# EDGAR Filing Document

**Accession Number:** 0000779991
**File Stem:** 0001193125-25-299960
**Filing Date:** 2025-11
**Character Count:** 531051
**Document Hash:** aea014ca1ce25c7e71e52ffa425d90a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-299960.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-299960

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Investment Trust
- **CENTRAL INDEX KEY:** 0000779991

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04443
- **FILM NUMBER:** 251528725

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE CALIFORNIA MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19920604

## Series and Classes Contracts Data

### Eaton Vance National Ultra-Short Municipal Income Fund (Series ID: S000004825)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000013046 | Eaton Vance National Ultra-Short Municipal Income Fund Class A        | EXFLX           |
| C000091009 | Eaton Vance National Ultra-Short Municipal Income Fund Class I        | EILMX           |
| C000225142 | Eaton Vance National Ultra-Short Municipal Income Fund Advisers Class |  |

### Eaton Vance Short Duration Municipal Opportunities Fund (Series ID: S000004826)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000013049 | Eaton Vance Short Duration Municipal Opportunities Fund Class A | EXMAX           |
| C000013051 | Eaton Vance Short Duration Municipal Opportunities Fund Class C | EZMAX           |
| C000091010 | Eaton Vance Short Duration Municipal Opportunities Fund Class I | EMAIX           |

### Eaton Vance National Limited Maturity Municipal Income Fund (Series ID: S000004827)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000013052 | Eaton Vance National Limited Maturity Municipal Income Fund Class A | EXNAX           |
| C000013054 | Eaton Vance National Limited Maturity Municipal Income Fund Class C | EZNAX           |
| C000081647 | Eaton Vance National Limited Maturity Municipal Income Fund Class I | EINAX           |

### Eaton Vance New York Municipal Opportunities Fund (Series ID: S000004829)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000013057 | Eaton Vance New York Municipal Opportunities Fund Class A | EXNYX           |
| C000013059 | Eaton Vance New York Municipal Opportunities Fund Class C | EZNYX           |
| C000091012 | Eaton Vance New York Municipal Opportunities Fund Class I | ENYIX           |

?xml version='1.0' encoding='ASCII'? Eaton Vance Investment Trust

### 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)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### March 31

#### Date of Fiscal Year End

#### September 30, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) ![Image](g201433g97c55.jpg)

# Eaton Vance New York Municipal Opportunities Fund

# Class A EXNYX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance New York Municipal Opportunities Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $36 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71852514 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 61% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g45d31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 9.4% |
| Electric Utilities | 4.3% |
| Industrial Development Revenue | 4.5% |
| Water and Sewer | 6.6% |
| Hospital | 7.4% |
| Housing | 8.5% |
| Education | 9.0% |
| Special Tax Revenue | 15.3% |
| Transportation | 16.0% |
| General Obligations | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g55t08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| B | 1.7% |
| BB | 3.8% |
| BBB | 10.6% |
| A | 10.7% |
| AA | 56.9% |
| AAA | 11.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EXNYX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance New York Municipal Opportunities Fund

# Class C EZNYX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance New York Municipal Opportunities Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $74 | 1.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71852514 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 61% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g99d69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 9.4% |
| Electric Utilities | 4.3% |
| Industrial Development Revenue | 4.5% |
| Water and Sewer | 6.6% |
| Hospital | 7.4% |
| Housing | 8.5% |
| Education | 9.0% |
| Special Tax Revenue | 15.3% |
| Transportation | 16.0% |
| General Obligations | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g53a71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| B | 1.7% |
| BB | 3.8% |
| BBB | 10.6% |
| A | 10.7% |
| AA | 56.9% |
| AAA | 11.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EZNYX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance New York Municipal Opportunities Fund

# Class I ENYIX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance New York Municipal Opportunities Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $28 | 0.55%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71852514 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 61% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g83o83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 9.4% |
| Electric Utilities | 4.3% |
| Industrial Development Revenue | 4.5% |
| Water and Sewer | 6.6% |
| Hospital | 7.4% |
| Housing | 8.5% |
| Education | 9.0% |
| Special Tax Revenue | 15.3% |
| Transportation | 16.0% |
| General Obligations | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g66p93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.4% |
| B | 1.7% |
| BB | 3.8% |
| BBB | 10.6% |
| A | 10.7% |
| AA | 56.9% |
| AAA | 11.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# ENYIX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance Short Duration Municipal Opportunities Fund

# Class A EXMAX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Short Duration Municipal Opportunities Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $33 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $792699274 |
| # of Portfolio Holdings | 487 |
| Portfolio Turnover Rate | 41% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g23x96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.2% |
| Senior Living/Life Care | 4.4% |
| Lease Rev./Cert. of Participation | 4.6% |
| Water and Sewer | 5.1% |
| Other Revenue | 6.5% |
| Hospital | 7.5% |
| Education | 7.8% |
| Special Tax Revenue | 7.9% |
| Industrial Development Revenue | 9.2% |
| Housing | 11.4% |
| Transportation | 11.4% |
| General Obligations | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g94u92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.8% |
| B | 0.3% |
| BB | 7.3% |
| BBB | 7.1% |
| A | 23.8% |
| AA | 45.3% |
| AAA | 11.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EXMAX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance Short Duration Municipal Opportunities Fund

# Class C EZMAX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Short Duration Municipal Opportunities Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $71 | 1.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $792699274 |
| # of Portfolio Holdings | 487 |
| Portfolio Turnover Rate | 41% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g93p83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.2% |
| Senior Living/Life Care | 4.4% |
| Lease Rev./Cert. of Participation | 4.6% |
| Water and Sewer | 5.1% |
| Other Revenue | 6.5% |
| Hospital | 7.5% |
| Education | 7.8% |
| Special Tax Revenue | 7.9% |
| Industrial Development Revenue | 9.2% |
| Housing | 11.4% |
| Transportation | 11.4% |
| General Obligations | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g11h55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.8% |
| B | 0.3% |
| BB | 7.3% |
| BBB | 7.1% |
| A | 23.8% |
| AA | 45.3% |
| AAA | 11.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EZMAX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance Short Duration Municipal Opportunities Fund

# Class I EMAIX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Short Duration Municipal Opportunities Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $792699274 |
| # of Portfolio Holdings | 487 |
| Portfolio Turnover Rate | 41% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g38u18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.2% |
| Senior Living/Life Care | 4.4% |
| Lease Rev./Cert. of Participation | 4.6% |
| Water and Sewer | 5.1% |
| Other Revenue | 6.5% |
| Hospital | 7.5% |
| Education | 7.8% |
| Special Tax Revenue | 7.9% |
| Industrial Development Revenue | 9.2% |
| Housing | 11.4% |
| Transportation | 11.4% |
| General Obligations | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g68t52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.8% |
| B | 0.3% |
| BB | 7.3% |
| BBB | 7.1% |
| A | 23.8% |
| AA | 45.3% |
| AAA | 11.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EMAIX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance National Ultra-Short Municipal Income Fund

# Class A EXFLX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance National Ultra-Short Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $364581899 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 61% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g76s97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.0% |
| Electric Utilities | 4.6% |
| Special Tax Revenue | 6.0% |
| Housing | 6.4% |
| Other Revenue | 7.5% |
| Water and Sewer | 9.3% |
| Transportation | 11.6% |
| Hospital | 12.0% |
| Industrial Development Revenue | 12.5% |
| General Obligations | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g17q88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 2.7% |
| BB | 2.5% |
| BBB | 4.7% |
| A | 26.8% |
| AA | 42.6% |
| AAA | 20.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EXFLX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance National Ultra-Short Municipal Income Fund

# Advisers Class EAMLX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance National Ultra-Short Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisers Class | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $364581899 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 61% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g53d76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.0% |
| Electric Utilities | 4.6% |
| Special Tax Revenue | 6.0% |
| Housing | 6.4% |
| Other Revenue | 7.5% |
| Water and Sewer | 9.3% |
| Transportation | 11.6% |
| Hospital | 12.0% |
| Industrial Development Revenue | 12.5% |
| General Obligations | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g34k50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 2.7% |
| BB | 2.5% |
| BBB | 4.7% |
| A | 26.8% |
| AA | 42.6% |
| AAA | 20.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EAMLX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance National Ultra-Short Municipal Income Fund

# Class I EILMX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance National Ultra-Short Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $364581899 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 61% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g66s98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.0% |
| Electric Utilities | 4.6% |
| Special Tax Revenue | 6.0% |
| Housing | 6.4% |
| Other Revenue | 7.5% |
| Water and Sewer | 9.3% |
| Transportation | 11.6% |
| Hospital | 12.0% |
| Industrial Development Revenue | 12.5% |
| General Obligations | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g06e06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 2.7% |
| BB | 2.5% |
| BBB | 4.7% |
| A | 26.8% |
| AA | 42.6% |
| AAA | 20.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EILMX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance National Limited Maturity Municipal Income Fund

# Class A EXNAX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance National Limited Maturity Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.69%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $463631308 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g47w67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Electric Utilities | 5.6% |
| Education | 5.8% |
| Industrial Development Revenue | 6.2% |
| Water and Sewer | 7.6% |
| Other Revenue | 7.9% |
| Hospital | 8.2% |
| Housing | 9.3% |
| Special Tax Revenue | 9.3% |
| General Obligations | 15.1% |
| Transportation | 18.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g27e41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.0% |
| B | 0.3% |
| BB | 2.4% |
| BBB | 2.4% |
| A | 25.1% |
| AA | 54.4% |
| AAA | 10.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EXNAX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance National Limited Maturity Municipal Income Fund

# Class C EZNAX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance National Limited Maturity Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $73 | 1.44%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $463631308 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g36d86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Electric Utilities | 5.6% |
| Education | 5.8% |
| Industrial Development Revenue | 6.2% |
| Water and Sewer | 7.6% |
| Other Revenue | 7.9% |
| Hospital | 8.2% |
| Housing | 9.3% |
| Special Tax Revenue | 9.3% |
| General Obligations | 15.1% |
| Transportation | 18.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g06u83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.0% |
| B | 0.3% |
| BB | 2.4% |
| BBB | 2.4% |
| A | 25.1% |
| AA | 54.4% |
| AAA | 10.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EZNAX-TSR-SAR
![Image](g201433g97c55.jpg)

# Eaton Vance National Limited Maturity Municipal Income Fund

# Class I EINAX

#### Semi-Annual Shareholder Report September 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance National Limited Maturity Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $27 | 0.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $463631308 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Credit Rating Chart](g201433g57n44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Electric Utilities | 5.6% |
| Education | 5.8% |
| Industrial Development Revenue | 6.2% |
| Water and Sewer | 7.6% |
| Other Revenue | 7.9% |
| Hospital | 8.2% |
| Housing | 9.3% |
| Special Tax Revenue | 9.3% |
| General Obligations | 15.1% |
| Transportation | 18.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g201433g58y81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.0% |
| B | 0.3% |
| BB | 2.4% |
| BBB | 2.4% |
| A | 25.1% |
| AA | 54.4% |
| AAA | 10.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g201433g07h10.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report September 30, 2025

# EINAX-TSR-SAR

------

(b) Not applicable.

#### 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
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

## Eaton Vance

## National Ultra-Short Municipal Income Fund

## Semi-Annual Financial Statements and Additional Information
September 30, 2025

------

![](g201433imgd3239ba41.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Semi-Annual Financial Statements and Additional Information September 30, 2025
Eaton Vance

