (AMT), 5.00%, 4/1/27		505		618,529
Port of New Orleans, LA, (AMT), 5.00%, 4/1/28		485		602,283
Port of New Orleans, LA, (AMT), 5.00%, 4/1/29		515		646,222
Port of Seattle, WA, (AMT), 5.00%, 4/1/31		4,000		4,979,960
South Jersey Transportation Authority, NJ, 5.00%, 11/1/22		155		166,158
South Jersey Transportation Authority, NJ, 5.00%, 11/1/24		395		447,823
			$	55,739,820
Water and Sewer — 1.8%
Chicago, IL, Water Revenue, 5.00%, 11/1/22	$	1,000	$	1,084,030
Great Lakes Water Authority, MI, 5.00%, 7/1/24		150		173,389
Great Lakes Water Authority, MI, 5.00%, 7/1/25		100		119,322
Great Lakes Water Authority, MI, 5.00%, 7/1/26		300		367,665
Great Lakes Water Authority, MI, 5.00%, 7/1/27		300		376,602
Great Lakes Water Authority, MI, 5.00%, 7/1/28		220		283,336
Great Lakes Water Authority, MI, 5.00%, 7/1/29		460		600,682

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/22	$	1,000	$	1,086,990
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/32		3,000		3,976,620
Portland, OR, Sewer System Revenue, 5.00%, 5/1/28		1,000		1,243,920
			$	9,312,556
Total Tax-Exempt Municipal Securities — 88.7% (identified cost $437,658,234)			$	456,668,963
Taxable Municipal Securities — 5.3%
Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 0.2%
Lincoln, NE, Electric System Revenue, 1.649%, 9/1/31	$	1,000	$	1,010,610
			$	1,010,610
General Obligations — 2.1%
Chicago, IL, 7.75%, 1/1/42	$	2,650	$	2,868,519
Clint Independent School District, TX, (PSF Guaranteed), 2.065%, 2/15/37		2,000		2,041,520
DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 1.827%, 2/1/22		300		300,990
Dripping Springs Independent School District, TX , (PSF Guaranteed), 2.085%, 2/15/37		1,920		1,961,491
Encinitas Union School District, CA, 2.077%, 8/1/34(2)		1,505		1,509,636
Leander Independent School District, TX, (PSF Guaranteed), 1.449%, 8/15/31		440		445,227
Leander Independent School District, TX, (PSF Guaranteed), 1.639%, 8/15/33		500		507,050
Leander Independent School District, TX, (PSF Guaranteed), 1.689%, 8/15/34		1,000		1,011,350
Mill Valley School District, CA, 1.30%, 8/1/22		155		156,776
			$	10,802,559
Hospital — 0.3%
Middleburg Heights, OH, (Southwest General Health Center), 1.899%, 8/1/21	$	465	$	465,205
Middleburg Heights, OH, (Southwest General Health Center), 1.949%, 8/1/22		500		500,445
Middleburg Heights, OH, (Southwest General Health Center), 2.025%, 8/1/23		615		615,713
			$	1,581,363

10 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 1.7%
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.33%, 11/15/21	$	495	$	495,406
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.38%, 11/15/22		360		360,194
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.60%, 11/15/24		4,000		3,997,800
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50% to 8/1/24 (Put Date), 8/1/44		3,675		3,998,253
			$	8,851,653
Student Loan — 0.2%
Massachusetts Educational Financing Authority, 3.875%, 7/1/23	$	1,100	$	1,153,647
			$	1,153,647
Transportation — 0.3%
Pennsylvania Turnpike Commission, 1.812%, 12/1/20	$	1,260	$	1,262,810
			$	1,262,810
Water and Sewer — 0.5%
Henrico County, VA, Water and Sewer System Revenue, 2.317%, 5/1/40(2)	$	2,500	$	2,484,800
			$	2,484,800
Total Taxable Municipal Securities — 5.3% (identified cost $26,655,508)			$	27,147,442
Total Investments — 94.0% (identified cost $464,313,742)			$	483,816,405
Other Assets, Less Liabilities — 6.0%			$	31,012,602
Net Assets — 100.0%			$	514,829,007

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

At September 30, 2020, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

Illinois	13.1%
Pennsylvania	10.6%
New York	10.4%
Others, representing less than 10% individually	59.9%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2020, 21.2% 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 1.3% to 8.2% of total investments.

⁽¹⁾ Floating rate security. The stated interest rate represents the rate in effect at September 30, 2020.

⁽²⁾ When-issued security.

⁽³⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $12,290,456 or 2.4% of the Fund’s net assets.

⁽⁴⁾ The issuer is in default on the payment of principal but continues to pay interest.

⁽⁵⁾ Variable rate security that may be tendered at par quarterly. The stated interest rate, which resets quarterly, is determined by the remarketing agent and represents the rate in effect at September 30, 2020.

⁽⁶⁾ Issuer is in default with respect to interest and/or principal payments.

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.
BAM	–	Build America Mutual Assurance Co.
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
MFMR	–	Multi-Family Mortgage Revenue
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SFMR	–	Single Family Mortgage Revenue
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
USD	–	United States Dollar

11 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	September 30, 2020
Investments, at value (identified cost, $464,313,742)	$	483,816,405
Cash		26,739,430
Interest receivable		4,891,336
Receivable for investments sold		7,003,798
Receivable for Fund shares sold		1,251,644
Total assets	$	523,702,613
Liabilities
Payable for when-issued securities	$	7,186,460
Payable for Fund shares redeemed		864,383
Distributions payable		449,506
Payable to affiliates:
Investment adviser fee		162,582
Distribution and service fees		37,570
Accrued expenses		173,105
Total liabilities	$	8,873,606
Net Assets	$	514,829,007
Sources of Net Assets
Paid-in capital	$	503,486,142
Distributable earnings		11,342,865
Net Assets	$	514,829,007
Class A Shares
Net Assets	$	197,557,657
Shares Outstanding		19,997,578
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.88
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.11
Class C Shares
Net Assets	$	18,650,891
Shares Outstanding		2,012,419
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.27
Class I Shares
Net Assets	$	298,620,459
Shares Outstanding		30,215,086
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.88

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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

12 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended September 30, 2020
Interest	$	7,593,324
Total investment income	$	7,593,324
Expenses
Investment adviser fee	$	980,296
Distribution and service fees
Class A		140,984
Class C		95,121
Trustees’ fees and expenses		13,494
Custodian fee		61,602
Transfer and dividend disbursing agent fees		72,460
Legal and accounting services		36,500
Printing and postage		12,140
Registration fees		59,775
Miscellaneous		35,723
Total expenses	$	1,508,095
Net investment income	$	6,085,229
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	995,464
Net realized gain	$	995,464
Change in unrealized appreciation (depreciation) —
Investments	$	8,270,102
Net change in unrealized appreciation (depreciation)	$	8,270,102
Net realized and unrealized gain	$	9,265,566
Net increase in net assets from operations	$	15,350,795

13 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
From operations —
Net investment income	$	6,085,229		$	13,610,174
Net realized gain		995,464			813,998
Net change in unrealized appreciation (depreciation)		8,270,102			(5,339,810	)
Net increase in net assets from operations	$	15,350,795		$	9,084,362
Distributions to shareholders —
Class A	$	(2,304,692	)	$	(4,876,685	)
Class C		(181,006	)		(545,487	)
Class I		(3,765,355	)		(8,349,720	)
Total distributions to shareholders	$	(6,251,053	)	$	(13,771,892	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	23,813,395		$	15,985,957
Class C		2,136,265			3,861,760
Class I		55,923,252			90,310,195
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,945,321			4,098,245
Class C		149,205			428,649
Class I		1,249,427			2,352,620
Cost of shares redeemed
Class A		(14,458,726	)		(35,878,208	)
Class C		(5,866,207	)		(9,798,975	)
Class I		(55,989,011	)		(91,965,796	)
Net asset value of shares converted
Class A		2,287,450			5,899,401
Class C		(2,287,450	)		(5,899,401	)
Net increase (decrease) in net assets from Fund share transactions	$	8,902,921		$	(20,605,553	)
Net increase (decrease) in net assets	$	18,002,663		$	(25,293,083	)
Net Assets
At beginning of period	$	496,826,344		$	522,119,427
At end of period	$	514,829,007		$	496,826,344

14 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Financial Highlights

	Class A
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.700		$	9.790		$	9.730		$	9.850		$	10.160		$	10.180
Income (Loss) From Operations
Net investment income(1)	$	0.117		$	0.251		$	0.272		$	0.274		$	0.283		$	0.298
Net realized and unrealized gain (loss)		0.183			(0.087	)		0.058			(0.120	)		(0.311	)		(0.020	)
Total income (loss) from operations	$	0.300		$	0.164		$	0.330		$	0.154		$	(0.028	)	$	0.278
Less Distributions
From net investment income	$	(0.120	)	$	(0.254	)	$	(0.270	)	$	(0.274	)	$	(0.282	)	$	(0.298	)
Total distributions	$	(0.120	)	$	(0.254	)	$	(0.270	)	$	(0.274	)	$	(0.282	)	$	(0.298	)
Net asset value — End of period	$	9.880		$	9.700		$	9.790		$	9.730		$	9.850		$	10.160
Total Return(2)		3.11	%(3)		1.66	%		3.45	%		1.55	%		(0.29	)%		2.79	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	197,558		$	180,506		$	192,155		$	189,734		$	212,891		$	275,435
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.66	%(5)		0.66	%		0.68	%		0.67	%		0.67	%		0.66	%
Net investment income		2.38	%(5)		2.55	%		2.80	%		2.77	%		2.82	%		2.95	%
Portfolio Turnover		30	%(3)		40	%		14	%		13	%		17	%		10	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

⁽⁴⁾ 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⁾ Annualized.

15 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.100		$	9.180		$	9.120		$	9.240		$	9.530		$	9.550
Income (Loss) From Operations
Net investment income(1)	$	0.076		$	0.167		$	0.186		$	0.188		$	0.195		$	0.209
Net realized and unrealized gain (loss)		0.172			(0.078	)		0.059			(0.121	)		(0.291	)		(0.020	)
Total income (loss) from operations	$	0.248		$	0.089		$	0.245		$	0.067		$	(0.096	)	$	0.189
Less Distributions
From net investment income	$	(0.078	)	$	(0.169	)	$	(0.185	)	$	(0.187	)	$	(0.194	)	$	(0.209	)
Total distributions	$	(0.078	)	$	(0.169	)	$	(0.185	)	$	(0.187	)	$	(0.194	)	$	(0.209	)
Net asset value — End of period	$	9.270		$	9.100		$	9.180		$	9.120		$	9.240		$	9.530
Total Return(2)		2.74	%(3)		0.95	%		2.73	%		0.71	%		(1.03	)%		2.01	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	18,651		$	24,108		$	35,667		$	73,533		$	100,360		$	119,453
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.41	%(5)		1.41	%		1.43	%		1.42	%		1.42	%		1.41	%
Net investment income		1.65	%(5)		1.80	%		2.05	%		2.02	%		2.07	%		2.21	%
Portfolio Turnover		30	%(3)		40	%		14	%		13	%		17	%		10	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

⁽⁴⁾ 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⁾ Annualized.

