Eaton Vance Investment Trust N-14 Registration statement for investment companies business combination

Eaton Vance

Limited Maturity Municipal

Income Funds

Annual Report

March 31, 2013

AMT-Free    •    National

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator.

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

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

Annual Report March 31, 2013

Eaton Vance

Limited Maturity Municipal Income Funds

Table of Contents

Management’s Discussion of Fund Performance	2
Performance and Fund Profile
AMT-Free Limited Maturity Municipal Income Fund	4
National Limited Maturity Municipal Income Fund	6
Endnotes and Additional Disclosures	8
Fund Expenses	9
Financial Statements	11
Report of Independent Registered Public Accounting Firm	43
Federal Tax Information	44
Management and Organization	45
Important Notices	47

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Two intertwined forces dominated fixed-income markets during the one-year period ended March 31, 2013: a low interest-rate environment that drove investors to search for yield and investors’ increased appetite for risk. Highly accommodative monetary policies instituted by central banks around the world pushed interest rates to historic lows. The U.S. Federal Reserve (the Fed) acted several times during the period to maintain downward pressure on rates. In the spring of 2012, the Fed extended Operation Twist, the central bank’s swapping of its short-term holdings for long-term Treasury bonds. In September 2012, the Fed began purchasing approximately $40 billion of agency mortgage-backed securities (MBS) monthly. And in December 2012, it replaced Operation Twist, which was expiring, with outright purchases of approximately $45 billion more of Treasuries each month — for a combined monthly total of about $85 billion in quantitative easing. This downward pressure on yields drove investors to look elsewhere for income. The result was that many investors increased their allocation to higher-yielding bonds, which pushed up prices for those securities.

At the same time, improving economic conditions made fixed-income investors seem more comfortable with riskier asset classes. In the United States, unemployment began to decline, and the battered housing market appeared to be finally turning around. Overseas, actions by the European Central Bank calmed many investors’ fears that Europe’s debt crisis would lead to a fracturing of the eurozone. Just weeks before period-end, however, a bank crisis in Cyprus reminded investors that Europe’s economic woes are not over.

Against this backdrop, municipal bonds rallied during the one-year period ended March 31, 2013, led by the long end of the yield curve and lower credit-quality⁶ bonds. The Barclays Capital Municipal Bond Index², a measure of the broad U.S. municipal bond market, returned 5.25% for the period. During the same time frame, the Funds’ benchmark, the Barclays Capital 7 Year Municipal Bond Index (the Index) — an unmanaged index of municipal bonds traded in the United States with maturities ranging from six to eight years — rose 4.41%.

As yields on high-quality bonds fell, investors moved out on the yield curve, buying longer-maturity municipal bonds to potentially take advantage of higher yields at the long end of the yield curve. In their quest for income, investors also favored lower-quality, higher-yielding issues. As a result,

longer-duration⁷, lower-credit-quality bonds were the best performers in the municipal space during the period.

The ratio of 10-year AAA municipal yields to 10-year Treasury yields — which historically has averaged less than 100% because municipal yields are federally tax exempt — began the period at 95.48% and ended the period at 103.24%. Therefore, for the one-year period ended March 31, 2013, Treasuries outperformed municipal bonds. However, at period-end, municipal bonds were attractive relative to Treasuries because they offered higher yields than Treasuries, on both an absolute and tax-equivalent basis.

Fund Performance

For the fiscal year ended March 31, 2013, both Funds outperformed the 4.41% return of the Index. Eaton Vance AMT-Free Limited Maturity Municipal Income Fund Class A shares at net asset value (NAV) had a total return of 4.49%, while Eaton Vance National Limited Maturity Municipal Income Fund Class A shares at NAV returned 4.88%.

The Funds’ overall strategy is to invest in municipal obligations that are exempt from regular federal income tax. The Funds seek to maintain a dollar-weighted average portfolio duration of between three and nine years to attempt to capture potentially more attractive yields compared with shorter-maturity bonds, but seek to avoid the potentially higher interest-rate risk and volatility of longer-maturity bonds.

While the Index includes only bonds with maturities of six to eight years, the Funds may invest in individual municipal obligations of any maturity and own some longer-maturity bonds in order to capture their potentially higher yields and greater tax-exempt income payments.⁸ The Funds hedge to various degrees against the greater potential risk of volatility in the area of the yield curve beyond eight years by using Treasury futures in seeking to provide some downside protection. In addition, Eaton Vance AMT-Free Limited Maturity Municipal Income Fund avoids bonds with income that is taxable under the Alternative Minimum Tax (AMT).

For the 12-month period, the Funds’ strategy of overweighting longer-maturity bonds, relative to the Index, contributed to performance versus the Index during a period when longer-maturity bonds outperformed. Specifically, performance versus the Index of both Funds benefited from an overweighting in bonds with maturities of 10 years and longer, which are not held by the Index. Overweights in hospital and industrial development revenue (IDR) bonds also aided relative performance versus the Index for both Funds.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

2

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Management’s Discussion of Fund Performance¹ — continued

Fund-specific Results

For Eaton Vance AMT-Free Limited Maturity Municipal Income Fund, security selection in AA-rated issues contributed to performance versus the Index as well. Additional contributors to relative performance versus the Index of Eaton Vance National Limited Maturity Municipal Income Fund included an overweighting and security selection in A-rated and BBB-rated bonds, and security selection in hospital and IDR issues.

In contrast, the Funds’ hedging strategy detracted from the relative performance versus the Index of both Funds during the one-year period. Hedging interest-rate volatility through the use of Treasury futures, a risk management strategy, is intended to moderate performance versus the Index and volatility on both the upside and the downside. So in a period when municipal and Treasury bonds saw strong performance versus the Index, the Funds’ hedge mitigated a portion of the Funds’ positive performance versus the Index and, as intended, reduced the Funds’ volatility during the period.

An underweighting in Illinois, which had the worst credit rating of any state, also detracted from relative performance versus the Index for both Funds. Illinois municipal bonds performed well during a period when investors favored lower-rated, higher-yielding issues, as they pursued yield during a time of historically low interest rates.

A relative underweighting in A-rated bonds, the best-performing ratings category in the Index, also detracted from relative performance versus the Index for Eaton Vance AMT-Free Limited Maturity Municipal Income Fund. Security selection in zero-coupon bonds also hurt relative performance versus the Index of Eaton Vance National Limited Maturity Municipal Income Fund.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

3

Eaton Vance

AMT-Free Limited Maturity Municipal Income Fund

March 31, 2013

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years			Since Inception
Class A at NAV		06/27/1996		4.49	%		4.55	%		3.58	%		—
Class A with 2.25% Maximum Sales Charge		—		2.10			4.08			3.35			—
Class C at NAV		12/08/1993		3.69			3.77			2.81			—
Class C with 1% Maximum Sales Charge		—		2.69			3.77			2.81			—
Class I at NAV		08/03/2010		4.74			—			—			4.38	%
Barclays Capital 7 Year Municipal Bond Index		—		4.41	%		6.01	%		4.95	%		—
% Total Annual Operating Expense Ratios4						Class A			Class C			Class I
							0.89	%		1.63	%		0.73	%
% Distribution Rates/Yields5						Class A			Class C			Class I
Distribution Rate							2.69	%		1.99	%		2.82	%
Taxable-Equivalent Distribution Rate							4.75			3.52			4.98
SEC 30-day Yield							1.10			0.39			1.28
Taxable-Equivalent SEC 30-day Yield							1.94			0.69			2.26

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class C	$10,000	03/31/2003	$13,193	N.A.
Class I	$250,000	08/03/2010	$280,200	N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

4

Eaton Vance

AMT-Free Limited Maturity Municipal Income Fund

March 31, 2013

Fund Profile

See Endnotes and Additional Disclosures in this report.

5

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Performance^2,3

Portfolio Manager William H. Ahern, Jr., CFA

% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years			Since Inception
Class A at NAV		06/27/1996		4.88	%		4.74	%		4.08	%		—
Class A with 2.25% Maximum Sales Charge		—		2.48			4.26			3.84			—
Class B at NAV		05/22/1992		4.10			3.95			3.30			—
Class B with 3% Maximum Sales Charge		—		1.10			3.95			3.30			—
Class C at NAV		12/08/1993		4.10			3.97			3.30			—
Class C with 1% Maximum Sales Charge		—		3.10			3.97			3.30			—
Class I at NAV		10/01/2009		5.04			—			—			4.35	%
Barclays Capital 7 Year Municipal Bond Index		—		4.41	%		6.01	%		4.95	%		—
% Total Annual Operating Expense Ratios4			Class A			Class B			Class C			Class I
				0.68	%		1.43	%		1.43	%		0.53	%
% Distribution Rates/Yields5			Class A			Class B			Class C			Class I
Distribution Rate				2.97	%		2.28	%		2.28	%		3.11	%
Taxable-Equivalent Distribution Rate				5.25			4.03			4.03			5.49
SEC 30-day Yield				1.50			0.79			0.79			1.69
Taxable-Equivalent SEC 30-day Yield				2.65			1.40			1.40			2.99

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class B	$10,000	03/31/2003	$13,843	N.A.
Class C	$10,000	03/31/2003	$13,842	N.A.
Class I	$250,000	10/01/2009	$290,200	N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

6

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Fund Profile

See Endnotes and Additional Disclosures in this report.

7

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Barclays Capital 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 6-8 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

⁴  Source: Fund prospectus.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁶  Ratings are based on Moody’s, S&P or Fitch, as applicable. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by Standard and Poor’s or Fitch (Baa or higher by Moody’s) are considered to be investment grade quality. Credit ratings are based largely on the rating agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. Holdings designated as “Not Rated” are not rated by the national rating agencies stated above.

⁷  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest-rate changes.

⁸  A portion of the Eaton Vance National Limited Maturity Municipal Income Fund’s distributions generally will be subject to alternative minimum tax.

Fund profile subject to change due to active management.

Important Notice to Shareholders

At the close of business on February 22, 2013, Class B shares of AMT-Free Limited Maturity Municipal Income Fund were merged into Class A shares.

8

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2012 – March 31, 2013).

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 Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in 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 AMT-Free Limited Maturity Municipal Income Fund

	Beginning Account Value (10/1/12)		Ending Account Value (3/31/13)		Expenses Paid During Period* (10/1/12 – 3/31/13)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,009.30	$	4.21		0.84	%
Class C	$	1,000.00	$	1,005.30	$	7.95		1.59	%
Class I	$	1,000.00	$	1,010.10	$	3.46		0.69	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.70	$	4.23		0.84	%
Class C	$	1,000.00	$	1,017.00	$	8.00		1.59	%
Class I	$	1,000.00	$	1,021.50	$	3.48		0.69	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2012.