National Ultra-Short Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_a93a6caf-3bbc-48ee-a51f-298d6ff5bafe_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_8d3ee59e-ec45-4ee5-9215-2a52ecbe9626_1) | [Items 6 and 7 of Form N-CSR:](#xx_8d3ee59e-ec45-4ee5-9215-2a52ecbe9626_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_8d3ee59e-ec45-4ee5-9215-2a52ecbe9626_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_93992627-a43b-4dd6-bf0e-6bbad1262564_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_93992627-a43b-4dd6-bf0e-6bbad1262564_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_93992627-a43b-4dd6-bf0e-6bbad1262564_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_e0ecf9ec-d55d-46ba-af6e-e07bb11713e2_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_1647a33c-6b6a-4bad-a5cb-88be1a58e491_1) | 12 |
| [Item 11 of Form N-CSR:](#xx_9ef595ff-e2b2-4b96-a7a7-4b8c94a82dd7_1) | [Item 11 of Form N-CSR:](#xx_9ef595ff-e2b2-4b96-a7a7-4b8c94a82dd7_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_9ef595ff-e2b2-4b96-a7a7-4b8c94a82dd7_1) | 17 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 97.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 2.6% | Education — 2.6% | Education — 2.6% |
| University of Delaware, (SPA: TD Bank, N.A.), 3.90%, 11/1/35<sup>(1)</sup> | $5075 | &nbsp;&nbsp;$5075000 |
| University of North Carolina at Chapel Hill, 3.81%, (67% of SOFR + 1.05%), 12/1/41<sup>(2)</sup> | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4522081 |
|  |  | &nbsp;&nbsp;**$9597081** |
| Electric Utilities — 4.5% | Electric Utilities — 4.5% | Electric Utilities — 4.5% |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 3.70%, 10/1/42<sup>(1)</sup> | $8265 | &nbsp;&nbsp;$8265000 |
| Indiana Municipal Power Agency, (LOC: Truist Bank), 3.88%, 1/1/42<sup>(1)</sup> | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 |
| Long Island Power Authority, NY, 3.00% to 9/1/28 (Put Date), 9/1/55 | 2855 | &nbsp;&nbsp;&nbsp;&nbsp; 2841528 |
| San Antonio, TX, Electric and Gas Systems Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/26 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1300582 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034235 |
|  |  | &nbsp;&nbsp;**$16241345** |
| General Obligations — 21.7% | General Obligations — 21.7% | General Obligations — 21.7% |
| Argyle Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/27 (Put Date), 8/15/57 | $2500 | &nbsp;&nbsp;$2566695 |
| Bergen County Improvement Authority, NJ, (County Guaranteed Government Pooled), 4.00%, 5/21/26 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025175 |
| Cass County Joint Water Resource District, ND, 3.45%, 4/1/27 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1250854 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/27 | 3215 | &nbsp;&nbsp;&nbsp;&nbsp; 3227591 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/25 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5008260 |
| Chicago, IL, 5.00%, 1/1/28 | 2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2545984 |
| Dallas Independent School District, TX, (PSF Guaranteed), 5.00% to 2/15/26 (Put Date), 2/15/55 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4030392 |
| Dickinson Independent School District, TX, (PSF Guaranteed), 3.10% to 8/2/27 (Put Date), 8/1/37 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1255875 |
| Eagle Mountain and Saginaw Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 8/1/27 (Put Date), 8/1/50 | 1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1642763 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/1/27, 4.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| El Paso, TX, 5.00%, 8/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021573 |
| Evanston Township High School District No. 202, IL, 5.00%, 12/1/26 | 1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1771753 |
| Fort Bend Independent School District, TX, (PSF Guaranteed), 3.80% to 8/1/28 (Put Date), 8/1/55 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1949636 |
| Houston Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26 | 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3630581 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/25 | $2000 | &nbsp;&nbsp;$2003838 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/26 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1110662 |
| Los Angeles, CA, 5.00%, 6/25/26 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5096430 |
| Marthas Vineyard Regional Transit Authority, MA, 4.25%, 4/9/26 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2765310 |
| New Caney Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/27 (Put Date), 2/15/50 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1433730 |
| New York, NY, (SPA: State Street Bank & Trust Co.), 3.85%, 12/1/47<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| North Bergen Township, NJ, 5.00%, 4/20/26 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5063837 |
| Northside Independent School District, TX, (PSF Guaranteed), 3.55% to 6/1/28 (Put Date), 6/1/50 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2536068 |
| Pawtucket, RI, 4.50%, 10/24/25 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500784 |
| Philadelphia School District, PA, 5.00%, 9/1/28 | 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1857649 |
| Prosper Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/28 (Put Date), 2/15/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3096675 |
| Puerto Rico, 5.625%, 7/1/27 | 5090 | &nbsp;&nbsp;&nbsp;&nbsp; 5270056 |
| Quincy, MA, 5.00%, 9/29/26 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5109503 |
| South Country Central School District at Brookhaven, NY, 4.125%, 5/29/26 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1917452 |
| Texas, (AMT), 5.00%, 8/1/27 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503738 |
|  |  | &nbsp;&nbsp;**$79212864** |
| Hospital — 11.7% | Hospital — 11.7% | Hospital — 11.7% |
| Allegheny County Hospital Development Authority, PA, (UPMC), 3.59%, (SIFMA + 0.70%), 11/15/47<sup>(2)</sup> | $7130 | &nbsp;&nbsp;$7071306 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 3.625% to 6/15/27 (Put Date), 1/15/48 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1519249 |
| Colorado Health Facilities Authority, (CommonSpirit Health), 5.00% to 8/1/26 (Put Date), 8/1/49 | 4045 | &nbsp;&nbsp;&nbsp;&nbsp; 4065986 |
| Colorado Health Facilities Authority, (Intermountain Healthcare), 3.44%, (SIFMA + 0.55%), 5/15/61<sup>(2)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2982148 |
| Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 5.00%, 7/1/27 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1667093 |
| Franklin County, OH, (Trinity Health Credit Group), 3.00%, 12/1/46<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000050 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health), 5.00% to 12/1/26 (Put Date), 7/1/49 | 1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1329082 |
| Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26 | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5544459 |
| Kentucky Economic Development Finance Authority, (Catholic Health), 3.37%, 5/1/34<sup>(4)</sup> | 5995 | &nbsp;&nbsp;&nbsp;&nbsp; 5995000 |
| Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/25 | 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Massachusetts Development Finance Agency, (Partners HealthCare System), 3.49%, (SIFMA + 0.60%), 7/1/49<sup>(2)(5)</sup> | $1000 | &nbsp;&nbsp;$999970 |
| Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026318 |
| New Hampshire Business Finance Authority, (Novant Health Obligated Group), (LOC: Truist Bank), 3.70%, 11/1/64<sup>(1)</sup> | 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 |
| New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: JPMorgan Chase Bank, N.A.), 3.70%, 8/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 3.59%, (SIFMA + 0.70%), 11/15/47<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995976 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Christus Health), 5.00%, 7/1/26 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1523839 |
|  |  | &nbsp;&nbsp;**$42580476** |
| Housing — 6.3% | Housing — 6.3% | Housing — 6.3% |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance Program), Sustainability Bonds, 3.35% to 5/15/27 (Put Date), 11/15/66 | $1305 | &nbsp;&nbsp;$1305737 |
| Florida Housing Finance Corp., (Osprey Sound Apartments), 3.00% to 9/1/28 (Put Date), 3/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001710 |
| Hawaii Housing Finance and Development Corp., (Hale Moiliili LP), 3.30% to 12/1/27 (Put Date), 12/1/29 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2527117 |
| Kansas Development Finance Authority, (Bureau Lofts), 2.70% to 10/1/28 (Put Date), 10/1/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1491281 |
| Michigan Housing Development Authority, (Hom Flats at 28 West), 2.70% to 10/1/28 (Put Date), 10/1/43 | 2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2331369 |
| New York Mortgage Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (AMT), 1.05%, 4/1/26 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1255269 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (AMT), 1.15%, 10/1/26 | 1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1293489 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (AMT), 5.00%, 10/1/26 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1323409 |
| North Carolina Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.20% to 1/15/26 (Put Date), 7/1/56 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1020056 |
| Phoenix Industrial Development Authority, AZ, (Broadway Farms at Hurley Station, Phase I), 3.10% to 2/1/28 (Put Date), 2/1/59 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506424 |
| Pima County Industrial Development Authority, AZ, (Flats at Ballpark Village), 2.71% to 4/1/28 (Put Date), 10/1/59 | 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1577365 |
| Rhode Island Housing and Mortgage Finance Corp., Green Bonds, 3.60% to 10/1/27 (Put Date), 10/1/54 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1254258 |
| Wisconsin Housing and Economic Development Authority, Housing Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.75% to 5/1/28 (Put Date), 11/1/55 | 2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2734964 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Wisconsin Housing and Economic Development Authority, Housing Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;3.875% to 5/1/27 (Put Date), 11/1/54 | $1210 | &nbsp;&nbsp;$1210950 |
|  |  | &nbsp;&nbsp;**$22833398** |
| Industrial Development Revenue — 12.2% | Industrial Development Revenue — 12.2% | Industrial Development Revenue — 12.2% |
| Burke County Development Authority, GA, (Georgia Power Co. Plant Vogtle), 3.85%, 7/1/49<sup>(1)</sup> | $4700 | &nbsp;&nbsp;$4700000 |
| Burke County Development Authority, GA, (Georgia Power Co.), 3.30% to 8/21/29 (Put Date), 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 761732 |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 4.00% to 6/1/29 (Put Date), 6/1/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3063708 |
| Gulf Coast Industrial Development Authority, TX, (Exxon Mobil Corp.), 3.70%, 11/1/41<sup>(1)</sup> | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 |
| Industrial Development Board of the City of Mobile, Alabama, (Alabama Power Co. Barry Plant), 3.30% to 3/12/26 (Put Date), 7/15/34 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004522 |
| Iowa Finance Authority, (Renewable Natural Gas), Green Bonds, (AMT), (LOC: Citibank, N.A.), 3.875% to 4/1/26 (Put Date), 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 823592 |
| Lewisburg Industrial Development Board, TN, (Waste Management, Inc.), (AMT), 3.85%, 7/2/35<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999882 |
| Mission Economic Development Corp., TX, (Republic Services, Inc.), (AMT), 3.85%, 1/1/26<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999882 |
| Mississippi Business Finance Corp., (Chevron USA, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 12/1/30<sup>(1)</sup> | 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 |
| &nbsp;&nbsp;&nbsp;3.50%, 11/1/35<sup>(1)</sup> | 2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2580000 |
| Nevada Department of Business and Industry, (Republic Services, Inc.), (AMT), 3.95% to 12/1/25 (Put Date), 12/1/26<sup>(5)</sup> | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1199843 |
| New Hampshire Business Finance Authority, (Waste Management, Inc.), (AMT), 4.00% to 7/1/26 (Put Date), 10/1/33 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4002627 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019548 |
| New York Transportation Development Corp., (John F. Kennedy International Airport), (AMT), 2.25%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 639120 |
| Ohio Air Quality Development Authority, (American Electric Power Co., Inc.), (AMT), 3.70%, 10/1/28 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004743 |
| Parish of St. John the Baptist, LA, (Marathon Oil Corp.), 3.30% to 7/3/28 (Put Date), 6/1/37 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3545798 |
| West Virginia Economic Development Authority, (Appalachian Power Co.): |  |  |
| &nbsp;&nbsp;&nbsp;3.375% to 6/15/28 (Put Date), 3/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016776 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.30% to 9/1/28 (Put Date), 1/1/41 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2518845 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 6/5/26 (Put Date), 12/1/44 | $5500 | &nbsp;&nbsp;$5573141 |
|  |  | &nbsp;&nbsp;**$44603759** |
| Insured - General Obligations — 1.8% | Insured - General Obligations — 1.8% | Insured - General Obligations — 1.8% |
| Allegheny County, PA, (AG), 3.62%, (67% of SOFR + 0.55%), 11/1/26<sup>(2)</sup> | $1650 | &nbsp;&nbsp;$1646598 |
| Cicero County School District No. 99, IL, (BAM), 4.00%, 12/1/26 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1163973 |
| Colorado Science and Technology Park Metropolitan District No. 1: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 451336 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 383744 |
| Luzerne County, PA, (AG), 5.00%, 12/15/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004564 |
| Washington, (AMBAC), 0.00%, 12/1/26 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1942633 |
|  |  | &nbsp;&nbsp;**$6592848** |
| Insured - Special Tax Revenue — 0.8% | Insured - Special Tax Revenue — 0.8% | Insured - Special Tax Revenue — 0.8% |
| Casino Reinvestment Development Authority, Inc., NJ, (AG), 5.00%, 11/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;$885442 |
| Sports and Exhibition Authority of Pittsburgh and Allegheny County, PA, (AG), 4.00%, 2/1/26 | 2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2063720 |
|  |  | &nbsp;&nbsp;**$2949162** |
| Lease Revenue/Certificates of Participation — 1.2% | Lease Revenue/Certificates of Participation — 1.2% | Lease Revenue/Certificates of Participation — 1.2% |
| Jacksonville, FL, 5.00%, 10/1/26 | $1085 | &nbsp;&nbsp;$1112748 |
| Oklahoma Capitol Improvement Authority, 5.00%, 7/1/26 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036433 |
| San Antonio Municipal Facilities Corp., TX, (City Tower Renovation), 5.00% to 8/1/27 (Put Date), 8/1/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038380 |
|  |  | &nbsp;&nbsp;**$4187561** |
| Other Revenue — 7.3% | Other Revenue — 7.3% | Other Revenue — 7.3% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;4.651%, (67% of SOFR + 1.85%), 6/1/49<sup>(2)</sup> | $2500 | &nbsp;&nbsp;$2549214 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057718 |
| Illinois Finance Authority, (Field Museum of Natural History), 4.062%, (70% of SOFR + 1.15%), 11/1/34<sup>(2)</sup> | 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1578980 |
| Lower Alabama Gas District, AL, 4.00% to 12/1/25 (Put Date), 12/1/50 | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5511355 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 9/1/27 (Put Date), 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 689319 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 352470 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151824 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 279523 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 867738 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$511128 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 410413 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 226871 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 440252 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520598 |
| Northern California Energy Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 955014 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 518644 |
| Northern California Gas Authority No. 1, Gas Project Revenue, 3.77%, (67% of 3 mo. SOFR + 0.72%), 7/1/27<sup>(2)</sup> | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1334343 |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/26 | 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2984550 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1056960 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.528%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(2)</sup> | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1334935 |
| &nbsp;&nbsp;&nbsp;3.751%, (67% of 3 mo. SOFR + 1.045%), 9/15/27<sup>(2)</sup> | 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1780640 |
| Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Revenue, 5.00%, 1/1/27 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1610326 |
|  |  | &nbsp;&nbsp;**$26722815** |
| Senior Living/Life Care — 1.7% | Senior Living/Life Care — 1.7% | Senior Living/Life Care — 1.7% |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 3.462%, (70% of SOFR + 0.55%), 5/15/56<sup>(2)</sup> | $5500 | &nbsp;&nbsp;$5382687 |
| Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities, Inc.), 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 708864 |
|  |  | &nbsp;&nbsp;**$6091551** |
| Special Tax Revenue — 5.1% | Special Tax Revenue — 5.1% | Special Tax Revenue — 5.1% |
| Detroit Downtown Development Authority, MI, (Catalyst Development): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$610075 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040884 |
| Louisiana Gasoline and Fuels Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 3.90%, 5/1/43<sup>(1)</sup> | 4995 | &nbsp;&nbsp;&nbsp;&nbsp; 4995000 |
| &nbsp;&nbsp;&nbsp;Series A-2, (LOC: TD Bank, N.A.), 3.90%, 5/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60513 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 3.85%, 11/1/44<sup>(1)</sup> | $1500 | &nbsp;&nbsp;$1500000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 8/1/45<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| New York Housing Finance Agency, Sustainability Bonds, 3.35% to 6/15/29 (Put Date), 6/15/54 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1255846 |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 39721 |
| Triborough Bridge and Tunnel Authority, NY, Social Bonds, 5.00% to 11/15/25 (Put Date), 11/15/43 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3259105 |
|  |  | &nbsp;&nbsp;**$18461144** |
| Student Loan — 0.4% | Student Loan — 0.4% | Student Loan — 0.4% |
| New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/25 | $1500 | &nbsp;&nbsp;$1504783 |
|  |  | &nbsp;&nbsp;**$1504783** |
| Transportation — 11.3% | Transportation — 11.3% | Transportation — 11.3% |
| Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/25 | $3200 | &nbsp;&nbsp;$3207977 |
| Cleveland, OH, Airport System Revenue, 5.00%, 1/1/28 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106414 |
| E-470 Public Highway Authority, CO, 3.537%, (67% of SOFR + 0.75%), 9/1/39<sup>(2)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995929 |
| Houston, TX, Airport System Revenue, (AMT), 5.00%, 7/1/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055013 |
| Metropolitan Transportation Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: Barclays Bank PLC), 3.85%, 11/1/32<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/25 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2506045 |
| Metropolitan Washington Airports Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/25 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/27 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2609302 |
| Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042530 |
| North Texas Tollway Authority, 5.00%, 1/1/26 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023354 |
| Pennsylvania Turnpike Commission: |  |  |
| &nbsp;&nbsp;&nbsp;3.74%, (SIFMA + 0.85%), 7/15/41<sup>(2)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4993521 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.95%, 12/1/38<sup>(4)</sup> | 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4210000 |
| Port Authority of New York and New Jersey, (AMT), 5.00%, 12/1/25 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006175 |
| Port of Seattle, WA, (AMT), 5.00%, 5/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032257 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052351 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Triborough Bridge and Tunnel Authority, NY, (LOC: Barclays Bank PLC), 3.85%, 1/1/32<sup>(1)</sup> | $1920 | &nbsp;&nbsp;$1920000 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 824939 |
|  |  | &nbsp;&nbsp;**$41335807** |
| Water and Sewer — 9.1% | Water and Sewer — 9.1% | Water and Sewer — 9.1% |
| Boston Water and Sewer Commission, MA, 4.00%, 11/1/27 | $1260 | &nbsp;&nbsp;$1261433 |
| Clairton Municipal Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 662049 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 716565 |
| District of Columbia Water and Sewer Authority, (SPA: Bank of America, N.A.), 3.70%, 10/1/60<sup>(1)</sup> | 3390 | &nbsp;&nbsp;&nbsp;&nbsp; 3390000 |
| East County Advanced Water Purification Joint Powers Authority, CA, Green Bonds, 3.125%, 9/1/26 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5023616 |
| Houston, TX, Combined Utility System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/25 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4010817 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/26 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2824788 |
| Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/26 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1278843 |
| Jersey City Municipal Utilities Authority, NJ, 5.00%, 5/1/26 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5059461 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 6/15/50<sup>(1)</sup> | 5900 | &nbsp;&nbsp;&nbsp;&nbsp; 5900000 |
| &nbsp;&nbsp;&nbsp;(SPA: Mizuho Bank, Ltd.), 3.85%, 6/15/44<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| West Virginia Water Development Authority, 5.00%, 11/1/25 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1026772 |
|  |  | &nbsp;&nbsp;**$33154344** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $355,189,716) |  | &nbsp;&nbsp;**$356068938** |
| Total Investments — 97.7%<br> (identified cost $355,189,716) |  | &nbsp;&nbsp;**$356068938** |
| Other Assets, Less Liabilities — 2.3% |  | &nbsp;&nbsp;**$8512961** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$364581899** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | 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, 2025. |
| <sup>(2)</sup> | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(3)</sup> | 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, 2025. |
| <sup>(4)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2025. |
| <sup>(5)</sup> | 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, 2025, the aggregate value of these securities is $2,199,813 or 0.6% of the Fund's net assets. |
| <sup>(6)</sup> | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy and is non-income producing. |
| <sup>(7)</sup> | Security is in default and making only partial interest payments. |
| At September 30, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At September 30, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 69.6% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2025, 2.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 1.8% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |

---

---

| | |
|:---|:---|
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments, at value (identified cost $355,189,716) | &nbsp;&nbsp;$356068938 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52763 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429616 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8085000 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167466 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12631 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35111 |
| **Total assets** | &nbsp;&nbsp;**$367851525** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$2096060 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857503 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116115 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89899 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7067 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35111 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67198 |
| **Total liabilities** | &nbsp;&nbsp;**$3269626** |
| **Net Assets** | &nbsp;&nbsp;**$364581899** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$370805696 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6223797) |
| **Net Assets** | &nbsp;&nbsp;**$364581899** |
| Advisers Class Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2949088 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302291 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.76 |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$53927518 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525245 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.76 |
| **Maximum Offering Price Per Share<br> (100 ÷ 97.75 of net asset value per share)** | &nbsp;&nbsp;$9.98 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$307705293 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31504548 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.77 |

---

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

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;$5802602 |
| **Total investment income** | &nbsp;&nbsp;**$5802602** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$516190 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40967 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10907 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36366 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37599 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57495 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38606 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26087 |
| **Total expenses** | &nbsp;&nbsp;**$765980** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$121358 |
| **Total expense reductions** | &nbsp;&nbsp;**$121358** |
| **Net expenses** | &nbsp;&nbsp;**$644622** |
| **Net investment income** | &nbsp;&nbsp;**$5157980** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(68281) |
| **Net realized loss** | &nbsp;&nbsp;**$(68281)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$664875 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$664875** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$596594** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5754574** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$5157980 | &nbsp;&nbsp;$10968571 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1070) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611525 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5754574** | &nbsp;&nbsp;**$11579026** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(27846) | &nbsp;&nbsp;$(36482) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1827350) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4414626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9199903) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(5239328)** | &nbsp;&nbsp;**$(11063735)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$1782475 | &nbsp;&nbsp;$36372 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4635086) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37346637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21048030) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$38387128** | &nbsp;&nbsp;**$(25646744)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$38902374** | &nbsp;&nbsp;**$(25131453)** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$325679525 | &nbsp;&nbsp;$350810978 |
| **At end of period** | &nbsp;&nbsp;**$364581899** | &nbsp;&nbsp;**$325679525** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** | &nbsp;&nbsp;&nbsp;**Advisers Class** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2021<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2021<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.84 | &nbsp;&nbsp;$9.77 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.16** | &nbsp;&nbsp;**$0.32** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$0.08** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.00)<sup>(3)</sup> | &nbsp;&nbsp;$(0.01) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.00)<sup>(3)</sup>** | &nbsp;&nbsp;**$(0.01)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.73** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.80** | &nbsp;&nbsp;**$9.84** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.68%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.38)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.76%<sup>(5)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$2949 | &nbsp;&nbsp;$1163 | &nbsp;&nbsp;$1125 | &nbsp;&nbsp;$900 | &nbsp;&nbsp;$259 | &nbsp;&nbsp;$10 |
| Ratios (as a percentage of average daily net assets):<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11%<sup>(7)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%<sup>(8)</sup> |

---

<sup>(1)</sup> For the period from the commencement of operations, November 20, 2020, to March 31, 2021.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> Amount is less than $(0.005).