16 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.700		$	9.790		$	9.730		$	9.850		$	10.170		$	10.190
Income (Loss) From Operations
Net investment income(1)	$	0.125		$	0.266		$	0.286		$	0.289		$	0.298		$	0.314
Net realized and unrealized gain (loss)		0.183			(0.087	)		0.059			(0.120	)		(0.321	)		(0.021	)
Total income (loss) from operations	$	0.308		$	0.179		$	0.345		$	0.169		$	(0.023	)	$	0.293
Less Distributions
From net investment income	$	(0.128	)	$	(0.269	)	$	(0.285	)	$	(0.289	)	$	(0.297	)	$	(0.313	)
Total distributions	$	(0.128	)	$	(0.269	)	$	(0.285	)	$	(0.289	)	$	(0.297	)	$	(0.313	)
Net asset value — End of period	$	9.880		$	9.700		$	9.790		$	9.730		$	9.850		$	10.170
Total Return(2)		3.19	%(3)		1.81	%		3.61	%		1.70	%		(0.24	)%		2.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	298,620		$	292,213		$	294,297		$	288,575		$	286,331		$	297,168
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.51	%(5)		0.51	%		0.53	%		0.52	%		0.52	%		0.51	%
Net investment income		2.54	%(5)		2.69	%		2.95	%		2.92	%		2.97	%		3.10	%
Portfolio Turnover		30	%(3)		40	%		14	%		13	%		17	%		10	%

⁽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⁾ Not annualized.

⁽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⁾ Annualized.

17 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited)

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 an open-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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 most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

As of September 30, 2020, 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.

18

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

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

H  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase 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.

I  Interim Financial Statements — The interim financial statements relating to September 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At March 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $9,392,277 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, 2020, $9,263,260 are short-term and $129,017 are long term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	464,006,588
Gross unrealized appreciation	$	22,226,237
Gross unrealized depreciation		(2,416,420	)
Net unrealized appreciation	$	19,809,817

19

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM) and an indirect subsidiary of Eaton Vance Corp., 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 but less than $1 billion		0.275			2.75

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

For the six months ended September 30, 2020, the investment adviser fee amounted to $980,296 or 0.39% (annualized) of the Fund’s average daily net assets.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2020, EVM earned $6,164 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 $6,173 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2020, 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 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 its average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended September 30, 2020 amounted to $140,984 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended September 30, 2020, the Fund paid or accrued to EVD $79,267 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 the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended September 30, 2020 amounted to $15,854 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 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended September 30, 2020, the Fund was informed that EVD received $3,000 and $300 of CDSCs paid by Class A and Class C shareholders, respectively.

20

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $145,038,859 and $159,261,356, respectively, for the six months ended September 30, 2020.

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:

Class A	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		2,426,154			1,619,063
Issued to shareholders electing to receive payments of distributions in Fund shares		198,482			414,876
Redemptions		(1,476,913	)		(3,648,824	)
Converted from Class C shares		233,529			598,972
Net increase (decrease)		1,381,252			(1,015,913	)
Class C	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		230,454			417,836
Issued to shareholders electing to receive payments of distributions in Fund shares		16,242			46,269
Redemptions		(635,583	)		(1,059,606	)
Converted to Class A shares		(248,923	)		(638,462	)
Net decrease		(637,810	)		(1,233,963	)
Class I	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		5,711,366			9,167,402
Issued to shareholders electing to receive payments of distributions in Fund shares		127,392			238,077
Redemptions		(5,748,674	)		(9,337,517	)
Net increase		90,084			67,962

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings 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 six months ended September 30, 2020. Effective October 27, 2020, the Fund renewed its line of credit agreement, which expires October 26, 2021, at substantially the same terms.

21

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — 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 September 30, 2020, 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	$	—	$	456,668,963	$	—	$	456,668,963
Taxable Municipal Securities		—		27,147,442		—		27,147,442
Total Investments	$	—	$	483,816,405	$	—	$	483,816,405

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

11  Subsequent Event

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may result in the automatic termination of the Fund’s investment advisory agreement, and any related sub-advisory agreement(s), if applicable. Thus, the Fund’s Board will be asked to approve a new investment advisory agreement (and new sub-advisory agreement(s), if applicable). If approved by the Fund’s Board, the new investment advisory agreement (and new sub-advisory agreement(s), if applicable) is expected to be presented to Fund shareholders for approval, and, if approved, would take effect upon the closing of the transaction.

22

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of

peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

23

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance National Limited Maturity Municipal Income Fund (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal

24

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index, and assessed the Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax-exempt current income over time. The Board noted that actions are being taken by the Adviser to address Fund performance and determined to continue to monitor and evaluate their effectiveness over time.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

25

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

26

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

27

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2020

Officers and Trustees

Officers

Eric A. Stein

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

28

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.

29

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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

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.

7643    9.30.20

Eaton Vance

New York Municipal Opportunities Fund

Semiannual Report

September 30, 2020

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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

Semiannual Report September 30, 2020

Eaton Vance

New York Municipal Opportunities Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	19
Liquidity Risk Management Program	22
Officers and Trustees	23
Important Notices	24

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		05/29/1992		3.95	%		2.36	%		2.73	%		2.56	%
Class A with 4.75% Maximum Sales Charge		—		—		–0.95			–2.53			1.74			2.06
Class C at NAV		12/08/1993		05/29/1992		3.50			1.61			1.98			1.79
Class C with 1% Maximum Sales Charge		—		—		2.50			0.61			1.98			1.79
Class I at NAV		08/03/2010		05/29/1992		4.03			2.51			2.89			2.71
Bloomberg Barclays Municipal Bond Index		—		—		3.99	%		4.09	%		3.84	%		3.99	%
Bloomberg Barclays New York Municipal Bond Index		—		—		2.89			2.71			3.38			3.69
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.74	%		1.50	%		0.59	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.84	%		1.10	%		1.99	%
Taxable-Equivalent Distribution Rate									3.65			2.18			3.95
SEC 30-day Yield									1.12			0.44			1.33
Taxable-Equivalent SEC 30-day Yield									2.23			0.86			2.64

Fund Profile

Credit Quality (% of total investments)⁵

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays New York Municipal Bond Index is an unmanaged index of New York municipal bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099- DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁵  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.

Fund profile subject to change due to active management.

3

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

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 (April 1, 2020 – September 30, 2020).

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 (4/1/20)		Ending Account Value (9/30/20)		Expenses Paid During Period* (4/1/20 – 9/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,039.50	$	3.89		0.76	%
Class C	$	1,000.00	$	1,035.00	$	7.70		1.51	%
Class I	$	1,000.00	$	1,040.30	$	3.12		0.61	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.30	$	3.85		0.76	%
Class C	$	1,000.00	$	1,017.50	$	7.64		1.51	%
Class I	$	1,000.00	$	1,022.00	$	3.09		0.61	%

* 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 183/365 (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 March 31, 2020.

4

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 97.0%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.7%
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 8/15/44	$	1,000	$	1,280,950
			$	1,280,950
Cogeneration — 0.3%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	250	$	252,298
			$	252,298
Education — 8.8%
Buffalo and Erie County Industrial Land Development Corp., (Global Concepts Charter School), 5.00%, 10/1/37	$	405	$	469,691
Dutchess County Local Development Corp., (Marist College), 5.00%, 7/1/29		130		164,559
Monroe County Industrial Development Corp., (Nazareth College of Rochester), 5.00%, 10/1/24		885		983,810
Monroe County Industrial Development Corp., (Nazareth College of Rochester), 5.00%, 10/1/25		930		1,052,704
Monroe County Industrial Development Corp., (True North Rochester Preparatory Charter School), 5.00%, 6/1/40(1)		165		192,484
New York Dormitory Authority, (Culinary Institute of America), 5.00%, 7/1/23		250		268,555
New York Dormitory Authority, (Rockefeller University), Green Bonds, 5.00%, 7/1/50		500		627,215
Syracuse Industrial Development Agency, (Syracuse City School District), 4.00%, 5/1/33		1,200		1,417,620
Troy Capital Resource Corp., (Rensselaer Polytechnic Institute), 5.00%, 9/1/35		1,000		1,217,060
Yonkers Economic Development Corp., (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 4.00%, 10/15/29		330		339,458
Yonkers Economic Development Corp., (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/39		80		85,203
			$	6,818,359
Electric Utilities — 5.5%
Long Island Power Authority, Electric System Revenue, 4.00%, 9/1/39	$	1,650	$	1,961,701
New York Power Authority, 4.00%, 11/15/45		1,140		1,334,997
New York Power Authority, 4.00%, 11/15/50		355		413,082
New York Power Authority, 4.00%, 11/15/55		500		577,155
			$	4,286,935

Security	Principal Amount (000’s omitted)		Value
General Obligations — 3.9%
Elmira, 4.00%, 5/27/21	$	400	$	400,496
New York City, 4.00%, 3/1/36		360		420,437
New York City, 4.00%, 8/1/38		1,495		1,716,843
Valley Stream, 2.00%, 5/15/25		235		227,797
Valley Stream, 2.125%, 5/15/26		240		230,654
			$	2,996,227
Hospital — 16.1%
Build NYC Resource Corp., (New York Methodist Hospital), 5.00%, 7/1/24	$	400	$	458,056
Dutchess County Local Development Corp., (Nuvance Health), 5.00%, 7/1/24		100		113,960
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/28		1,390		1,561,804
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/29		1,000		1,110,430
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 5.00%, 11/1/25		1,305		1,520,756
Nassau County Local Economic Assistance and Financing Corp., (Catholic Health Services of Long Island), 5.00%, 7/1/22		1,000		1,031,670
Nassau County Local Economic Assistance Corp., (Catholic Health Services of Long Island), 5.00%, 7/1/23		500		557,235
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/30		625		779,987
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/32		640		785,926
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/37		400		442,732
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		1,625		1,815,629
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/23(1)		400		446,172
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/24(1)		600		688,974
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/25(1)		500		579,520
New York Dormitory Authority, (Orange Regional Medical Center), Series 2017, 5.00%, 12/1/26(1)		500		598,515
			$	12,491,366
Housing — 1.2%
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/26	$	300	$	341,010
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/24		165		179,311

5 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/25	$	170	$	187,085
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/26		170		189,905
			$	897,311
Industrial Development Revenue — 7.2%
Build NYC Resource Corp., (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1)	$	685	$	728,045
Essex County Industrial Development Agency, (International Paper Co.), (AMT), 2.10% to 10/1/24 (Put Date), 3/1/27		625		655,138
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		1,257,576
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1)		250		246,320
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		1,020,580
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.00%, 10/1/30		1,000		1,024,040
Niagara Area Development Corp., (Covanta), 3.50%, 11/1/24(1)		610		619,418
			$	5,551,117
Insured – Electric Utilities — 2.7%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	2,050	$	2,118,654
			$	2,118,654
Insured – General Obligations — 5.5%
Clinton County, (AGM), (AMT), 3.50%, 6/1/27	$	1,000	$	1,108,840
East Ramapo Central School District, (AGM), 4.00%, 12/15/27		1,605		1,887,512
Monroe County, (AGM), 5.00%, 6/1/27		1,000		1,273,600
			$	4,269,952
Insured – Solid Waste — 1.4%
Onondaga County Resource Recovery Agency, (AGM), (AMT), 5.00%, 5/1/26	$	150	$	184,917
Onondaga County Resource Recovery Agency, (AGM), (AMT), 5.00%, 5/1/28		740		927,546
			$	1,112,463

