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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04443

Eaton Vance Investment Trust

(Exact Name of registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(registrant’s Telephone Number)

March 31

Date of Fiscal Year End

March 31, 2010

Date of Reporting Period

Item 1. Reports to Stockholders

IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

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

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

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

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.

Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010

TABLE OF CONTENTS

Management’s Discussion of Fund Performance	2
Performance Information and Portfolio Composition
AMT-Free	3
National	5
Fund Expenses	7
Financial Statements	9
Board of Trustees’ Annual Approval of the Investment Advisory Agreement	43
Management and Organization	49

1

Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Economic and Market Conditions

During the year ending March 31, 2010, the U.S. economy and the capital markets remained relatively stable, despite continued high unemployment and concerns over the U.S. budget. After contracting slightly in the second quarter of 2009, the U.S. economy grew at annualized rates of 2.2% and 5.7% in the third and fourth quarters of 2009, respectively, and an estimated 3.2% in the first quarter of 2010, according to the U.S. Department of Commerce.

During the 12-month period, the municipal bond market continued to post solid positive performance, driven by demand from investors seeking tax-free income. The Funds’ primary benchmark, the Barclays Capital 7-Year Municipal Bond Index (the Index)—an unmanaged index of intermediate-maturity municipal obligations—gained 6.49% for the period.¹

The appetite for municipal bonds continued to be buoyed by provisions in the American Recovery and Reinvestment Act of 2009 aimed at supporting the municipal market. The new Build America Bond program gave municipal issuers broader access to the taxable debt markets, providing the potential for lower net borrowing costs and reducing the supply of traditional tax-exempt bonds. The federal stimulus program also provided direct cash subsidies to municipalities that were facing record budget deficits. The result of these events was a rally in the latter half of 2009 for the sector as yields fell and prices rose across the yield curve. In the first three months of 2010, the market has been relatively unchanged.

Management Discussion

During the year ending March 31, 2010, the Funds’ Class A shares at net asset value outperformed the Index and their Lipper peer group averages.¹ Management’s relative value approach worked well during this period, as bonds that we felt were oversold were acquired during the market’s low points and performed well when the market recovered. In addition, the Funds were diversified across the yield curve, providing exposure to the longer-maturity bonds within the intermediate-maturity spectrum. These longer bonds outperformed as investors found short-term yields unacceptable and moved into the intermediate sector; as a result, the Funds’ exposure to these securities contributed to their outperformance. Finally, management’s investment down the credit spectrum and higher allocations to revenue bonds also contributed positively to the Funds’ relative performance.

As we move ahead, we recognize that many state and local governments face significant budget deficits that are driven primarily by a steep decline in tax revenues. We will continue to monitor any new developments as state and local officials formulate solutions to address these fiscal problems. As in all environments, we maintain our long-term perspective on the markets against the backdrop of relatively short periods of market volatility. We will continue to actively manage the Funds with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on credit research and decades of experience in the municipal market, will serve municipal investors well over the long term.

Effective December 1, 2009, each Fund changed its name from Eaton Vance [AMT-Free/National] Limited Maturity Municipals Fund to Eaton Vance [AMT-Free/ National] Limited Maturity Municipal Income Fund.

¹ It is not possible to invest directly in an Index or a Lipper classification. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. The Lipper total returns are the average total returns, at net asset value, of the funds that are in the same Lipper Classification as the Funds.

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

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Funds’ current or future investments and may change due to active management.

2

Eaton Vance AMT-Free Limited Maturity Municipal Income Fund as of March 31, 2010

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Performance1	Class A			Class B			Class C
Share Class Symbol	EXFLX			ELFLX			EZFLX
Average Annual Total Returns (at net asset value)
One Year		8.58	%		7.90	%		7.74	%
Five Years		3.22			2.46			2.47
10 Years		4.27			3.51			3.49
Life of Fund†		4.06			3.61			3.08
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		6.11	%		4.90	%		6.74	%
Five Years		2.75			2.46			2.47
10 Years		4.04			3.51			3.49
Life of Fund†		3.89			3.61			3.08

^† Inception dates: Class A: 6/27/96; Class B: 5/29/92; Class C: 12/8/93

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.98	%		1.73	%		1.74	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		3.36	%		2.63	%		2.63	%
Taxable-Equivalent Distribution Rate3,4		5.17			4.05			4.05
SEC 30-day Yield5		2.67			1.96			1.98
Taxable-Equivalent SEC 30-day Yield4,5		4.11			3.02			3.05

Index Performance⁶ (Average Annual Total Returns)

Barclays Capital 7-Year Municipal Bond Index
One Year	6.49	%
Five Years	5.05
10 Years	5.55

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Intermediate Municipal Debt Funds Classification
One Year	8.34	%
Five Years	3.78
10 Years	4.51

Portfolio Manager: Craig R. Brandon, CFA

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 5/29/92.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 would have been valued at $15,201 ($14,863 at the maximum offering price) and $14,098, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

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

¹ Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% — 1st year; 2.5% — 2nd year; 2% - 3rd year; 1% — 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 8/1/09. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value. ⁴ Taxable-equivalent figures assume a maximum 35.00% federal income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶ It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. ⁷ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Intermediate Municipal Debt Funds Classification contained 160, 126 and 75 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

3

Eaton Vance AMT-Free Limited Maturity Municipal Income Fund as of March 31, 2010

PORTFOLIO COMPOSITION

Rating Distribution¹

By total investments

¹ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Fund Statistics

• Number of Issues:	88
• Average Maturity:	13.2 years
• Average Effective Maturity:	8.3 years
• Average Call Protection:	8.0 years
• Average Dollar Price:	$107.66

4

Eaton Vance National Limited Maturity Municipal Income Fund as of March 31, 2010

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Performance1	Class A			Class B			Class C			Class I
Share Class Symbol	EXNAX			ELNAX			EZNAX			EINAX
Average Annual Total Returns (at net asset value)
One Year		13.22	%		12.50	%		12.39	%		N.A.
Five Years		3.65			2.87			2.86			N.A.
10 Years		4.64			3.85			3.85			N.A.
Life of Fund†		4.56			4.02			3.43			0.17	%
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		10.70	%		9.50	%		11.39	%		N.A.
Five Years		3.17			2.87			2.86			N.A.
10 Years		4.40			3.85			3.85			N.A.
Life of Fund†		4.39			4.02			3.43			0.17	%††

†	Inception dates: Class A: 6/27/96; Class B: 5/22/92; Class C: 12/8/93; Class I: 10/1/09
††	Performance is cumulative since inception of share class.

Total Annual
Operating Expenses2	Class A			Class B			Class C			Class I
Expense Ratio		0.74	%		1.49	%		1.49	%		0.59	%

Distribution Rates/Yields	Class A			Class B			Class C			Class I
Distribution Rate3		3.95	%		3.18	%		3.18	%		4.10	%
Taxable-Equivalent Distribution Rate3,4		6.08			4.89			4.89			6.31
SEC 30-day Yield5		3.06			2.37			2.38			3.29
Taxable-Equivalent SEC 30-day Yield4,5		4.71			3.65			3.66			5.06

Index Performance⁶ (Average Annual Total Returns)

Barclays Capital 7-Year Municipal Bond Index
One Year	6.49	%
Five Years	5.05
10 Years	5.55

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Intermediate Municipal Debt Funds Classification
One Year	8.34	%
Five Years	3.78
10 Years	4.51

Portfolio Manager: William H. Ahern, Jr., CFA

*   Source: Lipper, Inc. Class B of the Fund commenced investment operations on 5/22/92.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 and Class I on 10/1/09 (commencement of operations) would have been valued at $15,743 ($15,382 at the maximum offering price), $14,594, and $10,017, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Bond values decline as interest rates rise. For performance as of the most recent month end, please refer to www.eatonvance.com.

¹ Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% — 1st year; 2.5% — 2nd year; 2% - 3rd year; 1% — 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at net asset value. ² Source: Prospectus dated 8/1/09, as supplemented. Includes interest expense of 0.02% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value. ⁴ Taxable-equivalent figures assume a maximum 35.00% federal income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶ It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. ⁷ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Intermediate Municipal Debt Funds Classification contained 160, 126 and 75 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

5

Eaton Vance National Limited Maturity Municipal Income Fund as of March 31, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/10 is as follows:

AAA	19.1	%	B	0.9	%
AA	23.7	%	CCC	0.2	%
A	32.0	%	Not Rated	7.0	%
BBB	17.1	%

Fund Statistics²

• Number of Issues:	248
• Average Maturity:	11.4 years
• Average Effective Maturity:	8.2 years
• Average Call Protection:	7.0 years
• Average Dollar Price:	$103.55
• RIB Leverage3:	0.8%

1	Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	The Fund employs residual interest bond (RIB) financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value). See Note 1I to the financial statements for more information on RIB investments. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 3/31/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

6

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FUND EXPENSES

Example: As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2009 – March 31, 2010).

Actual Expenses: The first section of each table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of each table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual return of the Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in each table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

Eaton Vance AMT-Free Limited Maturity Municipal Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/09)		(3/31/10)		(10/1/09 – 3/31/10)
Actual
Class A		$1,000.00		$989.80		$4.17
Class B		$1,000.00		$987.30		$7.83
Class C		$1,000.00		$986.80		$7.88
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.70		$4.23
Class B		$1,000.00		$1,017.10		$7.95
Class C		$1,000.00		$1,017.00		$8.00

*   Expenses are equal to the Fund’s annualized expense ratio of 0.84% for Class A shares, 1.58% for Class B shares and 1.59% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2009.

7

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FUND EXPENSES CONT’D

Eaton Vance National Limited Maturity Municipal Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/09)		(3/31/10)		(10/1/09 – 3/31/10)
Actual
Class A		$1,000.00		$1,002.60		$3.59
Class B		$1,000.00		$998.90		$7.33
Class C		$1,000.00		$998.90		$7.33
Class I		$1,000.00		$1,001.70		$2.94
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.30		$3.63
Class B		$1,000.00		$1,017.60		$7.39
Class C		$1,000.00		$1,017.60		$7.39
Class I		$1,000.00		$1,022.00		$2.97

*   Class I commenced operations on October 1, 2009. Expenses are equal to the Fund’s annualized expense ratio of 0.72% for Class A shares, 1.47% for Class B shares, 1.47% for Class C shares and 0.59% for Class I shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2009.