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> For the year ended March 31, 2021.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$9.80 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$(0.00)<sup>(2)</sup> | &nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$0.05** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.02) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.02)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.73** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.80** | &nbsp;&nbsp;**$9.83** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.58%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.47%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.50%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$53928 | &nbsp;&nbsp;$54595 | &nbsp;&nbsp;$59123 | &nbsp;&nbsp;$107575 | &nbsp;&nbsp;$142014 | &nbsp;&nbsp;$185881 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $(0.005).

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Annualized.

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.84 | &nbsp;&nbsp;$9.80 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.31** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$0.07** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$(0.03)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.77** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.80** | &nbsp;&nbsp;**$9.84** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.76%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.28%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.26)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.76%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$307705 | &nbsp;&nbsp;$269921 | &nbsp;&nbsp;$290562 | &nbsp;&nbsp;$387402 | &nbsp;&nbsp;$356899 | &nbsp;&nbsp;$261123 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance National Ultra-Short 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. The Advisers Class and 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. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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, 2025, 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.

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

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 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. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

I Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

J Interim Financial Statements—The interim financial statements relating to September 30, 2025 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, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $7,004,795 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, 2025, $4,343,949 are short-term and $2,660,846 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$355141228** |
| Gross unrealized appreciation | &nbsp;&nbsp;$1319457 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391747) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$927710** |

---

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

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), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. Pursuant to the amended investment advisory agreement between the Fund and BMR, the fee is based upon a percentage of total daily net assets as indicated below and is payable monthly.

---

| | |
|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% |

---

For the six months ended September 30, 2025, the investment adviser fee amounted to $516,190 or 0.30% (annualized) of the Fund's average daily net assets.

Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.50%, 0.50% and 0.35% of the Fund's average daily net assets for Advisers Class, Class A and Class I, respectively. This agreement may be changed or terminated after August 1, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $121,358 of the Fund's operating expenses for the six months ended September 30, 2025.

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, 2025, EVM earned $1,562 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 $184 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2025. EVD also received distribution and service fees from Advisers Class and Class A 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. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plan

The Fund has in effect a distribution plan for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/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 Advisers Class and 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 Advisers Class shares and Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended September 30, 2025 amounted to $1,433 for Advisers Class shares and $40,967 for Class A 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

Class A shares may be subject to a 0.25% contingent deferred sales charge (CDSC) if redeemed within 12 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, 2025, the Fund was informed that EVD received $2,099 of CDSCs paid by Class A shareholders.

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[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $225,391,730 and $199,227,580, respectively, for the six months ended September 30, 2025.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Advisers Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 181005 | &nbsp;&nbsp;&nbsp;&nbsp;$1764039 | &nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp;&nbsp;$20010 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27846 | &nbsp;&nbsp;&nbsp;&nbsp; 3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36482 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20120) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **182896** | &nbsp;&nbsp;&nbsp;&nbsp;**$1782475** | &nbsp;&nbsp;&nbsp;&nbsp; **3731** | &nbsp;&nbsp;&nbsp;&nbsp;**$36372** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 914481 | &nbsp;&nbsp;&nbsp;&nbsp;$8908228 | &nbsp;&nbsp;&nbsp;&nbsp; 2741758 | &nbsp;&nbsp;&nbsp;&nbsp;$26732731 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 73269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714077 | &nbsp;&nbsp;&nbsp;&nbsp; 173267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1689158 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1063972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10364289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3387371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33056975) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp; **(76222)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(741984)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(472346)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4635086)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;11339199 | &nbsp;&nbsp;&nbsp;&nbsp;$110555704 | &nbsp;&nbsp;&nbsp;&nbsp;18412889 | &nbsp;&nbsp;&nbsp;&nbsp;$179587668 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 394052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3844111 | &nbsp;&nbsp;&nbsp;&nbsp; 823169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8028356 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(7902973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77053178) | &nbsp;&nbsp;&nbsp;&nbsp;(21390667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208664054) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **3830278** | &nbsp;&nbsp;&nbsp;&nbsp;**$37346637** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2154609)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(21048030)** |

---

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. 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, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$356068938 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$356068938 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$356068938** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$356068938** |

---

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval

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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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee 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<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (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 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 (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*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 by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee 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 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 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 and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

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• 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 funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes 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, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

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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 Ultra-Short 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 and experience of the investment professionals who provide 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 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by 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 a custom peer group of similarly managed funds, 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 December 31, 2024. The Board considered, among other things, the Adviser's efforts to generate competitive levels of tax-exempt current income over time. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance 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 December 31, 2024, 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.

------

[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

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 not 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. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. 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.

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[**Table of Contents**](#JOB_EV_AR_8aca35e8-6e1b-4db9-9092-e6ae95c69a2e_TOC)

EAMLX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;9.30.25

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## Eaton Vance

## National Limited Maturity Municipal Income Fund

## Semi-Annual Financial Statements and Additional Information
September 30, 2025

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![](g201433imgafbbd3101.gif)

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**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Semi-Annual Financial Statements and Additional Information September 30, 2025
Eaton Vance

National Limited Maturity Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_6a34bcd8-12c4-4bb1-a768-d78f3fed8a22_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_a5d8de59-fa32-478f-8152-e9efcbf40f41_1) | [Items 6 and 7 of Form N-CSR:](#xx_a5d8de59-fa32-478f-8152-e9efcbf40f41_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_a5d8de59-fa32-478f-8152-e9efcbf40f41_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_41a77b01-ae7d-4d61-b4b7-ed972993f611_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_41a77b01-ae7d-4d61-b4b7-ed972993f611_2) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_41a77b01-ae7d-4d61-b4b7-ed972993f611_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_fa3cbf6d-6e38-4d13-ba42-0c3d740932c6_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_3cd78eb5-9480-495a-87f0-a6e76ec9e73e_1) | 13 |
| [Item 11 of Form N-CSR:](#xx_bb8565db-5257-4ab1-8b0d-101d473481f1_1) | [Item 11 of Form N-CSR:](#xx_bb8565db-5257-4ab1-8b0d-101d473481f1_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_bb8565db-5257-4ab1-8b0d-101d473481f1_1) | 18 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited)