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer — 0.4%
Buffalo Municipal Water Finance Authority, (AGM), 5.00%, 7/1/29	$	125	$	153,430
Buffalo Municipal Water Finance Authority, (AGM), 5.00%, 7/1/31		140		170,614
			$	324,044
Lease Revenue / Certificates of Participation — 1.4%
Hudson Yards Infrastructure Corp., 5.00%, 2/15/42	$	500	$	580,740
Monroe County Industrial Development Agency, (Rochester Schools Modernization), 5.00%, 5/1/27		400		503,968
			$	1,084,708
Other Revenue — 5.3%
Albany Parking Authority, 5.00%, 7/15/23	$	700	$	746,970
Chautauqua County Capital Resource Corp., (Jamestown Center City Development Corp.), 1.75% to 11/1/24 (Put Date), 11/1/31		1,650		1,717,105
New York City Cultural Resources Trust, (Lincoln Center for the Performing Arts, Inc.), 5.00%, 12/1/32		1,250		1,612,688
			$	4,076,763
Senior Living / Life Care — 8.9%
Brookhaven Local Development Corp., (Jefferson’s Ferry), 5.25%, 11/1/25	$	750	$	845,910
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/23		1,455		1,566,191
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 5.00%, 12/1/34(2)		1,000		1,098,840
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 3.25%, 7/1/22		235		237,009
Westchester County Local Development Corp., (Kendal on Hudson), 4.00%, 1/1/23		500		510,035
Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/28		1,090		1,140,369
Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34		480		495,720
Westchester County Local Development Corp., (Miriam Osborn Memorial Home Association), 5.00%, 7/1/24		340		377,679
Westchester County Local Development Corp., (Miriam Osborn Memorial Home Association), 5.00%, 7/1/25		260		295,401
Westchester County Local Development Corp., (Miriam Osborn Memorial Home Association), 5.00%, 7/1/26		290		331,099
			$	6,898,253

6 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Solid Waste — 0.8%
Onondaga County Resource Recovery Agency, (AMT), 5.00%, 5/1/25	$	540	$	644,566
			$	644,566
Special Tax Revenue — 10.2%
New York City Transitional Finance Authority, Future Tax Revenue, 3.00%, 5/1/48	$	425	$	441,023
New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 11/1/38		1,000		1,147,060
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40		1,000		1,220,580
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/30		1,875		2,379,244
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/38		800		939,016
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/41		700		811,818
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		750		970,507
			$	7,909,248
Transportation — 12.7%
Albany County Airport Authority, (AMT), 5.00%, 12/15/25	$	500	$	593,460
New York Thruway Authority, 3.00%, 1/1/48		1,060		1,101,796
New York Thruway Authority, 5.00%, 1/1/39		95		120,018
New York Thruway Authority, 5.00%, 1/1/40		905		1,139,829
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		2,000		2,147,480
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/24		795		898,875
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28		520		644,914
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/29		275		346,552
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/30		455		569,797
Port Authority of New York and New Jersey, (AMT), 5.00%, 11/1/30		1,100		1,407,846
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		740		871,417
			$	9,841,984
Water and Sewer — 3.0%
New York City Municipal Water Finance Authority, (Water and Sewer System), 3.00%, 6/15/40	$	1,385	$	1,483,113
New York City Municipal Water Finance Authority, (Water and Sewer System), 4.00%, 6/15/40		200		232,652

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/48	$	500	$	601,840
			$	2,317,605
Total Tax-Exempt Investments — 97.0% (identified cost $72,631,855)			$	75,172,803
Miscellaneous — 0.5%
Security	Units		Value
Real Estate — 0.5%
CMS Liquidating Trust(1)(3)(4)		150	$	371,238
Total Miscellaneous — 0.5% (identified cost $480,000)			$	371,238
Total Investments — 97.5% (identified cost $73,111,855)			$	75,544,041
Other Assets, Less Liabilities — 2.5%			$	1,914,090
Net Assets — 100.0%			$	77,458,131

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. At September 30, 2020, 10.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.8% to 7.6% of total investments.

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $5,491,266 or 7.1% of the Fund’s net assets.

⁽²⁾  When-issued security.

⁽³⁾  Non-income producing security.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see note 9).

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.
NPFG	–	National Public Finance Guarantee Corp.

7 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	September 30, 2020
Investments, at value (identified cost, $73,111,855)	$	75,544,041
Cash		1,945,563
Interest receivable		801,902
Receivable for Fund shares sold		456,138
Total assets	$	78,747,644
Liabilities
Payable for when-issued securities	$	1,117,180
Payable for Fund shares redeemed		44,309
Distributions payable		33,995
Payable to affiliates:
Investment adviser fee		23,885
Distribution and service fees		10,059
Accrued expenses		60,085
Total liabilities	$	1,289,513
Net Assets	$	77,458,131
Sources of Net Assets
Paid-in capital	$	74,951,787
Distributable earnings		2,506,344
Net Assets	$	77,458,131
Class A Shares
Net Assets	$	41,737,413
Shares Outstanding		4,100,493
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.18
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.69
Class C Shares
Net Assets	$	6,868,228
Shares Outstanding		709,804
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.68
Class I Shares
Net Assets	$	28,852,490
Shares Outstanding		2,834,225
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.18

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

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

8 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended September 30, 2020
Interest	$	1,049,784
Total investment income	$	1,049,784
Expenses
Investment adviser fee	$	145,103
Distribution and service fees
Class A		30,819
Class C		35,123
Trustees’ fees and expenses		2,272
Custodian fee		14,392
Transfer and dividend disbursing agent fees		16,471
Legal and accounting services		27,208
Printing and postage		8,743
Registration fees		4,300
Miscellaneous		12,174
Total expenses	$	296,605
Net investment income	$	753,179
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	635,445
Net realized gain	$	635,445
Change in unrealized appreciation (depreciation) —
Investments	$	1,446,105
Net change in unrealized appreciation (depreciation)	$	1,446,105
Net realized and unrealized gain	$	2,081,550
Net increase in net assets from operations	$	2,834,729

9 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
From operations —
Net investment income	$	753,179		$	1,595,351
Net realized gain		635,445			1,056,576
Net change in unrealized appreciation (depreciation)		1,446,105			(1,071,385	)
Net increase in net assets from operations	$	2,834,729		$	1,580,542
Distributions to shareholders —
Class A	$	(403,920	)	$	(931,248	)
Class C		(47,995	)		(137,584	)
Class I		(286,419	)		(549,970	)
Total distributions to shareholders	$	(738,334	)	$	(1,618,802	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,313,607		$	4,994,312
Class C		560,298			942,261
Class I		4,237,369			7,501,561
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		341,433			806,909
Class C		32,322			85,515
Class I		151,773			302,653
Cost of shares redeemed
Class A		(3,696,731	)		(7,228,826	)
Class C		(3,216,263	)		(1,393,645	)
Class I		(1,760,314	)		(3,309,638	)
Net asset value of shares converted
Class A		172,197			901,147
Class C		(172,197	)		(901,147	)
Net increase (decrease) in net assets from Fund share transactions	$	(1,036,506	)	$	2,701,102
Net increase in net assets	$	1,059,889		$	2,662,842
Net Assets
At beginning of period	$	76,398,242		$	73,735,400
At end of period	$	77,458,131		$	76,398,242

10 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Financial Highlights

	Class A
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.890		$	9.870		$	9.660		$	9.770		$	10.090		$	10.110
Income (Loss) From Operations
Net investment income(1)	$	0.101		$	0.210		$	0.245		$	0.241		$	0.269		$	0.275
Net realized and unrealized gain (loss)		0.288			0.023	(2)		0.207			(0.113	)		(0.322	)		(0.023	)
Total income (loss) from operations	$	0.389		$	0.233		$	0.452		$	0.128		$	(0.053	)	$	0.252
Less Distributions
From net investment income	$	(0.099	)	$	(0.213	)	$	(0.242	)	$	(0.238	)	$	(0.267	)	$	(0.272	)
Total distributions	$	(0.099	)	$	(0.213	)	$	(0.242	)	$	(0.238	)	$	(0.267	)	$	(0.272	)
Net asset value — End of period	$	10.180		$	9.890		$	9.870		$	9.660		$	9.770		$	10.090
Total Return(3)		3.95	%(4)		2.33	%		4.75	%		1.30	%		(0.55	)%		2.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	41,737		$	41,504		$	42,073		$	44,330		$	51,983		$	47,738
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.76	%(6)		0.74	%		0.79	%		0.75	%		0.74	%		0.75	%
Net investment income		2.00	%(6)		2.08	%		2.54	%		2.45	%		2.70	%		2.74	%
Portfolio Turnover		48	%(4)		102	%		54	%		66	%		68	%		9	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Not annualized.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

11 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.410		$	9.390		$	9.180		$	9.290		$	9.590		$	9.610
Income (Loss) From Operations
Net investment income(1)	$	0.061		$	0.128		$	0.164		$	0.159		$	0.185		$	0.190
Net realized and unrealized gain (loss)		0.267			0.022	(2)		0.207			(0.113	)		(0.302	)		(0.023	)
Total income (loss) from operations	$	0.328		$	0.150		$	0.371		$	0.046		$	(0.117	)	$	0.167
Less Distributions
From net investment income	$	(0.058	)	$	(0.130	)	$	(0.161	)	$	(0.156	)	$	(0.183	)	$	(0.187	)
Total distributions	$	(0.058	)	$	(0.130	)	$	(0.161	)	$	(0.156	)	$	(0.183	)	$	(0.187	)
Net asset value — End of period	$	9.680		$	9.410		$	9.390		$	9.180		$	9.290		$	9.590
Total Return(3)		3.50	%(4)		1.58	%		4.09	%		0.48	%		(1.24	)%		1.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,868		$	9,441		$	10,663		$	16,306		$	22,763		$	26,312
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.51	%(6)		1.50	%		1.54	%		1.50	%		1.50	%		1.50	%
Net investment income		1.27	%(6)		1.33	%		1.79	%		1.71	%		1.95	%		1.99	%
Portfolio Turnover		48	%(4)		102	%		54	%		66	%		68	%		9	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Not annualized.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

12 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017				2016
																��
Net asset value — Beginning of period	$	9.890		$	9.870		$	9.660		$	9.770		$	10.090			$	10.110
Income (Loss) From Operations
Net investment income(1)	$	0.108		$	0.225		$	0.260		$	0.255		$	0.284			$	0.290
Net realized and unrealized gain (loss)		0.289			0.023	(2)		0.206			(0.112	)		(0.322	)			(0.023	)
Total income (loss) from operations	$	0.397		$	0.248		$	0.466		$	0.143		$	(0.038	)		$	0.267
Less Distributions
From net investment income	$	(0.107	)	$	(0.228	)	$	(0.256	)	$	(0.253	)	$	(0.282	)		$	(0.287	)
Total distributions	$	(0.107	)	$	(0.228	)	$	(0.256	)	$	(0.253	)	$	(0.282	)		$	(0.287	)
Net asset value — End of period	$	10.180		$	9.890		$	9.870		$	9.660		$	9.770			$	10.090
Total Return(3)		4.03	%(4)		2.48	%		4.91	%		1.45	%		(0.40	)%			2.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,852		$	25,454		$	21,000		$	16,301		$	17,869			$	13,601
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.61	%(6)		0.59	%		0.64	%		0.60	%		0.60	%			0.60	%
Net investment income		2.15	%(6)		2.23	%		2.68	%		2.60	%		2.85	%			2.89	%
Portfolio Turnover		48	%(4)		102	%		54	%		66	%		68	%			9	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

13 See Notes to Financial Statements.

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance New York 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 and, effective November 5, 2020, will automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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 most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable 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 statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

As of September 30, 2020, 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.