9

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Fund Expenses — continued

Eaton Vance National Limited Maturity Municipal Income Fund

	Beginning Account Value (10/1/12)		Ending Account Value (3/31/13)		Expenses Paid During Period* (10/1/12 – 3/31/13)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,007.90	$	3.30		0.66	%
Class B	$	1,000.00	$	1,005.20	$	7.05		1.41	%
Class C	$	1,000.00	$	1,004.70	$	7.05		1.41	%
Class I	$	1,000.00	$	1,008.60	$	2.55		0.51	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.33		0.66	%
Class B	$	1,000.00	$	1,017.90	$	7.09		1.41	%
Class C	$	1,000.00	$	1,017.90	$	7.09		1.41	%
Class I	$	1,000.00	$	1,022.40	$	2.57		0.51	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 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, 2012.

10

Eaton Vance

AMT-Free Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments

Tax-Exempt Investments — 100.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.6%
Idaho Board Bank Authority, 5.00%, 9/15/22	$	1,000	$	1,172,400
			$	1,172,400
Education — 7.0%
Delaware County, PA, (Villanova University), 5.00%, 12/1/20	$	500	$	596,345
University of Cincinnati, OH, 4.00%, 6/1/25		395		432,035
University of Cincinnati, OH, 4.00%, 6/1/26		170		184,265
University of Houston, TX, 5.00%, 2/15/21		1,000		1,185,020
University of Pittsburgh, PA, 5.25%, 9/15/23		1,000		1,226,940
University of Virginia, VA, 4.00%, 6/1/26		755		855,951
Vermont Educational and Health Buildings Financing Agency Revenue, (St Michael’s College), 5.00%, 10/1/25		500		570,945
			$	5,051,501
Electric Utilities — 8.0%
Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	340	$	352,386
California Department of Water Resource Power Supply, 5.00%, 5/1/22		670		786,078
Energy Northwest Electric Revenue, WA, (Columbia Station), 5.00%, 7/1/24		1,000		1,125,020
Maricopa County, AZ, Pollution Control Corp., (Arizona Public Service Co.), 6.00% to 5/1/14 (Put Date), 5/1/29		500		525,260
Massachusetts Development Finance Agency, (Dominion Energy Brayton), 5.75% to 5/1/19 (Put Date), 12/1/42		800		970,776
Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.00%, 9/1/29		270		270,872
Puerto Rico Electric Power Authority, 5.00%, 7/1/23		500		505,690
Seattle, WA, Municipal Light and Power Revenue, 5.25%, 4/1/20		1,000		1,215,650
			$	5,751,732
General Obligations — 22.9%
Banks School District No. 13, Washington County, OR, 3.00%, 6/15/22	$	365	$	402,194
Birmingham, MI, Public School District, 4.00%, 5/1/24		1,250		1,412,487
Bonneville and Bingham Counties, ID, Joint School District No. 93, 4.00%, 9/15/22		700		822,136
Bonneville and Bingham Counties, ID, Joint School District No. 93, 5.00%, 9/15/29		750		890,797
California, 5.00%, 2/1/26		1,500		1,759,965
Kentwood, MI, Public Schools, 4.00%, 5/1/21		40		46,815
Kentwood, MI, Public Schools, 4.00%, 5/1/23		225		260,631
Kootenai County, ID, School District No. 271, 4.00%, 9/15/25		605		679,808

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Maryland State and Local Facilities, 4.00%, 3/1/26	$	1,500	$	1,670,190
Massachusetts, 0.75%, 11/1/25(1)		1,500		1,472,430
New York, 4.00%, 3/1/23		1,500		1,744,185
Pasadena, TX, Independent School District, (PSF Guaranteed), 5.00%, 2/15/28		1,500		1,739,250
Pascack Valley Regional High School District, NJ, 3.00%, 8/15/17		30		32,726
Pascack Valley Regional High School District, NJ, 3.00%, 8/15/18		30		33,016
Scarborough, ME, 5.00%, 11/1/26(2)		1,000		1,203,260
Virginia, 5.00%, 6/1/28		1,500		1,794,900
Wilmington, DE, 5.00%, 12/1/25		500		588,620
			$	16,553,410
Hospital — 10.5%
California Health Facilities Financing Authority, (Catholic Healthcare), 5.125%, 7/1/22	$	750	$	821,647
California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/19		1,000		1,209,000
Fairfax County, VA, Industrial Development Authority, (Inova Health System Hospitals), 5.00%, 5/15/25		1,000		1,136,200
Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.00%, 11/15/20		1,000		1,108,970
Kent, MI, Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47		275		300,053
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.00% to 7/1/15 (Put Date), 7/1/39		1,365		1,474,951
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25		445		467,108
Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), 4.50%, 7/1/32		625		620,187
Washington Township, CA, Health Care District Revenue, 5.125%, 7/1/17		200		230,062
Washington Township, CA, Health Care District Revenue, 5.25%, 7/1/18		175		207,037
			$	7,575,215
Industrial Development Revenue — 0.5%
St. Charles Parish, LA, (Valero Energy Corp.), 4.00% to 6/1/22 (Put Date), 12/1/40	$	335	$	367,887
			$	367,887

11 See Notes to Financial Statements.

Eaton Vance

AMT-Free Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 4.4%
New York Dormitory Authority, (New York University), (AMBAC), 5.50%, 7/1/22	$	1,000	$	1,289,060
Oregon Health and Science University, (NPFG), 0.00%, 7/1/21		1,000		794,500
Texas University Systems Financing Revenue, (AGM), 5.00%, 3/15/21		1,000		1,126,070
			$	3,209,630
Insured – Electric Utilities — 2.9%
Northern Municipal Power Agency, MN, (AGC), 5.00%, 1/1/21	$	1,000	$	1,157,390
South Carolina Public Service Authority, (AGM), 5.00%, 1/1/20		850		975,945
			$	2,133,335
Insured – Escrowed / Prerefunded — 1.6%
Sunrise, FL, Utilities Systems, (AMBAC), Escrowed to Maturity, 5.50%, 10/1/18	$	1,000	$	1,179,010
			$	1,179,010
Insured – General Obligations — 2.4%
New York, NY, (AGM), 5.00%, 4/1/22	$	500	$	562,155
Philadelphia, PA, (AGC), 5.50%, 7/15/16		1,000		1,141,590
			$	1,703,745
Insured – Special Tax Revenue — 4.6%
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/22	$	2,000	$	1,462,120
Mesa, AZ, Street and Highway Revenue, (AGM), 5.00%, 7/1/20		700		857,360
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/23		1,000		1,022,330
			$	3,341,810
Insured – Transportation — 2.3%
Idaho Housing and Finance Association, (Grant and Revenue Anticipation Bonds Federal Highway Trust Fund), (AGC), 5.25%, 7/15/21	$	1,000	$	1,183,640
New Orleans, LA, Aviation Board, (AGC), 6.00%, 1/1/23		420		497,990
			$	1,681,630
Insured – Water and Sewer — 3.7%
Bossier City, LA, Utilities Revenue, (BHAC), 5.00%, 10/1/21	$	1,000	$	1,175,180
Portland, OR, Sewer System Revenue, (AGM), 5.00%, 6/15/23		1,000		1,182,100
Tallahassee, FL, Consolidated Utility System, (FGIC), (NPFG), 5.50%, 10/1/19		250		310,473
			$	2,667,753

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 0.9%
Virginia Public Building Authority, Public Facilities Revenue, 5.25%, 8/1/20	$	530	$	636,413
			$	636,413
Other Revenue — 2.5%
Florida Board of Education, Lottery Revenue, 5.00%, 7/1/19	$	500	$	606,150
New York, NY, Transitional Finance Authority, (Building Aid), 5.25%, 1/15/27		1,000		1,172,490
			$	1,778,640
Senior Living / Life Care — 1.5%
Hawaii State Department of Budget and Finance, Special Purpose Senior Living Revenue, 5.00%, 11/15/27	$	225	$	242,231
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.25%, 12/1/25		275		300,110
North Miami, FL, Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42(3)		590		294,959
Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/27		250		274,597
			$	1,111,897
Special Tax Revenue — 3.8%
Baldwin County, AL, Board of Education, 5.00%, 6/1/22	$	500	$	607,160
Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21		60		61,433
Dupree Lakes, FL, Community Development District, 6.83%, 11/1/15		95		96,167
New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13(4)		35		0
New River, FL, Community Development District, (Capital Improvements), Series 2010A-1, 5.75%, 5/1/38		25		19,684
New River, FL, Community Development District, (Capital Improvements), Series 2010A-2, 5.75%, (0.00% until 11/1/14), 5/1/38		60		26,050
New River, FL, Community Development District, (Capital Improvements), Series 2010B-1, 5.00%, 5/1/15		40		36,684
New River, FL, Community Development District, (Capital Improvements), Series 2010B-2, 5.00%, (0.00% until 11/1/13), 5/1/18		45		21,414
North Springs, FL, Improvement District, (Heron Bay North Assessment Area), 5.00%, 5/1/14		115		116,437
Poinciana West, FL, West Community Development District, 5.875%, 5/1/22		100		102,446
Scottsdale, AZ, Municipal Property Corp., Excise Tax Revenue, 5.00%, 7/1/26		1,265		1,589,814

12 See Notes to Financial Statements.

Eaton Vance

AMT-Free Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Sterling Hill, FL, Community Development District, (Capital Improvements), 5.10%, 5/1/11(5)	$	20	$	5,806
Sterling Hill, FL, Community Development District, (Capital Improvements), 5.50%, 11/1/10(5)		100		65,005
			$	2,748,100
Student Loan — 3.8%
Iowa Student Loan Liquidity Corp., 5.25%, 12/1/22	$	1,000	$	1,108,970
New Jersey Higher Education Assistance Authority, 5.00%, 6/1/16(6)		1,500		1,657,485
			$	2,766,455
Transportation — 12.0%
Charlotte, NC, Airport Revenue, 5.00%, 7/1/21	$	1,000	$	1,198,730
Maryland Transportation Authority, 5.00%, 7/1/20		1,000		1,217,980
Massachusetts Department of Transportation, (Metropolitan Highway System Revenue), 5.00%, 1/1/20		500		597,330
Massachusetts Port Authority, 5.00%, 7/1/26		500		597,930
North Texas Tollway Authority, (Dallas North Tollway System Revenue), 6.00%, 1/1/23		1,250		1,513,437
Phoenix, AZ, Civic Improvements Corp., 5.00%, 7/1/21		1,000		1,170,570
Port Authority of New York and New Jersey, 5.00%, 7/15/23		1,000		1,171,560
Texas Transportation Commission, State Highway Fund, First Tier, 5.00%, 4/1/21		1,000		1,177,830
			$	8,645,367
Water and Sewer — 3.8%
Detroit, MI, Water and Sewerage Department Sewage Disposal System Revenue, 5.25%, 7/1/27	$	200	$	224,186
Fairfax County, VA, Water Revenue, 5.25%, 4/1/23		1,000		1,295,040
New York, NY, Municipal Water Finance Authority, 5.00%, 6/15/21		670		795,344
Post Falls, ID, Water Revenue, 3.00%, 3/1/20		185		204,430
Post Falls, ID, Water Revenue, 3.50%, 3/1/21		100		114,240
Post Falls, ID, Water Revenue, 3.50%, 3/1/23		100		113,211
			$	2,746,451
Total Tax-Exempt Investments — 100.7% (identified cost $66,243,780)			$	72,822,381
Other Assets, Less Liabilities — (0.7)%			$	(507,103	)
Net Assets — 100.0%			$	72,315,278

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.
BHAC	–	Berkshire Hathaway Assurance Corp.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.
PSF	–	Permanent School Fund

At March 31, 2013, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	10.2%
Others, representing less than 10% individually	90.5%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2013, 21.9% 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 0.4% to 6.8% of total investments.