------

Corporate Bonds — 0.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.9% | Hospital — 0.9% | Hospital — 0.9% |
| CommonSpirit Health, 6.073%, 11/1/27 | $3500 | &nbsp;&nbsp;$3630673 |
| Little Co. of Mary Hospital of Indiana, Inc., 1.973%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 324188 |
| Total Corporate Bonds<br> (identified cost $3,825,000) |  | &nbsp;&nbsp;**$3954861** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 92.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.7% | Bond Bank — 0.7% | Bond Bank — 0.7% |
| Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/37 | $2965 | &nbsp;&nbsp;$3046937 |
|  |  | &nbsp;&nbsp;**$3046937** |
| Education — 5.6% | Education — 5.6% | Education — 5.6% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.202%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | $2000 | &nbsp;&nbsp;$1994083 |
| Build NYC Resource Corp., NY, (Success Academy Charter School), 5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218438 |
| Colorado State University, 4.375% to 3/1/29 (Put Date), 3/1/48 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2826487 |
| Illinois Finance Authority, (University of Chicago), 4.00%, 10/1/40 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000214 |
| Massachusetts Development Finance Agency, (Harvard University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/36 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1640815 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/13/32 (Put Date), 5/15/55 | 5270 | &nbsp;&nbsp;&nbsp;&nbsp; 6010911 |
| Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/59 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2509483 |
| Purdue University, IN, 4.00%, 7/1/40 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1305531 |
| University of Massachusetts Building Authority, 5.25%, 11/1/47 | 3320 | &nbsp;&nbsp;&nbsp;&nbsp; 3379407 |
| University of Pittsburgh, PA, 4.00%, 9/15/44 | 3185 | &nbsp;&nbsp;&nbsp;&nbsp; 2996034 |
|  |  | &nbsp;&nbsp;**$25881403** |
| Electric Utilities — 5.1% | Electric Utilities — 5.1% | Electric Utilities — 5.1% |
| Arkansas River Power Authority, CO, 5.00%, 10/1/30 | $1000 | &nbsp;&nbsp;$1043086 |
| Clark County Public Utility District No. 1, WA, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 521177 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 511448 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 3.70%, 10/1/42<sup>(2)</sup> | $3000 | &nbsp;&nbsp;$3000000 |
| Long Island Power Authority, NY, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33 | 2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2587014 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | 2130 | &nbsp;&nbsp;&nbsp;&nbsp; 2494588 |
| &nbsp;&nbsp;&nbsp;5.00% to 9/1/27 (Put Date), 9/1/52 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3085250 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | 4345 | &nbsp;&nbsp;&nbsp;&nbsp; 4345718 |
| Snohomish County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 12/1/40 | 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4618094 |
| Utility Debt Securitization Authority, NY, 5.00%, 12/15/35 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1381589 |
|  |  | &nbsp;&nbsp;**$23587964** |
| Escrowed/Prerefunded — 0.1% | Escrowed/Prerefunded — 0.1% | Escrowed/Prerefunded — 0.1% |
| New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University), Escrowed to Maturity, 4.00%, 4/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;$377659 |
|  |  | &nbsp;&nbsp;**$377659** |
| General Obligations — 12.5% | General Obligations — 12.5% | General Obligations — 12.5% |
| Adams County School District No. 14, CO, 5.00%, 12/1/33 | $1000 | &nbsp;&nbsp;$1152983 |
| Bar Harbor, ME, 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 865231 |
| Bristol, VA, 5.00%, 9/1/27 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1640969 |
| Cherry Hill Township School District, NJ, 4.00%, 8/1/40 | 3715 | &nbsp;&nbsp;&nbsp;&nbsp; 3732780 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027292 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2679077 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1888753 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023862 |
| Crowley Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 572171 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 829265 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 636035 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 850490 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070567 |
| Denton Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/30 (Put Date), 8/15/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066807 |
| Fairfield-Suisun Unified School District, CA, 0.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 327855 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5123600 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 539969 |
| Maryland, 3.00%, 8/1/31 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1878554 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Monroe and St. Clair Counties Community Unit School District No. 4, IL, 5.50%, 7/1/40 | $2225 | &nbsp;&nbsp;$2226343 |
| Montgomery County, MD, 2.00%, 8/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501959 |
| New York, NY, 5.00%, 8/1/33 | 3060 | &nbsp;&nbsp;&nbsp;&nbsp; 3511395 |
| North East Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/35 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4281544 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 666844 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/33 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1592545 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 543809 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 809783 |
| Oregon City School District No. 62, OR, 5.00%, 6/15/36 | 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 1159541 |
| Prosper Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/28 (Put Date), 2/15/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2064450 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/27 | 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4348488 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2140388 |
| Texas, (AMT), 5.00%, 8/1/27 | 4380 | &nbsp;&nbsp;&nbsp;&nbsp; 4386549 |
|  |  | &nbsp;&nbsp;**$58139898** |
| Hospital — 7.1% | Hospital — 7.1% | Hospital — 7.1% |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 3.45% to 10/31/25 (Put Date), 1/15/48 | $1500 | &nbsp;&nbsp;$1500538 |
| Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 4.25%, 2/15/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1886239 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Houston Methodist Hospital), 4.00%, 12/1/45 | 3885 | &nbsp;&nbsp;&nbsp;&nbsp; 3571101 |
| Illinois Finance Authority, (Advocate Health Care Network), 4.00%, 5/1/41 | 2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2385842 |
| Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/28 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4004201 |
| Indiana Finance Authority, (Franciscan Alliance, Inc.), 5.00%, 11/1/41 | 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2066112 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 405815 |
| Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/38 | 3240 | &nbsp;&nbsp;&nbsp;&nbsp; 3241425 |
| Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/30 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3726467 |
| Ohio, (Cleveland Clinic Health System), 4.00%, 1/1/36 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013082 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Healthcare), 5.00% to 5/15/26 (Put Date), 11/15/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017328 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Utah County, UT, (IHC Health Services, Inc.), 4.00%, 5/15/47 | $4820 | &nbsp;&nbsp;$4461202 |
| Wisconsin Health and Educational Facilities Authority, (Ascension Health Credit Group), 5.00%, 11/15/39 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1583860 |
|  |  | &nbsp;&nbsp;**$32863212** |
| Housing — 7.8% | Housing — 7.8% | Housing — 7.8% |
| Charleston Housing Authority, SC, 4.50%, 9/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$501418 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.10%, 11/15/29 | 1270 | &nbsp;&nbsp;&nbsp;&nbsp; 1154344 |
| EP Tuscany Zaragosa PFC, TX, (Tuscany at Mesa Hills and Villas at Zaragosa), 4.00%, 12/1/33 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4992759 |
| Michigan Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 4/1/30 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1502997 |
| &nbsp;&nbsp;&nbsp;3.75%, 4/1/27 | 2095 | &nbsp;&nbsp;&nbsp;&nbsp; 2095308 |
| Missouri Housing Development Commission, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.30%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 926198 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.40%, 11/1/46 | 1959 | &nbsp;&nbsp;&nbsp;&nbsp; 1873552 |
| New Canaan Housing Authority, CT, (HANC Lakeview LLC), (FNMA), 4.00%, 12/1/34 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1623974 |
| New York City Housing Development Corp., NY, Sustainable Development Bonds, 0.90% to 1/1/26 (Put Date), 11/1/60 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2980358 |
| Pennsylvania Housing Finance Agency, SFMR, 3.50%, 10/1/36 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1500211 |
| Raleigh Housing Authority, NC, (Tryon Flats), 2.95% to 3/1/29 (Put Date), 9/1/59 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2455415 |
| Seattle Housing Authority, WA, (Juniper Apartments), 5.00%, 6/1/27 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2849144 |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| Vancouver Housing Authority, WA, (Navalia and Alena), 4.00%, 8/1/34 | 3410 | &nbsp;&nbsp;&nbsp;&nbsp; 3363253 |
| Virginia Housing Development Authority, 4.10%, 10/1/27 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4002797 |
| Wisconsin Health and Educational Facilities Authority, (Wisconsin Housing Preservation Corp.), 4.00%, 11/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025824 |
| Wisconsin Housing and Economic Development Authority, Housing Revenue, 3.75% to 5/1/28 (Put Date), 11/1/55 | 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3179017 |
|  |  | &nbsp;&nbsp;**$36121569** |
| Industrial Development Revenue — 6.2% | Industrial Development Revenue — 6.2% | Industrial Development Revenue — 6.2% |
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;$488621 |
| California Municipal Finance Authority, (United Airlines, Inc. Los Angeles International Airport), (AMT), 4.00%, 7/15/29 | 2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2350285 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| California Municipal Finance Authority, (Waste Management, Inc.), (AMT), 4.10% to 12/1/25 (Put Date), 12/1/44 | $1500 | &nbsp;&nbsp;$1500700 |
| California Pollution Control Financing Authority, (Republic Services, Inc.), (AMT), 3.85%, 11/1/42<sup>(4)(5)</sup> | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1874905 |
| California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 4.25% to 7/2/29 (Put Date), 11/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022985 |
| Louisa Industrial Development Authority, (Virginia Electric and Power Co.), 3.125% to 10/1/30 (Put Date), 11/1/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009700 |
| Mission Economic Development Corp., TX, (Republic Services, Inc.), (AMT), 4.00% to 6/1/34 (Put Date), 6/1/54 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1509596 |
| Monroe County Development Authority, GA, (Georgia Power Co. Plant Scherer): |  |  |
| &nbsp;&nbsp;&nbsp;1.00% to 8/21/26 (Put Date), 7/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 976868 |
| &nbsp;&nbsp;&nbsp;3.875% to 3/6/26 (Put Date), 10/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003914 |
| Montgomery County Industrial Development Authority, PA, (Constellation Energy Generation, LLC), 4.10% to 4/3/28 (Put Date), 4/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060650 |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 826207 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 412067 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 6.00%, 4/1/35 | 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1875171 |
| Oregon Business Development Commission, (Intel Corp.), 3.80% to 6/15/28 (Put Date), 12/1/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026690 |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 3.85%, 8/1/45<sup>(5)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999882 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.25% to 7/1/27 (Put Date), 7/1/41 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2519430 |
| Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.625%, 11/1/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 998871 |
| Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 6/5/26 (Put Date), 12/1/44 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5066492 |
|  |  | &nbsp;&nbsp;**$28523034** |
| Insured - General Obligations — 1.3% | Insured - General Obligations — 1.3% | Insured - General Obligations — 1.3% |
| Harris County Improvement District No. 18, TX, (BAM), 3.50%, 9/1/43 | $1260 | &nbsp;&nbsp;$1089599 |
| Harris County Municipal Utility District No. 165, TX, (BAM), 3.375%, 3/1/41 | 3625 | &nbsp;&nbsp;&nbsp;&nbsp; 3277043 |
| Temecula Valley Unified School District, CA, (Election of 2012), (AG), 4.00%, 8/1/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1878228 |
|  |  | &nbsp;&nbsp;**$6244870** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 1.0% | Insured - Special Tax Revenue — 1.0% | Insured - Special Tax Revenue — 1.0% |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/36 | $1650 | &nbsp;&nbsp;$1756401 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/38 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1738969 |
| Enterprise Board of Education, AL, (BAM), 5.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 461008 |
| Garden State Preservation Trust, NJ, (AG), 5.75%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 666396 |
|  |  | &nbsp;&nbsp;**$4622774** |
| Insured - Transportation — 1.1% | Insured - Transportation — 1.1% | Insured - Transportation — 1.1% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 1/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;$834289 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 1/1/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046271 |
| Chicago, IL, (Midway International Airport), (BAM), (AMT), 5.00%, 1/1/28 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3393152 |
|  |  | &nbsp;&nbsp;**$5273712** |
| Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% |
| Berkeley County Public Service Sewer District, WV, Green Bonds, (BAM), 5.00%, 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;$684827 |
|  |  | &nbsp;&nbsp;**$684827** |
| Lease Revenue/Certificates of Participation — 2.3% | Lease Revenue/Certificates of Participation — 2.3% | Lease Revenue/Certificates of Participation — 2.3% |
| Cleveland Educational Facilities Authority, OK, (Cleveland Public School): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;$274388 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 388157 |
| Golden, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1225386 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1531930 |
| New Jersey Economic Development Authority, (State House), 4.00%, 6/15/29 | 3340 | &nbsp;&nbsp;&nbsp;&nbsp; 3484687 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016372 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/33 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2852717 |
|  |  | &nbsp;&nbsp;**$10773637** |
| Other Revenue — 7.8% | Other Revenue — 7.8% | Other Revenue — 7.8% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;3.26%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49<sup>(1)</sup> | $5000 | &nbsp;&nbsp;$4947528 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/1/35 (Put Date), 12/1/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078595 |
| &nbsp;&nbsp;&nbsp;5.25% to 10/1/30 (Put Date), 1/1/54 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3761503 |
| &nbsp;&nbsp;&nbsp;5.50% to 2/1/29 (Put Date), 6/1/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144096 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;$932415 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4905 | &nbsp;&nbsp;&nbsp;&nbsp; 5373639 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(3)</sup> | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 468000 |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32<sup>(4)</sup> | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1051348 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 9/1/30 (Put Date), 9/1/53 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2683054 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/31 (Put Date), 12/1/53 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2695065 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/30 (Put Date), 5/1/54 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1929214 |
| Minnesota Municipal Gas Agency, (Liq: Royal Bank of Canada), 3.787%, (67% of SOFR + 1.00%), 12/1/52<sup>(1)</sup> | 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7500359 |
| Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120056 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 3.528%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(1)</sup> | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1334935 |
|  |  | &nbsp;&nbsp;**$36019807** |
| Senior Living/Life Care — 1.8% | Senior Living/Life Care — 1.8% | Senior Living/Life Care — 1.8% |
| Franklin County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44 | $2640 | &nbsp;&nbsp;$2501311 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.59%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 432792 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living), 4.625%, 10/1/30 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1600497 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 1/1/33 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2112531 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1285175 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 4.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 170972 |
|  |  | &nbsp;&nbsp;**$8103278** |
| Special Tax Revenue — 8.2% | Special Tax Revenue — 8.2% | Special Tax Revenue — 8.2% |
| Baltimore, MD, (Harbor Point), 3.15%, 6/1/29<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196256 |
| Bullhead, AZ, Excise Taxes Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 343295 |
| &nbsp;&nbsp;&nbsp;1.15%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 722567 |
| Maryland Department of Transportation, 2.50%, 10/1/33 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1592780 |
| Massachusetts School Building Authority, 5.00%, 8/15/37 | 3170 | &nbsp;&nbsp;&nbsp;&nbsp; 3173722 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 12/15/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003358 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Metropolitan Transportation Authority, TN, 5.25%, 11/15/36 | $3225 | &nbsp;&nbsp;$3294539 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 282398 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 2/1/36 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5005390 |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2292206 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 5.00%, 12/1/25 | 5350 | &nbsp;&nbsp;&nbsp;&nbsp; 5358827 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3387289 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/34 | 5185 | &nbsp;&nbsp;&nbsp;&nbsp; 5186637 |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 121253 |
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 12/1/39 | 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2422559 |
| Utah Transit Authority, 5.00%, 12/15/33 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500275 |
|  |  | &nbsp;&nbsp;**$37883351** |
| Student Loan — 1.0% | Student Loan — 1.0% | Student Loan — 1.0% |
| Iowa Student Loan Liquidity Corp., (AMT), 5.00%, 12/1/29 | $1575 | &nbsp;&nbsp;$1668532 |
| Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/38 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1033504 |
| New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2113200 |
|  |  | &nbsp;&nbsp;**$4815236** |
| Transportation — 15.5% | Transportation — 15.5% | Transportation — 15.5% |
| Allegheny County Airport Authority, PA, (AMT), 5.00%, 1/1/28 | $1005 | &nbsp;&nbsp;$1051503 |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 3.19%, (SIFMA + 0.30%), 4/1/56<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4900998 |
| Broward County, FL, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003076 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/30 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2483565 |
| Charleston County Airport District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 820620 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 758266 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 776321 |
| Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2124261 |
| Denver City and County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/28 | 4920 | &nbsp;&nbsp;&nbsp;&nbsp; 5249680 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Denver City and County, CO, Airport System Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/15/26 | $1000 | &nbsp;&nbsp;$1028034 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/15/27 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1156529 |
| Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/27 | 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2661488 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/30 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5199098 |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056915 |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/46 | 4255 | &nbsp;&nbsp;&nbsp;&nbsp; 4262331 |
| Metropolitan Washington Airports Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/28 | 2265 | &nbsp;&nbsp;&nbsp;&nbsp; 2409868 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2076202 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/32 | 6360 | &nbsp;&nbsp;&nbsp;&nbsp; 6460175 |
| North Texas Tollway Authority, 5.00%, 1/1/27 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4125566 |
| Pennsylvania Turnpike Commission, 5.00%, 12/1/39 | 2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2997852 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/28 | 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 5064062 |
| Port Authority of New York and New Jersey, (AMT), 5.00%, 11/15/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1522929 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/33 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036193 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 4/1/40 | 4945 | &nbsp;&nbsp;&nbsp;&nbsp; 4944704 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/31 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2570140 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/32 | 2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2282816 |
|  |  | &nbsp;&nbsp;**$72023192** |
| Water and Sewer — 7.4% | Water and Sewer — 7.4% | Water and Sewer — 7.4% |
| Allegheny County Sanitary Authority, PA, 5.00%, 12/1/35 | $2000 | &nbsp;&nbsp;$2004957 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/36 | 1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1786431 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: Bank of America, N.A.), 3.70%, 10/1/60<sup>(2)</sup> | 3390 | &nbsp;&nbsp;&nbsp;&nbsp; 3390000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/36 | 2930 | &nbsp;&nbsp;&nbsp;&nbsp; 3368222 |
| Grand Strand Water and Sewer Authority, SC, 2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 615897 |
| Great Lakes Water Authority, MI, Water Supply System Revenue, 5.00%, 7/1/32 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 3153532 |
| Honolulu City and County, HI, Wastewater System Revenue, 5.00%, 7/1/36 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1733528 |
| King County, WA, Sewer Improvement and Refunding Revenue, 4.00%, 7/1/45 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6580956 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 6/15/33<sup>(2)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/35 | $3050 | &nbsp;&nbsp;$3057074 |
| San Antonio, TX, Water System Revenue, (SPA: Truist Bank), 3.80%, 5/1/54<sup>(2)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| St. Lucie County, FL, 5.00%, 10/1/40 | 3435 | &nbsp;&nbsp;&nbsp;&nbsp; 3766664 |
|  |  | &nbsp;&nbsp;**$34457261** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $425,592,075) |  | &nbsp;&nbsp;**$429443621** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 5.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.1% | Education — 0.1% | Education — 0.1% |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$524768 |
|  |  | &nbsp;&nbsp;**$524768** |
| Electric Utilities — 0.4% | Electric Utilities — 0.4% | Electric Utilities — 0.4% |
| South Carolina Public Service Authority, 4.71%, 12/1/28 | $2000 | &nbsp;&nbsp;$2036278 |
|  |  | &nbsp;&nbsp;**$2036278** |
| General Obligations — 1.0% | General Obligations — 1.0% | General Obligations — 1.0% |
| California, 7.50%, 4/1/34<sup>(7)</sup> | $2500 | &nbsp;&nbsp;$2935713 |
| Detroit, MI, Social Bonds, 2.711%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 694713 |
| Homewood, AL, 2.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 614846 |
| Nashua, NH, 1.40%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 311102 |
|  |  | &nbsp;&nbsp;**$4556374** |
| Hospital — 0.1% | Hospital — 0.1% | Hospital — 0.1% |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;$626211 |
|  |  | &nbsp;&nbsp;**$626211** |
| Housing — 1.4% | Housing — 1.4% | Housing — 1.4% |
| Maine Housing Authority, (SPA: TD Bank, N.A.), 4.20%, 11/15/50<sup>(8)</sup> | $3250 | &nbsp;&nbsp;$3250000 |
| New York Housing Finance Agency, Social Bonds, (SPA: TD Bank, N.A.), 4.10%, 11/1/55<sup>(8)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp;**$6250000** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 0.1% | Insured - General Obligations — 0.1% | Insured - General Obligations — 0.1% |
| Westland, MI, (BAM), 1.734%, 11/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$342509 |
|  |  | &nbsp;&nbsp;**$342509** |
| Insured - Transportation — 0.4% | Insured - Transportation — 0.4% | Insured - Transportation — 0.4% |
| Miami-Dade County, FL, Seaport Revenue, (AG), 1.349%, 10/1/26 | $2035 | &nbsp;&nbsp;$1983421 |
|  |  | &nbsp;&nbsp;**$1983421** |
| Senior Living/Life Care — 0.1% | Senior Living/Life Care — 0.1% | Senior Living/Life Care — 0.1% |
| Butler County Port Authority, OH, (Community First Solutions), 2.25%, 5/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$74081 |
| Indiana Finance Authority, (BHI Senior Living), 2.45%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 354026 |
|  |  | &nbsp;&nbsp;**$428107** |
| Student Loan — 0.1% | Student Loan — 0.1% | Student Loan — 0.1% |
| Rhode Island Student Loan Authority, 2.373%, 12/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$378766 |
|  |  | &nbsp;&nbsp;**$378766** |
| Transportation — 1.6% | Transportation — 1.6% | Transportation — 1.6% |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 1.433%, 4/1/27 | $7695 | &nbsp;&nbsp;$7443595 |
|  |  | &nbsp;&nbsp;**$7443595** |
| Total Taxable Municipal Obligations<br> (identified cost $24,414,945) |  | &nbsp;&nbsp;**$24570029** |
| Total Investments — 98.8%<br> (identified cost $453,832,020) |  | &nbsp;&nbsp;**$457968511** |
| Other Assets, Less Liabilities — 1.2% |  | &nbsp;&nbsp;**$5662797** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$463631308** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(2)</sup> | 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, 2025. |
| <sup>(3)</sup> | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy and is non-income producing. |

---

---

| | |
|:---|:---|
| <sup>(4)</sup> | 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, 2025, the aggregate value of these securities is $4,885,551 or 1.1% of the Fund's net assets. |
| <sup>(5)</sup> | 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, 2025. |
| <sup>(6)</sup> | Security is in default and making only partial interest payments. |
| <sup>(7)</sup> | 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. |
| <sup>(8)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2025. |
| At September 30, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At September 30, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 77.2% |

---

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, 2025, 4.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.0% to 2.2% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments, at value (identified cost $453,832,020) | &nbsp;&nbsp;$457968511 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27440 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888810 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651196 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622521 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195538 |
| **Total assets** | &nbsp;&nbsp;**$465354016** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$720059 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490332 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168244 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21856 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195538 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123953 |
| **Total liabilities** | &nbsp;&nbsp;**$1722708** |
| **Net Assets** | &nbsp;&nbsp;**$463631308** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$489809764 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26178456) |
| **Net Assets** | &nbsp;&nbsp;**$463631308** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$141854154 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15156614 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.36 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$9.67 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$5839697 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665001 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.78 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$315937457 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33741166 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.36 |

---

---

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

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;$9930326 |
| **Total investment income** | &nbsp;&nbsp;**$9930326** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1051399 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108130 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28393 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16384 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54877 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79153 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59571 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49603 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38502 |
| **Total expenses** | &nbsp;&nbsp;**$1486536** |
| **Net investment income** | &nbsp;&nbsp;**$8443790** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(473087) |
| **Net realized loss** | &nbsp;&nbsp;**$(473087)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$5735530 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$5735530** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$5262443** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$13706233** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$8443790 | &nbsp;&nbsp;$16368178 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226136 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4083696) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$13706233** | &nbsp;&nbsp;**$13510618** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2355921) | &nbsp;&nbsp;$(5086036) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205252) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6033100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10952847) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(8468157)** | &nbsp;&nbsp;**$(16244135)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(7071725) | &nbsp;&nbsp;$(17097525) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1458993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2370714) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64719362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64201991 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(73250080)** | &nbsp;&nbsp;**$44733752** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(68012004)** | &nbsp;&nbsp;**$42000235** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$531643312 | &nbsp;&nbsp;$489643077 |
| **At end of period** | &nbsp;&nbsp;**$463631308** | &nbsp;&nbsp;**$531643312** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.26 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.48 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$9.70 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.28** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$0.43** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.22) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;**$9.26** | &nbsp;&nbsp;**$9.32** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.48** | &nbsp;&nbsp;**$9.91** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.75%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.47%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$141854 | &nbsp;&nbsp;$147495 | &nbsp;&nbsp;$165427 | &nbsp;&nbsp;$180721 | &nbsp;&nbsp;$227994 | &nbsp;&nbsp;$223318 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.69 | &nbsp;&nbsp;$8.74 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.90 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$9.10 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.20** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$0.33** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.14) |
| **Total distributions** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.14)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$8.69** | &nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.90** | &nbsp;&nbsp;**$9.29** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.32%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.94%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.61%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$5840 | &nbsp;&nbsp;$7249 | &nbsp;&nbsp;$9665 | &nbsp;&nbsp;$11733 | &nbsp;&nbsp;$13732 | &nbsp;&nbsp;$14426 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.27 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.49 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$9.70 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$0.45** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;**$9.27** | &nbsp;&nbsp;**$9.32** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.49** | &nbsp;&nbsp;**$9.91** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.71%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.63%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$315937 | &nbsp;&nbsp;$376899 | &nbsp;&nbsp;$314551 | &nbsp;&nbsp;$349479 | &nbsp;&nbsp;$382323 | &nbsp;&nbsp;$369135 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

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 November 5, 2020, Class C shares 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. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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, 2025, 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.

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[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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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 Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

I Interim Financial Statements—The interim financial statements relating to September 30, 2025 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, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $30,151,519 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, 2025, $21,613,408 are short-term and $8,538,111 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$453620599** |
| Gross unrealized appreciation | &nbsp;&nbsp;$7370309 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3022397) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$4347912** |

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[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

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| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

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For the six months ended September 30, 2025, the investment adviser fee amounted to $1,051,399 or 0.42% (annualized) of the Fund's average daily net assets. Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, 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, 2025, EVM earned $12,491 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 $1,035 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the six months ended September 30, 2025 in the amount of $10. 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. 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, 2025 amounted to $108,130 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, 2025, the Fund paid or accrued to EVD $23,661 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 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, 2025 amounted to $4,732 for Class C shares.

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

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[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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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 0.75% CDSC if redeemed within 12 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, 2025, 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 and including maturities, aggregated $160,919,905 and $235,630,896, respectively, for the six months ended September 30, 2025.

