# EDGAR Filing Document

**Accession Number:** 0000779991
**File Stem:** 0001193125-26-248016
**Filing Date:** 2026-5
**Character Count:** 473764
**Document Hash:** bb6d14c6f5d0adf609281bc357477eda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-248016.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-248016

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04443
- **FILM NUMBER:** 261043610

**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           |

?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

#### March 31, 2026

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance Short Duration Municipal Opportunities Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class A EXMAX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance Short Duration Municipal Opportunities Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $67 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↑ An out-of-Index allocation to bonds with 15 years (12–17 years) remaining to maturity contributed to Index-relative returns during the period

↑ An overweight exposure and security selection in bonds with 4% coupon rates contributed to performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns during the period

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↓ Security selection in the education sector detracted from Fund performance relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g117915i5effe49161b50460e78a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **3/16** | $10000 | $10000 | $10000 |
| **4/16** | $9725 | $10074 | $10046 |
| **5/16** | $9716 | $10101 | $10037 |
| **6/16** | $9834 | $10261 | $10122 |
| **7/16** | $9854 | $10268 | $10146 |
| **8/16** | $9856 | $10282 | $10141 |
| **9/16** | $9829 | $10230 | $10110 |
| **10/16** | $9782 | $10123 | $10064 |
| **11/16** | $9507 | $9745 | $9818 |
| **12/16** | $9536 | $9860 | $9876 |
| **1/17** | $9593 | $9925 | $9953 |
| **2/17** | $9670 | $9994 | $10019 |
| **3/17** | $9687 | $10015 | $10027 |
| **4/17** | $9753 | $10088 | $10086 |
| **5/17** | $9869 | $10248 | $10183 |
| **6/17** | $9837 | $10211 | $10149 |
| **7/17** | $9904 | $10294 | $10213 |
| **8/17** | $9991 | $10372 | $10268 |
| **9/17** | $9988 | $10320 | $10214 |
| **10/17** | $9956 | $10345 | $10218 |
| **11/17** | $9943 | $10289 | $10122 |
| **12/17** | $9980 | $10397 | $10176 |
| **1/18** | $9987 | $10275 | $10135 |
| **2/18** | $9985 | $10244 | $10115 |
| **3/18** | $10013 | $10282 | $10119 |
| **4/18** | $10001 | $10245 | $10090 |
| **5/18** | $10081 | $10362 | $10171 |
| **6/18** | $10101 | $10371 | $10199 |
| **7/18** | $10131 | $10396 | $10235 |
| **8/18** | $10160 | $10423 | $10239 |
| **9/18** | $10129 | $10356 | $10190 |
| **10/18** | $10097 | $10292 | $10171 |
| **11/18** | $10137 | $10406 | $10252 |
| **12/18** | $10197 | $10530 | $10348 |
| **1/19** | $10257 | $10610 | $10434 |
| **2/19** | $10307 | $10667 | $10479 |
| **3/19** | $10365 | $10835 | $10559 |
| **4/19** | $10394 | $10876 | $10568 |
| **5/19** | $10474 | $11026 | $10675 |
| **6/19** | $10502 | $11067 | $10722 |
| **7/19** | $10550 | $11156 | $10798 |
| **8/19** | $10630 | $11332 | $10873 |
| **9/19** | $10596 | $11241 | $10794 |
| **10/19** | $10623 | $11261 | $10834 |
| **11/19** | $10640 | $11289 | $10858 |
| **12/19** | $10661 | $11324 | $10889 |
| **1/20** | $10760 | $11527 | $11016 |
| **2/20** | $10859 | $11676 | $11085 |
| **3/20** | $10395 | $11252 | $10823 |
| **4/20** | $10222 | $11111 | $10802 |
| **5/20** | $10383 | $11465 | $11069 |
| **6/20** | $10555 | $11559 | $11113 |
| **7/20** | $10685 | $11754 | $11233 |
| **8/20** | $10709 | $11699 | $11217 |
| **9/20** | $10723 | $11701 | $11229 |
| **10/20** | $10715 | $11666 | $11206 |
| **11/20** | $10814 | $11842 | $11282 |
| **12/20** | $10893 | $11914 | $11321 |
| **1/21** | $10991 | $11990 | $11360 |
| **2/21** | $10930 | $11799 | $11256 |
| **3/21** | $10962 | $11872 | $11298 |
| **4/21** | $11017 | $11972 | $11345 |
| **5/21** | $11038 | $12008 | $11350 |
| **6/21** | $11069 | $12041 | $11356 |
| **7/21** | $11132 | $12140 | $11421 |
| **8/21** | $11120 | $12096 | $11410 |
| **9/21** | $11055 | $12009 | $11358 |
| **10/21** | $11032 | $11973 | $11328 |
| **11/21** | $11084 | $12075 | $11356 |
| **12/21** | $11083 | $12095 | $11370 |
| **1/22** | $10910 | $11764 | $11130 |
| **2/22** | $10845 | $11722 | $11097 |
| **3/22** | $10650 | $11342 | $10859 |
| **4/22** | $10500 | $11028 | $10691 |
| **5/22** | $10567 | $11192 | $10837 |
| **6/22** | $10506 | $11008 | $10798 |
| **7/22** | $10628 | $11299 | $10985 |
| **8/22** | $10514 | $11052 | $10821 |
| **9/22** | $10336 | $10627 | $10554 |
| **10/22** | $10311 | $10539 | $10532 |
| **11/22** | $10494 | $11032 | $10813 |
| **12/22** | $10515 | $11064 | $10857 |
| **1/23** | $10667 | $11381 | $11059 |
| **2/23** | $10559 | $11124 | $10868 |
| **3/23** | $10669 | $11371 | $11056 |
| **4/23** | $10670 | $11345 | $11015 |
| **5/23** | $10638 | $11247 | $10925 |
| **6/23** | $10685 | $11359 | $10996 |
| **7/23** | $10721 | $11404 | $11031 |
| **8/23** | $10658 | $11240 | $10958 |
| **9/23** | $10573 | $10911 | $10782 |
| **10/23** | $10544 | $10818 | $10766 |
| **11/23** | $10839 | $11504 | $11159 |
| **12/23** | $10967 | $11772 | $11326 |
| **1/24** | $10994 | $11712 | $11291 |
| **2/24** | $11022 | $11727 | $11299 |
| **3/24** | $11050 | $11726 | $11285 |
| **4/24** | $11009 | $11581 | $11197 |
| **5/24** | $11025 | $11547 | $11133 |
| **6/24** | $11133 | $11724 | $11250 |
| **7/24** | $11229 | $11831 | $11354 |
| **8/24** | $11326 | $11924 | $11479 |
| **9/24** | $11412 | $12042 | $11556 |
| **10/24** | $11337 | $11867 | $11437 |
| **11/24** | $11435 | $12072 | $11535 |
| **12/24** | $11395 | $11896 | $11455 |
| **1/25** | $11447 | $11956 | $11531 |
| **2/25** | $11546 | $12074 | $11629 |
| **3/25** | $11446 | $11869 | $11547 |
| **4/25** | $11419 | $11774 | $11486 |
| **5/25** | $11436 | $11781 | $11581 |
| **6/25** | $11525 | $11855 | $11678 |
| **7/25** | $11532 | $11831 | $11751 |
| **8/25** | $11632 | $11934 | $11843 |
| **9/25** | $11783 | $12210 | $11937 |
| **10/25** | $11872 | $12361 | $11968 |
| **11/25** | $11913 | $12390 | $11995 |
| **12/25** | $11942 | $12401 | $12029 |
| **1/26** | $12030 | $12517 | $12143 |
| **2/26** | $12156 | $12673 | $12249 |
| **3/26** | $11930 | $12379 | $12012 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 4.25% | 1.71% | 2.12% |
| Class A with 3.25% Maximum Sales Charge | 0.85% | 1.03% | 1.78% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 4.03% | 1.23% | 1.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to November 14, 2016 reflects the Fund's performance under its former investment objective and principal investment strategies. Please see the Fund's prospectus for further information. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $831411516 |
| # of Portfolio Holdings | 613 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $3148750 |

---

## 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)
![Group By Asset Type Chart](g117915if95b2e2c044ef1643d63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.3% |
| Senior Living/Life Care | 4.0% |
| Water and Sewer | 5.4% |
| Lease Rev./Cert. of Participation | 5.6% |
| Hospital | 6.2% |
| Other Revenue | 7.4% |
| Special Tax Revenue | 8.4% |
| Industrial Development Revenue | 8.8% |
| Transportation | 8.8% |
| Education | 9.1% |
| Housing | 9.7% |
| General Obligations | 23.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915i39c0cf6d2da7f87e4642.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.1% |
| B | 0.2% |
| BB | 6.8% |
| BBB | 6.1% |
| A | 22.3% |
| AA | 47.3% |
| AAA | 12.2% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EXMAX-TSR-AR

# Eaton Vance Short Duration Municipal Opportunities Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class C EZMAX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance Short Duration Municipal Opportunities Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $144 | 1.41% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↓ Security selection in the education sector detracted from Fund performance relative to the Index during the period

↑ An out-of-Index allocation to bonds with 15 years (12–17 years) remaining to maturity contributed to Index-relative returns during the period

↑ An overweight exposure and security selection in bonds with 4% coupon rates contributed to performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g117915id97607f3ddb8c6000ce0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **3/16** | $10000 | $10000 | $10000 |
| **4/16** | $10046 | $10074 | $10046 |
| **5/16** | $10030 | $10101 | $10037 |
| **6/16** | $10139 | $10261 | $10122 |
| **7/16** | $10154 | $10268 | $10146 |
| **8/16** | $10159 | $10282 | $10141 |
| **9/16** | $10122 | $10230 | $10110 |
| **10/16** | $10054 | $10123 | $10064 |
| **11/16** | $9772 | $9745 | $9818 |
| **12/16** | $9797 | $9860 | $9876 |
| **1/17** | $9851 | $9925 | $9953 |
| **2/17** | $9917 | $9994 | $10019 |
| **3/17** | $9927 | $10015 | $10027 |
| **4/17** | $9991 | $10088 | $10086 |
| **5/17** | $10098 | $10248 | $10183 |
| **6/17** | $10067 | $10211 | $10149 |
| **7/17** | $10132 | $10294 | $10213 |
| **8/17** | $10206 | $10372 | $10268 |
| **9/17** | $10207 | $10320 | $10214 |
| **10/17** | $10165 | $10345 | $10218 |
| **11/17** | $10144 | $10289 | $10122 |
| **12/17** | $10176 | $10397 | $10176 |
| **1/18** | $10177 | $10275 | $10135 |
| **2/18** | $10168 | $10244 | $10115 |
| **3/18** | $10190 | $10282 | $10119 |
| **4/18** | $10171 | $10245 | $10090 |
| **5/18** | $10237 | $10362 | $10171 |
| **6/18** | $10262 | $10371 | $10199 |
| **7/18** | $10286 | $10396 | $10235 |
| **8/18** | $10299 | $10423 | $10239 |
| **9/18** | $10269 | $10356 | $10190 |
| **10/18** | $10228 | $10292 | $10171 |
| **11/18** | $10264 | $10406 | $10252 |
| **12/18** | $10320 | $10530 | $10348 |
| **1/19** | $10376 | $10610 | $10434 |
| **2/19** | $10411 | $10667 | $10479 |
| **3/19** | $10475 | $10835 | $10559 |
| **4/19** | $10487 | $10876 | $10568 |
| **5/19** | $10564 | $11026 | $10675 |
| **6/19** | $10598 | $11067 | $10722 |
| **7/19** | $10630 | $11156 | $10798 |
| **8/19** | $10695 | $11332 | $10873 |
| **9/19** | $10663 | $11241 | $10794 |
| **10/19** | $10684 | $11261 | $10834 |
| **11/19** | $10694 | $11289 | $10858 |
| **12/19** | $10709 | $11324 | $10889 |
| **1/20** | $10805 | $11527 | $11016 |
| **2/20** | $10891 | $11676 | $11085 |
| **3/20** | $10419 | $11252 | $10823 |
| **4/20** | $10242 | $11111 | $10802 |
| **5/20** | $10393 | $11465 | $11069 |
| **6/20** | $10566 | $11559 | $11113 |
| **7/20** | $10683 | $11754 | $11233 |
| **8/20** | $10700 | $11699 | $11217 |
| **9/20** | $10707 | $11701 | $11229 |
| **10/20** | $10703 | $11666 | $11206 |
| **11/20** | $10788 | $11842 | $11282 |
| **12/20** | $10852 | $11914 | $11321 |
| **1/21** | $10957 | $11990 | $11360 |
| **2/21** | $10886 | $11799 | $11256 |
| **3/21** | $10913 | $11872 | $11298 |
| **4/21** | $10951 | $11972 | $11345 |
| **5/21** | $10977 | $12008 | $11350 |
| **6/21** | $11002 | $12041 | $11356 |
| **7/21** | $11049 | $12140 | $11421 |
| **8/21** | $11029 | $12096 | $11410 |
| **9/21** | $10965 | $12009 | $11358 |
| **10/21** | $10934 | $11973 | $11328 |
| **11/21** | $10970 | $12075 | $11356 |
| **12/21** | $10962 | $12095 | $11370 |
| **1/22** | $10786 | $11764 | $11130 |
| **2/22** | $10723 | $11722 | $11097 |
| **3/22** | $10526 | $11342 | $10859 |
| **4/22** | $10365 | $11028 | $10691 |
| **5/22** | $10427 | $11192 | $10837 |
| **6/22** | $10357 | $11008 | $10798 |
| **7/22** | $10476 | $11299 | $10985 |
| **8/22** | $10351 | $11052 | $10821 |
| **9/22** | $10172 | $10627 | $10554 |
| **10/22** | $10138 | $10539 | $10532 |
| **11/22** | $10319 | $11032 | $10813 |
| **12/22** | $10333 | $11064 | $10857 |
| **1/23** | $10471 | $11381 | $11059 |
| **2/23** | $10353 | $11124 | $10868 |
| **3/23** | $10458 | $11371 | $11056 |
| **4/23** | $10463 | $11345 | $11015 |
| **5/23** | $10411 | $11247 | $10925 |
| **6/23** | $10463 | $11359 | $10996 |
| **7/23** | $10481 | $11404 | $11031 |
| **8/23** | $10420 | $11240 | $10958 |
| **9/23** | $10326 | $10911 | $10782 |
| **10/23** | $10288 | $10818 | $10766 |
| **11/23** | $10570 | $11504 | $11159 |
| **12/23** | $10693 | $11772 | $11326 |
| **1/24** | $10712 | $11712 | $11291 |
| **2/24** | $10733 | $11727 | $11299 |
| **3/24** | $10753 | $11726 | $11285 |
| **4/24** | $10716 | $11581 | $11197 |
| **5/24** | $10713 | $11547 | $11133 |
| **6/24** | $10814 | $11724 | $11250 |
| **7/24** | $10903 | $11831 | $11354 |
| **8/24** | $10994 | $11924 | $11479 |
| **9/24** | $11061 | $12042 | $11556 |
| **10/24** | $10977 | $11867 | $11437 |
| **11/24** | $11080 | $12072 | $11535 |
| **12/24** | $11019 | $11896 | $11455 |
| **1/25** | $11064 | $11956 | $11531 |
| **2/25** | $11156 | $12074 | $11629 |
| **3/25** | $11047 | $11869 | $11547 |
| **4/25** | $11023 | $11774 | $11486 |
| **5/25** | $11032 | $11781 | $11581 |
| **6/25** | $11114 | $11855 | $11678 |
| **7/25** | $11112 | $11831 | $11751 |
| **8/25** | $11193 | $11934 | $11843 |
| **9/25** | $11336 | $12210 | $11937 |
| **10/25** | $11417 | $12361 | $11968 |
| **11/25** | $11438 | $12390 | $11995 |
| **12/25** | $11471 | $12401 | $12029 |
| **1/26** | $11538 | $12517 | $12143 |
| **2/26** | $11657 | $12673 | $12249 |
| **3/26** | $11448 | $12379 | $12012 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 3.63% | 0.96% | 1.36% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 2.63% | 0.96% | 1.36% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 4.03% | 1.23% | 1.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to November 14, 2016 reflects the Fund's performance under its former investment objective and principal investment strategies. Please see the Fund's prospectus for further information. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $831411516 |
| # of Portfolio Holdings | 613 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $3148750 |

---

## 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)
![Group By Asset Type Chart](g117915if95b2e2c044ef1643d63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.3% |
| Senior Living/Life Care | 4.0% |
| Water and Sewer | 5.4% |
| Lease Rev./Cert. of Participation | 5.6% |
| Hospital | 6.2% |
| Other Revenue | 7.4% |
| Special Tax Revenue | 8.4% |
| Industrial Development Revenue | 8.8% |
| Transportation | 8.8% |
| Education | 9.1% |
| Housing | 9.7% |
| General Obligations | 23.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915i39c0cf6d2da7f87e4642.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.1% |
| B | 0.2% |
| BB | 6.8% |
| BBB | 6.1% |
| A | 22.3% |
| AA | 47.3% |
| AAA | 12.2% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EZMAX-TSR-AR

# Eaton Vance Short Duration Municipal Opportunities Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class I EMAIX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance Short Duration Municipal Opportunities Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $52 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↑ An out-of-Index allocation to bonds with 15 years (12–17 years) remaining to maturity contributed to Index-relative returns during the period

↑ An overweight exposure and security selection in bonds with 4% coupon rates contributed to performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns during the period

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↓ Security selection in the education sector detracted from Fund performance relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g117915i951280120869741887bf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **3/16** | $1000000 | $1000000 | $1000000 |
| **4/16** | $1005247 | $1007353 | $1004632 |
| **5/16** | $1004516 | $1010078 | $1003716 |
| **6/16** | $1016776 | $1026147 | $1012168 |
| **7/16** | $1019049 | $1026773 | $1014645 |
| **8/16** | $1019361 | $1028159 | $1014071 |
| **9/16** | $1016669 | $1023027 | $1011021 |
| **10/16** | $1011907 | $1012295 | $1006401 |
| **11/16** | $983427 | $974541 | $981835 |
| **12/16** | $986567 | $985982 | $987588 |
| **1/17** | $992682 | $992482 | $995316 |
| **2/17** | $1000743 | $999374 | $1001862 |
| **3/17** | $1002636 | $1001543 | $1002690 |
| **4/17** | $1009558 | $1008810 | $1008643 |
| **5/17** | $1021708 | $1024821 | $1018291 |
| **6/17** | $1018556 | $1021145 | $1014860 |
| **7/17** | $1025599 | $1029407 | $1021334 |
| **8/17** | $1034729 | $1037241 | $1026780 |
| **9/17** | $1034560 | $1031967 | $1021448 |
| **10/17** | $1031351 | $1034486 | $1021798 |
| **11/17** | $1030106 | $1028947 | $1012188 |
| **12/17** | $1035102 | $1039702 | $1017558 |
| **1/18** | $1034955 | $1027461 | $1013515 |
| **2/18** | $1034913 | $1024391 | $1011531 |
| **3/18** | $1037878 | $1028172 | $1011881 |
| **4/18** | $1037858 | $1024503 | $1008966 |
| **5/18** | $1045214 | $1036235 | $1017113 |
| **6/18** | $1047470 | $1037119 | $1019934 |
| **7/18** | $1050668 | $1039636 | $1023527 |
| **8/18** | $1053830 | $1042306 | $1023917 |
| **9/18** | $1050669 | $1035558 | $1019041 |
| **10/18** | $1047515 | $1029181 | $1017100 |
| **11/18** | $1052883 | $1040572 | $1025233 |
| **12/18** | $1059283 | $1053031 | $1034750 |
| **1/19** | $1065632 | $1060991 | $1043351 |
| **2/19** | $1069852 | $1066672 | $1047932 |
| **3/19** | $1077046 | $1083534 | $1055883 |
| **4/19** | $1079164 | $1087606 | $1056794 |
| **5/19** | $1087607 | $1102600 | $1067511 |
| **6/19** | $1091778 | $1106671 | $1072174 |
| **7/19** | $1096903 | $1115590 | $1079814 |
| **8/19** | $1104232 | $1133187 | $1087335 |
| **9/19** | $1101881 | $1124103 | $1079385 |
| **10/19** | $1103795 | $1126118 | $1083353 |
| **11/19** | $1105630 | $1128934 | $1085782 |
| **12/19** | $1108043 | $1132381 | $1088905 |
| **1/20** | $1119515 | $1152726 | $1101648 |
| **2/20** | $1128890 | $1167591 | $1108536 |
| **3/20** | $1080735 | $1125239 | $1082276 |
| **4/20** | $1062866 | $1111117 | $1080173 |
| **5/20** | $1079812 | $1146463 | $1106921 |
| **6/20** | $1098954 | $1155899 | $1111287 |
| **7/20** | $1111490 | $1175367 | $1123260 |
| **8/20** | $1114114 | $1169852 | $1121689 |
| **9/20** | $1116751 | $1170100 | $1122883 |
| **10/20** | $1116080 | $1166586 | $1120606 |
| **11/20** | $1126540 | $1184190 | $1128196 |
| **12/20** | $1133847 | $1191404 | $1132129 |
| **1/21** | $1145260 | $1198996 | $1136017 |
| **2/21** | $1139019 | $1179946 | $1125574 |
| **3/21** | $1142567 | $1187223 | $1129765 |
| **4/21** | $1147248 | $1197181 | $1134506 |
| **5/21** | $1150701 | $1200753 | $1135029 |
| **6/21** | $1154149 | $1204050 | $1135564 |
| **7/21** | $1159741 | $1214036 | $1142097 |
| **8/21** | $1158618 | $1209580 | $1140997 |
| **9/21** | $1153057 | $1200851 | $1135808 |
| **10/21** | $1149699 | $1197340 | $1132822 |
| **11/21** | $1155324 | $1207533 | $1135592 |
| **12/21** | $1155361 | $1209481 | $1136974 |
| **1/22** | $1137397 | $1176374 | $1113019 |
| **2/22** | $1131874 | $1172159 | $1109718 |
| **3/22** | $1111716 | $1134161 | $1085939 |
| **4/22** | $1096244 | $1102791 | $1069130 |
| **5/22** | $1102225 | $1119173 | $1083705 |
| **6/22** | $1096005 | $1100843 | $1079753 |
| **7/22** | $1110032 | $1129929 | $1098498 |
| **8/22** | $1098274 | $1105165 | $1082128 |
| **9/22** | $1079786 | $1062748 | $1055411 |
| **10/22** | $1077282 | $1053910 | $1053214 |
| **11/22** | $1096547 | $1103205 | $1081252 |
| **12/22** | $1098888 | $1106363 | $1085652 |
| **1/23** | $1114946 | $1138144 | $1105909 |
| **2/23** | $1102584 | $1112408 | $1086813 |
| **3/23** | $1115384 | $1137090 | $1105636 |
| **4/23** | $1115609 | $1134492 | $1101463 |
| **5/23** | $1111272 | $1124661 | $1092477 |
| **6/23** | $1117439 | $1135927 | $1099632 |
| **7/23** | $1120275 | $1140421 | $1103118 |
| **8/23** | $1114958 | $1124003 | $1095844 |
| **9/23** | $1106171 | $1091060 | $1078192 |
| **10/23** | $1102104 | $1081775 | $1076557 |
| **11/23** | $1133109 | $1150447 | $1115915 |
| **12/23** | $1147821 | $1177186 | $1132596 |
| **1/24** | $1150824 | $1171174 | $1129108 |
| **2/24** | $1152697 | $1172678 | $1129913 |
| **3/24** | $1155711 | $1172641 | $1128509 |
| **4/24** | $1152831 | $1158118 | $1119743 |
| **5/24** | $1153471 | $1154721 | $1113301 |
| **6/24** | $1166031 | $1172420 | $1124997 |
| **7/24** | $1176264 | $1183106 | $1135377 |
| **8/24** | $1186583 | $1192437 | $1147923 |
| **9/24** | $1195747 | $1204223 | $1155632 |
| **10/24** | $1186862 | $1186664 | $1143716 |
| **11/24** | $1198465 | $1207162 | $1153513 |
| **12/24** | $1193170 | $1189588 | $1145458 |
| **1/25** | $1198813 | $1195550 | $1153055 |
| **2/25** | $1209310 | $1207404 | $1162920 |
| **3/25** | $1199002 | $1186941 | $1154687 |
| **4/25** | $1196266 | $1177379 | $1148632 |
| **5/25** | $1199487 | $1178135 | $1158091 |
| **6/25** | $1207732 | $1185469 | $1167846 |
| **7/25** | $1209824 | $1183075 | $1175066 |
| **8/25** | $1219260 | $1193358 | $1184329 |
| **9/25** | $1236487 | $1220994 | $1193683 |
| **10/25** | $1244678 | $1236137 | $1196848 |
| **11/25** | $1249141 | $1238973 | $1199546 |
| **12/25** | $1252388 | $1240088 | $1202886 |
| **1/26** | $1261761 | $1251726 | $1214328 |
| **2/26** | $1275118 | $1267326 | $1224876 |
| **3/26** | $1253054 | $1237891 | $1201211 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.51% | 1.86% | 2.28% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 4.03% | 1.23% | 1.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to November 14, 2016 reflects the Fund's performance under its former investment objective and principal investment strategies. Please see the Fund's prospectus for further information. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $831411516 |
| # of Portfolio Holdings | 613 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $3148750 |