8

Eaton Vance AMT-Free Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 95.6%
Principal Amount
(000’s omitted)		Security	Value
Bond Bank — 1.5%
$	1,000	Idaho Board Bank Authority, 5.00%, 9/15/22	$	1,110,580
			$	1,110,580
Education — 15.2%
$	1,000	Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/42	$	1,046,590
	500	Delaware County, PA, (Villanova University), 5.00%, 12/1/20		547,415
	280	Indiana University, IN, 5.00%, 8/1/20		308,988
	1,500	Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.50%, 11/15/36		1,669,005
	1,500	Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38		1,581,435
	500	Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/22		612,630
	1,000	Missouri Health and Educational Facilities Authority, (Washington University), 5.25%, 3/15/18		1,168,270
	1,000	New York Dormitory Authority, (State University Educational Facilities), 5.25% to 5/15/12 (Put Date), 11/15/23		1,078,590
	150	Purdue University, IN, 5.00%, 7/1/21		167,424
	450	Purdue University, IN, 5.00%, 7/1/22		506,660
	1,000	University of Houston, TX, 5.00%, 2/15/21		1,102,770
	1,000	University of Pittsburgh, PA, 5.25%, 9/15/23		1,137,330
			$	10,927,107
Electric Utilities — 9.9%
$	670	California Department of Water Resource Power Supply, 5.00%, 5/1/22	$	726,454
	1,000	Connecticut State Development Authority, (United Illuminating Co.), 5.75% to 2/1/12 (Put Date), 6/1/26		1,049,730
	1,000	Energy Northwest Electric Revenue, WA, (Columbia Station), 5.00%, 7/1/24(1)		1,073,340
	500	Maricopa County, AZ, Pollution Control Corp, (Arizona Public Service Co.), 6.00% to 5/1/14 (Put Date), 5/1/29		525,275
	800	Massachusetts Development Finance Agency, (Dominion Energy Brayton), 5.75% to 5/1/19 (Put Date), 12/1/42		852,352
	1,000	Municipal Electric Authority of Georgia, 5.25%, 1/1/21		1,114,770
	500	Puerto Rico Electric Power Authority, 5.00%, 7/1/23		509,705
	1,000	Seattle, WA, Municipal Light and Power Revenue, 5.25%, 4/1/20		1,126,710
	135	Titus County, TX, Fresh Water Supply District, 4.50%, 7/1/11		139,278
			$	7,117,614
General Obligations — 7.3%
$	150	Henrico County, VA, (Public Improvements), 5.00%, 12/1/20	$	171,485
	2,000	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/17		1,550,980
	1,100	Three Village, NY, Central School District, 4.00%, 5/1/21		1,139,248
	1,500	Virginia, 5.00%, 6/1/28		1,653,420
	645	Will, Grundy, Etc. Counties, IL, Community College District No. 525, 5.50%, 6/1/18		747,026
			$	5,262,159
Hospital — 8.8%
$	1,000	California Health Facilities Financing Authority, (Catholic Healthcare), 5.125%, 7/1/22	$	1,032,740
	1,000	California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/19		1,063,300
	1,000	Fairfax County, VA, Industrial Development Authority, (Inova Health System Hospitals), 5.00%, 5/15/25		1,048,470
	1,000	Highlands County, FL, Health Facilities Authority, (Adventist Health), 5.00%, 11/15/20		1,026,040
	275	Kent, MI, Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47		306,325
	1,365	Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.00% to 7/1/15 (Put Date), 7/1/39		1,475,947
	200	Washington, CA, Township Health Care District, 5.125%, 7/1/17		208,526
	175	Washington, CA, Township Health Care District, 5.25%, 7/1/18		182,114
			$	6,343,462
Insured-Education — 3.1%
$	1,000	New York Dormitory Authority, (New York University), (AMBAC), 5.50%, 7/1/22	$	1,165,740
	1,000	Texas University Systems Financing Revenue, (AGM), 5.00%, 3/15/21		1,070,220
			$	2,235,960

See notes to financial statements

9

Eaton Vance AMT-Free Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Electric Utilities — 2.8%
$	1,000	Northern Municipal Power Agency, MN, (AGC), 5.00%, 1/1/21	$	1,070,830
	850	South Carolina Public Service Authority, (AGM), 5.00%, 1/1/20		926,288
			$	1,997,118
Insured-General Obligations — 4.0%
$	1,000	Massachusetts, (AMBAC), 5.50%, 12/1/23	$	1,185,870
	500	New York, NY, (AGM), 5.00%, 4/1/22		533,250
	1,000	Philadelphia, PA, (AGC), 5.50%, 7/15/16		1,128,150
			$	2,847,270
Insured-Other Revenue — 0.7%
$	500	Saint Johns County, FL, Industrial Development Authority, (Professional Golf Hall of Fame), (NPFG), 5.00%, 9/1/20	$	503,370
			$	503,370
Insured-Special Tax Revenue — 4.7%
$	1,000	Jefferson, LA, Sales Tax, (AGC), 5.00%, 12/1/21	$	1,073,000
	700	Mesa, AZ, Street and Highway Revenue, (AGM), 5.00%, 7/1/20		765,744
	1,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/23		1,013,070
	500	Tamarac, FL, Sales Tax, (FGIC), (NPFG), 5.00%, 4/1/18		530,815
			$	3,382,629
Insured-Transportation — 2.2%
$	1,000	Idaho Housing and Finance Association, (Grant and Revenue Anticipation Bonds Federal Highway Trust Fund), (AGC), 5.25%, 7/15/21	$	1,110,020
	420	New Orleans, LA, Aviation Board Revenue, (AGC), 6.00%, 1/1/23		474,193
			$	1,584,213
Insured-Water and Sewer — 5.0%
$	1,000	Bossier City, LA, Utilities Revenue, (BHAC), 5.00%, 10/1/21	$	1,093,840
	1,000	Portland, OR, Sewer System Revenue, (AGM), 5.00%, 6/15/23		1,096,860
	1,000	Sunrise, FL, Utilities Systems, (AMBAC), 5.50%, 10/1/18		1,098,270
	250	Tallahassee, FL, Consolidated Utility System, (FGIC), (NPFG), 5.50%, 10/1/19		286,200
			$	3,575,170
Nursing Home — 0.2%
$	125	Orange County, FL, Health Facilities Authority, (Westminster Community Care Services), 6.50%, 4/1/12	$	125,760
			$	125,760
Other Revenue — 4.3%
$	900	Buckeye, OH, Tobacco Settlement Financing Authority, 5.125%, 6/1/24	$	833,580
	500	Florida Board of Education, 5.00%, 7/1/19		555,880
	1,000	New York, NY, Transitional Finance Authority, 5.25%, 1/15/27		1,069,610
	530	Virginia Public Building Authority, Public Facilities Revenue, 5.25%, 8/1/20		603,580
			$	3,062,650
Pooled Loans — 2.3%
$	1,500	New Jersey Higher Education Assistance Authority, 5.00%, 6/1/16	$	1,619,610
			$	1,619,610
Senior Living / Life Care — 0.8%
$	275	Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.25%, 12/1/25	$	270,713
	590	North Miami, FL, Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42(2)		327,332
			$	598,045
Special Tax Revenue — 5.3%
$	1,000	Alabama Public School & College Authority, 5.00%, 5/1/19	$	1,114,180
	385	Arbor Greene, FL, Community Development District, 5.00%, 5/1/19		387,218
	500	California State Economic Recovery, 5.00%, 7/1/18		552,560
	310	Concorde Estates, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/11(3)		114,514
	75	Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21		74,933
	135	Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10		117,902
	230	Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12		169,073

See notes to financial statements

10

Eaton Vance AMT-Free Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Special Tax Revenue (continued)
$	85	Fish Hawk, FL, Community Development District II, 7.04%, 11/1/14	$	80,946
	60	Longleaf, FL, Community Development District, 6.20%, 5/1/09(4)		29,868
	500	Mahoning County, OH, (Sales Tax), 5.60%, 12/1/11		523,190
	170	New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13		67,932
	255	North Springs, FL, Improvement District, (Heron Bay), 7.00%, 5/1/19		255,122
	140	North Springs, FL, Improvement District, (Heron Bay North Assessment Area), 5.00%, 5/1/14		119,365
	100	Poinciana West, FL, West Community Development District, 5.875%, 5/1/22		90,053
	20	Sterling Hill, FL, Community Development District, (Capital Improvements), 5.10%, 5/1/11(3)		5,994
	110	Sterling Hill, FL, Community Development District, (Capital Improvements), 5.50%, 11/1/10		95,678
			$	3,798,528
Student Loan — 1.4%
$	1,000	Iowa Student Loan Liquidity Corp., 5.25%, 12/1/22	$	1,015,150
			$	1,015,150
Transportation — 11.1%
$	1,000	Charlotte, NC, Airport Revenue, 5.00%, 7/1/21	$	1,065,160
	1,000	Maryland State Transportation Authority, 5.00%, 7/1/20		1,129,840
	1,250	North Texas Tollway Authority, (Dallas North Tollway System Revenue), 6.00%, 1/1/23		1,368,187
	1,000	Ohio Major New Street Infrastructure Project Revenue, 5.75%, 6/15/19		1,164,880
	1,000	Phoenix, AZ, Civic Improvements Corp., 5.00%, 7/1/21		1,063,840
	1,000	Port Authority of New York and New Jersey, 5.00%, 7/15/23		1,092,690
	1,000	Texas State Transportation Commission First Tier, 5.00%, 4/1/21		1,107,410
			$	7,992,007
Water and Sewer — 5.0%
$	750	Austin, TX, Water and Wastewater System Revenue, 5.00%, 11/15/21	$	833,048
	1,000	Fairfax County, VA, Water Revenue, 5.25%, 4/1/23		1,191,690
	750	Massachusetts Water Pollution Abatement Trusts, 5.00%, 8/1/21		848,962
	670	New York, NY, Municipal Water Finance Authority, 5.00%, 6/15/21		736,142
			$	3,609,842
Total Tax-Exempt Investments — 95.6%
(identified cost $65,757,577)			$	68,708,244

Short-Term Investments — 2.9%
Principal Amount
(000’s omitted)		Description	Value
$	2,113	State Street Bank and Trust Euro Time Deposit, 0.01%, 4/1/10	$	2,113,498
Total Short-Term Investments — 2.9%
(identified cost $2,113,498)			$	2,113,498
Total Investments — 98.5%
(identified cost $67,871,075)			$	70,821,742
Other Assets, Less Liabilities — 1.5%			$	1,087,520
Net Assets — 100.0%			$	71,909,262

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.

At March 31, 2010, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Massachusetts	11.8	%
Others, representing less than 10% individually	86.7	%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 22.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 6.9% of total investments.

See notes to financial statements

11

Eaton Vance AMT-Free Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

(1)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(2)	Security is in default and making only partial interest payments.
(3)	Defaulted bond.
(4)	Defaulted matured bond.

See notes to financial statements

12

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 100.1%
Principal Amount
(000’s omitted)		Security	Value
Cogeneration — 0.4%
$	815	Carbon County, PA, Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10	$	814,699
	575	Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15		538,792
	1,105	Western Generation Agency, OR, (Wauna Cogeneration), (AMT), 5.00%, 1/1/12		1,110,558
			$	2,464,049
Education — 1.7%
$	2,000	Illinois Educational Facility Authority, (Art Institute of Chicago), 4.45% to 3/1/15 (Put Date), 3/1/34	$	2,124,180
	420	Maryland Industrial Development Financing Authority, (Our Lady of Good Counsel High School), 5.50%, 5/1/20		405,182
	250	Maryland State Health and Higher Educational Facilities Authority, (Washington Christian Academy), 5.25%, 7/1/18		107,498
	1,580	Missouri State Health and Educational Facilities Authority, (St. Louis University), 5.50%, 10/1/16		1,841,095
	2,500	New Jersey Educational Facilities Authority, (University of Medicine and Dentistry of New Jersey), 7.125%, 12/1/23		2,837,575
	500	Ohio Higher Educational Facilities Commission, (John Carroll University), 5.00%, 11/15/13		550,125
	250	Ohio State University General Receipts, 5.00%, 12/1/23		275,788
	500	Ohio State University General Receipts, 5.25%, 12/1/17		554,765
	1,700	University of Illinois, 0.00%, 4/1/15		1,472,863
	1,000	University of Illinois, 0.00%, 4/1/16		820,390
			$	10,989,461
Electric Utilities — 9.7%
$	6,705	California Department of Water Resource Power Supply, 5.00%, 5/1/22	$	7,269,963
	2,000	Chesterfield County, VA, Economic Development Authority, (Virginia Electric and Power Co.), 5.00%, 5/1/23		2,130,600
	2,000	Connecticut State Development Authority, Pollution Control Revenue, (Connecticut Light and Power Co.), (AMT), 5.25% to 4/1/10 (Put Date), 5/1/31		2,000,000
	3,200	Massachusetts Development Finance Agency, (Dominion Energy Brayton), 5.75% to 5/1/19 (Put Date), 12/1/42		3,409,408
	3,000	Michigan Strategic Fund Limited Obligation Revenue, (Detroit Edison Co.), 5.625%, 7/1/20		3,188,280
	2,000	Municipal Electric Authority of Georgia, 5.25%, 1/1/21		2,229,540
	3,500	Navajo County, AZ, Pollution Control Corp., 5.50% to 6/1/14 (Put Date), 6/1/34		3,675,735
	3,500	Navajo County, AZ, Pollution Control Corp., 5.75% to 6/1/16 (Put Date), 6/1/34		3,648,470
	2,500	New Hampshire Business Finance Authority Pollution Control, (Central Maine Power Co.), 5.375%, 5/1/14		2,722,500
	3,000	New Hampshire Business Finance Authority Pollution Control, (United Illuminating Co.), (AMT), 7.125% to 2/1/12 (Put Date), 7/1/27		3,181,770
	3,050	New York Energy Research and Development Authority Facility, (AMT), 4.70% to 10/1/12 (Put Date), 6/1/36		3,053,172
	400	Ohio Air Quality Development Authority, (First Energy), 5.625%, 6/1/18		421,332
	5,000	Pennsylvania Economic Development Financing Authority, Pollution Control, (PPL Electric Utility Corp.), 4.85% to 10/1/10 (Put Date), 10/1/23		5,053,400
	6,500	Rapides Finance Authority, LA, (Cleco Power LLC), (AMT), 5.25% to 3/1/13 (Put Date), 11/1/37		6,873,620
	3,000	Rapides Finance Authority, LA, (Cleco Power LLC), (AMT), 6.00% to 10/1/11 (Put Date), 10/1/38		3,144,120
	1,250	Sam Rayburn, TX, Municipal Power Agency, Power Supply System, 6.00%, 10/1/16		1,314,388
	1,365	Titus County, TX, Fresh Water Supply District, 4.50%, 7/1/11		1,408,257
	6,500	Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		6,747,650
	2,500	Wake County, NC, Industrial Facilities and Pollution Control Financing Authority, (Carolina Power and Light Co.), 5.375%, 2/1/17		2,651,025
			$	64,123,230
Escrowed / Prerefunded — 2.6%
$	45	Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), Escrowed to Maturity, 5.00%, 11/15/16	$	52,138
	65	Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), Prerefunded to 11/15/16, 5.125%, 11/15/20		75,805
	85	Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), Prerefunded to 11/15/16, 5.125%, 11/15/22		99,130
	3,000	Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20		3,477,690
	2,000	Michigan Hospital Finance Authority, (Henry Ford Health System), Prerefunded to 3/1/13, 5.50%, 3/1/14		2,234,080

