EXHIBIT (17)(b)(i)
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:
• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.
| Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010 TABLE OF CONTENTS |
| Management’s Discussion of Fund Performance | 2 |
| Performance Information and Portfolio Composition | |
| California | 3 |
| Massachusetts | 5 |
| New Jersey. | 7 |
| New York | 9 |
| Pennsylvania | 11 |
| Fund Expenses | 13 |
| Financial Statements | 16 |
| Federal Tax Information. | 66 |
| Board of Trustees’ Annual Approval | |
| of the Investment Advisory Agreements | 67 |
| Management and Organization | 70 |
1
| Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010 MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE |
Economic and Market Conditions
During the year ending March 31, 2010, the U.S. economy and the capital markets remained relatively stable, despite continued high unemployment and concerns over the U.S. budget. After contracting slightly in the second quarter of 2009, the U.S. economy grew at annualized rates of 2.2% and 5.7% in the third and fourth quarters of 2009, respectively, and an estimated 3.2% in the first quarter of 2010, according to the U.S. Department of Commerce.
During the 12-month period, the municipal bond market continued to post solid positive performance, driven by demand from investors seeking tax-free income. The Funds’ primary benchmark, the Barclays Capital 7-Year Municipal Bond Index (the Index)—an unmanaged index of intermediate-maturity municipal obligations—gained 6.49% for the period.1
The appetite for municipal bonds continued to be buoyed by provisions in the American Recovery and Reinvestment Act of 2009 aimed at supporting the municipal market. The new Build America Bond program gave municipal issuers broader access to the taxable debt markets, providing the potential for lower net borrowing costs and reducing the supply of traditional tax-exempt bonds. The federal stimulus program also provided direct cash subsidies to municipalities that were facing record budget deficits. The result of these events was a rally in the latter half of 2009 for the sector as yields fell and prices rose across the yield curve. In the first three months of 2010, the market has been relatively unchanged.
Management Discussion
During the year ending March 31, 2010, the Funds’ Class A shares at net asset value outperformed the Index and their Lipper peer group averages.1 Management’s relative value approach worked well during this period, as bonds that we felt were oversold were acquired during the market’s low points and performed well when the market recovered. In addition, the Funds were diversified across the yield curve, providing exposure to longer-maturity bonds within the intermediate-maturity spectrum. These longer bonds outperformed as investors found short-term yields unacceptable and moved into the intermediate sector; as a result, the Funds’ exposure to these securities contributed to their outperformance. Finally, management’s investment down the credit spectrum and higher allocations to revenue bonds also contributed positively to the Funds’ relative performance.
As we move ahead, we recognize that many state and local governments face significant budget deficits that are driven primarily by a steep decline in tax revenues. We will continue to monitor any new developments as state and local officials formulate solutions to address these fiscal problems. As in all environments, we maintain our long-term perspective on the markets against the backdrop of relatively short periods of market volatility. We will continue to actively manage the Funds with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on credit research and decades of experience in the municipal market, will serve municipal investors well over the long term.
Effective December 1, 2009, each Fund changed its name from Eaton Vance [State] Limited Maturity Municipals Fund to Eaton Vance [State] Limited Maturity Municipal Income Fund.
1 It is not possible to invest directly in an Index or a Lipper classification. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. The Lipper total returns are the average total returns, at net asset value, of the funds that are in the same Lipper Classification as the Funds.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Funds’ current or future investments and may change due to active management.
2
| Eaton Vance California Limited Maturity Municipal Income Fund as of March 31, 2010 PERFORMANCE INFORMATION |
The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.
| Performance1 | Class A | Class B | Class C |
| Share Class Symbol | EXCAX | ELCAX | EZCAX |
| Average Annual Total Returns (at net asset value) | |||
| One Year | 11.04% | 10.26% | 10.25% |
| Five Years | 3.07 | 2.30 | 2.29 |
| 10 Years | 4.17 | 3.37 | N.A. |
| Life of Fund† | 4.09 | 3.57 | 2.18 |
| SEC Average Annual Total Returns (including sales charge or applicable CDSC) | |||
| One Year | 8.59% | 7.26% | 9.25% |
| Five Years | 2.60 | 2.30 | 2.29 |
| 10 Years | 3.93 | 3.37 | N.A. |
| Life of Fund† | 3.92 | 3.57 | 2.18 |
| † Inception dates: Class A: 6/27/96; Class B: 5/29/92; Class C: 3/23/05 | |||
| Total Annual | |||
| Operating Expenses2 | Class A | Class B | Class C |
| Expense Ratio | 0.94% | 1.70% | 1.70% |
| Distribution Rates/Yields | Class A | Class B | Class C |
| Distribution Rate3 | 3.75% | 3.02% | 3.02% |
| Taxable-Equivalent Distribution Rate3,4 | 6.45 | 5.19 | 5.19 |
| SEC 30-day Yield5 | 2.66 | 1.97 | 1.98 |
| Taxable-Equivalent SEC 30-day Yield4,5 | 4.58 | 3.39 | 3.41 |
| Index Performance6 (Average Annual Total Returns) | |||
| Barclays Capital 7-Year Municipal Bond Index | |||
| One Year | 6.49% | ||
| Five Years | 5.05 | ||
| 10 Years | 5.55 | ||
| Lipper Averages7 (Average Annual Total Returns) | |||
| Lipper California Intermediate Municipal Debt Funds Classification | |||
| One Year | 7.98% | ||
| Five Years | 3.44 | ||
| 10 Years | 4.26 | ||
Portfolio Manager: Cynthia J. Clemson
*Source: Lipper, Inc. Class B of the Fund commenced investment operations on 5/29/92.
A $10,000 hypothetical investment at net asset value in Class A on 3/31/00 and Class C on 3/23/05 (commencement of operations), would have been valued at $15,042 ($14,709 at the maximum offering price) and $11,143, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Bond values decline as interest rates rise. For performance as of the most recent month end, please refer to www.eatonvance.com.
1 Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. 2 Source: Prospectus dated 8/1/09. 3 The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. 4 Taxable-equivalent figures assume a maximum 41.86% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. 5 The Fund's SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. 6 It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. 7 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Intermediate Municipal Debt Funds Classification contained 41, 39 and 24 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.
| 3 |
Eaton Vance California Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO COMPOSITION
| Fund Statistics | |
| • Number of Issues: | 60 |
| • Average Maturity: | 9.0 years |
| • Average Effective Maturity: | 6.7 years |
| • Average Call Protection: | 6.1 years |
| • Average Dollar Price: | $103.07 |
| 1 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
| 4 |
Eaton Vance Massachusetts Limited Maturity Municipal Income Fund as of March 31, 2010
PERFORMANCE INFORMATION
The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.
| Performance1 | Class A | Class B | Class C |
| Share Class Symbol | EXMAX | ELMAX | EZMAX |
| Average Annual Total Returns (at net asset value) | |||
| One Year | 8.83% | 7.94% | 8.05% |
| Five Years | 3.40 | 2.63 | 2.66 |
| 10 Years | 4.29 | 3.49 | 3.51 |
| Life of Fund† | 4.14 | 3.60 | 3.18 |
| SEC Average Annual Total Returns (including sales charge or applicable CDSC) | |||
| One Year | 6.38% | 4.94% | 7.05% |
| Five Years | 2.94 | 2.63 | 2.66 |
| 10 Years | 4.06 | 3.49 | 3.51 |
| Life of Fund† | 3.97 | 3.60 | 3.18 |
| † Inception dates: Class A: 6/27/96; Class B: 6/1/92; Class C: 12/8/93 | |||
| Total Annual | |||
| Operating Expenses2 | Class A | Class B | Class C |
| Expense Ratio | 0.85% | 1.60% | 1.60% |
| Distribution Rates/Yields | Class A | Class B | Class C |
| Distribution Rate3 | 3.54% | 2.81% | 2.81% |
| Taxable-Equivalent Distribution Rate3,4 | 5.75 | 4.57 | 4.57 |
| SEC 30-day Yield5 | 2.31 | 1.61 | 1.61 |
| Taxable-Equivalent SEC 30-day Yield4,5 | 3.75 | 2.62 | 2.62 |
| Index Performance6 (Average Annual Total Returns) | |||
| Barclays Capital 7-Year Municipal Bond Index | |||
| One Year | 6.49% | ||
| Five Years | 5.05 | ||
| 10 Years | 5.55 | ||
| Lipper Averages7 (Average Annual Total Returns) | |||
| Lipper Massachusetts Intermediate Municipal Debt Funds Classification | |||
| One Year | 8.03% | ||
| Five Years | 3.76 | ||
| 10 Years | 4.43 | ||
Portfolio Manager: William H. Ahern, Jr., CFA
*Source: Lipper, Inc. Class B of the Fund commenced investment operations on 6/1/92.
A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 would have been valued at $15,229 ($14,891 at the maximum offering price) and $14,126, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Bond values decline as interest rates rise. For performance as of the most recent month end, please refer to www.eatonvance.com.
1 Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. 2 Source: Prospectus dated 8/1/09. 3 The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. 4 Taxable-equivalent figures assume a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. 5 The Fund's SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. 6 It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. 7 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Massachusetts Intermediate Municipal Debt Funds Classification contained 16, 16 and 9 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.
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Eaton Vance Massachusetts Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO COMPOSITION
| Fund Statistics | |
| • Number of Issues: | 71 |
| • Average Maturity: | 9.4 years |
| • Average Effective Maturity: | 7.4 years |
| • Average Call Protection: | 7.0 years |
| • Average Dollar Price: | $108.13 |
| 1 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
6
Eaton Vance New Jersey Limited Maturity Municipal Income Fund as of March 31, 2010
PERFORMANCE INFORMATION
The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.
| Performance1 | Class A | Class B | Class C |
| Share Class Symbol | EXNJX | ELNJX | EZNJX |
| Average Annual Total Returns (at net asset value) | |||
| One Year | 9.05% | 8.15% | 8.15% |
| Five Years | 3.53 | 2.75 | N.A. |
| 10 Years | 4.19 | 3.40 | N.A. |
| Life of Fund† | 4.15 | 3.61 | 2.61 |
| SEC Average Annual Total Returns (including sales charge or applicable CDSC) | |||
| One Year | 6.58% | 5.15% | 7.15% |
| Five Years | 3.06 | 2.75 | N.A. |
| 10 Years | 3.95 | 3.40 | N.A. |
| Life of Fund† | 3.97 | 3.61 | 2.61 |
| † Inception dates: Class A: 6/27/96; Class B: 6/1/92; Class C: 8/1/06 | |||
| Total Annual | |||
| Operating Expenses2 | Class A | Class B | Class C |
| Expense Ratio | 0.89% | 1.64% | 1.64% |
| Distribution Rates/Yields | Class A | Class B | Class C |
| Distribution Rate3 | 3.45% | 2.72% | 2.73% |
| Taxable-Equivalent Distribution Rate3,4 | 5.95 | 4.69 | 4.71 |
| SEC 30-day Yield5 | 2.32 | 1.62 | 1.62 |
| Taxable-Equivalent SEC 30-day Yield4,5 | 4.00 | 2.79 | 2.79 |
| Index Performance6 (Average Annual Total Returns) | |||
| Barclays Capital 7-Year Municipal Bond Index | |||
| One Year | 6.49% | ||
| Five Years | 5.05 | ||
| 10 Years | 5.55 | ||
| Lipper Averages7 (Average Annual Total Returns) | |||
| Lipper Other States Intermediate Municipal Debt Funds Classification | |||
| One Year | 6.18% | ||
| Five Years | 3.52 | ||
| 10 Years | 4.22 | ||
Portfolio Manager: Craig R. Brandon, CFA
*Source: Lipper, Inc. Class B of the Fund commenced investment operations on 6/1/92.
A $10,000 hypothetical investment at net asset value in Class A on 3/31/00 and Class C on 8/1/06 (commencement of operations) would have been valued at $15,078 ($14,731 at the maximum offering price) and $10,993, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Bond values decline as interest rates rise. For performance as of the most recent month end, please refer to www.eatonvance.com.
1 Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. 2 Source: Prospectus dated 8/1/09. 3 The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. 4 Taxable-equivalent figures assume a maximum 41.99% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. 5 The Fund's SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. 6 It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. 7 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Intermediate Municipal Debt Funds Classification contained 110, 107 and 80 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.
7
Eaton Vance New Jersey Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO COMPOSITION
| Fund Statistics | |
| • Number of Issues: | 62 |
| • Average Maturity: | 8.9 years |
| • Average Effective Maturity: | 7.7 years |
| • Average Call Protection: | 7.2 years |
| • Average Dollar Price: | $107.72 |
| 1 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
8
| Eaton Vance New York Limited Maturity Municipal Income Fund as of March 31, 2010 PERFORMANCE INFORMATION |
The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.
| Performance1 | Class A | Class B | Class C |
| Share Class Symbol | EXNYX | ELNYX | EZNYX |
| Average Annual Total Returns (at net asset value) | |||
| One Year | 10.72% | 9.92% | 9.92% |
| Five Years | 3.15 | 2.37 | 2.38 |
| 10 Years | 4.18 | 3.38 | 3.39 |
| Life of Fund† | 4.28 | 3.74 | 3.26 |
| SEC Average Annual Total Returns (including sales charge or applicable CDSC) | |||
| One Year | 8.23% | 6.92% | 8.92% |
| Five Years | 2.69 | 2.37 | 2.38 |
| 10 Years | 3.94 | 3.38 | 3.39 |
| Life of Fund† | 4.11 | 3.74 | 3.26 |
| † Inception dates: Class A: 6/27/96; Class B: 5/29/92; Class C: 12/8/93 | |||
| Total Annual | |||
| Operating Expenses2 | Class A | Class B | Class C |
| Expense Ratio | 0.80% | 1.55% | 1.55% |
| Distribution Rates/Yields | Class A | Class B | Class C |
| Distribution Rate3 | 3.60% | 2.86% | 2.86% |
| Taxable-Equivalent Distribution Rate3,4 | 6.08 | 4.83 | 4.83 |
| SEC 30-day Yield5 | 2.66 | 1.97 | 1.97 |
| Taxable-Equivalent SEC 30-day Yield4,5 | 4.50 | 3.33 | 3.33 |
| Index Performance6 (Average Annual Total Returns) | |||
| Barclays Capital 7-Year Municipal Bond Index | |||
| One Year | 6.49% | ||
| Five Years | 5.05 | ||
| 10 Years | 5.55 | ||
| Lipper Averages7 (Average Annual Total Returns) | |||
| Lipper New York Intermediate Municipal Debt Funds Classification | |||
| One Year | 7.64% | ||
| Five Years | 3.50 | ||
| 10 Years | 4.40 | ||
Portfolio Manager: William H. Ahern, Jr., CFA
*Source: Lipper, Inc. Class B of the Fund commenced investment operations on 5/29/92.
A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 would have been valued at $15,059 ($14,721 at the maximum offering price) and $13,963, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Bond values decline as interest rates rise. For performance as of the most recent month end, please refer to www.eatonvance.com.
1 Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. 2 Source: Prospectus dated 8/1/09. 3 The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. 4 Taxable-equivalent figures assume a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. 5 The Fund's SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. 6 It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. 7 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Intermediate Municipal Debt Funds Classification contained 34, 32 and 17 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.
9
Eaton Vance New York Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO COMPOSITION
| Fund Statistics | |
| • Number of Issues: | 83 |
| • Average Maturity: | 9.5 years |
| • Average Effective Maturity: | 7.1 years |
| • Average Call Protection: | 6.5 years |
| • Average Dollar Price: | $107.12 |
| 1 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
10
| Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010 PERFORMANCE INFORMATION |
The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.
| Performance1 | Class A | Class B | Class C |
| Share Class Symbol | EXPNX | ELPNX | EZPNX |
| Average Annual Total Returns (at net asset value) | |||
| One Year | 7.49% | 6.70% | 6.78% |
| Five Years | 3.48 | 2.71 | 2.70 |
| 10 Years | 4.32 | 3.53 | 3.54 |
| Life of Fund† | 4.27 | 3.76 | 3.27 |
| SEC Average Annual Total Returns (including sales charge or applicable CDSC) | |||
| One Year | 5.11% | 3.70% | 5.78% |
| Five Years | 3.01 | 2.71 | 2.70 |
| 10 Years | 4.08 | 3.53 | 3.54 |
| Life of Fund† | 4.10 | 3.76 | 3.27 |
| † Inception dates: Class A: 6/27/96; Class B: 6/1/92; Class C: 12/8/93 | |||
| Total Annual | |||
| Operating Expenses2 | Class A | Class B | Class C |
| Expense Ratio | 0.87% | 1.62% | 1.62% |
| Distribution Rates/Yields | Class A | Class B | Class C |
| Distribution Rate3 | 3.76% | 3.01% | 3.01% |
| Taxable-Equivalent Distribution Rate3,4 | 5.97 | 4.78 | 4.78 |
| SEC 30-day Yield5 | 2.41 | 1.69 | 1.70 |
| Taxable-Equivalent SEC 30-day Yield4,5 | 3.83 | 2.68 | 2.70 |
| Index Performance6 (Average Annual Total Returns) | |||
| Barclays Capital 7-Year Municipal Bond Index | |||
| One Year | 6.49% | ||
| Five Years | 5.05 | ||
| 10 Years | 5.55 | ||
| Lipper Averages7 (Average Annual Total Returns) | |||
| Lipper Other States Intermediate Municipal Debt Funds Classification | |||
| One Year | 6.18% | ||
| Five Years | 3.52 | ||
| 10 Years | 4.22 | ||
Portfolio Manager: Adam A. Weigold, CFA
*Source: Lipper, Inc. Class B of the Fund commenced investment operations on 6/1/92.
A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 would have been valued at $15,272 ($14,924 at the maximum offering price) and $14,161, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Bond values decline as interest rates rise. For performance as of the most recent month end, please refer to www.eatonvance.com.
1 Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. 2 Source: Prospectus dated 8/1/09. 3 The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. 4 Taxable-equivalent figures assume a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. 5 The Fund's SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. 6 It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. 7 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Intermediate Municipal Debt Funds Classification contained 110, 107 and 80 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.
11
| Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010 PORTFOLIO COMPOSITION |
| Fund Statistics | |
| • Number of Issues: | 70 |
| • Average Maturity: | 10.3 years |
| • Average Effective Maturity: | 6.5 years |
| • Average Call Protection: | 6.0 years |
| • Average Dollar Price: | $103.03 |
| 1 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
12
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FUND EXPENSES
Example: As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2009 – March 31, 2010).