---

## 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)
![Group By Asset Type Chart](g117915if95b2e2c044ef1643d63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.3% |
| Senior Living/Life Care | 4.0% |
| Water and Sewer | 5.4% |
| Lease Rev./Cert. of Participation | 5.6% |
| Hospital | 6.2% |
| Other Revenue | 7.4% |
| Special Tax Revenue | 8.4% |
| Industrial Development Revenue | 8.8% |
| Transportation | 8.8% |
| Education | 9.1% |
| Housing | 9.7% |
| General Obligations | 23.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915i39c0cf6d2da7f87e4642.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.1% |
| B | 0.2% |
| BB | 6.8% |
| BBB | 6.1% |
| A | 22.3% |
| AA | 47.3% |
| AAA | 12.2% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EMAIX-TSR-AR

# Eaton Vance National Limited Maturity Municipal Income Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class A EXNAX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance National Limited Maturity Municipal Income Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $70 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↓ Security selection within the water and sewer sector detracted from Fund performance relative to the Index during the period

↓ Security selection in bonds subject to alternative minimum tax detracted from Fund performance relative to the Index during the period

↑ An out-of-Index allocation to bonds with 15 years (12–17 years) remaining to maturity contributed to Index-relative returns during the period

↑ An overweight exposure and security selection in bonds with 4% coupon rates contributed to performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g117915ic0fe5bd992c380fdd574.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **3/16** | $10000 | $10000 | $10000 |
| **4/16** | $9736 | $10074 | $10046 |
| **5/16** | $9729 | $10101 | $10037 |
| **6/16** | $9838 | $10261 | $10122 |
| **7/16** | $9852 | $10268 | $10146 |
| **8/16** | $9845 | $10282 | $10141 |
| **9/16** | $9810 | $10230 | $10110 |
| **10/16** | $9745 | $10123 | $10064 |
| **11/16** | $9449 | $9745 | $9818 |
| **12/16** | $9501 | $9860 | $9876 |
| **1/17** | $9562 | $9925 | $9953 |
| **2/17** | $9625 | $9994 | $10019 |
| **3/17** | $9647 | $10015 | $10027 |
| **4/17** | $9719 | $10088 | $10086 |
| **5/17** | $9830 | $10248 | $10183 |
| **6/17** | $9793 | $10211 | $10149 |
| **7/17** | $9865 | $10294 | $10213 |
| **8/17** | $9927 | $10372 | $10268 |
| **9/17** | $9881 | $10320 | $10214 |
| **10/17** | $9883 | $10345 | $10218 |
| **11/17** | $9806 | $10289 | $10122 |
| **12/17** | $9859 | $10397 | $10176 |
| **1/18** | $9811 | $10275 | $10135 |
| **2/18** | $9794 | $10244 | $10115 |
| **3/18** | $9797 | $10282 | $10119 |
| **4/18** | $9769 | $10245 | $10090 |
| **5/18** | $9842 | $10362 | $10171 |
| **6/18** | $9864 | $10371 | $10199 |
| **7/18** | $9887 | $10396 | $10235 |
| **8/18** | $9889 | $10423 | $10239 |
| **9/18** | $9852 | $10356 | $10190 |
| **10/18** | $9813 | $10292 | $10171 |
| **11/18** | $9878 | $10406 | $10252 |
| **12/18** | $9952 | $10530 | $10348 |
| **1/19** | $10027 | $10610 | $10434 |
| **2/19** | $10071 | $10667 | $10479 |
| **3/19** | $10135 | $10835 | $10559 |
| **4/19** | $10148 | $10876 | $10568 |
| **5/19** | $10233 | $11026 | $10675 |
| **6/19** | $10276 | $11067 | $10722 |
| **7/19** | $10339 | $11156 | $10798 |
| **8/19** | $10424 | $11332 | $10873 |
| **9/19** | $10362 | $11241 | $10794 |
| **10/19** | $10383 | $11261 | $10834 |
| **11/19** | $10406 | $11289 | $10858 |
| **12/19** | $10429 | $11324 | $10889 |
| **1/20** | $10545 | $11527 | $11016 |
| **2/20** | $10631 | $11676 | $11085 |
| **3/20** | $10304 | $11252 | $10823 |
| **4/20** | $10199 | $11111 | $10802 |
| **5/20** | $10391 | $11465 | $11069 |
| **6/20** | $10509 | $11559 | $11113 |
| **7/20** | $10616 | $11754 | $11233 |
| **8/20** | $10615 | $11699 | $11217 |
| **9/20** | $10624 | $11701 | $11229 |
| **10/20** | $10622 | $11666 | $11206 |
| **11/20** | $10695 | $11842 | $11282 |
| **12/20** | $10768 | $11914 | $11321 |
| **1/21** | $10828 | $11990 | $11360 |
| **2/21** | $10748 | $11799 | $11256 |
| **3/21** | $10764 | $11872 | $11298 |
| **4/21** | $10801 | $11972 | $11345 |
| **5/21** | $10827 | $12008 | $11350 |
| **6/21** | $10841 | $12041 | $11356 |
| **7/21** | $10887 | $12140 | $11421 |
| **8/21** | $10867 | $12096 | $11410 |
| **9/21** | $10827 | $12009 | $11358 |
| **10/21** | $10796 | $11973 | $11328 |
| **11/21** | $10831 | $12075 | $11356 |
| **12/21** | $10832 | $12095 | $11370 |
| **1/22** | $10668 | $11764 | $11130 |
| **2/22** | $10627 | $11722 | $11097 |
| **3/22** | $10453 | $11342 | $10859 |
| **4/22** | $10325 | $11028 | $10691 |
| **5/22** | $10395 | $11192 | $10837 |
| **6/22** | $10356 | $11008 | $10798 |
| **7/22** | $10473 | $11299 | $10985 |
| **8/22** | $10346 | $11052 | $10821 |
| **9/22** | $10200 | $10627 | $10554 |
| **10/22** | $10179 | $10539 | $10532 |
| **11/22** | $10358 | $11032 | $10813 |
| **12/22** | $10382 | $11064 | $10857 |
| **1/23** | $10529 | $11381 | $11059 |
| **2/23** | $10407 | $11124 | $10868 |
| **3/23** | $10534 | $11371 | $11056 |
| **4/23** | $10525 | $11345 | $11015 |
| **5/23** | $10482 | $11247 | $10925 |
| **6/23** | $10531 | $11359 | $10996 |
| **7/23** | $10558 | $11404 | $11031 |
| **8/23** | $10528 | $11240 | $10958 |
| **9/23** | $10418 | $10911 | $10782 |
| **10/23** | $10388 | $10818 | $10766 |
| **11/23** | $10681 | $11504 | $11159 |
| **12/23** | $10802 | $11772 | $11326 |
| **1/24** | $10807 | $11712 | $11291 |
| **2/24** | $10836 | $11727 | $11299 |
| **3/24** | $10854 | $11726 | $11285 |
| **4/24** | $10813 | $11581 | $11197 |
| **5/24** | $10808 | $11547 | $11133 |
| **6/24** | $10910 | $11724 | $11250 |
| **7/24** | $10988 | $11831 | $11354 |
| **8/24** | $11065 | $11924 | $11479 |
| **9/24** | $11132 | $12042 | $11556 |
| **10/24** | $11055 | $11867 | $11437 |
| **11/24** | $11157 | $12072 | $11535 |
| **12/24** | $11104 | $11896 | $11455 |
| **1/25** | $11156 | $11956 | $11531 |
| **2/25** | $11232 | $12074 | $11629 |
| **3/25** | $11140 | $11869 | $11547 |
| **4/25** | $11098 | $11774 | $11486 |
| **5/25** | $11127 | $11781 | $11581 |
| **6/25** | $11205 | $11855 | $11678 |
| **7/25** | $11222 | $11831 | $11751 |
| **8/25** | $11300 | $11934 | $11843 |
| **9/25** | $11446 | $12210 | $11937 |
| **10/25** | $11514 | $12361 | $11968 |
| **11/25** | $11544 | $12390 | $11995 |
| **12/25** | $11562 | $12401 | $12029 |
| **1/26** | $11652 | $12517 | $12143 |
| **2/26** | $11756 | $12673 | $12249 |
| **3/26** | $11562 | $12379 | $12012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 3.78% | 1.44% | 1.80% |
| Class A with 3.25% Maximum Sales Charge | 0.42% | 0.78% | 1.46% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 4.03% | 1.23% | 1.85% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $469610527 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $2026322 |

---

## 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)
![Group By Asset Type Chart](g117915i02d3525c14d50657911b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.4% |
| Electric Utilities | 4.5% |
| Lease Rev./Cert. of Participation | 5.0% |
| Industrial Development Revenue | 5.5% |
| Hospital | 6.0% |
| Education | 6.7% |
| Special Tax Revenue | 7.5% |
| Water and Sewer | 8.5% |
| Other Revenue | 9.1% |
| Housing | 9.1% |
| General Obligations | 15.9% |
| Transportation | 17.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915i79d0c40d562d0a643bef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.5% |
| B | 0.3% |
| BB | 2.4% |
| BBB | 2.5% |
| A | 22.7% |
| AA | 56.1% |
| AAA | 11.5% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EXNAX-TSR-AR

# Eaton Vance National Limited Maturity Municipal Income Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class C EZNAX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance National Limited Maturity Municipal Income Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $147 | 1.45% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↓ Security selection within the water and sewer sector detracted from Fund performance relative to the Index during the period

↓ Security selection in bonds subject to alternative minimum tax detracted from Fund performance relative to the Index during the period

↑ An out-of-Index allocation to bonds with 15 years (12–17 years) remaining to maturity contributed to Index-relative returns during the period

↑ An overweight exposure and security selection in bonds with 4% coupon rates contributed to performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g117915iba5e2dd8ba0c61a6ee07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **3/16** | $10000 | $10000 | $10000 |
| **4/16** | $10049 | $10074 | $10046 |
| **5/16** | $10044 | $10101 | $10037 |
| **6/16** | $10146 | $10261 | $10122 |
| **7/16** | $10152 | $10268 | $10146 |
| **8/16** | $10148 | $10282 | $10141 |
| **9/16** | $10101 | $10230 | $10110 |
| **10/16** | $10033 | $10123 | $10064 |
| **11/16** | $9722 | $9745 | $9818 |
| **12/16** | $9771 | $9860 | $9876 |
| **1/17** | $9831 | $9925 | $9953 |
| **2/17** | $9881 | $9994 | $10019 |
| **3/17** | $9898 | $10015 | $10027 |
| **4/17** | $9969 | $10088 | $10086 |
| **5/17** | $10071 | $10248 | $10183 |
| **6/17** | $10034 | $10211 | $10149 |
| **7/17** | $10094 | $10294 | $10213 |
| **8/17** | $10154 | $10372 | $10268 |
| **9/17** | $10096 | $10320 | $10214 |
| **10/17** | $10090 | $10345 | $10218 |
| **11/17** | $10009 | $10289 | $10122 |
| **12/17** | $10048 | $10397 | $10176 |
| **1/18** | $9999 | $10275 | $10135 |
| **2/18** | $9973 | $10244 | $10115 |
| **3/18** | $9968 | $10282 | $10119 |
| **4/18** | $9941 | $10245 | $10090 |
| **5/18** | $10001 | $10362 | $10171 |
| **6/18** | $10018 | $10371 | $10199 |
| **7/18** | $10046 | $10396 | $10235 |
| **8/18** | $10040 | $10423 | $10239 |
| **9/18** | $9992 | $10356 | $10190 |
| **10/18** | $9954 | $10292 | $10171 |
| **11/18** | $10004 | $10406 | $10252 |
| **12/18** | $10077 | $10530 | $10348 |
| **1/19** | $10149 | $10610 | $10434 |
| **2/19** | $10179 | $10667 | $10479 |
| **3/19** | $10240 | $10835 | $10559 |
| **4/19** | $10245 | $10876 | $10568 |
| **5/19** | $10329 | $11026 | $10675 |
| **6/19** | $10367 | $11067 | $10722 |
| **7/19** | $10428 | $11156 | $10798 |
| **8/19** | $10499 | $11332 | $10873 |
| **9/19** | $10436 | $11241 | $10794 |
| **10/19** | $10451 | $11261 | $10834 |
| **11/19** | $10467 | $11289 | $10858 |
| **12/19** | $10484 | $11324 | $10889 |
| **1/20** | $10589 | $11527 | $11016 |
| **2/20** | $10673 | $11676 | $11085 |
| **3/20** | $10337 | $11252 | $10823 |
| **4/20** | $10229 | $11111 | $10802 |
| **5/20** | $10415 | $11465 | $11069 |
| **6/20** | $10521 | $11559 | $11113 |
| **7/20** | $10627 | $11754 | $11233 |
| **8/20** | $10618 | $11699 | $11217 |
| **9/20** | $10621 | $11701 | $11229 |
| **10/20** | $10610 | $11666 | $11206 |
| **11/20** | $10680 | $11842 | $11282 |
| **12/20** | $10737 | $11914 | $11321 |
| **1/21** | $10794 | $11990 | $11360 |
| **2/21** | $10713 | $11799 | $11256 |
| **3/21** | $10710 | $11872 | $11298 |
| **4/21** | $10754 | $11972 | $11345 |
| **5/21** | $10773 | $12008 | $11350 |
| **6/21** | $10769 | $12041 | $11356 |
| **7/21** | $10821 | $12140 | $11421 |
| **8/21** | $10793 | $12096 | $11410 |
| **9/21** | $10742 | $12009 | $11358 |
| **10/21** | $10713 | $11973 | $11328 |
| **11/21** | $10731 | $12075 | $11356 |
| **12/21** | $10726 | $12095 | $11370 |
| **1/22** | $10557 | $11764 | $11130 |
| **2/22** | $10506 | $11722 | $11097 |
| **3/22** | $10338 | $11342 | $10859 |
| **4/22** | $10196 | $11028 | $10691 |
| **5/22** | $10262 | $11192 | $10837 |
| **6/22** | $10214 | $11008 | $10798 |
| **7/22** | $10329 | $11299 | $10985 |
| **8/22** | $10200 | $11052 | $10821 |
| **9/22** | $10039 | $10627 | $10554 |
| **10/22** | $10021 | $10539 | $10532 |
| **11/22** | $10189 | $11032 | $10813 |
| **12/22** | $10206 | $11064 | $10857 |
| **1/23** | $10340 | $11381 | $11059 |
| **2/23** | $10217 | $11124 | $10868 |
| **3/23** | $10330 | $11371 | $11056 |
| **4/23** | $10312 | $11345 | $11015 |
| **5/23** | $10271 | $11247 | $10925 |
| **6/23** | $10314 | $11359 | $10996 |
| **7/23** | $10335 | $11404 | $11031 |
| **8/23** | $10294 | $11240 | $10958 |
| **9/23** | $10184 | $10911 | $10782 |
| **10/23** | $10157 | $10818 | $10766 |
| **11/23** | $10417 | $11504 | $11159 |
| **12/23** | $10535 | $11772 | $11326 |
| **1/24** | $10544 | $11712 | $11291 |
| **2/24** | $10554 | $11727 | $11299 |
| **3/24** | $10563 | $11726 | $11285 |
| **4/24** | $10525 | $11581 | $11197 |
| **5/24** | $10510 | $11547 | $11133 |
| **6/24** | $10608 | $11724 | $11250 |
| **7/24** | $10668 | $11831 | $11354 |
| **8/24** | $10739 | $11924 | $11479 |
| **9/24** | $10799 | $12042 | $11556 |
| **10/24** | $10724 | $11867 | $11437 |
| **11/24** | $10820 | $12072 | $11535 |
| **12/24** | $10756 | $11896 | $11455 |
| **1/25** | $10789 | $11956 | $11531 |
| **2/25** | $10860 | $12074 | $11629 |
| **3/25** | $10768 | $11869 | $11547 |
| **4/25** | $10717 | $11774 | $11486 |
| **5/25** | $10738 | $11781 | $11581 |
| **6/25** | $10810 | $11855 | $11678 |
| **7/25** | $10819 | $11831 | $11751 |
| **8/25** | $10890 | $11934 | $11843 |
| **9/25** | $11018 | $12210 | $11937 |
| **10/25** | $11079 | $12361 | $11968 |
| **11/25** | $11101 | $12390 | $11995 |
| **12/25** | $11110 | $12401 | $12029 |
| **1/26** | $11181 | $12517 | $12143 |
| **2/26** | $11279 | $12673 | $12249 |
| **3/26** | $11096 | $12379 | $12012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 3.04% | 0.71% | 1.05% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 2.04% | 0.71% | 1.05% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 4.03% | 1.23% | 1.85% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $469610527 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $2026322 |

---

## 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)
![Group By Asset Type Chart](g117915i02d3525c14d50657911b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.4% |
| Electric Utilities | 4.5% |
| Lease Rev./Cert. of Participation | 5.0% |
| Industrial Development Revenue | 5.5% |
| Hospital | 6.0% |
| Education | 6.7% |
| Special Tax Revenue | 7.5% |
| Water and Sewer | 8.5% |
| Other Revenue | 9.1% |
| Housing | 9.1% |
| General Obligations | 15.9% |
| Transportation | 17.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915i79d0c40d562d0a643bef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.5% |
| B | 0.3% |
| BB | 2.4% |
| BBB | 2.5% |
| A | 22.7% |
| AA | 56.1% |
| AAA | 11.5% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EZNAX-TSR-AR

# Eaton Vance National Limited Maturity Municipal Income Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class I EINAX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance National Limited Maturity Municipal Income Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $55 | 0.54% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↓ Security selection within the water and sewer sector detracted from Fund performance relative to the Index during the period

↓ Security selection in bonds subject to alternative minimum tax detracted from Fund performance relative to the Index during the period

↑ An out-of-Index allocation to bonds with 15 years (12–17 years) remaining to maturity contributed to Index-relative returns during the period