See notes to financial statements

13

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Escrowed / Prerefunded (continued)
$	1,235	New Jersey Educational Facilities Authority, (Steven’s Institute of Technology), Escrowed to Maturity, 5.00%, 7/1/12	$	1,345,915
	250	New York, NY, Prerefunded to 12/1/11, 5.625%, 12/1/13		270,560
	1,195	North Carolina Eastern Municipal Power Agency, Escrowed to Maturity, 4.00%, 1/1/18		1,298,057
	2,000	Orange County, FL, Health Facilities Authority, (Adventist Health System), Prerefunded to 11/15/12, 5.25%, 11/15/18		2,205,880
	165	Richland County, OH, Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22		172,717
	5,000	Triborough Bridge and Tunnel Authority, NY, Escrowed to Maturity, 5.50%, 1/1/17		5,760,400
			$	16,992,372
General Obligations — 6.8%
$	1,000	Chemeketa, OR, Community College District, 5.50%, 6/15/22	$	1,142,750
	395	Franklin County, OH, 5.00%, 12/1/12		437,143
	500	Hamilton, OH, School District, 6.15%, 12/1/15		598,740
	10,000	Maryland State and Local Facilities, 5.00%, 8/1/18		11,431,200
	2,985	Michigan, 6.00%, 11/1/22		3,375,587
	7,000	Michigan Municipal Bond Authority, 9.50%, 8/20/10		6,990,970
	785	New York, NY, 5.625%, 12/1/13		846,662
	15,320	Salem-Keizer, OR, School District No. 24, 0.00%, 6/15/23		8,436,724
	10,000	Wake County, NC, 5.00%, 2/1/16		11,509,900
			$	44,769,676
Health Care-Miscellaneous — 0.0%
$	202	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(1)	$	206,594
			$	206,594
Hospital — 8.1%
$	6,500	California Health Facilities Financing Authority, (Catholic Healthcare), 5.125%, 7/1/22	$	6,712,810
	3,000	Cuyahoga County, OH, (Cleveland Clinic Health System), 6.00%, 1/1/17		3,332,100
	6,000	Dauphin County, PA, General Authority Health System, (Pinnacle Health System), 5.75%, 6/1/20		6,459,780
	2,500	Henderson, NV, Health Care Facilities, (Catholic Healthcare West), 5.00%, 7/1/13		2,685,725
	1,205	Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), 5.00%, 11/15/16		1,316,402
	1,860	Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), 5.125%, 11/15/20		1,929,080
	2,835	Highlands County, FL, Health Facilities Authority, (Adventist Bolingbrook), 5.125%, 11/15/22		2,910,836
	2,760	Kent, MI, Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47		3,074,392
	1,000	Lexington County, SC, (Health Services, Inc.), 5.00%, 11/1/15		1,094,710
	1,250	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/22		1,319,050
	7,470	Michigan Hospital Finance Authority, (Ascension Health Care), 5.00% to 11/1/12 (Put Date), 11/1/27(2)		8,007,964
	1,000	Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21		1,001,830
	2,000	Michigan Hospital Finance Authority, (Oakwood Obligations Group), 5.00%, 7/15/12		2,115,440
	1,750	Michigan Hospital Finance Authority, (Oakwood Obligations Group), 5.00%, 7/15/13		1,862,893
	2,000	New York Dormitory Authority, (NYU Hospital Center), 5.25%, 7/1/24		1,958,600
	955	Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.125%, 10/1/26		942,451
	970	Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.375%, 10/1/23		992,824
	85	Richland County, OH, Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22		86,531
	2,000	South Carolina Jobs Economic Development Authority, (Palmetto Health Alliance), 6.00%, 8/1/12		2,152,580
	1,000	University of Kansas Hospital Authority, 5.00%, 9/1/16		1,095,140
	250	University of Kansas Hospital Authority, 5.00%, 9/1/17		269,888
	1,750	Washington Township, CA, Health Care District Revenue, 5.75%, 7/1/24		1,800,383
			$	53,121,409
Housing — 0.5%
$	2,500	California Housing Finance Agency, (AMT), 4.75%, 8/1/21	$	2,291,775
	600	Georgia Private Colleges and Universities Authority, Student Housing Revenue, (Mercer Housing Corp.), 6.00%, 6/1/31		570,990
	165	Ohio Housing Finance Agency, (AMT), 4.55%, 9/1/11		169,416

See notes to financial statements

14

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Housing (continued)
$	630	Sandoval County, NM, MFMR, 6.00%, 5/1/32(1)	$	517,085
	95	Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/49(3)		57,000
			$	3,606,266
Industrial Development Revenue — 10.0%
$	385	Austin, TX, (CargoPort Development LLC), (AMT), 8.30%, 10/1/21	$	372,730
	1,500	Dallas-Fort Worth, TX, International Airport Facilities Improvements Corp., (AMT), 9.00% to 5/1/15 (Put Date), 5/1/29		1,501,965
	1,905	Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32		1,584,750
	2,110	DeSoto Parish, LA, (International Paper Co.), (AMT), 5.00%, 11/1/18		2,076,409
	3,500	Gilliam County, OR, Solid Waste Revenue, 6.00% to 5/3/10 (Put Date), 8/1/25		3,510,535
	2,000	Gulf Coast, TX, Waste Disposal Authority, (Waste Management), (AMT), 4.55%, 4/1/12		2,060,920
	1,630	Houston, TX, Industrial Development Corp., (AMT), 6.375%, 1/1/23		1,502,208
	9,990	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.50%, 10/1/37		10,486,103
	1,000	Michigan Strategic Fund, (Waste Management, Inc.), (AMT), 4.50%, 12/1/13		1,037,580
	5,650	Mission, TX, Economic Development Corp., (Allied Waste Industries), (AMT), 5.20%, 4/1/18		5,665,481
	1,425	Mississippi Business Finance Corp., (Air Cargo), (AMT), 7.25%, 7/1/34		1,173,231
	1,440	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/19		1,382,458
	3,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 7.50%, 8/1/16		3,003,720
	2,750	New York, NY, Industrial Development Agency, (Terminal One Group), (AMT), 5.50%, 1/1/14		2,953,555
	5,000	New York, NY, Industrial Development Agency, (Terminal One Group), (AMT), 5.50%, 1/1/15		5,372,650
	1,950	Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15		1,967,843
	10,175	St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37		9,595,636
	3,325	Toledo-Lucas County, OH, Port Authority, (Cargill, Inc.), 4.50%, 12/1/15		3,524,267
	7,915	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		7,104,979
			$	65,877,020
Insured-Education — 1.3%
$	665	Cleveland-Cuyahoga County, OH, Port Authority, (Euclid Avenue Housing Corp.), (AMBAC), 5.00%, 8/1/21	$	638,919
	2,025	New York Dormitory Authority, (Educational Housing Services), (AMBAC), 5.25%, 7/1/21		2,090,002
	5,150	New York Dormitory Authority, (Rochester Institute of Technology), (AMBAC), 5.25%, 7/1/22		5,624,624
	500	Southern Illinois University, Housing and Auxiliary Facilities, (NPFG), 0.00%, 4/1/17		369,270
			$	8,722,815
Insured-Electric Utilities — 3.5%
$	5,335	California Pollution Control Financing Authority, (Pacific Gas and Electric Co.), Series B, (FGIC), (AMT), 4.75%, 12/1/23	$	5,173,403
	750	California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16		773,460
	8,000	Hillsborough County, FL, Industrial Development Authority, Pollution Control Revenue, (Tampa Electric Co.), (AMBAC), 5.00% to 3/15/12 (Put Date), 12/1/34		8,394,320
	3,000	Illinois Municipal Electric Agency Power Supply, (FGIC), (NPFG), 5.25%, 2/1/16		3,356,430
	4,225	Long Island Power Authority, NY, (FGIC), (NPFG), 5.25%, 12/1/19		4,495,696
	1,000	Puerto Rico Electric Power Authority, (XLCA), 5.375%, 7/1/18		1,086,960
			$	23,280,269
Insured-Escrowed / Prerefunded — 2.2%
$	425	Metropolitan Transportation Authority, NY, Commuter Facilities, (AMBAC), Escrowed to Maturity, 5.00%, 7/1/20	$	426,526
	1,000	Metropolitan Transportation Authority, NY, Transit Facilities, (FGIC), Prerefunded to 10/1/15, 4.50%, 4/1/18		1,136,290
	3,000	Montgomery, AL, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.00%, 11/15/17		3,394,410
	2,000	Montgomery, AL, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.00%, 11/15/18		2,262,940
	1,000	Montgomery, AL, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.00%, 11/15/22		1,131,470