⁽¹⁾  Variable rate security. The stated interest rate represents the rate in effect at March 31, 2013.

⁽²⁾  When-issued security.

⁽³⁾ Security is in default and making only partial interest payments.

⁽⁴⁾  Defaulted bond.

⁽⁵⁾ Defaulted matured bond.

⁽⁶⁾  Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

13 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments

Tax-Exempt Investments — 99.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 5.8%
Cuyahoga County, OH, Port Authority, (Garfield Heights), 5.25%, 5/15/23	$	160	$	160,114
Idaho Board Bank Authority, 5.00%, 9/15/21		1,120		1,331,759
Kansas Development Finance Authority, (Revolving Funds-Department of Health and Environment), 5.00%, 3/1/22		9,215		11,064,266
Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/25		3,000		3,773,220
Minnesota Public Facilities Authority, (Revolving Fund), 5.00%, 3/1/22		2,000		2,451,980
Ohio Economic Development, (Ohio Enterprise Bond Fund), (AMT), 4.60%, 6/1/20		1,595		1,680,492
Ohio Economic Development, (Ohio Enterprise Bond Fund), (AMT), 5.25%, 12/1/15		660		677,978
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.25%, 6/1/20		280		351,772
Rhode Island Clean Water Finance Agency, Water Pollution Control, 4.00%, 10/1/20		1,850		2,156,545
Virginia State Resources Authority, Clean Water Revenue, (Revolving Fund), 5.00%, 10/1/19		10,000		11,809,900
Virginia State Resources Authority, Clean Water Revenue, (Revolving Fund), 5.50%, 10/1/19		5,000		6,340,400
			$	41,798,426
Cogeneration — 0.0%(1)
Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15	$	275	$	279,810
			$	279,810
Education — 5.5%
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/27	$	500	$	574,485
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/25		500		565,190
Illinois Educational Facilities Authority, (Art Institute of Chicago), 4.45% to 3/1/15 (Put Date), 3/1/34		2,000		2,061,680
Maryland Health and Higher Educational Facilities Authority, (Washington Christian Academy), 5.25%, 7/1/18(2)		250		99,960
Maryland Industrial Development Financing Authority, (Our Lady of Good Counsel High School), 5.50%, 5/1/20		315		328,951
Missouri State Health and Educational Facilities Authority, (St. Louis University), 5.50%, 10/1/16		2,555		2,986,080
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry of New Jersey), 7.125%, 12/1/23		2,750		3,496,570
New York Dormitory Authority, (Third Generation Resolution), 5.00%, 5/15/26		4,500		5,336,865

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Ohio Higher Educational Facility Commission, (John Carroll University), 5.00%, 11/15/13	$	500	$	512,305
Ohio State University, General Receipts, Prerefunded to 12/1/18, 5.00%, 12/1/23		25		30,571
Ohio State University, General Receipts, 5.00%, 12/1/23		225		269,105
Rutgers State University, Series F, 5.00%, 5/1/23		1,000		1,187,130
University of California, 5.00%, 5/15/21		500		588,445
University of Cincinnati, OH, 4.00%, 6/1/25		4,340		4,746,918
University of Cincinnati, OH, 4.00%, 6/1/26		1,880		2,037,751
University of Delaware, 5.00%, 11/1/22(3)		1,200		1,515,756
University of Illinois, 0.00%, 4/1/15		1,700		1,669,723
University of Illinois, 0.00%, 4/1/16		1,000		966,670
University of New Mexico, 5.00%, 6/1/26		1,000		1,199,070
University of Texas, 5.25%, 7/1/26		5,245		6,812,258
Vermont Educational and Health Buildings Financing Agency, (St. Michael’s College), 5.00%, 10/1/23		1,235		1,449,174
Vermont Educational and Health Buildings Financing Agency, (St. Michael’s College), 5.00%, 10/1/24		675		779,314
Vermont Educational and Health Buildings Financing Agency, (St. Michael’s College), 5.00%, 10/1/26		575		653,212
			$	39,867,183
Electric Utilities — 7.5%
American Municipal Power-Ohio, Inc., (Meldahl Hydroelectric Project), 5.00%, 2/15/21	$	4,235	$	4,948,005
Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.50%, 3/1/30		2,400		2,487,432
California Department of Water Resource Power Supply, 5.00%, 5/1/22		6,705		7,866,641
Chesterfield County, VA, Economic Development Authority, (Virginia Electric and Power Co.), 5.00%, 5/1/23		2,000		2,306,380
Massachusetts Development Finance Agency, (Dominion Energy Brayton), 5.75% to 5/1/19 (Put Date), 12/1/42		3,200		3,883,104
Michigan Strategic Fund Limited Obligation Revenue, (Detroit Edison Co.), 5.625%, 7/1/20		3,000		3,701,550
Municipal Electric Authority of Georgia, 5.25%, 1/1/21		2,000		2,468,940
Navajo County, AZ, Pollution Control Corp., 5.50% to 6/1/14 (Put Date), 6/1/34		3,500		3,698,835
Navajo County, AZ, Pollution Control Corp., 5.75% to 6/1/16 (Put Date), 6/1/34		3,500		3,936,800
New Hampshire Business Finance Authority Pollution Control, (Central Maine Power Co.), 5.375%, 5/1/14(5)		2,500		2,612,550
Ohio Air Quality Development Authority, (First Energy), 5.625%, 6/1/18		700		816,641
Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.00%, 9/1/29		2,685		2,693,672
Puerto Rico Electric Power Authority, 5.25%, 7/1/25		500		509,165

14 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21	$	8,500	$	9,619,620
Wake County, NC, Industrial Facilities and Pollution Control Financing Authority, (Carolina Power and Light Co.), 5.375%, 2/1/17		2,500		2,519,500
			$	54,068,835
Escrowed / Prerefunded — 1.4%
California Statewide Communities Development Authority, (San Gabriel Valley), Escrowed to Maturity, 5.50%, 9/1/14	$	225	$	235,028
Fairfax County, VA, Water Authority, Prerefunded to 4/1/17, 5.00%, 4/1/18		695		816,479
Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20		3,000		3,480,600
New Jersey Economic Development Authority, (Kapkowski Road Landfill), Prerefunded to 5/15/14, 6.375%, 4/1/18		350		373,888
North Carolina Eastern Municipal Power Agency, Escrowed to Maturity, 4.00%, 1/1/18		1,195		1,363,268
Triborough Bridge and Tunnel Authority, NY, Escrowed to Maturity, 5.50%, 1/1/17		3,625		4,020,342
			$	10,289,605
General Obligations — 18.1%
Austin, TX, 4.00%, 9/1/28	$	3,000	$	3,260,250
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 4.00%, 6/15/25		5,000		5,594,900
Bergen County, NJ, Improvement Authority, (County Administration Complex), 5.00%, 11/15/24		1,100		1,423,422
Bingham and Bonneville Counties, ID, Joint School District No. 93, 5.00%, 9/15/25		630		767,157
Bingham and Bonneville Counties, ID, Joint School District No. 93, 5.00%, 9/15/27		1,145		1,378,271
Canyon County, MD, School District No. 139 Vallivue, 5.00%, 9/15/23		1,005		1,245,095
Canyon County, MD, School District No. 139 Vallivue, 5.00%, 9/15/24		1,730		2,121,914
Chemeketa, OR, Community College District, 5.50%, 6/15/22		1,000		1,201,030
Denver City and County, CO, School District No. 1, 4.00%, 12/1/26		3,670		4,026,871
Franklin Township, NJ, School District, 5.00%, 8/15/22		1,000		1,266,860
Gwinnett County, GA, School District, 5.00%, 2/1/26		2,220		2,833,675
Gwinnett County, GA, School District, 5.00%, 2/1/29(5)		5,400		6,722,838
Hamilton, OH, School District, 6.15%, 12/1/15		500		573,565
Howell, MI, Public Schools, 4.00%, 5/1/19		500		570,815
Howell, MI, Public Schools, 4.00%, 5/1/20		300		343,731
Howell, MI, Public Schools, 4.00%, 5/1/21		1,275		1,461,749
Howell, MI, Public Schools, 4.50%, 5/1/27		2,340		2,632,898
Howell, MI, Public Schools, 5.00%, 5/1/22		1,100		1,351,702
Kentwood, MI, Public Schools, 4.00%, 5/1/21		615		719,778

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Kentwood, MI, Public Schools, 4.00%, 5/1/23	$	2,475	$	2,866,941
Kootenai County, ID, School District No. 271 Coeur D’Alene, 4.00%, 9/15/24		1,185		1,344,655
Maryland State and Local Facilities, 5.00%, 8/1/18		10,000		11,805,000
Michigan, 6.00%, 11/1/22		2,985		3,661,729
New York, 4.00%, 3/1/23		5,675		6,598,833
North Carolina, 5.00%, 5/1/22		10,000		12,735,000
Oregon, (Oregon University System), 5.00%, 8/1/24		2,960		3,680,642
Oregon, (Oregon University System), 5.00%, 8/1/26		1,500		1,836,270
Palo Alto, CA, (Election of 2008), 5.00%, 8/1/28		1,250		1,466,150
Pascack Valley Regional High School District, NJ, 3.00%, 8/15/17		305		332,709
Pascack Valley Regional High School District, NJ, 3.00%, 8/15/18		310		341,164
Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/23		15,320		11,999,696
Scarborough, ME, 4.00%, 11/1/24(3)		720		816,566
Scarborough, ME, 5.00%, 11/1/25(3)		1,045		1,270,689
Virginia, 4.00%, 6/1/26		15,000		17,223,450
Wake County, NC, 5.00%, 3/1/24		10,000		12,933,200
			$	130,409,215
Health Care – Miscellaneous — 0.2%
Arizona Health Facilities Authority, (Blood Systems, Inc.), 5.00%, 4/1/21	$	1,000	$	1,045,180
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(4)		109		109,842
			$	1,155,022
Hospital — 6.6%
California Health Facilities Financing Authority, (Catholic Healthcare), 5.125%, 7/1/22	$	5,250	$	5,751,532
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 7/1/18		500		593,305
California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/19		500		604,500
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/20		1,000		1,064,890
Dauphin County, PA, General Authority Health System, (Pinnacle Health System), 5.75%, 6/1/20		6,000		7,076,400
Henderson, NV, Health Care Facilities, (Catholic Healthcare West), 5.00%, 7/1/13		2,500		2,530,600
Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), 5.00%, 11/15/16		1,205		1,378,183
Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), 5.125%, 11/15/20		1,860		2,100,796