14

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

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

H  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase 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.

I  Interim Financial Statements — The interim financial statements relating to September 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At March 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $646,945 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, 2020, $646,945 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	73,025,137
Gross unrealized appreciation	$	2,917,921
Gross unrealized depreciation		(399,017	)
Net unrealized appreciation	$	2,518,904

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) and an indirect subsidiary of Eaton Vance Corp., 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 six months ended September 30, 2020, the investment adviser fee amounted to $145,103 or 0.38% (annualized) of the Fund’s average daily net assets.

15

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2020, EVM earned $3,100 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $1,867 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2020. 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 six months ended September 30, 2020, 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 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 six months ended September 30, 2020 amounted to $30,819 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended September 30, 2020, the Fund paid or accrued to EVD $29,269 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 Class C shares. 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 six months ended September 30, 2020 amounted to $5,854 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 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended September 30, 2020, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $36,494,446 and $41,884,400, respectively, for the six months ended September 30, 2020.

16

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

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:

Class A	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		228,441			492,131
Issued to shareholders electing to receive payments of distributions in Fund shares		34,003			79,792
Redemptions		(374,549	)		(726,951	)
Converted from Class C shares		17,278			89,208
Net decrease		(94,827	)		(65,820	)
Class C	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		58,004			98,447
Issued to shareholders electing to receive payments of distributions in Fund shares		3,389			8,901
Redemptions		(337,241	)		(145,630	)
Converted to Class A shares		(18,178	)		(93,835	)
Net decrease		(294,026	)		(132,117	)
Class I	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		423,517			744,643
Issued to shareholders electing to receive payments of distributions in Fund shares		15,102			29,924
Redemptions		(177,105	)		(328,431	)
Net increase		261,514			446,136

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings 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 six months ended September 30, 2020.

Effective October 27, 2020, the Fund renewed its line of credit agreement, which expires October 26, 2021, at substantially the same terms.

17

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — 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 September 30, 2020, 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 Investments	$	—	$	75,172,803	$	—	$	75,172,803
Miscellaneous		—		—		371,238		371,238
Total Investments	$	—	$	75,172,803	$	371,238	$	75,544,041

* 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 six months ended September 30, 2020 is not presented.

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

11  Subsequent Event

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may result in the automatic termination of the Fund’s investment advisory agreement, and any related sub-advisory agreement(s), if applicable. Thus, the Fund’s Board will be asked to approve a new investment advisory agreement (and new sub-advisory agreement(s), if applicable). If approved by the Fund’s Board, the new investment advisory agreement (and new sub-advisory agreement(s), if applicable) is expected to be presented to Fund shareholders for approval, and, if approved, would take effect upon the closing of the transaction.

18

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

19

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees

also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance New York Municipal Opportunities Fund (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation

20

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and both secondary benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

21

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

22

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2020

Officers and Trustees

Officers

Eric A. Stein

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

*Interested Trustee

23

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.

24

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

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.

23359    9.30.20

Eaton Vance

Short Duration Municipal Opportunities Fund

Semiannual Report

September 30, 2020

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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

Semiannual Report September 30, 2020

Eaton Vance

Short Duration Municipal Opportunities Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	30
Liquidity Risk Management Program	33
Officers and Trustees	34
Important Notices	35

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/27/1996		06/01/1992		3.15	%		1.20	%		2.56	%		2.45	%
Class A with 2.25% Maximum Sales Charge		—		—		0.81			–1.04			2.10			2.21
Class C at NAV		12/08/1993		06/01/1992		2.76			0.42			1.77			1.67
Class C with 1% Maximum Sales Charge		—		—		1.76			–0.58			1.77			1.67
Class I at NAV		08/03/2010		06/01/1992		3.33			1.35			2.73			2.61
Bloomberg Barclays Short-Intermediate 1–10 Year Municipal Bond Index		—		—		3.75	%		4.03	%		2.70	%		2.70	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.66	%		1.41	%		0.51	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.51	%		0.77	%		1.65	%
Taxable-Equivalent Distribution Rate									2.55			1.30			2.79
SEC 30-day Yield									1.13			0.42			1.31
Taxable-Equivalent SEC 30-day Yield									1.91			0.70			2.21

Fund Profile

Credit Quality (% of total investments)⁵

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Endnotes and Additional Disclosures

¹  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.

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

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

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099- DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁵  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.

Fund profile subject to change due to active management.

3

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

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 (April 1, 2020 – September 30, 2020).

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 (4/1/20)		Ending Account Value (9/30/20)		Expenses Paid During Period* (4/1/20 – 9/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,031.50	$	3.31		0.65	%
Class C	$	1,000.00	$	1,027.60	$	7.12		1.40	%
Class I	$	1,000.00	$	1,033.30	$	2.55		0.50	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.29		0.65	%
Class C	$	1,000.00	$	1,018.00	$	7.08		1.40	%
Class I	$	1,000.00	$	1,022.60	$	2.54		0.50	%

* 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 183/365 (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 March 31, 2020.

4

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 88.2%
Security	Principal Amount (000’s omitted)		Value
Education — 4.1%
Arizona Industrial Development Authority, (Academies of Math & Science), 4.00%, 7/1/29(1)	$	380	$	389,428
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/30(1)		625		647,831
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/21		250		258,705
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/22		250		267,050
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/23		225		247,327
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/24		275		310,211
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/21(1)		100		102,733
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/22(1)		165		175,232
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/23(1)		175		192,616
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/24(1)		160		181,118
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/25(1)		300		348,510
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/22(1)		100		106,675
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/23(1)		100		110,324
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/24(1)		135		153,472
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/25(1)		200		233,562
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/26(1)		105		125,500
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/27(1)		110		134,005
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/28(1)		160		197,762
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/29(1)		165		206,776
District of Columbia, (District of Columbia International School), 5.00%, 7/1/21		200		204,618
District of Columbia, (District of Columbia International School), 5.00%, 7/1/25		500		569,800
District of Columbia, (District of Columbia International School), 5.00%, 7/1/29		885		1,064,690
District of Columbia, (KIPP DC), 5.00%, 7/1/22		200		212,202
District of Columbia, (KIPP DC), 5.00%, 7/1/25		270		314,496
District of Columbia, (KIPP DC), 5.00%, 7/1/26		250		296,990

Security	Principal Amount (000’s omitted)		Value
Education (continued)
District of Columbia, (KIPP DC), 5.00%, 7/1/27	$	250	$	301,890
District of Columbia, (KIPP DC), 5.00%, 7/1/28		240		294,108
District of Columbia, (KIPP DC), 5.00%, 7/1/29		235		292,140
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/29(1)		465		507,273
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/26		275		305,514
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/27		210		235,555
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/28		230		259,730
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/29		225		255,438
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/31		865		970,374
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/23		425		467,904
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/24		350		395,692
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/21		355		367,901
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/22		600		643,134
Michigan Finance Authority, (Cesar Chavez Academy), 3.25%, 2/1/24		400		401,368
Michigan Finance Authority, (Cesar Chavez Academy), 4.00%, 2/1/29		700		719,971
Missouri Health and Educational Facilities Authority, (St. Louis College of Pharmacy), 5.00%, 5/1/40		1,410		1,469,699
Montana State University, 0.56%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(2)		1,675		1,673,358
Montgomery County Higher Education and Health Authority, PA, (Gwynedd Mercy University), 4.00% to 5/1/22 (Put Date), 5/1/36		1,105		1,130,338
Montgomery County Higher Education and Health Authority, PA, (Gwynedd Mercy University), 4.00% to 5/1/23 (Put Date), 5/1/36		1,200		1,243,776
New York Dormitory Authority, (Yeshiva University), 4.00%, 9/1/23		1,235		1,236,087
Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/25		1,000		1,070,070
Pennsylvania Higher Educational Facilities Authority, (York College of Pennsylvania), 2.85% to 5/1/21 (Put Date), 5/1/34		1,420		1,434,583
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/23		1,840		1,924,622
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/24		1,715		1,817,420

5 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/25	$	905	$	969,092
Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29(1)		320		326,531
Public Finance Authority, WI, (Roseman University of Health Sciences), 3.00%, 4/1/25(1)		635		630,511
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/30(1)		750		823,935
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/27		1,000		1,211,880
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/28		1,000		1,229,820
University of Pittsburgh, PA, 0.47%, (SIFMA + 0.36%), 2/15/24(2)		2,000		2,002,220
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30		400		443,780
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 4.00%, 10/15/29		330		339,458
			$	34,446,805
Electric Utilities — 2.3%
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45	$	4,000	$	4,319,040
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		2,170		2,215,961
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 3.25%, 1/1/25		3,250		3,446,852
Long Island Power Authority, NY, Electric System Revenue, 0.859%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2)		4,000		3,998,920
Louisville/Jefferson County Metro Government, KY, (Louisville Gas and Electric Co.), 1.75% to 7/1/26 (Put Date), 2/1/35		4,000		4,117,640
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/22		385		412,936
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/23		600		667,638
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/24		500		574,560
			$	19,753,547
Escrowed / Prerefunded — 0.4%
Delaware Health Facilities Authority, (Nanticoke Memorial Hospital, Inc.), Escrowed to Maturity, 5.00%, 7/1/23	$	655	$	737,812
Pennsylvania Higher Educational Facilities Authority, (Messiah College), Prerefunded to 11/1/21, 2.20%, 11/1/31		700		713,125

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Pennsylvania Higher Educational Facilities Authority, (Messiah College), Prerefunded to 5/1/21, 2.72%, 11/1/31	$	1,845	$	1,871,955
			$	3,322,892
General Obligations — 9.6%
American Samoa Economic Development Authority, 6.00%, 9/1/23(1)	$	1,050	$	1,126,073
Bensalem Township School District, PA, 3.00%, 2/15/21		20		20,203
Berwyn, IL, 5.00%, 12/1/23		1,090		1,179,118
Champaign County Community Unit School District No. 4, IL, 0.00%, 1/1/26		400		381,776
Champaign County Community Unit School District No. 4, IL, 0.00%, 1/1/27		380		355,585
Champaign County Community Unit School District No. 4, IL, 0.00%, 1/1/28		565		517,111
Chicago Board of Education, IL, 0.00%, 12/1/25		500		431,590
Chicago Board of Education, IL, 4.00%, 12/1/20		250		251,210
Chicago Board of Education, IL, 4.00%, 12/1/22		700		726,789
Chicago Board of Education, IL, 5.00%, 12/1/20		945		951,114
Chicago Board of Education, IL, 5.00%, 12/1/22		1,200		1,271,148
Chicago Board of Education, IL, 5.00%, 12/1/23		2,000		2,162,700
Chicago Board of Education, IL, 5.00%, 12/1/24		2,000		2,196,780
Chicago, IL, 0.00%, 1/1/21		115		114,173
Chicago, IL, 0.00%, 1/1/24		225		203,216
Chicago, IL, 0.00%, 1/1/26		160		134,190
Chicago, IL, 5.00%, 12/1/22		1,000		1,003,520
Chicago, IL, 5.00%, 1/1/30		7,320		7,943,957
Chicago, IL, 5.625%, 1/1/29		1,000		1,099,180
Connecticut, 5.00%, 4/15/23		3,200		3,581,888
Connecticut, 1.01%, (SIFMA + 0.90%), 3/1/23(2)		3,500		3,530,905
Delaware Valley Regional Finance Authority, PA, 0.864%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(2)		9,000		8,988,930
Detroit, MI, 5.00%, 4/1/21		1,000		1,009,450
Elmira, NY, 4.00%, 5/27/21		400		400,496
Elmira, NY, 5.00%, 5/15/26		115		115,233
Harford County, MD, 5.00%, 9/15/23		1,000		1,143,320
Illinois, 3.25%, 11/1/26		1,440		1,418,861
Illinois, 5.00%, 2/1/22		370		383,450
Illinois, 5.00%, 6/1/22		495		516,597
Illinois, 5.00%, 10/1/23		285		302,123
Illinois, 5.00%, 2/1/24		500		532,285
Illinois, 5.00%, 6/1/24		4,850		5,184,844
Illinois, 5.00%, 8/1/24		2,085		2,160,414
Illinois, 5.00%, 11/1/24		1,650		1,758,817