See notes to financial statements

15

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Escrowed / Prerefunded (continued)
$	5,000	Montgomery, AL, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.00%, 11/15/24	$	5,657,350
	350	Ohio Higher Educational Facilities Authority, (Xavier University), (CIFG), Prerefunded to 5/1/16, 5.00%, 5/1/22		401,257
			$	14,410,243
Insured-General Obligations — 7.6%
$	200	Amherst, OH, School District, (FGIC), (NPFG), 5.25%, 12/1/11	$	212,750
	250	Athens, OH, City School District, (AGM), 5.25%, 12/1/10		258,640
	8,000	Boston, MA, (NPFG), 0.125%, 3/1/22		5,114,960
	265	Clinton Massie, OH, Local School District, (AMBAC), 0.00%, 12/1/11		258,786
	225	Finneytown, OH, Local School District, (FGIC), (NPFG), 6.15%, 12/1/11		243,558
	1,000	Hilliard, OH, School District, (FGIC) (NPFG), 0.00%, 12/1/14		905,350
	500	Hillsborough Township, NJ, School District, (AGM), 5.375%, 10/1/18		592,015
	5,000	Jackson Township, NJ, School District, (Baptist Healthcare Systems), (NPFG), 5.25%, 6/15/23		5,954,350
	1,055	Linn County, OR, Community School District No. 9, (Lebanon), (FGIC), (NPFG), 6.15%, 6/15/21		1,234,582
	625	Linn County, OR, Community School District No. 9, (Lebanon), (FGIC), (NPFG), 6.15%, 6/15/22		733,944
	10,000	Miami, FL, (Homeland Defense), (NPFG), 5.00%, 1/1/19		10,417,600
	5,580	New Orleans, LA, (NPFG), 5.25%, 12/1/15		6,118,302
	3,440	Philadelphia, PA, (AGC), 5.25%, 7/15/15		3,857,237
	175	Scioto Valley and Ross County, OH, School District, (FGIC), (NPFG), 0.00%, 12/1/11		170,067
	2,300	Springfield, OH, City School District, (AMBAC), 4.30%, 12/1/14		2,430,663
	1,000	St. Louis, MO, Board of Education, (AGM), 0.00%, 4/1/16		847,490
	500	Strongsville, OH, City School District, (NPFG), 5.375%, 12/1/12		557,275
	670	Upper Arlington, OH, City School District, (AGM), 5.00%, 12/1/21		719,352
	10,000	Washington, (AMBAC), 0.00%, 12/1/22		5,879,000
	4,275	West Virginia, (FGIC), (NPFG), 6.15%, 11/1/21		2,681,622
	460	Wyoming School District, (FGIC), (NPFG), 6.15%, 12/1/17		534,042
			$	49,721,585
Insured-Hospital — 1.8%
$	500	Cuyahoga County, OH, (MetroHealth System), (NPFG), 5.50%, 2/15/12	$	532,590
	1,000	Harris County, TX, Hospital District, (NPFG), 5.00%, 2/15/11		1,030,670
	1,000	Harris County, TX, Hospital District, (NPFG), 5.00%, 2/15/12		1,056,490
	1,000	Harris County, TX, Hospital District, (NPFG), 5.00%, 2/15/13		1,070,830
	500	Harris County, TX, Hospital District, (NPFG), 5.00%, 2/15/14		540,180
	3,405	Waco, TX, Health Facilities Development Corp., (Hillcrest Health System), (NPFG), 5.00%, 8/1/19		3,533,232
	3,745	Waco, TX, Health Facilities Development Corp., (Hillcrest Health System), (NPFG), 5.00%, 8/1/20		3,857,987
			$	11,621,979
Insured-Industrial Development Revenue — 0.1%
$	500	Akron, OH, Economic Development, (NPFG), 6.00%, 12/1/12	$	535,405
			$	535,405
Insured-Lease Revenue / Certificates of Participation — 0.7%
$	2,000	New York Dormitory Authority, (SUNY), (XLCA), 5.25% to 7/1/13 (Put Date), 7/1/32	$	2,218,820
	500	Ohio Building Authority, (AGM), 5.50%, 10/1/11		535,905
	2,100	Texas Public Finance Authority, (NPFG), 0.00%, 2/1/12		2,038,638
			$	4,793,363
Insured-Other Revenue — 2.0%
$	10,285	Citizens Property Insurance Corp., FL, (Senior Secured High Risk Account), (NPFG), 5.00%, 3/1/13	$	10,856,537
	500	Cleveland, OH, Parking Facilities, (AGM), 5.25%, 9/15/20		520,820
	1,000	Louisiana Public Facility Authority, (Roman Catholic Church of New Orleans), (CIFG), 5.00%, 7/1/19		1,015,720
	1,000	Missouri Development Finance Board Cultural Facility, (Nelson Gallery Foundation), (NPFG), 5.25%, 12/1/14		1,075,160
			$	13,468,237

See notes to financial statements

16

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Pooled Loans — 2.9%
$	5,000	Louisiana Public Facility Authority, (Hurricane Recovery), (AMBAC), 5.00%, 6/1/19	$	5,284,050
	14,205	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.60%, 1/1/22		13,654,840
			$	18,938,890
Insured-Special Tax Revenue — 5.8%
$	3,000	Arlington, TX, (Dallas Cowboys), (NPFG), 5.00%, 8/15/34	$	3,007,530
	5,000	Denver, CO, City and County Excise Tax Revenue, (AGC), 6.00%, 9/1/23		5,620,550
	6,040	Denver, CO, Convention Center, (XLCA), 5.25%, 12/1/22		5,844,244
	10,000	Garden State Preservation Trust, NJ, Open Space and Farmland, (AGM), 5.25%, 11/1/20		11,768,800
	5,000	Massachusetts, Special Obligation, (AGM), 5.50%, 6/1/21		6,001,050
	4,920	Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 6.15%, 1/1/29		5,571,900
	250	Puerto Rico Infrastructure Financing Authority, (FGIC), 5.50%, 7/1/19		259,147
			$	38,073,221
Insured-Student Loan — 1.2%
$	7,500	Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27	$	7,796,025
			$	7,796,025
Insured-Transportation — 6.2%
$	2,295	Chicago, IL, O’Hare International Airport, (NPFG), (AMT), 5.75%, 1/1/17	$	2,376,243
	250	Cleveland, OH, Airport System, (AGM), 5.00%, 1/1/23		253,843
	1,000	Denver, CO, City and County Airport, (AGM), (AMT), 5.00%, 11/15/11		1,060,370
	1,000	Houston, TX, Airport System, (FGIC), (NPFG), (AMT), 5.50%, 7/1/12		1,062,890
	1,045	Idaho Housing and Finance Association, (Grant and Revenue Anticipation Bonds Federal Highway Trust Fund), (AGC), 5.25%, 7/15/21		1,159,971
	1,000	Idaho Housing and Finance Association, (Grant and Revenue Anticipation Bonds Federal Highway Trust Fund), (AGC), 5.25%, 7/15/25		1,089,230
	2,000	Kenton County, KY, Airport, (Cincinnati/Northern Kentucky), (NPFG), (AMT), 5.625%, 3/1/13		2,124,880
	1,835	Massachusetts Port Authority, (Delta Airlines), (AMBAC), (AMT), 5.50%, 1/1/15		1,738,607
	8,125	Miami-Dade County, FL, Aviation, (NPFG), (AMT), 5.25%, 10/1/15		8,791,900
	1,000	Miami-Dade County, FL, Aviation, (Miami International Airport), (FGIC), (NPFG), (AMT), 5.50%, 10/1/13		1,064,210
	2,000	Minneapolis and St. Paul, MN, Metropolitan Airport Commission, (FGIC), (NPFG), (AMT), 5.25%, 1/1/11		2,059,340
	10,000	New Jersey Transportation Trust Fund Authority, (AGC), 0.00%, 12/15/24		4,769,100
	5,000	New Jersey Transportation Trust Fund Authority, (FGIC), (NPFG), 5.50%, 12/15/20		5,653,200
	1,040	New Orleans, LA, Aviation Board Revenue, (AGC), 6.00%, 1/1/23		1,174,191
	1,750	Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/18		2,028,197
	1,000	Port Seattle, WA, (NPFG), (AMT), 6.00%, 2/1/11		1,039,470
	3,420	St. Louis, MO, Lambert-St. Louis International Airport, (AGM), 5.00%, 7/1/20		3,576,226
			$	41,021,868
Insured-Water and Sewer — 1.0%
$	475	Cleveland, OH, Waterworks, (AGM), 5.375%, 1/1/16	$	507,433
	3,125	Kansas City, MO, Water Revenue, (BHAC), 5.00%, 12/1/23		3,414,500
	2,425	Sunrise, FL, Utilities Systems, (AMBAC), 5.50%, 10/1/18		2,663,305
			$	6,585,238
Lease Revenue / Certificates of Participation — 2.4%
$	5,265	Charleston, SC, Educational Excellence Finance Corp., (Charleston County School District Project), 5.00%, 12/1/20	$	5,567,948
	2,240	Lexington County, SC, One School Facilities Corp., 5.00%, 12/1/20		2,362,192
	1,945	Lexington County, SC, One School Facilities Corp., 5.00%, 12/1/22		2,028,927
	3,385	New Jersey Economic Development Authority, (School Facilities Construction), 5.50%, 9/1/19		3,844,581
	1,755	Newberry, SC, (Newberry County School District Project), 5.25%, 12/1/24		1,740,697
			$	15,544,345
Nursing Home — 0.3%
$	2,365	Connecticut State Development Authority, (Alzheimer’s Resource Center), 5.20%, 8/15/17	$	2,147,727
			$	2,147,727

See notes to financial statements

17

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Other Revenue — 3.7%
$	1,000	Arizona Health Facilities Authority, (Blood Systems, Inc.), 5.00%, 4/1/21	$	1,010,100
	4,470	Buckeye, OH, Tobacco Settlement Financing Authority, 5.125%, 6/1/24		4,140,114
	1,220	Central Falls, RI, Detention Facility Revenue, 7.25%, 7/15/35		1,053,250
	200	Mohegan Tribe, CT, Gaming Authority, 5.375%, 1/1/11(1)		195,984
	4,500	Non-Profit Preferred Funding Trust, Various States, 4.47%, 9/15/37(1)		3,484,035
	4,565	Northern Tobacco Securitization Corp., AK, 4.625%, 6/1/23		4,509,353
	150	Otero County, NM, Jail Project Revenue, 5.50%, 4/1/13		147,438
	700	Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18		630,805
	300	Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		276,534
	5,250	Seminole Tribe, FL, 5.75%, 10/1/22(1)		5,122,215
	1,700	Silicon Valley Tobacco Securitization Authority, CA, 0.00%, 6/1/36		173,281
	2,530	Tennessee Energy Acquisition Corp., 5.25%, 9/1/17		2,654,932
	970	White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/11(1)		931,355
			$	24,329,396
Pooled Loans — 0.7%
$	220	Cuyahoga County, OH, Port Authority, (Garfield Heights), 5.25%, 5/15/23	$	162,037
	1,120	Idaho Board Bank Authority, 5.00%, 9/15/21		1,250,189
	1,595	Ohio Economic Development, (Ohio Enterprise Bond Fund), (AMT), 4.60%, 6/1/20		1,631,190
	1,040	Ohio Economic Development, (Ohio Enterprise Bond Fund), (AMT), 5.25%, 12/1/15		1,096,493
	315	Summit County, OH, Port Authority, (Twinsburg Township), 5.125%, 5/15/25		265,740
			$	4,405,649
Senior Living / Life Care — 0.9%
$	1,105	Arizona Health Facilities Authority, (Care Institute, Inc. - Mesa), 7.625%, 1/1/49(4)	$	738,162
	1,000	California Statewide Communities Development Authority, (Senior Living-Presbyterian Homes), 4.50%, 11/15/16		991,650
	200	Maryland Health and Higher Educational Facilities Authority, (Edenwald), 4.85%, 1/1/13		200,546
	2,245	Maryland Health and Higher Educational Facilities Authority, (King Farm Presbyterian Community), 5.00%, 1/1/17		2,052,783
	625	Massachusetts Development Finance Agency, (Volunteers of America), 5.00%, 11/1/17		583,363
	750	New Jersey Economic Development Authority, (Seabrook Village, Inc.), 5.00%, 11/15/12		757,110
	495	North Miami, FL, Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42(5)		274,626
	460	St. Joseph County, IN, Holy Cross Village, 5.55%, 5/15/19		442,929
			$	6,041,169
Solid Waste — 1.1%
$	4,000	Massachusetts Industrial Finance Agency, (Ogden Haverhill), (AMT), 5.50%, 12/1/13	$	3,830,560
	3,000	Niagara County, NY, Industrial Development Agency, (American Ref-Fuel Co., LLC), (AMT), 5.55% to 11/15/13 (Put Date), 11/15/24		3,089,190
			$	6,919,750
Special Tax Revenue — 2.2%
$	815	Arbor Greene, FL, Community Development District, 5.00%, 5/1/19	$	819,694
	1,078	Bridgeville, DE, (Heritage Shores Special Development District), 5.125%, 7/1/35		846,844
	265	Concorde Estates, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/11(3)		97,891
	230	Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21		229,795
	2,000	Detroit, MI, Downtown Development Authority Tax Increment, 0.00%, 7/1/21		1,036,360
	485	Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10		423,575
	1,955	Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12		1,437,121
	450	Fish Hawk, FL, Community Development District II, 7.04%, 11/1/14		428,535
	250	Frederick County, MD, Urbana Community Development Authority, 6.625%, 7/1/25		250,003
	45	Longleaf, FL, Community Development District, 6.20%, 5/1/09(6)		22,401
	4,000	Mahoning County, OH, (Sales Tax), 5.00%, 12/1/10		4,081,120
	2,000	Mahoning County, OH, (Sales Tax), 5.60%, 12/1/11		2,092,760
	1,130	New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13		451,548
	830	North Springs, FL, Improvement District, (Heron Bay North Assessment Area), 5.00%, 5/1/14		707,666
	1,265	Poinciana West, FL, West Community Development District, 5.875%, 5/1/22		1,139,170