↑ An overweight exposure and security selection in bonds with 4% coupon rates contributed to performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g117915i2f87fb15bba55f65d82d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **3/16** | $1000000 | $1000000 | $1000000 |
| **4/16** | $1005397 | $1007353 | $1004632 |
| **5/16** | $1004881 | $1010078 | $1003716 |
| **6/16** | $1016263 | $1026147 | $1012168 |
| **7/16** | $1017756 | $1026773 | $1014645 |
| **8/16** | $1018219 | $1028159 | $1014071 |
| **9/16** | $1013696 | $1023027 | $1011021 |
| **10/16** | $1007149 | $1012295 | $1006401 |
| **11/16** | $977686 | $974541 | $981835 |
| **12/16** | $983182 | $985982 | $987588 |
| **1/17** | $989644 | $992482 | $995316 |
| **2/17** | $996189 | $999374 | $1001862 |
| **3/17** | $997625 | $1001543 | $1002690 |
| **4/17** | $1005188 | $1008810 | $1008643 |
| **5/17** | $1016757 | $1024821 | $1018291 |
| **6/17** | $1014139 | $1021145 | $1014860 |
| **7/17** | $1020689 | $1029407 | $1021334 |
| **8/17** | $1027238 | $1037241 | $1026780 |
| **9/17** | $1022620 | $1031967 | $1021448 |
| **10/17** | $1022970 | $1034486 | $1021798 |
| **11/17** | $1015106 | $1028947 | $1012188 |
| **12/17** | $1020660 | $1039702 | $1017558 |
| **1/18** | $1015869 | $1027461 | $1013515 |
| **2/18** | $1014237 | $1024391 | $1011531 |
| **3/18** | $1014626 | $1028172 | $1011881 |
| **4/18** | $1011864 | $1024503 | $1008966 |
| **5/18** | $1019526 | $1036235 | $1017113 |
| **6/18** | $1021989 | $1037119 | $1019934 |
| **7/18** | $1024515 | $1039636 | $1023527 |
| **8/18** | $1024872 | $1042306 | $1023917 |
| **9/18** | $1021090 | $1035558 | $1019041 |
| **10/18** | $1018305 | $1029181 | $1017100 |
| **11/18** | $1024036 | $1040572 | $1025233 |
| **12/18** | $1031875 | $1053031 | $1034750 |
| **1/19** | $1039752 | $1060991 | $1043351 |
| **2/19** | $1044499 | $1066672 | $1047932 |
| **3/19** | $1051252 | $1083534 | $1055883 |
| **4/19** | $1052693 | $1087606 | $1056794 |
| **5/19** | $1062699 | $1102600 | $1067511 |
| **6/19** | $1067297 | $1106671 | $1072174 |
| **7/19** | $1072965 | $1115590 | $1079814 |
| **8/19** | $1081841 | $1133187 | $1087335 |
| **9/19** | $1076617 | $1124103 | $1079385 |
| **10/19** | $1079028 | $1126118 | $1083353 |
| **11/19** | $1080403 | $1128934 | $1085782 |
| **12/19** | $1082955 | $1132381 | $1088905 |
| **1/20** | $1095168 | $1152726 | $1101648 |
| **2/20** | $1104189 | $1167591 | $1108536 |
| **3/20** | $1070312 | $1125239 | $1082276 |
| **4/20** | $1060638 | $1111117 | $1080173 |
| **5/20** | $1080822 | $1146463 | $1106921 |
| **6/20** | $1092013 | $1155899 | $1111287 |
| **7/20** | $1104381 | $1175367 | $1123260 |
| **8/20** | $1103353 | $1169852 | $1121689 |
| **9/20** | $1104474 | $1170100 | $1122883 |
| **10/20** | $1104370 | $1166586 | $1120606 |
| **11/20** | $1112104 | $1184190 | $1128196 |
| **12/20** | $1119770 | $1191404 | $1132129 |
| **1/21** | $1126232 | $1198996 | $1136017 |
| **2/21** | $1118056 | $1179946 | $1125574 |
| **3/21** | $1119822 | $1187223 | $1129765 |
| **4/21** | $1124964 | $1197181 | $1134506 |
| **5/21** | $1126640 | $1200753 | $1135029 |
| **6/21** | $1128297 | $1204050 | $1135564 |
| **7/21** | $1134301 | $1214036 | $1142097 |
| **8/21** | $1132421 | $1209580 | $1140997 |
| **9/21** | $1127172 | $1200851 | $1135808 |
| **10/21** | $1125233 | $1197340 | $1132822 |
| **11/21** | $1129012 | $1207533 | $1135592 |
| **12/21** | $1128194 | $1209481 | $1136974 |
| **1/22** | $1111274 | $1176374 | $1113019 |
| **2/22** | $1107136 | $1172159 | $1109718 |
| **3/22** | $1090266 | $1134161 | $1085939 |
| **4/22** | $1075851 | $1102791 | $1069130 |
| **5/22** | $1083326 | $1119173 | $1083705 |
| **6/22** | $1079432 | $1100843 | $1079753 |
| **7/22** | $1091706 | $1129929 | $1098498 |
| **8/22** | $1079828 | $1105165 | $1082128 |
| **9/22** | $1063525 | $1062748 | $1055411 |
| **10/22** | $1062621 | $1053910 | $1053214 |
| **11/22** | $1080315 | $1103205 | $1081252 |
| **12/22** | $1082941 | $1106363 | $1085652 |
| **1/23** | $1098358 | $1138144 | $1105909 |
| **2/23** | $1087013 | $1112408 | $1086813 |
| **3/23** | $1099170 | $1137090 | $1105636 |
| **4/23** | $1098369 | $1134492 | $1101463 |
| **5/23** | $1095198 | $1124661 | $1092477 |
| **6/23** | $1100452 | $1135927 | $1099632 |
| **7/23** | $1102280 | $1140421 | $1103118 |
| **8/23** | $1100410 | $1124003 | $1095844 |
| **9/23** | $1089071 | $1091060 | $1078192 |
| **10/23** | $1086117 | $1081775 | $1076557 |
| **11/23** | $1115632 | $1150447 | $1115915 |
| **12/23** | $1128439 | $1177186 | $1132596 |
| **1/24** | $1130324 | $1171174 | $1129108 |
| **2/24** | $1132284 | $1172678 | $1129913 |
| **3/24** | $1134253 | $1172641 | $1128509 |
| **4/24** | $1131386 | $1158118 | $1119743 |
| **5/24** | $1130926 | $1154721 | $1113301 |
| **6/24** | $1140553 | $1172420 | $1124997 |
| **7/24** | $1148818 | $1183106 | $1135377 |
| **8/24** | $1158289 | $1192437 | $1147923 |
| **9/24** | $1165427 | $1204223 | $1155632 |
| **10/24** | $1157568 | $1186664 | $1143716 |
| **11/24** | $1168343 | $1207162 | $1153513 |
| **12/24** | $1161664 | $1189588 | $1145458 |
| **1/25** | $1167256 | $1195550 | $1153055 |
| **2/25** | $1176626 | $1207404 | $1162920 |
| **3/25** | $1167141 | $1186941 | $1154687 |
| **4/25** | $1162937 | $1177379 | $1148632 |
| **5/25** | $1166115 | $1178135 | $1158091 |
| **6/25** | $1173154 | $1185469 | $1167846 |
| **7/25** | $1175108 | $1183075 | $1175066 |
| **8/25** | $1183433 | $1193358 | $1184329 |
| **9/25** | $1198806 | $1220994 | $1193683 |
| **10/25** | $1206148 | $1236137 | $1196848 |
| **11/25** | $1209421 | $1238973 | $1199546 |
| **12/25** | $1212722 | $1240088 | $1202886 |
| **1/26** | $1220998 | $1251726 | $1214328 |
| **2/26** | $1232026 | $1267326 | $1224876 |
| **3/26** | $1213088 | $1237891 | $1201211 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 3.94% | 1.61% | 1.95% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 4.03% | 1.23% | 1.85% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $469610527 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $2026322 |

---

## 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)
![Group By Asset Type Chart](g117915i02d3525c14d50657911b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.4% |
| Electric Utilities | 4.5% |
| Lease Rev./Cert. of Participation | 5.0% |
| Industrial Development Revenue | 5.5% |
| Hospital | 6.0% |
| Education | 6.7% |
| Special Tax Revenue | 7.5% |
| Water and Sewer | 8.5% |
| Other Revenue | 9.1% |
| Housing | 9.1% |
| General Obligations | 15.9% |
| Transportation | 17.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915i79d0c40d562d0a643bef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.5% |
| B | 0.3% |
| BB | 2.4% |
| BBB | 2.5% |
| A | 22.7% |
| AA | 56.1% |
| AAA | 11.5% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EINAX-TSR-AR

# Eaton Vance National Ultra-Short Municipal Income Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Advisers Class EAMLX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance National Ultra-Short Municipal Income Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 1 Year Municipal Bond Index (the Index):

↓ Security selection in the electric utilities sector detracted from Fund performance relative to the Index during the period

↓ Security selection in the special tax sector detracted from Fund returns relative to the Index during the period

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↑ An out-of-Index allocation in the 3-year (2–4) maturity range contributed to performance relative to the Index during the period

↑ An overweight exposure and security selection in bonds with coupon rates between 0.01% and 3.99% contributed to Index-relative returns during the period

↑ An allocation to floating-rate notes contributed to performance relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g117915i323b2c7659ae2492a759.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisers Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1 Year Municipal Bond Index** |
| **3/16** | $10000 | $10000 | $10000 |
| **4/16** | $10018 | $10074 | $10011 |
| **5/16** | $10015 | $10101 | $10016 |
| **6/16** | $10042 | $10261 | $10034 |
| **7/16** | $10058 | $10268 | $10051 |
| **8/16** | $10043 | $10282 | $10036 |
| **9/16** | $10040 | $10230 | $10015 |
| **10/16** | $10057 | $10123 | $10022 |
| **11/16** | $10040 | $9745 | $9978 |
| **12/16** | $10045 | $9860 | $9998 |
| **1/17** | $10050 | $9925 | $10034 |
| **2/17** | $10066 | $9994 | $10067 |
| **3/17** | $10071 | $10015 | $10067 |
| **4/17** | $10078 | $10088 | $10083 |
| **5/17** | $10095 | $10248 | $10102 |
| **6/17** | $10101 | $10211 | $10093 |
| **7/17** | $10118 | $10294 | $10118 |
| **8/17** | $10125 | $10372 | $10140 |
| **9/17** | $10131 | $10320 | $10128 |
| **10/17** | $10149 | $10345 | $10129 |
| **11/17** | $10135 | $10289 | $10084 |
| **12/17** | $10155 | $10397 | $10090 |
| **1/18** | $10176 | $10275 | $10118 |
| **2/18** | $10194 | $10244 | $10136 |
| **3/18** | $10194 | $10282 | $10128 |
| **4/18** | $10206 | $10245 | $10119 |
| **5/18** | $10228 | $10362 | $10152 |
| **6/18** | $10239 | $10371 | $10188 |
| **7/18** | $10260 | $10396 | $10209 |
| **8/18** | $10262 | $10423 | $10206 |
| **9/18** | $10274 | $10356 | $10186 |
| **10/18** | $10277 | $10292 | $10195 |
| **11/18** | $10291 | $10406 | $10227 |
| **12/18** | $10305 | $10530 | $10265 |
| **1/19** | $10319 | $10610 | $10297 |
| **2/19** | $10332 | $10667 | $10321 |
| **3/19** | $10346 | $10835 | $10349 |
| **4/19** | $10360 | $10876 | $10357 |
| **5/19** | $10375 | $11026 | $10395 |
| **6/19** | $10389 | $11067 | $10427 |
| **7/19** | $10412 | $11156 | $10462 |
| **8/19** | $10425 | $11332 | $10476 |
| **9/19** | $10436 | $11241 | $10454 |
| **10/19** | $10448 | $11261 | $10484 |
| **11/19** | $10457 | $11289 | $10503 |
| **12/19** | $10478 | $11324 | $10518 |
| **1/20** | $10487 | $11527 | $10555 |
| **2/20** | $10496 | $11676 | $10577 |
| **3/20** | $10461 | $11252 | $10524 |
| **4/20** | $10329 | $11111 | $10548 |
| **5/20** | $10331 | $11465 | $10652 |
| **6/20** | $10386 | $11559 | $10652 |
| **7/20** | $10388 | $11754 | $10679 |
| **8/20** | $10421 | $11699 | $10681 |
| **9/20** | $10444 | $11701 | $10689 |
| **10/20** | $10434 | $11666 | $10680 |
| **11/20** | $10468 | $11842 | $10694 |
| **12/20** | $10480 | $11914 | $10703 |
| **1/21** | $10502 | $11990 | $10721 |
| **2/21** | $10514 | $11799 | $10717 |
| **3/21** | $10526 | $11872 | $10725 |
| **4/21** | $10526 | $11972 | $10732 |
| **5/21** | $10526 | $12008 | $10737 |
| **6/21** | $10526 | $12041 | $10736 |
| **7/21** | $10526 | $12140 | $10750 |
| **8/21** | $10526 | $12096 | $10747 |
| **9/21** | $10526 | $12009 | $10736 |
| **10/21** | $10526 | $11973 | $10734 |
| **11/21** | $10536 | $12075 | $10737 |
| **12/21** | $10526 | $12095 | $10736 |
| **1/22** | $10515 | $11764 | $10665 |
| **2/22** | $10505 | $11722 | $10651 |
| **3/22** | $10486 | $11342 | $10563 |
| **4/22** | $10458 | $11028 | $10520 |
| **5/22** | $10476 | $11192 | $10600 |
| **6/22** | $10473 | $11008 | $10603 |
| **7/22** | $10494 | $11299 | $10661 |
| **8/22** | $10466 | $11052 | $10576 |
| **9/22** | $10451 | $10627 | $10485 |
| **10/22** | $10456 | $10539 | $10499 |
| **11/22** | $10506 | $11032 | $10620 |
| **12/22** | $10518 | $11064 | $10614 |
| **1/23** | $10571 | $11381 | $10704 |
| **2/23** | $10561 | $11124 | $10613 |
| **3/23** | $10608 | $11371 | $10727 |
| **4/23** | $10611 | $11345 | $10696 |
| **5/23** | $10626 | $11247 | $10684 |
| **6/23** | $10666 | $11359 | $10735 |
| **7/23** | $10693 | $11404 | $10758 |
| **8/23** | $10722 | $11240 | $10770 |
| **9/23** | $10729 | $10911 | $10725 |
| **10/23** | $10747 | $10818 | $10755 |
| **11/23** | $10821 | $11504 | $10911 |
| **12/23** | $10873 | $11772 | $10974 |
| **1/24** | $10891 | $11712 | $10971 |
| **2/24** | $10920 | $11727 | $10988 |
| **3/24** | $10939 | $11726 | $10987 |
| **4/24** | $10947 | $11581 | $10988 |
| **5/24** | $10977 | $11547 | $11015 |
| **6/24** | $11031 | $11724 | $11077 |
| **7/24** | $11084 | $11831 | $11150 |
| **8/24** | $11140 | $11924 | $11223 |
| **9/24** | $11170 | $12042 | $11258 |
| **10/24** | $11165 | $11867 | $11230 |
| **11/24** | $11206 | $12072 | $11274 |
| **12/24** | $11212 | $11896 | $11272 |
| **1/25** | $11262 | $11956 | $11331 |
| **2/25** | $11301 | $12074 | $11378 |
| **3/25** | $11307 | $11869 | $11390 |
| **4/25** | $11301 | $11774 | $11370 |
| **5/25** | $11352 | $11781 | $11425 |
| **6/25** | $11392 | $11855 | $11484 |
| **7/25** | $11441 | $11831 | $11542 |
| **8/25** | $11468 | $11934 | $11589 |
| **9/25** | $11496 | $12210 | $11598 |
| **10/25** | $11499 | $12361 | $11591 |
| **11/25** | $11525 | $12390 | $11624 |
| **12/25** | $11564 | $12401 | $11662 |
| **1/26** | $11610 | $12517 | $11728 |
| **2/26** | $11646 | $12673 | $11776 |
| **3/26** | $11623 | $12379 | $11736 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Advisers Class | 2.80% | 2.00% | 1.51% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1 Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Advisers Class performance prior to 11/20/20 is linked to Class A. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $348197805 |
| # of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 112% |
| Total Advisory Fees Paid | $780106 |

---

## 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)
![Group By Asset Type Chart](g117915i997a34398636b9cb3f9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.7% |
| Special Tax Revenue | 5.9% |
| Electric Utilities | 6.3% |
| Transportation | 8.3% |
| Housing | 8.3% |
| Other Revenue | 9.8% |
| Water and Sewer | 10.1% |
| Hospital | 10.3% |
| Industrial Development Revenue | 11.5% |
| General Obligations | 21.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915ib7c8e7c16f1dc7d6e159.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.0% |
| BB | 1.6% |
| BBB | 5.2% |
| A | 28.2% |
| AA | 47.5% |
| AAA | 13.5% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EAMLX-TSR-AR

# Eaton Vance National Ultra-Short Municipal Income Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class A EXFLX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance National Ultra-Short Municipal Income Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 1 Year Municipal Bond Index (the Index):

↓ Security selection in the electric utilities sector detracted from Fund performance relative to the Index during the period

↓ Security selection in the special tax sector detracted from Fund returns relative to the Index during the period

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↑ An out-of-Index allocation in the 3-year (2–4) maturity range contributed to performance relative to the Index during the period

↑ An overweight exposure and security selection in bonds with coupon rates between 0.01% and 3.99% contributed to Index-relative returns during the period

↑ An allocation to floating-rate notes contributed to performance relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g117915ie2f45701f4ee7bf0e037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg 1 Year Municipal Bond Index** |
| **3/16** | $10000 | $10000 | $10000 |
| **4/16** | $9793 | $10074 | $10011 |
| **5/16** | $9790 | $10101 | $10016 |
| **6/16** | $9816 | $10261 | $10034 |
| **7/16** | $9832 | $10268 | $10051 |
| **8/16** | $9817 | $10282 | $10036 |
| **9/16** | $9814 | $10230 | $10015 |
| **10/16** | $9830 | $10123 | $10022 |
| **11/16** | $9814 | $9745 | $9978 |
| **12/16** | $9819 | $9860 | $9998 |
| **1/17** | $9824 | $9925 | $10034 |
| **2/17** | $9839 | $9994 | $10067 |
| **3/17** | $9844 | $10015 | $10067 |
| **4/17** | $9851 | $10088 | $10083 |
| **5/17** | $9868 | $10248 | $10102 |
| **6/17** | $9874 | $10211 | $10093 |
| **7/17** | $9891 | $10294 | $10118 |
| **8/17** | $9897 | $10372 | $10140 |
| **9/17** | $9903 | $10320 | $10128 |
| **10/17** | $9920 | $10345 | $10129 |
| **11/17** | $9907 | $10289 | $10084 |
| **12/17** | $9927 | $10397 | $10090 |
| **1/18** | $9947 | $10275 | $10118 |
| **2/18** | $9965 | $10244 | $10136 |
| **3/18** | $9964 | $10282 | $10128 |
| **4/18** | $9976 | $10245 | $10119 |
| **5/18** | $9998 | $10362 | $10152 |
| **6/18** | $10008 | $10371 | $10188 |
| **7/18** | $10029 | $10396 | $10209 |
| **8/18** | $10031 | $10423 | $10206 |
| **9/18** | $10043 | $10356 | $10186 |
| **10/18** | $10046 | $10292 | $10195 |
| **11/18** | $10059 | $10406 | $10227 |
| **12/18** | $10073 | $10530 | $10265 |
| **1/19** | $10087 | $10610 | $10297 |
| **2/19** | $10100 | $10667 | $10321 |
| **3/19** | $10113 | $10835 | $10349 |
| **4/19** | $10127 | $10876 | $10357 |
| **5/19** | $10141 | $11026 | $10395 |
| **6/19** | $10155 | $11067 | $10427 |
| **7/19** | $10178 | $11156 | $10462 |
| **8/19** | $10190 | $11332 | $10476 |
| **9/19** | $10201 | $11241 | $10454 |
| **10/19** | $10213 | $11261 | $10484 |
| **11/19** | $10222 | $11289 | $10503 |
| **12/19** | $10242 | $11324 | $10518 |
| **1/20** | $10251 | $11527 | $10555 |
| **2/20** | $10260 | $11676 | $10577 |
| **3/20** | $10226 | $11252 | $10524 |
| **4/20** | $10097 | $11111 | $10548 |
| **5/20** | $10099 | $11465 | $10652 |
| **6/20** | $10153 | $11559 | $10652 |
| **7/20** | $10154 | $11754 | $10679 |
| **8/20** | $10187 | $11699 | $10681 |
| **9/20** | $10209 | $11701 | $10689 |
| **10/20** | $10200 | $11666 | $10680 |
| **11/20** | $10222 | $11842 | $10694 |
| **12/20** | $10244 | $11914 | $10703 |
| **1/21** | $10255 | $11990 | $10721 |
| **2/21** | $10277 | $11799 | $10717 |
| **3/21** | $10277 | $11872 | $10725 |
| **4/21** | $10288 | $11972 | $10732 |
| **5/21** | $10288 | $12008 | $10737 |
| **6/21** | $10288 | $12041 | $10736 |
| **7/21** | $10288 | $12140 | $10750 |
| **8/21** | $10288 | $12096 | $10747 |
| **9/21** | $10288 | $12009 | $10736 |
| **10/21** | $10288 | $11973 | $10734 |
| **11/21** | $10288 | $12075 | $10737 |
| **12/21** | $10288 | $12095 | $10736 |
| **1/22** | $10277 | $11764 | $10665 |
| **2/22** | $10267 | $11722 | $10651 |
| **3/22** | $10246 | $11342 | $10563 |
| **4/22** | $10218 | $11028 | $10520 |
| **5/22** | $10235 | $11192 | $10600 |
| **6/22** | $10233 | $11008 | $10603 |
| **7/22** | $10253 | $11299 | $10661 |
| **8/22** | $10226 | $11052 | $10576 |
| **9/22** | $10209 | $10627 | $10485 |
| **10/22** | $10227 | $10539 | $10499 |
| **11/22** | $10276 | $11032 | $10620 |
| **12/22** | $10287 | $11064 | $10614 |
| **1/23** | $10328 | $11381 | $10704 |
| **2/23** | $10330 | $11124 | $10613 |
| **3/23** | $10364 | $11371 | $10727 |
| **4/23** | $10367 | $11345 | $10696 |
| **5/23** | $10383 | $11247 | $10684 |
| **6/23** | $10421 | $11359 | $10735 |
| **7/23** | $10448 | $11404 | $10758 |
| **8/23** | $10476 | $11240 | $10770 |
| **9/23** | $10483 | $10911 | $10725 |
| **10/23** | $10511 | $10818 | $10755 |
| **11/23** | $10584 | $11504 | $10911 |
| **12/23** | $10624 | $11772 | $10974 |
| **1/24** | $10652 | $11712 | $10971 |
| **2/24** | $10670 | $11727 | $10988 |
| **3/24** | $10688 | $11726 | $10987 |
| **4/24** | $10707 | $11581 | $10988 |
| **5/24** | $10736 | $11547 | $11015 |
| **6/24** | $10789 | $11724 | $11077 |
| **7/24** | $10841 | $11831 | $11150 |
| **8/24** | $10884 | $11924 | $11223 |
| **9/24** | $10925 | $12042 | $11258 |
| **10/24** | $10909 | $11867 | $11230 |
| **11/24** | $10960 | $12072 | $11274 |
| **12/24** | $10966 | $11896 | $11272 |
| **1/25** | $11003 | $11956 | $11331 |
| **2/25** | $11042 | $12074 | $11378 |
| **3/25** | $11059 | $11869 | $11390 |
| **4/25** | $11053 | $11774 | $11370 |
| **5/25** | $11092 | $11781 | $11425 |
| **6/25** | $11131 | $11855 | $11484 |
| **7/25** | $11178 | $11831 | $11542 |
| **8/25** | $11216 | $11934 | $11589 |
| **9/25** | $11233 | $12210 | $11598 |
| **10/25** | $11247 | $12361 | $11591 |
| **11/25** | $11273 | $12390 | $11624 |
| **12/25** | $11299 | $12401 | $11662 |
| **1/26** | $11344 | $12517 | $11728 |
| **2/26** | $11380 | $12673 | $11776 |
| **3/26** | $11363 | $12379 | $11736 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 2.80% | 2.04% | 1.52% |
| Class A with 2.25% Maximum Sales Charge | 0.53% | 1.57% | 1.29% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1 Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $348197805 |
| # of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 112% |
| Total Advisory Fees Paid | $780106 |

---

## 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)
![Group By Asset Type Chart](g117915i997a34398636b9cb3f9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.7% |
| Special Tax Revenue | 5.9% |
| Electric Utilities | 6.3% |
| Transportation | 8.3% |
| Housing | 8.3% |
| Other Revenue | 9.8% |
| Water and Sewer | 10.1% |
| Hospital | 10.3% |
| Industrial Development Revenue | 11.5% |
| General Obligations | 21.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915ib7c8e7c16f1dc7d6e159.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.0% |
| BB | 1.6% |
| BBB | 5.2% |
| A | 28.2% |
| AA | 47.5% |
| AAA | 13.5% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EXFLX-TSR-AR

# Eaton Vance National Ultra-Short Municipal Income Fund
![Image](g117915ifd4a15eea11a4cc2f8e5.jpg)

# Class I EILMX

#### Annual Shareholder Report March 31, 2026
This annual shareholder report contains important information about the Eaton Vance National Ultra-Short Municipal Income Fund for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $36 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 1 Year Municipal Bond Index (the Index):

↓ Security selection in the electric utilities sector detracted from Fund performance relative to the Index during the period

↓ Security selection in the special tax sector detracted from Fund returns relative to the Index during the period

↓ An out-of-Index allocation to variable-rate demand notes detracted from performance relative to the Index during the period

↑ An out-of-Index allocation in the 3-year (2–4) maturity range contributed to performance relative to the Index during the period

↑ An overweight exposure and security selection in bonds with coupon rates between 0.01% and 3.99% contributed to Index-relative returns during the period