15 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), 5.125%, 11/15/22	$	2,835	$	3,193,429
Kent, MI, Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47		2,760		3,011,436
Lexington County, SC, (Health Services, Inc.), 5.00%, 11/1/15		1,000		1,103,460
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25		2,715		2,849,881
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/22		1,250		1,463,513
Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21		1,000		1,001,810
Michigan Hospital Finance Authority, (Oakwood Obligations Group), 5.00%, 7/15/13		1,750		1,774,412
New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), 5.25%, 7/1/25		500		525,675
New Jersey Health Care Facilities Financing Authority, (Virtua Health, Inc.), 5.25%, 7/1/17		1,000		1,145,210
New York Dormitory Authority, (NYU Hospital Center), 5.25%, 7/1/24		1,705		1,877,273
Norfolk, VA, Economic Development Authority, 5.00%, 11/1/27		2,500		2,839,875
Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.125%, 10/1/26		955		1,086,083
Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.375%, 10/1/23		970		1,139,217
University of Kansas Hospital Authority, 5.00%, 9/1/16		1,000		1,143,000
Washington Township, CA, Health Care District Revenue, 5.50%, 7/1/19		250		303,930
Washington Township, CA, Health Care District Revenue, 5.75%, 7/1/24		1,750		2,029,142
			$	47,587,552
Housing — 0.1%
New Jersey Housing and Mortgage Finance Agency, SFMR, (AMT), 5.10%, 10/1/23	$	245	$	260,533
Sandoval County, NM, MFMR, 6.00%, 5/1/32(4)		600		599,958
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(7)		95		53,189
			$	913,680
Industrial Development Revenue — 4.4%
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23	$	6,600	$	7,093,878
Maine Finance Authority, Solid Waste Disposal, (Casella Waste Systems, Inc.), (AMT), 6.25% to 2/1/17 (Put Date), 1/1/25		2,415		2,505,297

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Massachusetts Development Finance Agency, (Waste Management, Inc.), (AMT), 2.125% to 12/1/15 (Put Date), 12/1/29	$	500	$	510,475
Michigan Strategic Fund, (Waste Management, Inc.), (AMT), 4.50%, 12/1/13		1,000		1,025,350
Mississippi Business Finance Corp., (Air Cargo), (AMT), 7.25%, 7/1/34		1,410		733,750
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		1,780		2,005,295
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37		9,990		12,113,274
St. Charles Parish, LA, (Valero Energy Corp.), 4.00% to 6/1/22 (Put Date), 12/1/40		1,665		1,828,453
Toledo-Lucas County, OH, Port Authority, (Cargill, Inc.), 4.50%, 12/1/15		3,325		3,533,677
			$	31,349,449
Insured – Education — 1.7%
California Educational Facilities Authority, (San Diego University), (AMBAC), 0.00%, 10/1/15	$	375	$	364,249
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23		500		628,455
New Jersey Educational Facilities Authority, (Ramapo College), (AMBAC), 4.50%, 7/1/21		1,000		1,124,830
New York Dormitory Authority, (Educational Housing Services), (AMBAC), 5.25%, 7/1/21		2,025		2,385,187
New York Dormitory Authority, (Rochester Institute of Technology), (AMBAC), 5.25%, 7/1/22		5,150		6,376,318
Oregon Health and Science University, (NPFG), 0.00%, 7/1/21		1,815		1,442,017
			$	12,321,056
Insured – Electric Utilities — 1.0%
California Pollution Control Financing Authority, (San Diego Gas and Electric), (NPFG), 5.90%, 6/1/14	$	600	$	639,702
Cape May County, NJ, Industrial Pollution Control Financing Authority, (Atlantic City Electric Co.), (NPFG), 6.80%, 3/1/21		560		729,882
Illinois Municipal Electric Agency Power Supply, (FGIC), (NPFG), 5.25%, 2/1/16		3,000		3,375,750
Northern California Power Agency, (Hydroelectric), (AGC), 5.00%, 7/1/24		500		579,290
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		615		624,354
Puerto Rico Electric Power Authority, (XLCA), 5.375%, 7/1/18		1,000		1,092,100
			$	7,041,078

16 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Escrowed / Prerefunded — 1.3%
Metropolitan Transportation Authority, NY, Commuter Facilities, (AMBAC), Escrowed to Maturity, 5.00%, 7/1/20	$	425	$	443,883
Montgomery, AL, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.00%, 11/15/24		5,000		5,378,950
Ohio Higher Educational Facility Commission, (Xavier University), (AGC), Prerefunded to 5/1/16, 5.00%, 5/1/22		350		397,471
Sunrise, FL, Utilities Systems, (AMBAC), Escrowed to Maturity, 5.50%, 10/1/18		2,425		2,859,099
			$	9,079,403
Insured – General Obligations — 8.6%
Boston, MA, (NPFG), 0.125%, 3/1/22	$	8,000	$	6,451,120
Cincinnati, OH, School District, (FGIC), (NPFG), 5.25%, 12/1/30		4,500		5,913,765
Clearview, NJ, Regional High School District, (FGIC), (NPFG), 5.375%, 8/1/15		245		256,427
Freehold, NJ, Regional High School District, (FGIC), (NPFG), 5.00%, 3/1/18		250		296,378
Hilliard, OH, School District, (FGIC), (NPFG), 0.00%, 12/1/14		1,000		992,930
Hillsborough Township, NJ, School District, (AGM), 5.375%, 10/1/18		970		1,194,545
Jackson Township, NJ, Board of Education of Ocean County, (NPFG), 5.25%, 6/15/23		6,000		7,543,080
Linn County, OR, Community School District No. 9, (Lebanon), (FGIC), (NPFG), 5.25%, 6/15/21		1,055		1,338,362
Linn County, OR, Community School District No. 9, (Lebanon), (FGIC), (NPFG), 5.25%, 6/15/22		625		797,006
Miami, FL, (Homeland Defense), (NPFG), 5.00%, 1/1/19		10,000		10,863,000
New Jersey, (AMBAC), 5.25%, 7/15/19		1,120		1,384,723
New Orleans, LA, (NPFG), 5.25%, 12/1/15		5,105		5,678,496
Philadelphia, PA, (AGC), 5.25%, 7/15/15		3,440		3,724,213
San Mateo County, CA, Community College District, (Election of 2005), (NPFG), 0.00%, 9/1/22		3,000		2,346,240
Springfield, OH, City School District, (AMBAC), 4.30%, 12/1/14		1,000		1,002,220
St. Louis, MO, Board of Education, (AGM), 0.00%, 4/1/16		1,000		978,900
Washington, (AMBAC), 0.00%, 12/1/22		10,000		7,950,200
West Virginia, (FGIC), (NPFG), 0.00%, 11/1/21		4,275		3,580,227
			$	62,291,832
Insured – Hospital — 1.2%
Harris County, TX, Hospital District, (NPFG), 5.00%, 2/15/14	$	500	$	517,955
Waco, TX, Health Facilities Development Corp., (Hillcrest Health System), (NPFG), 5.00%, 8/1/19		3,405		3,900,870
Waco, TX, Health Facilities Development Corp., (Hillcrest Health System), (NPFG), 5.00%, 8/1/20		3,745		4,290,385
			$	8,709,210

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 1.0%
California State Public Works Board, (Department of Corrections), (AMBAC), 5.25%, 12/1/13	$	215	$	222,261
Hudson County, NJ, (NPFG), 6.25%, 6/1/15		1,000		1,104,110
Louisiana Public Facility Authority, (Hurricane Recovery), (AMBAC), 5.00%, 6/1/19		5,000		5,533,250
			$	6,859,621
Insured – Other Revenue — 0.0%(1)
Cleveland, OH, Parking Facilities, (AGM), 5.25%, 9/15/20	$	160	$	200,459
			$	200,459
Insured – Special Tax Revenue — 5.3%
Arlington, TX, (Dallas Cowboys), (NPFG), 5.00%, 8/15/34	$	875	$	921,550
Denver, CO, City and County, Excise Tax Revenue, (AGC), 6.00%, 9/1/23		5,000		6,155,400
Garden State Preservation Trust, NJ, Open Space and Farmland, (AGM), 5.25%, 11/1/20		10,000		12,641,000
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/22		7,000		5,117,420
Massachusetts, Special Obligation, (AGM), 5.50%, 6/1/21		5,000		6,425,350
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29		4,920		6,141,292
Puerto Rico Infrastructure Financing Authority, (FGIC), 5.50%, 7/1/19		250		266,502
San Mateo County, CA, Transportation District, (NPFG), 5.25%, 6/1/17		500		585,800
			$	38,254,314
Insured – Student Loan — 0.5%
Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27	$	2,920	$	3,276,736
			$	3,276,736
Insured – Transportation — 4.0%
Idaho Housing and Finance Association, (Grant and Revenue Anticipation Bonds Federal Highway Trust Fund), (AGC), 5.25%, 7/15/21	$	1,045	$	1,236,904
Idaho Housing and Finance Association, (Grant and Revenue Anticipation Bonds Federal Highway Trust Fund), (AGC), 5.25%, 7/15/25		1,000		1,175,860
Miami-Dade County, FL, Aviation, (NPFG), (AMT), 5.25%, 10/1/15		8,125		9,032,887
New Jersey Transportation Trust Fund Authority, (AGC), (AMBAC), 0.00%, 12/15/24		10,000		6,431,300
New Jersey Transportation Trust Fund Authority, (FGIC), (NPFG), 5.50%, 12/15/20		5,000		6,245,850
New Orleans, LA, Aviation Board, (AGC), 6.00%, 1/1/23		1,040		1,233,118