See notes to financial statements

18

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Special Tax Revenue (continued)
$	275	Sterling Hill, FL, Community Development District, (Capital Improvements), 5.10%, 5/1/11(3)	$	82,418
	330	Sterling Hill, FL, Community Development District, (Capital Improvements), 5.50%, 11/1/10		287,034
			$	14,433,935
Transportation — 8.5%
$	1,140	Branson, MO, Regional Airport Transportation Development District, (Branson Airport, LLC), (AMT), 6.00%, 7/1/25	$	827,594
	2,370	Branson, MO, Regional Airport Transportation Development District, (Branson Airport, LLC), (AMT), 6.00%, 7/1/37		1,556,308
	3,000	Georgia State Road and Tollway Authority, (Federal Highway Grant Anticipation Revenue Bonds), 5.00%, 6/1/21		3,319,890
	2,500	Louisiana Offshore Terminal Authority, Deepwater Port Revenue, (Loop, LLC), 5.25%, 9/1/15		2,633,575
	10,000	Maryland Transportation Authority, 5.00%, 3/1/18		11,331,400
	5,000	Metropolitan Washington, DC Airport Authority System, (AMT), 5.50%, 10/1/19		5,362,700
	7,500	Metropolitan Washington, DC Area Transit Authority, (Gross Revenue), 5.25%, 7/1/21		8,421,900
	5,000	New Jersey Transportation Trust Fund Authority, 5.25%, 12/15/21		5,515,350
	5,000	North Texas Tollway Authority, (Dallas North Tollway System Revenue), 6.00%, 1/1/23		5,472,750
	250	Ohio Major New Street Infrastructure Project Revenue, 5.75%, 6/15/19		291,220
	1,000	Port Authority of New York and New Jersey, 5.375%, 3/1/28		1,126,740
	10,000	Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23		10,327,800
			$	56,187,227
Water and Sewer — 4.2%
$	400	Cincinnati, OH, Water System, 4.50%, 12/1/21	$	425,224
	5,000	Fairfax County, VA, Water Authority, 5.00%, 4/1/18(7)		5,662,600
	3,000	Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/25		3,464,550
	500	Ohio Water Development Authority, (Drinking Water), 5.50%, 12/1/14		557,035
	280	Ohio Water Development Authority, Water Pollution Control, (Fresh Water Quality), 5.25%, 6/1/20		328,882
	10,000	Virginia State Resources Authority, Clean Water Revenue, (Revolving Fund), 5.00%, 10/1/19		11,255,700
	5,000	Virginia State Resources Authority, Clean Water Revenue, (Revolving Fund), 5.50%, 10/1/19		5,976,400
			$	27,670,391
Total Tax-Exempt Investments — 100.1%
(identified cost $640,189,922)			$	658,798,804
Other Assets, Less Liabilities — (0.1)%			$	(498,807	)
Net Assets — 100.0%			$	658,299,997

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

MFMR - Multi-Family Mortgage Revenue

NPFG - National Public Finance Guaranty Corp.

SUNY - State University of New York

XLCA - XL Capital Assurance, Inc.

At March 31, 2010, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is less than 10% individually.

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, 2010, 36.3% 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 0.2% to 17.8% of total investments.

(1)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At March 31, 2010, the aggregate value of the securities is $10,457,268 or 1.6% of the Fund’s net assets applicable to common shares.
(2)	Security represents the underlying municipal bond of an inverse floater (see Note 1I).
(3)	Defaulted bond.
(4)	Security is in default with respect to scheduled principal payments.

See notes to financial statements

19

Eaton Vance National Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

(5)	Security is in default and making only partial interest payments.
(6)	Defaulted matured bond.
(7)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See notes to financial statements

20

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

	AMT-Free			National
As of March 31, 2010	Limited Fund			Limited Fund
Assets
Investments —
Identified cost	$	67,871,075		$	640,189,922
Unrealized appreciation		2,950,667			18,608,882
Investments, at value	$	70,821,742		$	658,798,804
Cash	$	—		$	18,856
Interest receivable		941,777			9,428,591
Receivable for investments sold		115,000			1,648,284
Receivable for Fund shares sold		272,394			2,114,865
Total assets	$	72,150,913		$	672,009,400
Liabilities
Payable for floating rate notes issued	$	—		$	4,980,000
Demand note payable		—			2,000,000
Payable for variation margin on open financial futures contracts		21,875			292,500
Payable for Fund shares redeemed		8,617			4,693,184
Distributions payable		100,333			1,093,619
Payable to affiliates:
Investment adviser fee		26,435			256,236
Distribution and service fees		18,990			171,716
Interest expense and fees payable		—			15,923
Accrued expenses		65,401			206,225
Total liabilities	$	241,651		$	13,709,403
Net Assets	$	71,909,262		$	658,299,997
Sources of Net Assets
Paid-in capital	$	71,116,170		$	672,624,957
Accumulated net realized loss		(2,065,439	)		(32,890,084	)
Accumulated undistributed (distributions in excess of) net investment income		(59,078	)		93,007
Net unrealized appreciation		2,917,609			18,472,117
Net Assets	$	71,909,262		$	658,299,997
Class A Shares
Net Assets	$	56,413,014		$	410,009,272
Shares Outstanding		5,673,907			40,954,167
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.94		$	10.01
Maximum Offering Price Per Share
(100 ¸ 97.75 of net asset value per share)	$	10.17		$	10.24
Class B Shares
Net Assets	$	898,303		$	6,157,101
Shares Outstanding		90,310			614,691
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.95		$	10.02
Class C Shares
Net Assets	$	14,597,945		$	143,883,338
Shares Outstanding		1,554,384			15,320,871
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.39		$	9.39
Class I Shares
Net Assets	$	—		$	98,250,286
Shares Outstanding		—			9,813,099
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	—		$	10.01

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

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

See notes to financial statements

21

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Operations

	AMT-Free		National
For the Year Ended March 31, 2010	Limited Fund		Limited Fund
Investment Income
Interest	$	2,764,879	$	32,495,906
Total investment income	$	2,764,879	$	32,495,906
Expenses
Investment adviser fee	$	272,906	$	2,994,694
Distribution and service fees
Class A		74,421		773,775
Class B		8,348		58,724
Class C		113,693		1,122,570
Trustees’ fees and expenses		2,705		25,406
Custodian fee		55,848		262,014
Transfer and dividend disbursing agent fees		22,880		282,023
Legal and accounting services		37,544		60,039
Printing and postage		15,425		49,457
Registration fees		48,414		105,499
Interest expense and fees		—		41,803
Miscellaneous		25,108		83,860
Total expenses	$	677,292	$	5,859,864
Deduct —
Reduction of custodian fee	$	410	$	1,344
Total expense reductions	$	410	$	1,344
Net expenses	$	676,882	$	5,858,520
Net investment income	$	2,087,997	$	26,637,386
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	316,172	$	(750,698	)
Financial futures contracts		176,139		3,216,816
Net realized gain	$	492,311	$	2,466,118
Change in unrealized appreciation (depreciation) —
Investments	$	2,065,982	$	51,283,070
Financial futures contracts		50,207		1,710,888
Net change in unrealized appreciation (depreciation)	$	2,116,189	$	52,993,958
Net realized and unrealized gain	$	2,608,500	$	55,460,076
Net increase in net assets from operations	$	4,696,497	$	82,097,462

See notes to financial statements

22

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended March 31, 2010	AMT-Free			National
Increase (Decrease) in Net Assets	Limited Fund			Limited Fund
From operations —
Net investment income	$	2,087,997		$	26,637,386
Net realized gain from investment transactions and financial futures contracts		492,311			2,466,118
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		2,116,189			52,993,958
Net increase in net assets from operations	$	4,696,497		$	82,097,462
Distributions to shareholders —
From net investment income
Class A	$	(1,678,354	)	$	(20,620,944	)
Class B		(24,587	)		(211,965	)
Class C		(334,438	)		(4,037,795	)
Class I		—			(1,439,461	)
Total distributions to shareholders	$	(2,037,379	)	$	(26,310,165	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	27,924,563		$	165,644,395
Class B		565,003			2,595,590
Class C		4,769,145			52,717,652
Class I		—			106,438,150
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,067,682			14,061,172
Class B		11,839			114,302
Class C		205,988			2,062,896
Class I		—			55,274
Cost of shares redeemed
Class A		(24,323,108	)		(336,328,311	)
Class B		(193,066	)		(1,402,380	)
Class C		(1,670,810	)		(26,249,485	)
Class I		—			(8,582,650	)
Issued in connection with tax-free reorganization (See Note 12)
Class A		—			18,406,510
Class B		—			218,753
Class C		—			868,318
Net asset value of shares exchanged
Class A		496,946			2,046,981
Class B		(496,946	)		(2,046,981	)
Net increase (decrease) in net assets from Fund share transactions	$	8,357,236		$	(9,379,814	)
Net increase in net assets	$	11,016,354		$	46,407,483
Net Assets
At beginning of year	$	60,892,908		$	611,892,514
At end of year	$	71,909,262		$	658,299,997
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(59,078	)	$	93,007

See notes to financial statements

23

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended March 31, 2009	AMT-Free			National
Increase (Decrease) in Net Assets	Limited Fund			Limited Fund
From operations —
Net investment income	$	1,507,516		$	25,297,923
Net realized loss from investment transactions and financial futures contracts		(1,592,052	)		(21,755,755	)
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		799,172			(28,379,788	)
Net increase (decrease) in net assets from operations	$	714,636		$	(24,837,620	)
Distributions to shareholders —
From net investment income
Class A	$	(1,371,482	)	$	(21,507,938	)
Class B		(34,887	)		(187,841	)
Class C		(285,120	)		(3,418,273	)
Total distributions to shareholders	$	(1,691,489	)	$	(25,114,052	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	27,826,205		$	281,851,976
Class B		760,465			4,974,478
Class C		4,902,322			52,306,181
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		806,358			13,822,720
Class B		19,831			95,728
Class C		139,227			1,505,087
Cost of shares redeemed
Class A		(8,637,957	)		(297,658,446	)
Class B		(461,799	)		(1,528,941	)
Class C		(2,560,043	)		(42,078,655	)
Net asset value of shares exchanged
Class A		583,287			3,559,715
Class B		(583,287	)		(3,559,715	)
Net increase in net assets from Fund share transactions	$	22,794,609		$	13,290,128
Net increase (decrease) in net assets	$	21,817,756		$	(36,661,544	)
Net Assets
At beginning of year	$	39,075,152		$	648,554,058
At end of year	$	60,892,908		$	611,892,514
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(91,218	)	$	(123,804	)

See notes to financial statements

24

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	AMT-Free Limited Fund — Class A
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.470		$	9.890		$	10.280		$	10.230		$	10.230
Income (Loss) From Operations
Net investment income(1)	$	0.343		$	0.343		$	0.388		$	0.394		$	0.385
Net realized and unrealized gain (loss)		0.462			(0.377	)		(0.382	)		0.041			(0.005	)
Total income (loss) from operations	$	0.805		$	(0.034	)	$	0.006		$	0.435		$	0.380
Less Distributions
From net investment income	$	(0.335	)	$	(0.386	)	$	(0.396	)	$	(0.385	)	$	(0.380	)
Total distributions	$	(0.335	)	$	(0.386	)	$	(0.396	)	$	(0.385	)	$	(0.380	)
Net asset value — End of year	$	9.940		$	9.470		$	9.890		$	10.280		$	10.230
Total Return(2)		8.58	%		(0.33	)%		0.05	%		4.32	%		3.76	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	56,413		$	49,188		$	29,297		$	33,440		$	36,064
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		0.91	%		0.98	%		0.92	%		0.89	%		0.85	%
Expenses after custodian fee reduction		0.91	%		0.95	%		0.90	%		0.87	%		0.84	%
Net investment income		3.47	%		3.58	%		3.83	%		3.83	%		3.74	%
Portfolio Turnover		34	%		78	%		36	%		18	%		23	%

(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.