↑ An allocation to floating-rate notes contributed to performance relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g117915i8b15369f368db4f94417.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg 1 Year Municipal Bond Index** |
| **3/16** | $1000000 | $1000000 | $1000000 |
| **4/16** | $1001923 | $1007353 | $1001110 |
| **5/16** | $1001783 | $1010078 | $1001615 |
| **6/16** | $1004591 | $1026147 | $1003352 |
| **7/16** | $1006336 | $1026773 | $1005108 |
| **8/16** | $1006018 | $1028159 | $1003596 |
| **9/16** | $1004801 | $1023027 | $1001455 |
| **10/16** | $1006565 | $1012295 | $1002162 |
| **11/16** | $1005020 | $974541 | $997808 |
| **12/16** | $1005626 | $985982 | $999773 |
| **1/17** | $1007349 | $992482 | $1003412 |
| **2/17** | $1007976 | $999374 | $1006709 |
| **3/17** | $1008635 | $1001543 | $1006697 |
| **4/17** | $1009451 | $1008810 | $1008300 |
| **5/17** | $1011279 | $1024821 | $1010185 |
| **6/17** | $1012025 | $1021145 | $1009327 |
| **7/17** | $1013886 | $1029407 | $1011752 |
| **8/17** | $1014658 | $1037241 | $1014029 |
| **9/17** | $1016484 | $1031967 | $1012820 |
| **10/17** | $1018369 | $1034486 | $1012919 |
| **11/17** | $1016119 | $1028947 | $1008350 |
| **12/17** | $1018210 | $1039702 | $1009016 |
| **1/18** | $1021455 | $1027461 | $1011825 |
| **2/18** | $1022364 | $1024391 | $1013561 |
| **3/18** | $1022461 | $1028172 | $1012809 |
| **4/18** | $1024845 | $1024503 | $1011889 |
| **5/18** | $1026133 | $1036235 | $1015228 |
| **6/18** | $1028393 | $1037119 | $1018800 |
| **7/18** | $1029605 | $1039636 | $1020920 |
| **8/18** | $1030990 | $1042306 | $1020552 |
| **9/18** | $1031312 | $1035558 | $1018596 |
| **10/18** | $1032799 | $1029181 | $1019494 |
| **11/18** | $1034308 | $1040572 | $1022697 |
| **12/18** | $1034821 | $1053031 | $1026541 |
| **1/19** | $1037360 | $1060991 | $1029733 |
| **2/19** | $1038823 | $1066672 | $1032069 |
| **3/19** | $1040307 | $1083534 | $1034892 |
| **4/19** | $1040854 | $1087606 | $1035655 |
| **5/19** | $1043500 | $1102600 | $1039511 |
| **6/19** | $1045053 | $1106671 | $1042725 |
| **7/19** | $1047543 | $1115590 | $1046161 |
| **8/19** | $1047840 | $1133187 | $1047637 |
| **9/19** | $1049149 | $1124103 | $1045439 |
| **10/19** | $1051517 | $1126118 | $1048447 |
| **11/19** | $1052600 | $1128934 | $1050267 |
| **12/19** | $1053767 | $1132381 | $1051820 |
| **1/20** | $1055883 | $1152726 | $1055526 |
| **2/20** | $1056894 | $1167591 | $1057665 |
| **3/20** | $1052469 | $1125239 | $1052397 |
| **4/20** | $1040409 | $1111117 | $1054822 |
| **5/20** | $1039672 | $1146463 | $1065247 |
| **6/20** | $1046416 | $1155899 | $1065236 |
| **7/20** | $1046691 | $1175367 | $1067906 |
| **8/20** | $1049102 | $1169852 | $1068080 |
| **9/20** | $1051512 | $1170100 | $1068879 |
| **10/20** | $1051782 | $1166586 | $1068019 |
| **11/20** | $1054184 | $1184190 | $1069356 |
| **12/20** | $1055509 | $1191404 | $1070310 |
| **1/21** | $1057913 | $1198996 | $1072078 |
| **2/21** | $1059189 | $1179946 | $1071725 |
| **3/21** | $1060448 | $1187223 | $1072500 |
| **4/21** | $1061653 | $1197181 | $1073239 |
| **5/21** | $1061747 | $1200753 | $1073668 |
| **6/21** | $1061800 | $1204050 | $1073612 |
| **7/21** | $1061847 | $1214036 | $1074958 |
| **8/21** | $1061911 | $1209580 | $1074737 |
| **9/21** | $1061993 | $1200851 | $1073620 |
| **10/21** | $1062081 | $1197340 | $1073388 |
| **11/21** | $1062144 | $1207533 | $1073698 |
| **12/21** | $1062227 | $1209481 | $1073609 |
| **1/22** | $1061278 | $1176374 | $1066507 |
| **2/22** | $1060494 | $1172159 | $1065138 |
| **3/22** | $1057664 | $1134161 | $1056276 |
| **4/22** | $1056020 | $1102791 | $1052017 |
| **5/22** | $1057927 | $1119173 | $1060029 |
| **6/22** | $1057850 | $1100843 | $1060335 |
| **7/22** | $1058994 | $1129929 | $1066057 |
| **8/22** | $1057383 | $1105165 | $1057617 |
| **9/22** | $1055818 | $1062748 | $1048512 |
| **10/22** | $1056655 | $1053910 | $1049865 |
| **11/22** | $1061865 | $1103205 | $1061967 |
| **12/22** | $1064258 | $1106363 | $1061441 |
| **1/23** | $1068656 | $1138144 | $1070350 |
| **2/23** | $1068942 | $1112408 | $1061302 |
| **3/23** | $1072643 | $1137090 | $1072696 |
| **4/23** | $1073083 | $1134492 | $1069590 |
| **5/23** | $1074801 | $1124661 | $1068423 |
| **6/23** | $1078915 | $1135927 | $1073510 |
| **7/23** | $1081814 | $1140421 | $1075820 |
| **8/23** | $1084895 | $1124003 | $1076984 |
| **9/23** | $1085760 | $1091060 | $1072542 |
| **10/23** | $1088817 | $1081775 | $1075496 |
| **11/23** | $1095318 | $1150447 | $1091075 |
| **12/23** | $1100719 | $1177186 | $1097449 |
| **1/24** | $1102648 | $1171174 | $1097088 |
| **2/24** | $1105755 | $1172678 | $1098779 |
| **3/24** | $1107782 | $1172641 | $1098703 |
| **4/24** | $1109895 | $1158118 | $1098838 |
| **5/24** | $1111950 | $1154721 | $1101496 |
| **6/24** | $1117516 | $1172420 | $1107723 |
| **7/24** | $1123036 | $1183106 | $1115008 |
| **8/24** | $1128830 | $1192437 | $1122316 |
| **9/24** | $1132034 | $1204223 | $1125844 |
| **10/24** | $1131722 | $1186664 | $1123030 |
| **11/24** | $1135959 | $1207162 | $1127445 |
| **12/24** | $1136690 | $1189588 | $1127177 |
| **1/25** | $1141916 | $1195550 | $1133088 |
| **2/25** | $1146066 | $1207404 | $1137844 |
| **3/25** | $1146747 | $1186941 | $1139038 |
| **4/25** | $1147497 | $1177379 | $1137045 |
| **5/25** | $1151646 | $1178135 | $1142474 |
| **6/25** | $1155867 | $1185469 | $1148388 |
| **7/25** | $1160909 | $1183075 | $1154222 |
| **8/25** | $1163824 | $1193358 | $1158898 |
| **9/25** | $1166882 | $1220994 | $1159792 |
| **10/25** | $1167287 | $1236137 | $1159146 |
| **11/25** | $1171320 | $1238973 | $1162436 |
| **12/25** | $1174147 | $1240088 | $1166236 |
| **1/26** | $1178999 | $1251726 | $1172752 |
| **2/26** | $1182850 | $1267326 | $1177553 |
| **3/26** | $1180643 | $1237891 | $1173646 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 2.96% | 2.17% | 1.67% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1 Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $348197805 |
| # of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 112% |
| Total Advisory Fees Paid | $780106 |

---

## 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)
![Group By Asset Type Chart](g117915i997a34398636b9cb3f9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.7% |
| Special Tax Revenue | 5.9% |
| Electric Utilities | 6.3% |
| Transportation | 8.3% |
| Housing | 8.3% |
| Other Revenue | 9.8% |
| Water and Sewer | 10.1% |
| Hospital | 10.3% |
| Industrial Development Revenue | 11.5% |
| General Obligations | 21.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117915ib7c8e7c16f1dc7d6e159.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.0% |
| BB | 1.6% |
| BBB | 5.2% |
| A | 28.2% |
| AA | 47.5% |
| AAA | 13.5% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g117915i1679ee6303442ee7e6b5.jpg)

## Additional Information
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
Annual Shareholder Report March 31, 2026

# EILMX-TSR-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Trustees has determined that George J. Gorman, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services
Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund and Eaton Vance National Limited Maturity Municipal Income Fund (the "Fund(s)") are the series of Eaton Vance Investment Trust (the "Trust"), a Massachusetts business trust, which, including the Funds, contains a total of 3 series (the "Series"). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company.

#### (a)-(d)
The following tables present the aggregate fees billed to each Fund for each Fund's fiscal years ended March 31, 2025 and March 31, 2026 by the registrant's principal accountant, Deloitte & Touche LLP ("D&T"), for professional services rendered for the audit of the Funds' annual financial statements and fees billed for other services rendered by D&T during those periods.

#### Eaton Vance National Ultra-Short Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **03/31/25** | **03/31/26** |
|  Audit Fees | $58400 | $58400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58400 |

---

#### Eaton Vance Short Duration Municipal Opportunities Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **03/31/25** | **03/31/26** |
|  Audit Fees | $58400 | $58400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58400 |

---

------

#### Eaton Vance National Limited Maturity Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **03/31/25** | **03/31/26** |
|  Audit Fees | $58400 | $58537 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58537 |

---

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

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

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

The Funds comprised all of the Series of the Trust at March 31, 2026, and have the same fiscal year end (March 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Funds in the Trust by D&T for the last two fiscal years of each Fund.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **3/31/25** | **3/31/26** |
|  Audit Fees | $218600 | $175337 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $218600 | $175337 |

---

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

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

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

------

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Fund; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last 2 fiscal years of each Fund.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **3/31/25** | **3/31/26** |
|  **Registrant<sup>(1)</sup>** | $0 | $0 |
|  **Eaton Vance<sup>(2)</sup>** | $18490 | $18490 |

---

<sup>(1)</sup> Includes all of the Series of the Trust.

<sup>(2)</sup> Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective "master" funds (if applicable).

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### 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

## Annual Financial Statements and Additional Information
March 31, 2026

------

![](g117915img91f968161.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.**

------

#### Annual Financial Statements and Additional Information March 31, 2026
Eaton Vance

National Ultra-Short Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_886bb65d-fe24-44d2-a213-12468e0c9e32_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_ff897a25-7ce9-44c5-ad79-ec8b0db875c0_1) | [Items 6 and 7 of Form N-CSR:](#xx_ff897a25-7ce9-44c5-ad79-ec8b0db875c0_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_ff897a25-7ce9-44c5-ad79-ec8b0db875c0_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_6d5884e5-d7ae-41e2-a2a3-c36a928d3490_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_6d5884e5-d7ae-41e2-a2a3-c36a928d3490_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_6d5884e5-d7ae-41e2-a2a3-c36a928d3490_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_143eaf1d-ddf2-441f-b5e1-0f3b1cdcd7c1_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_3037df74-8f42-408d-acf7-be9601508c89_1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_1ed50d16-dd6e-4754-abec-962bf41c0074_1) | 17 |
| [Federal Tax Information](#xx_9d705eba-2586-445d-a5bd-29cb8a5e7e75_1) | 18 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 96.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 1.6% | Bond Bank — 1.6% | Bond Bank — 1.6% |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, (Liq: TD Bank, N.A.), 2.70%, 12/1/54<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;5670 | &nbsp;&nbsp;$5670000 |
|  |  | &nbsp;&nbsp;**$5670000** |
| Education — 1.3% | Education — 1.3% | Education — 1.3% |
| University of North Carolina at Chapel Hill, 3.475%, (67% of SOFR + 1.05%), 12/1/41<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;$4512850 |
|  |  | &nbsp;&nbsp;**$4512850** |
| Electric Utilities — 6.3% | Electric Utilities — 6.3% | Electric Utilities — 6.3% |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 2.70%, 10/1/42<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;$6565000 |
| Indiana Municipal Power Agency, (LOC: Truist Bank), 2.75%, 1/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp; 4730000 |
| Long Island Power Authority, NY, 3.00% to 9/1/28 (Put Date), 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 2857401 |
| San Antonio, TX, Electric and Gas Systems Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00% to 12/1/29 (Put Date), 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 1655985 |
| &nbsp;&nbsp;&nbsp;3.08% to 12/1/28 (Put Date), 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4992666 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020786 |
|  |  | &nbsp;&nbsp;**$21821838** |
| Escrowed/Prerefunded — 0.2% | Escrowed/Prerefunded — 0.2% | Escrowed/Prerefunded — 0.2% |
| Chicago, IL, Escrowed to Maturity, 5.00%, 1/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;$821494 |
|  |  | &nbsp;&nbsp;**$821494** |
| General Obligations — 17.4% | General Obligations — 17.4% | General Obligations — 17.4% |
| Argyle Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/27 (Put Date), 8/15/57 | $&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2538295 |
| Bergen County Improvement Authority, NJ, (County Guaranteed Government Pooled), 4.00%, 5/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006071 |
| Cass County Joint Water Resource District, ND, 3.45%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1250264 |
| Chicago Board of Education, IL, 4.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp; 3220384 |
| Chicago, IL, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1715760 |
| Dickinson Independent School District, TX, (PSF Guaranteed), 3.10% to 8/2/27 (Put Date), 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1251579 |
| Eagle Mountain and Saginaw Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 8/1/27 (Put Date), 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1628915 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/1/27, 4.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20353 |
| El Paso, TX, 5.00%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008901 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Evanston Township High School District No. 202, IL, 5.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;$1768529 |
| Fort Bend Independent School District, TX, (PSF Guaranteed), 3.80% to 8/1/28 (Put Date), 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1935081 |
| Lake County, OH, 3.75%, 9/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2345720 |
| Marthas Vineyard Regional Transit Authority, MA, 4.25%, 4/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2750736 |
| New Caney Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/27 (Put Date), 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1422392 |
| North Bergen Township, NJ, 5.00%, 4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5006381 |
| Northside Independent School District, TX, (PSF Guaranteed), 3.55% to 6/1/28 (Put Date), 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2531946 |
| Philadelphia School District, PA, 5.00%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1836249 |
| Prosper Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/28 (Put Date), 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3084384 |
| Puerto Rico, 5.625%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;5090 | &nbsp;&nbsp;&nbsp;&nbsp; 5188919 |
| Quincy, MA, 5.00%, 7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;7597 | &nbsp;&nbsp;&nbsp;&nbsp; 7648805 |
| South Country Central School District at Brookhaven, NY, 4.125%, 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1904679 |
| Texas, (AMT), 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2504131 |
| Union Township Union County, NJ, 4.00%, 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065289 |
|  |  | &nbsp;&nbsp;**$60633763** |
| Hospital — 10.2% | Hospital — 10.2% | Hospital — 10.2% |
| Allegheny County Hospital Development Authority, PA, (UPMC), 3.12%, (SIFMA + 0.70%), 11/15/47<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;7130 | &nbsp;&nbsp;$7079347 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 3.625% to 6/15/27 (Put Date), 1/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1513499 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 2.75%, 1/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Colorado Health Facilities Authority, (CommonSpirit Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1591887 |
| &nbsp;&nbsp;&nbsp;5.00% to 8/1/26 (Put Date), 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 4049125 |
| Colorado Health Facilities Authority, (Intermountain Healthcare), 2.97%, (SIFMA + 0.55%), 5/15/61<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2999632 |
| Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1645094 |
| Franklin County, OH, (Trinity Health Credit Group), 2.625%, 12/1/46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 579898 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health), 5.00% to 12/1/26 (Put Date), 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1511087 |
| Kentucky Economic Development Finance Authority, (Catholic Health), 2.52%, 5/1/34<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp; 5995000 |
| Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015885 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| New Hampshire Business Finance Authority, (Novant Health Obligated Group), (LOC: Truist Bank), 2.65%, 11/1/64<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;$2900000 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 3.12%, (SIFMA + 0.70%), 11/15/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996357 |
| Philadelphia Authority for Industrial Development, PA, (Children's Hospital of Philadelphia), (SPA: JPMorgan Chase Bank, N.A.), 2.65%, 7/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Christus Health), 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1508533 |
|  |  | &nbsp;&nbsp;**$35560344** |
| Housing — 8.3% | Housing — 8.3% | Housing — 8.3% |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance Program), Sustainability Bonds, 3.35% to 5/15/27 (Put Date), 11/15/66 | $&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;$1305453 |
| Florida Housing Finance Corp., (Osprey Sound Apartments), 3.00% to 9/1/28 (Put Date), 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997328 |
| Hawaii Housing Finance and Development Corp., (Hale Moiliili LP), 3.30% to 12/1/27 (Put Date), 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2514099 |
| Kansas Development Finance Authority, (Bureau Lofts), 2.70% to 10/1/28 (Put Date), 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1482395 |
| Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, TN, (Artist Lofts), 3.20% to 12/1/29 (Put Date), 12/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1930461 |
| Michigan Housing Development Authority, (Hom Flats at 28 West), 2.70% to 10/1/28 (Put Date), 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2317478 |
| New Jersey Housing and Mortgage Finance Agency, Social Bonds, 3.05%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3494303 |
| New Jersey Housing and Mortgage Finance Agency, (Rowan Towers), 3.10% to 7/1/28 (Put Date), 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 810973 |
| New Mexico Mortgage Finance Authority, (Mountain View II and III Apartments), 2.92% to 9/1/26 (Put Date), 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 625007 |
| New York Mortgage Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (AMT), 1.05%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (AMT), 1.15%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1311802 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (AMT), 5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1311499 |
| Phoenix Industrial Development Authority, AZ, (Broadway Farms at Hurley Station, Phase I), 3.10% to 2/1/28 (Put Date), 2/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501646 |
| Pima County Industrial Development Authority, AZ, (Flats at Ballpark Village), 2.71% to 4/1/28 (Put Date), 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1571456 |
| Rhode Island Housing and Mortgage Finance Corp., Green Bonds, 3.60% to 10/1/27 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1250400 |
| Virginia Housing Development Authority, 3.125% to 4/1/27 (Put Date), 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1100027 |

---

---

| | | |
|:---|:---|:---|
| **<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: |  |  |
| &nbsp;&nbsp;&nbsp;3.75% to 5/1/28 (Put Date), 11/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;$2521516 |
| &nbsp;&nbsp;&nbsp;3.875% to 5/1/27 (Put Date), 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 485249 |
|  |  | &nbsp;&nbsp;**$28806092** |
| Industrial Development Revenue — 11.3% | Industrial Development Revenue — 11.3% | Industrial Development Revenue — 11.3% |
| Burke County Development Authority, GA, (Georgia Power Co.), 3.30% to 8/21/29 (Put Date), 12/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$754677 |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 4.00% to 6/1/29 (Put Date), 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3039217 |
| Cumberland County Industrial Facilities and Pollution Control Financing Authority, NC, (AMT), 3.125% to 12/1/26 (Put Date), 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3500390 |
| Houston, TX, (United Airlines, Inc.), (AMT), 5.25%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1507769 |
| Indiana Finance Authority, (Republic Services, Inc.), (AMT), 2.90%, 5/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1599811 |
| Mission Economic Development Corp., TX, (Waste Management, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 2.875%, 7/1/40<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999477 |
| &nbsp;&nbsp;&nbsp;(AMT), 2.875%, 5/1/46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 299843 |
| Mississippi Business Finance Corp., (Chevron USA, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 12/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp; 2970000 |
| &nbsp;&nbsp;&nbsp;2.65%, 11/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2580000 |
| Nevada Department of Business and Industry, (Republic Services, Inc.), (AMT), 3.45% to 6/1/26 (Put Date), 12/1/26<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000517 |
| New Hampshire Business Finance Authority, (Waste Management, Inc.), (AMT), 4.00% to 7/1/26 (Put Date), 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005184 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013931 |
| New York Transportation Development Corp., (John F. Kennedy International Airport), (AMT), 2.25%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 643052 |
| Ohio Air Quality Development Authority, (American Electric Power Co., Inc.), (AMT), 3.70%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023052 |
| Parish of St. John the Baptist, LA, (Marathon Oil Corp.), 3.30% to 7/3/28 (Put Date), 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3530670 |
| West Virginia Economic Development Authority, (Appalachian Power Co.): |  |  |
| &nbsp;&nbsp;&nbsp;3.375% to 6/15/28 (Put Date), 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007046 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.30% to 9/1/28 (Put Date), 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2510406 |
| Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 6/5/26 (Put Date), 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5519305 |
|  |  | &nbsp;&nbsp;**$39504347** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 1.9% | Insured - General Obligations — 1.9% | Insured - General Obligations — 1.9% |
| Allegheny County, PA, (AG), 3.171%, (67% of SOFR + 0.55%), 11/1/26<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;$839989 |
| Cicero County School District No. 99, IL, (BAM), 4.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1157375 |
| Colorado Science and Technology Park Metropolitan District No. 1, (AG), 5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 379958 |
| Luzerne County, PA, (AG), 5.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1182033 |
| Sterling, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 410006 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 314993 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 289718 |
| Washington, (AMBAC), 0.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1965644 |
|  |  | &nbsp;&nbsp;**$6539716** |
| Insured - Special Tax Revenue — 0.3% | Insured - Special Tax Revenue — 0.3% | Insured - Special Tax Revenue — 0.3% |
| Casino Reinvestment Development Authority, Inc., NJ, (AG), 5.00%, 11/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;$875692 |
|  |  | &nbsp;&nbsp;**$875692** |
| Lease Revenue/Certificates of Participation — 2.6% | Lease Revenue/Certificates of Participation — 2.6% | Lease Revenue/Certificates of Participation — 2.6% |
| Jacksonville, FL, 5.00%, 10/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;$1098707 |
| Los Angeles, CA, 5.00%, 6/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5028962 |
| Oklahoma Capitol Improvement Authority, 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012389 |
| San Antonio Municipal Facilities Corp., TX, (City Tower Renovation), 5.00% to 8/1/27 (Put Date), 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025899 |
|  |  | &nbsp;&nbsp;**$9165957** |
| Other Revenue — 9.7% | Other Revenue — 9.7% | Other Revenue — 9.7% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;4.288%, (67% of SOFR + 1.85%), 6/1/49<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2542006 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024701 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073078 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037757 |
| &nbsp;&nbsp;&nbsp;5.50% to 2/1/29 (Put Date), 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5258516 |
| Illinois Finance Authority, (Field Museum of Natural History), 3.705%, (70% of SOFR + 1.15%), 11/1/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1527260 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 682960 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150443 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 277157 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 858873 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505782 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 406401 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 224346 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 434654 |