Actual Expenses: The first section of each table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes: The second section of each table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual return of the Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in each table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
| Eaton Vance California Limited Maturity Municipal Income Fund | |||
| Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
| (10/1/09) | (3/31/10) | (10/1/09 – 3/31/10) | |
| Actual | |||
| Class A | $1,000.00 | $1,005.50 | $4.95 |
| Class B | $1,000.00 | $1,001.90 | $8.43 |
| Class C | $1,000.00 | $1,002.50 | $8.74 |
| Hypothetical | |||
| (5% return per year before expenses) | |||
| Class A | $1,000.00 | $1,020.00 | $4.99 |
| Class B | $1,000.00 | $1,016.50 | $8.50 |
| Class C | $1,000.00 | $1,016.20 | $8.80 |
| * Expenses are equal to the Fund’s annualized expense ratio of 0.99% for Class A shares, 1.69% for Class B shares and | |||
| 1.75% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the | |||
| one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at | |||
| the close of business on September 30, 2009. | |||
13
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FUND EXPENSES CONT ’D
| Eaton Vance Massachusetts Limited Maturity Municipal Income Fund | |||
| Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
| (10/1/09) | (3/31/10) | (10/1/09 – 3/31/10) | |
| Actual | |||
| Class A | $1,000.00 | $997.70 | $3.88 |
| Class B | $1,000.00 | $994.10 | $7.51 |
| Class C | $1,000.00 | $994.30 | $7.61 |
| Hypothetical | |||
| (5% return per year before expenses) | |||
| Class A | $1,000.00 | $1,021.00 | $3.93 |
| Class B | $1,000.00 | $1,017.40 | $7.59 |
| Class C | $1,000.00 | $1,017.30 | $7.70 |
| * Expenses are equal to the Fund’s annualized expense ratio of 0.78% for Class A shares, 1.51% for Class B shares and | |||
| 1.53% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the | |||
| one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at | |||
| the close of business on September 30, 2009. | |||
| Eaton Vance New Jersey Limited Maturity Municipal Income Fund | |||
| Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
| (10/1/09) | (3/31/10) | (10/1/09 – 3/31/10) | |
| Actual | |||
| Class A | $1,000.00 | $995.30 | $4.03 |
| Class B | $1,000.00 | $991.70 | $7.75 |
| Class C | $1,000.00 | $990.70 | $7.74 |
| Hypothetical | |||
| (5% return per year before expenses) | |||
| Class A | $1,000.00 | $1,020.90 | $4.08 |
| Class B | $1,000.00 | $1,017.20 | $7.85 |
| Class C | $1,000.00 | $1,017.20 | $7.85 |
| * Expenses are equal to the Fund’s annualized expense ratio of 0.81% for Class A shares, 1.56% for Class B shares and | |||
| 1.56% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the | |||
| one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at | |||
| the close of business on September 30, 2009. | |||
14
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FUND EXPENSES CONT ’D
| Eaton Vance New York Limited Maturity Municipal Income Fund | |||
| Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
| (10/1/09) | (3/31/10) | (10/1/09 – 3/31/10) | |
| Actual | |||
| Class A | $1,000.00 | $1,000.30 | $4.04 |
| Class B | $1,000.00 | $995.70 | $7.76 |
| Class C | $1,000.00 | $996.80 | $7.77 |
| Hypothetical | |||
| (5% return per year before expenses) | |||
| Class A | $1,000.00 | $1,020.90 | $4.08 |
| Class B | $1,000.00 | $1,017.20 | $7.85 |
| Class C | $1,000.00 | $1,017.20 | $7.85 |
| * Expenses are equal to the Fund’s annualized expense ratio of 0.81% for Class A shares, 1.56% for Class B shares and | |||
| 1.56% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the | |||
| one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at | |||
| the close of business on September 30, 2009. | |||
| Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund | |||
| Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
| (10/1/09) | (3/31/10) | (10/1/09 – 3/31/10) | |
| Actual | |||
| Class A | $1,000.00 | $995.90 | $4.08 |
| Class B | $1,000.00 | $992.30 | $7.75 |
| Class C | $1,000.00 | $992.10 | $7.80 |
| Hypothetical | |||
| (5% return per year before expenses) | |||
| Class A | $1,000.00 | $1,020.80 | $4.13 |
| Class B | $1,000.00 | $1,017.20 | $7.85 |
| Class C | $1,000.00 | $1,017.10 | $7.90 |
| * Expenses are equal to the Fund’s annualized expense ratio of 0.82% for Class A shares, 1.56% for Class B shares and | |||
| 1.57% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the | |||
| one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at | |||
| the close of business on September 30, 2009. | |||
15
Eaton Vance California Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS
| Tax - Exempt Investments — 97.6% | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Education — 4.1% | ||
| $ 500 | California Educational Facilities Authority, (Loyola | |
| Marymount University), 5.00%, 10/1/25 | $ 512,160 | |
| 500 | University of California, 5.00%, 5/15/21 | 549,610 |
| $ 1,061,770 | ||
| Electric Utilities — 4.1% | ||
| $ 500 | Los Angeles Department of Water and Power Revenue, | |
| 5.25%, 7/1/23 | $ 559,175 | |
| 500 | Vernon, Electric System Revenue, 5.125%, 8/1/21 | 519,050 |
| $ 1,078,225 | ||
| Escrowed / Prerefunded — 3.3% | ||
| $ 250 | California Department of Water Resource Power Supply, | |
| Prerefunded to 5/1/12, 5.125%, 5/1/18(1) | $ 274,560 | |
| 520 | California Statewide Communities Development Authority, | |
| (San Gabriel Valley), Escrowed to Maturity, | ||
| 5.50%, 9/1/14 | 572,416 | |
| $ 846,976 | ||
| Hospital — 15.5% | ||
| $ 500 | California Health Facilities Financing Authority, (Catholic | |
| Healthcare), 5.125%, 7/1/22 | $ 516,370 | |
| 500 | California Health Facilities Financing Authority, (Cedars- | |
| Sinai Medical Center), 5.00%, 11/15/16 | 538,885 | |
| 500 | California Health Facilities Financing Authority, (Scripps | |
| Health), 5.00%, 10/1/21 | 523,975 | |
| 640 | California Statewide Communities Development Authority, | |
| (Huntington Memorial Hospital), 5.00%, 7/1/21 | 643,174 | |
| 500 | California Statewide Communities Development Authority, | |
| (John Muir Health), 5.00%, 7/1/18 | 518,085 | |
| 500 | California Statewide Communities Development Authority, | |
| (Kaiser Permanente), 5.00%, 4/1/19 | 531,650 | |
| 200 | San Benito Health Care District, 5.375%, 10/1/12 | 200,568 |
| 300 | Torrance Hospital, (Torrance Memorial Medical Center), | |
| 5.40%, 6/1/15 | 310,632 | |
| 250 | Washington Township Health Care District, | |
| 5.50%, 7/1/19 | 262,453 | |
| $ 4,045,792 | ||
| Housing — 2.6% | ||
| $ 750 | California Housing Finance Agency, (AMT), | |
| 4.75%, 8/1/21 | $ 687,532 | |
| $ 687,532 | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Industrial Development Revenue — 0.8% | ||
| $ 200 | California Pollution Control Financing Authority, (Browning | |
| Ferris Industries), (AMT), 5.80%, 12/1/16 | $ 200,126 | |
| $ 200,126 | ||
| Insured-Education — 3.6% | ||
| $ 475 | California Educational Facilities Authority, (San Diego | |
| University), (AMBAC), 0.00%, 10/1/15 | $ 390,151 | |
| 500 | California Educational Facilities Authority, (Santa Clara | |
| University), (NPFG), 5.00%, 9/1/23 | 545,795 | |
| $ 935,946 | ||
| Insured-Electric Utilities — 8.5% | ||
| $ 450 | California Pollution Control Financing Authority, (Pacific Gas | |
| and Electric), (NPFG), (AMT), 5.35%, 12/1/16 | $ 464,076 | |
| 600 | California Pollution Control Financing Authority, (San Diego | |
| Gas and Electric), (NPFG), 5.90%, 6/1/14 | 674,250 | |
| 500 | Northern California Power Agency, (Hydroelectric), (AGC), | |
| 5.00%, 7/1/24 | 526,545 | |
| 500 | Puerto Rico Electric Power Authority, (NPFG), | |
| 5.50%, 7/1/18 | 545,075 | |
| $ 2,209,946 | ||
| Insured-General Obligations — 14.8% | ||
| $ 400 | Barstow Unified School District, (FGIC), (NPFG), | |
| 5.25%, 8/1/18 | $ 431,500 | |
| 500 | Burbank Unified School District, (FGIC), (NPFG), | |
| 0.00%, 8/1/12 | 478,375 | |
| 1,080 | Fillmore Unified School District, (FGIC), (NPFG), | |
| 0.00%, 7/1/15 | 897,404 | |
| 760 | Fresno Unified School District, (NPFG), 5.80%, 2/1/16 | 838,941 |
| 650 | Oakland Unified School District, Alameda County, (FGIC), | |
| (NPFG), 5.00%, 8/1/22 | 645,470 | |
| 750 | San Juan Unified School District, (AGM), 0.00%, 8/1/17 | 557,175 |
| $ 3,848,865 | ||
| Insured-Lease Revenue / Certificates of | ||
| Participation — 1.8% | ||
| $ 460 | California State Public Works Board, (Department of | |
| Corrections), (AMBAC), 5.25%, 12/1/13 | $ 479,817 | |
| $ 479,817 | ||
| Insured-Other Revenue — 0.9% | ||
| $ 240 | Golden State Tobacco Securitization Corp., (Tobacco | |
| Settlement Revenue), (AGC), (FGIC), 5.00%, 6/1/35 | $ 229,397 | |
| $ 229,397 | ||
| See notes to financial statements | ||||
| 16 | ||||
Eaton Vance California Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-Special Tax Revenue — 4.7% | ||
| $ 625 | Garden Grove Community Development, (Tax Allocation), | |
| (AMBAC), 5.25%, 10/1/16 | $ 648,769 | |
| 500 | San Mateo County Transportation District, (NPFG), | |
| 5.25%, 6/1/17 | 565,705 | |
| $ 1,214,474 | ||
| Insured-Transportation — 5.5% | ||
| $ 715 | Port of Oakland, (NPFG), (AMT), 5.00%, 11/1/21 | $ 695,552 |
| 675 | San Jose Airport Revenue, (AMBAC), (AMT), | |
| 5.50%, 3/1/18 | 727,427 | |
| $ 1,422,979 | ||
| Insured-Water and Sewer — 2.0% | ||
| $ 500 | Sunnyvale Financing Authority Water and Wastewater, | |
| (AMBAC), 5.00%, 10/1/22 | $ 523,995 | |
| $ 523,995 | ||
| Lease Revenue / Certificates of Participation — 2.1% | ||
| $ 500 | California Public Works, (University of California), | |
| 5.25%, 6/1/20 | $ 556,315 | |
| $ 556,315 | ||
| Senior Living / Life Care — 2.0% | ||
| $ 520 | California Statewide Communities Development Authority, | |
| (Senior Living-Presbyterian Homes), 4.50%, 11/15/16 | $ 515,658 | |
| $ 515,658 | ||
| Solid Waste — 2.7% | ||
| $ 315 | Los Angeles, 5.00%, 2/1/20 | $ 349,281 |
| 350 | Napa-Vallejo Waste Management Authority, (Solid Waste | |
| Transfer Facilities), (AMT), 5.10%, 2/15/14 | 350,284 | |
| $ 699,565 | ||
| Special Tax Revenue — 11.5% | ||
| $ 290 | Alameda Public Financing Authority, 5.45%, 9/2/14 | $ 296,383 |
| 205 | Brentwood Infrastructure Financing Authority, | |
| 4.625%, 9/2/18 | 179,492 | |
| 500 | California State Economic Recovery, 5.00%, 7/1/18 | 552,560 |
| 190 | Corona Public Financing Authority, 5.70%, 9/1/13 | 190,673 |
| 100 | Eastern Municipal Water District, 4.80%, 9/1/20 | 88,118 |
| 75 | Eastern Municipal Water District, 4.85%, 9/1/21 | 65,289 |
| 200 | Fontana Redevelopment Agency, (Jurupa Hills), | |
| 5.50%, 10/1/17 | 202,042 | |
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Special Tax Revenue (continued) | ||
| $ 40 | Moreno Valley Unified School District, (Community District | |
| No. 2003-2), 5.20%, 9/1/17 | $ 38,405 | |
| 80 | Moreno Valley Unified School District, (Community District | |
| No. 2003-2), 5.25%, 9/1/18 | 75,671 | |
| 390 | Pomona Redevelopment Agency, (West Holt Avenue | |
| Redevelopment), 5.50%, 5/1/13 | 406,602 | |
| 145 | Santa Margarita Water District, 6.10%, 9/1/14 | 148,046 |
| 200 | Santaluz Community Facility District No. 2, | |
| 5.80%, 9/1/14 | 200,996 | |
| 100 | Temecula Valley Unified School District, 4.75%, 9/1/21 | 90,038 |
| 200 | Torrance Redevelopment Agency, 5.50%, 9/1/12 | 200,776 |
| 250 | Whittier Public Financing Authority, (Greenleaf Ave. | |
| Whittier Redevelopment), 5.50%, 11/1/16 | 253,400 | |
| $ 2,988,491 | ||
| Transportation — 3.2% | ||
| $ 500 | Bay Area Toll Authority, Toll Bridge Revenue, (San | |
| Francisco Bay Area), 5.00%, 4/1/22 | $ 545,970 | |
| 290 | Port Redwood City, (AMT), 5.40%, 6/1/19 | 291,801 |
| $ 837,771 | ||
| Water and Sewer — 3.9% | ||
| $ 440 | Gilroy, Water and Sewer Revenue, 5.00%, 8/1/22 | $ 496,117 |
| 500 | Metropolitan Water District of Southern California, | |
| 5.00%, 7/1/31 | 530,960 | |
| $ 1,027,077 | ||
| Total Tax-Exempt Investments — 97.6% | ||
| (identified cost $24,795,080) | $25,410,717 | |
| Other Assets, Less Liabilities — 2.4% | $ 619,534 | |
| Net Assets — 100.0% | $26,030,251 | |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
| AGC - Assured Guaranty Corp. AGM - Assured Guaranty Municipal Corp. AMBAC - AMBAC Financial Group, Inc. AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. FGIC - Financial Guaranty Insurance Company NPFG - National Public Finance Guaranty Corp. |
The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010,
| See notes to financial statements | ||||
| 17 | ||||
Eaton Vance California Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CONT ’ D
| 42.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 26.7% of total investments. (1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
| See notes to financial statements | ||||
| 18 | ||||
Eaton Vance Massachusetts Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS
| Tax - Exempt Investments — 99.5% | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Education — 17.6% | ||
| $1,000 | Massachusetts Development Finance Agency, (Milton | |
| Academy), 5.00%, 9/1/19 | $ 1,052,160 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Boston College), 5.375%, 6/1/14 | 1,147,500 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (College of the Holy Cross), 5.00%, 9/1/20 | 1,100,320 | |
| 1,055 | Massachusetts Health and Educational Facilities Authority, | |
| (Harvard University), 5.50%, 11/15/36 | 1,173,867 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Massachusetts Institute of Technology), 5.375%, 7/1/17 | 1,185,150 | |
| 1,645 | Massachusetts Health and Educational Facilities Authority, | |
| (Massachusetts Institute of Technology), 5.50%, 7/1/22(1) | 2,015,553 | |
| 100 | Massachusetts Health and Educational Facilities Authority, | |
| (Tufts University), 5.00%, 8/15/18 | 113,337 | |
| 200 | Massachusetts Health and Educational Facilities Authority, | |
| (Tufts University), 5.25%, 8/15/19 | 227,738 | |
| 150 | Massachusetts Health and Educational Facilities Authority, | |
| (Tufts University), 5.25%, 8/15/20 | 169,076 | |
| 750 | Massachusetts Health and Educational Facilities Authority, | |
| (Tufts University), 5.50%, 8/15/15 | 876,232 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Williams College), 5.00%, 7/1/23 | 1,084,370 | |
| 690 | Massachusetts Industrial Finance Agency, (St. John’s High | |
| School, Inc.), 5.70%, 6/1/18 | 691,111 | |
| 1,000 | University of Massachusetts Building Authority, | |
| 5.00%, 5/1/20 | 1,107,370 | |
| $11,943,784 | ||
| Electric Utilities — 2.3% | ||
| $ 500 | Massachusetts Development Finance Agency, (Devens | |
| Electric System), 5.75%, 12/1/20 | $ 514,725 | |
| 1,000 | Massachusetts Development Finance Agency, (Dominion | |
| Energy Brayton), 5.75% to 5/1/19 (Put Date), | ||
| 12/1/42 | 1,065,440 | |
| $ 1,580,165 | ||
| Escrowed / Prerefunded — 6.8% | ||
| $ 580 | Massachusetts Development Finance Agency, (Massachusetts | |
| College of Pharmacy), Escrowed to Maturity, 5.00%, 7/1/11 | $ 611,917 | |
| 755 | Massachusetts Turnpike Authority, Escrowed to Maturity, | |
| 5.00%, 1/1/13 | 805,125 | |
| 2,100 | Massachusetts Turnpike Authority, Escrowed to Maturity, | |
| 5.00%, 1/1/20 | 2,434,383 | |
| 680 | Massachusetts Water Pollution Abatement Trust, Escrowed | |
| to Maturity, 5.25%, 8/1/14 | 760,328 | |
| $ 4,611,753 | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| General Obligations — 9.6% | ||
| $ 500 | Burlington, 5.00%, 2/1/15 | $ 572,760 |
| 500 | Burlington, 5.00%, 2/1/16 | 574,315 |
| 750 | Falmouth, 5.25%, 2/1/16 | 809,708 |
| 1,000 | Manchester Essex Regional School District, | |
| 5.00%, 1/15/20 | 1,126,340 | |
| 750 | Marshfield, 5.00%, 6/15/21 | 857,933 |
| 1,100 | Wellesley, 5.00%, 6/1/16 | 1,272,205 |
| 1,150 | Wellesley, 5.00%, 6/1/17 | 1,334,172 |
| $ 6,547,433 | ||
| Hospital — 7.7% | ||
| $ 500 | Massachusetts Health and Educational Facilities Authority, | |
| (Baystate Medical Center), 5.00% to 7/1/15 (Put | ||
| Date), 7/1/39 | $ 540,640 | |
| 600 | Massachusetts Health and Educational Facilities Authority, | |
| (Baystate Medical Center), 5.75%, 7/1/14 | 637,362 | |
| 865 | Massachusetts Health and Educational Facilities Authority, | |
| (Baystate Medical Center), 5.75%, 7/1/15 | 910,733 | |
| 245 | Massachusetts Health and Educational Facilities Authority, | |
| (Central New England Health Systems), | ||
| 6.125%, 8/1/13 | 245,385 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Dana-Farber Cancer Institute), 5.25%, 12/1/24 | 1,056,950 | |
| 750 | Massachusetts Health and Educational Facilities Authority, | |
| (Partners Healthcare System), 5.00%, 7/1/18 | 808,987 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Partners Healthcare System), 5.00%, 7/1/22 | 1,055,240 | |
| $ 5,255,297 | ||
| Industrial Development Revenue — 1.0% | ||
| $ 745 | Virgin Islands Public Finance Authority, (HOVENSA LLC), | |
| (AMT), 4.70%, 7/1/22 | $ 668,757 | |
| $ 668,757 | ||
| Insured-Education — 2.0% | ||
| $ 215 | Massachusetts Development Finance Agency, (Simmons | |
| College), (XLCA), 5.25%, 10/1/21 | $ 216,477 | |
| 1,000 | University of Massachusetts Building Authority, (AMBAC), | |
| 5.25%, 11/1/13 | 1,122,440 | |
| $ 1,338,917 | ||
| Insured-Electric Utilities — 6.3% | ||
| $1,000 | Massachusetts Power Supply System, (Municipal | |
| Wholesale Electric Co.), (NPFG), 5.25%, 7/1/12 | $ 1,065,690 | |
| 1,000 | Massachusetts Power Supply System, (Municipal | |
| Wholesale Electric Co.), (NPFG), 5.25%, 7/1/13 | 1,055,890 | |
| See notes to financial statements | ||||
| 19 | ||||
Eaton Vance Massachusetts Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-Electric Utilities (continued) | ||
| $2,000 | Puerto Rico Electric Power Authority, (NPFG), | |
| 5.50%, 7/1/18 | $ 2,180,300 | |
| $ 4,301,880 | ||
| Insured-Escrowed / Prerefunded — 4.3% | ||
| $1,000 | Boston, (NPFG), Prerefunded to 2/1/12, | |
| 5.00%, 2/1/19 | $ 1,075,930 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Tufts-New England Medical Center), (FGIC), Prerefunded | ||
| to 5/15/12, 5.375%, 5/15/15 | 1,091,100 | |
| 635 | Massachusetts Turnpike Authority, (FGIC), Escrowed to | |
| Maturity, 5.125%, 1/1/23 | 735,254 | |
| $ 2,902,284 | ||
| Insured-General Obligations — 6.2% | ||
| $3,105 | Boston, (NPFG), 0.125%, 3/1/22 | $ 1,985,244 |
| 1,000 | Massachusetts, (AMBAC), 5.00%, 7/1/12 | 1,089,350 |
| 1,000 | Massachusetts, (NPFG), 5.25%, 8/1/22 | 1,160,190 |
| $ 4,234,784 | ||
| Insured-Hospital — 2.2% | ||
| $ 500 | Massachusetts Health and Educational Facilities Authority, | |
| (Cape Cod Healthcare), (AGC), 5.00%, 11/15/21 | $ 506,950 | |
| 1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Caregroup Healthcare System), (NPFG), 5.25%, 7/1/21 | 1,013,950 | |
| $ 1,520,900 | ||
| Insured-Pooled Loans — 2.2% | ||
| $1,545 | Massachusetts Educational Financing Authority, (AMBAC), | |
| (AMT), 4.60%, 1/1/22 | $ 1,485,162 | |
| $ 1,485,162 | ||
| Insured-Solid Waste — 2.9% | ||
| $1,000 | Massachusetts Development Finance Agency, (SEMASS | |