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, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 695781 | &nbsp;&nbsp;&nbsp;&nbsp;$6425254 | &nbsp;&nbsp;&nbsp;&nbsp; 2273177 | &nbsp;&nbsp;&nbsp;&nbsp;$21180216 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 214592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985382 | &nbsp;&nbsp;&nbsp;&nbsp; 457689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4264176 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1676147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15482361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4562002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42541917) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(765774)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7071725)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1831136)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(17097525)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 33013 | &nbsp;&nbsp;&nbsp;&nbsp;$288663 | &nbsp;&nbsp;&nbsp;&nbsp; 58029 | &nbsp;&nbsp;&nbsp;&nbsp;$507968 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 8522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73965 | &nbsp;&nbsp;&nbsp;&nbsp; 21736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (210551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1821621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (351249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3068682) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(169016)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1458993)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(271484)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2370714)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 8496428 | &nbsp;&nbsp;&nbsp;&nbsp;$78359837 | &nbsp;&nbsp;&nbsp;&nbsp;19675695 | &nbsp;&nbsp;&nbsp;&nbsp;$183122808 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 382116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3536693 | &nbsp;&nbsp;&nbsp;&nbsp; 736715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6868464 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(15806046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146615892) | &nbsp;&nbsp;&nbsp;&nbsp;(13486095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125789281) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6927502)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(64719362)** | &nbsp;&nbsp;&nbsp;&nbsp; **6926315** | &nbsp;&nbsp;&nbsp;&nbsp;**$64201991** |

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[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. 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, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3954861 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3954861 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429443621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429443621 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24570029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24570029 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$457968511** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$457968511** |

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[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval

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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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee 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<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (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 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 (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*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 by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee 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 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 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 and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

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• 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 funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes 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, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

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 and experience of the investment professionals who provide 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 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by 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 December 31, 2024. The Board considered, among other things, the Adviser's efforts to generate competitive levels of tax-exempt current income over time. In this regard, the Board noted that the performance of the Fund was consistent with 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 performance 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 December 31, 2024, 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.

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

*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 not 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. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. 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.

------

[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

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[**Table of Contents**](#JOB_EV_AR_ceeb8194-c3e7-4408-8b50-65d1ce2b8659_TOC)

EXNAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;9.30.25

------

## Eaton Vance

## New York Municipal Opportunities Fund

## Semi-Annual Financial Statements and Additional Information
September 30, 2025

------

![](g201433img0fa325361.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Semi-Annual Financial Statements and Additional Information September 30, 2025
Eaton Vance

New York Municipal Opportunities Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_403bb104-6f14-4fd2-8d4e-e68eff19b007_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_53b4e863-35ba-403d-bb9a-50838b6a89ef_1) | [Items 6 and 7 of Form N-CSR:](#xx_53b4e863-35ba-403d-bb9a-50838b6a89ef_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_53b4e863-35ba-403d-bb9a-50838b6a89ef_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_62df4af8-4901-4ad0-9fe7-40031cc3ff68_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_62df4af8-4901-4ad0-9fe7-40031cc3ff68_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_62df4af8-4901-4ad0-9fe7-40031cc3ff68_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_f7a37b5e-7c9f-4fd8-bde6-2acaed44ca67_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_e1cb4048-7fcb-4fe8-9970-fa1e580bce95_1) | 11 |
| [Item 11 of Form N-CSR:](#xx_38afcc01-4625-4425-8717-29fd31f5f1dd_1) | [Item 11 of Form N-CSR:](#xx_38afcc01-4625-4425-8717-29fd31f5f1dd_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_38afcc01-4625-4425-8717-29fd31f5f1dd_1) | 16 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 93.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 8.6% | Education — 8.6% | Education — 8.6% |
| Build NYC Resource Corp., NY, (Grand Concourse Academy Charter School), 5.00%, 7/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$318119 |
| Build NYC Resource Corp., NY, (Nightingale-Bamford School), 5.00%, 7/1/40 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1342664 |
| Build NYC Resource Corp., NY, (Success Academy Charter School), 4.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 691813 |
| Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 424763 |
| Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester), 5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 930000 |
| New York Dormitory Authority, (Rockefeller University), 4.00%, 7/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 913545 |
| New York Dormitory Authority, (St. John's University), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259388 |
| Onondaga County Trust for Cultural Resources, NY, (Syracuse University), 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 721526 |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 478485 |
| Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80086 |
|  |  | &nbsp;&nbsp;**$6160389** |
| Electric Utilities — 1.4% | Electric Utilities — 1.4% | Electric Utilities — 1.4% |
| Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;$1042339 |
|  |  | &nbsp;&nbsp;**$1042339** |
| General Obligations — 14.0% | General Obligations — 14.0% | General Obligations — 14.0% |
| Amherst, NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 11/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;$599855 |
| &nbsp;&nbsp;&nbsp;2.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 498185 |
| East Hampton, NY, 4.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259259 |
| Huntington, NY, 4.00%, 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 514480 |
| Islip, NY, 4.125%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1008789 |
| Nassau County, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 28788 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 381540 |
| New York, 5.00%, 3/15/39 | 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1279319 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 922840 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/39 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1560336 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 420869 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 519069 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| New York, NY: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 6/1/44<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$500000 |
| Puerto Rico, 0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 304017 |
| Rye City School District, NY, 4.125%, 6/15/42 | 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1060177 |
| Valley Stream, NY, 2.125%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 237305 |
|  |  | &nbsp;&nbsp;**$10094828** |
| Hospital — 6.4% | Hospital — 6.4% | Hospital — 6.4% |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/28 | $1390 | &nbsp;&nbsp;$1379443 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/29 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1098669 |
| New York City Health and Hospitals Corp., NY, 5.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 577106 |
| New York Dormitory Authority, (Montefiore Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 541344 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 537172 |
| New York Dormitory Authority, (Northwell Health Obligated Group), 4.00%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 436104 |
|  |  | &nbsp;&nbsp;**$4569838** |
| Housing — 4.6% | Housing — 4.6% | Housing — 4.6% |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 0.90% to 1/1/26 (Put Date), 11/1/60 | $&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;$849402 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 2.85%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 809894 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.30%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 485384 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.45%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 970858 |
| Westchester County Local Development Corp., NY, (Purchase Housing Corp. II), 5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171180 |
|  |  | &nbsp;&nbsp;**$3286718** |
| Industrial Development Revenue — 4.5% | Industrial Development Revenue — 4.5% | Industrial Development Revenue — 4.5% |
| New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), (AMT), 4.00%, 5/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;$373128 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 2.875% to 12/3/29 (Put Date), 12/1/44<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 236820 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.125% to 6/1/26 (Put Date), 12/1/44<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 992730 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 10/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014494 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 604894 |
|  |  | &nbsp;&nbsp;**$3222066** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education — 0.3% | Insured - Education — 0.3% | Insured - Education — 0.3% |
| New York Dormitory Authority, (School Districts Revenue Bond Financing Program), (AG), 5.00%, 10/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$237775 |
|  |  | &nbsp;&nbsp;**$237775** |
| Insured - Electric Utilities — 2.9% | Insured - Electric Utilities — 2.9% | Insured - Electric Utilities — 2.9% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $2050 | &nbsp;&nbsp;$2066801 |
|  |  | &nbsp;&nbsp;**$2066801** |
| Insured - General Obligations — 4.9% | Insured - General Obligations — 4.9% | Insured - General Obligations — 4.9% |
| Long Beach, NY, (BAM), 4.00%, 9/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;$813516 |
| Nassau County, NY, (AG), 4.00%, 4/1/44 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1433283 |
| Oswego, NY, (BAM), 4.00%, 4/15/44 | 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1264344 |
|  |  | &nbsp;&nbsp;**$3511143** |
| Insured - Hospital — 1.0% | Insured - Hospital — 1.0% | Insured - Hospital — 1.0% |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AG), 5.00%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;$731279 |
|  |  | &nbsp;&nbsp;**$731279** |
| Insured - Solid Waste — 1.3% | Insured - Solid Waste — 1.3% | Insured - Solid Waste — 1.3% |
| Onondaga County Resource Recovery Agency, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 5/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$151765 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 764938 |
|  |  | &nbsp;&nbsp;**$916703** |
| Insured - Transportation — 1.1% | Insured - Transportation — 1.1% | Insured - Transportation — 1.1% |
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$453949 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AG), (AMT), 6.00%, 6/30/43 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 349419 |
|  |  | &nbsp;&nbsp;**$803368** |
| Lease Revenue/Certificates of Participation — 2.7% | Lease Revenue/Certificates of Participation — 2.7% | Lease Revenue/Certificates of Participation — 2.7% |
| Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/53 | $1000 | &nbsp;&nbsp;$1044988 |
| New York City Transitional Finance Authority, NY, (Building Aid), 4.00%, 7/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 932636 |
|  |  | &nbsp;&nbsp;**$1977624** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue — 1.8% | Other Revenue — 1.8% | Other Revenue — 1.8% |
| New York Energy Finance Development Corp., 5.00% to 12/1/33 (Put Date), 7/1/56 | $1220 | &nbsp;&nbsp;$1304512 |
|  |  | &nbsp;&nbsp;**$1304512** |
| Senior Living/Life Care — 2.9% | Senior Living/Life Care — 2.9% | Senior Living/Life Care — 2.9% |
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$266478 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 750826 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032483 |
|  |  | &nbsp;&nbsp;**$2049787** |
| Special Tax Revenue — 14.0% | Special Tax Revenue — 14.0% | Special Tax Revenue — 14.0% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$201248 |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542190 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 911121 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 201531 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151111 |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 573051 |
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018830 |
| New York State Urban Development Corp., Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/39 | 1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1334377 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036119 |
| Triborough Bridge and Tunnel Authority, NY, Payroll Mobility Tax: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021A, 5.00%, 5/15/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022232 |
| &nbsp;&nbsp;&nbsp;Series 2021C, 5.00%, 5/15/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025229 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 5/15/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053766 |
|  |  | &nbsp;&nbsp;**$10070805** |
| Transportation — 14.8% | Transportation — 14.8% | Transportation — 14.8% |
| Metropolitan Transportation Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: Barclays Bank PLC), 3.85%, 11/15/50<sup>(1)</sup> | $1000 | &nbsp;&nbsp;$1000000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 371972 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.75%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 94578 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 866490 |
| New York State Thruway Authority, 4.00%, 1/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 933662 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46 | $1000 | &nbsp;&nbsp;$991394 |
| Port Authority of New York and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/34 | 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1637047 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078863 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 8/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065630 |
| Triborough Bridge and Tunnel Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 766031 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023010 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 774897 |
|  |  | &nbsp;&nbsp;**$10603574** |
| Water and Sewer — 6.5% | Water and Sewer — 6.5% | Water and Sewer — 6.5% |
| Buffalo Sewer Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;$143319 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 283171 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/48 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1131140 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044907 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 626433 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.95%, 6/15/51<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| Suffolk County Water Authority, NY, 3.25%, 6/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 868761 |
|  |  | &nbsp;&nbsp;**$4697731** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $66,668,347) |  | &nbsp;&nbsp;**$67347280** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 5.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 3.9% | Housing — 3.9% | Housing — 3.9% |
| New York Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(Liq: Barclays Bank PLC), 4.15%, 11/1/45<sup>(3)</sup> | $1000 | &nbsp;&nbsp;$1000000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (SPA: TD Bank, N.A.), 4.10%, 11/1/55<sup>(3)</sup> | 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 1755000 |
|  |  | &nbsp;&nbsp;**$2755000** |
| Special Tax Revenue — 1.2% | Special Tax Revenue — 1.2% | Special Tax Revenue — 1.2% |
| New York Dormitory Authority, Personal Income Tax Revenue, Escrowed to Maturity, 1.538%, 3/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;$402488 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Oneida Indian Nation of New York, 7.25%, 9/1/34<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;$476021 |
|  |  | &nbsp;&nbsp;**$878509** |
| Total Taxable Municipal Obligations<br> (identified cost $3,579,772) |  | &nbsp;&nbsp;**$3633509** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.7%

U.S. Treasury Obligations — 0.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 10/16/25 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$499156 |
| Total U.S. Treasury Obligations<br> (identified cost $499,131) |  | &nbsp;&nbsp;**$499156** |
| Total Short-Term Investments<br> (identified cost $499,131) |  | &nbsp;&nbsp;**$499156** |
| Total Investments — 99.5%<br> (identified cost $70,747,250) |  | &nbsp;&nbsp;**$71479945** |
| Other Assets, Less Liabilities — 0.5% |  | &nbsp;&nbsp;**$372569** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$71852514** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | 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, 2025. |
| <sup>(2)</sup> | 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, 2025, the aggregate value of these securities is $1,906,819 or 2.7% of the Fund's net assets. |
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2025. |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

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, 2025, 11.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.9% to 5.1% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, 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. |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments, at value (identified cost $70,747,250) | &nbsp;&nbsp;$71479945 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928245 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823945 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157860 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58470 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7782 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32533 |
| **Total assets** | &nbsp;&nbsp;**$73488780** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$1431900 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45890 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57243 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24118 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32533 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39199 |
| **Total liabilities** | &nbsp;&nbsp;**$1636266** |
| **Net Assets** | &nbsp;&nbsp;**$71852514** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$75443108 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3590594) |
| **Net Assets** | &nbsp;&nbsp;**$71852514** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$22265048 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364895 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.41 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$9.73 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1529866 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171024 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.95 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$48057600 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104936 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.41 |

---

---

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

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;$1383438 |
| **Total investment income** | &nbsp;&nbsp;**$1383438** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$140069 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15914 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12910 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15564 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48176 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16478 |
| **Total expenses** | &nbsp;&nbsp;**$262860** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$58039 |
| **Total expense reductions** | &nbsp;&nbsp;**$58039** |
| **Net expenses** | &nbsp;&nbsp;**$204821** |
| **Net investment income** | &nbsp;&nbsp;**$1178617** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(209569) |
| **Net realized loss** | &nbsp;&nbsp;**$(209569)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$979983 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$979983** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$770414** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1949031** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$1178617 | &nbsp;&nbsp;$2064147 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77946) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981972) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1949031** | &nbsp;&nbsp;**$1004229** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(363359) | &nbsp;&nbsp;$(753693) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36926) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1218760) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(1162534)** | &nbsp;&nbsp;**$(2009379)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$995997 | &nbsp;&nbsp;$(8588257) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360449) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358174 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$7514545** | &nbsp;&nbsp;**$(1590532)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$8301042** | &nbsp;&nbsp;**$(2595682)** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$63551472 | &nbsp;&nbsp;$66147154 |
| **At end of period** | &nbsp;&nbsp;**$71852514** | &nbsp;&nbsp;**$63551472** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$9.36 | &nbsp;&nbsp;$9.63 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$9.89 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$0.37** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$0.60** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.19) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.41** | &nbsp;&nbsp;**$9.32** | &nbsp;&nbsp;**$9.47** | &nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;**$9.63** | &nbsp;&nbsp;**$10.30** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.71%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$22265 | &nbsp;&nbsp;$21011 | &nbsp;&nbsp;$29896 | &nbsp;&nbsp;$32205 | &nbsp;&nbsp;$37054 | &nbsp;&nbsp;$41461 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.85 | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;$8.90 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.79 | &nbsp;&nbsp;$9.41 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.22** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$0.28** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$0.49** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.11) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.95** | &nbsp;&nbsp;**$8.85** | &nbsp;&nbsp;**$9.00** | &nbsp;&nbsp;**$8.90** | &nbsp;&nbsp;**$9.15** | &nbsp;&nbsp;**$9.79** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.26%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.19)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1530 | &nbsp;&nbsp;$1399 | &nbsp;&nbsp;$1784 | &nbsp;&nbsp;$2867 | &nbsp;&nbsp;$4064 | &nbsp;&nbsp;$5378 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$9.36 | &nbsp;&nbsp;$9.63 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$9.89 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$0.16** | &nbsp;&nbsp;**$0.39** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$0.62** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.41** | &nbsp;&nbsp;**$9.32** | &nbsp;&nbsp;**$9.47** | &nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;**$9.63** | &nbsp;&nbsp;**$10.30** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.79%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.38)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.27%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$48058 | &nbsp;&nbsp;$41141 | &nbsp;&nbsp;$34467 | &nbsp;&nbsp;$28174 | &nbsp;&nbsp;$36233 | &nbsp;&nbsp;$34277 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

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 November 5, 2020, Class C shares 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. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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, 2025, 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.

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

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 Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

I Interim Financial Statements—The interim financial statements relating to September 30, 2025 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, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $4,390,018 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, 2025, $1,650,398 are short-term and $2,739,620 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$70427507** |
| Gross unrealized appreciation | &nbsp;&nbsp;$1540422 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487984) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$1052438** |

---

------

[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

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), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

---

For the six months ended September 30, 2025, the Fund's investment adviser fee amounted to $140,069 or 0.42% (annualized) of the Fund's average daily net assets.

Eaton Vance Management (EVM), an affiliate of BMR, has agreed to reimburse the Fund's operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.70%, 1.45% and 0.55% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after August 1, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $58,039 of the Fund's operating expenses for the six months ended September 30, 2025.

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, 2025, EVM earned $3,412 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 $1,758 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2025. 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. 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, 2025 amounted to $15,914 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, 2025, the Fund paid or accrued to EVD $5,648 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, 2025 amounted to $1,130 for Class C shares.

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

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[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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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 0.75% CDSC if redeemed within 12 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, 2025, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, aggregated $47,080,618 and $40,531,072, respectively, for the six months ended September 30, 2025.