17 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/18	$	1,750	$	2,125,025
Port of Oakland, CA, (NPFG), (AMT), 5.00%, 11/1/21		665		759,789
San Jose, CA, Airport Revenue, (AMBAC), (AMT), 5.50%, 3/1/18		675		799,436
			$	29,040,169
Insured – Water and Sewer — 1.9%
Connecticut Development Authority, (Aquarion Water Co. of Connecticut), (XLCA), (AMT), 5.00%, 7/1/38	$	2,000	$	2,005,880
Kansas City, MO, Water Revenue, (BHAC), 5.00%, 12/1/23		3,125		3,690,781
Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/29		3,250		4,206,182
North Hudson, NJ, Sewer Authority, (NPFG), 5.125%, 8/1/22		1,000		1,266,900
Passaic Valley, NJ, Water Commission, (AGM), 5.00%, 12/15/17		1,020		1,199,204
Pennsville, NJ, Sewer Authority, (NPFG), 0.00%, 11/1/16		565		529,648
Pennsville, NJ, Sewer Authority, (NPFG), 0.00%, 11/1/17		565		516,060
Pennsville, NJ, Sewer Authority, (NPFG), 0.00%, 11/1/18		565		499,991
			$	13,914,646
Lease Revenue / Certificates of Participation — 2.6%
California Public Works, (University of California), 5.25%, 6/1/20	$	500	$	621,470
Charleston, SC, Educational Excellence Financing Corp., (Charleston County School District), 5.00%, 12/1/20		5,265		6,032,216
Lexington County, SC, One School Facilities Corp., 5.00%, 12/1/20		2,240		2,529,990
Lexington County, SC, One School Facilities Corp., 5.00%, 12/1/22		1,945		2,184,877
New Jersey Economic Development Authority, (School Facilities Construction), 5.50%, 9/1/19		4,385		5,414,598
Newberry, SC, Investing In Children’s Education, (Newberry County School District), 5.25%, 12/1/24		1,755		1,915,863
			$	18,699,014
Other Revenue — 1.9%
Central Falls, RI, Detention Facility Corp., 7.25%, 7/15/35	$	1,220	$	1,049,542
Non-Profit Preferred Funding Trust, Various States, 4.47%, 9/15/37(4)		4,500		3,820,815
Otero County, NM, Jail Project Revenue, 5.50%, 4/1/13		55		54,997
Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18		510		489,564
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		300		307,296
Seminole Tribe, FL, 5.50%, 10/1/24(4)		1,825		1,995,911
Seminole Tribe, FL, 5.75%, 10/1/22(4)		5,250		5,814,847
			$	13,532,972

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 1.0%
California Statewide Communities Development Authority, (Senior Living-Presbyterian Homes), 4.50%, 11/15/16	$	1,520	$	1,612,614
Hawaii State Department of Budget and Finance, Special Purpose Senior Living Revenue, 5.00%, 11/15/27		1,275		1,372,639
Massachusetts Development Finance Agency, (Volunteers of America), 5.00%, 11/1/17		420		436,372
New Jersey Economic Development Authority, (Cranes Mill Project), 5.50%, 7/1/18		460		500,057
North Miami, FL, Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42(6)		495		247,465
St. Joseph County, IN, Holy Cross Village, 5.55%, 5/15/19		460		460,524
Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/27		2,140		2,350,555
			$	6,980,226
Special Tax Revenue — 2.2%
Baldwin County, AL, Board of Education, 5.00%, 6/1/22	$	1,360	$	1,651,475
Bridgeville, DE, (Heritage Shores Special Development District), 5.125%, 7/1/35		262		226,096
Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21		160		163,821
Detroit, MI, Downtown Development Authority Tax Increment, 0.00%, 7/1/21		2,000		1,358,340
Dupree Lakes, FL, Community Development District, 6.83%, 11/1/15		315		318,871
Fish Hawk, FL, Community Development District II, 7.04%, 11/1/14		20		19,743
Massachusetts Bay Transportation Authority, 5.25%, 7/1/26		1,000		1,276,780
Michigan Trunk Line, 5.00%, 11/15/22		345		423,622
Michigan Trunk Line, 5.00%, 11/15/23		600		730,074
Michigan Trunk Line, 5.00%, 11/15/24		1,100		1,325,621
Michigan Trunk Line, 5.00%, 11/15/26		1,100		1,310,001
Michigan Trunk Line, 5.00%, 11/15/28		2,000		2,352,820
Michigan Trunk Line, 5.00%, 11/15/29		1,500		1,752,030
New Jersey Economic Development Authority, (Newark Downtown Distribution Management Corp.), 4.625%, 6/15/13		190		191,545
New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13(2)		280		0
New River, FL, Community Development District, (Capital Improvements), Series 2010A-1, 5.75%, 5/1/38		155		122,045
New River, FL, Community Development District, (Capital Improvements), Series 2010A-2, 5.75%, (0.00% until 11/1/14), 5/1/38		395		171,493
New River, FL, Community Development District, (Capital Improvements), Series 2010B-1, 5.00%, 5/1/15		240		220,102

18 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New River, FL, Community Development District, (Capital Improvements), Series 2010B-2, 5.00%, (0.00% until 11/1/13), 5/1/18	$	310	$	147,517
North Springs, FL, Improvement District, (Heron Bay North Assessment Area), 5.00%, 5/1/14		685		693,562
Poinciana West, FL, West Community Development District, 5.875%, 5/1/22		1,015		1,039,827
Saint Clair County, IL, Highway Revenue, 4.00%, 1/1/22(3)		350		383,978
Saint Clair County, IL, Highway Revenue, 4.00%, 1/1/23(3)		310		335,637
Saint Clair County, IL, Highway Revenue, 4.00%, 1/1/24(3)		360		383,497
Sterling Hill, FL, Community Development District, (Capital Improvements), 5.10%, 5/1/11(7)		275		79,827
Sterling Hill, FL, Community Development District, (Capital Improvements), 5.50%, 11/1/10(7)		300		195,015
			$	16,873,339
Student Loan — 0.2%
New Jersey Higher Education Assistance Authority, 5.25%, 6/1/21	$	1,000	$	1,144,780
			$	1,144,780
Transportation — 13.8%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/22	$	500	$	603,155
Georgia State Road and Tollway Authority, (Federal Highway Grant Anticipation Revenue Bonds), 5.00%, 6/1/21		3,000		3,561,870
Greater Orlando, FL, Aviation Authority, (AMT), 5.00%, 10/1/21		4,750		5,681,190
Hawaii Airports System, 5.25%, 7/1/28		3,650		4,242,651
Long Beach, CA, Harbor Revenue, 5.00%, 5/15/23		500		591,405
Louisiana Offshore Terminal Authority, Deepwater Port Revenue, (Loop LLC), 5.25%, 9/1/15		2,500		2,542,350
Maryland Transportation Authority, 5.00%, 3/1/18		10,000		11,565,900
Metropolitan Washington, DC Airport Authority System, 5.00%, 10/1/22		5,000		6,063,050
Metropolitan Washington, DC Airport Authority System, (AMT), 5.50%, 10/1/19		5,000		6,003,200
Metropolitan Washington, DC Area Transit Authority, (Gross Revenue), 5.25%, 7/1/21		7,500		9,010,050
New Jersey State Turnpike Authority, 5.00%, 1/1/20		1,500		1,772,655
New Jersey Transportation Trust Fund Authority, 5.25%, 12/15/21		6,000		7,369,440
North Texas Tollway Authority, (Dallas North Tollway System Revenue), 6.00%, 1/1/23		5,000		6,053,750
Pennsylvania Economic Development Financing Authority, (National Railroad Passenger), 5.00%, 11/1/25		1,000		1,132,790

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Pennsylvania Economic Development Financing Authority, (National Railroad Passenger), 5.00%, 11/1/26	$	890	$	997,797
Port Authority of New York and New Jersey, 5.375%, 3/1/28		1,000		1,246,730
Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23		11,000		12,611,170
Triborough Bridge and Tunnel Authority, NY, 5.00%, 1/1/27		10,000		11,787,200
Virginia Transportation Board, 4.00%, 3/15/25		5,145		5,703,284
			$	98,539,637
Water and Sewer — 1.4%
Detroit, MI, Water and Sewerage Department Sewage Disposal System Revenue, 5.25%, 7/1/27	$	1,300	$	1,457,209
Detroit, MI, Water Supply System Revenue, 5.00%, 7/1/21		1,610		1,847,733
Fairfax County, VA, Water Authority, 5.00%, 4/1/18		4,305		5,013,129
Gilroy, CA, Water and Sewer Revenue, 5.00%, 8/1/22		440		559,042
New Jersey Economic Environmental Infrastructure Trust, 5.00%, 9/1/20		1,000		1,246,480
			$	10,123,593
Total Tax-Exempt Investments — 99.2% (identified cost $647,600,179)			$	714,600,862
Other Assets, Less Liabilities — 0.8%			$	6,006,087
Net Assets — 100.0%			$	720,606,949

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
MFMR	–	Multi-Family Mortgage Revenue
NPFG	–	National Public Finance Guaranty Corp.
SFMR	–	Single Family Mortgage Revenue
XLCA	–	XL Capital Assurance, Inc.

At March 31, 2013, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New Jersey	12.0%
Others, representing less than 10% individually	87.2%

19 See Notes to Financial Statements.

Eaton Vance

National Limited Maturity Municipal Income Fund

March 31, 2013

Portfolio of Investments — continued

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2013, 26.7% 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 0.4% to 13.6% of total investments.

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  Defaulted bond.

⁽³⁾  When-issued security.

⁽⁴⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At March 31, 2013, the aggregate value of these securities is $12,341,373 or 1.7% of the Fund’s net assets.

⁽⁵⁾  Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽⁶⁾  Security is in default and making only partial interest payments.

⁽⁷⁾  Defaulted matured bond.

20 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Statements of Assets and Liabilities

	March 31, 2013
Assets	AMT-Free Limited Fund			National Limited Fund
Investments —
Identified cost	$	66,243,780		$	647,600,179
Unrealized appreciation		6,578,601			67,000,683
Investments, at value	$	72,822,381		$	714,600,862
Cash	$	20,702		$	3,346,935
Restricted cash*		135,000			699,000
Interest receivable		747,369			8,079,340
Receivable for investments sold		2,130,843			428,502
Receivable for Fund shares sold		324,056			524,366
Receivable for variation margin on open financial futures contracts		11,297			27,750
Total assets	$	76,191,648		$	727,706,755
Liabilities
Demand note payable	$	2,500,000		$	—
Payable for when-issued securities		1,188,170			4,659,748
Payable for Fund shares redeemed		6,550			961,212
Distributions payable		81,282			926,077
Payable to affiliates:
Investment adviser fee		25,263			245,774
Distribution and service fees		20,070			158,043
Accrued expenses		55,035			148,952
Total liabilities	$	3,876,370		$	7,099,806
Net Assets	$	72,315,278		$	720,606,949
Sources of Net Assets
Paid-in capital	$	67,618,681		$	707,790,059
Accumulated net realized loss		(1,715,454	)		(53,997,575	)
Accumulated undistributed (distributions in excess of) net investment income		(67,566	)		35,110
Net unrealized appreciation		6,479,617			66,779,355
Net Assets	$	72,315,278		$	720,606,949
Class A Shares
Net Assets	$	50,527,770		$	343,994,195
Shares Outstanding		4,848,745			33,133,687
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.42		$	10.38
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.66		$	10.62
Class B Shares
Net Assets	$	—		$	3,553,466
Shares Outstanding		—			342,099
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	—		$	10.39
Class C Shares
Net Assets	$	17,639,656		$	144,911,093
Shares Outstanding		1,792,018			14,879,686
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	9.84		$	9.74
Class I Shares
Net Assets	$	4,147,852		$	228,148,195
Shares Outstanding		397,726			21,976,280
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.43		$	10.38

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

* Represents restricted cash on deposit at the broker for open financial futures contracts.