| System), (NPFG), 5.625%, 1/1/13 | $ 1,042,860 | |
| 890 | Massachusetts Development Finance Agency, (SEMASS | |
| System), (NPFG), 5.625%, 1/1/16 | 912,321 | |
| $ 1,955,181 | ||
| Insured-Special Tax Revenue — 3.7% | ||
| $1,600 | Massachusetts, Special Obligation, (AGM), 5.50%, 6/1/21 | $ 1,920,336 |
| 500 | Massachusetts, Special Obligation, Dedicated Tax Revenue, | |
| (FGIC), (NPFG), 5.50%, 1/1/29 | 566,250 | |
| $ 2,486,586 | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-Transportation — 2.1% | ||
| $ 375 | Massachusetts Port Authority, (Delta Airlines), (AMBAC), | |
| (AMT), 5.50%, 1/1/15 | $ 355,301 | |
| 1,000 | Puerto Rico Highway and Transportation Authority, (AGM), | |
| 5.50%, 7/1/11 | 1,045,580 | |
| $ 1,400,881 | ||
| Insured-Water and Sewer — 1.8% | ||
| $1,000 | Massachusetts Water Resources Authority, (AGM), | |
| 5.50%, 8/1/22 | $ 1,199,220 | |
| $ 1,199,220 | ||
| Other Revenue — 2.4% | ||
| $1,000 | Massachusetts Health and Educational Facilities Authority, | |
| (Isabella Stewart Gardner Museum), 5.00%, 5/1/23 | $ 1,058,850 | |
| 500 | Massachusetts Health and Educational Facilities Authority, | |
| (Woods Hole Oceanographic), 5.25%, 6/1/18 | 575,380 | |
| $ 1,634,230 | ||
| Senior Living / Life Care — 1.6% | ||
| $ 600 | Massachusetts Development Finance Agency, (Berkshire | |
| Retirement), 5.60%, 7/1/19 | $ 578,556 | |
| 275 | Massachusetts Development Finance Agency, (Carleton- | |
| Willard Village), 5.25%, 12/1/25 | 270,713 | |
| 270 | Massachusetts Development Finance Agency, (Volunteers | |
| of America), 5.00%, 11/1/17 | 252,012 | |
| $ 1,101,281 | ||
| Solid Waste — 1.4% | ||
| $1,000 | Massachusetts Industrial Finance Agency, (Ogden | |
| Haverhill), (AMT), 5.50%, 12/1/13 | $ 957,640 | |
| $ 957,640 | ||
| Special Tax Revenue — 6.4% | ||
| $ 500 | Massachusetts, Special Obligation, 5.00%, 6/1/14 | $ 567,235 |
| 1,000 | Massachusetts Bay Transportation Authority, | |
| 5.25%, 7/1/19 | 1,162,530 | |
| 1,280 | Massachusetts Bay Transportation Authority, | |
| 5.25%, 7/1/26 | 1,500,006 | |
| 1,000 | Massachusetts Bay Transportation Authority, Sales Tax, | |
| 5.25%, 7/1/16 | 1,157,850 | |
| $ 4,387,621 | ||
| S e e notes to financ ial statem e nts | ||||
| 20 | ||||
Eaton Vance Massachusetts Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Transportation — 4.1% | ||
| $1,000 | Massachusetts Port Authority, (AMT), 6.25%, 7/1/17 | $ 1,011,710 |
| 2,000 | Massachusetts State Federal Highway Grant Anticipation | |
| Notes, 0.00%, 6/15/15 | 1,765,980 | |
| $ 2,777,690 | ||
| Water and Sewer — 4.9% | ||
| $ 450 | Boston Water and Sewer Commission, 5.00%, 11/1/20 | $ 514,071 |
| 1,000 | Massachusetts Water Pollution Abatement Trust, | |
| 5.00%, 8/1/21 | 1,153,270 | |
| 1,000 | Massachusetts Water Pollution Abatement Trust, | |
| 5.00%, 8/1/25 | 1,154,850 | |
| 500 | Massachusetts Water Pollution Abatement Trust, | |
| 5.25%, 2/1/12 | 529,590 | |
| $ 3,351,781 | ||
| Total Tax-Exempt Investments — 99.5% | ||
| (identified cost $64,319,487) | $67,643,227 | |
| Other Assets, Less Liabilities — 0.5% | $ 333,849 | |
| Net Assets — 100.0% | $67,977,076 | |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. AGC - Assured Guaranty Corp. AGM - Assured Guaranty Municipal Corp. AMBAC - AMBAC Financial Group, Inc. AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. FGIC - Financial Guaranty Insurance Company NPFG - National Public Finance Guaranty Corp. XLCA - XL Capital Assurance, Inc. The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 33.7% 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 ranged from 0.3% to 17.8% of total investments. (1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
| S e e notes to financ ial statem e nts | ||||
| 21 | ||||
Eaton Vance New Jersey Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS
| Tax - Exempt Investments — 95.9% | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Education — 8.8% | ||
| $1,000 | New Jersey Educational Facilities Authority, (Princeton | |
| Theological Seminary), 5.00%, 7/1/22 | $ 1,142,560 | |
| 1,850 | New Jersey Educational Facilities Authority, (Princeton | |
| University), 5.00%, 7/1/19 | 2,123,652 | |
| 250 | New Jersey Educational Facilities Authority, (University of | |
| Medicine and Dentistry of New Jersey), | ||
| 7.125%, 12/1/23 | 283,757 | |
| 1,000 | Rutgers State University, Series F, 5.00%, 5/1/23 | 1,111,960 |
| $ 4,661,929 | ||
| Electric Utilities — 0.8% | ||
| $ 420 | New Jersey Economic Development Authority, Pollution | |
| Control Revenue, (PSEG Power), 5.00%, 3/1/12 | $ 437,413 | |
| $ 437,413 | ||
| Escrowed / Prerefunded — 8.1% | ||
| $ 350 | New Jersey Economic Development Authority, (Kapkowski | |
| Road Landfill), Prerefunded to 5/15/14, | ||
| 6.375%, 4/1/18 | $ 414,607 | |
| 2,030 | New Jersey Economic Development Authority, (Principal | |
| Custodial Receipts), Escrowed to Maturity, | ||
| 0.00%, 12/15/12 | 1,961,853 | |
| 600 | New Jersey Educational Facilities Authority, (Higher | |
| Education Capital Improvements), Prerefunded to | ||
| 9/1/10, 5.00%, 9/1/15 | 611,874 | |
| 750 | New Jersey Educational Facilities Authority, (Stevens | |
| Institute of Technology), Escrowed to Maturity, | ||
| 5.00%, 7/1/11 | 791,272 | |
| 425 | New Jersey Health Care Facilities Financing Authority, | |
| (Capital Health System), Prerefunded to 7/1/13, | ||
| 5.75%, 7/1/23 | 476,535 | |
| $ 4,256,141 | ||
| General Obligations — 7.2% | ||
| $ 450 | Franklin Township School District, 4.00%, 8/15/22 | $ 463,788 |
| 1,000 | Franklin Township School District, 5.00%, 8/15/22 | 1,139,930 |
| 500 | Jersey City School District, 6.25%, 10/1/10 | 513,445 |
| 500 | Monmouth County Improvement Authority, | |
| 5.00%, 12/1/21 | 560,070 | |
| 1,000 | Princeton Regional School District, 4.75%, 2/1/22 | 1,112,950 |
| $ 3,790,183 | ||
| Hospital — 7.4% | ||
| $1,000 | Camden County Improvement Authority, (Cooper Health | |
| System), 5.25%, 2/15/20 | $ 959,030 | |
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Hospital (continued) | ||
| $ 385 | New Jersey Health Care Facilities Financing Authority, | |
| (Atlantic City Medical Care Center), 6.00%, 7/1/12 | $ 404,142 | |
| 450 | New Jersey Health Care Facilities Financing Authority, | |
| (Hackensack University Medical Center), | ||
| 6.125%, 1/1/20 | 454,334 | |
| 500 | New Jersey Health Care Facilities Financing Authority, | |
| (Hunterdon Medical Center), 5.25%, 7/1/25 | 502,600 | |
| 500 | New Jersey Health Care Facilities Financing Authority, (Robert | |
| Wood Johnson University Hospital), 5.60%, 7/1/15 | 502,910 | |
| 1,000 | New Jersey Health Care Facilities Financing Authority, | |
| (Virtua Health, Inc.), 5.25%, 7/1/17 | 1,083,820 | |
| $ 3,906,836 | ||
| Housing — 1.0% | ||
| $ 500 | New Jersey Housing and Mortgage Finance Agency, | |
| SFMR, (AMT), 5.10%, 10/1/23 | $ 512,520 | |
| $ 512,520 | ||
| Industrial Development Revenue �� 1.4% | ||
| $ 350 | New Jersey Economic Development Authority, (American | |
| Airlines, Inc.), (AMT), 7.10%, 11/1/31 | $ 288,547 | |
| 450 | New Jersey Economic Development Authority, (Continental | |
| Airlines), (AMT), 6.25%, 9/15/19 | 432,018 | |
| $ 720,565 | ||
| Insured-Education — 4.6% | ||
| $ 545 | New Jersey Educational Facilities Authority, (Montclair | |
| State University), (NPFG), 3.75%, 7/1/24 | $ 511,068 | |
| 1,000 | New Jersey Educational Facilities Authority, (Ramapo | |
| College), (AMBAC), 4.50%, 7/1/21 | 1,023,550 | |
| 900 | New Jersey Educational Facilities Authority, (Ramapo | |
| College), (AMBAC), 4.60%, 7/1/14 | 925,335 | |
| $ 2,459,953 | ||
| Insured-Electric Utilities — 3.3% | ||
| $ 560 | Cape May County Industrial Pollution Control Financing | |
| Authority, (Atlantic City Electric Co.), (NPFG), 6.80%, 3/1/21 | $ 674,733 | |
| 1,000 | Puerto Rico Electric Power Authority, (NPFG), | |
| 5.25%, 7/1/26 | 1,049,140 | |
| $ 1,723,873 | ||
| Insured-Escrowed / Prerefunded — 2.7% | ||
| $1,300 | New Jersey Health Care Facilities Financing Authority, | |
| (AHS Hospital Corp.), (AMBAC), Escrowed to Maturity, | ||
| 6.00%, 7/1/12 | $ 1,440,998 | |
| $ 1,440,998 | ||
| S e e notes to financ ial statem e nts | ||||
| 22 | ||||
Eaton Vance New Jersey Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-General Obligations — 12.2% | ||
| $ 330 | Clearview Regional High School District, (FGIC), (NPFG), | |
| 5.375%, 8/1/15 | $ 366,851 | |
| 250 | Freehold Regional High School District, (FGIC), (NPFG), | |
| 5.00%, 3/1/18 | 283,940 | |
| 470 | Hillsborough Township School District, (AGM), | |
| 5.375%, 10/1/18 | 556,494 | |
| 1,000 | Jackson Township School District, (Baptist Healthcare | |
| Systems), (NPFG), 5.25%, 6/15/23 | 1,190,870 | |
| 725 | Monroe Township Board of Education, (FGIC), (NPFG), | |
| 5.20%, 8/1/11 | 765,194 | |
| 825 | Monroe Township Board of Education, (FGIC), (NPFG), | |
| 5.20%, 8/1/14 | 930,633 | |
| 500 | New Jersey, (AGM), 5.00%, 1/15/22 | 545,190 |
| 500 | New Jersey, (AGM), 5.00%, 1/15/23 | 541,685 |
| 1,120 | New Jersey, (AMBAC), 5.25%, 7/15/19 | 1,290,834 |
| $ 6,471,691 | ||
| Insured-Lease Revenue / Certificates of | ||
| Participation — 3.3% | ||
| $1,000 | Hudson County, (NPFG), 6.25%, 6/1/15 | $ 1,143,470 |
| 500 | Puerto Rico Public Finance Corp., (AMBAC), | |
| 5.375%, 6/1/17 | 577,685 | |
| $ 1,721,155 | ||
| Insured-Transportation — 2.1% | ||
| $1,000 | New Jersey Transportation Trust Fund Authority, (NPFG), | |
| 5.50%, 12/15/17 | $ 1,138,710 | |
| $ 1,138,710 | ||
| Insured-Water and Sewer — 8.7% | ||
| $1,135 | Bayonne Municipal Utilities Authority, (XLCA), | |
| 5.25%, 4/1/19 | $ 1,155,135 | |
| 1,000 | North Hudson Sewer Authority, (NPFG), 5.125%, 8/1/22 | 1,010,780 |
| 1,020 | Passaic Valley Water Commission, (AGM), | |
| 5.00%, 12/15/17 | 1,164,350 | |
| 565 | Pennsville Sewer Authority, (NPFG), 0.00%, 11/1/16 | 443,299 |
| 565 | Pennsville Sewer Authority, (NPFG), 0.00%, 11/1/17 | 418,360 |
| 565 | Pennsville Sewer Authority, (NPFG), 0.00%, 11/1/18 | 392,681 |
| $ 4,584,605 | ||
| Lease Revenue / Certificates of Participation — 4.6% | ||
| $1,100 | Bergen County Improvement Authority, (County | |
| Administration Complex), 5.00%, 11/15/24(1) | $ 1,291,686 | |
| 1,000 | New Jersey Economic Development Authority, (School | |
| Facilities Construction), 5.50%, 9/1/19 | 1,135,770 | |
| $ 2,427,456 | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Nursing Home — 1.0% | ||
| $ 500 | New Jersey Economic Development Authority, (Masonic | |
| Charity Foundation), 4.80%, 6/1/11 | $ 515,910 | |
| $ 515,910 | ||
| Pooled Loans — 6.4% | ||
| $2,000 | New Jersey Economic Environmental Infrastructure Trust, | |
| 5.00%, 9/1/20 | $ 2,335,640 | |
| 1,000 | New Jersey Higher Education Assistance Authority, | |
| 5.25%, 6/1/21 | 1,066,440 | |
| $ 3,402,080 | ||
| Senior Living / Life Care — 1.7% | ||
| $ 520 | New Jersey Economic Development Authority, (Cranes Mill | |
| Project), 5.50%, 7/1/18 | $ 513,854 | |
| 400 | New Jersey Economic Development Authority, (Seabrook | |
| Village, Inc.), 5.00%, 11/15/12 | 403,792 | |
| $ 917,646 | ||
| Special Tax Revenue — 2.1% | ||
| $ 670 | Middlesex County Improvement Authority, Open Space | |
| Trust Fund, 4.00%, 12/15/20 | $ 709,624 | |
| 180 | New Jersey Economic Development Authority, (Newark | |
| Downtown Distribution Management Corp.), | ||
| 4.625%, 6/15/12 | 184,378 | |
| 190 | New Jersey Economic Development Authority, (Newark | |
| Downtown Distribution Management Corp.), | ||
| 4.625%, 6/15/13 | 194,685 | |
| $ 1,088,687 | ||
| Transportation — 8.5% | ||
| $1,500 | New Jersey State Turnpike Authority, 5.00%, 1/1/20 | $ 1,635,180 |
| 1,000 | New Jersey Transportation Trust Fund Authority, | |
| 5.25%, 12/15/21 | 1,103,070 | |
| 1,000 | Port Authority of New York and New Jersey, (AMT), | |
| 5.25%, 9/15/23 | 1,032,780 | |
| 700 | Port Authority of New York and New Jersey, (AMT), | |
| 5.50%, 7/15/12 | 705,726 | |
| $ 4,476,756 | ||
| Total Tax-Exempt Investments — 95.9% | ||
| (identified cost $48,433,058) | $50,655,107 | |
| S e e notes to financ ial statem e nts | ||||
| 23 | ||||
Eaton Vance New Jersey Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Short-Term Investments — 3.5% | ||
| Principal Amount | ||
| (000’s omitted) | Description | Value |
| $1,827 | State Street Bank and Trust Euro Time Deposit, | |
| 0.01%, 4/1/10 | $ 1,827,197 | |
| Total Short-Term Investments — 3.5% | ||
| (identified cost $1,827,197) | $ 1,827,197 | |
| Total Investments — 99.4% | ||
| (identified cost $50,260,255) | $52,482,304 | |
| Other Assets, Less Liabilities — 0.6% | $ 321,995 | |
| Net Assets — 100.0% | $52,804,299 | |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. AGM - Assured Guaranty Municipal Corp. AMBAC - AMBAC Financial Group, Inc. AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. FGIC - Financial Guaranty Insurance Company NPFG - National Public Finance Guaranty Corp. SFMR - Single Family Mortgage Revenue XLCA - XL Capital Assurance, Inc. The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 37.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 19.7% of total investments. (1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
| S e e notes to financ ial statem e nts | ||||
| 24 | ||||
Eaton Vance New York Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS
| Tax - Exempt Investments — 96.9% | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Cogeneration — 2.6% | ||
| $2,000 | Babylon Industrial Development Agency, (Covanta Energy | |
| Corp.), 5.00%, 1/1/19 | $ 2,134,140 | |
| 600 | Suffolk County Industrial Development Agency, | |
| (Nissequogue Cogeneration Partners Facility), (AMT), | ||
| 5.50%, 1/1/23 | 502,284 | |
| $ 2,636,424 | ||
| Education — 4.5% | ||
| $ 455 | New York Dormitory Authority, (Hamilton College), | |
| 5.00%, 7/1/21 | $ 521,417 | |
| 1,000 | New York Dormitory Authority, (St. Lawrence University), | |
| 5.00%, 7/1/14 | 1,091,300 | |
| 1,500 | New York Dormitory Authority, (State University | |
| Educational Facilities), 5.00%, 7/1/20 | 1,643,055 | |
| 600 | New York Dormitory Authority, (State University | |
| Educational Facilities), 5.25%, 5/15/15 | 665,832 | |
| 625 | Troy Industrial Development Authority, (Rensselaer | |
| Polytechnic Institute), 5.50%, 9/1/15 | 682,331 | |
| $ 4,603,935 | ||
| Electric Utilities — 2.5% | ||
| $2,500 | New York Energy Research and Development Authority | |
| Facility, (AMT), 4.70% to 10/1/12 (Put Date), | ||
| 6/1/36 | $ 2,502,600 | |
| $ 2,502,600 | ||
| Escrowed / Prerefunded — 4.6% | ||
| $1,000 | New York City Transitional Finance Authority, (Future | |
| Tax), Prerefunded to 2/1/11, 5.375%, 2/1/13 | $ 1,051,370 | |
| 1,000 | New York Dormitory Authority, (Child Care Facility), | |
| Prerefunded to 4/1/12, 5.375%, 4/1/14 | 1,090,700 | |
| 1,170 | Triborough Bridge and Tunnel Authority, Escrowed to | |
| Maturity, 5.00%, 1/1/20 | 1,343,558 | |
| 1,000 | Triborough Bridge and Tunnel Authority, Prerefunded to | |
| 1/1/16, 5.375%, 1/1/19 | 1,169,690 | |
| $ 4,655,318 | ||
| General Obligations — 1.8% | ||
| $1,750 | Three Village Central School District (Brookhaven & | |
| Smithtown), 4.00%, 5/1/22 | $ 1,800,085 | |
| $ 1,800,085 | ||
| Health Care-Miscellaneous — 0.5% | ||
| $ 100 | Suffolk County Industrial Development Agency, (Alliance | |
| of Long Island Agencies), 7.50%, 9/1/15 | $ 101,262 | |
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Health Care-Miscellaneous (continued) | ||
| $ 400 | Westchester County Industrial Development Agency, | |
| (Children’s Village), 5.375%, 3/15/19 | $ 356,536 | |
| $ 457,798 | ||
| Hospital — 8.4% | ||
| $ 340 | Chautauqua County Industrial Development Agency, | |
| (Women’s Christian Association), 6.35%, 11/15/17 | $ 331,276 | |
| 135 | Nassau County Industrial Development Agency, (North | |
| Shore Health System), 5.625%, 11/1/10 | 137,319 | |
| 565 | Nassau County Industrial Development Agency, (North | |
| Shore Health System), 5.875%, 11/1/11 | 584,018 | |
| 2,000 | New York Dormitory Authority, (Interfaith Medical | |
| Center), 5.00%, 2/15/21 | 2,151,080 | |
| 1,000 | New York Dormitory Authority, (Lenox Hill Hospital), | |
| 5.75%, 7/1/13 | 999,310 | |
| 200 | New York Dormitory Authority, (Lenox Hill Hospital), | |
| 5.75%, 7/1/15 | 199,532 | |
| 500 | New York Dormitory Authority, (Lenox Hill Hospital), | |
| 5.75%, 7/1/17 | 495,575 | |
| 400 | New York Dormitory Authority, (NYU Hospital Center), | |
| 5.25%, 7/1/24 | 391,720 | |
| 1,000 | New York Health and Hospital Corp., 5.50%, 2/15/19 | 1,086,670 |
| 1,325 | Saratoga County Industrial Development Agency, | |
| (Saratoga Hospital Project), 5.00%, 12/1/17 | 1,377,059 | |
| 750 | Suffolk County Industrial Development Agency, | |
| (Huntington Hospital), 6.00%, 11/1/22 | 765,923 | |
| $ 8,519,482 | ||
| Housing — 3.0% | ||
| $1,000 | New York Housing Finance Agency, (Affordable Housing), | |
| (AMT), 5.05%, 11/1/22 | $ 1,025,600 | |
| 2,000 | New York State Mortgage Agency, (AMT), | |
| 4.95%, 10/1/21 | 2,025,600 | |
| $ 3,051,200 | ||
| Industrial Development Revenue — 6.0% | ||
| $1,500 | Liberty Development Corp., (Goldman Sachs Group, | |
| Inc.), 5.50%, 10/1/37 | $ 1,574,490 | |
| 1,250 | New York City Industrial Development Agency, (Terminal | |
| One Group), (AMT), 5.50%, 1/1/14 | 1,342,525 | |
| 1,000 | New York State Environmental Facilities Corp., Solid | |
| Waste Disposal, (Waste Management Project), (AMT), | ||
| 4.55%, 5/1/12 | 1,019,480 | |
| 1,325 | Puerto Rico Port Authority, (American Airlines, Inc.), | |
| (AMT), 6.25%, 6/1/26 | 1,028,690 | |
| 1,250 | Virgin Islands Public Finance Authority, (HOVENSA LLC), | |
| (AMT), 4.70%, 7/1/22 | 1,122,075 | |
| $ 6,087,260 | ||
| S e e notes to financ ial statem e nts | ||||
| 25 | ||||
Eaton Vance New York Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-Education — 10.7% | ||
| $1,000 | New York Dormitory Authority, (Canisius College), | |
| (NPFG), 5.00%, 7/1/16 | $ 1,017,000 | |
| 1,000 | New York Dormitory Authority, (City University), | |
| (AMBAC), 5.625%, 7/1/16 | 1,106,300 | |
| 1,420 | New York Dormitory Authority, (Educational Housing | |
| Services), (AMBAC), 5.25%, 7/1/20 | 1,471,148 | |
| 1,000 | New York Dormitory Authority, (New York University), | |
| (AMBAC), 5.50%, 7/1/19 | 1,155,970 | |
| 1,085 | New York Dormitory Authority, (Rochester Institute of | |
| Technology), (AMBAC), 5.25%, 7/1/21 | 1,187,261 | |
| 1,455 | New York Dormitory Authority, (St. John’s University), | |
| (NPFG), 5.25%, 7/1/21 | 1,592,134 | |
| 1,000 | New York Dormitory Authority, (State University | |
| Educational Facilities), (AGM), 5.75%, 5/15/17 | 1,174,580 | |
| 1,000 | New York Dormitory Authority, (Student Housing), | |
| (FGIC), (NPFG), 5.25%, 7/1/15 | 1,091,030 | |
| 1,000 | New York Dormitory Authority, (University Educational | |
| Facilities), (FGIC), (NPFG), 5.25%, 5/15/13 | 1,084,580 | |
| $ 10,880,003 | ||
| Insured-Electric Utilities — 5.7% | ||
| $ 500 | Long Island Power Authority, Electric Systems Revenue, | |
| (AGM), 0.00%, 6/1/15 | $ 447,310 | |