See notes to financial statements

25

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	AMT-Free Limited Fund — Class B
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.480		$	9.890		$	10.280		$	10.230		$	10.230
Income (Loss) From Operations
Net investment income(1)	$	0.269		$	0.272		$	0.314		$	0.317		$	0.307
Net realized and unrealized gain (loss)		0.464			(0.371	)		(0.385	)		0.040			(0.007	)
Total income (loss) from operations	$	0.733		$	(0.099	)	$	(0.071	)	$	0.357		$	0.300
Less Distributions
From net investment income	$	(0.263	)	$	(0.311	)	$	(0.319	)	$	(0.307	)	$	(0.300	)
Total distributions	$	(0.263	)	$	(0.311	)	$	(0.319	)	$	(0.307	)	$	(0.300	)
Net asset value — End of year	$	9.950		$	9.480		$	9.890		$	10.280		$	10.230
Total Return(2)		7.90	%		(1.10	)%		(0.71	)%		3.54	%		2.96	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	898		$	962		$	1,256		$	2,760		$	5,925
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.66	%		1.73	%		1.67	%		1.64	%		1.60	%
Expenses after custodian fee reduction		1.66	%		1.71	%		1.65	%		1.62	%		1.59	%
Net investment income		2.72	%		2.82	%		3.09	%		3.08	%		2.98	%
Portfolio Turnover		34	%		78	%		36	%		18	%		23	%

(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.

See notes to financial statements

26

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	AMT-Free Limited Fund — Class C
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	8.950		$	9.340		$	9.700		$	9.660		$	9.650
Income (Loss) From Operations
Net investment income(1)	$	0.253		$	0.256		$	0.295		$	0.299		$	0.291
Net realized and unrealized gain (loss)		0.435			(0.352	)		(0.354	)		0.031			0.004
Total income (loss) from operations	$	0.688		$	(0.096	)	$	(0.059	)	$	0.330		$	0.295
Less Distributions
From net investment income	$	(0.248	)	$	(0.294	)	$	(0.301	)	$	(0.290	)	$	(0.285	)
Total distributions	$	(0.248	)	$	(0.294	)	$	(0.301	)	$	(0.290	)	$	(0.285	)
Net asset value — End of year	$	9.390		$	8.950		$	9.340		$	9.700		$	9.660
Total Return(2)		7.74	%		(1.02	)%		(0.63	)%		3.46	%		3.07	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	14,598		$	10,743		$	8,522		$	9,612		$	13,466
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.66	%		1.74	%		1.67	%		1.64	%		1.60	%
Expenses after custodian fee reduction		1.66	%		1.71	%		1.65	%		1.62	%		1.59	%
Net investment income		2.71	%		2.82	%		3.08	%		3.09	%		2.99	%
Portfolio Turnover		34	%		78	%		36	%		18	%		23	%

(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.

See notes to financial statements

27

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	National Limited Fund — Class A
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.200		$	9.930		$	10.420		$	10.290		$	10.210
Income (Loss) From Operations
Net investment income(1)	$	0.398		$	0.394		$	0.392		$	0.410		$	0.411
Net realized and unrealized gain (loss)		0.804			(0.733	)		(0.488	)		0.134			0.078
Total income (loss) from operations	$	1.202		$	(0.339	)	$	(0.096	)	$	0.544		$	0.489
Less Distributions
From net investment income	$	(0.392	)	$	(0.391	)	$	(0.394	)	$	(0.414	)	$	(0.409	)
Total distributions	$	(0.392	)	$	(0.391	)	$	(0.394	)	$	(0.414	)	$	(0.409	)
Net asset value — End of year	$	10.010		$	9.200		$	9.930		$	10.420		$	10.290
Total Return(2)		13.22	%		(3.50	)%		(0.94	)%		5.38	%		4.88	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	410,009		$	500,869		$	541,176		$	367,010		$	180,401
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.71	%		0.72	%		0.71	%		0.78	%		0.79	%
Interest and fee expense(3)		0.01	%		0.02	%		0.05	%		0.10	%		—
Total expenses before custodian fee reduction		0.72	%		0.74	%		0.76	%		0.88	%		0.79	%
Expenses after custodian fee reduction excluding interest and fees		0.71	%		0.71	%		0.70	%		0.76	%		0.78	%
Net investment income		4.05	%		4.12	%		3.84	%		3.95	%		3.99	%
Portfolio Turnover		14	%		33	%		39	%		38	%		48	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See notes to financial statements

28

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	National Limited Fund — Class B
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.200		$	9.940		$	10.420		$	10.290		$	10.220
Income (Loss) From Operations
Net investment income(1)	$	0.324		$	0.322		$	0.318		$	0.340		$	0.335
Net realized and unrealized gain (loss)		0.815			(0.745	)		(0.482	)		0.127			0.068
Total income (loss) from operations	$	1.139		$	(0.423	)	$	(0.164	)	$	0.467		$	0.403
Less Distributions
From net investment income	$	(0.319	)	$	(0.317	)	$	(0.316	)	$	(0.337	)	$	(0.333	)
Total distributions	$	(0.319	)	$	(0.317	)	$	(0.316	)	$	(0.337	)	$	(0.333	)
Net asset value — End of year	$	10.020		$	9.200		$	9.940		$	10.420		$	10.290
Total Return(2)		12.50	%		(4.34	)%		(1.59	)%		4.60	%		3.99	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	6,157		$	6,130		$	6,512		$	11,435		$	20,610
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.46	%		1.47	%		1.46	%		1.53	%		1.54	%
Interest and fee expense(3)		0.01	%		0.02	%		0.05	%		0.10	%		—
Total expenses before custodian fee reduction		1.47	%		1.49	%		1.51	%		1.63	%		1.54	%
Expenses after custodian fee reduction excluding interest and fees		1.46	%		1.46	%		1.45	%		1.51	%		1.53	%
Net investment income		3.29	%		3.37	%		3.11	%		3.27	%		3.25	%
Portfolio Turnover		14	%		33	%		39	%		38	%		48	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See notes to financial statements

29

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	National Limited Fund — Class C
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	8.630		$	9.310		$	9.770		$	9.640		$	9.580
Income (Loss) From Operations
Net investment income(1)	$	0.303		$	0.302		$	0.297		$	0.316		$	0.313
Net realized and unrealized gain (loss)		0.756			(0.685	)		(0.461	)		0.129			0.059
Total income (loss) from operations	$	1.059		$	(0.383	)	$	(0.164	)	$	0.445		$	0.372
Less Distributions
From net investment income	$	(0.299	)	$	(0.297	)	$	(0.296	)	$	(0.315	)	$	(0.312	)
Total distributions	$	(0.299	)	$	(0.297	)	$	(0.296	)	$	(0.315	)	$	(0.312	)
Net asset value — End of year	$	9.390		$	8.630		$	9.310		$	9.770		$	9.640
Total Return(2)		12.39	%		(4.20	)%		(1.70	)%		4.68	%		3.93	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	143,883		$	104,893		$	100,866		$	81,411		$	77,379
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.46	%		1.47	%		1.46	%		1.53	%		1.54	%
Interest and fee expense(3)		0.01	%		0.02	%		0.05	%		0.10	%		—
Total expenses before custodian fee reduction		1.47	%		1.49	%		1.51	%		1.63	%		1.54	%
Expenses after custodian fee reduction excluding interest and fees		1.46	%		1.46	%		1.45	%		1.51	%		1.53	%
Net investment income		3.28	%		3.38	%		3.10	%		3.24	%		3.25	%
Portfolio Turnover		14	%		33	%		39	%		38	%		48	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See notes to financial statements

30

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	National Limited Fund — Class I
	Period Ended
	March 31, 2010(1)
Net asset value — Beginning of period	$	10.180
Income (Loss) From Operations
Net investment income(2)	$	0.206
Net realized and unrealized loss		(0.190	)
Total income from operations	$	0.016
Less Distributions
From net investment income	$	(0.186	)
Total distributions	$	(0.186	)
Net asset value — End of period	$	10.010
Total Return(3)		0.17	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	98,250
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.58	%(5)
Interest and fee expense(6)		0.01	%(5)
Total expenses before custodian fee reduction		0.59	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.58	%(5)
Net investment income		4.11	%(5)
Portfolio Turnover		14	%(7)

(1)	For the period from the commencement of operations, 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 inverse floater securities transactions (see Note 1I).
(7)	For the Fund’s year ended March 31, 2010.

See notes to financial statements

31

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS

1Significant Accounting Policies

Eaton Vance Investment Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of seven Funds, two of which, each diversified, are included in these financial statements. They include Eaton Vance AMT-Free Limited Maturity Municipal Income Fund (formerly, Eaton Vance AMT-Free Limited Maturity Municipals Fund) (AMT-Free Limited Fund) and Eaton Vance National Limited Maturity Municipal Income Fund (formerly, Eaton Vance National Limited Maturity Municipals Fund) (National Limited Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds seek to provide a high level of current income exempt from regular federal income tax and limited principal fluctuation. AMT-Free Limited Fund offers three classes of shares and 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 of each Fund held for the longer of (i) four years or (ii) the time at which the contingent deferred sales charge applicable to such shares expires will automatically convert to Class A shares as described in each Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America.

AInvestment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations furnished by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations, maturing in sixty days or less, are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

BInvestment 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.

CFederal 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.

32

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

At March 31, 2010, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:

Fund	Amount		Expiration Date
AMT-Free Limited	$	175,227		March 31, 2011
		995,128		March 31, 2013
		25,590		March 31, 2015
		647,289		March 31, 2017
		233,087		March 31, 2018
National Limited	$	1,108,190		March 31, 2011
		1,138,387		March 31, 2012
		1,431,742		March 31, 2013
		37,955		March 31, 2014
		789,428		March 31, 2015
		6,504,810		March 31, 2016
		10,431,480		March 31, 2017
		11,980,924		March 31, 2018

Included in the amounts above for National Limited Fund is a capital loss carryforward of $827,909 as a result of the reorganization (see Note 12). Utilization of this capital loss carryforward may be limited in accordance with certain income tax regulations.

Additionally, at March 31, 2010, the AMT-Free Limited Fund and National Limited Fund had net capital losses of $48,800 and $66,267, respectively, attributable to security transactions incurred after October 31, 2009. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending March 31, 2011.

As of March 31, 2010, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended March 31, 2010 remains subject to examination by the Internal Revenue Service.

DExpenses — 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.

EExpense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

FLegal 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.

GUse 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.

HIndemnifications — 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.

IFloating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in inverse floating rate securities, also referred to as residual interest bonds, whereby a Fund may sell a 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, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the

33

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

broker by the Fund, and which may have been, but is not required to be, the fixed rate bond purchased from the Fund (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate 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 Fixed Rate Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating 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, 2010, the amounts of the National Limited Fund’s Floating Rate Notes outstanding and related collateral were $4,980,000 and $8,007,964, respectively. The interest rate on the Floating Rate Notes outstanding at March 31, 2010 was 0.31%. For the year ended March 31, 2010, the National Limited Fund’s average Floating Rate Notes outstanding and the average interest rate including fees were $4,980,000 and 0.84%, respectively. For the year ended March 31, 2010, the AMT-Free Limited Fund had no transactions in inverse floaters.