6 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Illinois, 5.00%, 8/1/25	$	1,000	$	1,034,830
Illinois, 5.00%, 11/1/25		5,000		5,377,500
Illinois, Series of October 2000, 0.00%, 8/1/21		140		136,781
Illinois, Series of October 2002, 0.00%, 8/1/21		60		58,621
Johnson County, KS, 2.00%, 9/1/31		4,560		4,935,470
New Haven, CT, 5.00%, 8/1/21		1,000		1,030,280
New York, NY, 5.00% to 2/1/24 (Put Date), 8/1/38		5,000		5,582,650
Union City, NJ, 5.00%, 11/1/23		1,000		1,108,770
Washington, 5.00%, 6/1/27(3)		1,500		1,905,090
West Hartford, CT, 5.00%, 7/1/21		2,195		2,273,274
West Hartford, CT, 5.00%, 7/1/22		710		770,322
West Hartford, CT, 5.00%, 7/1/23		500		566,460
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/27		2,355		2,510,736
			$	80,387,830
Hospital — 16.3%
Berks County Municipal Authority, PA, (Tower Health), 5.00% to 2/1/25 (Put Date), 2/1/40	$	4,000	$	4,340,000
Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital), 4.00%, 12/1/20		520		521,357
Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital), 4.00%, 12/1/21		775		788,950
Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital), 4.00%, 12/1/22		810		835,839
Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital), 4.00%, 12/1/23		1,135		1,184,826
Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital), 4.00%, 12/1/24		1,145		1,207,517
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23		450		496,363
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/22		150		161,336
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/23		175		194,444
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.50%, 12/1/58(1)		2,000		2,239,600
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/22		500		525,105
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/23		500		544,705
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 0.71%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(2)		3,000		3,002,130

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00% to 8/1/25 (Put Date), 8/1/49	$	3,000	$	3,487,080
Colorado Health Facilities Authority, (Valley View Hospital Association), 2.80% to 5/15/23 (Put Date), 5/15/42		1,895		1,979,214
Connecticut Health and Educational Facilities Authority, (Griffin Hospital), 5.00%, 7/1/27(1)		725		854,238
Connecticut Health and Educational Facilities Authority, (Griffin Hospital), 5.00%, 7/1/30(1)		285		332,661
Connecticut Health and Educational Facilities Authority, (Griffin Hospital), 5.00%, 7/1/33(1)		1,170		1,327,108
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/21		250		258,480
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/22		515		553,440
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/25		385		454,939
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/26		445		538,325
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36		740		821,185
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/23		1,000		1,086,270
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/31		3,000		3,742,920
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/32		3,015		3,734,620
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/33		2,950		3,633,485
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/34		1,150		1,412,062
Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health System), 0.53%, (SIFMA + 0.42%), 12/1/22 (Put Date), 12/1/49(2)		3,000		2,983,620
Idaho Health Facilities Authority, (Madison Memorial Hospital), 5.00%, 9/1/21		1,630		1,681,720
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 0.86%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(2)		5,000		5,002,950
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/23		1,000		1,106,090
Illinois Finance Authority, (Southern Illinois Healthcare Enterprises, Inc.), 5.00%, 3/1/23		250		276,692
Indiana Finance Authority, (Parkview Health), 0.66%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(2)		7,755		7,753,527
Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/21		50		52,411
Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/23		500		567,690
Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/25		80		96,702

7 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/21	$	2,620	$	2,707,403
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/22		1,855		1,999,004
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/23		1,945		2,180,656
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.68%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2)		6,810		6,749,800
Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/23		555		558,519
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/21		185		189,978
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/25(1)		120		136,043
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/26(1)		150		172,677
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/27(1)		170		197,735
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/28(1)		175		204,876
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/29(1)		320		376,810
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/30(1)		350		414,788
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/31(1)		325		382,743
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/32(1)		420		491,429
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/22		450		480,523
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/23		725		799,639
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/24		650		738,172
Michigan Finance Authority, (McLaren Health Care), 0.503%, (68% of 1 mo. USD LIBOR + 0.40%), 10/15/21 (Put Date), 10/15/30(2)		890		884,224
Michigan Finance Authority, (Trinity Health Credit Group), 0.59%, (SIFMA + 0.48%), 2/1/22 (Put Date), 3/1/51(2)		5,000		4,999,450
Montana Facility Finance Authority, (Billings Clinic Obligated Group), 0.66%, (SIFMA + 0.55%), 8/15/23 (Put Date), 8/15/37(2)		2,735		2,734,426
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/25		1,050		1,168,828

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/26	$	1,010	$	1,118,878
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University), 5.00%, 9/1/23		1,000		1,126,470
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/24		540		608,602
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/26		800		944,576
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/27		2,000		2,354,200
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/29		300		349,137
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/30		1,595		1,848,063
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/26		400		479,564
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/27		390		477,348
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/28		455		566,493
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/29		750		948,892
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/24		1,300		1,478,360
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 9/1/27		1,400		1,702,736
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 9/1/28		1,500		1,849,695
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/29		1,910		2,342,214
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 9/1/29		1,400		1,752,226
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/30		1,495		1,816,709
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/31		3,195		3,841,732
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 1.149%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(2)		1,000		996,780
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/23		1,250		1,374,150
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/24		720		813,874

8 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/25	$	400	$	463,696
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/24		200		230,294
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/25		225		266,499
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/26		150		181,728
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/27		125		154,303
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/28		150		187,965
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/25		1,195		1,296,886
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/28		1,395		1,547,613
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/29		1,000		1,113,420
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/30		1,000		1,106,600
Oroville, CA, (Oroville Hospital), 5.25%, 4/1/54		3,000		3,195,510
Roane County Building Commission, WV, (Roane General Hospital), 2.55%, 11/1/21		2,250		2,253,015
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 0.71%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(2)		7,500		7,502,025
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/23		50		55,772
			$	136,693,349
Housing — 3.1%
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/30	$	3,635	$	4,539,533
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/23		150		155,126
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/24		175		182,606
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/25		300		314,934
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/26		320		337,286
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/27		250		264,063
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/28		200		211,740
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/29		270		286,143
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/30		280		295,042
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/31		290		303,694

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Massachusetts Development Finance Agency, (UMass Boston Student Housing), 5.00%, 10/1/21	$	1,000	$	1,004,050
Massachusetts Development Finance Agency, (UMass Boston Student Housing), 5.00%, 10/1/22		500		503,015
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.66%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(2)		2,650		2,650,000
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC), 5.00%, 4/1/22		835		860,142
New York City Housing Development Corp., NY, 2.10% to 10/1/29 (Put Date), 11/1/46		5,000		5,332,450
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/26		160		175,178
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/27		385		424,770
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/28		240		266,294
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/29		535		596,274
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/30		225		249,158
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/31		410		451,430
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/23		20		21,155
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/24		180		193,455
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/25		850		925,446
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/26		400		440,152
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/27		250		277,422
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/28		315		351,786
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/29		300		333,084

9 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/30	$	350	$	386,337
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 4.00%, 6/1/21		115		115,883
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 4.00%, 6/1/22		230		234,839
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/23		390		411,349
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/24		440		470,985
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/25		980		1,059,272
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/26		1,090		1,188,939
			$	25,813,032
Industrial Development Revenue — 10.8%
Appling County Development Authority, GA, (Oglethorpe Power Corp.), 1.50% to 2/3/25 (Put Date), 1/1/38	$	1,500	$	1,509,450
Burke County Development Authority, GA, (Georgia Transmission Corp.), 2.50% to 5/3/21 (Put Date), 1/1/52		2,000		2,021,240
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 2.50% to 5/1/24 (Put Date), 7/1/31		1,625		1,715,220
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00%, 5/1/29(1)		1,550		1,656,500
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(1)		1,000		1,024,720
Gilliam County, OR, (Waste Management, Inc.), (AMT), 2.40% to 5/2/22 (Put Date), 7/1/38		2,375		2,434,280
Iowa Finance Authority, (Iowa Fertilizer Co.), 3.125%, 12/1/22		3,335		3,382,090
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(1)		875		947,118
Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.), 2.60%, 11/1/29		1,000		1,062,360
Michigan Strategic Fund, (Waste Management, Inc.), (AMT), 2.85% to 8/2/21 (Put Date), 8/1/27		3,000		3,056,250
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 0.91%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(2)		5,000		5,001,950
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(1)		1,500		1,534,395
National Finance Authority, NH, (Waste Management, Inc.), (AMT), 0.86%, (SIFMA + 0.75%), 10/1/21 (Put Date), 10/1/33(2)		2,000		2,000,320

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33	$	3,500	$	3,663,170
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59		2,500		2,658,375
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1)		710		699,549
New York Transportation Development Corp., (Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/23		3,000		3,129,900
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1)		4,080		4,142,995
Ohio Air Quality Development Authority, (AMG Vanadium), (AMT), 5.00%, 7/1/49(1)		5,000		5,113,400
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 3.75%, 1/15/28(1)		1,225		1,339,513
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 1.75% to 8/1/24 (Put Date), 8/1/38		5,000		5,145,850
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.00% to 6/1/21 (Put Date), 7/1/29		5,000		5,046,650
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.625%, 11/1/25		1,500		1,585,260
Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23		1,520		1,635,338
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)		2,000		2,161,820
Rockport, IN, (AEP Generating Co.), Series 1995A, 1.35% to 9/1/22 (Put Date), 7/1/25		2,000		2,018,560
Rockport, IN, (AEP Generating Co.), Series 1995B, 1.35% to 9/1/22 (Put Date), 7/1/25		2,250		2,271,060
Rockport, IN, (Indiana Michigan Power Co.), 3.05%, 6/1/25		1,600		1,753,440
St. John the Baptist Parish, LA, (Marathon Oil Corp.), 2.10% to 7/1/24 (Put Date), 6/1/37		10,250		10,316,317
Trimble County, KY, (Louisville Gas and Electric Co.), (AMT), 1.30% to 9/1/27 (Put Date), 9/1/44		4,250		4,238,142
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32(1)		2,245		2,418,741
West Virginia Economic Development Authority, (Appalachian Power Co.), 2.55% to 4/1/24 (Put Date), 3/1/40		4,000		4,211,200
			$	90,895,173
Insured – Bond Bank — 0.0%(4)
Puerto Rico Municipal Finance Agency, (AGC), 5.25%, 8/1/22	$	250	$	265,358
			$	265,358