| 2,500 | Long Island Power Authority, Electric Systems Revenue, | |
| (FGIC), (NPFG), 5.00%, 12/1/22 | 2,637,550 | |
| 1,250 | Puerto Rico Electric Power Authority, (XLCA), | |
| 5.375%, 7/1/17 | 1,366,625 | |
| 1,250 | Puerto Rico Electric Power Authority, (XLCA), | |
| 5.375%, 7/1/18 | 1,358,700 | |
| $ 5,810,185 | ||
| Insured-Escrowed / Prerefunded — 0.3% | ||
| $ 250 | Niagara County Industrial Development Agency, (Niagara | |
| University), (AMBAC), Escrowed to Maturity, | ||
| 5.25%, 10/1/18 | $ 297,880 | |
| $ 297,880 | ||
| Insured-General Obligations — 3.5% | ||
| $ 500 | Clarence Central School District, (AGM), 5.00%, 5/15/17 | $ 537,240 |
| 1,000 | Monroe County, (Public Improvements), (NPFG), | |
| 6.00%, 3/1/19 | 1,160,440 | |
| 1,740 | Puerto Rico, (FGIC), 5.50%, 7/1/17 | 1,832,203 |
| $ 3,529,883 | ||
| Insured-Hospital — 2.3% | ||
| $1,600 | New York Dormitory Authority, (Memorial Sloan Kettering | |
| Cancer Center), (NPFG), 5.50%, 7/1/17 | $ 1,841,376 | |
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-Hospital (continued) | ||
| $ 500 | New York Dormitory Authority, (New York and | |
| Presbyterian Hospital), (AMBAC), 5.50%, 8/1/11 | $ 527,080 | |
| $ 2,368,456 | ||
| Insured-Lease Revenue / Certificates of | ||
| Participation — 2.1% | ||
| $1,000 | New York Dormitory Authority, (Master BOCES Program- | |
| Oneida Herkimer Madison BOCES), (AGM), | ||
| 5.25%, 8/15/20 | $ 1,100,690 | |
| 1,000 | New York Dormitory Authority, (Municipal Health | |
| Facilities), (AGM), 5.50%, 1/15/13 | 1,058,050 | |
| $ 2,158,740 | ||
| Insured-Special Tax Revenue — 6.0% | ||
| $2,250 | New York Local Government Assistance Corp., (NPFG), | |
| 0.00%, 4/1/13 | $ 2,155,207 | |
| 2,000 | New York Urban Development Corp., (Personal Income | |
| Tax), (AMBAC), 5.50%, 3/15/19 | 2,321,560 | |
| 1,500 | Puerto Rico Infrastructure Financing Authority, (FGIC), | |
| 5.50%, 7/1/19 | 1,554,885 | |
| $ 6,031,652 | ||
| Insured-Transportation — 8.0% | ||
| $1,000 | Metropolitan Transportation Authority, (AMBAC), | |
| 5.50%, 11/15/18 | $ 1,128,970 | |
| 1,000 | Metropolitan Transportation Authority, (NPFG), | |
| 5.50%, 11/15/13 | 1,125,830 | |
| 1,000 | Monroe County Airport Authority, (NPFG), (AMT), | |
| 5.875%, 1/1/17 | 1,064,530 | |
| 2,235 | New York Thruway Authority, (AMBAC), | |
| 5.50%, 4/1/20 | 2,592,041 | |
| 1,920 | Triborough Bridge and Tunnel Authority, (NPFG), | |
| 5.50%, 11/15/18 | 2,210,381 | |
| $ 8,121,752 | ||
| Lease Revenue / Certificates of Participation — 1.6% | ||
| $ 500 | New York Urban Development Corp., 5.00%, 1/1/18 | $ 553,720 |
| 1,025 | New York Urban Development Corp., (Correctional and | |
| Youth Facilities), 5.50% to 1/1/11 (Put Date), | ||
| 1/1/17 | 1,061,572 | |
| $ 1,615,292 | ||
| Other Revenue — 5.3% | ||
| $ 750 | Albany Industrial Development Agency, (Charitable | |
| Leadership), 6.00%, 7/1/19 | $ 659,393 | |
| S e e notes to financ ial statem e nts | ||||
| 26 | ||||
Eaton Vance New York Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Other Revenue (continued) | ||
| $ 750 | Brooklyn Arena Local Development Corp., (Brooklyn | |
| Center Project), 5.75%, 7/15/16 | $ 802,492 | |
| 1,000 | New York City Transitional Finance Authority, | |
| 5.25%, 1/15/27 | 1,069,610 | |
| 540 | New York City Transitional Finance Authority, | |
| 6.00%, 7/15/33 | 612,257 | |
| 2,030 | New York City Trust for Cultural Resources, (Museum of | |
| Modern Art), 5.00%, 4/1/26 | 2,194,816 | |
| $ 5,338,568 | ||
| Senior Living / Life Care — 0.4% | ||
| $ 400 | Mt. Vernon Industrial Development Agency, (Wartburg | |
| Senior Housing, Inc.), 6.15%, 6/1/19 | $ 390,940 | |
| $ 390,940 | ||
| Solid Waste — 2.8% | ||
| $ 750 | Hempstead Industrial Development Agency, (American | |
| Ref-Fuel Co., LLC), 5.00% to 6/1/10 (Put Date), | ||
| 12/1/10 | $ 751,275 | |
| 2,000 | Niagara County Industrial Development Agency, | |
| (American Ref-Fuel Co., LLC), (AMT), 5.55% to | ||
| 11/15/13 (Put Date), 11/15/24 | 2,059,460 | |
| $ 2,810,735 | ||
| Special Tax Revenue — 6.3% | ||
| $1,140 | 34th Street Partnership, Inc., 5.00%, 1/1/17 | $ 1,237,094 |
| 500 | New York City Transitional Finance Authority, (Future | |
| Tax), 5.375%, 2/15/14 | 542,665 | |
| 3,000 | New York State Local Government Assistance Corp., | |
| 5.25%, 4/1/16 | 3,443,520 | |
| 1,000 | New York Thruway Authority, 5.00%, 3/15/20 | 1,114,060 |
| $ 6,337,339 | ||
| Transportation — 2.1% | ||
| $1,000 | Metropolitan Transportation Authority, | |
| 5.00%, 11/15/21 | $ 1,067,130 | |
| 1,000 | Port Authority of New York and New Jersey, (AMT), | |
| 5.25%, 9/15/23 | 1,032,780 | |
| $ 2,099,910 | ||
| Water and Sewer — 5.9% | ||
| $1,000 | Erie County Water Authority, 5.00%, 12/1/18 | $ 1,144,130 |
| 2,430 | New York City Municipal Water Finance Authority, | |
| 5.00%, 6/15/21 | 2,669,889 | |
| 515 | New York State Environmental Facilities Corp., Clean | |
| Water, (Municipal Water Finance), 5.00%, 6/15/18(1) | 567,247 | |
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Water and Sewer (continued) | ||
| $1,000 | New York State Environmental Facilities Corp., Clean | |
| Water, (Municipal Water Finance), 5.00%, 6/15/20 | $ 1,087,680 | |
| 500 | New York State Environmental Facilities Corp., Clean | |
| Water, (Municipal Water Finance), 5.25%, 6/15/14(1) | 545,300 | |
| $ 6,014,246 | ||
| Total Tax-Exempt Investments — 96.9% | ||
| (identified cost $94,874,623) | $ 98,119,683 | |
| Short-Term Investments — 2.0% | ||
| Principal Amount | ||
| (000’s omitted) | Description | Value |
| $2,051 | State Street Bank and Trust Euro Time Deposit, | |
| 0.01%, 4/1/10 | $ 2,051,094 | |
| Total Short-Term Investments — 2.0% | ||
| (identified cost $2,051,094) | $ 2,051,094 | |
| Total Investments — 98.9% | ||
| (identified cost $96,925,717) | $100,170,777 | |
| Other Assets, Less Liabilities — 1.1% | $ 1,138,606 | |
| Net Assets — 100.0% | $101,309,383 | |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. AGM - Assured Guaranty Municipal Corp. AMBAC - AMBAC Financial Group, Inc. AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. FGIC - Financial Guaranty Insurance Company NPFG - National Public Finance Guaranty Corp. XLCA - XL Capital Assurance, Inc. The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 39.1% 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 ranged from 2.7% to 17.0% of total investments. (1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
| S e e notes to financ ial statem e nts | ||||
| 27 | ||||
Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS
| Tax - Exempt Investments — 97.2% | ||
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Cogeneration — 0.7% | ||
| $ 155 | Carbon County Industrial Development Authority, (Panther | |
| Creek Partners), (AMT), 6.65%, 5/1/10 | $ 154,943 | |
| 300 | Pennsylvania Economic Development Financing Authority, | |
| (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 | 281,109 | |
| $ 436,052 | ||
| Education — 8.2% | ||
| $1,150 | Pennsylvania Higher Educational Facilities Authority, | |
| (Carnegie Mellon University), 5.00%, 8/1/19 | $ 1,291,473 | |
| 1,040 | Pennsylvania Higher Educational Facilities Authority, | |
| (University of Pennsylvania), 5.00%, 7/15/21 | 1,109,441 | |
| 1,000 | Pennsylvania State University, 5.00%, 3/1/24 | 1,106,100 |
| 750 | University of Pittsburgh, 5.50%, 9/15/23 | 862,650 |
| 1,000 | Washington County Industrial Development Authority, | |
| (Washington & Jefferson College), 5.00%, 11/1/23 | 1,041,950 | |
| $ 5,411,614 | ||
| Electric Utilities — 4.2% | ||
| $ 750 | Pennsylvania Economic Development Financing Authority, | |
| (Exelon Generation Company, LLC), 5.00% to 6/1/12 | ||
| (Put Date), 12/1/42 | $ 795,322 | |
| 500 | Pennsylvania Economic Development Financing Authority, | |
| Pollution Control, (PPL Electric Utility Corp.), 4.85% to | ||
| 10/1/10 (Put Date), 10/1/23 | 505,340 | |
| 1,000 | Puerto Rico Electric Power Authority, 5.00%, 7/1/17 | 1,069,800 |
| 400 | York County Industrial Development Authority, Pollution | |
| Control, (Public Service Enterprise Group, Inc.), | ||
| 5.50%, 9/1/20 | 407,672 | |
| $ 2,778,134 | ||
| Escrowed / Prerefunded — 1.2% | ||
| $ 500 | Bucks County Industrial Development Authority, | |
| (Pennswood), Prerefunded to 10/1/10, | ||
| 5.80%, 10/1/20 | $ 523,520 | |
| 270 | Lehigh County General Purpose Authority, (Muhlenberg | |
| Hospital), Escrowed to Maturity, 5.75%, 7/15/10 | 273,534 | |
| $ 797,054 | ||
| General Obligations — 8.6% | ||
| $ 500 | Bucks County, 5.125%, 5/1/21 | $ 566,750 |
| 1,530 | Chester County, 5.00%, 7/15/28 | 1,684,438 |
| 1,000 | Daniel Boone Area School District, 5.00%, 8/15/19 | 1,109,770 |
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| General Obligations (continued) | ||
| $ 400 | Montgomery County, 4.375%, 12/1/31(1) | $ 402,080 |
| 1,780 | Mount Lebanon School District, 5.00%, 2/15/28 | 1,922,115 |
| $ 5,685,153 | ||
| Hospital — 8.5% | ||
| $ 500 | Allegheny County Hospital Development Authority, | |
| (University of Pittsburgh Medical Center), | ||
| 5.00%, 6/15/18 | $ 539,370 | |
| 500 | Allegheny County Hospital Development Authority, | |
| (University of Pittsburgh Medical Center), | ||
| 5.00%, 9/1/18 | 540,240 | |
| 500 | Dauphin County General Authority Health System, | |
| (Pinnacle Health System), 5.75%, 6/1/20 | 538,315 | |
| 635 | Lancaster County Hospital Authority, (Lancaster General | |
| Hospital), 5.00%, 3/15/22 | 657,987 | |
| 200 | Lebanon County Health Facility Authority, (Good Samaritan | |
| Hospital), 5.50%, 11/15/18 | 194,770 | |
| 750 | Lycoming County Authority, (Susquehanna Health System), | |
| 5.10%, 7/1/20 | 744,622 | |
| 1,000 | Monroe County Hospital Authority, (Pocono Medical | |
| Center), 5.00%, 1/1/17 | 1,027,590 | |
| 500 | Pennsylvania Higher Educational Facilities Authority, (UPMC | |
| Health System), 6.25%, 1/15/18 | 527,925 | |
| 800 | Washington County Hospital Authority, (Monongahela | |
| Vineyard Hospital), 5.00%, 6/1/12 | 844,120 | |
| $ 5,614,939 | ||
| Housing — 2.0% | ||
| $1,335 | Allegheny County Residential Finance Authority, SFMR, | |
| (AMT), 4.80%, 11/1/22 | $ 1,345,453 | |
| $ 1,345,453 | ||
| Industrial Development Revenue — 2.8% | ||
| $ 700 | Erie Industrial Development Authority, (International | |
| Paper), (AMT), 5.85%, 12/1/20 | $ 700,084 | |
| 500 | Pennsylvania Economic Development Financing Authority, | |
| (Aqua Pennsylvania, Inc.), (AMT), 6.75%, 10/1/18 | 561,720 | |
| 750 | Puerto Rico Port Authority, (American Airlines, Inc.), | |
| (AMT), 6.25%, 6/1/26 | 582,278 | |
| $ 1,844,082 | ||
| Insured-Cogeneration — 1.7% | ||
| $1,300 | Pennsylvania Economic Development Financing Authority, | |
| (Resource Recovery-Colver), (AMBAC), (AMT), | ||
| 4.625%, 12/1/18 | $ 1,135,446 | |
| $ 1,135,446 | ||
| S e e notes to financ ial statem e nts | ||||
| 28 | ||||
Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-Education — 6.9% | ||
| $2,000 | Delaware County, (Villanova University), (AMBAC), | |
| 5.00%, 8/1/20 | $ 2,133,520 | |
| 1,100 | Lycoming County College Authority, (Pennsylvania College | |
| of Technology), (AMBAC), 5.125%, 5/1/22 | 1,101,067 | |
| 500 | Pennsylvania Higher Educational Facilities Authority, | |
| (Thomas Jefferson University), (AMBAC), | ||
| 5.25%, 9/1/19 | 555,380 | |
| 750 | Pennsylvania Higher Educational Facilities Authority, | |
| (University of the Sciences in Philadelphia), (AGC), | ||
| 5.00%, 11/1/24 | 797,452 | |
| $ 4,587,419 | ||
| Insured-Electric Utilities — 2.3% | ||
| $1,500 | Cambria County Industrial Development Authority, | |
| (Pennsylvania Electric), (NPFG), 5.35%, 11/1/10 | $ 1,537,785 | |
| $ 1,537,785 | ||
| Insured-Escrowed / Prerefunded — 12.8% | ||
| $1,000 | Council Rock School District, (NPFG), Prerefunded to | |
| 11/15/11, 5.00%, 11/15/19 | $ 1,070,080 | |
| 500 | Pennsylvania Public School Building Authority, (Garnet | |
| Valley School District), (AMBAC), Prerefunded to 2/1/11, | ||
| 5.50%, 2/1/20 | 520,020 | |
| 1,000 | Philadelphia Gas Works Revenue, (AGM), Prerefunded to | |
| 8/1/13, 5.25%, 8/1/17 | 1,128,600 | |
| 1,000 | Pittsburgh, (AMBAC), Prerefunded to 3/1/12, | |
| 5.25%, 9/1/22 | 1,082,630 | |
| 1,000 | Spring-Ford Area School District, (AGM), Prerefunded to | |
| 9/1/11, 5.00%, 9/1/19 | 1,061,880 | |
| 5,000 | Westmoreland Municipal Authority, (FGIC), Escrowed to | |
| Maturity, 0.00%, 8/15/19 | 3,576,850 | |
| $ 8,440,060 | ||
| Insured-General Obligations — 20.0% | ||
| $1,250 | Bethlehem Area School District, (AGM), | |
| 5.25%, 1/15/25 | $ 1,327,550 | |
| 1,020 | Cornwall Lebanon School District, (AGM), | |
| 0.00%, 3/15/16 | 851,241 | |
| 1,250 | Cranberry Township, (FGIC), (NPFG), 5.00%, 12/1/20 | 1,327,662 |
| 1,635 | Harrisburg, (AMBAC), 0.00%, 9/15/12 | 1,390,715 |
| 1,355 | McKeesport, (FGIC), (NPFG), 0.00%, 10/1/11 | 1,323,293 |
| 1,000 | Palmyra Area School District, (FGIC), (NPFG), | |
| 5.00%, 5/1/17 | 1,061,410 | |
| 1,000 | Pennsylvania, (NPFG), 5.375%, 7/1/19 | 1,179,490 |
| 1,000 | Philadelphia School District, (AGM), 5.50%, 6/1/21 | 1,142,500 |
| 1,000 | Reading School District, (FGIC), (NPFG), | |
| 0.00%, 1/15/12 | 968,440 | |
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Insured-General Obligations (continued) | ||
| $1,250 | Red Lion Area School District, (AGM), 5.00%, 5/1/23 | $ 1,345,675 |
| 1,250 | Sto-Rox School District, (FGIC), (NPFG), | |
| 5.125%, 12/15/22 | 1,319,313 | |
| $13,237,289 | ||
| Insured-Hospital — 1.2% | ||
| $ 250 | Allegheny County Hospital Development Authority, (UPMC | |
| Health System), (NPFG), 6.00%, 7/1/24 | $ 285,985 | |
| 500 | Washington County Hospital Authority, (Washington | |
| Hospital), (AMBAC), 5.375%, 7/1/14 | 523,905 | |
| $ 809,890 | ||
| Insured-Other Revenue — 3.5% | ||
| $ 750 | Delaware Valley Regional Financial Authority, (AMBAC), | |
| 5.50%, 8/1/18 | $ 822,780 | |
| 1,500 | Philadelphia Authority for Industrial Development Revenue, | |
| (FGIC), (NPFG), 5.00%, 12/1/22 | 1,465,650 | |
| $ 2,288,430 | ||
| Insured-Special Tax Revenue — 0.5% | ||
| $ 350 | Pittsburgh and Allegheny County Public Auditorium | |
| Authority, (AMBAC), 5.00%, 2/1/24 | $ 335,794 | |
| $ 335,794 | ||
| Insured-Transportation — 4.9% | ||
| $ 590 | Allegheny County Airport, (NPFG), (AMT), | |
| 5.75%, 1/1/12 | $ 618,462 | |
| 1,000 | Pennsylvania Turnpike Commission, Registration Fee | |
| Revenue, (AGM), 5.25%, 7/15/22 | 1,134,830 | |
| 1,000 | Philadelphia Airport, (FGIC), (NPFG), (AMT), | |
| 5.375%, 7/1/14 | 1,005,200 | |
| 500 | Southeastern Pennsylvania Transportation Authority, (FGIC), | |
| (NPFG), 5.25%, 3/1/16 | 504,095 | |
| $ 3,262,587 | ||
| Insured-Water and Sewer — 4.6% | ||
| $ 500 | Allegheny County Sanitation Authority, (BHAC), (NPFG), | |
| 5.00%, 12/1/22 | $ 530,355 | |
| 250 | Allegheny County Sanitation Authority, (NPFG), | |
| 5.00%, 12/1/19 | 254,745 | |
| 2,000 | Altoona City Authority Water Revenue, (AGM), | |
| 5.25%, 11/1/19 | 2,284,560 | |
| $ 3,069,660 | ||
| S e e notes to financ ial statem e nts | ||||
| 29 | ||||
Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010
PORTFOLIO OF INVESTMENTS CO N T ’ D
| Principal Amount | ||
| (000’s omitted) | Security | Value |
| Senior Living / Life Care — 0.6% | ||
| $ 390 | Cliff House Trust, (AMT), 6.625%, 6/1/27 | $ 204,586 |
| 185 | Lancaster County Hospital Authority, (Health Center-Willow | |
| Valley Retirement), 5.55%, 6/1/15 | 191,880 | |
| $ 396,466 | ||
| Special Tax Revenue — 1.2% | ||
| $ 750 | Pennsylvania Intergovernmental Cooperative Authority, | |
| (Philadelphia Funding Program), 5.00%, 6/15/23 | $ 814,163 | |
| $ 814,163 | ||
| Transportation — 0.8% | ||
| $ 500 | Pennsylvania Turnpike Commission, 5.00%, 12/1/22 | $ 527,050 |
| $ 527,050 | ||
| Total Tax-Exempt Investments — 97.2% | ||
| (identified cost $62,148,713) | $64,354,520 | |
| Short-Term Investments — 3.4% | ||
| Principal Amount | ||
| (000’s omitted) | Description | Value |
| $2,254 | State Street Bank and Trust Euro Time Deposit, | |
| 0.01%, 4/1/10 | $ 2,253,707 | |
| Total Short-Term Investments — 3.4% | ||
| (identified cost $2,253,707) | $ 2,253,707 | |
| Total Investments — 100.6% | ||
| (identified cost $64,402,420) | $66,608,227 | |
| Other Assets, Less Liabilities — (0.6)% | $ (387,210) | |
| Net Assets — 100.0% | $66,221,017 | |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. AGC - Assured Guaranty Corp. AGM - Assured Guaranty Municipal Corp. AMBAC - AMBAC Financial Group, Inc. AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. BHAC - Berkshire Hathaway Assurance Corp. FGIC - Financial Guaranty Insurance Company NPFG - National Public Finance Guaranty Corp. SFMR - Single Family Mortgage Revenue |
| The Fund invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 58.1% 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 ranged from 0.8% to 21.7% of total investments. (1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
| S e e notes to financ ial statem e nts | ||||
| 30 | ||||
| Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010 FINANCIAL STATEMENTS Statements of Assets and Liabilities As of March 31, 2010 |
| California | Massachusetts | New Jersey | |
| Limited Fund | Limited Fund | Limited Fund | |
| Assets | |||
| Investments — | |||
| Identified cost | $24,795,080 | $64,319,487 | $50,260,255 |
| Unrealized appreciation | 615,637 | 3,323,740 | 2,222,049 |
| Investments, at value | $25,410,717 | $67,643,227 | $52,482,304 |
| Cash | $ 190,099 | $ 68,428 | $ — |
| Interest receivable | 321,339 | 780,025 | 559,950 |
| Receivable for investments sold | 210,000 | — | — |
| Receivable for Fund shares sold | 40,621 | 43,966 | 72,398 |
| Total assets | $26,172,776 | $68,535,646 | $53,114,652 |
| Liabilities | |||
| Demand note payable | $ — | $ 100,000 | $ — |
| Payable for variation margin on open financial futures contracts | 9,844 | 26,875 | 21,875 |
| Payable for Fund shares redeemed | 26,092 | 222,103 | 120,637 |
| Distributions payable | 41,811 | 100,667 | 78,678 |
| Payable to affiliates: | |||
| Investment adviser fee | 9,720 | 25,247 | 19,442 |
| Distribution and service fees | 4,998 | 18,661 | 9,143 |
| Accrued expenses | 50,060 | 65,017 | 60,578 |
| Total liabilities | $ 142,525 | $ 558,570 | $ 310,353 |
| Net Assets | $26,030,251 | $67,977,076 | $52,804,299 |
| Sources of Net Assets | |||
| Paid-in capital | $27,709,562 | $68,941,154 | $52,601,005 |
| Accumulated net realized loss | (2,249,667) | (4,263,147) | (1,973,790) |
| Accumulated distributions in excess of net investment income | (41,811) | (11,829) | (11,907) |
| Net unrealized appreciation | 612,167 | 3,310,898 | 2,188,991 |
| Net Assets | $26,030,251 | $67,977,076 | $52,804,299 |
| Class A Shares | |||
| Net Assets | $23,432,014 | $52,718,522 | $48,745,303 |
| Shares Outstanding | 2,360,863 | 5,250,370 | 4,881,526 |
| Net Asset Value and Redemption Price Per Share | |||
| (net assets shares of beneficial interest outstanding) | $ 9.93 | $ 10.04 | $ 9.99 |
| Maximum Offering Price Per Share | |||
| (100 97.75 of net asset value per share) | $ 10.16 | $ 10.27 | $ 10.22 |