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, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 510719 | &nbsp;&nbsp;&nbsp;&nbsp;$4692038 | &nbsp;&nbsp;&nbsp;&nbsp; 194760 | &nbsp;&nbsp;&nbsp;&nbsp;$1850455 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 30935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285247 | &nbsp;&nbsp;&nbsp;&nbsp; 67824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643096 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (432039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3981288) | &nbsp;&nbsp;&nbsp;&nbsp;(1164315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11081808) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **109615** | &nbsp;&nbsp;&nbsp;&nbsp;**$995997** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(901731)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8588257)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 21830 | &nbsp;&nbsp;&nbsp;&nbsp;$190921 | &nbsp;&nbsp;&nbsp;&nbsp; 4248 | &nbsp;&nbsp;&nbsp;&nbsp;$38470 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8684 | &nbsp;&nbsp;&nbsp;&nbsp; 1779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16030 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (414949) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **12936** | &nbsp;&nbsp;&nbsp;&nbsp;**$112287** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(40120)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(360449)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1933930 | &nbsp;&nbsp;&nbsp;&nbsp;$17814848 | &nbsp;&nbsp;&nbsp;&nbsp;1449096 | &nbsp;&nbsp;&nbsp;&nbsp;$13743744 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 60247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555598 | &nbsp;&nbsp;&nbsp;&nbsp; 81548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773649 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1305501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11964185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (753786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7159219) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **688676** | &nbsp;&nbsp;&nbsp;&nbsp;**$6406261** | &nbsp;&nbsp;&nbsp;&nbsp; **776858** | &nbsp;&nbsp;&nbsp;&nbsp;**$7358174** |

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[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. 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, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$67347280 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$67347280 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3633509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3633509 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499156 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$71479945** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$71479945** |

---

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[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval

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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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee 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<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (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 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 (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*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 by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee 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 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 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 and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser".

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[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

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• 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 funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes 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, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

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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 and experience of the investment professionals who provide 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 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by 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 December 31, 2024. 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 performance and 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 December 31, 2024, 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 Fund specific factors that had an impact on the Fund's total expense ratio relative to comparable funds, as identified by management in response to requests from the Contract Review Committee.

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.

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[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

Eaton Vance

New York Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

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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 not 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. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years, asset levels showing Adviser profitability and total expense ratios. 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.

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[**Table of Contents**](#JOB_EV_AR_9bf5bbc5-340d-4b05-8424-9e582ed30247_TOC)

EXNYX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;9.30.25

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## Eaton Vance

## Short Duration Municipal Opportunities Fund

## Semi-Annual Financial Statements and Additional Information
September 30, 2025

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![](g201433img9d645efd1.gif)

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**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Semi-Annual Financial Statements and Additional Information September 30, 2025
Eaton Vance

Short Duration Municipal Opportunities Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_77674b57-953c-4302-aa0e-c94885354444_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_f42ef716-d824-46ae-9e48-0253007fd582_1) | [Items 6 and 7 of Form N-CSR:](#xx_f42ef716-d824-46ae-9e48-0253007fd582_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_f42ef716-d824-46ae-9e48-0253007fd582_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_2a92e0a2-2a33-43d3-9a56-495d5a522664_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_2a92e0a2-2a33-43d3-9a56-495d5a522664_2) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_2a92e0a2-2a33-43d3-9a56-495d5a522664_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_39b5db63-bf44-4bbe-a4c6-7c4a44b8a4e7_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_71066ff0-9242-4a05-82b3-e335d5116b1d_1) | 19 |
| [Item 11 of Form N-CSR:](#xx_3a995392-535b-4190-bad5-05250eec785b_1) | [Item 11 of Form N-CSR:](#xx_3a995392-535b-4190-bad5-05250eec785b_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_3a995392-535b-4190-bad5-05250eec785b_1) | 24 |

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Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited)