---

---

| | | |
|:---|:---|:---|
| **<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%, 12/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$513741 |
| Northern California Energy Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 945912 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 512223 |
| Northern California Gas Authority No. 1, Gas Project Revenue, 3.348%, (67% of 3 mo. SOFR + 0.72%), 7/1/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1333910 |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2957983 |
| Southeast Energy Authority, AL, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5307693 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 552869 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.288%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1336278 |
| &nbsp;&nbsp;&nbsp;3.507%, (67% of 3 mo. SOFR + 1.045%), 9/15/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1778878 |
| Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Revenue, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1594839 |
|  |  | &nbsp;&nbsp;**$33838260** |
| Senior Living/Life Care — 1.8% | Senior Living/Life Care — 1.8% | Senior Living/Life Care — 1.8% |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 3.105%, (70% of SOFR + 0.55%), 5/15/56<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;$5477411 |
| Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities, Inc.), 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 703747 |
|  |  | &nbsp;&nbsp;**$6181158** |
| Special Tax Revenue — 5.0% | Special Tax Revenue — 5.0% | Special Tax Revenue — 5.0% |
| Detroit Downtown Development Authority, MI, (Catalyst Development): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$603353 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027311 |
| Louisiana Gasoline and Fuels Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 5/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5330 | &nbsp;&nbsp;&nbsp;&nbsp; 5330000 |
| &nbsp;&nbsp;&nbsp;Series A-2, (LOC: TD Bank, N.A.), 2.70%, 5/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55489 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: Mizuho Bank, Ltd.), 2.65%, 8/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.70%, 11/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Portfolio of Investments — 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 Housing Finance Agency, Sustainability Bonds, 3.35% to 6/15/29 (Put Date), 6/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;$1253590 |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 37012 |
|  |  | &nbsp;&nbsp;**$17506755** |
| Transportation — 8.3% | Transportation — 8.3% | Transportation — 8.3% |
| Cleveland, OH, Airport System Revenue, 5.00%, 1/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2077292 |
| Dallas and Fort Worth, TX, (Dallas Fort Worth International Airport), (AMT), 5.00%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3415647 |
| E-470 Public Highway Authority, CO, 3.182%, (67% of SOFR + 0.75%), 9/1/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997823 |
| Houston, TX, Airport System Revenue, (AMT), 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041612 |
| Metropolitan Transportation Authority, NY, (LOC: Barclays Bank PLC), 2.85%, 11/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2578569 |
| Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030089 |
| Pennsylvania Turnpike Commission, (LOC: TD Bank, N.A.), 2.41%, 12/1/38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4210000 |
| Port of Seattle, WA, (AMT), 5.00%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022811 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044994 |
| Triborough Bridge and Tunnel Authority, NY, (LOC: Barclays Bank PLC), 2.85%, 1/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 4040000 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 819848 |
|  |  | &nbsp;&nbsp;**$28778685** |
| Water and Sewer — 10.0% | Water and Sewer — 10.0% | Water and Sewer — 10.0% |
| Boston Water and Sewer Commission, MA, 4.00%, 11/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;$1261233 |
| Clairton Municipal Authority, PA, 5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 708326 |
| District of Columbia Water and Sewer Authority, (SPA: Bank of America, N.A.), 2.70%, 10/1/60<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6025 | &nbsp;&nbsp;&nbsp;&nbsp; 6025000 |
| East County Advanced Water Purification Joint Powers Authority, CA, Green Bonds, 3.125%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000855 |
| Houston, TX, Combined Utility System Revenue, 5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2791677 |
| Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1264167 |
| Jersey City Municipal Utilities Authority, NJ, 5.00%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010124 |
| King County, WA, Sewer Improvement and Refunding Revenue, (SPA: U.S. Bank, N.A.), 2.60%, 1/1/65<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 7900000 |

---

---

| | | |
|:---|:---|:---|
| **<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): |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.70%, 6/15/50<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1500000 |
| &nbsp;&nbsp;&nbsp;(SPA: Mizuho Bank, Ltd.), 2.85%, 6/15/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| San Antonio, TX, Water System Revenue, (SPA: TD Bank, N.A.), 2.70%, 5/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 |
|  |  | &nbsp;&nbsp;**$34911382** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $334,806,964) |  | &nbsp;&nbsp;**$335128333** |

---

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

Taxable Municipal Obligations — 2.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 2.3% | General Obligations — 2.3% | General Obligations — 2.3% |
| Hudson County Improvement Authority, NJ, 4.375%, 3/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3010412 |
| University of Connecticut, 3.83%, 3/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995716 |
|  |  | &nbsp;&nbsp;**$8006128** |
| Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% |
| Sales Tax Securitization Corp., IL, 4.089%, 1/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1998169 |
|  |  | &nbsp;&nbsp;**$1998169** |
| Total Taxable Municipal Obligations<br> (identified cost $10,015,219) |  | &nbsp;&nbsp;**$10004297** |

---

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

Short-Term Investments — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(8)</sup> | 154880 | &nbsp;&nbsp;$154895 |
| Total Short-Term Investments<br> (identified cost $154,895) |  | &nbsp;&nbsp;**$154895** |
| Total Investments — 99.2%<br> (identified cost $344,977,078) |  | &nbsp;&nbsp;**$345287525** |
| Other Assets, Less Liabilities — 0.8% |  | &nbsp;&nbsp;**$2910280** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$348197805** |

---

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

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Portfolio of Investments — 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 March 31, 2026. |
| <sup>(2)</sup> | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2026. |
| <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 March 31, 2026. |
| <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 March 31, 2026. |
| <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 March 31, 2026, the aggregate value of these securities is $1,000,517 or 0.3% 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. |
| <sup>(8)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |
| At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At March 31, 2026, 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 | 13.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 85.4% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2026, 2.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 0.9% 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. |
| Liq | – Liquidity Provider |
| 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_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Assets |  |
| Investments, at value (identified cost $344,977,078) | &nbsp;&nbsp;$345287525 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607470 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135396 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33319 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36189 |
| **Total assets** | &nbsp;&nbsp;**$349119899** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$551939 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84893 |
| 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;88091 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7744 |
| &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;977 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36189 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46963 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72837 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32461 |
| **Total liabilities** | &nbsp;&nbsp;**$922094** |
| **Net Assets** | &nbsp;&nbsp;**$348197805** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$354924878 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6727073) |
| **Net Assets** | &nbsp;&nbsp;**$348197805** |
| Advisers Class Shares |  |
| **Net Assets** | &nbsp;&nbsp;$13031088 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337850 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.74 |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$51739542 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308378 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.75 |
| **Maximum Offering Price Per Share<br> (100 ÷ 97.75 of net asset value per share)** | &nbsp;&nbsp;$9.97 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$283427175 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29059373 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.75 |

---

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_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$22090 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;11241514 |
| **Total investment income** | &nbsp;&nbsp;**$11263604** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1040165 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5853 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81153 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20498 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85546 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77522 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108265 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75106 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66329 |
| **Total expenses** | &nbsp;&nbsp;**$1564531** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$260059 |
| **Total expense reductions** | &nbsp;&nbsp;**$260059** |
| **Net expenses** | &nbsp;&nbsp;**$1304472** |
| **Net investment income** | &nbsp;&nbsp;**$9959132** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(18607) |
| **Net realized loss** | &nbsp;&nbsp;**$(18607)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$96100 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$96100** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$77493** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$10036625** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
|  | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$9959132 | &nbsp;&nbsp;$10968571 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18607) | &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;&nbsp;&nbsp;96100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611525 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$10036625** | &nbsp;&nbsp;**$11579026** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$(104897) | &nbsp;&nbsp;$(36482) |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1496988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1827350) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8422770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9199903) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(10024655)** | &nbsp;&nbsp;**$(11063735)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Advisers Class | &nbsp;&nbsp;$11874029 | &nbsp;&nbsp;$36372 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2861706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4635086) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13493987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21048030) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$22506310** | &nbsp;&nbsp;**$(25646744)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$22518280** | &nbsp;&nbsp;**$(25131453)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$325679525 | &nbsp;&nbsp;$350810978 |
| **At end of year** | &nbsp;&nbsp;**$348197805** | &nbsp;&nbsp;**$325679525** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.84 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.32** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.04)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.00)<sup>(2)</sup> |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.73** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.80** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.80%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$13031 | &nbsp;&nbsp;$1163 | &nbsp;&nbsp;$1125 | &nbsp;&nbsp;$900 | &nbsp;&nbsp;$259 |
| 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;0.58% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &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% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &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% |

---

<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.

<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.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$(0.00)<sup>(2)</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.03)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$— |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.73** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.80** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.80%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$51740 | &nbsp;&nbsp;$54595 | &nbsp;&nbsp;$59123 | &nbsp;&nbsp;$107575 | &nbsp;&nbsp;$142014 |
| 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;0.58% | &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;Net expenses | &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;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;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &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)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &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% |

---

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

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

<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> 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.

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$9.84 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.28** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.31** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$(0.03)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.01) |
| **Total distributions** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.01)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.74** | &nbsp;&nbsp;**$9.75** | &nbsp;&nbsp;**$9.80** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.96%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$283427 | &nbsp;&nbsp;$269921 | &nbsp;&nbsp;$290562 | &nbsp;&nbsp;$387402 | &nbsp;&nbsp;$356899 |
| 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;0.43% | &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;Net expenses | &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;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &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% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &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% |

---

<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.

<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.

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Notes to Financial Statements

------

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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**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. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders. As of March 31, 2026, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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.

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[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

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

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

G Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an 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—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. 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.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended March 31, 2026 and March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$9826722 | &nbsp;&nbsp;&nbsp;&nbsp;$10805277 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$197933 | &nbsp;&nbsp;&nbsp;&nbsp;$258458 |

---

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[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

As of March 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$63695 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6972850) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266975 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84893) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6727073)** |

---

At March 31, 2026, the Fund, for federal income tax purposes, had deferred capital losses of $6,972,850 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, 2026, $4,523,618 are short-term and $2,449,232 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$345020550** |
| Gross unrealized appreciation | &nbsp;&nbsp;$625519 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358544) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$266975** |

---

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 year ended March 31, 2026, the investment adviser fee amounted to $1,040,165 or 0.30% 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 $260,059 of the Fund's operating expenses for the year ended March 31, 2026.

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 year ended March 31, 2026, EVM earned $3,456 from the Fund pursuant to such

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[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

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 $218 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2026. 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 year ended March 31, 2026 amounted to $5,853 for Advisers Class shares and $81,153 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 year ended March 31, 2026, the Fund was informed that EVD received $2,099 of CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $375,741,244 and $364,836,000, respectively, for the year ended March 31, 2026.

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;**Year Ended<br> March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &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; 1300364 | &nbsp;&nbsp;&nbsp;&nbsp;$12672969 | &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; 10754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104897 | &nbsp;&nbsp;&nbsp;&nbsp; 3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36482 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (903837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20120) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **1218455** | &nbsp;&nbsp;&nbsp;&nbsp;**$11874029** | &nbsp;&nbsp;&nbsp;&nbsp; **3731** | &nbsp;&nbsp;&nbsp;&nbsp;**$36372** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1704755 | &nbsp;&nbsp;&nbsp;&nbsp;$16617026 | &nbsp;&nbsp;&nbsp;&nbsp; 2741758 | &nbsp;&nbsp;&nbsp;&nbsp;$26732731 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 138347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349090 | &nbsp;&nbsp;&nbsp;&nbsp; 173267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1689158 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2136191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20827822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3387371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33056975) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(293089)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2861706)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(472346)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4635086)** |

---

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[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &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 I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;18976992 | &nbsp;&nbsp;&nbsp;&nbsp;$185180470 | &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; 753703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7355825 | &nbsp;&nbsp;&nbsp;&nbsp; 823169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8028356 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(18345592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179042308) | &nbsp;&nbsp;&nbsp;&nbsp;(21390667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208664054) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **1385103** | &nbsp;&nbsp;&nbsp;&nbsp;**$13493987** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2154609)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(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 20, 2026. 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 2025, 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 year ended March 31, 2026.

9 Fair Value Measurements

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

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

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

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

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

At March 31, 2026, 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;$335128333 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$335128333 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10004297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10004297 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;154895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154895 |
| **Total Investments** | &nbsp;&nbsp;**$154895** | &nbsp;&nbsp;&nbsp;&nbsp;**$345132630** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$345287525** |

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[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance National Ultra-Short Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Ultra-Short Municipal Income Fund (the "Fund") (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 21, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

Eaton Vance

National Ultra-Short Municipal Income Fund

March 31, 2026

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended March 31, 2026, the Fund designates 98.03% of distributions from net investment income as an exempt-interest dividend.

------

[**Table of Contents**](#JOB_EV_AR_2635e9f4-00b1-41ce-b2b0-54747d00a51c_TOC)

EAMLX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;3.31.26

------

## Eaton Vance

## National Limited Maturity Municipal Income Fund

## Annual Financial Statements and Additional Information
March 31, 2026

------

![](g117915img48199a391.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.**

------

#### Annual Financial Statements and Additional Information March 31, 2026
Eaton Vance

National Limited Maturity Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_4bd59f81-d990-43bc-97a5-c87befbfbf11_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_3a6ec9c3-061d-4533-9920-00d09cf68add_1) | [Items 6 and 7 of Form N-CSR:](#xx_3a6ec9c3-061d-4533-9920-00d09cf68add_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_3a6ec9c3-061d-4533-9920-00d09cf68add_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_524fd257-7ad7-4fad-90d6-43b30d829be7_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_524fd257-7ad7-4fad-90d6-43b30d829be7_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_524fd257-7ad7-4fad-90d6-43b30d829be7_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_2204337e-5e7f-468a-9492-fd64027c2c9c_1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_6bb6e24a-a161-4de4-8800-4eb3976c8f77_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_2a283ff3-9b1b-4a4b-8f27-2fe4f7a90fd6_1) | 20 |
| [Federal Tax Information](#xx_7483fe6e-2836-4da7-8b79-6dd0a4050284_1) | 21 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments

------

Corporate Bonds — 0.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.8% | Hospital — 0.8% | Hospital — 0.8% |
| CommonSpirit Health, 6.073%, 11/1/27 | $3500 | &nbsp;&nbsp;$3589003 |
| Total Corporate Bonds<br> (identified cost $3,500,000) |  | &nbsp;&nbsp;**$3589003** |

---

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

Tax-Exempt Municipal Obligations — 93.5%

---

| | | |
|:---|:---|:---|
| **<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 | $2945 | &nbsp;&nbsp;$3001081 |
| Oklahoma Water Resources Board, (State Loan Program), 5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 363389 |
|  |  | &nbsp;&nbsp;**$3364470** |
| Education — 6.4% | Education — 6.4% | Education — 6.4% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 2.831%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | $2000 | &nbsp;&nbsp;$1994166 |
| Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC), 5.00%, 11/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109012 |
| Build NYC Resource Corp., NY, (Success Academy Charter School), 5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80696 |
| Colorado State University, 4.375% to 3/1/29 (Put Date), 3/1/48 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2805577 |
| Connecticut State Health and Educational Facilities Authority, Area Cooperative Educational Services, 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39829 |
| Maryland Health and Higher Educational Facilities Authority, (Pooled Loan Program), (LOC: TD Bank, N.A.), 2.45%, 4/1/35<sup>(2)</sup> | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 |
| Massachusetts Development Finance Agency, (Harvard University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/36 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1628814 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/13/32 (Put Date), 5/15/55 | 5270 | &nbsp;&nbsp;&nbsp;&nbsp; 5883609 |
| Purdue University, IN, 4.00%, 7/1/40 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1309973 |
| University of Connecticut, 5.00%, 2/15/36 | 4930 | &nbsp;&nbsp;&nbsp;&nbsp; 5631797 |
| University of Massachusetts Building Authority, 5.25%, 11/1/47 | 3320 | &nbsp;&nbsp;&nbsp;&nbsp; 3364607 |
| University of Pittsburgh, PA, 4.00%, 9/15/44 | 3065 | &nbsp;&nbsp;&nbsp;&nbsp; 2904208 |
|  |  | &nbsp;&nbsp;**$30002288** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% |
| Arkansas River Power Authority, CO, 5.00%, 10/1/30 | $1000 | &nbsp;&nbsp;$1036464 |
| 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; 512951 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 505980 |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 2.70%, 10/1/42<sup>(3)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| Long Island Power Authority, NY, Electric System Revenue, 5.00% to 9/1/27 (Put Date), 9/1/52 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3058362 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | 4345 | &nbsp;&nbsp;&nbsp;&nbsp; 4345335 |
| Rock Hill, SC, Combined Utility System Revenue, 5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 578306 |
| Utility Debt Securitization Authority, NY, 5.00%, 6/15/37 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 2126876 |
|  |  | &nbsp;&nbsp;**$17164274** |
| 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;$375000 |
|  |  | &nbsp;&nbsp;**$375000** |
| General Obligations — 11.8% | General Obligations — 11.8% | General Obligations — 11.8% |
| Adams County School District No. 14, CO, 5.00%, 12/1/33 | $1000 | &nbsp;&nbsp;$1134365 |
| Bar Harbor, ME, 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 315692 |
| Bonneville Joint School District No. 93, ID, 5.00%, 9/15/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1681360 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013891 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2606975 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029882 |
| Cleburne Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/40 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1912563 |
| Crowley Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 562452 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 816189 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 627111 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 845115 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043671 |
| Denton Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/30 (Put Date), 8/15/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040701 |
| Fairfield-Suisun Unified School District, CA, 0.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 263939 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<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%, 11/1/26 | $5000 | &nbsp;&nbsp;$5063607 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 530018 |
| Keller Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/31 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102323 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/36 | 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2306690 |
| Knox Warren ETC Counties Community College District No. 518, IL, 3.375%, 12/1/35 | 1465 | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 |
| Maryland, 3.00%, 8/1/31 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1520022 |
| Montgomery County, MD, 2.00%, 8/1/39 | 1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1494992 |
| New York, NY, 5.00%, 8/1/33 | 2530 | &nbsp;&nbsp;&nbsp;&nbsp; 2837304 |
| North East Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/35 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4225881 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 245309 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/33 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1570106 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 430332 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 803372 |
| Prosper Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/28 (Put Date), 2/15/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2056256 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/27 | 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4281539 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2112408 |
| Texas, (AMT), 5.00%, 8/1/27 | 4380 | &nbsp;&nbsp;&nbsp;&nbsp; 4387238 |
| Wayne County, MI, Grosse Pointe Public School System, 5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 167163 |
| Williamson Jackson ETC Counties Community College District No. 530, IL, 3.50%, 6/1/36 | 1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1859178 |
|  |  | &nbsp;&nbsp;**$55352644** |
| Hospital — 4.9% | Hospital — 4.9% | Hospital — 4.9% |
| Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 4.25%, 2/15/43 | $2000 | &nbsp;&nbsp;$1912743 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Houston Methodist Hospital), 4.00%, 12/1/45 | 3885 | &nbsp;&nbsp;&nbsp;&nbsp; 3587044 |
| Illinois Finance Authority, (Advocate Health Care Network), 4.00%, 5/1/41 | 2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2401898 |
| Indiana Finance Authority, (Franciscan Alliance, Inc.), 5.00%, 11/1/41 | 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2068085 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 402637 |
| Massachusetts Development Finance Agency, (Mass General Brigham), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 908315 |
| Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/30 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3673830 |
| Ohio, (Cleveland Clinic Health System), 4.00%, 1/1/36 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011517 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| 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;$2005498 |
| Utah County, UT, (IHC Health Services, Inc.), 4.00%, 5/15/47 | 4820 | &nbsp;&nbsp;&nbsp;&nbsp; 4290624 |
|  |  | &nbsp;&nbsp;**$23262191** |
| Housing — 8.2% | Housing — 8.2% | Housing — 8.2% |
| Charleston Housing Authority, SC, 4.50%, 9/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;$216277 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.10%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 181398 |
| EP Tuscany Zaragosa PFC, TX, (Tuscany at Mesa Hills and Villas at Zaragosa), 4.00%, 12/1/33 | 4985 | &nbsp;&nbsp;&nbsp;&nbsp; 4980598 |
| Michigan Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 4/1/30 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1499985 |
| &nbsp;&nbsp;&nbsp;3.75%, 4/1/27 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1425093 |
| Missouri Housing Development Commission, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.30%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp; 869530 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.40%, 11/1/46 | 1809 | &nbsp;&nbsp;&nbsp;&nbsp; 1664656 |
| New Canaan Housing Authority, CT, (HANC Lakeview LLC), (FNMA), 4.00%, 12/1/34 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1574285 |
| North Carolina Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.35%, 1/1/35<sup>(4)</sup> | 3085 | &nbsp;&nbsp;&nbsp;&nbsp; 2968015 |
| Pennsylvania Housing Finance Agency, SFMR, 3.50%, 10/1/36 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1504938 |
| Raleigh Housing Authority, NC, (Tryon Flats), 2.95% to 3/1/29 (Put Date), 9/1/59 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2448932 |
| Seattle Housing Authority, WA, (Juniper Apartments), 5.00%, 6/1/27 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2822221 |
| South Carolina Jobs-Economic Development Authority, (Latitude at Wescott), 4.00%, 11/1/35 | 2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2411196 |
| South Carolina Jobs-Economic Development Authority, (Sixteenth Floor Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1200524 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | 2755 | &nbsp;&nbsp;&nbsp;&nbsp; 2886403 |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| Vancouver Housing Authority, WA, (Navalia and Alena), 4.00%, 8/1/34 | 3065 | &nbsp;&nbsp;&nbsp;&nbsp; 3018003 |
| Virginia Housing Development Authority, 4.10%, 10/1/27 | 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2926919 |
| Wisconsin Health and Educational Facilities Authority, (Wisconsin Housing Preservation Corp.), 4.00%, 11/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008711 |
| Wisconsin Housing and Economic Development Authority, Housing Revenue, 3.75% to 5/1/28 (Put Date), 11/1/55 | 2915 | &nbsp;&nbsp;&nbsp;&nbsp; 2928375 |
|  |  | &nbsp;&nbsp;**$38631059** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue — 5.5% | Industrial Development Revenue — 5.5% | Industrial Development Revenue — 5.5% |
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;$492679 |
| Burke County Development Authority, GA, (Georgia Power Co. Plant Vogtle): |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 10/1/32 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1356137 |
| &nbsp;&nbsp;&nbsp;2.90%, 7/1/49<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| California Municipal Finance Authority, (United Airlines, Inc. Los Angeles International Airport), (AMT), 4.00%, 7/15/29 | 2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2343588 |
| California Municipal Finance Authority, (Waste Management, Inc.), (AMT), 2.875%, 10/1/45<sup>(6)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1499216 |
| 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; 1021032 |
| 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; 993990 |
| Mission Economic Development Corp., TX, (Republic Services, Inc.), (AMT), 4.00% to 6/1/34 (Put Date), 6/1/54 | 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1433075 |
| 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; 991766 |
| 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; 2042422 |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 832907 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 421209 |
| 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; 1870588 |
| Oregon Business Development Commission, (Intel Corp.), 3.80% to 6/15/28 (Put Date), 12/1/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024701 |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 4.25% to 7/1/27 (Put Date), 7/1/41 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2522667 |
| Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 6/5/26 (Put Date), 12/1/44 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5017550 |
|  |  | &nbsp;&nbsp;**$25863527** |
| Insured - Education — 0.3% | Insured - Education — 0.3% | Insured - Education — 0.3% |
| Eastern Michigan University: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$446370 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 609920 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education (continued) | Insured - Education (continued) | Insured - Education (continued) |
| State Public School Building Authority, PA, (Delaware County Community College), (BAM), 5.00%, 10/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$221435 |
|  |  | &nbsp;&nbsp;**$1277725** |
| Insured - Electric Utilities — 0.1% | Insured - Electric Utilities — 0.1% | Insured - Electric Utilities — 0.1% |
| Muscatine Power and Water Electric Revenue, IA, (AG), 5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$610809 |
|  |  | &nbsp;&nbsp;**$610809** |
| Insured - General Obligations — 2.4% | Insured - General Obligations — 2.4% | Insured - General Obligations — 2.4% |
| Gadsden, AL, (BAM), 5.00%, 10/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$28317 |
| Harris County Improvement District No. 18, TX, (BAM), 3.50%, 9/1/43 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1075830 |
| Harris County Municipal Utility District No. 165, TX, (BAM), 3.375%, 3/1/41 | 3625 | &nbsp;&nbsp;&nbsp;&nbsp; 3174215 |
| Lawrence and Crawford Counties Community Unit School District No. 20 Lawrenceville, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 358117 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 971600 |
| Mount Vernon, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 1013352 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 670452 |
| New Haven, CT, (AG), 5.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 983062 |
| Sterling, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 849376 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 731216 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 853149 |
| Temecula Valley Unified School District, CA, (Election of 2012), (AG), 4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 212623 |
| Yonkers, NY, (AG), 5.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 447145 |
|  |  | &nbsp;&nbsp;**$11368454** |
| Insured - Hospital — 0.2% | Insured - Hospital — 0.2% | Insured - Hospital — 0.2% |
| Maryland Health and Higher Educational Facilities Authority, (TidalHealth, Inc): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;$337106 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 548828 |
|  |  | &nbsp;&nbsp;**$885934** |
| Insured - Special Tax Revenue — 1.8% | Insured - Special Tax Revenue — 1.8% | Insured - Special Tax Revenue — 1.8% |
| Big Sky Resort Area District, MT, (1% Resort Tax - Cold Smoke): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$336343 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 385426 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/36 | $1650 | &nbsp;&nbsp;$1745144 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/38 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1732117 |
| Enterprise Board of Education, AL, (BAM), 5.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 460652 |
| Garden State Preservation Trust, NJ, (AG), 5.75%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 666181 |
| Parish of Livingston, LA, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 10/1/34 | 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1876257 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 791667 |
| Park Creek Metropolitan District, CO, (AG), 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 389973 |
|  |  | &nbsp;&nbsp;**$8383760** |
| 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;$829041 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 1/1/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032918 |
| Chicago, IL, (Midway International Airport), (BAM), (AMT), 5.00%, 1/1/28 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3356985 |
|  |  | &nbsp;&nbsp;**$5218944** |
| Insured - Water and Sewer — 1.7% | Insured - Water and Sewer — 1.7% | Insured - Water and Sewer — 1.7% |
| Berkeley County Public Service Sewer District, WV, Green Bonds, (BAM), 5.00%, 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;$677329 |
| Buffalo Municipal Water Finance Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/32<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 340694 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/33<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 345235 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/34<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 406193 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/35<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 345078 |
| Shreveport, LA, Water and Sewer Revenue, (AG), 5.00%, 12/1/34 | 2890 | &nbsp;&nbsp;&nbsp;&nbsp; 3236180 |
| Yuma, AZ, Water and Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/26 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1469266 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 368299 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 711252 |
|  |  | &nbsp;&nbsp;**$7899526** |
| Lease Revenue/Certificates of Participation — 5.1% | Lease Revenue/Certificates of Participation — 5.1% | Lease Revenue/Certificates of Participation — 5.1% |
| Anderson School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$105539 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133827 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157274 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138045 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Anderson School Building Corp., IN: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$44915 |
| Brownsburg 1999 School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 743725 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 816666 |
| Cleveland Educational Facilities Authority, OK, (Cleveland Public School): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 270685 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 380359 |
| Cloverdale High School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/36 | 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1162100 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 600454 |
| Golden, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1211180 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1526768 |
| IPS Multi-School Building Corp., IN, Social Bonds, 5.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 898362 |
| Larimer County, CO, (Ranch Project), 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 496712 |
| New Jersey Economic Development Authority, (State House), 4.00%, 6/15/29 | 3340 | &nbsp;&nbsp;&nbsp;&nbsp; 3438810 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005047 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/33 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2814681 |
| Rogers County Educational Facilities Authority, OK, (Talala Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 321760 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 529755 |
| St. Lucie County, FL, 5.00%, 10/1/40 | 3435 | &nbsp;&nbsp;&nbsp;&nbsp; 3786927 |
| Westfield High School Building Corp., IN, 5.00%, 7/15/36 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1631524 |
| Westfield-Washington Multi-School Building Corp., IN, 5.00%, 7/15/36 | 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1565157 |
|  |  | &nbsp;&nbsp;**$23780272** |
| Other Revenue — 9.1% | Other Revenue — 9.1% | Other Revenue — 9.1% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;2.79%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49<sup>(1)</sup> | $5000 | &nbsp;&nbsp;$4994820 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3915264 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/1/35 (Put Date), 12/1/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058416 |
| &nbsp;&nbsp;&nbsp;5.25% to 10/1/30 (Put Date), 1/1/54 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3713588 |
| &nbsp;&nbsp;&nbsp;5.50% to 2/1/29 (Put Date), 6/1/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2103406 |
| 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 | 3680 | &nbsp;&nbsp;&nbsp;&nbsp; 3759506 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4905 | &nbsp;&nbsp;&nbsp;&nbsp; 5336604 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(5)</sup> | $1200 | &nbsp;&nbsp;$468000 |
| Central Valley Energy Authority, CA, 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 453923 |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32<sup>(7)</sup> | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1038022 |
| 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; 2629369 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/31 (Put Date), 12/1/53 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2647415 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/30 (Put Date), 5/1/54 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1891214 |
| Minnesota Municipal Gas Agency, (Liq: Royal Bank of Canada), 3.446%, (67% of SOFR + 1.00%), 12/1/52<sup>(1)</sup> | 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7482798 |
| Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90041 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 3.288%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(1)</sup> | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1336278 |
|  |  | &nbsp;&nbsp;**$42918664** |
| Senior Living/Life Care — 2.0% | Senior Living/Life Care — 2.0% | Senior Living/Life Care — 2.0% |
| Franklin County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44 | $2640 | &nbsp;&nbsp;$2595093 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.12%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 434733 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living), 4.625%, 10/1/30 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1564681 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 4.25%, 1/1/33 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2105561 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 4.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171866 |
| Washington Housing Finance Commission, (Horizon House): |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 1/1/33 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1476583 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 980672 |
|  |  | &nbsp;&nbsp;**$9329189** |
| Special Tax Revenue — 5.8% | Special Tax Revenue — 5.8% | Special Tax Revenue — 5.8% |
| Baltimore, MD, (Harbor Point), 3.15%, 6/1/29<sup>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196570 |
| Bullhead, AZ, Excise Taxes Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 347709 |
| &nbsp;&nbsp;&nbsp;1.15%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 728043 |
| Lawton Industrial Development Authority, OK: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164886 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218469 |
| Maryland Department of Transportation, 2.50%, 10/1/33 | 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1375182 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 12/15/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001950 |