| Class B Shares | |||
| Net Assets | $ 270,292 | $ 451,152 | $ 693,886 |
| Shares Outstanding | 27,313 | 44,968 | 69,465 |
| Net Asset Value and Offering Price Per Share* | |||
| (net assets shares of beneficial interest outstanding) | $ 9.90 | $ 10.03 | $ 9.99 |
| Class C Shares | |||
| Net Assets | $ 2,327,945 | $14,807,402 | $ 3,365,110 |
| Shares Outstanding | 242,579 | 1,539,663 | 337,050 |
| Net Asset Value and Offering Price Per Share* | |||
| (net assets shares of beneficial interest outstanding) | $ 9.60 | $ 9.62 | $ 9.98 |
| 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. | |||
| S e e notes to financ ial statem e nts | ||||
| 31 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Statements of Assets and Liabilities
As of March 31, 2010
| New York | Pennsylvania | |
| Limited Fund | Limited Fund | |
| Assets | ||
| Investments — | ||
| Identified cost | $ 96,925,717 | $64,402,420 |
| Unrealized appreciation | 3,245,060 | 2,205,807 |
| Investments, at value | $100,170,777 | $66,608,227 |
| Interest receivable | $ 1,413,694 | $ 766,813 |
| Receivable for Fund shares sold | 144,841 | 75,313 |
| Total assets | $101,729,312 | $67,450,353 |
| Liabilities | ||
| Payable for investments purchased | $ — | $ 831,338 |
| Payable for variation margin on open financial futures contracts | 47,188 | 26,094 |
| Payable for Fund shares redeemed | 75,564 | 160,792 |
| Distributions payable | 150,113 | 102,851 |
| Payable to affiliates: | ||
| Investment adviser fee | 37,843 | 24,676 |
| Distribution and service fees | 32,277 | 20,181 |
| Accrued expenses | 76,944 | 63,404 |
| Total liabilities | $ 419,929 | $ 1,229,336 |
| Net Assets | $101,309,383 | $66,221,017 |
| Sources of Net Assets | ||
| Paid-in capital | $104,071,341 | $66,994,772 |
| Accumulated net realized loss | (5,899,342) | (2,866,102) |
| Accumulated distributions in excess of net investment income | (71,714) | (102,851) |
| Net unrealized appreciation | 3,209,098 | 2,195,198 |
| Net Assets | $101,309,383 | $66,221,017 |
| Class A Shares | ||
| Net Assets | $ 71,237,987 | $47,778,661 |
| Shares Outstanding | 6,993,072 | 4,748,305 |
| Net Asset Value and Redemption Price Per Share | ||
| (net assets shares of beneficial interest outstanding) | $ 10.19 | $ 10.06 |
| Maximum Offering Price Per Share | ||
| (100 97.75 of net asset value per share) | $ 10.42 | $ 10.29 |
| Class B Shares | ||
| Net Assets | $ 1,745,849 | $ 428,477 |
| Shares Outstanding | 171,506 | 42,581 |
| Net Asset Value and Offering Price Per Share* | ||
| (net assets shares of beneficial interest outstanding) | $ 10.18 | $ 10.06 |
| Class C Shares | ||
| Net Assets | $ 28,325,547 | $18,013,879 |
| Shares Outstanding | 2,924,414 | 1,887,617 |
| Net Asset Value and Offering Price Per Share* | ||
| (net assets shares of beneficial interest outstanding) | $ 9.69 | $ 9.54 |
| 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. | ||
| S e e notes to financ ial statem e nts | ||||
| 32 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Statements of Operations
For the Year Ended March 31, 2010
| California | Massachusetts | New Jersey | |
| Limited Fund | Limited Fund | Limited Fund | |
| Investment Income | |||
| Interest | $1,125,841 | $2,754,504 | $2,152,314 |
| Total investment income | $1,125,841 | $2,754,504 | $2,152,314 |
| Expenses | |||
| Investment adviser fee | $ 107,458 | $ 272,065 | $ 212,332 |
| Distribution and service fees | |||
| Class A | 32,606 | 74,558 | 70,466 |
| Class B | 4,562 | 5,758 | 6,301 |
| Class C | 15,568 | 124,834 | 17,389 |
| Trustees’ fees and expenses | 1,379 | 2,830 | 2,315 |
| Custodian fee | 30,353 | 53,299 | 44,360 |
| Transfer and dividend disbursing agent fees | 11,003 | 30,006 | 21,034 |
| Legal and accounting services | 37,973 | 37,825 | 38,028 |
| Printing and postage | 6,840 | 11,511 | 9,453 |
| Registration fees | 1,798 | 5,604 | 1,682 |
| Miscellaneous | 14,565 | 17,947 | 17,399 |
| Total expenses | $ 264,105 | $ 636,237 | $ 440,759 |
| Deduct — | |||
| Reduction of custodian fee | $ 113 | $ 370 | $ 403 |
| Total expense reductions | $ 113 | $ 370 | $ 403 |
| Net expenses | $ 263,992 | $ 635,867 | $ 440,356 |
| Net investment income | $ 861,849 | $2,118,637 | $1,711,958 |
| Realized and Unrealized Gain (Loss) | |||
| Net realized gain (loss) — | |||
| Investment transactions | $ 112,749 | $ (154,333) | $ (12,252) |
| Financial futures contracts | 98,469 | 275,901 | 369,030 |
| Net realized gain | $ 211,218 | $ 121,568 | $ 356,778 |
| Change in unrealized appreciation (depreciation) — | |||
| Investments | $1,171,779 | $2,732,023 | $1,829,957 |
| Financial futures contracts | 137,295 | 150,249 | 106,411 |
| Net change in unrealized appreciation (depreciation) | $1,309,074 | $2,882,272 | $1,936,368 |
| Net realized and unrealized gain | $1,520,292 | $3,003,840 | $2,293,146 |
| Net increase in net assets from operations | $2,382,141 | $5,122,477 | $4,005,104 |
| S e e notes to financ ial statem e nts | ||||
| 33 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Statements of Operations
For the Year Ended March 31, 2010
| New York | Pennsylvania | |
| Limited Fund | Limited Fund | |
| Investment Income | ||
| Interest | $4,307,452 | $2,690,876 |
| Total investment income | $4,307,452 | $2,690,876 |
| Expenses | ||
| Investment adviser fee | $ 425,115 | $ 256,304 |
| Distribution and service fees | ||
| Class A | 103,686 | 64,063 |
| Class B | 16,238 | 4,887 |
| Class C | 229,126 | 142,598 |
| Trustees’ fees and expenses | 3,983 | 2,672 |
| Custodian fee | 71,486 | 48,655 |
| Transfer and dividend disbursing agent fees | 40,820 | 29,831 |
| Legal and accounting services | 56,217 | 39,806 |
| Printing and postage | 15,473 | 12,102 |
| Registration fees | 3,946 | 905 |
| Miscellaneous | 21,846 | 18,504 |
| Total expenses | $ 987,936 | $ 620,327 |
| Deduct — | ||
| Reduction of custodian fee | $ 376 | $ 522 |
| Total expense reductions | $ 376 | $ 522 |
| Net expenses | $ 987,560 | $ 619,805 |
| Net investment income | $3,319,892 | $2,071,071 |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) — | ||
| Investment transactions | $ 139,527 | $ 111,554 |
| Financial futures contracts | 380,428 | 185,587 |
| Net realized gain | $ 519,955 | $ 297,141 |
| Change in unrealized appreciation (depreciation) — | ||
| Investments | $5,260,404 | $1,429,654 |
| Financial futures contracts | 253,216 | 155,731 |
| Net change in unrealized appreciation (depreciation) | $5,513,620 | $1,585,385 |
| Net realized and unrealized gain | $6,033,575 | $1,882,526 |
| Net increase in net assets from operations | $9,353,467 | $3,953,597 |
| S e e notes to financ ial statem e nts | ||||
| 34 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Statements of Changes in Net Assets
For the Year Ended March 31, 2010
| California | Massachusetts | New Jersey | |
| Increase (Decrease) in Net Assets | Limited Fund | Limited Fund | Limited Fund |
| From operations — | |||
| Net investment income | $ 861,849 | $ 2,118,637 | $ 1,711,958 |
| Net realized gain from investment transactions and financial futures contracts | 211,218 | 121,568 | 356,778 |
| Net change in unrealized appreciation (depreciation) from investments and financial futures contracts | 1,309,074 | 2,882,272 | 1,936,368 |
| Net increase in net assets from operations | $ 2,382,141 | $ 5,122,477 | $ 4,005,104 |
| Distributions to shareholders — | |||
| From net investment income | |||
| Class A | $ (829,431) | $ (1,771,858) | $ (1,656,007) |
| Class B | (15,968) | (18,265) | (19,561) |
| Class C | (53,155) | (392,962) | (52,520) |
| Total distributions to shareholders | $ (898,554) | $ (2,183,085) | $ (1,728,088) |
| Transactions in shares of beneficial interest — | |||
| Proceeds from sale of shares | |||
| Class A | $ 5,642,152 | $10,047,532 | $ 9,033,711 |
| Class B | 194,488 | 225,178 | 265,807 |
| Class C | 1,264,574 | 3,182,147 | 2,923,165 |
| Net asset value of shares issued to shareholders in payment of distributions declared | |||
| Class A | 469,023 | 1,223,416 | 1,046,300 |
| Class B | 5,544 | 13,254 | 12,852 |
| Class C | 26,681 | 263,067 | 41,216 |
| Cost of shares redeemed | |||
| Class A | (4,270,925) | (8,157,262) | (5,514,945) |
| Class B | (605,022) | (208,712) | (34,410) |
| Class C | (877,393) | (1,872,766) | (159,331) |
| Net asset value of shares exchanged | |||
| Class A | 227,825 | 473,563 | 233,990 |
| Class B | (227,825) | (473,563) | (233,990) |
| Net increase in net assets from Fund share transactions | $ 1,849,122 | $ 4,715,854 | $ 7,614,365 |
| Net increase in net assets | $ 3,332,709 | $ 7,655,246 | $ 9,891,381 |
| Net Assets | |||
| At beginning of year | $22,697,542 | $60,321,830 | $42,912,918 |
| At end of year | $26,030,251 | $67,977,076 | $52,804,299 |
| Accumulated distributions in excess of net investment income | |||
| included in net assets | |||
| At end of year | $ (41,811) | $ (11,829) | $ (11,907) |
| S e e notes to financ ial statem e nts | ||||
| 35 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Statements of Changes in Net Assets
For the Year Ended March 31, 2010
| New York | Pennsylvania | |
| Increase (Decrease) in Net Assets | Limited Fund | Limited Fund |
| From operations — | ||
| Net investment income | $ 3,319,892 | $ 2,071,071 |
| Net realized gain from investment transactions and financial futures contracts | 519,955 | 297,141 |
| Net change in unrealized appreciation (depreciation) from investments and financial futures contracts | 5,513,620 | 1,585,385 |
| Net increase in net assets from operations | $ 9,353,467 | $ 3,953,597 |
| Distributions to shareholders — | ||
| From net investment income | ||
| Class A | $ (2,552,877) | $ (1,614,013) |
| Class B | (53,445) | (16,553) |
| Class C | (749,675) | (480,525) |
| Total distributions to shareholders | $ (3,355,997) | $ (2,111,091) |
| Transactions in shares of beneficial interest — | ||
| Proceeds from sale of shares | ||
| Class A | $ 14,188,465 | $15,001,981 |
| Class B | 703,304 | 560,965 |
| Class C | 7,801,224 | 5,972,721 |
| Net asset value of shares issued to shareholders in payment of distributions declared | ||
| Class A | 1,931,191 | 1,058,988 |
| Class B | 33,552 | 12,794 |
| Class C | 472,740 | 237,780 |
| Cost of shares redeemed | ||
| Class A | (12,849,051) | (6,697,801) |
| Class B | (643,583) | (88,986) |
| Class C | (4,240,680) | (2,574,750) |
| Net asset value of shares exchanged | ||
| Class A | 442,153 | 626,081 |
| Class B | (442,153) | (626,081) |
| Net increase in net assets from Fund share transactions | $ 7,397,162 | $13,483,692 |
| Net increase in net assets | $ 13,394,632 | $15,326,198 |
| Net Assets | ||
| At beginning of year | $ 87,914,751 | $50,894,819 |
| At end of year | $101,309,383 | $66,221,017 |
| Accumulated distributions in excess of net investment income included in net assets | ||
| At end of year | $ (71,714) | $ (102,851) |
| S e e notes to financ ial statem e nts | ||||
| 36 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Statements of Changes in Net Assets
For the Year Ended March 31, 2009
| California | Massachusetts | New Jersey | |
| Increase (Decrease) in Net Assets | Limited Fund | Limited Fund | Limited Fund |
| From operations — | |||
| Net investment income | $ 1,212,601 | $ 2,159,749 | $ 1,556,306 |
| Net realized loss from investment transactions and financial futures contracts | (1,659,890) | (1,685,266) | (1,018,458) |
| Net change in unrealized appreciation (depreciation) from investments and financial futures contracts | (959,631) | (925,198) | (645,731) |
| Net decrease in net assets from operations | $ (1,406,920) | $ (450,715) | $ (107,883) |
| Distributions to shareholders — | |||
| From net investment income | |||
| Class A | $ (1,154,391) | $ (1,759,322) | $ (1,566,533) |
| Class B | (24,016) | (36,864) | (21,357) |
| Class C | (57,793) | (384,049) | (10,635) |
| Total distributions to shareholders | $ (1,236,200) | $ (2,180,235) | $ (1,598,525) |
| Transactions in shares of beneficial interest — | |||
| Proceeds from sale of shares | |||
| Class A | $ 3,984,258 | $ 18,333,272 | $ 15,722,875 |
| Class B | 539,587 | 589,942 | 452,095 |
| Class C | 805,254 | 2,274,534 | 712,065 |
| Net asset value of shares issued to shareholders in payment of distributions declared | |||
| Class A | 601,551 | 1,160,179 | 951,726 |
| Class B | 9,345 | 25,695 | 14,394 |
| Class C | 19,124 | 250,969 | 7,384 |
| Cost of shares redeemed | |||
| Class A | (18,931,650) | (21,217,161) | (16,399,535) |
| Class B | (60,142) | (248,539) | (69,515) |
| Class C | (297,771) | (2,352,902) | (329,870) |
| Net asset value of shares exchanged | |||
| Class A | 173,098 | 1,087,537 | 523,381 |
| Class B | (173,098) | (1,087,537) | (523,381) |
| Net increase (decrease) in net assets from Fund share transactions | $ (13,330,444) | $ (1,184,011) | $ 1,061,619 |
| Net decrease in net assets | $ (15,973,564) | $ (3,814,961) | $ (644,789) |
| Net Assets | |||
| At beginning of year | $ 38,671,106 | $ 64,136,791 | $ 43,557,707 |
| At end of year | $ 22,697,542 | $ 60,321,830 | $ 42,912,918 |
| Accumulated undistributed (distributions in excess of) net | |||
| investment income included in net assets | |||
| At end of year | $ (25,722) | $ 42,579 | $ 15,674 |
| S e e notes to financ ial statem e nts | ||||
| 37 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Statements of Changes in Net Assets
For the Year Ended March 31, 2009
| New York | Pennsylvania | |
| Increase (Decrease) in Net Assets | Limited Fund | Limited Fund |
| From operations — | ||
| Net investment income | $ 3,433,951 | $ 1,987,838 |
| Net realized loss from investment transactions and financial futures contracts | (3,065,074) | (1,168,523) |
| Net change in unrealized appreciation (depreciation) from investments and financial futures contracts | (3,195,603) | (583,027) |
| Net increase (decrease) in net assets from operations | $ (2,826,726) | $ 236,288 |
| Distributions to shareholders — | ||
| From net investment income | ||
| Class A | $ (2,704,516) | $ (1,533,981) |
| Class B | (55,791) | (26,780) |
| Class C | (753,275) | (413,985) |
| Total distributions to shareholders | $ (3,513,582) | $ (1,974,746) |
| Transactions in shares of beneficial interest — | ||
| Proceeds from sale of shares | ||
| Class A | $ 13,356,546 | $ 10,073,900 |
| Class B | 1,320,383 | 370,834 |
| Class C | 7,388,421 | 3,305,521 |
| Net asset value of shares issued to shareholders in payment of distributions declared | ||
| Class A | 1,979,581 | 778,812 |
| Class B | 30,351 | 17,859 |
| Class C | 448,913 | 158,792 |
| Cost of shares redeemed | ||
| Class A | (19,790,596) | (13,033,002) |
| Class B | (489,656) | (270,844) |
| Class C | (7,250,841) | (2,625,503) |
| Net asset value of shares exchanged | ||
| Class A | 795,658 | 702,719 |
| Class B | (795,658) | (702,719) |
| Net decrease in net assets from Fund share transactions | $ (3,006,898) | $ (1,223,631) |
| Net decrease in net assets | $ (9,347,206) | $ (2,962,089) |
| Net Assets | ||
| At beginning of year | $ 97,261,957 | $ 53,856,908 |
| At end of year | $ 87,914,751 | $ 50,894,819 |
| Accumulated distributions in excess of net investment income included in net assets | ||
| At end of year | $ (44,011) | $ (53,831) |
| S e e notes to financ ial statem e nts | ||||
| 38 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| California Limited Fund — Class A | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.290 | $10.030 | $10.410 | $10.330 | $10.290 |
| Income (Loss) From Operations | �� | ||||
| Net investment income(1) | $ 0.359 | $ 0.376 | $ 0.381 | $ 0.378 | $ 0.377 |
| Net realized and unrealized gain (loss) | 0.655 | (0.734) | (0.380) | 0.082 | 0.036 |
| Total income (loss) from operations | $ 1.014 | $ (0.358) | $ 0.001 | $ 0.460 | $ 0.413 |
| Less Distributions | |||||
| From net investment income | $ (0.374) | $ (0.382) | $ (0.381) | $ (0.380) | $ (0.373) |
| Total distributions | $ (0.374) | $ (0.382) | $ (0.381) | $ (0.380) | $ (0.373) |
| Net asset value — End of year | $ 9.930 | $ 9.290 | $10.030 | $10.410 | $10.330 |
| Total Return(2) | 11.04% | (3.67)% | 0.00%(3) | 4.52% | 4.06% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $23,432 | $20,017 | $36,615 | $35,937 | $33,830 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 1.03% | 0.94% | 0.85% | 0.93% | 0.86% |
| Expenses after custodian fee reduction | 1.03% | 0.93% | 0.82% | 0.90% | 0.84% |
| Net investment income | 3.66% | 3.87% | 3.70% | 3.65% | 3.64% |
| Portfolio Turnover | 22% | 7% | 55% | 32% | 28% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Amount is less than 0.01%. |
| S e e notes to financ ial statem e nts | ||||
| 39 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| California Limited Fund — Class B | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.260 | $10.000 | $10.370 | $10.300 | $10.260 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.294 | $ 0.299 | $ 0.304 | $ 0.303 | $ 0.298 |
| Net realized and unrealized gain (loss) | 0.647 | (0.733) | (0.372) | 0.068 | 0.035 |
| Total income (loss) from operations | $ 0.941 | $ (0.434) | $ (0.068) | $ 0.371 | $ 0.333 |
| Less Distributions | |||||
| From net investment income | $(0.301) | $ (0.306) | $ (0.302) | $ (0.301) | $ (0.293) |
| Total distributions | $(0.301) | $ (0.306) | $ (0.302) | $ (0.301) | $ (0.293) |
| Net asset value — End of year | $ 9.900 | $ 9.260 | $10.000 | $10.370 | $10.300 |
| Total Return(2) | 10.26% | (4.42)% | (0.68)% | 3.64% | 3.28% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $ 270 | $ 860 | $ 607 | $ 770 | $ 2,687 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 1.78% | 1.70% | 1.60% | 1.68% | 1.61% |
| Expenses after custodian fee reduction | 1.78% | 1.68% | 1.57% | 1.65% | 1.59% |
| Net investment income | 3.04% | 3.14% | 2.96% | 2.94% | 2.89% |
| Portfolio Turnover | 22% | 7% | 55% | 32% | 28% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 40 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| California Limited Fund — Class C | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 8.980 | $ 9.690 | $10.050 | $ 9.980 | $ 9.950 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.276 | $ 0.290 | $ 0.294 | $ 0.280 | $ 0.282 |
| Net realized and unrealized gain (loss) | 0.636 | (0.703) | (0.361) | 0.082 | 0.034 |
| Total income (loss) from operations | $ 0.912 | $(0.413) | $ (0.067) | $ 0.362 | $ 0.316 |
| Less Distributions | |||||
| From net investment income | $(0.292) | $(0.297) | $ (0.293) | $(0.292) | $(0.286) |
| Total distributions | $(0.292) | $(0.297) | $ (0.293) | $ (0.292) | $(0.286) |
| Net asset value — End of year | $ 9.600 | $ 8.980 | $ 9.690 | $10.050 | $ 9.980 |
| Total Return(2) | 10.25% | (4.35)% | (0.69)% | 3.67% | 3.15% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $ 2,328 | $ 1,820 | $ 1,449 | $ 562 | $ 22 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 1.78% | 1.70% | 1.60% | 1.68% | 1.61% |
| Expenses after custodian fee reduction | 1.78% | 1.68% | 1.57% | 1.65% | 1.59% |