10 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 0.7%
Missouri Southern State University, (AGM), 5.00%, 10/1/24	$	110	$	125,135
Missouri Southern State University, (AGM), 5.00%, 10/1/25		125		145,545
Missouri Southern State University, (AGM), 5.00%, 10/1/27		205		247,749
Missouri Southern State University, (AGM), 5.00%, 10/1/28		200		245,072
Missouri Southern State University, (AGM), 5.00%, 10/1/31		290		356,024
Missouri Southern State University, (AGM), 5.00%, 10/1/32		155		188,940
Northern Illinois University, (BAM), 5.00%, 4/1/23		120		131,641
Northern Illinois University, (BAM), 5.00%, 4/1/24		500		566,805
Northern Illinois University, (BAM), 5.00%, 4/1/25		400		466,140
Northern Illinois University, (BAM), 5.00%, 4/1/26		650		774,767
Northern Illinois University, (BAM), 5.00%, 4/1/27		530		644,740
Northern Illinois University, (BAM), 5.00%, 4/1/28		625		774,144
Northern Illinois University, (BAM), 5.00%, 4/1/29		700		880,873
Southern Illinois University, (NPFG), 0.00%, 4/1/26		200		173,112
			$	5,720,687
Insured – Electric Utilities — 0.6%
Puerto Rico Electric Power Authority, (AGM), 4.00%, 7/1/23	$	305	$	305,338
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/21		450		454,504
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,740		1,798,273
Puerto Rico Electric Power Authority, Series QQ, (NPFG), 5.00%, 7/1/22		100		100,488
Puerto Rico Electric Power Authority, Series RR, (NPFG), 5.00%, 7/1/23		170		171,112
Puerto Rico Electric Power Authority, Series RR, (NPFG), 5.00%, 7/1/24		845		851,929
Puerto Rico Electric Power Authority, Series SS, (NPFG), 5.00%, 7/1/23		1,140		1,147,456
			$	4,829,100
Insured – General Obligations — 3.2%
Boston, MA, (NPFG), 0.125%, 3/1/22	$	2,920	$	2,920,058
Cambria County, PA, (AGM), 4.00%, 8/1/32		500		570,845
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/23		100		112,106
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/20		1,000		996,990
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/21		1,125		1,099,856
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/22		470		449,560
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/23		2,245		2,095,101
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/26		1,870		1,583,423
Chicago Board of Education, IL, (NPFG), 5.25%, 12/1/21		570		598,842
Chicago Board of Education, IL, Series 1998B, (NPFG), 0.00%, 12/1/24		365		331,070
Chicago Board of Education, IL, Series 1999A, (NPFG), 0.00%, 12/1/24		260		235,830
Chicago, IL, (AGM), 0.00%, 1/1/25		250		229,418

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Chicago, IL, (NPFG), 0.00%, 1/1/23	$	175	$	166,096
Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/29		500		578,855
Lake County Community Unit School District No. 187, IL, (AGM), 0.00%, 1/1/23		150		145,281
Matteson, IL, (AGM), 3.60%, 12/1/24		395		405,238
McCook, IL, (AGM), 4.00%, 12/1/20		50		50,265
McCook, IL, (AGM), 4.00%, 12/1/21		135		140,057
McCook, IL, (AGM), 4.00%, 12/1/22		225		241,544
McCook, IL, (AGM), 4.00%, 12/1/23		250		276,550
McHenry and Kane Counties Community Consolidated School District No. 158, IL, (NPFG), 0.00%, 1/1/21		1,090		1,087,689
Paterson, NJ, (BAM), 5.00%, 1/15/26		485		528,752
Puerto Rico, (AGC), 5.00%, 7/1/24		125		127,048
Puerto Rico, (AGM), 4.00%, 7/1/22		3,610		3,744,978
Puerto Rico, (NPFG), 5.25%, 7/1/22		135		135,686
Puerto Rico, (NPFG), 6.00%, 7/1/27		575		589,973
Puerto Rico Public Buildings Authority, (NPFG), 6.00%, 7/1/28		2,680		2,749,787
Stickney, IL, (BAM), 4.00%, 12/1/22		200		213,454
Stickney, IL, (BAM), 4.00%, 12/1/23		350		383,236
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/22		495		539,669
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/25		540		649,652
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/28		630		808,933
Will County Community High School District No. 210, IL, (AGM), 0.00%, 1/1/21		1,770		1,765,628
Will County Community High School District No. 210, IL, (AGM), 0.00%, 1/1/25		130		122,971
			$	26,674,441
Insured – Hospital — 0.1%
Kentucky Economic Development Finance Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/22	$	720	$	697,010
			$	697,010
Insured – Lease Revenue / Certificates of Participation — 1.2%
Kentucky Asset/Liability Commission, (NPFG), 0.698%, (67% of 3 mo. USD LIBOR + 0.53%), 11/1/27(2)	$	1,545	$	1,521,887
Kentucky Asset/Liability Commission, (NPFG), 0.718%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(2)		8,890		8,770,340
			$	10,292,227

11 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 0.4%
Arborwood Community Development District, FL, (AGM), 2.60%, 5/1/24	$	1,180	$	1,258,258
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 5.00%, 3/1/30(3)		1,500		1,942,125
			$	3,200,383
Insured – Special Tax Revenue — 0.4%
Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31	$	1,960	$	1,960,803
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43		520		184,522
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/24		410		441,894
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/25		460		501,106
			$	3,088,325
Insured – Transportation — 0.9%
Alabama Port Authority, (AGM), (AMT), 5.00%, 10/1/23	$	2,075	$	2,348,714
New Jersey Transportation Trust Fund Authority, (NPFG), 5.50%, 12/15/22		3,000		3,271,260
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		315		344,654
Puerto Rico Highway and Transportation Authority, (NPFG), 5.00%, 7/1/29		955		962,067
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/23		365		374,154
			$	7,300,849
Lease Revenue / Certificates of Participation — 0.8%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25	$	2,000	$	2,399,700
New Jersey Economic Development Authority, (School Facilities Construction), 1.66%, (SIFMA + 1.55%), 9/1/27(2)		1,000		988,490
New Jersey Economic Development Authority, (School Facilities Construction), 1.71%, (SIFMA + 1.60%), 3/1/28(2)		3,080		3,048,954
			$	6,437,144
Other Revenue — 10.2%
Albany Parking Authority, NY, 5.00%, 7/15/21	$	635	$	657,593
Albany Parking Authority, NY, 5.00%, 7/15/22		705		737,592
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), 5.00%, 5/1/23(1)		570		601,145

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), 5.00%, 5/1/32(1)	$	3,000	$	3,196,980
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/23		500		518,270
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/24		600		622,122
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/25		500		517,285
Black Belt Energy Gas District, AL, 4.00% to 12/1/23 (Put Date), 12/1/48		1,000		1,094,060
Black Belt Energy Gas District, AL, 1.004%, (67% of 1 mo. USD LIBOR + 0.90%), 12/1/23 (Put Date), 12/1/48(2)		20,000		19,940,600
Black Belt Energy Gas District, AL, 0.48%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(2)		15,000		14,743,200
Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(1)		795		895,083
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 0.854%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(2)		2,500		2,497,925
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.68%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2)		3,000		3,008,490
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.934%, (67% of 1 mo. USD LIBOR + 0.83%), 12/1/23 (Put Date), 8/1/48(2)		16,000		16,015,200
Northern California Gas Authority No. 1, Gas Project Revenue, 0.918%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(2)		960		950,698
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/27		7,000		8,795,500
Southeast Alabama Gas Supply District, (Project No. 1), 0.76%, (SIFMA + 0.65%), 4/1/24 (Put Date), 4/1/49(2)		2,000		2,003,640
Southeast Alabama Gas Supply District, (Project No. 2), 0.954%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(2)		2,000		1,994,580
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 0.868%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(2)		3,330		3,306,290
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.201%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(2)		3,250		3,270,150
			$	85,366,403
Senior Living / Life Care — 9.8%
Atlantic Beach, FL, (Fleet Landing), 3.25%, 11/15/24	$	2,155	$	2,157,478
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 5.00%, 5/15/28		300		330,099
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/22		225		234,036

12 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — 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%, 7/15/23	$	375	$	397,571
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/24		300		323,316
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/25		250		273,292
Brookhaven Local Development Corp., NY, (Jefferson’s Ferry), 5.25%, 11/1/26		240		275,117
Bucks County Industrial Development Authority, PA, (Pennswood Village), 5.00%, 10/1/24		800		876,592
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/20		290		290,386
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/21		315		320,497
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/22		430		443,519
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 2.75%, 11/15/25		1,000		1,009,030
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/22		300		300,711
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/24		540		567,437
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/27		200		214,250
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/28		240		257,225
Colorado Health Facilities Authority, (Christian Living Neighborhoods), Series 2016, 4.00%, 1/1/21		300		300,186
Colorado Health Facilities Authority, (Christian Living Neighborhoods), Series 2019, 4.00%, 1/1/21		700		702,016
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/21		1,135		1,151,673
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/22		850		881,297
District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24		2,030		2,020,459
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/21		250		257,405
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/22		250		263,550
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/23		355		382,367
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/24		425		465,983
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/30		500		552,985
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 3.60%, 7/1/23		465		467,046

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Hanover County Economic Development Authority, VA, (Covenant Woods), 3.625%, 7/1/28	$	655	$	632,809
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/21		860		874,500
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/22		415		432,633
Iowa Finance Authority, (Lifespace Communities, Inc.), 2.875%, 5/15/49		1,750		1,757,805
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/22		920		946,450
Lancaster County Hospital Authority, PA, (Moravian Manors, Inc.), 2.875%, 12/15/23		1,925		1,897,395
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 4.00%, 11/15/23(1)		2,055		2,079,393
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 3.50%, 10/1/22(1)		500		508,995
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 4.00%, 10/1/25(1)		515		544,123
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 4.00%, 10/1/26(1)		1,000		1,061,280
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 4.00%, 10/1/27(1)		400		426,116
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 2.875% to 2/1/22 (Put Date), 2/1/34		2,000		1,997,760
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/21		100		102,346
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/22		100		104,148
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/23		125		132,270
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/24		150		160,808
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/25		100		108,535
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/26		150		164,211
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/27		200		220,546
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/28		200		219,928
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/29		250		274,007
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 4.00%, 1/1/23		1,060		1,068,226
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(1)		705		716,604
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(1)		425		436,632

13 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(1)	$	1,130	$	1,164,036
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/21		540		543,332
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/23		1,795		1,888,376
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/30		630		686,045
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 2.25%, 7/1/23		1,525		1,485,579
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 2.375%, 7/1/24		1,525		1,474,050
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/30		400		432,076
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/31		670		720,471
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/32		1,500		1,527,525
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.00%, 1/1/25		1,705		1,705,222
North Carolina Medical Care Commission, (Galloway Ridge), 4.00%, 1/1/25		250		256,273
North Carolina Medical Care Commission, (Galloway Ridge), 4.00%, 1/1/26		240		246,391
North Carolina Medical Care Commission, (Galloway Ridge), 5.00%, 1/1/27		565		611,827
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/31		650		701,499
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/21		830		843,994
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/26		1,000		1,102,430
Polk County Industrial Development Authority, FL, (Carpenter’s Home Estates, Inc.), 5.00%, 1/1/29		440		486,270
Public Finance Authority, WI, (Penick Village), 4.00%, 9/1/29(1)		585		575,505
Rockville, MD, (Ingleside at King Farm), 3.50%, 11/1/26		525		514,831
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/23		210		223,831
Santa Fe, NM, (El Castillo Retirement Residences), 2.25%, 5/15/24		600		583,260
Santa Fe, NM, (El Castillo Retirement Residences), 2.625%, 5/15/25		1,000		977,570
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/22		500		516,390
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/23		1,365		1,436,267