---

---

| | | |
|:---|:---|:---|
| **<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;$3261740 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 267358 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 2.85%, 11/1/44<sup>(3)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.70%, 8/1/45<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2249626 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3465031 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/34 | 5185 | &nbsp;&nbsp;&nbsp;&nbsp; 5184954 |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 112985 |
| Utah Transit Authority, 5.00%, 12/15/33 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3412936 |
| Vanderburgh County Redevelopment District, IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 309510 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 449450 |
|  |  | &nbsp;&nbsp;**$27246399** |
| 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;$1660900 |
| Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/38 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1027133 |
| New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2119704 |
|  |  | &nbsp;&nbsp;**$4807737** |
| Transportation — 14.8% | Transportation — 14.8% | Transportation — 14.8% |
| Allegheny County Airport Authority, PA, (AMT), 5.00%, 1/1/28 | $1005 | &nbsp;&nbsp;$1039997 |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.72%, (SIFMA + 0.30%), 4/1/56<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4967742 |
| Broward County, FL, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003150 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/30 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2483742 |
| Charleston County Airport District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 823283 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 762627 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 787434 |
| Denver City and County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/28 | 4920 | &nbsp;&nbsp;&nbsp;&nbsp; 5174099 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments — 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;$1015130 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/15/27 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1142449 |
| Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/27 | 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2628243 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/30 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5157974 |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044942 |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/46 | 4240 | &nbsp;&nbsp;&nbsp;&nbsp; 4252501 |
| Metropolitan Washington Airports Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/28 | 2265 | &nbsp;&nbsp;&nbsp;&nbsp; 2377135 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2057297 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/32 | 6360 | &nbsp;&nbsp;&nbsp;&nbsp; 6414304 |
| North Texas Tollway Authority, 5.00%, 1/1/27 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4071613 |
| Pennsylvania Turnpike Commission, 5.00%, 12/1/39 | 2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2984599 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/28 | 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 5015721 |
| Port Authority of New York and New Jersey, (AMT), 5.00%, 11/15/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1516519 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/33 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036792 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 4/1/40 | 4875 | &nbsp;&nbsp;&nbsp;&nbsp; 4877179 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/31 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2553762 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/32 | 2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2270823 |
|  |  | &nbsp;&nbsp;**$69459057** |
| Water and Sewer — 6.8% | Water and Sewer — 6.8% | Water and Sewer — 6.8% |
| Broomfield City and County, CO, Water Revenue, 5.00%, 12/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$569301 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/36 | 1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1805431 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: Bank of America, N.A.), 2.70%, 10/1/60<sup>(3)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/36 | 2930 | &nbsp;&nbsp;&nbsp;&nbsp; 3327092 |
| Grand Strand Water and Sewer Authority, SC, 2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 607150 |
| Great Lakes Water Authority, MI, Water Supply System Revenue, 5.00%, 7/1/32 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 3079425 |
| Honolulu City and County, HI, Wastewater System Revenue, 5.00%, 7/1/36 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1704568 |
| King County, WA, Sewer Improvement and Refunding Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/45 | 6950 | &nbsp;&nbsp;&nbsp;&nbsp; 6399584 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.60%, 1/1/65<sup>(3)</sup> | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/36<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;$1122979 |
| San Antonio, TX, Water System Revenue, (SPA: Truist Bank), 2.75%, 5/1/54<sup>(3)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp;**$32115530** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $438,619,148) |  | &nbsp;&nbsp;**$439317453** |

---

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

Taxable Municipal Obligations — 5.8%

---

| | | |
|:---|:---|:---|
| **<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>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$527309 |
|  |  | &nbsp;&nbsp;**$527309** |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| Lincoln, NE, Electric System Revenue, 1.499%, 9/1/30 | $1500 | &nbsp;&nbsp;$1341138 |
| South Carolina Public Service Authority, 4.71%, 12/1/28 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025930 |
|  |  | &nbsp;&nbsp;**$3367068** |
| General Obligations — 1.7% | General Obligations — 1.7% | General Obligations — 1.7% |
| California, 7.50%, 4/1/34<sup>(9)</sup> | $2500 | &nbsp;&nbsp;$2873995 |
| Detroit, MI, Social Bonds, 2.711%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| Homewood, AL, 2.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 620143 |
| Honolulu City and County, HI, Green Bonds, 3.118%, 10/1/31 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1604003 |
| King County, WA, Sustainability Bonds, 2.16%, 12/1/32 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757744 |
| Nashua, NH, 1.40%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 311726 |
|  |  | &nbsp;&nbsp;**$7867611** |
| 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;$625104 |
|  |  | &nbsp;&nbsp;**$625104** |
| Housing — 1.0% | Housing — 1.0% | Housing — 1.0% |
| New York Housing Finance Agency, Social Bonds, (SPA: TD Bank, N.A.), 3.75%, 11/1/55<sup>(2)</sup> | $4425 | &nbsp;&nbsp;$4425000 |
|  |  | &nbsp;&nbsp;**$4425000** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments — 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;$349025 |
|  |  | &nbsp;&nbsp;**$349025** |
| 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;$2009258 |
|  |  | &nbsp;&nbsp;**$2009258** |
| Senior Living/Life Care — 0.0%<sup>†</sup> | Senior Living/Life Care — 0.0%<sup>†</sup> | Senior Living/Life Care — 0.0%<sup>†</sup> |
| Butler County Port Authority, OH, (Community First Solutions), 2.25%, 5/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$74803 |
|  |  | &nbsp;&nbsp;**$74803** |
| 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;$381331 |
|  |  | &nbsp;&nbsp;**$381331** |
| 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;$7517261 |
|  |  | &nbsp;&nbsp;**$7517261** |
| Total Taxable Municipal Obligations<br> (identified cost $26,933,285) |  | &nbsp;&nbsp;**$27143770** |

---

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

Short-Term Investments — 0.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 4/7/26 | $2000 | &nbsp;&nbsp;$1998797 |
| Total Short-Term Investments<br> (identified cost $1,998,801) |  | &nbsp;&nbsp;**$1998797** |
| Total Investments — 100.5%<br> (identified cost $471,051,234) |  | &nbsp;&nbsp;**$472049023** |
| Other Assets, Less Liabilities — (0.5)% |  | &nbsp;&nbsp;**$(2438496)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$469610527** |

---

---

| | |
|:---|:---|
| 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> | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2026. |

---

---

| | |
|:---|:---|
| <sup>(2)</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 March 31, 2026. |
| <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 March 31, 2026. |
| <sup>(4)</sup> | When-issued security. |
| <sup>(5)</sup> | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy and is non-income producing. |
| <sup>(6)</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 March 31, 2026. |
| <sup>(7)</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 March 31, 2026, the aggregate value of these securities is $3,016,017 or 0.6% of the Fund's net assets. |
| <sup>(8)</sup> | Security is in default and making only partial interest payments. |
| <sup>(9)</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 March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At March 31, 2026, 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 | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 87.7% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2026, 8.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.7% to 4.4% 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 |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Portfolio of Investments — continued

------

 <br> SOFR – Secured Overnight Financing Rate <br> SPA – Standby Bond Purchase Agreement

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Assets |  |
| Investments, at value (identified cost $471,051,234) | &nbsp;&nbsp;$472049023 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707507 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858873 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107997 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198356 |
| **Total assets** | &nbsp;&nbsp;**$478921756** |
| Liabilities |  |
| Payable for when-issued securities | &nbsp;&nbsp;$5763448 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370737 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348252 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214278 |
| 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;163991 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22213 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198356 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225720 |
| **Total liabilities** | &nbsp;&nbsp;**$9311229** |
| **Net Assets** | &nbsp;&nbsp;**$469610527** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$498206711 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28596184) |
| **Net Assets** | &nbsp;&nbsp;**$469610527** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$139836521 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15016887 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.31 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$9.62 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$5593057 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640160 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.74 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$324180949 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34797665 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.32 |

---

---

| | |
|:---|:---|
| 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_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$5909 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;18903294 |
| **Total investment income** | &nbsp;&nbsp;**$18909203** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$2026322 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213939 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54294 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29703 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115833 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161208 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120265 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82202 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111880 |
| **Total expenses** | &nbsp;&nbsp;**$2919395** |
| **Net investment income** | &nbsp;&nbsp;**$15989808** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$175790 |
| **Net realized gain** | &nbsp;&nbsp;**$175790** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$2596828 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$2596828** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$2772618** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$18762426** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
|  | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$15989808 | &nbsp;&nbsp;$16368178 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175790 | &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;2596828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4083696) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$18762426** | &nbsp;&nbsp;**$13510618** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4534831) | &nbsp;&nbsp;$(5086036) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205252) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11260831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10952847) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(15942078)** | &nbsp;&nbsp;**$(16244135)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(8378280) | &nbsp;&nbsp;$(17097525) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1677825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2370714) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54797028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64201991 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(64853133)** | &nbsp;&nbsp;**$44733752** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(62032785)** | &nbsp;&nbsp;**$42000235** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$531643312 | &nbsp;&nbsp;$489643077 |
| **At end of year** | &nbsp;&nbsp;**$469610527** | &nbsp;&nbsp;**$531643312** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.26 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.48 | &nbsp;&nbsp;$9.91 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.28** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(0.28)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.15) |
| **Total distributions** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.31** | &nbsp;&nbsp;**$9.26** | &nbsp;&nbsp;**$9.32** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.48** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.78%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$139837 | &nbsp;&nbsp;$147495 | &nbsp;&nbsp;$165427 | &nbsp;&nbsp;$180721 | &nbsp;&nbsp;$227994 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &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% |
| Portfolio Turnover | &nbsp;&nbsp;&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;&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% |

---

<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> 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.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.69 | &nbsp;&nbsp;$8.74 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.90 | &nbsp;&nbsp;$9.29 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$(0.32)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.07) |
| **Total distributions** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.07)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;**$8.69** | &nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.90** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$5593 | &nbsp;&nbsp;$7249 | &nbsp;&nbsp;$9665 | &nbsp;&nbsp;$11733 | &nbsp;&nbsp;$13732 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &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% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &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% |

---

<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> 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.

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.27 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.49 | &nbsp;&nbsp;$9.91 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(0.26)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.32** | &nbsp;&nbsp;**$9.27** | &nbsp;&nbsp;**$9.32** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.49** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.94%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$324181 | &nbsp;&nbsp;$376899 | &nbsp;&nbsp;$314551 | &nbsp;&nbsp;$349479 | &nbsp;&nbsp;$382323 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% | &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% |
| Portfolio Turnover | &nbsp;&nbsp;&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;&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% |

---

<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> 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.

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance National Limited Maturity Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**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. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders. As of March 31, 2026, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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.

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

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

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

G Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an 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—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. 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.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended March 31, 2026 and March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$14643727 | &nbsp;&nbsp;&nbsp;&nbsp;$14790507 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1298351 | &nbsp;&nbsp;&nbsp;&nbsp;$1453628 |

---

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

As of March 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$348252 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29424316) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828132 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348252) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28596184)** |

---

At March 31, 2026, the Fund, for federal income tax purposes, had deferred capital losses of $29,424,316 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, 2026, $21,781,625 are short-term and $7,642,691 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$471220891** |
| Gross unrealized appreciation | &nbsp;&nbsp;$4976214 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4148082) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$828132** |

---

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:

---

| | | |
|:---|:---|:---|
| **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 year ended March 31, 2026, the investment adviser fee amounted to $2,026,322 or 0.42% 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 year ended March 31, 2026, EVM earned $20,624 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 $5,802 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2026. 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 year ended March 31, 2026 in the amount of less than $100. 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).

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

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 year ended March 31, 2026 amounted to $213,939 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2026, the Fund paid or accrued to EVD $45,245 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 year ended March 31, 2026 amounted to $9,049 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 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 year ended March 31, 2026, the Fund was informed that EVD received $365 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 $315,478,030 and $376,430,116, respectively, for the year ended March 31, 2026.

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;**Year Ended<br> March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &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; 1900524 | &nbsp;&nbsp;&nbsp;&nbsp;$17742428 | &nbsp;&nbsp;&nbsp;&nbsp; 2273177 | &nbsp;&nbsp;&nbsp;&nbsp;$21180216 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 411491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3835892 | &nbsp;&nbsp;&nbsp;&nbsp; 457689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4264176 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3217516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29956600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4562002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42541917) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(905501)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8378280)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1831136)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(17097525)** |

---

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &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 C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 99389 | &nbsp;&nbsp;&nbsp;&nbsp;$873510 | &nbsp;&nbsp;&nbsp;&nbsp; 58029 | &nbsp;&nbsp;&nbsp;&nbsp;$507968 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 15824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138343 | &nbsp;&nbsp;&nbsp;&nbsp; 21736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2689678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (351249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3068682) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(193857)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1677825)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(271484)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2370714)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;13819459 | &nbsp;&nbsp;&nbsp;&nbsp;$128397888 | &nbsp;&nbsp;&nbsp;&nbsp;19675695 | &nbsp;&nbsp;&nbsp;&nbsp;$183122808 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 737621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6878985 | &nbsp;&nbsp;&nbsp;&nbsp; 736715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6868464 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(20428083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190073901) | &nbsp;&nbsp;&nbsp;&nbsp;(13486095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125789281) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5871003)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(54797028)** | &nbsp;&nbsp;&nbsp;&nbsp; **6926315** | &nbsp;&nbsp;&nbsp;&nbsp;**$64201991** |

---

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 20, 2026. 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 2025, 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 year ended March 31, 2026.

9 Fair Value Measurements

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

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

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

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

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

At March 31, 2026, 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** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3589003 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3589003 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439317453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439317453 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27143770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27143770 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1998797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1998797 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$472049023** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$472049023** |

---

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Limited Maturity Municipal Income Fund (the "Fund") (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 21, 2026

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

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2026

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended March 31, 2026, the Fund designates 91.86% of distributions from net investment income as an exempt-interest dividend.

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_8f3d52d6-f444-4267-99da-9989325ee676_TOC)

EXNAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;3.31.26

------

## Eaton Vance

## Short Duration Municipal Opportunities Fund

## Annual Financial Statements and Additional Information
March 31, 2026

------

![](g117915imgb41c4c691.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.**

------

#### Annual Financial Statements and Additional Information March 31, 2026
Eaton Vance

Short Duration Municipal Opportunities Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_8adb60e7-9b84-4bcf-a3bc-5e5182ecc539_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_b82e8e66-cb2d-4cb4-8808-e70fb3c4adc5_1) | [Items 6 and 7 of Form N-CSR:](#xx_b82e8e66-cb2d-4cb4-8808-e70fb3c4adc5_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_b82e8e66-cb2d-4cb4-8808-e70fb3c4adc5_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_8e0f363e-791c-4f1c-85fb-759b2818ad1d_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_8e0f363e-791c-4f1c-85fb-759b2818ad1d_2) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_8e0f363e-791c-4f1c-85fb-759b2818ad1d_3) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_25a7b83b-58c6-474d-8cb6-50f462bad3f2_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_88b7a8d2-8598-4449-91cc-538fb51a29ba_1) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_7796c875-d574-4519-bd70-8ae7260bb3aa_1) | 26 |
| [Federal Tax Information](#xx_f0f363bc-ecd8-44aa-8f1e-66c536c42885_1) | 27 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments

------

Corporate Bonds — 0.7%

---

| | | |
|:---|:---|:---|
| **<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;$5639862 |
| Total Corporate Bonds<br> (identified cost $5,500,000) |  | &nbsp;&nbsp;**$5639862** |

---

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

Tax-Exempt Mortgage-Backed Securities — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> |
| FRETE 2017-ML01 Trust, (Freddie Mac guaranteed), 4.282%, (30-day SOFR Average + 0.50%), 1/25/33<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;$411596 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $411,606) |  | &nbsp;&nbsp;**$411596** |