| Net investment income | 2.91% | 3.12% | 2.96% | 2.78% | 2.83% |
| Portfolio Turnover | 22% | 7% | 55% | 32% | 28% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 41 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| Massachusetts Limited Fund — Class A | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.560 | $ 9.970 | $10.200 | $10.110 | $10.180 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.347 | $ 0.360 | $ 0.371 | $ 0.372 | $ 0.367 |
| Net realized and unrealized gain (loss) | 0.490 | (0.407) | (0.231) | 0.092 | (0.074) |
| Total income (loss) from operations | $ 0.837 | $ (0.047) | $ 0.140 | $ 0.464 | $ 0.293 |
| Less Distributions | |||||
| From net investment income | $ (0.357) | $ (0.363) | $ (0.370) | $ (0.374) | $ (0.363) |
| Total distributions | $ (0.357) | $ (0.363) | $ (0.370) | $ (0.374) | $ (0.363) |
| Net asset value — End of year | $10.040 | $ 9.560 | $ 9.970 | $10.200 | $10.110 |
| Total Return(2) | 8.83% | (0.50)% | 1.39% | 4.66% | 2.90% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $52,719 | $46,857 | $49,514 | $45,300 | $47,407 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 0.82% | 0.85% | 0.84% | 0.84% | 0.82% |
| Expenses after custodian fee reduction | 0.82% | 0.84% | 0.83% | 0.82% | 0.81% |
| Net investment income | 3.47% | 3.69% | 3.67% | 3.65% | 3.59% |
| Portfolio Turnover | 11% | 16% | 14% | 14% | 7% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 42 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| Massachusetts Limited Fund — Class B | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.560 | $ 9.960 | $10.200 | $10.110 | $10.170 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.275 | $ 0.288 | $ 0.297 | $ 0.295 | $ 0.289 |
| Net realized and unrealized gain (loss) | 0.479 | (0.399) | (0.244) | 0.092 | (0.066) |
| Total income (loss) from operations | $ 0.754 | $(0.111) | $ 0.053 | $ 0.387 | $ 0.223 |
| Less Distributions | |||||
| From net investment income | $(0.284) | $(0.289) | $ (0.293) | $ (0.297) | $ (0.283) |
| Total distributions | $ (0.284) | $(0.289) | $ (0.293) | $ (0.297) | $ (0.283) |
| Net asset value — End of year | $10.030 | $ 9.560 | $ 9.960 | $10.200 | $10.110 |
| Total Return(2) | 7.94% | (1.15)% | 0.52% | 3.87% | 2.20% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $ 451 | $ 854 | $ 1,628 | $ 3,648 | $ 7,234 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 1.57% | 1.60% | 1.60% | 1.59% | 1.57% |
| Expenses after custodian fee reduction | 1.57% | 1.59% | 1.58% | 1.57% | 1.56% |
| Net investment income | 2.76% | 2.94% | 2.94% | 2.91% | 2.83% |
| Portfolio Turnover | 11% | 16% | 14% | 14% | 7% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 43 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| Massachusetts Limited Fund — Class C | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.160 | $ 9.550 | $ 9.770 | $ 9.690 | $ 9.740 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.260 | $ 0.274 | $ 0.284 | $ 0.284 | $ 0.278 |
| Net realized and unrealized gain (loss) | 0.472 | (0.387) | (0.223) | 0.081 | (0.057) |
| Total income (loss) from operations | $ 0.732 | $ (0.113) | $ 0.061 | $ 0.365 | $ 0.221 |
| Less Distributions | |||||
| From net investment income | $ (0.272) | $ (0.277) | $ (0.281) | $ (0.285) | $ (0.271) |
| Total distributions | $ (0.272) | $ (0.277) | $ (0.281) | $ (0.285) | $ (0.271) |
| Net asset value — End of year | $ 9.620 | $ 9.160 | $ 9.550 | $ 9.770 | $ 9.690 |
| Total Return(2) | 8.05% | (1.22)% | 0.63% | 3.81% | 2.28% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $14,807 | $12,611 | $12,995 | $14,139 | $19,901 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 1.57% | 1.60% | 1.60% | 1.59% | 1.57% |
| Expenses after custodian fee reduction | 1.57% | 1.59% | 1.58% | 1.57% | 1.56% |
| Net investment income | 2.71% | 2.93% | 2.93% | 2.91% | 2.84% |
| Portfolio Turnover | 11% | 16% | 14% | 14% | 7% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 44 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| New Jersey Limited Fund — Class A | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.490 | $ 9.900 | $10.210 | $10.110 | $10.100 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.347 | $ 0.363 | $ 0.372 | $ 0.392 | $ 0.371 |
| Net realized and unrealized gain (loss) | 0.504 | (0.401) | (0.298) | 0.083 | 0.001 |
| Total income (loss) from operations | $ 0.851 | $ (0.038) | $ 0.074 | $ 0.475 | $ 0.372 |
| Less Distributions | |||||
| From net investment income | $ (0.351) | $ (0.372) | $ (0.384) | $ (0.375) | $ (0.362) |
| Total distributions | $ (0.351) | $ (0.372) | $ (0.384) | $ (0.375) | $ (0.362) |
| Net asset value — End of year | $ 9.990 | $ 9.490 | $ 9.900 | $10.210 | $10.110 |
| Total Return(2) | 9.05% | (0.39)% | 0.74% | 4.76% | 3.74% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $48,745 | $41,746 | $42,612 | $37,031 | $37,080 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses excluding interest and fees | 0.85% | 0.89% | 0.91% | 0.91% | 0.88% |
| Interest and fee expense(3) | — | — | 0.02% | — | — |
| Total expenses before custodian fee reduction | 0.85% | 0.89% | 0.93% | 0.91% | 0.88% |
| Expenses after custodian fee reduction excluding interest and fees | 0.85% | 0.87% | 0.88% | 0.90% | 0.87% |
| Net investment income | 3.49% | 3.76% | 3.69% | 3.85% | 3.66% |
| Portfolio Turnover | 6% | 23% | 12% | 18% | 25% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions. |
| S e e notes to financ ial statem e nts | ||||
| 45 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| New Jersey Limited Fund — Class B | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.500 | $ 9.900 | $10.210 | $10.100 | $10.100 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.272 | $ 0.291 | $ 0.302 | $ 0.316 | $ 0.294 |
| Net realized and unrealized gain (loss) | 0.496 | (0.393) | (0.305) | 0.093 | (0.009) |
| Total income (loss) from operations | $ 0.768 | $(0.102) | $ (0.003) | $ 0.409 | $ 0.285 |
| Less Distributions | |||||
| From net investment income | $(0.278) | $(0.298) | $ (0.307) | $ (0.299) | $ (0.285) |
| Total distributions | $(0.278) | $(0.298) | $ (0.307) | $ (0.299) | $ (0.285) |
| Net asset value — End of year | $ 9.990 | $ 9.500 | $ 9.900 | $10.210 | $10.100 |
| Total Return(2) | 8.15% | (1.05)% | (0.03)% | 4.09% | 2.85% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $ 694 | $ 648 | $ 801 | $ 2,875 | $ 5,992 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses excluding interest and fees | 1.60% | 1.64% | 1.66% | 1.66% | 1.63% |
| Interest and fee expense(3) | — | — | 0.02% | — | — |
| Total expenses before custodian fee reduction | 1.60% | 1.64% | 1.68% | 1.66% | 1.63% |
| Expenses after custodian fee reduction excluding interest and fees | 1.60% | 1.62% | 1.64% | 1.65% | 1.62% |
| Net investment income | 2.74% | 3.01% | 2.99% | 3.11% | 2.91% |
| Portfolio Turnover | 6% | 23% | 12% | 18% | 25% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions. |
| S e e notes to financ ial statem e nts | ||||
| 46 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| New Jersey Limited Fund — Class C | ||||
| Year Ended March 31, | Period Ended | |||
| 2010 | 2009 | 2008 | March 31, 2007(1) | |
| Net asset value — Beginning of period | $ 9.490 | $ 9.910 | $10.210 | $10.110 |
| Income (Loss) From Operations | ||||
| Net investment income(2) | $ 0.270 | $ 0.291 | $ 0.289 | $ 0.210 |
| Net realized and unrealized gain (loss) | 0.498 | (0.412) | (0.282) | 0.089 |
| Total income (loss) from operations | $ 0.768 | $(0.121) | $ 0.007 | $ 0.299 |
| Less Distributions | ||||
| From net investment income | $(0.278) | $(0.299) | $ (0.307) | $ (0.199) |
| Total distributions | $(0.278) | $(0.299) | $ (0.307) | $ (0.199) |
| Net asset value — End of period | $ 9.980 | $ 9.490 | $ 9.910 | $10.210 |
| Total Return(3) | 8.15% | (1.24)% | 0.08% | 2.84%(4) |
| Ratios/Supplemental Data | ||||
| Net assets, end of period (000’s omitted) | $ 3,365 | $ 519 | $ 144 | $ 1 |
| Ratios (as a percentage of average daily net assets): | ||||
| Expenses excluding interest and fees | 1.59% | 1.64% | 1.64% | 1.63%(5) |
| Interest and fee expense(6) | — | — | 0.02% | — |
| Total expenses before custodian fee reduction | 1.59% | 1.64% | 1.66% | 1.63%(5) |
| Expenses after custodian fee reduction excluding interest and fees | 1.59% | 1.62% | 1.61% | 1.62%(5) |
| Net investment income | 2.70% | 3.03% | 2.87% | 3.09%(5) |
| Portfolio Turnover | 6% | 23% | 12% | 18%(7) |
| (1) | For the period from the commencement of offering of Class C shares, August 1, 2006, to March 31, 2007. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions. |
| (7) | For the year ended March 31, 2007. |
| S e e notes to financ ial statem e nts | ||||
| 47 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| New York Limited Fund — Class A | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.550 | $10.200 | $10.600 | $10.480 | $10.540 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.368 | $ 0.387 | $ 0.402 | $ 0.395 | $ 0.388 |
| Net realized and unrealized gain (loss) | 0.644 | (0.642) | (0.405) | 0.118 | (0.059) |
| Total income (loss) from operations | $ 1.012 | $ (0.255) | $ (0.003) | $ 0.513 | $ 0.329 |
| Less Distributions | |||||
| From net investment income | $ (0.372) | $ (0.395) | $ (0.397) | $ (0.393) | $ (0.389) |
| Total distributions | $ (0.372) | $ (0.395) | $ (0.397) | $ (0.393) | $ (0.389) |
| Net asset value — End of year | $10.190 | $ 9.550 | $10.200 | $10.600 | $10.480 |
| Total Return(2) | 10.72% | (2.56)% | (0.03)% | 4.97% | 3.15% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $71,238 | $63,159 | $71,401 | $72,201 | $59,546 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses excluding interest and fees | 0.81% | 0.80% | 0.82% | 0.82% | 0.82% |
| Interest and fee expense(3) | — | — | 0.01% | 0.02% | — |
| Total expenses before custodian fee reduction | 0.81% | 0.80% | 0.83% | 0.84% | 0.82% |
| Expenses after custodian fee reduction excluding interest and fees | 0.81% | 0.79% | 0.81% | 0.81% | 0.81% |
| Net investment income | 3.66% | 3.92% | 3.85% | 3.73% | 3.67% |
| Portfolio Turnover | 6% | 22% | 14% | 22% | 22% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions. |
| S e e notes to financ ial statem e nts | ||||
| 48 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| New York Limited Fund — Class B | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.540 | $10.190 | $10.590 | $10.470 | $10.530 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.293 | $ 0.312 | $ 0.324 | $ 0.317 | $ 0.308 |
| Net realized and unrealized gain (loss) | 0.644 | (0.643) | (0.406) | 0.117 | (0.061) |
| Total income (loss) from operations | $ 0.937 | $ (0.331) | $ (0.082) | $ 0.434 | $ 0.247 |
| Less Distributions | |||||
| From net investment income | $(0.297) | $ (0.319) | $ (0.318) | $ (0.314) | $ (0.307) |
| Total distributions | $ (0.297) | $ (0.319) | $ (0.318) | $ (0.314) | $ (0.307) |
| Net asset value — End of year | $10.180 | $ 9.540 | $10.190 | $10.590 | $10.470 |
| Total Return(2) | 9.92% | (3.31)% | (0.79)% | 4.19% | 2.36% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $ 1,746 | $ 1,976 | $ 2,017 | $ 4,457 | $ 8,978 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses excluding interest and fees | 1.56% | 1.55% | 1.57% | 1.56% | 1.57% |
| Interest and fee expense(3) | — | — | 0.01% | 0.02% | — |
| Total expenses before custodian fee reduction | 1.56% | 1.55% | 1.58% | 1.58% | 1.57% |
| Expenses after custodian fee reduction excluding interest and fees | 1.56% | 1.54% | 1.56% | 1.57% | 1.56% |
| Net investment income | 2.92% | 3.17% | 3.10% | 3.00% | 2.92% |
| Portfolio Turnover | 6% | 22% | 14% | 22% | 22% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions. |
| S e e notes to financ ial statem e nts | ||||
| 49 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| New York Limited Fund — Class C | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.080 | $ 9.690 | $10.070 | $ 9.960 | $10.020 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.278 | $ 0.297 | $ 0.308 | $ 0.301 | $ 0.294 |
| Net realized and unrealized gain (loss) | 0.615 | (0.603) | (0.385) | 0.107 | (0.062) |
| Total income (loss) from operations | $ 0.893 | $ (0.306) | $ (0.077) | $ 0.408 | $ 0.232 |
| Less Distributions | |||||
| From net investment income | $ (0.283) | $ (0.304) | $ (0.303) | $ (0.298) | $ (0.292) |
| Total distributions | $ (0.283) | $ (0.304) | $ (0.303) | $ (0.298) | $ (0.292) |
| Net asset value — End of year | $ 9.690 | $ 9.080 | $ 9.690 | $10.070 | $ 9.960 |
| Total Return(2) | 9.92% | (3.22)% | (0.78)% | 4.14% | 2.32% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $28,326 | $22,780 | $23,844 | $22,155 | $26,477 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses excluding interest and fees | 1.56% | 1.55% | 1.57% | 1.56% | 1.57% |
| Interest and fee expense(3) | — | — | 0.01% | 0.02% | — |
| Total expenses before custodian fee reduction | 1.56% | 1.55% | 1.58% | 1.58% | 1.57% |
| Expenses after custodian fee reduction excluding interest and fees | 1.56% | 1.55% | 1.56% | 1.57% | 1.56% |
| Net investment income | 2.90% | 3.17% | 3.10% | 3.00% | 2.92% |
| Portfolio Turnover | 6% | 22% | 14% | 22% | 22% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions. |
| S e e notes to financ ial statem e nts | ||||
| 50 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| Pennsylvania Limited Fund — Class A | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.720 | $10.030 | $10.360 | $10.270 | $10.280 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.372 | $ 0.393 | $ 0.393 | $ 0.396 | $ 0.394 |
| Net realized and unrealized gain (loss) | 0.348 | (0.313) | (0.327) | 0.087 | (0.004) |
| Total income from operations | $ 0.720 | $ 0.080 | $ 0.066 | $ 0.483 | $ 0.390 |
| Less Distributions | |||||
| From net investment income | $ (0.380) | $ (0.390) | $ (0.396) | $ (0.393) | $ (0.400) |
| Total distributions | $ (0.380) | $ (0.390) | $ (0.396) | $ (0.393) | $ (0.400) |
| Net asset value — End of year | $10.060 | $ 9.720 | $10.030 | $10.360 | $10.270 |
| Total Return(2) | 7.49% | 0.83% | 0.64% | 4.78% | 3.84% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $47,779 | $36,461 | $39,272 | $33,998 | $34,592 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 0.84% | 0.87% | 0.88% | 0.88% | 0.87% |
| Expenses after custodian fee reduction | 0.84% | 0.86% | 0.85% | 0.86% | 0.85% |
| Net investment income | 3.71% | 4.00% | 3.84% | 3.83% | 3.82% |
| Portfolio Turnover | 6% | 19% | 12% | 11% | 22% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 51 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| Pennsylvania Limited Fund — Class B | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.720 | $10.030 | $10.360 | $10.270 | $10.280 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.300 | $ 0.319 | $ 0.318 | $ 0.319 | $ 0.317 |
| Net realized and unrealized gain (loss) | 0.346 | (0.314) | (0.329) | 0.087 | (0.005) |
| Total income (loss) from operations | $ 0.646 | $ 0.005 | $ (0.011) | $ 0.406 | $ 0.312 |
| Less Distributions | |||||
| From net investment income | $(0.306) | $ (0.315) | $ (0.319) | $ (0.316) | $ (0.322) |
| Total distributions | $ (0.306) | $ (0.315) | $ (0.319) | $ (0.316) | $ (0.322) |
| Net asset value — End of year | $10.060 | $ 9.720 | $10.030 | $10.360 | $10.270 |
| Total Return(2) | 6.70% | 0.06% | (0.11)% | 4.01% | 3.06% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $ 428 | $ 550 | $ 1,159 | $ 3,714 | $ 6,962 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 1.59% | 1.62% | 1.63% | 1.63% | 1.62% |
| Expenses after custodian fee reduction | 1.59% | 1.61% | 1.60% | 1.61% | 1.60% |
| Net investment income | 3.00% | 3.25% | 3.10% | 3.08% | 3.07% |
| Portfolio Turnover | 6% | 19% | 12% | 11% | 22% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 52 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FINANCIAL STATEMENTS CON T ’ D
Financial Highlights
| Pennsylvania Limited Fund — Class C | |||||
| Year Ended March 31, | |||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net asset value — Beginning of year | $ 9.210 | $ 9.510 | $ 9.820 | $ 9.740 | $ 9.750 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $ 0.282 | $ 0.303 | $ 0.301 | $ 0.302 | $ 0.300 |
| Net realized and unrealized gain (loss) | 0.337 | (0.304) | (0.308) | 0.078 | (0.006) |
| Total income (loss) from operations | $ 0.619 | $ (0.001) | $ (0.007) | $ 0.380 | $ 0.294 |
| Less Distributions | |||||
| From net investment income | $ (0.289) | $ (0.299) | $ (0.303) | $ (0.300) | $ (0.304) |
| Total distributions | $ (0.289) | $ (0.299) | $ (0.303) | $ (0.300) | $ (0.304) |
| Net asset value — End of year | $ 9.540 | $ 9.210 | $ 9.510 | $ 9.820 | $ 9.740 |
| Total Return(2) | 6.78% | (0.01)% | (0.08)% | 3.95% | 3.05% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $18,014 | $13,884 | $13,427 | $14,209 | $15,894 |
| Ratios (as a percentage of average daily net assets): | |||||
| Expenses before custodian fee reduction | 1.59% | 1.62% | 1.63% | 1.63% | 1.62% |
| Expenses after custodian fee reduction | 1.59% | 1.61% | 1.60% | 1.61% | 1.60% |
| Net investment income | 2.96% | 3.25% | 3.10% | 3.08% | 3.07% |
| Portfolio Turnover | 6% | 19% | 12% | 11% | 22% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| S e e notes to financ ial statem e nts | ||||
| 53 | ||||
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
Eaton Vance Investment 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 Trust presently consists of seven funds, five of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Limited Maturity Municipal Income Fund (formerly, Eaton Vance California Limited Maturity Municipals Fund) (California Limited Fund), Eaton Vance Massachusetts Limited Maturity Municipal Income Fund (formerly, Eaton Vance Massachusetts Limited Maturity Municipals Fund) (Massachusetts Limited Fund), Eaton Vance New Jersey Limited Maturity Municipal Income Fund (formerly, Eaton Vance New Jersey Limited Maturity Municipals Fund) (New Jersey Limited Fund), Eaton Vance New York Limited Maturity Municipal Income Fund (formerly, Eaton Vance New York Limited Maturity Municipals Fund) (New York Limited Fund) and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund (formerly, Eaton Vance Pennsylvania Limited Maturity Municipals Fund) (Pennsylvania Limited Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds seek to provide a high level of current income exempt from regular federal income tax and from particular state or local income or other taxes, as applicable. The Funds also seek to provide limited principal fluctuation. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class B shares of each Fund held for the longer of (i) four years or (ii) the time at which the contingent deferred sales charge applicable to such shares expires will automatically convert to Class A shares as described in each Fund’s prospectus. 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 Funds. The policies are in conformity with accounting principles generally accepted in the United States of America.