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Corporate Bonds — 1.2%

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| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.7% | Hospital — 0.7% | Hospital — 0.7% |
| CommonSpirit Health, 6.073%, 11/1/27 | $5500 | &nbsp;&nbsp;$5705343 |
|  |  | &nbsp;&nbsp;**$5705343** |
| Other Revenue — 0.5% | Other Revenue — 0.5% | Other Revenue — 0.5% |
| Morongo Band of Mission Indians, 7.00%, 10/1/39<sup>(1)</sup> | $3470 | &nbsp;&nbsp;$3752457 |
|  |  | &nbsp;&nbsp;**$3752457** |
| Total Corporate Bonds<br> (identified cost $8,970,000) |  | &nbsp;&nbsp;**$9457800** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Mortgage-Backed Securities — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.1% | Housing — 0.1% | Housing — 0.1% |
| FRETE 2017-ML01 Trust, (Freddie Mac guaranteed), 4.921%, (30-day SOFR Average + 0.50%), 1/25/33<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;$415624 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $415,639) |  | &nbsp;&nbsp;**$415624** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 88.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.0%<sup>†</sup> | Bond Bank — 0.0%<sup>†</sup> | Bond Bank — 0.0%<sup>†</sup> |
| Virginia Resources Authority, (Pooled Financing Program), 3.00%, 11/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$24637 |
|  |  | &nbsp;&nbsp;**$24637** |
| Education — 6.8% | Education — 6.8% | Education — 6.8% |
| Arizona Industrial Development Authority, (Academies of Math & Science), 4.00%, 7/1/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;$807019 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 395893 |
| Arlington Higher Education Finance Corp., TX, (Leadership Prep School), (PSF Guaranteed), 4.00%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 383132 |
| Arlington Higher Education Finance Corp., TX, (Life School of Dallas), (PSF Guaranteed), 4.00%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 259588 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.00%, 6/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$98349 |
| Build NYC Resource Corp., NY, (Nightingale-Bamford School), 5.00%, 7/1/40 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1342664 |
| California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 3.79%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72<sup>(2)</sup> | 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4723232 |
| California Municipal Finance Authority, (St. Mary's School - Aliso Viejo), 4.65%, 5/1/30 | 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1074966 |
| California School Finance Authority, (KIPP SoCal Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105958 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113238 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167678 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175347 |
| Connecticut Health and Educational Facilities Authority, (Quinnipiac University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1237117 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142675 |
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.80% to 2/10/26 (Put Date), 7/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999280 |
| District of Columbia, (District of Columbia International School), 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 934088 |
| District of Columbia, (KIPP DC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258482 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 251840 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 250251 |
| Illinois Finance Authority, (University of Chicago), 4.00%, 10/1/40 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000214 |
| Massachusetts Development Finance Agency, (Harvard University), 5.00% to 5/13/32 (Put Date), 5/15/55 | 6580 | &nbsp;&nbsp;&nbsp;&nbsp; 7505085 |
| Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/59 | 3195 | &nbsp;&nbsp;&nbsp;&nbsp; 3232982 |
| New York Dormitory Authority, (School Districts Revenue Bond Financing Program), 5.00%, 10/1/29 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2299453 |
| Private Colleges and Universities Authority, GA, (Emory University), 5.00%, 9/1/32 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2624739 |
| Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 159107 |
| Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/30<sup>(1)</sup> | 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1510846 |
| Purdue University, IN, 4.00%, 7/1/40 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1305531 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy), 5.00%, 6/15/34<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035258 |
| South Carolina Jobs-Economic Development Authority, (Furman University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1974003 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| South Carolina Jobs-Economic Development Authority, (Furman University): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | $1415 | &nbsp;&nbsp;$1582995 |
| University of California, 3.25%, 5/15/48<sup>(3)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| University of Massachusetts Building Authority, 5.25%, 11/1/47 | 3320 | &nbsp;&nbsp;&nbsp;&nbsp; 3379407 |
| University of Pittsburgh, PA, 4.00%, 9/15/44 | 3190 | &nbsp;&nbsp;&nbsp;&nbsp; 3000738 |
| Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 5.00%, 11/1/38 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1141704 |
| Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 403428 |
|  |  | &nbsp;&nbsp;**$53876287** |
| Electric Utilities — 2.5% | Electric Utilities — 2.5% | Electric Utilities — 2.5% |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 3.70%, 10/1/42<sup>(3)</sup> | $1600 | &nbsp;&nbsp;$1600000 |
| Long Island Power Authority, NY, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33 | 2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2587014 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | 2130 | &nbsp;&nbsp;&nbsp;&nbsp; 2494588 |
| &nbsp;&nbsp;&nbsp;5.00% to 9/1/27 (Put Date), 9/1/52 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4113666 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1475147 |
| Northern Illinois Municipal Power Agency, IL, 4.00%, 12/1/41 | 2505 | &nbsp;&nbsp;&nbsp;&nbsp; 2410065 |
| Philadelphia, PA, Gas Works Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/30 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1478747 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1408111 |
| Snohomish County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 12/1/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007867 |
|  |  | &nbsp;&nbsp;**$19575205** |
| Escrowed/Prerefunded — 0.3% | Escrowed/Prerefunded — 0.3% | Escrowed/Prerefunded — 0.3% |
| Atlanta, GA, Water and Wastewater Revenue, Prerefunded to 11/1/27, 5.00%, 11/1/39 | $2500 | &nbsp;&nbsp;$2633407 |
| Public Finance Authority, WI, (Roseman University of Health Sciences), Escrowed to Maturity, 5.00%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84543 |
|  |  | &nbsp;&nbsp;**$2717950** |
| General Obligations — 15.7% | General Obligations — 15.7% | General Obligations — 15.7% |
| Bristol, VA, 5.00%, 9/1/27 | $1635 | &nbsp;&nbsp;$1635966 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/35<sup>(4)</sup> | 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1367425 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/42 | 6340 | &nbsp;&nbsp;&nbsp;&nbsp; 6483022 |
| Champaign County Community Unit School District No. 4, IL, 0.00%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 396494 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$496897 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1408551 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1726279 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | 1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1895096 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1888753 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/35 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2754488 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/38 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4132952 |
| Chicago, IL, Escrowed to Maturity, 0.00%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 158751 |
| Concord School District, NH, 2.00%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 566039 |
| Connecticut, 5.00%, 8/15/36<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 862381 |
| Denton Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/30 (Put Date), 8/15/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066807 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 332803 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 714182 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 763544 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 547602 |
| Dripping Springs Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067907 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059349 |
| Fairfax County, VA, 2.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 871081 |
| Fairfield-Suisun Unified School District, CA, 0.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 498709 |
| Falls Church, VA, 3.00%, 7/15/41 | 3395 | &nbsp;&nbsp;&nbsp;&nbsp; 2941573 |
| Fontana Unified School District, CA, (Election of 2024), 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5824 |
| Fremont Union High School District, CA, 4.00%, 8/1/40 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3096426 |
| Grand Prairie Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/31 | 4285 | &nbsp;&nbsp;&nbsp;&nbsp; 4288383 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/35 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001241 |
| Gresham-Barlow School District No. 10JT, OR, 5.00%, 6/15/37 | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1364535 |
| Hermosa Beach City School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 166590 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 346104 |
| Honolulu City and County, HI, 5.00%, 7/1/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3469785 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 11/1/26 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1446727 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2941502 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/41 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2651665 |
| Kearney, MO, 2.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 605592 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Lafourche Parish School Board, LA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/35<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$307682 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/39<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 257382 |
| Las Vegas Valley Water District, NV, 2.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 365148 |
| Los Angeles Unified School District, CA, Sustainability Bonds, 5.00%, 7/1/36 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1169895 |
| Loyalsock Township School District, PA, 2.00%, 5/1/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 892661 |
| Martin County West Independent School District No. 2448, MN, 5.00%, 2/1/36 | 3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3987976 |
| Maryland, 3.00%, 8/1/31 | 3105 | &nbsp;&nbsp;&nbsp;&nbsp; 3110886 |
| McCamey Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/44 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1244434 |
| Molalla River School District No. 35, OR, 5.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 1107790 |
| Monroe and St. Clair Counties Community Unit School District No. 4, IL, 5.50%, 7/1/40 | 2230 | &nbsp;&nbsp;&nbsp;&nbsp; 2231346 |
| Monroe County, PA, 5.00%, 7/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087946 |
| Montgomery County, MD, 2.00%, 8/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501959 |
| Navarro Independent School District, TX, (PSF Guaranteed), 4.00% to 2/15/28 (Put Date), 2/15/62 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2582681 |
| New Jersey, 2.00%, 6/1/27 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4921826 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/29 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 3541248 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 796353 |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 3.85%, 6/1/44<sup>(3)</sup> | 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1580000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 8/1/44<sup>(3)</sup> | 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 3.90%, 9/1/49<sup>(3)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| Northampton County, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 461948 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 326733 |
| Oklahoma, OK, 4.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 368116 |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69857 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/38 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2020738 |
| Pioneer School District No. 402, WA, 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 717403 |
| Prosper Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 8/15/26 (Put Date), 2/15/50 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1514055 |
| &nbsp;&nbsp;&nbsp;4.00% to 8/15/28 (Put Date), 2/15/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2064450 |
| Racine, WI, 4.50%, 3/15/27 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038071 |
| Riverview Gardens School District, MO, 5.00%, 4/1/34 | 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1422404 |
| Rockwall Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081907 |
| San Jacinto Community College District, TX, 4.00%, 2/15/41 | 4765 | &nbsp;&nbsp;&nbsp;&nbsp; 4651483 |
| Sarpy County School District 0037, NE, 5.00%, 12/15/27 | 1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1897210 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Union R-XI School District, MO, 5.00%, 3/1/42 | $1190 | &nbsp;&nbsp;$1252281 |
| Ventura County Community College District, CA, (Election of 2002), 0.00%, 8/1/28 | 4205 | &nbsp;&nbsp;&nbsp;&nbsp; 3936297 |
|  |  | &nbsp;&nbsp;**$124131191** |
| Hospital — 5.7% | Hospital — 5.7% | Hospital — 5.7% |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 3.45% to 10/31/25 (Put Date), 1/15/48 | $1500 | &nbsp;&nbsp;$1500539 |
| Connecticut Health and Educational Facilities Authority, (Griffin Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 737917 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 295427 |
| Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 451518 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 743320 |
| Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/35 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1343524 |
| Lancaster County Hospital Authority, PA, (University of Pennsylvania Health System), 5.00%, 8/15/46 | 4350 | &nbsp;&nbsp;&nbsp;&nbsp; 4366355 |
| Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80138 |
| Massachusetts Development Finance Agency, (Milford Regional Medical Center), Escrowed to Maturity, 5.00%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152778 |
| Michigan Finance Authority, (McLaren Health Care), 4.00%, 2/15/47 | 2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2207281 |
| Missouri Health and Educational Facilities Authority, (Mercy Health), 4.00%, 11/15/47 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2420981 |
| Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 960465 |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 807415 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 302730 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1608936 |
| New York City Health and Hospitals Corp., NY, 5.00%, 2/15/35 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1442766 |
| New York Dormitory Authority, (Montefiore Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/28 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2419940 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/38 | 1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1439974 |
| Oregon Facilities Authority, (Samaritan Health Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152168 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129182 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Oregon Facilities Authority, (Samaritan Health Services): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$157167 |
| Oroville, CA, (Oroville Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 974065 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 878868 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 788313 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 3/15/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2359945 |
| Roanoke Economic Development Authority, VA, (Carilion Clinic Obligated Group), (LOC: TD Bank, N.A.), 3.85%, 7/1/52<sup>(3)</sup> | 2130 | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 |
| South Carolina Jobs-Economic Development Authority, (Beaufort Memorial Hospital and South of Broad Healthcare): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 283701 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 287050 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 263628 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265873 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 293226 |
| Washington Health Care Facilities Authority, (MultiCare Health), 5.00%, 8/15/37 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2553066 |
| Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1908800 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/46 | 3290 | &nbsp;&nbsp;&nbsp;&nbsp; 3008978 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009533 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 5/15/26, 4.00%, 11/15/46 | 3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3246644 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 5/15/26, 4.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30248 |
|  |  | &nbsp;&nbsp;**$45077459** |
| Housing — 8.5% | Housing — 8.5% | Housing — 8.5% |
| California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/34 | $3120 | &nbsp;&nbsp;$3284830 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance Program): |  |  |
| &nbsp;&nbsp;&nbsp;0.85%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 457730 |
| &nbsp;&nbsp;&nbsp;1.35%, 11/15/30 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 944135 |
| &nbsp;&nbsp;&nbsp;1.35%, 11/15/30 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2152280 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (SPA: TD Bank, N.A.), 2.90%, 11/15/51<sup>(5)</sup> | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 |
| EP Cimarron Ventanas PFC, TX, (Home Essential Function Housing Program), 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501619 |
| EP Essential Housing WF PFC, TX, (Home Essential Function Housing Program), 4.25%, 12/1/34 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026058 |
| EP Tuscany Zaragosa PFC, TX, (Tuscany at Mesa Hills and Villas at Zaragosa), 4.00%, 12/1/33 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4992759 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Honolulu City and County, HI, (Maunakea Tower Apartments), 5.00% to 6/1/26 (Put Date), 6/1/27 | $1500 | &nbsp;&nbsp;$1519829 |
| Indiana Housing and Community Development Authority, SFMR, (Liq: TD Bank, N.A.), 3.90%, 7/1/47<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Louisiana Housing Corp., SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 629358 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 295507 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.15%, 12/1/40 | 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2145600 |
| Maine Housing Authority, 3.00%, 11/15/39 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2643059 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ, (FHLMC), (FNMA), (GNMA), 4.625%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 581823 |
| Maryland Community Development Administration, (Villages at Marley Station), Sustainability Bonds, (FNMA), 4.35%, 2/1/44 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1920581 |
| Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70095 |
| Massachusetts Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 12/1/50 | 2690 | &nbsp;&nbsp;&nbsp;&nbsp; 2661132 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 1.95%, 6/1/32 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1031147 |
| Michigan Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 4/1/27 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2100309 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.50%, 12/1/53 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1473581 |
| Minnesota Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 1.25%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 780409 |
| Nebraska Investment Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2024 Series G, 4.55%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 926545 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), GNMA), 4.70%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 310463 |
| New Canaan Housing Authority, CT, (HANC Lakeview LLC), (FNMA), 4.00%, 12/1/34 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1623974 |
| New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 1.875%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 784342 |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.10% to 10/1/29 (Put Date), 11/1/46 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4839589 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 0.90% to 1/1/26 (Put Date), 11/1/60 | 4715 | &nbsp;&nbsp;&nbsp;&nbsp; 4684130 |
| North Carolina Housing Finance Agency, (Liq: TD Bank, N.A.), 3.90%, 1/1/50<sup>(3)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| Oregon Housing and Community Services Department, SFMR, 3.80%, 7/1/34 | 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1339164 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161602 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 394615 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 249077 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;$561405 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 235790 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 506307 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 606006 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 384365 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 352858 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 311044 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 481637 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/26 | 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1099504 |
| Seattle Housing Authority, WA, (Juniper Apartments), 5.00%, 6/1/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2035103 |
| Seattle Housing Authority, WA, (Pooled Housing), 3.50%, 12/1/35 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1444143 |
| Virginia Housing Development Authority, 4.10%, 10/1/27 | 3955 | &nbsp;&nbsp;&nbsp;&nbsp; 3957765 |
| Wyoming Community Development Authority, (Pershing Pointe Apartments), (FNMA), 4.25%, 2/1/41 | 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1278534 |
|  |  | &nbsp;&nbsp;**$67579803** |
| Industrial Development Revenue — 9.0% | Industrial Development Revenue — 9.0% | Industrial Development Revenue — 9.0% |
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;$488621 |
| Burke County Development Authority, GA, (Georgia Power Co. Plant Vogtle), 3.85%, 7/1/49<sup>(3)</sup> | 3450 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 |
| California Municipal Finance Authority, (United Airlines, Inc. Los Angeles International Airport), (AMT), 4.00%, 7/15/29 | 5335 | &nbsp;&nbsp;&nbsp;&nbsp; 5369923 |
| California Municipal Finance Authority, (Waste Management, Inc.), (AMT), 4.10% to 12/1/25 (Put Date), 12/1/44 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500700 |
| California Pollution Control Financing Authority, (Republic Services, Inc.), (AMT), 3.85%, 11/1/42<sup>(1)</sup> | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1874905 |
| California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 4.25% to 7/2/29 (Put Date), 11/1/38 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1278731 |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5085663 |
| Florida Development Finance Corp., (GFL Solid Waste Southeast LLC), (AMT), 4.375% to 10/1/31 (Put Date), 10/1/54<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2525431 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co., Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 7/1/39 | 3170 | &nbsp;&nbsp;&nbsp;&nbsp; 2752009 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co., Inc.): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 3.10%, 5/1/26 | $4005 | &nbsp;&nbsp;$3968755 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 3/1/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1938074 |
| Houston, TX, (United Airlines, Inc. Terminal Improvement), (AMT), 5.00%, 7/15/27 | 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2596097 |
| Louisville/Jefferson County Metro Government, KY, (Louisville Gas and Electric Co.), 1.75% to 7/1/26 (Put Date), 2/1/35 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3945140 |
| Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.), 2.60%, 11/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 971295 |
| Michigan Strategic Fund, (Graphic Packaging International, LLC), Green Bonds, (AMT), 4.00% to 10/1/26 (Put Date), 10/1/61 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3998320 |
| Mission Economic Development Corp., TX, (Republic Services, Inc.), (AMT), 4.00% to 6/1/34 (Put Date), 6/1/54 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1509596 |
| Monroe County Development Authority, GA, (Georgia Power Co. Plant Scherer), 1.00% to 8/21/26 (Put Date), 7/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 976869 |
| New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2488647 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 672569 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 6.00%, 4/1/35 | 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1875172 |
| Ohio Air Quality Development Authority, (Ohio Valley Electric Corp.), 1.50% to 11/4/25 (Put Date), 2/1/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996872 |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 3.75%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 462912 |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;0.95% to 12/1/26 (Put Date), 12/1/33 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899809 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.85%, 8/1/45 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2999645 |
| Public Finance Authority, WI, (Waste Management, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 1.10% to 6/1/26 (Put Date), 7/1/29 | 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7610185 |
| &nbsp;&nbsp;&nbsp;(AMT), 2.625%, 11/1/25 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1498307 |
| Trimble County, KY, (Louisville Gas and Electric Co.), (AMT), 1.30% to 9/1/27 (Put Date), 9/1/44 | 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4440181 |
| West Virginia Economic Development Authority, (Commercial Metals Co.), (AMT), 4.625% to 5/15/32 (Put Date), 4/15/55 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1395806 |
|  |  | &nbsp;&nbsp;**$71570234** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education — 0.1% | Insured - Education — 0.1% | Insured - Education — 0.1% |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Calcasieu Parish School), (BAM), 5.00%, 12/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$537087 |
| Southern Illinois University, (NPFG), 0.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 195979 |
|  |  | &nbsp;&nbsp;**$733066** |
| Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% |
| New York Power Authority, Green Transmission Revenue, Green Bonds, (AG), 5.00%, 11/15/27 | $1500 | &nbsp;&nbsp;$1589174 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | 1740 | &nbsp;&nbsp;&nbsp;&nbsp; 1754261 |
|  |  | &nbsp;&nbsp;**$3343435** |
| Insured - General Obligations — 2.0% | Insured - General Obligations — 2.0% | Insured - General Obligations — 2.0% |
| Butler County Unified School District No. 402, KS: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 9/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;$136631 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 281091 |
| Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/26 | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; 1866764 |
| Lanterns Metropolitan District No. 1, CO, (AG), 4.00%, 12/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 974030 |
| Maricopa County Elementary School District No. 8, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/37<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 319317 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 555423 |
| Paterson, NJ, (BAM), 5.00%, 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 485828 |
| Phoenix Elementary School District No. 1, AZ, (BAM), 5.00%, 7/1/43 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1200895 |
| Raindance Metropolitan District No. 2, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 311338 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 217525 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/39 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1191175 |
| Shreveport, LA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49574 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105094 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 3/1/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1276382 |
| Sparta Area School District, WI, (AG), 3.00%, 3/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 830028 |
| St. Clair County School District No. 118, IL, (BAM), 5.50%, 12/1/37 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1254027 |
| St. Martin Parish School Board, LA, (AG), 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 493739 |
| Temecula Valley Unified School District, CA, (Election of 2012), (AG), 4.00%, 8/1/45 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2347785 |
| Westchester, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 550427 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 536634 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 641559 |
|  |  | &nbsp;&nbsp;**$15625266** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Hospital — 0.7% | Insured - Hospital — 0.7% | Insured - Hospital — 0.7% |
| Massachusetts Development Finance Agency, (Beth Israel Lahey Health, Inc.), (AG), 5.00%, 7/1/30 | $4750 | &nbsp;&nbsp;$5280989 |
|  |  | &nbsp;&nbsp;**$5280989** |
| Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% |
| Louisiana Public Facilities Authority, (South Quad L3C-Louisiana State University South Quad): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$304571 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 274931 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 496486 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 687899 |
|  |  | &nbsp;&nbsp;**$1763887** |
| Insured - Special Tax Revenue — 0.8% | Insured - Special Tax Revenue — 0.8% | Insured - Special Tax Revenue — 0.8% |
| Downtown Revitalization Public Infrastructure District, UT, (AG), 5.00%, 6/1/37 | $1610 | &nbsp;&nbsp;$1705091 |
| Fort Smith, AR, Sales and Use Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/35<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 392608 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/36<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 449555 |
| Lake Elsinore Facilities Financing Authority, CA, (AG), 5.00%, 9/1/37 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1239047 |
| San Clemente Community Facilities District No. 2006-1, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/38 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1421945 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/39 | 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1313969 |
|  |  | &nbsp;&nbsp;**$6522215** |
| Insured - Transportation — 0.1% | Insured - Transportation — 0.1% | Insured - Transportation — 0.1% |
| Alaska Railroad Corp., (AG), (AMT), 5.50%, 10/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$563541 |
|  |  | &nbsp;&nbsp;**$563541** |
| Insured - Water and Sewer — 0.3% | Insured - Water and Sewer — 0.3% | Insured - Water and Sewer — 0.3% |
| Berkeley County Public Service Sewer District, WV: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (BAM), 5.00%, 6/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;$718047 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (BAM), 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 750959 |
| Chisholm Creek Utility Authority, KS, (Cities of Bel Aire and Park City), (AG), 5.00%, 9/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081877 |
|  |  | &nbsp;&nbsp;**$2550883** |
| Lease Revenue/Certificates of Participation — 3.6% | Lease Revenue/Certificates of Participation — 3.6% | Lease Revenue/Certificates of Participation — 3.6% |
| Brownsburg 1999 School Building Corp., IN, 5.00%, 7/15/41 | $1195 | &nbsp;&nbsp;$1278027 |
| Castle Rock, CO, 5.25%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 568930 |
| Cleveland Educational Facilities Authority, OK, (Cleveland Public School): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 299989 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Cleveland Educational Facilities Authority, OK, (Cleveland Public School): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$352442 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 340645 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 315098 |
| Columbus Multi School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 426877 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 739296 |
| Hancock County Redevelopment Authority, IN, 4.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 576414 |
| McIntosh County Educational Facilities Authority, OK, (Eufaula Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 288130 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 516928 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 700433 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/37 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1313957 |
| New Jersey Economic Development Authority, (State House), 4.00%, 6/15/29 | 3340 | &nbsp;&nbsp;&nbsp;&nbsp; 3484687 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016372 |
| New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5031003 |
| North Lawrence Community Schools Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 339646 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 301605 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 303134 |
| Oklahoma County Finance Authority, OK, (Western Heights Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061940 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | 1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1920042 |
| Oklahoma Development Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 702506 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 387144 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 639177 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 342476 |
| Saratoga County Capital Resource Corp., NY, (WSWHE BOCES): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 284679 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 171155 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 568619 |
| Snowmass Village, CO, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 160502 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 805529 |
| St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/38 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2090837 |
| Twin Lakes School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 397448 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Twin Lakes School Building Corp., IN: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$858799 |
|  |  | &nbsp;&nbsp;**$28584466** |
| Other Revenue — 5.9% | Other Revenue — 5.9% | Other Revenue — 5.9% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;3.26%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49<sup>(2)</sup> | $15000 | &nbsp;&nbsp;$14842582 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/1/35 (Put Date), 12/1/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078594 |
| &nbsp;&nbsp;&nbsp;5.50% to 2/1/29 (Put Date), 6/1/49 | 2320 | &nbsp;&nbsp;&nbsp;&nbsp; 2487152 |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1331033 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | 2880 | &nbsp;&nbsp;&nbsp;&nbsp; 3051541 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 10/1/32 (Put Date), 8/1/55 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1402283 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 6015 | &nbsp;&nbsp;&nbsp;&nbsp; 6589692 |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 810307 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/31 (Put Date), 12/1/53 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10780260 |
| Northern California Gas Authority No. 1, Gas Project Revenue, 3.77%, (67% of 3 mo. SOFR + 0.72%), 7/1/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 349828 |
| Southeast Energy Authority, AL, 5.00% to 2/1/31 (Put Date), 5/1/55 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1350525 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 3.581%, (67% of 3 mo. SOFR + 0.70%), 12/15/26<sup>(2)</sup> | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1109663 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 3.528%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(2)</sup> | 1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1629921 |
|  |  | &nbsp;&nbsp;**$46813381** |
| Senior Living/Life Care — 4.3% | Senior Living/Life Care — 4.3% | Senior Living/Life Care — 4.3% |
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry), 5.25%, 11/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;$371360 |
| Colorado Health Facilities Authority, (Aberdeen Ridge): |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 5/15/28 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1324232 |
| &nbsp;&nbsp;&nbsp;2.625%, 5/15/29 | 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1714331 |
| Colorado Health Facilities Authority, (Christian Living Neighborhoods): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 199641 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 239566 |
| Florida Development Finance Corp., (The Glenridge on Palmer Ranch): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110019 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 299861 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 231726 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$507721 |
| Hanover County Economic Development Authority, VA, (Covenant Woods), 3.625%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 263446 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.59%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 721320 |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 4.00%, 5/15/27 | 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2252636 |
| Kentwood Economic Development Corp., MI, (Holland Home Obligated Group), 4.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 456830 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 515000 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/26<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004904 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 404767 |
| Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100027 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150639 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202022 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202754 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 253360 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 703868 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 422444 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1114165 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living), 5.25%, 10/1/30 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1288723 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 640048 |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 405822 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 677929 |
| North Carolina Medical Care Commission, (Galloway Ridge): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 239392 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 566078 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village): |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(1)</sup> | 2515 | &nbsp;&nbsp;&nbsp;&nbsp; 3551396 |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275915 |
| Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/27 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1245829 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000354 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$225348 |
| Polk County Industrial Development Authority, FL, (Carpenter's Home Estates, Inc.), 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 220636 |
| Public Finance Authority, WI, (Penick Village), 4.00%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 306235 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/26 | 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1400921 |
| South Carolina Jobs-Economic Development Authority, (Woodlands at Furman): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 274895 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 306120 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119723 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188950 |
| St. Johns County Industrial Development Authority, FL, (Vicar's Landing): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 179758 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 373209 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 213511 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 197986 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/32 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1037209 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 4.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249653 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.25%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 621223 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 274903 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 240237 |
| Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014876 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay), 6.25%, 9/1/30 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019349 |
| Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400803 |
| Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 248307 |
|  |  | &nbsp;&nbsp;**$33771977** |
| Special Tax Revenue — 5.9% | Special Tax Revenue — 5.9% | Special Tax Revenue — 5.9% |
| Allentown Neighborhood Improvement Zone Development Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$410841 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Allentown Neighborhood Improvement Zone Development Authority, PA: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;$601020 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 635983 |
| Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), 5.00%, 5/1/32<sup>(1)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3055683 |
| Baltimore, MD, (Harbor Point): |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 6/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 134040 |
| &nbsp;&nbsp;&nbsp;2.95%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 172629 |
| Buckeye, AZ, Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 554753 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 549840 |
| Connecticut, Special Tax Revenue, 4.00%, 9/1/34 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4017767 |
| District of Columbia, Income Tax Revenue, 5.00%, 5/1/38 | 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2364479 |
| Hamilton County & Chattanooga Sports Authority, TN, (Stadium Project), 5.75%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 999432 |
| Juban Crossing Economic Development District, LA, (Road Projects), 4.00%, 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 680662 |
| Lawton Industrial Development Authority, OK: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 565294 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 560835 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 277962 |
| Maryland Department of Transportation, 2.50%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 440357 |
| Massachusetts School Building Authority, 4.00%, 1/15/37 | 3650 | &nbsp;&nbsp;&nbsp;&nbsp; 3650591 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 12/15/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003358 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/35 | 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 2007979 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2302223 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/37 | 3140 | &nbsp;&nbsp;&nbsp;&nbsp; 3558749 |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 3.85%, 8/1/39<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/34 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3452808 |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.00%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 154992 |
| Omaha, NE, Riverfront Redevelopment Special Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 652024 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 645714 |
| Puerto Rico Sales Tax Financing Corp., 4.50%, 7/1/34 | 5847 | &nbsp;&nbsp;&nbsp;&nbsp; 5848846 |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 505392 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Tolomato Community Development District, FL, 2.625%, 5/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;$497490 |
| Utah Transit Authority, 5.00%, 12/15/33 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4667034 |
|  |  | &nbsp;&nbsp;**$46968777** |
| Student Loan — 0.9% | Student Loan — 0.9% | Student Loan — 0.9% |
| Connecticut Higher Education Supplemental Loan Authority, (Chesla Loan Program): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.75%, 11/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;$589220 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 279871 |
| Iowa Student Loan Liquidity Corp., (AMT), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 673621 |
| Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/38 | 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1038425 |
| New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/25 | 2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2857836 |
| North Carolina State Education Assistance Authority, (AMT), 5.00%, 6/1/33 | 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1889104 |
|  |  | &nbsp;&nbsp;**$7328077** |
| Transportation — 10.3% | Transportation — 10.3% | Transportation — 10.3% |
| Broward County, FL, Airport System Revenue, (AMT), 5.00%, 10/1/30 | $2500 | &nbsp;&nbsp;$2503594 |
| Chicago, IL, (Midway International Airport), 4.00%, 1/1/34 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6004757 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/32 | 1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1229199 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/37 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1567851 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/38 | 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1907230 |
| Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2785459 |
| Denver City and County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 12/1/48 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1068420 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/30 | 7170 | &nbsp;&nbsp;&nbsp;&nbsp; 7860362 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/32 | 6350 | &nbsp;&nbsp;&nbsp;&nbsp; 6651066 |
| Eagle County Air Terminal Corp., CO, (AMT), 4.00%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 511019 |
| Houston, TX, Airport System Revenue, (AMT), 5.00%, 7/1/34 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4447630 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/27 | 5235 | &nbsp;&nbsp;&nbsp;&nbsp; 5433561 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/36 | 2940 | &nbsp;&nbsp;&nbsp;&nbsp; 2994544 |
| Massachusetts Port Authority, (AMT), 5.00%, 7/1/30 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1603428 |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035834 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/29 | $2000 | &nbsp;&nbsp;$2076202 |
| Oklahoma Turnpike Authority, 4.00%, 1/1/42 | 2705 | &nbsp;&nbsp;&nbsp;&nbsp; 2664018 |
| Philadelphia, PA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/35 | 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 2065104 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | 2945 | &nbsp;&nbsp;&nbsp;&nbsp; 2959084 |
| Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/32 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3128030 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/33 | 2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2082007 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/37 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2119334 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 4/1/40 | 3955 | &nbsp;&nbsp;&nbsp;&nbsp; 3954764 |
| Port of Tacoma, WA, (AMT), 5.00%, 12/1/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009866 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/32 | 2220 | &nbsp;&nbsp;&nbsp;&nbsp; 2277686 |
| Virginia Port Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 1037340 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 363046 |
| Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), (AMT), 5.00%, 12/1/31 | 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8522003 |
|  |  | &nbsp;&nbsp;**$81862438** |
| Water and Sewer — 4.7% | Water and Sewer — 4.7% | Water and Sewer — 4.7% |
| Clairton Municipal Authority, PA, Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;$839440 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 971190 |
| District of Columbia Water and Sewer Authority, Green Bonds, 5.00%, 10/1/35 | 2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2381910 |
| Gainesville, GA, Water and Sewerage Revenue, 5.00%, 11/15/37 | 1370 | &nbsp;&nbsp;&nbsp;&nbsp; 1550162 |
| Great Lakes Water Authority, MI, Water Supply System Revenue, 5.00%, 7/1/32 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4586955 |
| King County, WA, Sewer Improvement and Refunding Revenue, 4.00%, 7/1/41 | 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1917712 |
| Macon Water Authority, GA, 2.92%, 10/1/38<sup>(5)</sup> | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 6/15/33<sup>(3)</sup> | 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 3.85%, 6/15/50<sup>(3)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 6/15/43<sup>(3)</sup> | 2395 | &nbsp;&nbsp;&nbsp;&nbsp; 2395000 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 861362 |
| San Francisco City and County Public Utilities Commission, CA, Water Revenue, 4.00%, 11/1/39 | 4370 | &nbsp;&nbsp;&nbsp;&nbsp; 4349317 |
| St. Lucie County, FL, 5.00%, 10/1/41 | 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4607807 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Stafford County, VA, Water and Wastewater System Revenue, 5.00%, 10/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;$128914 |
| Washington Suburban Sanitary District, MD, 4.00%, 6/1/40 | 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3053876 |
| Woodruff-Roebuck Water District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 285771 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 280668 |
|  |  | &nbsp;&nbsp;**$36910084** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $697,821,466) |  | &nbsp;&nbsp;**$703175248** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 7.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.8% | Education — 0.8% | Education — 0.8% |
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.43%, 6/1/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;$870008 |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 524768 |
| University of California, 4.15%, 7/1/41<sup>(5)</sup> | 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 |
|  |  | &nbsp;&nbsp;**$6494776** |
| General Obligations — 0.9% | General Obligations — 0.9% | General Obligations — 0.9% |
| California, 7.50%, 4/1/34<sup>(6)</sup> | $2500 | &nbsp;&nbsp;$2935713 |
| Cecil County, MD, 1.20%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 399597 |
| Douglas County School District No. 17, NE, 1.048%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 574092 |
| Livermore Valley Joint Unified School District, CA, 1.335%, 8/1/26 | 3650 | &nbsp;&nbsp;&nbsp;&nbsp; 3574815 |
|  |  | &nbsp;&nbsp;**$7484217** |
| Hospital — 0.3% | Hospital — 0.3% | Hospital — 0.3% |
| Conway, AR, (Conway Regional Medical Center), 1.75%, 8/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$244644 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 626211 |
| University of Wisconsin Hospitals and Clinics Authority, 1.69%, 4/1/26 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1730617 |
|  |  | &nbsp;&nbsp;**$2601472** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 2.6% | Housing — 2.6% | Housing — 2.6% |
| California Municipal Finance Authority, (View at San Bruno LP), 4.50% to 7/1/27 (Put Date), 7/1/28 | $5000 | &nbsp;&nbsp;$5044760 |
| Maine Housing Authority, (SPA: TD Bank, N.A.), 4.20%, 11/15/50<sup>(5)</sup> | 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 |
| Maryland Community Development Administration, (FHLMC), (FNMA), (GNMA), (SPA: Royal Bank of Canada), 4.15%, 7/1/45<sup>(5)</sup> | 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1285000 |
| New York Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(Liq: Barclays Bank PLC), 4.15%, 11/1/45<sup>(5)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (SPA: TD Bank, N.A.), 4.10%, 11/1/55<sup>(5)</sup> | 8725 | &nbsp;&nbsp;&nbsp;&nbsp; 8725000 |
|  |  | &nbsp;&nbsp;**$20654760** |
| Insured - General Obligations — 0.1% | Insured - General Obligations — 0.1% | Insured - General Obligations — 0.1% |
| Bureau County Township High School District No. 502, IL, (BAM), 1.356%, 12/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;$587901 |
| Valley View School District, PA, (BAM), 2.20%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 449324 |
|  |  | &nbsp;&nbsp;**$1037225** |
| Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% |
| Bexar County, TX, Venue Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 1.272%, 8/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$537893 |
| &nbsp;&nbsp;&nbsp;(AG), 1.573%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 479392 |
| &nbsp;&nbsp;&nbsp;(AG), 1.743%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 705251 |
| &nbsp;&nbsp;&nbsp;(AG), 1.924%, 8/15/29 | 1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1420409 |
|  |  | &nbsp;&nbsp;**$3142945** |
| Insured - Transportation — 0.6% | Insured - Transportation — 0.6% | Insured - Transportation — 0.6% |
| Miami-Dade County, FL, Seaport Revenue, (AG), 1.349%, 10/1/26 | $4860 | &nbsp;&nbsp;$4736819 |
|  |  | &nbsp;&nbsp;**$4736819** |
| Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% |
| California State Public Works Board, 4.942%, 4/1/30 | $5140 | &nbsp;&nbsp;$5281268 |
|  |  | &nbsp;&nbsp;**$5281268** |
| Senior Living/Life Care — 0.1% | Senior Living/Life Care — 0.1% | Senior Living/Life Care — 0.1% |
| Indiana Finance Authority, (BHI Senior Living), 2.52%, 11/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;$497879 |
|  |  | &nbsp;&nbsp;**$497879** |
| Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% |
| Illinois, Sales Tax Revenue, 1.453%, 6/15/26 | $3000 | &nbsp;&nbsp;$2947076 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 4.654%, 7/1/28 | $1640 | &nbsp;&nbsp;$1677047 |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 330002 |
|  |  | &nbsp;&nbsp;**$4954125** |
| Transportation — 0.3% | Transportation — 0.3% | Transportation — 0.3% |
| Atlanta, GA, Airport Customer Facility Charge Revenue, 4.489%, 7/1/31 | $1000 | &nbsp;&nbsp;$1008555 |
| Central Texas Regional Mobility Authority, 1.585%, 1/1/26 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1143048 |
|  |  | &nbsp;&nbsp;**$2151603** |
| Total Taxable Municipal Obligations<br> (identified cost $59,247,340) |  | &nbsp;&nbsp;**$59037089** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 1.1%