---

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

Tax-Exempt Municipal Obligations — 90.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.1% | Bond Bank — 0.1% | Bond Bank — 0.1% |
| Oklahoma Water Resources Board, (State Loan Program), 5.00%, 10/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;$363389 |
|  |  | &nbsp;&nbsp;**$363389** |
| Education — 7.8% | Education — 7.8% | Education — 7.8% |
| Arizona Industrial Development Authority, (Academies of Math & Science), 4.00%, 7/1/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;$803891 |
| Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/35 | 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1857958 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/36 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 2181927 |
| 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; 395316 |
| 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; 383861 |
| Arlington Higher Education Finance Corp., TX, (Life School of Dallas), (PSF Guaranteed), 4.00%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 230627 |
| Build NYC Resource Corp., NY, (Nightingale-Bamford School), 5.00%, 7/1/40 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1354642 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 3.32%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72<sup>(2)</sup> | $4750 | &nbsp;&nbsp;$4748602 |
| California Municipal Finance Authority, (St. Mary's School - Aliso Viejo), 4.65%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 408222 |
| 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; 105311 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112119 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165599 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172718 |
| Connecticut Health and Educational Facilities Authority, (Quinnipiac University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1092057 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125298 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/53 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2526028 |
| Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/39 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1352876 |
| Connecticut Health and Educational Facilities Authority, (Trinity College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106813 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137239 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127635 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139493 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33812 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84628 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111401 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 165961 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110001 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109698 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109064 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37719 |
| Connecticut State Health and Educational Facilities Authority, (Area Cooperative Educational Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111937 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 198009 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 208656 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 343285 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 264067 |
| District of Columbia, (District of Columbia International School), 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 921695 |
| District of Columbia, (KIPP DC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 255494 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 247136 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 244378 |
| Massachusetts Development Finance Agency, (Harvard University), 5.00% to 5/13/32 (Put Date), 5/15/55 | 6580 | &nbsp;&nbsp;&nbsp;&nbsp; 7346138 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| New York Dormitory Authority, (School Districts Revenue Bond Financing Program), 5.00%, 10/1/29 | $2250 | &nbsp;&nbsp;$2277526 |
| Private Colleges and Universities Authority, GA, (Emory University), 5.00%, 9/1/32 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2575681 |
| 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; 158787 |
| Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/30<sup>(1)</sup> | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1224160 |
| Purdue University, IN, 4.00%, 7/1/40 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1309972 |
| South Carolina Jobs-Economic Development Authority, (Furman University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1226109 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1305747 |
| University of Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/36 | 4925 | &nbsp;&nbsp;&nbsp;&nbsp; 5626086 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/38 | 2505 | &nbsp;&nbsp;&nbsp;&nbsp; 2823097 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/39 | 2525 | &nbsp;&nbsp;&nbsp;&nbsp; 2825759 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/40 | 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1940505 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/41 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1324595 |
| University of Massachusetts Building Authority, 5.25%, 11/1/47 | 3320 | &nbsp;&nbsp;&nbsp;&nbsp; 3364607 |
| University of Pittsburgh, PA, 4.00%, 9/15/44 | 3070 | &nbsp;&nbsp;&nbsp;&nbsp; 2908946 |
| University of Texas System, 5.00%, 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 1038011 |
| Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 5.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 286203 |
| Virginia Public School Authority, 5.00%, 8/1/41 | 1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1798404 |
| Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 326967 |
|  |  | &nbsp;&nbsp;**$64772473** |
| Electric Utilities — 1.4% | Electric Utilities — 1.4% | Electric Utilities — 1.4% |
| Jonesboro City Water and Light Plant, AR, Public Utility System Revenue, 4.00%, 6/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;$392901 |
| Long Island Power Authority, NY, Electric System Revenue, 5.00% to 9/1/27 (Put Date), 9/1/52 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4077817 |
| Memphis, TN, (Memphis Light Gas and Water Division Electric System Revenue), 4.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 84892 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1475089 |
| Northern Illinois Municipal Power Agency, IL, 4.00%, 12/1/41 | 2505 | &nbsp;&nbsp;&nbsp;&nbsp; 2446439 |
| Philadelphia, PA, Gas Works Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/30 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1465082 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1402146 |
|  |  | &nbsp;&nbsp;**$11344366** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| 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;$2598084 |
| 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; 83366 |
|  |  | &nbsp;&nbsp;**$2681450** |
| General Obligations — 17.0% | General Obligations — 17.0% | General Obligations — 17.0% |
| Abilene, TX: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/33 | $1455 | &nbsp;&nbsp;$1633459 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 420435 |
| Arapahoe County School District No. 5, CO, 5.00%, 12/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130716 |
| Bath Community Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 553070 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 439618 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 464356 |
| Bradley, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 734807 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/42 | 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1116209 |
| California, 5.00%, 4/1/42 | 6340 | &nbsp;&nbsp;&nbsp;&nbsp; 6452163 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1411072 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1695898 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | 1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1850172 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1891636 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 905866 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/38 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4147383 |
| Cleburne Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 814133 |
| Concord School District, NH, 2.00%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 563607 |
| Connecticut, 5.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 852604 |
| Cromwell, CT, 4.00%, 4/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86032 |
| Dallas Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/38 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4457882 |
| Denton Independent School District, TX, (PSF Guaranteed), 4.00% to 8/15/30 (Put Date), 8/15/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040701 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 706992 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 754292 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 541373 |
| Dripping Springs Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 865474 |
| Fairfax County, VA, 2.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 282427 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Fairfield-Suisun Unified School District, CA, 0.00%, 2/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;$393593 |
| Falls Church, VA, 3.00%, 7/15/41 | 3395 | &nbsp;&nbsp;&nbsp;&nbsp; 3008169 |
| Franklin County School District No. 1, WA, 5.50%, 12/1/40 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5596976 |
| Grand Prairie Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/31 | 4285 | &nbsp;&nbsp;&nbsp;&nbsp; 4287780 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/35 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000999 |
| Gresham-Barlow School District No. 10JT, OR, 5.00%, 6/15/37 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1285055 |
| Grosse Pointe Public School System, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 517461 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 353467 |
| Hermosa Beach City School District, CA, (Election of 2024), 0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 293640 |
| Honolulu City and County, HI, 5.00%, 7/1/36 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 3125041 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 11/1/26 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1443849 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | 2785 | &nbsp;&nbsp;&nbsp;&nbsp; 2704620 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/41 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2651218 |
| Kearney, MO, 2.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 597642 |
| Keller Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/31 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102323 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/36 | 3650 | &nbsp;&nbsp;&nbsp;&nbsp; 4107033 |
| Knox Warren ETC Counties Community College District No. 518, IL, 3.375%, 12/1/35 | 2340 | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 |
| Las Vegas Valley Water District, NV, 2.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 359256 |
| Liberty Public School District No. 53, MO, 4.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47899 |
| Lincoln Consolidated School District, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 545939 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 152681 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 596320 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 576196 |
| Los Angeles Unified School District, CA, Sustainability Bonds, 5.00%, 7/1/36 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1160139 |
| Loyalsock Township School District, PA, 2.00%, 5/1/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 884997 |
| Martin County West Independent School District No. 2448, MN, 5.00%, 2/1/36 | 2995 | &nbsp;&nbsp;&nbsp;&nbsp; 3367920 |
| Maryland, 3.00%, 8/1/31 | 2520 | &nbsp;&nbsp;&nbsp;&nbsp; 2503565 |
| McCamey Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 635287 |
| Molalla River School District No. 35, OR, 5.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 1093808 |
| Monroe County, PA, 5.00%, 7/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075494 |
| Montgomery County, MD, 2.00%, 8/1/39 | 1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1494992 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Navarro Independent School District, TX, (PSF Guaranteed), 4.00% to 2/15/28 (Put Date), 2/15/62 | $2500 | &nbsp;&nbsp;$2556843 |
| New Jersey, 2.00%, 6/1/27 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4944932 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/29 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 3524418 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083952 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.70%, 8/1/44<sup>(3)</sup> | 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| Northampton County, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 158403 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 320630 |
| Oklahoma City, OK: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 3/1/37 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1485366 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 366798 |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40364 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/38 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2016981 |
| Port of Houston Authority of Harris County, TX, 3.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 767267 |
| 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; 1507392 |
| &nbsp;&nbsp;&nbsp;4.00% to 8/15/28 (Put Date), 2/15/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2056256 |
| Puerto Rico, 4.00%, 7/1/35 | 2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2046126 |
| Racine, WI, 4.50%, 3/15/27 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5006332 |
| Riverview Gardens School District, MO, 5.00%, 4/1/34 | 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1400402 |
| Rockwall Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082113 |
| San Jacinto Community College District, TX, 4.00%, 2/15/41 | 4715 | &nbsp;&nbsp;&nbsp;&nbsp; 4618013 |
| Sarpy County School District No. 1, NE, 2.75%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 845885 |
| Sarpy County School District No. 37, NE, 5.00%, 12/15/27 | 1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1895054 |
| Tamalpais Union High School District, CA, (Election of 2024), 4.00%, 8/1/43 | 4130 | &nbsp;&nbsp;&nbsp;&nbsp; 4213680 |
| Union R-XI School District, MO, 5.00%, 3/1/42 | 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1252757 |
| Ventura County Community College District, CA, (Election of 2002), 0.00%, 8/1/28 | 4205 | &nbsp;&nbsp;&nbsp;&nbsp; 3955487 |
| Williamson Jackson ETC Counties Community College District No. 530, IL, 3.50%, 6/1/36 | 1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1859178 |
|  |  | &nbsp;&nbsp;**$141050365** |
| Hospital — 4.9% | Hospital — 4.9% | Hospital — 4.9% |
| 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;$732926 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 291418 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;$447560 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 740590 |
| Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/35 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1332832 |
| Lancaster County Hospital Authority, PA, (University of Pennsylvania Health System), 5.00%, 8/15/46 | 4325 | &nbsp;&nbsp;&nbsp;&nbsp; 4332235 |
| Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health System), (LOC: TD Bank, N.A.), 2.65%, 6/1/48<sup>(3)</sup> | 2570 | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 |
| Massachusetts Development Finance Agency, (Mass General Brigham), 5.00%, 7/1/35 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1362472 |
| 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; 151044 |
| Michigan Finance Authority, (McLaren Health Care), 4.00%, 2/15/47 | 2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2183810 |
| Missouri Health and Educational Facilities Authority, (Mercy Health), 4.00%, 11/15/47 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2411094 |
| Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 960428 |
| 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; 802412 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300702 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1598315 |
| New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/28 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2381059 |
| Oregon Facilities Authority, (Samaritan Health Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151044 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127818 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155226 |
| Oroville, CA, (Oroville Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 865050 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 678750 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 3/15/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2402750 |
| 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; 281012 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 283790 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259873 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260871 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 288259 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Washington Health Care Facilities Authority, (MultiCare Health), 5.00%, 8/15/37 | $2500 | &nbsp;&nbsp;$2548977 |
| Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/39 | 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1850056 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/46 | 3290 | &nbsp;&nbsp;&nbsp;&nbsp; 3000162 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001672 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 5/15/26, 4.00%, 11/15/46 | 3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3225967 |
| &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; 30056 |
|  |  | &nbsp;&nbsp;**$40780230** |
| Housing — 8.0% | Housing — 8.0% | Housing — 8.0% |
| California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/34 | $3120 | &nbsp;&nbsp;$3239677 |
| Connecticut Housing Finance Authority, (SPA: TD Bank, N.A.), 2.42%, 11/15/48<sup>(4)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance Program): |  |  |
| &nbsp;&nbsp;&nbsp;0.85%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 437426 |
| &nbsp;&nbsp;&nbsp;1.35%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 687347 |
| &nbsp;&nbsp;&nbsp;1.35%, 11/15/30 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2123658 |
| EP Cimarron Ventanas PFC, TX, (Home Essential Function Housing Program), 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 367507 |
| EP Essential Housing WF PFC, TX, (Home Essential Function Housing Program), 4.25%, 12/1/34 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1839892 |
| EP Tuscany Zaragosa PFC, TX, (Tuscany at Mesa Hills and Villas at Zaragosa), 4.00%, 12/1/33 | 4985 | &nbsp;&nbsp;&nbsp;&nbsp; 4980598 |
| Honolulu City and County, HI, (Maunakea Tower Apartments), 5.00% to 6/1/26 (Put Date), 6/1/27 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505449 |
| Indiana Housing and Community Development Authority, SFMR, (Liq: TD Bank, N.A.), 2.70%, 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;175 | &nbsp;&nbsp;&nbsp;&nbsp; 173961 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.15%, 12/1/40 | 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1289704 |
| Maine Housing Authority, 3.00%, 11/15/39 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2618244 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ, (FHLMC), (FNMA), (GNMA), 4.625%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 540192 |
| Maryland Community Development Administration, (Villages at Marley Station), Sustainability Bonds, (FNMA), 4.35%, 2/1/44 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1893340 |
| 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; 70043 |
| Massachusetts Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 12/1/50 | 2690 | &nbsp;&nbsp;&nbsp;&nbsp; 2653516 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 1.95%, 6/1/32 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1018668 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Michigan Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 4/1/27 | $1425 | &nbsp;&nbsp;$1425093 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.50%, 12/1/53 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1366978 |
| Minnesota Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 1.25%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 782449 |
| Nebraska Investment Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2024 Series G, 4.55%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 59745 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), GNMA), 4.70%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 305562 |
| New Canaan Housing Authority, CT, (HANC Lakeview LLC), (FNMA), 4.00%, 12/1/34 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1574285 |
| New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 1.875%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 791638 |
| New York City Housing Development Corp., NY, 2.10% to 10/1/29 (Put Date), 11/1/46 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4829484 |
| North Carolina Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(Liq: TD Bank, N.A.), 2.70%, 1/1/50<sup>(3)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.25%, 7/1/34<sup>(5)</sup> | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2165631 |
| Oregon Housing and Community Services Department, SFMR, 3.80%, 7/1/34 | 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1340197 |
| 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; 160507 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 390902 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 246195 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 553199 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 231996 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 498604 |
| 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; 601900 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 380748 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 348776 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 307194 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 475197 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/26 | 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1092320 |
| Seattle Housing Authority, WA, (Juniper Apartments), 5.00%, 6/1/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015872 |
| Seattle Housing Authority, WA, (Pooled Housing), 3.50%, 12/1/35 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1442604 |
| South Carolina Jobs-Economic Development Authority, (Latitude at Wescott), 4.00%, 11/1/35 | 2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2416117 |
| South Carolina Jobs-Economic Development Authority, (Sixteenth Floor Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2420728 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| South Carolina Jobs-Economic Development Authority, (Sixteenth Floor Obligated Group): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | $2560 | &nbsp;&nbsp;$2682102 |
| Virginia Housing Development Authority, 4.10%, 10/1/27 | 2895 | &nbsp;&nbsp;&nbsp;&nbsp; 2896899 |
|  |  | &nbsp;&nbsp;**$66242144** |
| Industrial Development Revenue — 8.7% | Industrial Development Revenue — 8.7% | Industrial Development Revenue — 8.7% |
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;$492679 |
| Burke County Development Authority, GA, (Georgia Power Co. Plant Vogtle): |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 10/1/32 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2518540 |
| &nbsp;&nbsp;&nbsp;2.90%, 7/1/49<sup>(3)</sup> | 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 |
| California Municipal Finance Authority, (United Airlines, Inc. Los Angeles International Airport), (AMT), 4.00%, 7/15/29 | 5335 | &nbsp;&nbsp;&nbsp;&nbsp; 5354622 |
| California Municipal Finance Authority, (Waste Management, Inc.), (AMT), 3.45% to 12/1/26 (Put Date), 12/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000182 |
| 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; 1276290 |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | 6305 | &nbsp;&nbsp;&nbsp;&nbsp; 6405954 |
| 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; 2512932 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co., Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 7/1/39 | 3170 | &nbsp;&nbsp;&nbsp;&nbsp; 2673695 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.10%, 5/1/26 | 4005 | &nbsp;&nbsp;&nbsp;&nbsp; 3999874 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 3/1/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1924849 |
| Houston, TX, (United Airlines, Inc. Terminal Improvement), (AMT), 5.00%, 7/15/27 | 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2592212 |
| Louisiana Public Facilities Authority, (Waste Pro USA, Inc.), (AMT), 4.375% to 10/2/28 (Put Date), 5/1/53<sup>(1)</sup> | 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 3358456 |
| 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; 3980857 |
| Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.), 2.60%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 856626 |
| 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; 4000368 |
| Mission Economic Development Corp., TX, (Republic Services, Inc.), (AMT), 4.00% to 6/1/34 (Put Date), 6/1/54 | 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1433075 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — 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) |
| Monroe County Development Authority, GA, (Georgia Power Co. Plant Scherer), 1.00% to 8/21/26 (Put Date), 7/1/49 | $1000 | &nbsp;&nbsp;$991766 |
| 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; 687490 |
| 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; 1870588 |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 3.75%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 345725 |
| 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; 2951164 |
| &nbsp;&nbsp;&nbsp;(AMT), 2.875% to 3/2/26 (Put Date), 6/1/49 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2648614 |
| Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 1.10% to 6/1/26 (Put Date), 7/1/29 | 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7719667 |
| 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; 4605294 |
| 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; 1404250 |
|  |  | &nbsp;&nbsp;**$72355769** |
| Insured - Education — 0.3% | Insured - Education — 0.3% | Insured - Education — 0.3% |
| Eastern Michigan University: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$536014 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 710129 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 726959 |
| 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;&nbsp;&nbsp; 535466 |
| Southern Illinois University, (NPFG), 0.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp;**$2708568** |
| Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% |
| Muscatine Power and Water Electric Revenue, IA, (AG), 5.00%, 12/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$606054 |
| New York Power Authority, Green Transmission Revenue, Green Bonds, (AG), 5.00%, 11/15/27 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1564381 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | 1740 | &nbsp;&nbsp;&nbsp;&nbsp; 1756958 |
| West Memphis, AR, Public Utility System Revenue, (BAM), 4.25%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 940220 |
|  |  | &nbsp;&nbsp;**$4867613** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 4.4% | Insured - General Obligations — 4.4% | Insured - General Obligations — 4.4% |
| Arnolds Park, IA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;$217263 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 724274 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 998126 |
| Belmond, IA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109866 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114457 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172969 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188140 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63894 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105711 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 204990 |
| Butler County Unified School District No. 402, KS: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134560 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55499 |
| Carbondale and Rural Fire Protection District, CO, (BAM), 5.50%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 572727 |
| Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/26 | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; 1899331 |
| Cook County School District No. 169, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 239850 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 520017 |
| Gadsden, AL, (BAM), 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 241529 |
| Greene Jersey and Macoupin Counties Community Unit School District No. 9, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 368330 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 181697 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180471 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 344004 |
| Greene Macoupin and Morgan Counties Community Unit School District No. 10, IL, (BAM), 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 850197 |
| Hayward Unified School District, CA, (Election of 2024), (BAM), 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 555695 |
| Helena High School District No. 1, MT: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 751580 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 924431 |
| Kankakee Iroquois Ford ETC Counties Community Unit School District No. 2, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 324560 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 449540 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 372037 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 267098 |
| Lanterns Metropolitan District No. 1, CO, (AG), 4.00%, 12/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 984586 |
| Lawrence and Crawford Counties Community Unit School District No. 20, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/34 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 1572700 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Lawrence and Crawford Counties Community Unit School District No. 20, IL: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$924180 |
| Maricopa County Elementary School District No. 8, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 319460 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 556908 |
| Mount Vernon, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 572769 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 1028971 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 786064 |
| New Haven, CT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/33 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1954058 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 597811 |
| Phoenix Elementary School District No. 1, AZ, (BAM), 5.00%, 7/1/43 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1220290 |
| Raindance Metropolitan District No. 2, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 309284 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216388 |
| Sherman County Unified School District No. 352, KS, (AG), 4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 629427 |
| Shreveport, LA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21669 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 3/1/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1314238 |
| Sparta Area School District, WI, (AG), 3.00%, 3/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 841813 |
| St. Clair County School District No. 118, IL, (BAM), 5.50%, 12/1/37 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1258901 |
| St. Martin Parish School Board, LA, (AG), 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 450313 |
| Sterling, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 335557 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 677088 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 1016945 |
| Temecula Valley Unified School District, CA, (Election of 2012), (AG), 4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 265779 |
| Tiffin, IA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 361977 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 420375 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127301 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 293484 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55075 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 74136 |
| Westchester, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 548116 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 540434 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 648059 |
| Western Maricopa Education Center District No. 402, AZ, (AG), 5.00%, 7/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2203855 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Will County Community Unit School District No. 209-U, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$215644 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108974 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109255 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 278379 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 493447 |
|  |  | &nbsp;&nbsp;**$36466553** |
| Insured - Hospital — 0.1% | Insured - Hospital — 0.1% | Insured - Hospital — 0.1% |
| Maryland Health and Higher Educational Facilities Authority, (TidalHealth, Inc): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$162717 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215776 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 431098 |
|  |  | &nbsp;&nbsp;**$809591** |
| 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;$302670 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 273440 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 494328 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 687197 |
|  |  | &nbsp;&nbsp;**$1757635** |
| Insured - Special Tax Revenue — 1.5% | Insured - Special Tax Revenue — 1.5% | Insured - Special Tax Revenue — 1.5% |
| Big Sky Resort Area District, MT, (1% Resort Tax - Cold Smoke): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;$321846 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 336343 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 625183 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 539769 |
| Downtown Revitalization Public Infrastructure District, UT, (AG), 5.00%, 6/1/37 | 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1696763 |
| Fort Smith, AR, Sales and Use Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 389890 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 279713 |
| Indianola Community School District, IA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 325654 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 340076 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 478275 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 427833 |
| Lake Elsinore Facilities Financing Authority, CA, (AG), 5.00%, 9/1/37 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1241138 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) |
| Parish of Livingston, LA, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 10/1/34 | $1665 | &nbsp;&nbsp;$1876257 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 791667 |
| Park Creek Metropolitan District, CO, (AG), 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 395544 |
| San Clemente Community Facilities District No. 2006-1, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/38 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1410245 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/39 | 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1306919 |
|  |  | &nbsp;&nbsp;**$12783115** |
| 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;$563088 |
|  |  | &nbsp;&nbsp;**$563088** |
| Insured - Water and Sewer — 1.5% | Insured - Water and Sewer — 1.5% | Insured - Water and Sewer — 1.5% |
| 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;$711921 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (BAM), 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 714197 |
| Chisholm Creek Utility Authority, KS, (Cities of Bel Aire and Park City), (AG), 5.00%, 9/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076780 |
| Grand Prairie Water Commission, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 641632 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 973549 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074756 |
| Shreveport, LA, Water and Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/32 | 3270 | &nbsp;&nbsp;&nbsp;&nbsp; 3618548 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/33 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2200317 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/38 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1704265 |
|  |  | &nbsp;&nbsp;**$12715965** |
| Lease Revenue/Certificates of Participation — 4.7% | Lease Revenue/Certificates of Participation — 4.7% | Lease Revenue/Certificates of Participation — 4.7% |
| Anderson School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;$160996 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101685 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102672 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129512 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104520 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127625 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107812 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81859 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137264 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137837 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138672 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167121 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Anderson School Building Corp., IN: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$167790 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140322 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 223718 |
| Barren County Public Properties Corp., KY, (Judicial Center Project), 4.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 517008 |
| Big Lake Economic Development Authority, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 332561 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 341085 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 462704 |
| Broomfield City and County, CO, 5.00%, 2/1/39 | 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1851541 |
| Brownsburg 1999 School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 984820 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 650362 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | 1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1282680 |
| Castle Rock, CO, 5.25%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 212807 |
| 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; 295106 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 345427 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 280274 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 309406 |
| Columbus Multi School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 430521 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 749146 |
| IPS Multi-School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 881622 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 7/15/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080727 |
| Lakeland School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 548561 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 372878 |
| Larimer County, CO, (Ranch Project), 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 632179 |
| 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; 282849 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 454558 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 436001 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/37 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1147273 |
| New Jersey Economic Development Authority, (State House), 4.00%, 6/15/29 | 3340 | &nbsp;&nbsp;&nbsp;&nbsp; 3438810 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005047 |
| North Lawrence Community Schools Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 300259 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 302521 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — 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) |
| Oklahoma County Finance Authority, OK, (Western Heights Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;$1032425 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1397247 |
| Oklahoma Development Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 691568 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 381999 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 632228 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 339873 |
| Richland-Bean Blossom 2000 School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/42 | 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1500495 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 278085 |
| Rogers County Educational Facilities Authority, OK, (Talala Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 507332 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 606798 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 621453 |
| Snowmass Village, CO, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 158303 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 499735 |
| Southmont School Building Corp., IN, 5.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 615937 |
| St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/38 | 2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2050926 |
| Tulsa County Industrial Authority, OK, (Owasso Public Schools), 5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 801182 |
| Twin Lakes School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 392587 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 666939 |
| Westfield High School Building Corp., IN, 5.00%, 7/15/37 | 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1712398 |
| Westfield-Washington Multi-School Building Corp., IN, 5.00%, 1/15/38 | 2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2472096 |
|  |  | &nbsp;&nbsp;**$39317744** |
| Other Revenue — 6.7% | Other Revenue — 6.7% | Other Revenue — 6.7% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;2.79%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49<sup>(2)</sup> | $15000 | &nbsp;&nbsp;$14984461 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | 2625 | &nbsp;&nbsp;&nbsp;&nbsp; 2745722 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3915264 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/1/35 (Put Date), 12/1/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058416 |
| 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; 1308583 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6895834 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 10/1/32 (Put Date), 8/1/55 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1349735 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 6015 | &nbsp;&nbsp;&nbsp;&nbsp; 6544275 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Central Valley Energy Authority, CA, 5.00%, 8/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;$453923 |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 800036 |
| 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; 10589660 |
| Northern California Gas Authority No. 1, Gas Project Revenue, 3.348%, (67% of 3 mo. SOFR + 0.72%), 7/1/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 349714 |
| Southeast Energy Authority, AL, 5.00% to 2/1/31 (Put Date), 5/1/55 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1322791 |
| Tennessee Energy Acquisition Corp., 5.00%, 11/1/33 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1174629 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 3.337%, (67% of 3 mo. SOFR + 0.70%), 12/15/26<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 570070 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 3.288%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(2)</sup> | 1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1631560 |
|  |  | &nbsp;&nbsp;**$55694673** |
| Senior Living/Life Care — 3.9% | Senior Living/Life Care — 3.9% | Senior Living/Life Care — 3.9% |
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry), 5.25%, 11/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;$369059 |
| Colorado Health Facilities Authority, (Aberdeen Ridge), 2.625%, 5/15/29 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1406199 |
| Colorado Health Facilities Authority, (Christian Living Neighborhoods): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200476 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 241244 |
| 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; 297010 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 231036 |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504637 |
| Hanover County Economic Development Authority, VA, (Covenant Woods), 3.625%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 264324 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.12%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 724555 |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 4.00%, 5/15/27 | 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2245976 |
| Kentwood Economic Development Corp., MI, (Holland Home Obligated Group), 4.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 431175 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/26<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000821 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400924 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — 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) |
| Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$150380 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201278 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201705 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 251727 |
| 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; 706700 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 425943 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1114389 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living), 5.25%, 10/1/30 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1267156 |
| 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; 403727 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 675009 |
| North Carolina Medical Care Commission, (Galloway Ridge), 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 565826 |
| 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; 3762856 |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275650 |
| Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/27 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1243308 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000651 |
| 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;&nbsp;&nbsp; 225009 |
| Polk County Industrial Development Authority, FL, (Carpenter's Home Estates, Inc.), 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 168454 |
| Public Finance Authority, WI, (Penick Village), 4.00%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 306239 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/26 | 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1395000 |
| South Carolina Jobs-Economic Development Authority, (Woodlands at Furman): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 304562 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118725 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 186988 |
| St. Johns County Industrial Development Authority, FL, (Vicar's Landing): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 374885 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 214795 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 199547 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/32 | $1015 | &nbsp;&nbsp;$1033008 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.25%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 584531 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 4.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 240750 |
| Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013662 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay), 6.25%, 9/1/30 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013086 |
| Washington Housing Finance Commission, (Horizon House): |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 1/1/33 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1476583 |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1473173 |
| Wayzata, MN, (Folkestone Senior Living Community), 3.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249369 |
|  |  | &nbsp;&nbsp;**$32252126** |
| Solid Waste — 0.1% | Solid Waste — 0.1% | Solid Waste — 0.1% |
| Maryland Environmental Service, (Midshore II Regional Landfill), 5.00%, 11/1/36 | $1050 | &nbsp;&nbsp;$1188840 |
|  |  | &nbsp;&nbsp;**$1188840** |
| Special Tax Revenue — 5.8% | Special Tax Revenue — 5.8% | Special Tax Revenue — 5.8% |
| Allentown Neighborhood Improvement Zone Development Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$407472 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 595733 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 630603 |
| Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), 5.00%, 5/1/32<sup>(1)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021403 |
| Baltimore, MD, (Harbor Point): |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 6/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 134770 |
| &nbsp;&nbsp;&nbsp;2.95%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 173283 |
| Buckeye, AZ, Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 558267 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 554687 |
| Connecticut, Special Tax Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1622560 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2267010 |
| Connecticut, Special Tax Revenue, 4.00%, 9/1/34 | 3950 | &nbsp;&nbsp;&nbsp;&nbsp; 3958135 |
| District of Columbia, Income Tax Revenue, 5.00%, 5/1/38 | 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2349570 |
| Durango, CO, Sales and Use Tax Revenue, 5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 332938 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — 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) |
| Hamilton County & Chattanooga Sports Authority, TN, (Stadium Project), 5.75%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$982827 |
| Juban Crossing Economic Development District, LA, (Road Projects), 4.00%, 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 389931 |
| Lawton Industrial Development Authority, OK: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 388664 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 552172 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164594 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 187837 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 320900 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265556 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 317303 |
| Massachusetts School Building Authority, 4.00%, 1/15/37 | 3650 | &nbsp;&nbsp;&nbsp;&nbsp; 3653865 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 12/15/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001950 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/35 | 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 1987349 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2268433 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/37 | 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 3181591 |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 2.85%, 8/1/39<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Omaha, NE, Riverfront Redevelopment Special Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 324394 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 376354 |
| Puerto Rico Sales Tax Financing Corp., 4.50%, 7/1/34 | 5847 | &nbsp;&nbsp;&nbsp;&nbsp; 5846948 |
| 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; 506031 |
| Tolomato Community Development District, FL, 2.625%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 257112 |
| Utah Transit Authority, 5.00%, 12/15/33 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4550581 |
| Vanderburgh County Redevelopment District, IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 355210 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 277240 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 453926 |
| Yuma, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 492405 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 760078 |
|  |  | &nbsp;&nbsp;**$48469682** |
| Student Loan — 0.5% | Student Loan — 0.5% | Student Loan — 0.5% |
| Connecticut Higher Education Supplemental Loan Authority, (Chesla Loan Program), (AMT), 5.25%, 11/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;$230074 |
| Indiana Secondary Market for Education Loans, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 942571 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Student Loan (continued) | Student Loan (continued) | Student Loan (continued) |
| Indiana Secondary Market for Education Loans, Inc.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;$403201 |
| Iowa Student Loan Liquidity Corp., (AMT), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 307961 |
| Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/38 | 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1032024 |
| North Carolina State Education Assistance Authority, (AMT), 5.00%, 6/1/33 | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1185090 |
|  |  | &nbsp;&nbsp;**$4100921** |
| Transportation — 8.1% | Transportation — 8.1% | Transportation — 8.1% |
| Broward County, FL, Airport System Revenue, (AMT), 5.00%, 10/1/30 | $2500 | &nbsp;&nbsp;$2503772 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/32 | 1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1219362 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/37 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1550616 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/38 | 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1881098 |
| Denver City and County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 12/1/48 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1055732 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/30 | 7170 | &nbsp;&nbsp;&nbsp;&nbsp; 7745727 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/32 | 6350 | &nbsp;&nbsp;&nbsp;&nbsp; 6611501 |
| Eagle County Air Terminal Corp., CO, (AMT), 4.00%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 510139 |
| Georgia Ports Authority, 4.00%, 7/1/47 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1225626 |
| Houston, TX, Airport System Revenue, (AMT), 5.00%, 7/1/34 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4397859 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/27 | 5235 | &nbsp;&nbsp;&nbsp;&nbsp; 5366146 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/36 | 2940 | &nbsp;&nbsp;&nbsp;&nbsp; 2983947 |
| Massachusetts Port Authority, (AMT), 5.00%, 7/1/30 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1586506 |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025197 |
| Metropolitan Transportation Authority, NY, (LOC: Truist Bank), 2.65%, 11/1/32<sup>(3)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2057297 |
| New York Thruway Authority, 5.00%, 1/1/34 | 2130 | &nbsp;&nbsp;&nbsp;&nbsp; 2431984 |
| Oklahoma Turnpike Authority, 4.00%, 1/1/42 | 1855 | &nbsp;&nbsp;&nbsp;&nbsp; 1848442 |
| Philadelphia, PA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/35 | 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 2057176 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | 2945 | &nbsp;&nbsp;&nbsp;&nbsp; 2967999 |
| Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/32 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3094859 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/33 | 2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2082619 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Port of Seattle, WA: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/37 | $2100 | &nbsp;&nbsp;$2127427 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 4/1/40 | 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3901743 |
| Port of Tacoma, WA, (AMT), 5.00%, 12/1/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009868 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/32 | 2220 | &nbsp;&nbsp;&nbsp;&nbsp; 2265720 |
|  |  | &nbsp;&nbsp;**$67008362** |
| Water and Sewer — 3.8% | Water and Sewer — 3.8% | Water and Sewer — 3.8% |
| Broomfield City and County, CO, Water Revenue, 5.00%, 12/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$604082 |
| Clairton Municipal Authority, PA, Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 829856 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 969350 |
| Great Lakes Water Authority, MI, Water Supply System Revenue, 5.00%, 7/1/32 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4479164 |
| King County, WA, Sewer Improvement and Refunding Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | 1870 | &nbsp;&nbsp;&nbsp;&nbsp; 1803884 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.60%, 1/1/65<sup>(3)</sup> | 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 7250000 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.70%, 6/15/43<sup>(3)</sup> | 5395 | &nbsp;&nbsp;&nbsp;&nbsp; 5395000 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.75%, 6/15/45<sup>(3)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 861822 |
| San Francisco City and County Public Utilities Commission, CA, Water Revenue, 4.00%, 11/1/39 | 4130 | &nbsp;&nbsp;&nbsp;&nbsp; 4068098 |
| Washington Suburban Sanitary District, MD, 4.00%, 6/1/40 | 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3050538 |
| Woodruff-Roebuck Water District, SC, 5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28253 |
|  |  | &nbsp;&nbsp;**$31840047** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $752,249,810) |  | &nbsp;&nbsp;**$752134709** |