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%, 4/1/24	$	1,450	$	1,551,572
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/25		1,510		1,639,482
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/26		1,595		1,744,404
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 4.00%, 11/15/24		200		202,342
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 4.00%, 11/15/25		275		278,294
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 5.00%, 11/15/27		300		321,678
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 5.00%, 11/15/29		115		124,808
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 5.00%, 11/15/30		180		195,633
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 4.125% to 8/1/24 (Put Date), 8/1/47		1,100		1,187,472
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/23		2,015		2,124,294
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/24		1,490		1,594,687
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/25		1,615		1,749,223
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 4.00%, 12/1/21(3)		310		315,013
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 4.00%, 12/1/23(3)		235		244,962
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 4.00%, 12/1/24(3)		245		257,867
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 4.00%, 12/1/25(3)		250		265,205
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.25%, 11/15/31		620		647,410
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 4.00%, 10/1/23(1)		2,000		1,996,080
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/23		230		242,680
Vermont Economic Development Authority, (Wake Robin Corp.), 4.00%, 5/1/21		215		215,436
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27		1,000		1,054,370

14 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Washington County, MD, (Diakon Lutheran Social Ministries), 5.00%, 1/1/21	$	340	$	342,268
Washington County, MD, (Diakon Lutheran Social Ministries), 5.00%, 1/1/23		365		385,710
Washington County, MD, (Diakon Lutheran Social Ministries), 5.00%, 1/1/24		350		377,454
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/25(1)		1,165		1,279,158
Washington Housing Finance Commission, (Judson Park), 3.70%, 7/1/23(1)		285		289,489
Washington Housing Finance Commission, (Transforming Age), 2.375%, 1/1/26(1)		4,000		3,864,240
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/24(1)		180		191,718
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/25(1)		385		416,474
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/26(1)		400		436,932
Washington Housing Finance Commission, (Wesley Homes at Lea Hill), 3.20%, 7/1/21(1)		120		119,820
Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/22		200		199,324
Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/23		100		99,193
Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/24		100		98,962
Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/25		100		98,492
Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/26		250		244,875
Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/27		425		411,923
Wayzata, MN, (Folkestone Senior Living Community), 3.125%, 8/1/28		650		633,847
Westchester County Local Development Corp., NY, (Kendal on Hudson), 4.00%, 1/1/23		150		153,011
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/22		200		205,758
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/24		365		379,220
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), Series 2015B, 4.00%, 9/15/23		100		102,763
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), Series 2018A, 4.00%, 9/15/23		250		260,318
			$	81,829,954

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 1.7%
Baltimore, MD, (Harbor Point), 2.65%, 6/1/22(1)	$	200	$	199,448
Baltimore, MD, (Harbor Point), 2.70%, 6/1/23(1)		285		283,615
Baltimore, MD, (Harbor Point), 2.80%, 6/1/25(1)		125		123,863
Baltimore, MD, (Harbor Point), 2.85%, 6/1/26(1)		135		133,740
Baltimore, MD, (Harbor Point), 2.95%, 6/1/27(1)		175		173,114
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/25		250		257,082
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/26		330		339,006
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/27		325		333,336
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/28		425		432,131
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/29		400		402,080
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/30		680		680,326
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/31		785		778,116
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/32		660		653,770
Illinois Sports Facilities Authority, 5.00%, 6/15/22		315		329,651
Illinois Sports Facilities Authority, 5.00%, 6/15/23		250		267,990
Illinois, Sales Tax Revenue, 5.00%, 6/15/21		140		143,389
Illinois, Sales Tax Revenue, 5.00%, 6/15/22		945		998,326
Illinois, Sales Tax Revenue, 5.00%, 6/15/23		925		1,002,561
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.00%, 3/1/28		225		222,608
Sales Tax Securitization Corp., IL, 5.00%, 1/1/23		650		704,028
Sales Tax Securitization Corp., IL, 5.00%, 1/1/30		2,000		2,501,320
Sales Tax Securitization Corp., IL, Series 2018C, 5.00%, 1/1/29		1,525		1,887,386
Sales Tax Securitization Corp., IL, Series 2020A, 5.00%, 1/1/29		500		618,815
Sparks, NV, (Legends at Sparks Marina), 2.50%, 6/15/24(1)		1,125		1,119,060
			$	14,584,761

15 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Student Loan — 2.2%
Connecticut Higher Education Supplement Loan Authority, (AMT), 5.00%, 11/15/20	$	550	$	552,426
Connecticut Higher Education Supplement Loan Authority, (AMT), 5.00%, 11/15/22		750		804,638
Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33		5,380		5,454,405
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/21		3,900		4,015,479
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/23		1,000		1,101,230
New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/23		4,475		4,976,826
Rhode Island Student Loan Authority, Series 2017, (AMT), 5.00%, 12/1/23		600		659,052
Rhode Island Student Loan Authority, Series 2018, (AMT), 5.00%, 12/1/23		1,250		1,373,025
			$	18,937,081
Transportation — 9.3%
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30(3)	$	5,000	$	6,511,050
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31(3)		5,440		7,016,784
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/24		5,000		5,829,850
E-470 Public Highway Authority, CO, 0.517%, (67% of 1 mo. USD LIBOR + 0.42%), 9/1/21 (Put Date), 9/1/39(2)		3,500		3,500,105
E-470 Public Highway Authority, CO, 1.151%, (67% of 1 mo. USD LIBOR + 1.05%), 9/1/21 (Put Date), 9/1/39(2)		3,375		3,384,652
Eagle County Air Terminal Corp., CO, (AMT), 4.00%, 5/1/26		1,000		1,096,100
Grand Parkway Transportation Corp., TX, 5.00%, 2/1/23		1,600		1,755,248
Maryland Economic Development Corp., (Purple Line Light Rail), (AMT), 5.00%, 3/31/24		1,000		995,570
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/23		1,480		1,600,280
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/34		5,000		5,617,500
New Jersey Transportation Trust Fund Authority, 0.00%, 12/15/24		200		182,732
New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/23		1,000		1,099,370
New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.31%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(2)		13,000		13,004,810
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 12/15/23		1,500		1,667,595
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 12/15/24		2,000		2,274,980
Pennsylvania Turnpike Commission, 0.71%, (SIFMA + 0.60%), 12/1/23(2)		1,000		1,004,700
Port of Oakland, CA, (AMT), 5.00%, 11/1/24		2,000		2,345,260

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
South Carolina Transportation Infrastructure Bank, 0.554%, (67% of 1 mo. USD LIBOR + 0.45%), 10/1/22 (Put Date), 10/1/31(2)	$	12,440	$	12,378,422
South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/22		1,585		1,650,445
Susquehanna Area Regional Airport Authority, PA, (AMT), 5.00%, 1/1/21		2,000		2,008,980
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/30		2,500		3,176,425
			$	78,100,858
Water and Sewer — 0.1%
Henrico County, VA, Water and Sewer System Revenue, 4.00%, 5/1/31	$	615	$	761,505
			$	761,505
Total Tax-Exempt Municipal Securities — 88.2% (identified cost $733,103,458)			$	739,398,714
Tax-Exempt Mortgage-Backed Securities — 1.4%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp., Multifamily Variable Rate Certificates, (AMT), 2.304%, 5/15/27	$	2,140	$	2,275,590
FRETE 2017-ML01 Trust, Class A, (Freddie Mac guaranteed), 0.645%, (1 mo. USD LIBOR + 0.50%), 1/25/33(1)(2)		474		470,919
National Finance Authority, NH, Municipal Certificates, Series 2020 -1, Class A, 4.125%, 1/20/34		8,386		9,063,921
Total Tax-Exempt Mortgage-Backed Securities — 1.4% (identified cost $12,460,077)			$	11,810,430
Taxable Municipal Securities — 2.8%
Security	Principal Amount (000’s omitted)		Value
Education — 0.4%
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.43%, 6/1/27(1)	$	3,340	$	3,372,632
			$	3,372,632
Escrowed / Prerefunded — 0.1%
South Jersey Transportation Authority, NJ, Escrowed to Maturity, 4.20%, 11/1/21	$	725	$	754,399
			$	754,399

16 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations — 1.3%
Amarillo Independent School District,TX, (PSF Guaranteed), 2.164%, 2/1/39(3)	$	4,045	$	4,122,947
Argyle Independent School District, TX, (PSF Guaranteed), 2.127%, 8/15/38(3)		1,450		1,457,076
Chicago Board of Education, IL, 5.182%, 12/1/21(5)		325		326,732
Chicago, IL, 7.75%, 1/1/42		2,659		2,878,261
Prosper Independent School District, TX, (PSF Guaranteed), 2.211%, 2/15/40(3)		2,295		2,315,127
			$	11,100,143
Hospital — 0.4%
Doylestown Hospital Authority, PA, (Doylestown Hospital), 3.263%, 7/1/21	$	1,000	$	1,002,750
Doylestown Hospital Authority, PA, (Doylestown Hospital), 3.489%, 7/1/22		815		822,017
Oklahoma Development Finance Authority, (OU Medicine), 5.45%, 8/15/28		1,250		1,470,300
			$	3,295,067
Insured – Hospital — 0.1%
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.653%, 7/1/22	$	375	$	391,534
			$	391,534
Senior Living / Life Care — 0.4%
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 3.20%, 5/15/21	$	285	$	285,912
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50% to 8/1/24 (Put Date), 8/1/44		3,055		3,323,718
			$	3,609,630
Special Tax Revenue — 0.1%
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31	$	330	$	329,762
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 5.00%, 10/1/35		990		874,725
			$	1,204,487
Total Taxable Municipal Securities — 2.8% (identified cost $23,170,818)			$	23,727,892

Corporate Bonds & Notes — 0.9%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.4%
Harnett Health System, Inc., 4.25%, 4/1/32	$	1,775	$	1,741,648
St. Joseph’s Hospital & Medical Center, 3.926%, 7/1/22		1,250		1,281,200
			$	3,022,848
Other — 0.5%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)	$	3,470	$	4,054,972
			$	4,054,972
Total Corporate Bonds & Notes — 0.9% (identified cost $6,495,000)			$	7,077,820
Closed-End Funds — 1.7%
Security	Shares		Value
BlackRock Municipal 2020 Term Trust		382,158	$	5,743,835
Nuveen Intermediate Duration Municipal Term Fund		617,678		8,252,178
Total Closed-End Funds — 1.7% (identified cost $13,136,261)			$	13,996,013
Total Investments — 95.0% (identified cost $788,365,614)			$	796,010,869
Other Assets, Less Liabilities — 5.0%			$	42,282,248
Net Assets — 100.0%			$	838,293,117

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

At September 30, 2020, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

Illinois	11.1%
Others, representing less than 10% individually	82.2%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2020, 7.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from less than 0.05% to 4.4% of total investments.

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified

17 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Portfolio of Investments (Unaudited) — continued

institutional buyers). At September 30, 2020, the aggregate value of these securities is $65,620,492 or 7.8% of the Fund’s net assets.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 2020.

⁽³⁾  When-issued/delayed delivery security.