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

21 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Statements of Operations

	Year Ended March 31, 2013
Investment Income	AMT-Free Limited Fund			National Limited Fund
Interest	$	2,678,201		$	28,271,722
Total investment income	$	2,678,201		$	28,271,722
Expenses
Investment adviser fee	$	286,286		$	2,952,711
Distribution and service fees
Class A		74,762			521,223
Class B		4,409			38,069
Class C		153,442			1,301,992
Trustees’ fees and expenses		3,176			28,861
Custodian fee		46,588			220,930
Transfer and dividend disbursing agent fees		23,142			245,242
Legal and accounting services		39,610			78,773
Printing and postage		10,470			43,311
Registration fees		54,675			79,001
Miscellaneous		29,292			82,946
Total expenses	$	725,852		$	5,593,059
Deduct —
Reduction of custodian fee	$	671		$	4,836
Total expense reductions	$	671		$	4,836
Net expenses	$	725,181		$	5,588,223
Net investment income	$	1,953,020		$	22,683,499
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,091,393		$	490,527
Financial futures contracts		(321,867	)		(2,206,152	)
Net realized gain (loss)	$	769,526		$	(1,715,625	)
Change in unrealized appreciation (depreciation) —
Investments	$	261,814		$	13,566,242
Financial futures contracts		(163,300	)		(806,314	)
Net change in unrealized appreciation (depreciation)	$	98,514		$	12,759,928
Net realized and unrealized gain	$	868,040		$	11,044,303
Net increase in net assets from operations	$	2,821,060		$	33,727,802

22 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Statements of Changes in Net Assets

	Year Ended March 31, 2013
Increase (Decrease) in Net Assets	AMT-Free Limited Fund			National Limited Fund
From operations —
Net investment income	$	1,953,020		$	22,683,499
Net realized gain (loss) from investment transactions and financial futures contracts		769,526			(1,715,625	)
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		98,514			12,759,928
Net increase in net assets from operations	$	2,821,060		$	33,727,802
Distributions to shareholders —
From net investment income
Class A	$	(1,467,138	)	$	(11,205,764	)
Class B		(10,864	)		(104,864	)
Class C		(373,473	)		(3,576,017	)
Class I		(53,308	)		(7,812,800	)
Total distributions to shareholders	$	(1,904,783	)	$	(22,699,445	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	12,804,333		$	57,305,213
Class B		64,923			559,106
Class C		3,798,225			25,771,457
Class I		4,055,811			89,893,077
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,167,888			9,212,547
Class B		6,825			83,465
Class C		272,051			2,465,525
Class I		47,632			1,287,302
Cost of shares redeemed
Class A		(13,015,679	)		(80,621,983	)
Class B		(145,172	)		(915,365	)
Class C		(2,527,593	)		(24,389,210	)
Class I		(974,371	)		(96,381,681	)
Net asset value of shares exchanged
Class A		82,607			1,018,124
Class B		(82,607	)		(1,018,124	)
Net asset value of shares merged*
Class A		451,630			—
Class B		(451,630	)		—
Net increase (decrease) in net assets from Fund share transactions	$	5,554,873		$	(15,730,547	)
Net increase (decrease) in net assets	$	6,471,150		$	(4,702,190	)
Net Assets
At beginning of year	$	65,844,128		$	725,309,139
At end of year	$	72,315,278		$	720,606,949
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(67,566	)	$	35,110

* At the close of business on February 22, 2013, Class B shares of AMT-Free Limited Fund were merged into Class A shares.

23 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Statements of Changes in Net Assets — continued

	Year Ended March 31, 2012
Increase (Decrease) in Net Assets	AMT-Free Limited Fund			National Limited Fund
From operations —
Net investment income	$	2,092,175		$	24,267,919
Net realized loss from investment transactions and financial futures contracts		(543,364	)		(9,769,872	)
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		3,994,577			41,424,868
Net increase in net assets from operations	$	5,543,388		$	55,922,915
Distributions to shareholders —
From net investment income
Class A	$	(1,640,661	)	$	(12,451,343	)
Class B		(18,984	)		(140,451	)
Class C		(380,004	)		(3,872,293	)
Class I		(20,924	)		(7,874,711	)
Total distributions to shareholders	$	(2,060,573	)	$	(24,338,798	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	8,472,929		$	77,666,882
Class B		209,955			1,275,754
Class C		3,730,763			25,768,328
Class I		1,161,270			101,111,802
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,124,054			9,304,200
Class B		8,910			96,637
Class C		257,746			2,318,441
Class I		19,586			977,800
Cost of shares redeemed
Class A		(14,631,348	)		(124,640,493	)
Class B		(384,437	)		(1,215,310	)
Class C		(2,368,845	)		(31,643,170	)
Class I		(253,350	)		(56,495,750	)
Issued in connection with tax-free reorganization (see Note 12)
Class A		—			33,127,013
Class B		—			469,668
Class C		—			3,188,414
Class I		—			998
Net asset value of shares exchanged
Class A		45,000			1,043,808
Class B		(45,000	)		(1,043,808	)
Net increase (decrease) in net assets from Fund share transactions	$	(2,652,767	)	$	41,311,214
Net increase in net assets	$	830,048		$	72,895,331
Net Assets
At beginning of year	$	65,014,080		$	652,413,808
At end of year	$	65,844,128		$	725,309,139
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(67,566	)	$	68,168

24 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Financial Highlights

	AMT-Free Limited Fund — Class A
	Year Ended March 31,
	2013			2012			2011			2010			2009
Net asset value — Beginning of year	$	10.270		$	9.730		$	9.940		$	9.470		$	9.890
Income (Loss) From Operations
Net investment income(1)	$	0.314		$	0.341		$	0.342		$	0.343		$	0.343
Net realized and unrealized gain (loss)		0.144			0.535			(0.213	)		0.462			(0.377	)
Total income (loss) from operations	$	0.458		$	0.876		$	0.129		$	0.805		$	(0.034	)
Less Distributions
From net investment income	$	(0.308	)	$	(0.336	)	$	(0.339	)	$	(0.335	)	$	(0.386	)
Total distributions	$	(0.308	)	$	(0.336	)	$	(0.339	)	$	(0.335	)	$	(0.386	)
Net asset value — End of year	$	10.420		$	10.270		$	9.730		$	9.940		$	9.470
Total Return(2)		4.49	%		9.13	%		1.25	%		8.58	%		(0.33	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	50,528		$	48,354		$	50,692		$	56,413		$	49,188
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		0.86	%		0.89	%		0.87	%		0.91	%		0.98	%
Expenses after custodian fee reduction		0.86	%		0.89	%		0.87	%		0.91	%		0.95	%
Net investment income		3.01	%		3.37	%		3.41	%		3.47	%		3.58	%
Portfolio Turnover		32	%		12	%		11	%		34	%		78	%

⁽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.

25 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Financial Highlights — continued

	AMT-Free Limited Fund — Class C
	Year Ended March 31,
	2013			2012			2011			2010			2009
Net asset value — Beginning of year	$	9.700		$	9.190		$	9.390		$	8.950		$	9.340
Income (Loss) From Operations
Net investment income(1)	$	0.223		$	0.249		$	0.252		$	0.253		$	0.256
Net realized and unrealized gain (loss)		0.134			0.507			(0.203	)		0.435			(0.352	)
Total income (loss) from operations	$	0.357		$	0.756		$	0.049		$	0.688		$	(0.096	)
Less Distributions
From net investment income	$	(0.217	)	$	(0.246	)	$	(0.249	)	$	(0.248	)	$	(0.294	)
Total distributions	$	(0.217	)	$	(0.246	)	$	(0.249	)	$	(0.248	)	$	(0.294	)
Net asset value — End of year	$	9.840		$	9.700		$	9.190		$	9.390		$	8.950
Total Return(2)		3.69	%		8.32	%		0.47	%		7.74	%		(1.02	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	17,640		$	15,867		$	13,477		$	14,598		$	10,743
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.61	%		1.63	%		1.62	%		1.66	%		1.74	%
Expenses after custodian fee reduction		1.61	%		1.63	%		1.62	%		1.66	%		1.71	%
Net investment income		2.26	%		2.61	%		2.67	%		2.71	%		2.82	%
Portfolio Turnover		32	%		12	%		11	%		34	%		78	%

⁽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.

26 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Financial Highlights — continued

	AMT-Free Limited Fund — Class I
	Year Ended March 31,						Period Ended March 31,  2011(1)
	2013			2012
Net asset value — Beginning of period	$	10.270		$	9.730		$	10.160
Income (Loss) From Operations
Net investment income	$	0.323	(2)	$	0.351	(2)	$	0.235
Net realized and unrealized gain (loss)		0.161			0.540			(0.430	)
Total income (loss) from operations	$	0.484		$	0.891		$	(0.195	)
Less Distributions
From net investment income	$	(0.324	)	$	(0.351	)	$	(0.235	)
Total distributions	$	(0.324	)	$	(0.351	)	$	(0.235	)
Net asset value — End of period	$	10.430		$	10.270		$	9.730
Total Return(3)		4.74	%		9.29	%		(2.11	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,148		$	1,026		$	78
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.71	%		0.73	%		0.72	%(6)
Net investment income		3.09	%		3.44	%		3.76	%(6)
Portfolio Turnover		32	%		12	%		11	%(7)

⁽¹⁾  For the period from the commencement of operations on August 3, 2010 to March 31, 2011.

⁽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.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾ Annualized.

⁽⁷⁾  For the Fund’s year ended March 31, 2011.

27 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Financial Highlights — continued

	National Limited Fund — Class A
	Year Ended March 31,
	2013			2012			2011			2010			2009
Net asset value — Beginning of year	$	10.230		$	9.750		$	10.010		$	9.200		$	9.930
Income (Loss) From Operations
Net investment income(1)	$	0.336		$	0.364		$	0.382		$	0.398		$	0.394
Net realized and unrealized gain (loss)		0.152			0.482			(0.263	)		0.804			(0.733	)
Total income (loss) from operations	$	0.488		$	0.846		$	0.119		$	1.202		$	(0.339	)
Less Distributions
From net investment income	$	(0.338	)	$	(0.366	)	$	(0.379	)	$	(0.392	)	$	(0.391	)
Total distributions	$	(0.338	)	$	(0.366	)	$	(0.379	)	$	(0.392	)	$	(0.391	)
Net asset value — End of year	$	10.380		$	10.230		$	9.750		$	10.010		$	9.200
Total Return(2)		4.88	%		8.69	%		1.17	%		13.22	%		(3.50	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	343,994		$	351,754		$	339,380		$	410,009		$	500,869
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.66	%		0.68	%		0.69	%		0.71	%		0.72	%
Interest and fee expense(3)		—			0.00	%(4)		0.01	%		0.01	%		0.02	%
Total expenses before custodian fee reduction		0.66	%		0.68	%		0.70	%		0.72	%		0.74	%
Expenses after custodian fee reduction excluding interest and fees		0.66	%		0.68	%		0.69	%		0.71	%		0.71	%
Net investment income		3.22	%		3.61	%		3.82	%		4.05	%		4.12	%
Portfolio Turnover		14	%		16	%		21	%		14	%		33	%

⁽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 residual interest bond transactions (see Note 1I).