---

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

Taxable Municipal Obligations — 7.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.9% | Education — 0.9% | Education — 0.9% |
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.43%, 6/1/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;$671559 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$527309 |
| University of California, 3.73%, 7/1/41<sup>(4)</sup> | 6100 | &nbsp;&nbsp;&nbsp;&nbsp; 6100000 |
|  |  | &nbsp;&nbsp;**$7298868** |
| General Obligations — 0.9% | General Obligations — 0.9% | General Obligations — 0.9% |
| California, 7.50%, 4/1/34<sup>(6)</sup> | $2500 | &nbsp;&nbsp;$2873995 |
| Cecil County, MD, 1.20%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 403400 |
| Douglas County School District No. 17, NE, 1.048%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 581537 |
| Livermore Valley Joint Unified School District, CA, 1.335%, 8/1/26 | 3650 | &nbsp;&nbsp;&nbsp;&nbsp; 3619583 |
|  |  | &nbsp;&nbsp;**$7478515** |
| 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;$247728 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 625104 |
| University of Wisconsin Hospitals and Clinics Authority, 1.69%, 4/1/26 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 |
|  |  | &nbsp;&nbsp;**$2622832** |
| Housing — 1.5% | Housing — 1.5% | Housing — 1.5% |
| California Municipal Finance Authority, (View at San Bruno LP), 4.50% to 7/1/27 (Put Date), 7/1/28 | $5000 | &nbsp;&nbsp;$5021374 |
| Maine Housing Authority, (SPA: TD Bank, N.A.), 3.75%, 11/15/50<sup>(4)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Maryland Community Development Administration, (FHLMC), (FNMA), (GNMA), (SPA: Royal Bank of Canada), 3.72%, 7/1/45<sup>(4)</sup> | 1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1940000 |
| New York Housing Finance Agency, Social Bonds, (SPA: TD Bank, N.A.), 3.75%, 11/1/55<sup>(4)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp;**$12961374** |
| Insured - General Obligations — 0.7% | Insured - General Obligations — 0.7% | Insured - General Obligations — 0.7% |
| Bureau County Township High School District No. 502, IL, (BAM), 1.356%, 12/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;$593356 |
| Cook County School District No. 169, IL, (AG), 5.10%, 12/1/35 | 1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1066615 |
| New Britain, CT, (BAM), 4.382%, 3/1/32 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3495413 |
| Valley View School District, PA, (BAM), 2.20%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 453797 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.26%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249152 |
| &nbsp;&nbsp;&nbsp;(AG), 4.40%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 224147 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Yonkers, NY: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.62%, 2/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$99555 |
|  |  | &nbsp;&nbsp;**$6182035** |
| Insured - Hospital — 0.1% | Insured - Hospital — 0.1% | Insured - Hospital — 0.1% |
| California Municipal Finance Authority, (Children's Hospital Los Angeles), (AG), 5.40%, 11/15/31 | $1250 | &nbsp;&nbsp;$1276717 |
|  |  | &nbsp;&nbsp;**$1276717** |
| 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;$544602 |
| &nbsp;&nbsp;&nbsp;(AG), 1.573%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 484911 |
| &nbsp;&nbsp;&nbsp;(AG), 1.743%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 712497 |
| &nbsp;&nbsp;&nbsp;(AG), 1.924%, 8/15/29 | 1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1433803 |
|  |  | &nbsp;&nbsp;**$3175813** |
| 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;$4798522 |
|  |  | &nbsp;&nbsp;**$4798522** |
| Lease Revenue/Certificates of Participation — 0.6% | Lease Revenue/Certificates of Participation — 0.6% | Lease Revenue/Certificates of Participation — 0.6% |
| California State Public Works Board, 4.942%, 4/1/30 | $5140 | &nbsp;&nbsp;$5302706 |
|  |  | &nbsp;&nbsp;**$5302706** |
| Other Revenue — 0.6% | Other Revenue — 0.6% | Other Revenue — 0.6% |
| Arizona Industrial Development Authority, (Reinvestment Fund, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.936%, 10/1/31 | $2500 | &nbsp;&nbsp;$2520748 |
| &nbsp;&nbsp;&nbsp;5.259%, 10/1/33 | 2365 | &nbsp;&nbsp;&nbsp;&nbsp; 2405320 |
|  |  | &nbsp;&nbsp;**$4926068** |
| 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;$498534 |
|  |  | &nbsp;&nbsp;**$498534** |
| 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;$2983761 |

---

---

| | | |
|:---|:---|:---|
| **<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;$1664486 |
|  |  | &nbsp;&nbsp;**$4648247** |
| Total Taxable Municipal Obligations<br> (identified cost $61,163,234) |  | &nbsp;&nbsp;**$61170231** |

---

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

U.S. Treasury Obligations — 0.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes, 3.375%, 2/29/28 | $3000 | &nbsp;&nbsp;$2976562 |
| Total U.S. Treasury Obligations<br> (identified cost $2,965,781) |  | &nbsp;&nbsp;**$2976562** |
| Total Investments — 98.9%<br> (identified cost $822,290,431) |  | &nbsp;&nbsp;**$822332960** |
| Other Assets, Less Liabilities — 1.1% |  | &nbsp;&nbsp;**$9078556** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$831411516** |

---

---

| | |
|:---|:---|
| 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 March 31, 2026, the aggregate value of these securities is $25,672,801 or 3.1% of the Fund's net assets. |
| <sup>(2)</sup> | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2026. |
| <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 March 31, 2026. |
| <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 March 31, 2026. |
| <sup>(5)</sup> | When-issued security. |
| <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. |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments — continued

------

At March 31, 2026, 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 | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 86.5% |

---

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 March 31, 2026, 10.7% 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 0.5% to 5.8% 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 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Assets |  |
| Investments, at value (identified cost $822,290,431) | &nbsp;&nbsp;$822332960 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8824760 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901478 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249265 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43937 |
| **Total assets** | &nbsp;&nbsp;**$837352400** |
| Liabilities |  |
| Payable for when-issued securities | &nbsp;&nbsp;$2275000 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235138 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696425 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127286 |
| 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;281720 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24520 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43937 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254815 |
| **Total liabilities** | &nbsp;&nbsp;**$5940884** |
| **Net Assets** | &nbsp;&nbsp;**$831411516** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$864070810 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32659294) |
| **Net Assets** | &nbsp;&nbsp;**$831411516** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$138135547 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13919095 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.92 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.25 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$8663943 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911499 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.51 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$684612026 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68953114 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.93 |

---

---

| | |
|:---|:---|
| 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_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$8789 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;29366619 |
| **Total investment income** | &nbsp;&nbsp;**$29375408** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$3148750 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191713 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88862 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47624 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179690 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230187 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142242 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8418 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77406 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172890 |
| **Total expenses** | &nbsp;&nbsp;**$4287782** |
| **Net investment income** | &nbsp;&nbsp;**$25087626** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$3142800 |
| **Net realized gain** | &nbsp;&nbsp;**$3142800** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$5731659 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$5731659** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$8874459** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$33962085** |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
|  | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$25087626 | &nbsp;&nbsp;$23352851 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142800 | &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;&nbsp;5731659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418954) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$33962085** | &nbsp;&nbsp;**$25959997** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3894297) | &nbsp;&nbsp;$(3614792) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278278) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20766226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18819032) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(24887879)** | &nbsp;&nbsp;**$(22712102)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$18877861 | &nbsp;&nbsp;$(5372699) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2484064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2544241) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67063567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16807383 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$83457364** | &nbsp;&nbsp;**$8890443** |
| **Net increase in net assets** | &nbsp;&nbsp;**$92531570** | &nbsp;&nbsp;**$12138338** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$738879946 | &nbsp;&nbsp;$726741608 |
| **At end of year** | &nbsp;&nbsp;**$831411516** | &nbsp;&nbsp;**$738879946** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.81 | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.70 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;$10.28 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;**$(0.29)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.92** | &nbsp;&nbsp;**$9.81** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.70** | &nbsp;&nbsp;**$9.88** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.25%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$138136 | &nbsp;&nbsp;$117899 | &nbsp;&nbsp;$122727 | &nbsp;&nbsp;$154478 | &nbsp;&nbsp;$201964 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &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% |
| Portfolio Turnover | &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;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% |

---

<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> 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.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.39 | &nbsp;&nbsp;$9.35 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$9.85 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.35)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.03)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.51** | &nbsp;&nbsp;**$9.39** | &nbsp;&nbsp;**$9.35** | &nbsp;&nbsp;**$9.29** | &nbsp;&nbsp;**$9.47** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.63%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$8664 | &nbsp;&nbsp;$11029 | &nbsp;&nbsp;$13497 | &nbsp;&nbsp;$20818 | &nbsp;&nbsp;$30887 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &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% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &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% |

---

<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> 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.

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

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;**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;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.81 | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.71 | &nbsp;&nbsp;$9.89 | &nbsp;&nbsp;$10.29 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &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) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.44** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(0.27)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.13) |
| **Total distributions** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.13)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.93** | &nbsp;&nbsp;**$9.81** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.71** | &nbsp;&nbsp;**$9.89** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.51%** | &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)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$684612 | &nbsp;&nbsp;$609952 | &nbsp;&nbsp;$590518 | &nbsp;&nbsp;$707917 | &nbsp;&nbsp;$807534 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22% | &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% |
| Portfolio Turnover | &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;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% |

---

<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> 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.

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Notes to Financial Statements

------

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. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

C Federal and Other Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders. As of March 31, 2026, 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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.

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Notes to Financial Statements — continued

------

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

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

H When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase 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—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. 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.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended March 31, 2026 and March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$21631137 | &nbsp;&nbsp;&nbsp;&nbsp;$20079008 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$3256742 | &nbsp;&nbsp;&nbsp;&nbsp;$2633094 |

---

As of March 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$688216 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33007041) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355956 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (696425) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(32659294)** |

---

At March 31, 2026, the Fund, for federal income tax purposes, had deferred capital losses of $33,007,041 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

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Notes to Financial Statements — continued

------

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, 2026, $18,116,412 are short-term and $14,890,629 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$821977004** |
| Gross unrealized appreciation | &nbsp;&nbsp;$7814247 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7458291) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$355956** |

---

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:

---

| | |
|:---|:---|
| **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% |

---

For the year ended March 31, 2026, the investment adviser and administration fee amounted to $3,148,750 or 0.40% 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 year ended March 31, 2026, EVM earned $6,820 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 $7,980 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2026. 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 year ended March 31, 2026 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 year ended March 31, 2026 amounted to $191,713 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2026, the Fund paid or accrued to EVD $74,052 for Class C shares.

------

[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Notes to Financial Statements — continued

------

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 sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended March 31, 2026 amounted to $14,810 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 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 year ended March 31, 2026, the Fund was informed that EVD received $416 and $567 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the year ended March 31, 2026.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$694334500 | &nbsp;&nbsp;&nbsp;&nbsp;$606169728 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2965781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6498730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$697300281** | &nbsp;&nbsp;&nbsp;&nbsp;**$612668458** |

---

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;**Year Ended<br> March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &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; 4814537 | &nbsp;&nbsp;&nbsp;&nbsp;$47819113 | &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; 324354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3215912 | &nbsp;&nbsp;&nbsp;&nbsp; 301800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966282 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3240654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32157164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3733385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36674151) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **1898237** | &nbsp;&nbsp;&nbsp;&nbsp;**$18877861** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(555960)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5372699)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 210472 | &nbsp;&nbsp;&nbsp;&nbsp;$1991377 | &nbsp;&nbsp;&nbsp;&nbsp; 302690 | &nbsp;&nbsp;&nbsp;&nbsp;$2853765 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 21502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203960 | &nbsp;&nbsp;&nbsp;&nbsp; 25428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239358 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4679401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (598082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5637364) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(262473)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2484064)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(269964)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2544241)** |

---

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[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2026** | &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 I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;25755269 | &nbsp;&nbsp;&nbsp;&nbsp;$254876462 | &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; 1284240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12736819 | &nbsp;&nbsp;&nbsp;&nbsp; 1157223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11379271 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(20247649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200549714) | &nbsp;&nbsp;&nbsp;&nbsp;(17853394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175204955) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **6791860** | &nbsp;&nbsp;&nbsp;&nbsp;**$67063567** | &nbsp;&nbsp;&nbsp;&nbsp; **1674635** | &nbsp;&nbsp;&nbsp;&nbsp;**$16807383** |

---

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 20, 2026. 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 2025, 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 year ended March 31, 2026.

9 Fair Value Measurements

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

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

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

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

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

At March 31, 2026, 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** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5639862 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5639862 |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411596 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752134709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752134709 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61170231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61170231 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2976562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2976562 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$822332960** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$822332960** |

---

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[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration Municipal Opportunities Fund (the "Fund"), one of the funds constituting Eaton Vance Investment Trust, including the portfolio of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 21, 2026

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

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[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

Eaton Vance

Short Duration Municipal Opportunities Fund

March 31, 2026

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended March 31, 2026, the Fund designates 86.91% of distributions from net investment income as an exempt-interest dividend.

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[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

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[**Table of Contents**](#JOB_EV_AR_9ce515e5-a6fa-4a5f-a428-e0a6c8feacaa_TOC)

EXMAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;3.31.26

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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
Not applicable.

#### 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.

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(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

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| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d117915dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d117915dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d117915dex99906cert.htm) |

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#### 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.

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| | |
|:---|:---|
| <u>Eaton Vance Investment Trust</u> | <u>Eaton Vance Investment Trust</u> |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

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Date: May 26, 2026

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.

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| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

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Date: May 26, 2026

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

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Date: May 26, 2026

## 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.

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| | |
|:---|:---|
| Date: May 26, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

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**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.

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| | |
|:---|:---|
| Date: May 26, 2026 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

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## 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:

(a) the Report of the **Trust** on Form N-CSR for the period ended
March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(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.** 

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| |
|:---|
| Eaton Vance Investment Trust |
| Date: May 26, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: May 26, 2026 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

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