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

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.
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index

Currency Abbreviations:

USD     – United States Dollar

18 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	September 30, 2020
Investments, at value (identified cost, $788,365,614)	$	796,010,869
Cash		60,289,820
Interest and dividends receivable		6,587,635
Receivable for investments sold		2,084,445
Receivable for Fund shares sold		3,049,566
Total assets	$	868,022,335
Liabilities
Payable for when-issued/delayed delivery securities	$	26,878,126
Payable for Fund shares redeemed		2,108,893
Distributions payable		194,359
Payable to affiliates:
Investment adviser and administration fee		275,384
Distribution and service fees		45,911
Accrued expenses		226,545
Total liabilities	$	29,729,218
Net Assets	$	838,293,117
Sources of Net Assets
Paid-in capital	$	832,694,508
Distributable earnings		5,598,609
Net Assets	$	838,293,117
Class A Shares
Net Assets	$	169,789,453
Shares Outstanding		16,759,935
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.13
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.36
Class C Shares
Net Assets	$	34,464,000
Shares Outstanding		3,551,479
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.70
Class I Shares
Net Assets	$	634,039,664
Shares Outstanding		62,553,872
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.14

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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

19 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended September 30, 2020
Interest	$	9,162,333
Dividends		180,346
Total investment income	$	9,342,679
Expenses
Investment adviser and administration fee	$	1,647,218
Distribution and service fees
Class A		122,977
Class C		156,519
Trustees’ fees and expenses		22,261
Custodian fee		104,573
Transfer and dividend disbursing agent fees		117,746
Legal and accounting services		31,554
Printing and postage		19,536
Registration fees		66,585
Miscellaneous		61,232
Total expenses	$	2,350,201
Net investment income	$	6,992,478
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(386,222	)
Net realized loss	$	(386,222	)
Change in unrealized appreciation (depreciation) —
Investments	$	19,549,648
Net change in unrealized appreciation (depreciation)	$	19,549,648
Net realized and unrealized gain	$	19,163,426
Net increase in net assets from operations	$	26,155,904

20 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
From operations —
Net investment income	$	6,992,478		$	14,524,336
Net realized loss		(386,222	)		(1,782,904	)
Net change in unrealized appreciation (depreciation)		19,549,648			(18,066,910	)
Net increase (decrease) in net assets from operations	$	26,155,904		$	(5,325,478	)
Distributions to shareholders —
Class A	$	(1,320,466	)	$	(2,600,744	)
Class C		(150,432	)		(399,012	)
Class I		(5,510,686	)		(11,848,973	)
Total distributions to shareholders	$	(6,981,584	)	$	(14,848,729	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	36,081,437		$	127,045,802
Class C		3,890,761			16,363,186
Class I		172,244,457			483,827,640
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,072,510			1,936,736
Class C		119,060			318,203
Class I		4,568,094			9,786,651
Cost of shares redeemed
Class A		(34,419,160	)		(56,698,982	)
Class C		(5,231,812	)		(8,185,314	)
Class I		(173,589,427	)		(301,596,591	)
Net asset value of shares converted
Class A		287,204			846,321
Class C		(287,204	)		(846,321	)
Net increase in net assets from Fund share transactions	$	4,735,920		$	272,797,331
Net increase in net assets	$	23,910,240		$	252,623,124
Net Assets
At beginning of period	$	814,382,877		$	561,759,753
At end of period	$	838,293,117		$	814,382,877

21 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Financial Highlights

	Class A
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.900		$	10.070		$	9.950		$	9.830		$	10.060		$	10.030
Income (Loss) From Operations
Net investment income(1)	$	0.081		$	0.196		$	0.224		$	0.212		$	0.248		$	0.264
Net realized and unrealized gain (loss)		0.230			(0.163	)		0.121			0.117			(0.235	)		0.027
Total income from operations	$	0.311		$	0.033		$	0.345		$	0.329		$	0.013		$	0.291
Less Distributions
From net investment income	$	(0.081	)	$	(0.197	)	$	(0.225	)	$	(0.209	)	$	(0.243	)	$	(0.261	)
From net realized gain		—			(0.006	)		—			—			—			—
Total distributions	$	(0.081	)	$	(0.203	)	$	(0.225	)	$	(0.209	)	$	(0.243	)	$	(0.261	)
Net asset value — End of period	$	10.130		$	9.900		$	10.070		$	9.950		$	9.830		$	10.060
Total Return(2)		3.15	%(3)		0.29	%		3.52	%(4)		3.36	%(4)		0.13	%(4)		2.95	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	169,789		$	162,846		$	94,489		$	36,045		$	24,526		$	35,441
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.65	%(6)		0.66	%		0.70	%(4)		0.70	%(4)		0.80	%(4)(7)		0.77	%
Net investment income		1.61	%(6)		1.93	%		2.25	%		2.13	%		2.48	%		2.65	%
Portfolio Turnover		10	%(3)		52	%		48	%		55	%		82	%		9	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  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.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

⁽⁷⁾  Includes interest expense of 0.01%.

22 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.480		$	9.650		$	9.530		$	9.410		$	9.640		$	9.610
Income (Loss) From Operations
Net investment income(1)	$	0.042		$	0.117		$	0.144		$	0.131		$	0.165		$	0.181
Net realized and unrealized gain (loss)		0.219			(0.165	)		0.120			0.117			(0.234	)		0.027
Total income (loss) from operations	$	0.261		$	(0.048	)	$	0.264		$	0.248		$	(0.069	)	$	0.208
Less Distributions
From net investment income	$	(0.041	)	$	(0.116	)	$	(0.144	)	$	(0.128	)	$	(0.161	)	$	(0.178	)
From net realized gain		—			(0.006	)		—			—			—			—
Total distributions	$	(0.041	)	$	(0.122	)	$	(0.144	)	$	(0.128	)	$	(0.161	)	$	(0.178	)
Net asset value — End of period	$	9.700		$	9.480		$	9.650		$	9.530		$	9.410		$	9.640
Total Return(2)		2.76	%(3)		(0.53	)%		2.79	%(4)		2.64	%(4)		(0.73	)%(4)		2.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	34,464		$	35,156		$	28,258		$	16,403		$	9,324		$	10,396
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.40	%(6)		1.41	%		1.45	%(4)		1.45	%(4)		1.55	%(4)(7)		1.52	%
Net investment income		0.87	%(6)		1.20	%		1.51	%		1.37	%		1.72	%		1.89	%
Portfolio Turnover		10	%(3)		52	%		48	%		55	%		82	%		9	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  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.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

⁽⁷⁾  Includes interest expense of 0.01%.

23 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.900		$	10.080		$	9.950		$	9.830		$	10.060		$	10.030
Income (Loss) From Operations
Net investment income(1)	$	0.088		$	0.212		$	0.237		$	0.226		$	0.269		$	0.278
Net realized and unrealized gain (loss)		0.240			(0.173	)		0.133			0.118			(0.242	)		0.027
Total income from operations	$	0.328		$	0.039		$	0.370		$	0.344		$	0.027		$	0.305
Less Distributions
From net investment income	$	(0.088	)	$	(0.213	)	$	(0.240	)	$	(0.224	)	$	(0.257	)	$	(0.275	)
From net realized gain		—			(0.006	)		—			—			—			—
Total distributions	$	(0.088	)	$	(0.219	)	$	(0.240	)	$	(0.224	)	$	(0.257	)	$	(0.275	)
Net asset value — End of period	$	10.140	��	$	9.900		$	10.080		$	9.950		$	9.830		$	10.060
Total Return(2)		3.33	%(3)		0.34	%		3.78	%(4)		3.51	%(4)		0.27	%(4)		3.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	634,040		$	616,381		$	439,012		$	84,347		$	7,755		$	15,931
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.50	%(6)		0.51	%		0.55	%(4)		0.55	%(4)		0.68	%(4)(7)		0.62	%
Net investment income		1.77	%(6)		2.09	%		2.37	%		2.26	%		2.68	%		2.79	%
Portfolio Turnover		10	%(3)		52	%		48	%		55	%		82	%		9	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  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.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

⁽⁷⁾  Includes interest expense of 0.01%.

24 See Notes to Financial Statements.

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited)

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 and, effective November 5, 2020, will automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

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 most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded on the ex-dividend date as income, capital gains or return of capital based on the nature of the distribution.

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 and dividend 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 September 30, 2020, 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.

25

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

H  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase 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.

I  Interim Financial Statements — The interim financial statements relating to September 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	788,143,923
Gross unrealized appreciation	$	14,571,698
Gross unrealized depreciation		(6,704,752	)
Net unrealized appreciation	$	7,866,946

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., 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 six months ended September 30, 2020, the investment adviser and administration fee amounted to $1,647,218 or 0.40% (annualized) of the Fund’s average daily net assets.

Prior to August 1, 2020, EVM had 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 borrowing costs, taxes or litigation expenses) exceeded 0.70%, 1.45% and 0.55% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. Pursuant to this agreement, no operating expenses were allocated to EVM for the six months ended September 30, 2020.

26

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2020, EVM earned $2,642 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 $2,417 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2020, 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 six months ended September 30, 2020 amounted to $122,977 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended September 30, 2020, the Fund paid or accrued to EVD $130,432 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 Class C shares. 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 six months ended September 30, 2020 amounted to $26,087 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 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended September 30, 2020, the Fund was informed that EVD received approximately $69,000 and $4,000 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 $76,734,353 and $138,412,783, respectively, for the six months ended September 30, 2020.

27

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — continued

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:

Class A	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		3,617,106			12,444,611
Issued to shareholders electing to receive payments of distributions in Fund shares		107,402			190,411
Redemptions		(3,450,333	)		(5,641,070	)
Converted from Class C shares		28,891			83,985
Net increase		303,066			7,077,937
Class C	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		407,341			1,676,665
Issued to shareholders electing to receive payments of distributions in Fund shares		12,471			32,673
Redemptions		(547,124	)		(841,221	)
Converted to Class A shares		(30,157	)		(87,679	)
Net increase (decrease)		(157,469	)		780,438
Class I	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Sales		17,318,297			47,556,210
Issued to shareholders electing to receive payments of distributions in Fund shares		457,436			961,712
Redemptions		(17,480,047	)		(29,816,539	)
Net increase		295,686			18,701,383

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings 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 six months ended September 30, 2020.

Effective October 27, 2020, the Fund renewed its line of credit agreement, which expires October 26, 2021, at substantially the same terms.

28

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Notes to Financial Statements (Unaudited) — 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 September 30, 2020, 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	$	—	$	739,398,714	$	—	$	739,398,714
Tax-Exempt Mortgage-Backed Securities		—		11,810,430		—		11,810,430
Taxable Municipal Securities		—		23,727,892		—		23,727,892
Corporate Bonds & Notes		—		7,077,820		—		7,077,820
Closed-End Funds		13,996,013		—		—		13,996,013
Total Investments	$	13,996,013	$	782,014,856	$	—	$	796,010,869

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

11  Subsequent Event

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may result in the automatic termination of the Fund’s investment advisory agreement, and any related sub-advisory agreement(s), if applicable. Thus, the Fund’s Board will be asked to approve a new investment advisory agreement (and new sub-advisory agreement(s), if applicable). If approved by the Fund’s Board, the new investment advisory agreement (and new sub-advisory agreement(s), if applicable) is expected to be presented to Fund shareholders for approval, and, if approved, would take effect upon the closing of the transaction.

29

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

30

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Short Duration Municipal Opportunities Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation

31

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index and lower than its secondary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

32

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

33

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2020

Officers and Trustees

Officers

Eric A. Stein

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

34

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.

35

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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

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.

23358    9.30.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-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 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 for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

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/ Eric A. Stein
	Eric A. Stein
	President
Date:	November 23, 2020

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:	November 23, 2020
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	November 23, 2020