⁽⁴⁾  Amount is less than 0.005%.

28 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Financial Highlights — continued

	National Limited Fund — Class B
	Year Ended March 31,
	2013			2012			2011			2010			2009
Net asset value — Beginning of year	$	10.230		$	9.760		$	10.020		$	9.200		$	9.940
Income (Loss) From Operations
Net investment income(1)	$	0.258		$	0.289		$	0.307		$	0.324		$	0.322
Net realized and unrealized gain (loss)		0.162			0.471			(0.263	)		0.815			(0.745	)
Total income (loss) from operations	$	0.420		$	0.760		$	0.044		$	1.139		$	(0.423	)
Less Distributions
From net investment income	$	(0.260	)	$	(0.290	)	$	(0.304	)	$	(0.319	)	$	(0.317	)
Total distributions	$	(0.260	)	$	(0.290	)	$	(0.304	)	$	(0.319	)	$	(0.317	)
Net asset value — End of year	$	10.390		$	10.230		$	9.760		$	10.020		$	9.200
Total Return(2)		4.10	%		7.88	%		0.42	%		12.50	%		(4.34	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	3,553		$	4,768		$	4,955		$	6,157		$	6,130
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.41	%		1.43	%		1.44	%		1.46	%		1.47	%
Interest and fee expense(3)		—			0.00	%(4)		0.01	%		0.01	%		0.02	%
Total expenses before custodian fee reduction		1.41	%		1.43	%		1.45	%		1.47	%		1.49	%
Expenses after custodian fee reduction excluding interest and fees		1.41	%		1.43	%		1.44	%		1.46	%		1.46	%
Net investment income		2.48	%		2.86	%		3.06	%		3.29	%		3.37	%
Portfolio Turnover		14	%		16	%		21	%		14	%		33	%

⁽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 residual interest bond transactions (see Note 1I).

⁽⁴⁾  Amount is less than 0.005%.

29 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Financial Highlights — continued

	National Limited Fund — Class C
	Year Ended March 31,
	2013			2012			2011			2010			2009
Net asset value — Beginning of year	$	9.590		$	9.150		$	9.390		$	8.630		$	9.310
Income (Loss) From Operations
Net investment income(1)	$	0.241		$	0.271		$	0.287		$	0.303		$	0.302
Net realized and unrealized gain (loss)		0.152			0.441			(0.242	)		0.756			(0.685	)
Total income (loss) from operations	$	0.393		$	0.712		$	0.045		$	1.059		$	(0.383	)
Less Distributions
From net investment income	$	(0.243	)	$	(0.272	)	$	(0.285	)	$	(0.299	)	$	(0.297	)
Total distributions	$	(0.243	)	$	(0.272	)	$	(0.285	)	$	(0.299	)	$	(0.297	)
Net asset value — End of year	$	9.740		$	9.590		$	9.150		$	9.390		$	8.630
Total Return(2)		4.10	%		7.87	%		0.46	%		12.39	%		(4.20	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	144,911		$	138,971		$	133,071		$	143,883		$	104,893
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.41	%		1.43	%		1.44	%		1.46	%		1.47	%
Interest and fee expense(3)		—			0.00	%(4)		0.01	%		0.01	%		0.02	%
Total expenses before custodian fee reduction		1.41	%		1.43	%		1.45	%		1.47	%		1.49	%
Expenses after custodian fee reduction excluding interest and fees		1.41	%		1.43	%		1.44	%		1.46	%		1.46	%
Net investment income		2.47	%		2.86	%		3.06	%		3.28	%		3.38	%
Portfolio Turnover		14	%		16	%		21	%		14	%		33	%

⁽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 residual interest bond transactions (see Note 1I).

⁽⁴⁾ Amount is less than 0.005%.

30 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Financial Highlights — continued

	National Limited Fund — Class I
	Year Ended March 31,									Period Ended March 31,  2010(1)
	2013			2012			2011
Net asset value — Beginning of year	$	10.230		$	9.760		$	10.010		$	10.180
Income (Loss) From Operations
Net investment income(2)	$	0.351		$	0.378		$	0.395		$	0.206
Net realized and unrealized gain (loss)		0.152			0.473			(0.251	)		(0.190	)
Total income from operations	$	0.503		$	0.851		$	0.144		$	0.016
Less Distributions
From net investment income	$	(0.353	)	$	(0.381	)	$	(0.394	)	$	(0.186	)
Total distributions	$	(0.353	)	$	(0.381	)	$	(0.394	)	$	(0.186	)
Net asset value — End of year	$	10.380		$	10.230		$	9.760		$	10.010
Total Return(3)		5.04	%		8.74	%		1.43	%		0.17	%(4)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	228,148		$	229,815		$	175,007		$	98,250
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.51	%		0.53	%		0.54	%		0.58	%(5)
Interest and fee expense(6)		—			0.00	%(7)		0.01	%		0.01	%(5)
Total expenses before custodian fee reduction		0.51	%		0.53	%		0.55	%		0.59	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.51	%		0.53	%		0.54	%		0.58	%(5)
Net investment income		3.37	%		3.75	%		3.95	%		4.11	%(5)
Portfolio Turnover		14	%		16	%		21	%		14	%(8)

⁽¹⁾ For the period from the commencement of operations on October 1, 2009 to March 31, 2010.

⁽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.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

⁽⁶⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

⁽⁷⁾ Amount is less than 0.005%.

⁽⁸⁾ For the Fund’s year ended March 31, 2010.

31 See Notes to Financial Statements.

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

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 five funds, two of which, each diversified, are included in these financial statements. They include Eaton Vance AMT-Free Limited Maturity Municipal Income Fund (AMT-Free Limited Fund) and Eaton Vance National Limited Maturity Municipal Income Fund (National Limited Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds’ investment objective is to provide current income exempt from regular federal income tax and limited principal fluctuation. The AMT-Free Limited Fund offers three classes of shares and the National Limited Fund offers four 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 I shares are sold at net asset value and are not subject to a sales charge. Class B shares 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 the Funds’ prospectus. Beginning January 1, 2012, Class B shares are only available for purchase upon exchange from another Eaton Vance fund or through reinvestment of distributions. The AMT-Free Limited Fund previously offered Class B shares. Such offering was discontinued during the year ended March 31, 2013. At the close of business on February 22, 2013, the AMT-Free Limited Fund’s Class B shares were merged into Class A shares. 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 provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and 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 purchased with a remaining maturity of 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. 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 fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Federal Taxes — 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, 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. For National Limited Fund, 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, 2013, the following Funds, for federal income tax purposes, had capital loss carryforwards and deferred capital losses 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 current year deferred capital losses are treated as arising on the first day of the Funds’ next taxable year and are treated as

32

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

realized prior to the utilization of the capital loss carryforward. The amounts and expiration dates of the capital loss carryforwards and the amounts of the deferred capital losses are as follows:

Expiration Date	AMT-Free Limited Fund		National Limited Fund
March 31, 2014	$	—	$	213,995
March 31, 2015		25,590		935,617
March 31, 2016		—		7,092,688
March 31, 2017		647,289		12,241,519
March 31, 2018		233,087		12,564,070
March 31, 2019		952,777		6,473,142
Total capital loss carryforward	$	1,858,743	$	39,521,031
Deferred capital losses	$	79,676	$	15,181,584

Included in the amounts above for National Limited Fund is a capital loss carryforward of $3,303,292 as a result of reorganization on September 23, 2011 (see Note 12) and November 5, 2010. Utilization of this capital loss carryforward may be limited in accordance with certain income tax regulations.

As of March 31, 2013, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the custodian agreement, 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 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  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third- parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating

33

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Funds’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year.

At March 31, 2013, the AMT-Free Limited Fund and National Limited Fund had no Floating Rate Notes outstanding. For the year ended March 31, 2013, the AMT-Free Limited Fund and National Limited Fund had no transactions in residual interest bonds.

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2013.

The Funds may also purchase residual interest bonds from brokers in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

J  Financial Futures Contracts — 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.

K  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.

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Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended March 31, 2013 and March 31, 2012 was as follows:

	Year Ended March 31, 2013
	AMT-Free Limited Fund		National Limited Fund
Distributions declared from:
Tax-exempt income	$	1,903,606	$	22,582,481
Ordinary income	$	1,177	$	116,964

	Year Ended March 31, 2012
	AMT-Free Limited Fund		National Limited Fund
Distributions declared from:
Tax-exempt income	$	2,060,460	$	24,110,701
Ordinary income	$	113	$	228,097

During the year ended March 31, 2013, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for accretion of market discount and expenditures on defaulted bonds:

	AMT-Free Limited Fund			National Limited Fund
Change in:
Paid-in capital	$	(995,128	)	$	(1,431,742	)
Accumulated net realized loss	$	1,043,365		$	1,448,854
Accumulated undistributed (distributions in excess of) net investment income	$	(48,237	)	$	(17,112	)

These reclassifications had no effect on the net assets or net asset value per share of the Funds.

As of March 31, 2013, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

	AMT-Free Limited Fund			National Limited Fund
Undistributed tax-exempt income	$	22,216		$	1,018,817
Capital loss carryforward and deferred capital losses	$	(1,938,419	)	$	(54,702,615	)
Net unrealized appreciation	$	6,694,082		$	67,426,765
Other temporary differences	$	(81,282	)	$	(926,077	)

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, the timing of recognizing distributions to shareholders, expenditures on defaulted bonds, defaulted bond interest and accretion of market discount.

35

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to 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) as presented in the following table and is payable monthly.