A Investment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations furnished 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 asked prices, broker/ dealer quotations, prices or yields of securities with similar characteristics, 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 obligations, maturing in sixty days or less, are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes — Each 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,
54
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each 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.
At March 31, 2010, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:
| Fund | Amount | Expiration Date |
| California Limited | $ 46,725 | March 31, 2011 |
| 13,351 | March 31, 2012 | |
| 384,970 | March 31, 2013 | |
| 176,040 | March 31, 2015 | |
| 146,189 | March 31, 2016 | |
| 461,024 | March 31, 2017 | |
| 1,038,422 | March 31, 2018 | |
| Massachusetts Limited | $ 398,029 | March 31, 2011 |
| 393,962 | March 31, 2012 | |
| 1,336,686 | March 31, 2013 | |
| 25,938 | March 31, 2014 | |
| 103,860 | March 31, 2016 | |
| 1,158,951 | March 31, 2017 | |
| 869,381 | March 31, 2018 | |
| New Jersey Limited | $ 129,576 | March 31, 2011 |
| 298,472 | March 31, 2012 | |
| 728,451 | March 31, 2013 | |
| 126,854 | March 31, 2017 | |
| 771,617 | March 31, 2018 | |
| New York Limited | $ 144,635 | March 31, 2011 |
| 483,774 | March 31, 2012 | |
| 1,522,094 | March 31, 2013 | |
| 97,867 | March 31, 2015 | |
| 394,181 | March 31, 2016 | |
| 718,716 | March 31, 2017 | |
| 2,585,819 | March 31, 2018 | |
| Pennsylvania Limited | $ 400,339 | March 31, 2011 |
| 154,413 | March 31, 2012 | |
| 954,523 | March 31, 2013 | |
| 29,139 | March 31, 2015 | |
| 107,086 | March 31, 2016 | |
| 310,885 | March 31, 2017 | |
| 975,763 | March 31, 2018 | |
Additionally, at March 31, 2010, the Massachusetts Limited Fund, New Jersey Limited Fund and New York Limited Fund had net capital losses of $18,637, $4,298 and $24,509, respectively, attributable to security transactions incurred after October 31, 2009. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending March 31, 2011.
As of March 31, 2010, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended March 31, 2010 remains subject to examination by the Internal Revenue Service.
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 Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.
F 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.
G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.
H 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 Funds. 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
55
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.
I Financial Futures Contracts — The Funds may enter into financial futures contracts. The Funds’ investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
J When-Issued Securities and Delayed Delivery Transactions — The Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Funds maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
2 Distributions to Shareholders
The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards, if any), are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. The Funds distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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, 2010 and March 31, 2009 was as follows:
| California | Massachusetts | New Jersey | New York | Pennsylvania | |
| Year Ended March 31, 2010 | Limited Fund | Limited Fund | Limited Fund | Limited Fund | Limited Fund |
| Distributions declared from: | |||||
| Tax-exempt income | $ 875,622 | $ 2,183,085 | $ 1,723,028 | $ 3,352,445 | $ 2,104,966 |
| Ordinary income | $ 22,932 | $ — | $ 5,060 | $ 3,552 | $ 6,125 |
| California | Massachusetts | New Jersey | New York | Pennsylvania | |
| Year Ended March 31, 2009 | Limited Fund | Limited Fund | Limited Fund | Limited Fund | Limited Fund |
| Distributions declared from: | |||||
| Tax-exempt income | $ 1,236,067 | $ 2,180,235 | $ 1,581,063 | $ 3,478,784 | $ 1,972,680 |
| Ordinary income | $ 133 | $ — | $ 17,462 | $ 34,798 | $ 2,066 |
During the year ended March 31, 2010, the following amounts were reclassified due to the tax treatment of distributions in excess of net tax-exempt income, expired capital loss carryfowards and differences between book and tax accounting, primarily for accretion of market discount:
56
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
| California | Massachusetts | New Jersey | New York | Pennsylvania | |
| Limited Fund | Limited Fund | Limited Fund | Limited Fund | Limited Fund | |
| Increase (decrease): | |||||
| Paid-in capital | $ (21,801) | $ — | $ — | $ — | $ (65,607) |
| Accumulated net realized gain (loss) | $ 1,185 | $ (10,040) | $ 11,451 | $ (8,402) | $ 74,607 |
| Accumulated undistributed (distributions in excess of) net investment income | $ 20,616 | $ 10,040 | $ (11,451) | $ 8,402 | $ (9,000) |
These reclassifications had no effect on the net assets or net asset value per share of the Funds.
As of March 31, 2010, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:
| California | Massachusetts | New Jersey | New York | Pennsylvania | |
| Limited Fund | Limited Fund | Limited Fund | Limited Fund | Limited Fund | |
| Undistributed tax-exempt income | $ — | $ 88,838 | $ 66,771 | $ 78,399 | $ — |
| Capital loss carryforward and post October losses | $(2,266,721) | $(4,305,444) | $(2,059,268) | $(5,971,595) | $(2,932,148) |
| Net unrealized appreciation | $ 629,221 | $ 3,353,195 | $ 2,274,469 | $ 3,281,351 | $ 2,261,244 |
| Other temporary differences | $ (41,811) | $ (100,667) | $ (78,678) | $ (150,113) | $ (102,851) |
The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to futures contracts, accretion of market discount and the timing of recognizing distributions to shareholders.
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) and is payable monthly. The annual asset rate and daily income rate are 0.30% and 3.00%, respectively, on average daily net assets of up to $500 million and at reduced rates as daily net assets exceed that level.
For the year ended March 31, 2010, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:
| Investment | Effective | |
| Fund | Adviser Fee | Annual Rate |
| California Limited | $107,458 | 0.45% |
| Massachusetts Limited | 272,065 | 0.42 |
| New Jersey Limited | 212,332 | 0.43 |
| New York Limited | 425,115 | 0.44 |
| Pennsylvania Limited | 256,304 | 0.43 |
EVM serves as administrator of each Fund, but receives no compensation. EVM serves as the sub-transfer agent of each Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM and Class A sales charges that the Funds were informed were received by EVD for the year ended March 31, 2010 were as follows:
| EVM’s Sub- | ||
| Transfer Agent | EVD’s Class A | |
| Fund | Fees | Sales Charges |
| California Limited | $ 456 | $ 7,343 |
| Massachusetts Limited | 1,591 | 7,200 |
| New Jersey Limited | 1,020 | 5,599 |
| New York Limited | 2,104 | 5,739 |
| Pennsylvania Limited | 1,401 | 11,925 |
Except for Trustees of the Funds who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended March 31, 2010, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.
4 Distribution Plans
Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay 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
57
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
facilities provided to each 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 each 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, 2010 for Class A shares amounted to the following:
| Class A | |
| Distribution and | |
| Fund | Service Fees |
| California Limited | $ 32,606 |
| Massachusetts Limited | 74,558 |
| New Jersey Limited | 70,466 |
| New York Limited | 103,686 |
| Pennsylvania Limited | 64,063 |
Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class B and Class C Plans require each Fund to pay EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. Each Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 3% and 6.25% of the aggregate amount received by each Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the year ended March 31, 2010, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% of the average daily net assets of each Fund’s Class B and Class C shares:
| Class B | Class C | |
| Distribution | Distribution | |
| Fund | Fees | Fees |
| California Limited | $ 3,802 | $ 12,973 |
| Massachusetts Limited | 4,798 | 104,029 |
| New Jersey Limited | 5,251 | 14,491 |
| New York Limited | 13,532 | 190,938 |
| Pennsylvania Limited | 4,073 | 118,831 |
At March 31, 2010, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:
| Fund | Class B | Class C |
| California Limited | $564,000 | $ 185,000 |
| Massachusetts Limited | 587,000 | 5,270,000 |
| New Jersey Limited | 589,000 | 196,000 |
| New York Limited | 897,000 | 6,757,000 |
| Pennsylvania Limited | 395,000 | 6,576,000 |
The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.15% per annum of each Fund’s average daily net assets attributable to Class B and Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the year ended March 31, 2010 amounted to the following:
| Class B | Class C | |
| Fund | Service Fees | Service Fees |
| California Limited | $ 760 | $ 2,595 |
| Massachusetts Limited | 960 | 20,805 |
| New Jersey Limited | 1,050 | 2,898 |
| New York Limited | 2,706 | 38,188 |
| Pennsylvania Limited | 814 | 23,767 |
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within four years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. The CDSC for Class B shares is imposed at declining rates that begin at 3% in the case of redemptions in the first year after purchase, declining half a percentage point in the second and third year and one percentage point in the fourth year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under each Fund’s Class B and Class C Plans. CDSCs received on
58
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to each Fund. For the year ended March 31, 2010, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:
| Fund | Class A | Class B | Class C |
| California Limited | $ 10 | $4,000 | $1,000 |
| Massachusetts Limited | — | 3,000 | 900 |
| New Jersey Limited | — | 200 | 1,000 |
| New York Limited | 300 | 5,000 | 2,000 |
| Pennsylvania Limited | — | 300 | 2,000 |
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, for the year ended March 31, 2010 were as follows:
| Fund | Purchases | Sales |
| California Limited | $ 6,896,944 | $5,271,809 |
| Massachusetts Limited | 11,929,221 | 6,633,112 |
| New Jersey Limited | 10,908,331 | 2,741,034 |
| New York Limited | 12,968,858 | 5,938,125 |
| Pennsylvania Limited | 16,375,328 | 3,435,790 |
7 Shares of Beneficial Interest
Each 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 Funds) and classes. Transactions in Fund shares were as follows:
| California Limited Fund | ||
| Year Ended March 31, | ||
| Class A | 2010 | 2009 |
| Sales | 573,248 | 406,183 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 47,960 | 61,900 |
| Redemptions | (437,727) | (1,982,872) |
| Exchange from Class B shares | 23,271 | 17,572 |
| Net increase (decrease) | 206,752 | (1,497,217) |
| Year Ended March 31, | ||
| Class B | 2010 | 2009 |
| Sales | 20,149 | 55,426 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 570 | 970 |
| Redemptions | (62,888) | (6,705) |
| Exchange to Class A shares | (23,337) | (17,624) |
| Net increase (decrease) | (65,506) | 32,067 |
| Year Ended March 31, | ||
| Class C | 2010 | 2009 |
| Sales | 133,085 | 84,507 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 2,816 | 2,060 |
| Redemptions | (95,956) | (33,411) |
| Net increase | 39,945 | 53,156 |
| Massachusetts Limited Fund | ||
| Year Ended March 31, | ||
| Class A | 2010 | 2009 |
| Sales | 999,405 | 1,898,025 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 122,445 | 118,776 |
| Redemptions | (819,299) | (2,196,838) |
| Exchange from Class B shares | 47,364 | 112,871 |
| Net increase (decrease) | 349,915 | (67,166) |
| Year Ended March 31, | ||
| Class B | 2010 | 2009 |
| Sales | 22,476 | 62,371 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 1,331 | 2,627 |
| Redemptions | (20,807) | (26,102) |
| Exchange to Class A shares | (47,392) | (112,954) |
| Net decrease | (44,392) | (74,058) |
| Year Ended March 31, | ||
| Class C | 2010 | 2009 |
| Sales | 330,825 | 244,370 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 27,469 | 26,839 |
| Redemptions | (195,341) | (255,603) |
| Net increase | 162,953 | 15,606 |
59
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
| New Jersey Limited Fund | ||
| Year Ended March 31, | ||
| Class A | 2010 | 2009 |
| Sales | 909,394 | 1,625,831 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 105,345 | 98,385 |
| Redemptions | (553,338) | (1,685,448) |
| Exchange from Class B shares | 23,418 | 54,287 |
| Net increase | 484,819 | 93,055 |
| Year Ended March 31, | ||
| Class B | 2010 | 2009 |
| Sales | 26,889 | 47,314 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 1,295 | 1,484 |
| Redemptions | (3,505) | (7,287) |
| Exchange to Class A shares | (23,412) | (54,248) |
| Net increase (decrease) | 1,267 | (12,737) |
| Year Ended March 31, | ||
| Class C | 2010 | 2009 |
| Sales | 294,181 | 73,272 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 4,130 | 768 |
| Redemptions | (15,958) | (33,903) |
| Net increase | 282,353 | 40,137 |
| New York Limited Fund | ||
| Year Ended March 31, | ||
| Class A | 2010 | 2009 |
| Sales | 1,408,361 | 1,362,132 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 192,066 | 200,648 |
| Redemptions | (1,267,850) | (2,028,966) |
| Exchange from Class B shares | 44,349 | 80,064 |
| Net increase (decrease) | 376,926 | (386,122) |
| Year Ended March 31, | ||
| Class B | 2010 | 2009 |
| Sales | 69,454 | 136,133 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 3,345 | 3,076 |
| Redemptions | (64,026) | (49,980) |
| Exchange to Class A shares | (44,372) | (80,100) |
| Net increase (decrease) | (35,599) | 9,129 |
| Year Ended March 31, | ||
| Class C | 2010 | 2009 |
| Sales | 810,949 | 788,590 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 49,421 | 47,954 |
| Redemptions | (445,447) | (786,587) |
| Net increase | 414,923 | 49,957 |
| Pennsylvania Limited Fund | ||
| Year Ended March 31, | ||
| Class A | 2010 | 2009 |
| Sales | 1,493,917 | 1,028,122 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 105,591 | 79,460 |
| Redemptions | (666,581) | (1,342,050) |
| Exchange from Class B shares | 62,511 | 70,833 |
| Net increase (decrease) | 995,438 | (163,635) |
| Year Ended March 31, | ||
| Class B | 2010 | 2009 |
| Sales | 56,118 | 37,999 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 1,276 | 1,817 |
| Redemptions | (8,929) | (27,931) |
| Exchange to Class A shares | (62,497) | (70,807) |
| Net decrease | (14,032) | (58,922) |
| Year Ended March 31, | ||
| Class C | 2010 | 2009 |
| Sales | 626,823 | 360,210 |
| Issued to shareholders electing to receive payments of | ||
| distributions in Fund shares | 24,994 | 17,064 |
| Redemptions | (270,929) | (282,629) |
| Net increase | 380,888 | 94,645 |
8 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2010, as determined on a federal income tax basis, were as follows:
| California Limited Fund | |
| Aggregate cost | $24,781,496 |
| Gross unrealized appreciation | $ 868,430 |
| Gross unrealized depreciation | (239,209) |
| Net unrealized appreciation | $ 629,221 |
60
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
| Massachusetts Limited Fund | |
| Aggregate cost | $64,290,032 |
| Gross unrealized appreciation | $ 3,690,700 |
| Gross unrealized depreciation | (337,505) |
| Net unrealized appreciation | $ 3,353,195 |
| New Jersey Limited Fund | |
| Aggregate cost | $50,207,835 |
| Gross unrealized appreciation | $ 2,556,078 |
| Gross unrealized depreciation | (281,609) |
| Net unrealized appreciation | $ 2,274,469 |
| New York Limited Fund | |
| Aggregate cost | $96,889,426 |
| Gross unrealized appreciation | $ 4,248,424 |
| Gross unrealized depreciation | (967,073) |
| Net unrealized appreciation | $ 3,281,351 |
| Pennsylvania Limited Fund | |
| Aggregate cost | $64,346,983 |
| Gross unrealized appreciation | $ 2,884,811 |
| Gross unrealized depreciation | (623,567) |
| Net unrealized appreciation | $ 2,261,244 |
9 Line of Credit
The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. At March 31, 2010, the Massachusetts Limited Fund had a balance outstanding pursuant to this line of credit of $100,000 at an interest rate of 1.41%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at March 31, 2010. The Funds’ average borrowings or allocated fees during the year ended March 31, 2010 were not significant.
10 Financial Instruments
The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at March 31, 2010 is as follows:
| Futures Contracts | ||||||
| Net | ||||||
| Unrealized | ||||||
| Expiration | Aggregate | Appreciation | ||||
| Fund | Date | Contracts | Position Cost | Value | (Depreciation) | |
| California | 6/10 | 18 | ||||
| Limited | U.S. 10-Year Treasury Note | Short | $ (2,083,999) $ (2,092,500) | $ (8,501) | ||
| 6/10 | 9 | |||||
| U.S. 30-Year Treasury Bond | Short | (1,050,156) (1,045,125) | 5,031 | |||
| Massachusetts | 6/10 | 41 | ||||
| Limited | U.S. 10-Year Treasury Note | Short | $ (4,746,888) $ (4,766,250) | $(19,362) | ||
| 6/10 | 30 | |||||
| U.S. 30-Year Treasury Bond | Short | (3,490,270) (3,483,750) | 6,520 | |||
| New Jersey | 6/10 | 70 | ||||
| Limited | U.S. 10-Year Treasury Note | Short | $ (8,104,443) $ (8,137,501) | $(33,058) | ||
| New York | 6/10 | 94 | ||||
| Limited | U.S. 10-Year Treasury Note | Short | $(10,883,109) $(10,927,501) | $(44,392) | ||
| 6/10 | 38 | |||||
| U.S. 30-Year Treasury Bond | Short | (4,421,180) (4,412,750) | 8,430 | |||
| Pennsylvania | 6/10 | 40 | ||||
| Limited | U.S. 10-Year Treasury Note | Short | $ (4,631,110) $ (4,650,000) | $(18,890) | ||
| 6/10 | 29 | |||||
| U.S. 30-Year Treasury Bond | Short | (3,375,906) (3,367,625) | 8,281 | |||
At March 31, 2010, the Funds had sufficient cash and/or securities to cover commitments under these contracts.
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Funds may purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.