U.S. Treasury Obligations — 1.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 10/14/25 | $2500 | &nbsp;&nbsp;$2496358 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/16/25 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3993252 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/21/25 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995512 |
| Total U.S. Treasury Obligations<br> (identified cost $8,484,979) |  | &nbsp;&nbsp;**$8485122** |
| Total Short-Term Investments<br> (identified cost $8,484,979) |  | &nbsp;&nbsp;**$8485122** |
| Total Investments — 98.5%<br> (identified cost $774,939,424) |  | &nbsp;&nbsp;**$780570883** |
| Other Assets, Less Liabilities — 1.5% |  | &nbsp;&nbsp;**$12128391** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$792699274** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | 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, 2025, the aggregate value of these securities is $30,451,794 or 3.8% of the Fund's net assets. |
| <sup>(2)</sup> | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(3)</sup> | 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, 2025. |
| <sup>(4)</sup> | When-issued security. |
| <sup>(5)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2025. |
| <sup>(6)</sup> | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
| At September 30, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At September 30, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 72.9% |

---

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, 2025, 5.8% 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 0.5% to 3.6% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| 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 |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments, at value (identified cost $774,939,424) | &nbsp;&nbsp;$780570883 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221972 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8656015 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284480 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263524 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41716 |
| **Total assets** | &nbsp;&nbsp;**$800038590** |
| Liabilities |  |
| Payable for when-issued securities | &nbsp;&nbsp;$5070549 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993218 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790285 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257654 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22924 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41716 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161761 |
| **Total liabilities** | &nbsp;&nbsp;**$7339316** |
| **Net Assets** | &nbsp;&nbsp;**$792699274** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$823727185 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31027911) |
| **Net Assets** | &nbsp;&nbsp;**$792699274** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$127735965 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12847356 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.94 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.27 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$9938646 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043637 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.52 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$655024663 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65850772 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.95 |

---

---

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

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;$14306960 |
| **Total investment income** | &nbsp;&nbsp;**$14306960** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$1507539 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90794 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46422 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24394 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79494 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108844 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71426 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46084 |
| **Total expenses** | &nbsp;&nbsp;**$2016290** |
| **Net investment income** | &nbsp;&nbsp;**$12290670** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(502565) |
| **Net realized loss** | &nbsp;&nbsp;**$(502565)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$11320589 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$11320589** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$10818024** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$23108694** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$12290670 | &nbsp;&nbsp;$23352851 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026100 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418954) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$23108694** | &nbsp;&nbsp;**$25959997** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1923911) | &nbsp;&nbsp;$(3614792) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278278) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10354338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18819032) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(12403105)** | &nbsp;&nbsp;**$(22712102)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$8130930 | &nbsp;&nbsp;$(5372699) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2544241) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36198743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16807383 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$43113739** | &nbsp;&nbsp;**$8890443** |
| **Net increase in net assets** | &nbsp;&nbsp;**$53819328** | &nbsp;&nbsp;**$12138338** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$738879946 | &nbsp;&nbsp;$726741608 |
| **At end of period** | &nbsp;&nbsp;**$792699274** | &nbsp;&nbsp;**$738879946** |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.81 | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.70 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;$10.28 | &nbsp;&nbsp;$9.90 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$0.54** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.94** | &nbsp;&nbsp;**$9.81** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.70** | &nbsp;&nbsp;**$9.88** | &nbsp;&nbsp;**$10.28** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.95%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.18%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.46%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$127736 | &nbsp;&nbsp;$117899 | &nbsp;&nbsp;$122727 | &nbsp;&nbsp;$154478 | &nbsp;&nbsp;$201964 | &nbsp;&nbsp;$192676 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.39 | &nbsp;&nbsp;$9.35 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$9.48 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$0.45** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.08) |
| **Total distributions** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$(0.08)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.52** | &nbsp;&nbsp;**$9.39** | &nbsp;&nbsp;**$9.35** | &nbsp;&nbsp;**$9.29** | &nbsp;&nbsp;**$9.47** | &nbsp;&nbsp;**$9.85** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.62%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.54)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.74%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$9939 | &nbsp;&nbsp;$11029 | &nbsp;&nbsp;$13497 | &nbsp;&nbsp;$20818 | &nbsp;&nbsp;$30887 | &nbsp;&nbsp;$32499 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.81 | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.71 | &nbsp;&nbsp;$9.89 | &nbsp;&nbsp;$10.29 | &nbsp;&nbsp;$9.90 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$0.56** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.95** | &nbsp;&nbsp;**$9.81** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.71** | &nbsp;&nbsp;**$9.89** | &nbsp;&nbsp;**$10.29** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.70)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.72%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$655025 | &nbsp;&nbsp;$609952 | &nbsp;&nbsp;$590518 | &nbsp;&nbsp;$707917 | &nbsp;&nbsp;$807534 | &nbsp;&nbsp;$664004 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance Short Duration Municipal Opportunities 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 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 November 5, 2020, Class C shares 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. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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, 2025, 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.

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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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 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. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

I Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

J Interim Financial Statements—The interim financial statements relating to September 30, 2025 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, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $37,152,170 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, 2025, $20,419,944 are short-term and $16,732,226 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$773948248** |
| Gross unrealized appreciation | &nbsp;&nbsp;$11766143 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5143508) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$6622635** |

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.400% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.375% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.360% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.350% |

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For the six months ended September 30, 2025, the investment adviser and administration fee amounted to $1,507,539 or 0.40% (annualized) of the Fund's average daily net assets.

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, 2025, EVM earned $2,822 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $3,564 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the six months ended September 30, 2025 in the amount of $2,962. 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. 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, 2025 amounted to $90,794 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, 2025, the Fund paid or accrued to EVD $38,685 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, 2025 amounted to $7,737 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 0.75% 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 12 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, 2025, the Fund was informed that EVD received $189 and $442 of CDSCs paid by Class A and Class C shareholders, respectively.

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, aggregated $337,006,886 and $305,544,712, respectively, for the six months ended September 30, 2025.

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, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> September 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1932784 | &nbsp;&nbsp;&nbsp;&nbsp;$18976585 | &nbsp;&nbsp;&nbsp;&nbsp; 2875625 | &nbsp;&nbsp;&nbsp;&nbsp;$28335170 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 162337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593205 | &nbsp;&nbsp;&nbsp;&nbsp; 301800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966282 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1268623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12438860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3733385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36674151) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **826498** | &nbsp;&nbsp;&nbsp;&nbsp;**$8130930** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(555960)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5372699)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 139336 | &nbsp;&nbsp;&nbsp;&nbsp;$1308397 | &nbsp;&nbsp;&nbsp;&nbsp; 302690 | &nbsp;&nbsp;&nbsp;&nbsp;$2853765 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 11865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111516 | &nbsp;&nbsp;&nbsp;&nbsp; 25428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239358 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2635847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (598082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5637364) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(130335)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1215934)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(269964)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2544241)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;13060547 | &nbsp;&nbsp;&nbsp;&nbsp;$127824360 | &nbsp;&nbsp;&nbsp;&nbsp;18370806 | &nbsp;&nbsp;&nbsp;&nbsp;$180633067 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 645052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6333918 | &nbsp;&nbsp;&nbsp;&nbsp; 1157223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11379271 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(10016081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97959535) | &nbsp;&nbsp;&nbsp;&nbsp;(17853394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175204955) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **3689518** | &nbsp;&nbsp;&nbsp;&nbsp;**$36198743** | &nbsp;&nbsp;&nbsp;&nbsp; **1674635** | &nbsp;&nbsp;&nbsp;&nbsp;**$16807383** |

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8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. 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, 2025.

Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Notes to Financial Statements (Unaudited) — continued

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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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9457800 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9457800 |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415624 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703175248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703175248 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59037089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59037089 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485122 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$780570883** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$780570883** |

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval

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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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee 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<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (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 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 (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

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

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee 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 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 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 and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

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• 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 funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes 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, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

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 and experience of the investment professionals who provide 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 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by 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 an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was consistent with 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 performance 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 December 31, 2024, 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.

------

[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

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 not 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. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. 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.

------

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[**Table of Contents**](#JOB_EV_AR_307a7883-2c66-49da-9b12-0c5b6de9e25e_TOC)

EXMAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;9.30.25

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

------

#### Item 16. 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 control 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
|  (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
|  (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d201433dex99cert.htm) |
|  (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d201433dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d201433dex99906cert.htm) |

---

------

#### 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 | Eaton Vance Investment Trust |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

Date: November 24, 2025

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 |
|  | Principal Financial Officer |

---

Date: November 24, 2025

---

| | |
|:---|:---|
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

Date: November 24, 2025

## Ex-99.Cert

**Eaton Vance Investment Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Investment
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 24, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Investment Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Investment
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 24, 2025 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Investment Trust (the "**Trust**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report of the **Trust** on Form N-CSR for the period ended
September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| |
|:---|
| Eaton Vance Investment Trust |
| Date: November 24, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: November 24, 2025 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---