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

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

For the year ended March 31, 2013, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	AMT-Free Limited Fund			National Limited Fund
Investment Adviser Fee	$	286,286		$	2,952,711
Effective Annual Rate		0.41	%		0.41	%

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, 2013 were as follows:

	AMT-Free Limited Fund		National Limited Fund
EVM’s Sub-Transfer Agent Fees	$	1,160	$	8,730
EVD’s Class A Sales Charges	$	6,405	$	26,733

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations 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, 2013, 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 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, 2013 for Class A shares amounted to the following:

	AMT-Free Limited Fund		National Limited Fund
Class A Distribution and Service Fees	$	74,762	$	521,223

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Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and/or Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B (prior to the close of business on February 22, 2013 for AMT-Free Limited Fund) and Class C Plans, each Fund pays 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, 2013, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% (annualized for Class B of the AMT-Free Limited Fund) of the average daily net assets of each Fund’s Class B and Class C shares:

	AMT-Free Limited Fund		National Limited Fund
Class B Distribution Fees	$	3,674	$	31,724
Class C Distribution Fees	$	127,868	$	1,084,993

At March 31, 2013, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:

	AMT-Free Limited Fund		National Limited Fund
Class B	$	—	$	3,966,000
Class C	$	12,167,000	$	23,920,000

The Class B (prior to the close of business on February 22, 2013 for AMT-Free Limited Fund) 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 sales commissions and distribution fees payable to EVD 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, 2013 amounted to the following:

	AMT-Free Limited Fund		National Limited Fund
Class B Service Fees	$	735	$	6,345
Class C Service Fees	$	25,574	$	216,999

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares (prior to the close of business on February 22, 2013 for AMT-Free Limited Fund) 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 Class B and Class C redemptions

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Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

when no Uncovered Distribution Charges exist are credited to each Fund. For the year ended March 31, 2013, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:

	AMT-Free Limited Fund		National Limited Fund
Class A	$	—	$	4,000
Class B	$	900	$	5,000
Class C	$	1,000	$	10,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended March 31, 2013 were as follows:

	AMT-Free Limited Fund		National Limited Fund
Purchases	$	28,982,583	$	101,878,488
Sales	$	21,970,074	$	121,216,645

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:

AMT-Free Limited Fund
	Year Ended March 31, 2013
	Class A			Class B(1)			Class C			Class I
Sales		1,223,427			6,223			384,231			386,237
Issued to shareholders electing to receive payments of distributions in Fund shares		112,080			655			27,636			4,564
Redemptions		(1,248,139	)		(13,913	)		(256,159	)		(92,927	)
Exchange from Class B shares		7,988			—			—			—
Exchange to Class A shares		—			(7,980	)		—			—
Merger from Class B shares		43,217			—			—			—
Merger to Class A shares		—			(43,196	)		—			—
Net increase (decrease)		138,573			(58,211	)		155,708			297,874
	Year Ended March 31, 2012
	Class A			Class B			Class C			Class I
Sales		833,432			20,854			390,383			114,631
Issued to shareholders electing to receive payments of distributions in Fund shares		111,034			880			26,930			1,918
Redemptions		(1,450,298	)		(37,970	)		(247,856	)		(24,673	)
Exchange from Class B shares		4,453			—			—			—
Exchange to Class A shares		—			(4,453	)		—			—
Net increase (decrease)		(501,379	)		(20,689	)		169,457			91,876

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Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

National Limited Fund
	Year Ended March 31, 2013
	Class A			Class B			Class C			Class I
Sales		5,493,353			53,662			2,636,087			8,630,482
Issued to shareholders electing to receive payments of distributions in Fund shares		885,889			8,023			252,753			123,753
Redemptions		(7,742,491	)		(88,009	)		(2,497,136	)		(9,252,363	)
Exchange from Class B shares		97,696			—			—			—
Exchange to Class A shares		—			(97,616	)		—			—
Net increase (decrease)		(1,265,553	)		(123,940	)		391,704			(498,128	)
	Year Ended March 31, 2012
	Class A			Class B			Class C			Class I
Sales		7,735,677			126,815			2,722,101			10,031,774
Issued to shareholders electing to receive payments of distributions in Fund shares		923,128			9,585			245,188			96,846
Redemptions		(12,414,323	)		(120,782	)		(3,356,207	)		(5,594,372	)
Issued in connection with tax-free reorganizations (see Note 12)		3,259,884			46,192			334,479			98
Exchange from Class B shares		103,495			—			—			—
Exchange to Class A shares		—			(103,457	)		—			—
Net increase (decrease)		(392,139	)		(41,647	)		(54,439	)		4,534,346

⁽¹⁾  Offering of Class B shares of the AMT-Free Limited Fund was discontinued during the year ended March 31, 2013 (see Note 1).

8  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2013, as determined on a federal income tax basis, were as follows:

	AMT-Free Limited Fund			National Limited Fund
Aggregate cost	$	66,128,299		$	647,174,097
Gross unrealized appreciation	$	7,233,149		$	70,757,815
Gross unrealized depreciation		(539,067	)		(3,331,050	)
Net unrealized appreciation	$	6,694,082		$	67,426,765

9  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $600 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 0.08% 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, 2013, the AMT-Free Limited Fund had a balance outstanding pursuant to this line of credit of $2,500,000, at an interest rate of 1.13%. 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, 2013. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 11) at March 31, 2013. The Funds’ average borrowings or allocated fees during the year ended March 31, 2013 were not significant.

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Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

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, 2013 is as follows:

Futures Contracts
Fund	Expiration Month/Year		Contracts	Position	Aggregate Cost			Value			Net Unrealized Depreciation
AMT-Free Limited		6/13	75 U.S. 10-Year Treasury Note	Short	$	(9,805,527	)	$	(9,898,828	)	$	(93,301	)
		6/13	8 U.S. 30-Year Treasury Bond	Short		(1,150,067	)		(1,155,750	)		(5,683	)
National Limited		6/13	62 U.S. 10-Year Treasury Note	Short	$	(8,105,901	)	$	(8,183,031	)	$	(77,130	)
		6/13	203 U.S. 30-Year Treasury Bond	Short		(29,182,959	)		(29,327,157	)		(144,198	)

At March 31, 2013, 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 objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Funds purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values of open 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, 2013 were as follows:

	AMT-Free Limited Fund			National Limited Fund
Liability Derivative:
Futures Contracts	$	(98,984	)(1)	$	(221,328	)(1)
Total	$	(98,984	)	$	(221,328	)

⁽¹⁾  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, 2013 was as follows:

	AMT-Free Limited Fund			National Limited Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(321,867	)(1)	$	(2,206,152	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	(163,300	)(2)	$	(806,314	)(2)

⁽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.

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Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

The average notional amounts of futures contracts outstanding during the year ended March 31, 2013, which are indicative of the volume of this derivative type, were approximately as follows:

	AMT-Free Limited Fund		National Limited Fund
Average Notional Amount:
Futures Contracts	$	8,177,000	$	27,700,000

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.

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

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

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

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

At March 31, 2013, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

AMT-Free Limited Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Investments	$	—		$	72,822,381	$	—	$	72,822,381
Total Investments	$	—		$	72,822,381	$	–	$	72,822,381
Liability Description
Futures Contracts	$	(98,984	)	$	—	$	—	$	(98,984	)
Total	$	(98,984	)	$	—	$	—	$	(98,984	)
National Limited Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Investments	$	—		$	714,600,862	$	—	$	714,600,862
Total Investments	$	—		$	714,600,862	$	—	$	714,600,862
Liability Description
Futures Contracts	$	(221,328	)	$	—	$	—	$	(221,328	)
Total	$	(221,328	)	$	—	$	—	$	(221,328	)

The Funds held no investments or other financial instruments as of March 31, 2012 whose fair value was determined using Level 3 inputs. At March 31, 2013, there were no investments transferred between Level 1 and Level 2 during the year then ended.

41

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Notes to Financial Statements — continued

12  Reorganization

As of the close of business on September 23, 2011, the National Limited Fund acquired the net assets of Eaton Vance New Jersey Limited Maturity Municipal Income Fund (New Jersey Limited Fund) pursuant to a plan of reorganization approved by the shareholders of New Jersey Limited Fund. The purpose of the transaction was to combine two funds managed by BMR with substantially similar investment objectives and policies. The acquisition was accomplished by a tax-free exchange of 3,259,884 shares of Class A of the National Limited Fund (valued at $33,127,013) for the 3,275,936 shares of Class A of New Jersey Limited Fund, 46,192 shares of Class B of the National Limited Fund (valued at $469,668) for the 46,438 shares of Class B of New Jersey Limited Fund, 334,479 shares of Class C of the National Limited Fund (valued at $3,188,414) for the 315,368 shares of Class C of New Jersey Limited Fund, and 98 shares of Class I of the National Limited Fund (valued at $998) for the 99 shares of Class I of New Jersey Limited Fund each outstanding on September 23, 2011. The investment portfolio of New Jersey Limited Fund, with a fair value of $36,398,464 and identified cost of $33,146,730 was the principal asset acquired by the National Limited Fund. For financial reporting purposes, assets received and shares issued by the National Limited Fund were recorded at fair value; however, the identified cost of the investments received from the New Jersey Limited Fund was carried forward to align ongoing reporting of the National Limited Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the National Limited Fund immediately before the acquisition were $676,048,146. The net assets of New Jersey Limited Fund at that date of $36,786,093, including $2,702,517 of accumulated net realized losses and $3,251,734 of unrealized appreciation, were combined with those of the National Limited Fund, resulting in combined net assets of $712,834,239.

Assuming the acquisition had been completed on April 1, 2011, the beginning of the National Limited Fund’s annual reporting period, the National Limited Fund’s pro forma results of operations for the year ended March 31, 2012 were as follows:

Net investment income	$	24,865,260
Net realized loss	$	(10,056,213	)
Net increase in net assets from operations	$	58,599,841

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it was not practicable to separate the amounts of revenue and earnings of New Jersey Limited Fund since September 23, 2011 through the period ended March 31, 2012.

42

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities of Eaton Vance AMT-Free Limited Maturity Municipal Income Fund and Eaton Vance National Limited Maturity Municipal Income Fund (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Investment Trust), including the portfolios of investments, as of March 31, 2013, 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 audits 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, 2013, 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, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance AMT-Free Limited Maturity Municipal Income Fund and Eaton Vance National Limited Maturity Municipal Income Fund as of March 31, 2013, 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 the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

May 17, 2013

43

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in January 2014 will show the tax status of all distributions paid to your account in calendar year 2013. 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 regarding exempt-interest dividends.

Exempt-Interest Dividends.  The Funds designate the following percentages of dividends from net investment income as exempt-interest dividends:

AMT-Free Limited Maturity Municipal Income Fund	99.94	%
National Limited Maturity Municipal Income Fund	99.48	%

44

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

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. Each Trustee oversees 184 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 184 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(1) Director of EVC and Hexavest Inc.
Noninterested Trustees
Scott E. Eston 1956	Trustee	Since 2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years. None.
Benjamin C. Esty 1963	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. Directorships in the Last Five Years.(1) None.
Allen R. Freedman 1940	Trustee	Since 2007	Private Investor. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000). Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).
William H. Park 1947	Trustee	Since 2003	Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(1) None.
Ronald A. Pearlman 1940	Trustee	Since 2003	Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). Directorships in the Last Five Years.(1) None.

45

Eaton Vance

Limited Maturity Municipal Income Funds

March 31, 2013

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Helen Frame Peters 1948	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(1) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Lynn A. Stout 1957	Trustee	Since 1998	Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Directorships in the Last Five Years.(1) None.
Harriett Tee Taggart 1948	Trustee	Since 2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Chairman of the Board and Trustee	Chairman of the Board since 2007 and Trustee since 2005	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & 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). Directorships in the Last Five Years.(1) None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) During Past Five Years
Cynthia J. Clemson 1963	President	Since 2005	Vice President of EVM and BMR.
Payson F. Swaffield 1956	Vice President	Since 2011	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR.
James F. Kirchner(2) 1967	Treasurer	Since 2013	Vice President of EVM and BMR.
Paul M. O’Neil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR.

⁽¹⁾  During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009).

⁽²⁾  Prior to 2013, Mr. Kirchner served as Assistant Treasurer of the Trust since 2007.

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.

46

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Ÿ 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.

Ÿ 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.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) 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 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

439-5/13 LNAMTSRC