61
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CONT ’D
The fair values of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2010 were as follows:
| Fair Value | ||
| Asset Derivative(1) | Liability Derivative(2) | |
| California Limited Fund | ||
| Futures Contracts | $5,031 | $ (8,501) |
| Total | $5,031 | $ (8,501) |
| Massachusetts Limited Fund | ||
| Futures Contracts | $6,520 | $(19,362) |
| Total | $6,520 | $(19,362) |
| New Jersey Limited Fund | ||
| Futures Contracts | $ — | $(33,058) |
| Total | $ — | $(33,058) |
| New York Limited Fund | ||
| Futures Contracts | $8,430 | $(44,392) |
| Total | $8,430 | $(44,392) |
| Pennsylvania Limited Fund | ||
| Futures Contracts | $8,281 | $(18,890) |
| Total | $8,281 | $(18,890) |
| (1) | Amount represents cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures |
| contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable. | |
| (2) | Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin |
| on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended March 31, 2010 was as follows:
| Change in | ||
| Unrealized | ||
| Realized Gain | Appreciation | |
| (Loss) on | (Depreciation) on | |
| Derivatives | Derivatives | |
| Recognized in | Recognized in | |
| Fund | Income(1) | Income(2) |
| California Limited | $ 98,469 | $137,295 |
| Massachusetts Limited | 275,901 | 150,249 |
| New Jersey Limited | 369,030 | 106,411 |
| New York Limited | 380,428 | 253,216 |
| Pennsylvania Limited | 185,587 | 155,731 |
| (1) | Statement of Operations location: Net realized gain (loss) – Financial futures contracts. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts. |
The average notional amounts of futures contracts outstanding during the year ended March 31, 2010, which are indicative of the volume of this derivative type, were approximately as follows:
| Average Notional Amount – | |
| Fund | Futures Contracts |
| California Limited | $ 2,738,000 |
| Massachusetts Limited | 7,492,000 |
| New Jersey Limited | 5,915,000 |
| New York Limited | 13,708,000 |
| Pennsylvania Limited | 6,900,000 |
11 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)
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, 2010, the inputs used in valuing the Funds’ investments, which are carried at value, were as follows:
62
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
| California Limited Fund | |||||||||
| Quoted | |||||||||
| Prices in | |||||||||
| Active | Significant | ||||||||
| Markets for | Other | Significant | |||||||
| Identical | Observable | Unobservable | |||||||
| Assets | Inputs | Inputs | |||||||
| Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | |||||
| Tax-Exempt Investments | $ — | $25,410,717 | $ — | $25,410,717 | |||||
| Total Investments | $ — | $25,410,717 | $ — | $25,410,717 | |||||
| Futures Contracts | $ 5,031 | $ — | $ — | $ 5,031 | |||||
| Total | $ 5,031 | $25,410,717 | $ — | $25,415,748 | |||||
| Liability Description | |||||||||
| Futures Contracts | $(8,501) | $ — | $ — | $ (8,501) | |||||
| Total | $(8,501) | $ — | $ — | $ (8,501) | |||||
| Massachusetts Limited Fund | |||||||||
| Quoted | |||||||||
| Prices in | |||||||||
| Active | Significant | ||||||||
| Markets for | Other | Significant | |||||||
| Identical | Observable | Unobservable | |||||||
| Assets | Inputs | Inputs | |||||||
| Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | |||||
| Tax-Exempt Investments | $ — | $67,643,227 | $ — | $67,643,227 | |||||
| Total Investments | $ — | $67,643,227 | $ — | $67,643,227 | |||||
| Futures Contracts | $ 6,520 | $ — | $ — | $ 6,520 | |||||
| Total | $ 6,520 | $67,643,227 | $ — | $67,649,747 | |||||
| Liability Description | |||||||||
| Futures Contracts | $ (19,362) | $ — | $ — | $ (19,362) | |||||
| Total | $ (19,362) | $ — | $ — | $ (19,362) | |||||
| New Jersey Limited Fund | |||||||||
| Quoted | |||||||||
| Prices in | |||||||||
| Active | Significant | ||||||||
| Markets for | Other | Significant | |||||||
| Identical | Observable | Unobservable | |||||||
| Assets | Inputs | Inputs | |||||||
| Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | |||||
| Tax-Exempt Investments | $ — | $50,655,107 | $ — | $50,655,107 | |||||
| Short-Term Investments | — | 1,827,197 | — | 1,827,197 | |||||
| Total Investments | $ — | $52,482,304 | $ — | $52,482,304 | |||||
| Liability Description | |||||||||
| Futures Contracts | $(33,058) | $ — | $ — | $ (33,058) | |||||
| Total | $(33,058) | $ — | $ — | $ (33,058) | |||||
| New York Limited Fund | |||||||||
| Quoted | |||||||||
| Prices in | |||||||||
| Active | Significant | ||||||||
| Markets for | Other | Significant | |||||||
| Identical | Observable | Unobservable | |||||||
| Assets | Inputs | Inputs | |||||||
| Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | |||||
| Tax-Exempt Investments | $ — | $ 98,119,683 | $ — | $ 98,119,683 | |||||
| Short-Term Investments | — | 2,051,094 | — | 2,051,094 | |||||
| Total Investments | $ — | $100,170,777 | $ — | $100,170,777 | |||||
| Futures Contracts | $ 8,430 | $ — | $ — | $ 8,430 | |||||
| Total | $ 8,430 | $100,170,777 | $ — | $100,179,207 | |||||
| Liability Description | |||||||||
| Futures Contracts | $(44,392) $ | — | $ — | $ (44,392) | |||||
| Total | $(44,392) $ | — | $ — | $ (44,392) | |||||
63
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
NOTES TO FINANCIAL STATEMENTS CON T ’D
| Pennsylvania Limited Fund | |||||||
| Quoted | |||||||
| Prices in | |||||||
| Active | Significant | ||||||
| Markets for | Other | Significant | |||||
| Identical | Observable | Unobservable | |||||
| Assets | Inputs | Inputs | |||||
| Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | |||
| Tax-Exempt Investments | $ — | $64,354,520 | $ — | $64,354,520 | |||
| Short-Term Investments | — | 2,253,707 | — | 2,253,707 | |||
| Total Investments | $ — | $66,608,227 | $ — | $66,608,227 | |||
| Futures Contracts | $ 8,281 | $ — | $ — | $ 8,281 | |||
| Total | $ 8,281 | $66,608,227 | $ — | $66,616,508 | |||
| Liability Description | |||||||
| Futures Contracts | $(18,890) | $ — | $ — | $ (18,890) | |||
| Total | $(18,890) | $ — | $ — | $ (18,890) | |||
The Funds held no investments or other financial instruments as of March 31, 2009 whose fair value was determined using Level 3 inputs.
12 Name Change
Effective December 1, 2009, the names of Eaton Vance California Limited Maturity Municipal Income Fund, Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, Eaton Vance New Jersey Limited Maturity Municipal Income Fund, Eaton Vance New York Limited Maturity Municipal Income Fund and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund were changed from Eaton Vance California Limited Maturity Municipals Fund, Eaton Vance Massachusetts Limited Maturity Municipals Fund, Eaton Vance New Jersey Limited Maturity Municipals Fund, Eaton Vance New York Limited Maturity Municipals Fund and Eaton Vance Pennsylvania Limited Maturity Municipals Fund, respectively.
64
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees of Eaton Vance Investment Trust and the Shareholders of Eaton Vance California Limited Maturity Municipal Income Fund, Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, Eaton Vance New Jersey Limited Maturity Municipal Income Fund, Eaton Vance New York Limited Maturity Municipal Income Fund and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund:
We have audited the accompanying statements of assets and liabilities of Eaton Vance California Limited Maturity Municipal Income Fund (formerly Eaton Vance California Limited Maturity Municipals Fund), Eaton Vance Massachusetts Limited Maturity Municipal Income Fund (formerly Eaton Vance Massachusetts Limited Maturity Municipals Fund), Eaton Vance New Jersey Limited Maturity Municipal Income Fund (formerly Eaton Vance New Jersey Limited Maturity Municipals Fund), Eaton Vance New York Limited Maturity Municipal Income Fund (formerly Eaton Vance New York Limited Maturity Municipals Fund), and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund (formerly Eaton Vance Pennsylvania Limited Maturity Municipals Fund) (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Investment Trust), including the portfolios of investments, as of March 31, 2010, and the related statements 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, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance California Limited Maturity Municipal Income Fund, Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, Eaton Vance New Jersey Limited Maturity Municipal Income Fund, Eaton Vance New York Limited Maturity Municipal Income Fund, and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their 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.
| DELOITTE & TOUCHE LLP Boston, Massachusetts May 14, 2010 |
65
Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010
FEDERAL TAX INFORMATION (Unaudited)
The Form 1099-DIV you receive in January 2011 will show the tax status of all distributions paid to your account in calendar year 2010. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified within 60 days of a Fund’s fiscal year end regarding exempt-interest dividends.
Exempt-Interest Dividends. The Funds designate the following percentages of dividends from net investment income as exempt-interest dividends.
| California Limited Maturity Municipal Income Fund | 97.45% |
| Massachusetts Limited Maturity Municipal Income Fund | 100.00% |
| New Jersey Limited Maturity Municipal Income Fund | 99.71% |
| New York Limited Maturity Municipal Income Fund | 99.89% |
| Pennsylvania Limited Maturity Municipal Income Fund | 99.71% |
66
Eaton Vance Limited Maturity Municipal Income Funds
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
- An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
- An independent report comparing each fund’s total expense ratio and its components to comparable funds;
- An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
- Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
- Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
- Profitability analyses for each adviser with respect to each fund;
| Information about Portfolio Management |
- Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
- Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
- Data relating to portfolio turnover rates of each fund;
- The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
| Information about each Adviser |
- Reports detailing the financial results and condition of each adviser;
- Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
- Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
- Copies of or descriptions of each adviser’s proxy voting policies and procedures;
- Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
- Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
| Other Relevant Information |
- Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
- Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
- The terms of each advisory agreement.
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Eaton Vance Limited Maturity Municipal Income Funds
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreements of the following funds:
- Eaton Vance California Limited Maturity Municipals Fund
- Eaton Vance Massachusetts Limited Maturity Municipals Fund
- Eaton Vance New Jersey Limited Maturity Municipals Fund
- Eaton Vance New York Limited Maturity Municipals Fund
- Eaton Vance Pennsylvania Limited Maturity Municipals Fund
(the “Funds”), each with Boston Management and Research (the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreements of the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
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Eaton Vance Limited Maturity Municipal Income Funds
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Funds and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreement.
Fund Performance
The Board compared each Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2008 for each Fund. The Board considered the impact of extraordinary market conditions during 2008 on each Fund’s performance relative to its peer universe in light of, among other things, the Adviser’s strategy of generating current income through investments in higher quality (including insured) municipal bonds with longer maturities. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund was satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the one year period ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationship with the Funds.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.
Economies of Scale
In reviewing management fees and profitability of each Fund, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund. The Board also concluded that, assuming reasonably foreseeable increases in the assets of each Fund, the structure of each advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and the Fund to continue to share such benefits equitably.
69
Eaton Vance Limited Maturity Municipal Income Funds
MANAGEMENT AND ORGANIZATION
Fund Management. The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Funds’ principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.
| Term of | Number of Portfolios | ||||
| Position(s) | Office and | Principal Occupation(s) | in Fund Complex | ||
| Name and | with the | Length of | During Past Five Years and | Overseen By | Other Directorships Held |
| Date of Birth | Trust | Service | Other Relevant Experience | Trustee(1) | During Last Five Years |
| Interested Trustee | |||||
| Thomas E. Faust Jr. | Trustee | Since 2007 | Chairman, Chief Executive Officer and President of EVC, Director | 181 | Director of EVC. Formerly, Trustee of |
| 5/31/58 | and President of EV, Chief Executive Officer and President of | Eaton Vance Credit Opportunities Fund | |||
| EVM and BMR, and Director of EVD. Trustee and/or officer of | (2007-2010), Eaton Vance Insured Florida | ||||
| 181 registered investment companies and 3 private companies | Plus Municipal Bond Fund (2007-2008) and | ||||
| managed by EVM or BMR. Mr. Faust is an interested person | Eaton Vance National Municipal Income Trust | ||||
| because of his positions with EVM, BMR, EVD, EVC and EV, | (2007-2009). | ||||
| which are affiliates of the Trust. | |||||
| Noninterested Trustees | |||||
| Benjamin C. Esty | Trustee | Since 2005 | Roy and Elizabeth Simmons Professor of Business Administration | 181 | Formerly, Trustee of Eaton Vance Credit |
| 1/2/63 | and Finance Unit Head, Harvard University Graduate School of | Opportunities Fund (2005-2010), Eaton Vance | |||
| Business Administration. | Insured Florida Plus Municipal Bond Fund | ||||
| (2005-2008) and Eaton Vance National | |||||
| Municipal Income Trust (2006-2009). | |||||
| Allen R. Freedman | Trustee | Since 2007 | Private investor and consultant. Former Chairman (2002-2004) | 181 | Director of Assurant, Inc. (insurance provider) |
| 4/3/40 | and a Director (1983-2004) of Systems & Computer | and Stonemor Partners, L.P. (owner and | |||
| Technology Corp. (provider of software to higher education). | operator of cemeteries). Formerly, Trustee of | ||||
| Formerly, a Director of Loring Ward International (fund | Eaton Vance Credit Opportunities Fund | ||||
| distributor) (2005-2007). Formerly, Chairman and a Director of | (2007-2010), Eaton Vance Insured Florida | ||||
| Indus International, Inc. (provider of enterprise management | Plus Municipal Bond Fund (2007-2008) and | ||||
| software to the power generating industry) (2005-2007). | Eaton Vance National Municipal Income Trust | ||||
| (2007-2009). | |||||
| William H. Park | Trustee | Since 2003 | Vice Chairman, Commercial Industrial Finance Corp. (specialty | 181 | Formerly, Trustee of Eaton Vance Credit |
| 9/19/47 | finance company) (since 2006). Formerly, President and Chief | Opportunities Fund (2005-2010), Eaton Vance | |||
| Executive Officer, Prizm Capital Management, LLC (investment | Insured Florida Plus Municipal Bond Fund | ||||
| management firm) (2002-2005). Formerly, Executive Vice | (2003-2008) and Eaton Vance National | ||||
| President and Chief Financial Officer, United Asset Management | Municipal Income Trust (2003-2009). | ||||
| Corporation (an institutional investment management firm) | |||||
| (1982-2001). Formerly, Senior Manager, Price Waterhouse | |||||
| (now PricewaterhouseCoopers) (an independent registered public | |||||
| accounting firm) (1972-1981). | |||||
| Ronald A. Pearlman | Trustee | Since 2003 | Professor of Law, Georgetown University Law Center. Formerly, | 181 | Formerly, Trustee of Eaton Vance Credit |
| 7/10/40 | Deputy Assistant Secretary (Tax Policy) and Assistant Secretary | Opportunities Fund (2005-2010), Eaton Vance | |||
| (Tax Policy), U.S. Department of the Treasury (1983-1985). | Insured Florida Plus Municipal Bond Fund | ||||
| Formerly, Chief of Staff, Joint Committee on Taxation, U.S. | (2003-2008) and Eaton Vance National | ||||
| Congress (1988-1990). | Municipal Income Trust (2003-2009). | ||||
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Eaton Vance Limited Maturity Municipal Income Funds
MANAGEMENT AND ORGANIZATION CON T’D
| Term of | Number of Portfolios | ||||
| Position(s) | Office and | Principal Occupation(s) | in Fund Complex | ||
| Name and | with the | Length of | During Past Five Years and | Overseen By | Other Directorships Held |
| Date of Birth | Trust | Service | Other Relevant Experience | Trustee(1) | During Last Five Years |
| Noninterested Trustees (continued) | |||||
| Helen Frame Peters | Trustee | Since 2008 | Professor of Finance, Carroll School of Management, Boston | 181 | Director of BJ’s Wholesale Club, Inc. |
| 3/22/48 | College. Formerly, Dean, Carroll School of Management, Boston | (wholesale club retailer). Formerly, Trustee of | |||
| College (2000-2002). Formerly, Chief Investment Officer, Fixed | SPDR Index Shares Funds and SPDR Series | ||||
| Income, Scudder Kemper Investments (investment management | Trust (exchange traded funds) (2000-2009). | ||||
| firm) (1998-1999). Formerly, Chief Investment Officer, Equity | Formerly, Director of Federal Home Loan Bank | ||||
| and Fixed Income, Colonial Management Associates (investment | of Boston (a bank for banks) (2007-2009). | ||||
| management firm) (1991-1998). | Formerly, Trustee of Eaton Vance Credit | ||||
| Opportunities Fund (2008-2010). | |||||
| Heidi L. Steiger | Trustee | Since 2007 | Managing Partner, Topridge Associates LLC (global wealth | 181 | Director of Nuclear Electric Insurance Ltd. |
| 7/8/53 | management firm) (since 2008); Senior Adviser (since 2008), | (nuclear insurance provider), Aviva USA | |||
| President (2005-2008), Lowenhaupt Global Advisors, LLC | (insurance provider) and CIFG (family of | ||||
| (global wealth management firm). Formerly, President and | financial guaranty companies) and Advisory | ||||
| Contributing Editor, Worth Magazine (2004-2005). Formerly, | Director, Berkshire Capital Securities LLC | ||||
| Executive Vice President and Global Head of Private Asset | (private investment banking firm). Formerly, | ||||
| Management (and various other positions), Neuberger Berman | Trustee of Eaton Vance Credit Opportunities | ||||
| (investment firm) (1986-2004). | Fund (2007-2010), Eaton Vance Insured | ||||
| Florida Plus Municipal Bond Fund (2007- | |||||
| 2008) and Eaton Vance National Municipal | |||||
| Income Trust (2007-2009). | |||||
| Lynn A. Stout | Trustee | Since 1998 | Paul Hastings Professor of Corporate and Securities Law (since | 181 | Formerly, Trustee of Eaton Vance Credit |
| 9/14/57 | 2006) and Professor of Law (2001-2006), University of | Opportunities Fund (2005-2010), Eaton Vance | |||
| California at Los Angeles School of Law. Nationally-recognized | Insured Florida Plus Municipal Bond Fund | ||||
| expert on corporate law, corporate governance, and securities | (2002-2008) and Eaton Vance National | ||||
| regulation and author of numerous academic and professional | Municipal Income Trust (1998-2009). | ||||
| papers on these topics. | |||||
| Ralph F. Verni | Chairman of | Chairman of the Board | Consultant and private investor. Formerly, Chief Investment | 181 | Formerly, Trustee of Eaton Vance Credit |
| 1/26/43 | the Board | since 2007 and Trustee | Officer (1982-1992), Chief Financial Officer (1988-1990) and | Opportunities Fund (2005-2010), Eaton Vance | |
| and Trustee | since 2005 | Director (1982-1992), New England Life. Formerly, Chairperson, | Insured Florida Plus Municipal Bond Fund | ||
| New England Mutual Funds (1982-1992). Formerly, President | (2005-2008) and Eaton Vance National | ||||
| and Chief Executive Officer, State Street Management & | Municipal Income Trust (2006-2009). | ||||
| Research (1992-2000). Formerly, Chairperson, State Street | |||||
| Research Mutual Funds (1992-2000). Formerly, Director, W.P. | |||||
| Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. | |||||
| (2002-2006). | |||||
| Principal Officers who are not Trustees | |||
| Term of | |||
| Position(s) | Office and | ||
| Name and | with the | Length of | Principal Occupation(s) |
| Date of Birth | Trust | Service | During Past Five Years |
| Cynthia J. Clemson | President | Since 2005 | Vice President of EVM and BMR. Officer of 94 registered investment companies |
| 3/2/63 | managed by EVM or BMR. | ||
| William H. Ahern, Jr. | Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 78 registered investment companies |
| 7/28/59 | managed by EVM or BMR. | ||
| Craig R. Brandon | Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 49 registered investment companies |
| 12/21/66 | managed by EVM or BMR. | ||
| Thomas M. Metzold | Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 56 registered investment companies |
| 8/3/58 | managed by EVM or BMR. | ||
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Eaton Vance Limited Maturity Municipal Income Funds
MANAGEMENT AND ORGANIZATION CON T’D
| Term of | |||
| Position(s) | Office and | ||
| Name and | with the | Length of | Principal Occupation(s) |
| Date of Birth | Trust | Service | During Past Five Years |
| Principal Officers who are not Trustees (continued) | |||
| Adam A. Weigold | Vice President | Since 2007 | Vice President of EVM and BMR. Officer of 71 registered investment companies |
| 3/22/75 | managed by EVM or BMR. | ||
| Barbara E. Campbell | Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 181 registered investment companies |
| 6/19/57 | managed by EVM or BMR. | ||
| Maureen A. Gemma | Secretary and Chief Legal | Secretary since 2007 and | Vice President of EVM and BMR. Officer of 181 registered investment companies |
| 5/24/60 | Officer | Chief Legal Officer since | managed by EVM or BMR. |
| 2008 | |||
| Paul M. O’Neil | Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. Officer of 181 registered investment companies |
| 7/11/53 | managed by EVM or BMR. | ||
| (1) | Includes both master and feeder funds in a master-feeder structure. |
The SAI for the Funds includes additional information about the Trustees and officers of the Funds and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
72
| Investment Adviser Boston Management and Research Two International Place Boston, MA 02110 Fund Administrator Eaton Vance Management Two International Place Boston, MA 02110 Principal Underwriter* Eaton Vance Distributors, Inc. Two International Place Boston, MA 02110 (617) 482-8260 Custodian State Street Bank and Trust Company 200 Clarendon Street Boston, MA 02116 Transfer Agent PNC Global Investment Servicing Attn: Eaton Vance Funds P.O. Box 9653 Providence, RI 02940-9653 (800) 262-1122 Independent Registered Public Accounting Firm Deloitte & Touche LLP 200 Berkeley Street Boston, MA 02116-5022 |
| Eaton Vance Investment Trust Two International Place Boston, MA 02110 |
| * FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org. This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully a Fund’s investment objective(s), risks, and charges and expenses. The Funds’ current prospectus contains this and other information about the Funds and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122. |
| 442-5/10 | 5LTFSRC |