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 Fixed Rate 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, 2010.

The Funds may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Funds’ investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities 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 inverse floating rate securities 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. Inverse Floaters held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

JFinancial Futures Contracts — The Funds may enter into financial futures contracts. The Funds’ investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

KWhen-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

34

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

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.

2Distributions to Shareholders

The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards, if any), are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. The Funds distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended March 31, 2010 and March 31, 2009 was as follows:

	Year Ended March 31, 2010
	AMT-Free		National
	Limited Fund		Limited Fund
Distributions declared from:
Tax-exempt income	$	2,036,131	$	26,225,992
Ordinary income	$	1,248	$	84,173

	Year Ended March 31, 2009
	AMT-Free		National
	Limited Fund		Limited Fund
Distributions declared from:
Tax-exempt income	$	1,605,571	$	25,086,973
Ordinary income	$	85,918	$	27,079

During the year ended March 31, 2010, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for accretion of market discount:

	AMT-Free			National
	Limited Fund			Limited Fund
Increase (decrease):
Paid-in capital	$	—		$	(435,527	)
Accumulated net realized gain (loss)	$	18,478		$	545,937
Accumulated undistributed (distributions in excess of) net investment income	$	(18,478	)	$	(110,410	)

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

As of March 31, 2010, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

	AMT-Free			National
	Limited Fund			Limited Fund
Undistributed tax-exempt income	$	41,255		$	1,186,626
Capital loss carryforward and post October losses	$	(2,125,121	)	$	(33,489,183	)
Net unrealized appreciation	$	2,977,291		$	19,071,216
Other temporary differences	$	(100,333	)	$	(1,093,619	)

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, accretion of market discount and inverse floaters.

3Investment 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.

	Annual			Daily
Daily Net Assets	Asset Rate			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, 2010, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Investment		Effective
Fund	Adviser Fee		Annual Rate
AMT-Free Limited	$	272,906		0.43	%
National Limited		2,994,694		0.44

35

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

EVM serves as administrator of each Fund, but receives no compensation. EVM serves as the sub-transfer agent of each Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM and Class A sales charges that the Funds were informed were received by EVD for the year ended March 31, 2010 were as follows:

	EVM’s Sub-
	Transfer Agent		EVD’s Class A
Fund	Fees		Sales Charges
AMT-Free Limited	$	1,039	$	8,011
National Limited		12,431		37,341

Except for Trustees of the Funds who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended March 31, 2010, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4Distribution 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, 2010 for Class A shares amounted to the following:

	Class A
	Distribution and
Fund	Service Fees
AMT-Free Limited	$	74,421
National Limited		773,775

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class B and Class C Plans require each Fund to pay EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. Each Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 3% and 6.25% of the aggregate amount received by each Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the year ended March 31, 2010, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% of the average daily net assets of each Fund’s Class B and Class C shares:

	Class B		Class C
	Distribution		Distribution
Fund	Fees		Fees
AMT-Free Limited	$	6,957	$	94,744
National Limited		48,936		935,475

At March 31, 2010, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:

Fund	Class B		Class C
AMT-Free Limited	$	1,073,000	$	10,497,000
National Limited		1,520,000		19,612,000

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.15% per annum of each Fund’s average daily net assets attributable to Class B and Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the year ended March 31, 2010 amounted to the following:

	Class B		Class C
Fund	Service Fees		Service Fees
AMT-Free Limited	$	1,391	$	18,949
National Limited		9,788		187,095

36

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

5Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within four years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. The CDSC for Class B shares is imposed at declining rates that begin at 3% in the case of redemptions in the first year after purchase, declining half a percentage point in the second and third year and one percentage point in the fourth year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under each Fund’s Class B and Class C Plans. CDSCs received on Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to each Fund. For the year ended March 31, 2010, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:

Fund	Class A		Class B		Class C
AMT-Free Limited	$	6,000	$	—	$	10
National Limited		23,000		9,000		21,000

6Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended March 31, 2010 were as follows:

Fund	Purchases		Sales
AMT-Free Limited	$	27,247,773	$	20,481,658
National Limited		95,242,946		115,392,913

7Shares 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,
Class A	2010			2009
Sales		2,832,449			2,992,848
Issued to shareholders electing to receive payments of distributions in Fund shares		108,254			84,122
Redemptions		(2,511,246	)		(907,639	)
Exchange from Class B shares		50,396			61,223
Net increase		479,853			2,230,554
	Year Ended March 31,
Class B	2010			2009
Sales		57,555			81,336
Issued to shareholders electing to receive payments of distributions in Fund shares		1,198			2,052
Redemptions		(19,599	)		(47,714	)
Exchange to Class A shares		(50,381	)		(61,183	)
Net decrease		(11,227	)		(25,509	)
	Year Ended March 31,
Class C	2010			2009
Sales		509,430			559,392
Issued to shareholders electing to receive payments of distributions in Fund shares		22,072			15,366
Redemptions		(177,839	)		(286,730	)
Net increase		353,663			288,028

National Limited Fund
	Year Ended March 31,
Class A	2010			2009
Sales		16,870,444			29,829,409
Issued to shareholders electing to receive payments of distributions in Fund shares		1,429,534			1,444,865
Redemptions		(33,829,037	)		(31,669,859	)
Issued in connection with tax-free reorganization (see Note 12)		1,811,451			—
Exchange from Class B shares		206,925			370,690
Net decrease		(13,510,683	)		(24,895	)

37

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

National Limited Fund (continued)

	Year Ended March 31,
Class B	2010			2009
Sales		264,011			533,121
Issued to shareholders electing to receive payments of distributions in Fund shares		11,629			9,991
Redemptions		(141,964	)		(161,765	)
Issued in connection with tax-free reorganization (see Note 12)		21,518			—
Exchange to Class A shares		(206,739	)		(370,340	)
Net increase (decrease)		(51,545	)		11,007
	Year Ended March 31,
Class C	2010			2009
Sales		5,683,415			5,916,492
Issued to shareholders electing to receive payments of distributions in Fund shares		223,354			168,622
Redemptions		(2,836,475	)		(4,756,943	)
Issued in connection with tax-free reorganization (see Note 12)		91,100			—
Net increase		3,161,394			1,328,171
	Period Ended
Class I	March 31, 2010(1)
Sales		10,662,477
Issued to shareholders electing to receive payments of distributions in Fund shares		5,468
Redemptions		(854,846	)
Net increase		9,813,099

(1) Class I commenced operations on October 1, 2009.

8Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2010, as determined on a federal income tax basis, were as follows:

AMT-Free Limited Fund
Aggregate cost	$	67,844,451
Gross unrealized appreciation	$	3,795,469
Gross unrealized depreciation		(818,178	)
Net unrealized appreciation	$	2,977,291
National Limited Fund
Aggregate cost	$	634,747,588
Gross unrealized appreciation	$	29,777,088
Gross unrealized depreciation		(10,705,872	)
Net unrealized appreciation	$	19,071,216

9Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. At March 31, 2010, the National Limited Fund had a balance outstanding pursuant to this line of credit of $2,000,000 at an interest rate of 1.41%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at March 31, 2010. The Funds’ average borrowing or allocated fees during the year ended March 31, 2010 were not significant.

10Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at March 31, 2010 is as follows:

38

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

Futures Contracts
										Net
										Unrealized
	Expiration			Aggregate						Appreciation
Fund	Date	Contracts	Position	Cost			Value			(Depreciation)
AMT-Free Limited	6/10	70 U.S. 10-Year Treasury Note	Short	$	(8,104,443	)	$	(8,137,501	)	$	(33,058	)
National Limited	6/10	417 U.S. 10-Year Treasury Note	Short	$	(48,279,321	)	$	(48,476,250	)	$	(196,929	)
		346 U.S. 30-Year Treasury Bond	Short	$	(40,239,414	)	$	(40,179,250	)	$	60,164

At March 31, 2010, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Funds may purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2010 were as follows:

	Fair Value
	Asset Derivative(1)		Liability Derivative(2)
AMT-Free Limited Fund
Futures Contracts	$	—	$	(33,058	)
Total	$	—	$	(33,058	)
National Limited Fund
Futures Contracts	$	60,164	$	(196,929	)
Total	$	60,164	$	(196,929	)

(1)	Amount represents cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.
(2)	Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended March 31, 2010 was as follows:

			Change in
			Unrealized
	Realized Gain		Appreciation
	(Loss) on		(Depreciation) on
	Derivatives		Derivatives
	Recognized in		Recognized in
Fund	Income(1)		Income(2)
AMT-Free Limited	$	176,139	$	50,207
National Limited		3,216,816		1,710,888

(1)	Statement of Operations location: Net realized gain (loss) – Financial futures contracts.
(2)	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional amounts of futures contracts outstanding during the year ended March 31, 2010, which are indicative of the volume of this derivative type, were approximately as follows:

	Futures Contacts
	Average
Fund	Notional Amount
AMT-Free Limited	$	5,500,000
National Limited		84,523,077

11Fair Value Measurements

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2010, the inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

39

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

AMT-Free Limited Fund
	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
Asset Description	(Level 1)			(Level 2)		(Level 3)		Total
Tax-Exempt Investments	$	—		$	68,708,244	$	—	$	68,708,244
Short-Term Investments		—			2,113,498		—		2,113,498
Total Investments	$	—		$	70,821,742	$	—	$	70,821,742
Liability Description
Futures Contracts	$	(33,058	)	$	—	$	—	$	(33,058	)
Total	$	(33,058	)	$	—	$	—	$	(33,058	)
National Limited Fund
	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
Asset Description	(Level 1)			(Level 2)		(Level 3)		Total
Tax-Exempt Investments	$	—		$	658,798,804	$	—	$	658,798,804
Total Investments	$	—		$	658,798,804	$	—	$	658,798,804
Futures Contracts	$	60,164		$	—	$	—	$	60,164
Total	$	60,164		$	658,798,804	$	—	$	658,858,968
Liability Description
Futures Contracts	$	(196,929	)	$	—	$	—	$	(196,929	)
Total	$	(196,929	)	$	—	$	—	$	(196,929	)

The Funds held no investments or other financial instruments as of March 31, 2009 whose fair value was determined using Level 3 inputs.

12Reorganization

As of the close of business on September 25, 2009, the National Limited Fund acquired the net assets of Eaton Vance Ohio Limited Maturity Municipals Fund (Ohio Limited Fund) pursuant to a plan of reorganization approved by the shareholders of Ohio Limited Fund. The acquisition was accomplished by a tax-free exchange of 1,811,451 shares of Class A of the National Limited Fund (valued at $18,406,510) for the 2,701,684 shares of Class A of Ohio Limited Fund, 21,518 shares of Class B of the National Limited Fund (valued at $218,753) for the 38,026 shares of Class B of Ohio Limited Fund, and 91,100 shares of Class C of the National Limited Fund (valued at $868,318) for the 101,823 shares of Class C of Ohio Limited Fund, each outstanding on September 25, 2009. The investment portfolio of Ohio Limited Fund, with a fair value of $19,968,464 and identified cost of $18,777,122 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 Ohio 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 $700,453,624. The net assets of Ohio Limited Fund at that date of $19,493,581, including $1,263,216 of accumulated net realized losses and $1,191,342 of unrealized appreciation, were combined with those of the National Limited Fund, resulting in combined net assets of $719,947,205.

Assuming the acquisition had been completed on April 1, 2009, 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, 2010 are as follows:

Net investment income	$	26,985,587
Net realized gains	$	2,536,752
Net increase in net assets resulting from operations	$	83,359,359

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Ohio Limited Fund that have been included in the National Limited Fund’s Statement of Operations since September 25, 2009.

13Name Change

Effective December 1, 2009, the names of the Eaton Vance AMT-Free Limited Maturity Municipal Income Fund and Eaton Vance National Limited Maturity Municipal Income Fund were changed from Eaton Vance AMT-Free Limited Maturity Municipals Fund and Eaton Vance National Limited Maturity Municipals Fund, respectively.

40

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Eaton Vance Investment
Trust and the Shareholders of Eaton Vance
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 (formerly Eaton Vance AMT-Free Limited Maturity Municipals Fund) and Eaton Vance National Limited Maturity Municipal Income Fund (formerly Eaton Vance National Limited Maturity Municipals Fund) (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Investment Trust), including the portfolios of investments, as of March 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance AMT-Free Limited Maturity Municipal Income Fund and Eaton Vance National Limited Maturity Municipal Income Fund as of March 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

May 14, 2010

41

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2011 will show the tax status of all distributions paid to your account in calendar year 2010. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified within 60 days of a Fund’s fiscal year end regarding exempt-interest dividends.

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

AMT-Free Limited Maturity Municipal Income Fund	99.94	%
National Limited Maturity Municipal Income Fund	99.68	%

42

Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

AMT-Free Limited Maturity Municipal Income Fund (formerly, Eaton Vance AMT-Free Limited Maturity Municipals Fund)

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

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

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

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

43

Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

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

•  The terms of each advisory agreement.

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement of Eaton Vance AMT-Free Limited Maturity Municipals Fund (the “Fund”) with Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

44

Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Fund and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.

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

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2008 for the Fund. The Board considered the impact of extraordinary market conditions during 2008 on the Fund’s performance relative to its peer universe in light of, among other things, the Adviser’s strategy of generating current income through investments in higher quality (including insured) municipal bonds with longer maturities. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to the Fund that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationship with the Fund.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

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

45

Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

National Limited Maturity Municipal Income Fund (formerly, Eaton Vance National Limited Maturity Municipals Fund)

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

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

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

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

46

Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

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

•  The terms of each advisory agreement.

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

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

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

47

Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Fund and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.

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

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2008 for the Fund. The Board considered the impact of extraordinary market conditions during 2008 on the Fund’s performance relative to its peer universe in light of, among other things, the Adviser’s strategy of generating current income through investments in higher quality (including insured) municipal bonds with longer maturities. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to the Fund that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationship with the Fund.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

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

48

Eaton Vance Limited Maturity Municipal Income Funds

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

		Term of		Number of Portfolios
	Position(s)	Office and	Principal Occupation(s)	in Fund Complex
Name and	with the	Length of	During Past Five Years and	Overseen By		Other Directorships Held
Date of Birth	Trust	Service	Other Relevant Experience	Trustee(1)		During Last Five Years
Interested Trustee
Thomas E. Faust Jr. 5/31/58	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 181 registered investment companies and 3 private companies managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust.		181	Director of EVC. Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2007-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2007-2008) and Eaton Vance National Municipal Income Trust (2007-2009).
Noninterested Trustees
Benjamin C. Esty 1/2/63	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration.		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2005-2008) and Eaton Vance National Municipal Income Trust (2006-2009).
Allen R. Freedman 4/3/40	Trustee	Since 2007	Private investor and consultant. 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). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007).		181	Director of Assurant, Inc. (insurance provider) and Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2007-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2007-2008) and Eaton Vance National Municipal Income Trust (2007-2009).
William H. Park 9/19/47	Trustee	Since 2003	Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). 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 (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2003-2008) and Eaton Vance National Municipal Income Trust (2003-2009).
Ronald A. Pearlman 7/10/40	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).		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2003-2008) and Eaton Vance National Municipal Income Trust (2003-2009).

49

Eaton Vance Limited Maturity Municipal Income Funds

MANAGEMENT AND ORGANIZATION CONT’D

		Term of		Number of Portfolios
	Position(s)	Office and	Principal Occupation(s)	in Fund Complex
Name and	with the	Length of	During Past Five Years and	Overseen By		Other Directorships Held
Date of Birth	Trust	Service	Other Relevant Experience	Trustee(1)		During Last Five Years
Noninterested Trustees (continued)
Helen Frame Peters 3/22/48	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).		181	Director of BJ’s Wholesale Club, Inc. (wholesale club retailer). 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). Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2008-2010).
Heidi L. Steiger 7/8/53	Trustee	Since 2007	Managing Partner, Topridge Associates LLC (global wealth management firm) (since 2008); Senior Adviser (since 2008), President (2005-2008), Lowenhaupt Global Advisors, LLC (global wealth management firm). Formerly, President and Contributing Editor, Worth Magazine (2004-2005). Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004).		181	Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider), Aviva USA (insurance provider) and CIFG (family of financial guaranty companies) and Advisory Director, Berkshire Capital Securities LLC (private investment banking firm). Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2007-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2007-2008) and Eaton Vance National Municipal Income Trust (2007-2009).
Lynn A. Stout 9/14/57	Trustee	Since 1998	Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Nationally-recognized expert on corporate law, corporate governance, and securities regulation and author of numerous academic and professional papers on these topics.		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2002-2008) and Eaton Vance National Municipal Income Trust (1998-2009).
Ralph F. Verni 1/26/43	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).		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2005-2008) and Eaton Vance National Municipal Income Trust (2006-2009).

Principal Officers who are not Trustees

		Term of
	Position(s)	Office and
Name and	with the	Length of	Principal Occupation(s)
Date of Birth	Trust	Service	During Past Five Years
Cynthia J. Clemson 3/2/63	President	Since 2005	Vice President of EVM and BMR. Officer of 94 registered investment companies managed by EVM or BMR.
William H. Ahern, Jr. 7/28/59	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 78 registered investment companies managed by EVM or BMR.
Craig R. Brandon 12/21/66	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 49 registered investment companies managed by EVM or BMR.
Thomas M. Metzold 8/3/58	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 56 registered investment companies managed by EVM or BMR.

50

Eaton Vance Limited Maturity Municipal Income Funds

MANAGEMENT AND ORGANIZATION CONT’D

		Term of
	Position(s)	Office and
Name and	with the	Length of	Principal Occupation(s)
Date of Birth	Trust	Service	During Past Five Years
Principal Officers who are not Trustees (continued)
Adam A. Weigold 3/22/75	Vice President	Since 2007	Vice President of EVM and BMR. Officer of 71 registered investment companies managed by EVM or BMR.
Barbara E. Campbell 6/19/57	Treasurer	Since 2005	Vice President of EVM and BMR. Officer of 181 registered investment companies managed by EVM or BMR.
Maureen A. Gemma 5/24/60	Secretary and Chief Legal Officer	Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR. Officer of 181 registered investment companies managed by EVM or BMR.
Paul M. O’Neil 7/11/53	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR. Officer of 181 registered investment companies managed by EVM or BMR.

(1) Includes both master and feeder funds in a master-feeder structure.

The SAI for the Funds includes additional information about the Trustees and officers of the Funds and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

51

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Fund Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Eaton Vance Limited Maturity Municipal Income Funds

Two International Place

Boston, MA 02110

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

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully a Fund’s investment objective(s), risks, and charges and expenses. The Funds’ current prospectus contains this and other information about the Funds and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.

439-5/10 LNAMTSRC

IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

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

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

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

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.

Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010

TABLE OF CONTENTS

Management’s Discussion of Fund Performance	2
Performance Information and Portfolio Composition
California	3
Massachusetts	5
New Jersey	7
New York	9
Pennsylvania	11
Fund Expenses	13
Financial Statements	16
Federal Tax Information	66
Board of Trustees’ Annual Approval of the Investment Advisory Agreements	67
Management and Organization	70

1

Eaton Vance Limited Maturity Municipal Income Funds as of March 31, 2010

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Economic and Market Conditions

During the year ending March 31, 2010, the U.S. economy and the capital markets remained relatively stable, despite continued high unemployment and concerns over the U.S. budget. After contracting slightly in the second quarter of 2009, the U.S. economy grew at annualized rates of 2.2% and 5.7% in the third and fourth quarters of 2009, respectively, and an estimated 3.2% in the first quarter of 2010, according to the U.S. Department of Commerce.

During the 12-month period, the municipal bond market continued to post solid positive performance, driven by demand from investors seeking tax-free income. The Funds’ primary benchmark, the Barclays Capital 7-Year Municipal Bond Index (the Index)—an unmanaged index of intermediate-maturity municipal obligations—gained 6.49% for the period.¹

The appetite for municipal bonds continued to be buoyed by provisions in the American Recovery and Reinvestment Act of 2009 aimed at supporting the municipal market. The new Build America Bond program gave municipal issuers broader access to the taxable debt markets, providing the potential for lower net borrowing costs and reducing the supply of traditional tax-exempt bonds. The federal stimulus program also provided direct cash subsidies to municipalities that were facing record budget deficits. The result of these events was a rally in the latter half of 2009 for the sector as yields fell and prices rose across the yield curve. In the first three months of 2010, the market has been relatively unchanged.

Management Discussion

During the year ending March 31, 2010, the Funds’ Class A shares at net asset value outperformed the Index and their Lipper peer group averages.¹ Management’s relative value approach worked well during this period, as bonds that we felt were oversold were acquired during the market’s low points and performed well when the market recovered. In addition, the Funds were diversified across the yield curve, providing exposure to longer-maturity bonds within the intermediate-maturity spectrum. These longer bonds outperformed as investors found short-term yields unacceptable and moved into the intermediate sector; as a result, the Funds’ exposure to these securities contributed to their outperformance. Finally, management’s investment down the credit spectrum and higher allocations to revenue bonds also contributed positively to the Funds’ relative performance.

As we move ahead, we recognize that many state and local governments face significant budget deficits that are driven primarily by a steep decline in tax revenues. We will continue to monitor any new developments as state and local officials formulate solutions to address these fiscal problems. As in all environments, we maintain our long-term perspective on the markets against the backdrop of relatively short periods of market volatility. We will continue to actively manage the Funds with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on credit research and decades of experience in the municipal market, will serve municipal investors well over the long term.

Effective December 1, 2009, each Fund changed its name from Eaton Vance [State] Limited Maturity Municipals Fund to Eaton Vance [State] Limited Maturity Municipal Income Fund.

¹ It is not possible to invest directly in an Index or a Lipper classification. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. The Lipper total returns are the average total returns, at net asset value, of the funds that are in the same Lipper Classification as the Funds.

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

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Funds’ current or future investments and may change due to active management.

2

Eaton Vance California Limited Maturity Municipal Income Fund as of March 31, 2010

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Portfolio Manager: Cynthia J. Clemson

Performance1	Class A			Class B			Class C
Share Class Symbol	EXCAX			ELCAX			EZCAX
Average Annual Total Returns (at net asset value)
One Year		11.04	%		10.26	%		10.25	%
Five Years		3.07			2.30			2.29
10 Years		4.17			3.37			N.A.
Life of Fund†		4.09			3.57			2.18
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		8.59	%		7.26	%		9.25	%
Five Years		2.60			2.30			2.29
10 Years		3.93			3.37			N.A.
Life of Fund†		3.92			3.57			2.18

^† Inception dates: Class A: 6/27/96; Class B: 5/29/92; Class C: 3/23/05

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.94	%		1.70	%		1.70	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		3.75	%		3.02	%		3.02	%
Taxable-Equivalent Distribution Rate3,4		6.45			5.19			5.19
SEC 30-day Yield5		2.66			1.97			1.98
Taxable-Equivalent SEC 30-day Yield4,5		4.58			3.39			3.41

Index Performance⁶ (Average Annual Total Returns)

Barclays Capital 7-Year Municipal Bond Index
One Year	6.49	%
Five Years	5.05
10 Years	5.55

Lipper Averages⁷ (Average Annual Total Returns)

Lipper California Intermediate Municipal Debt Funds Classification
One Year	7.98	%
Five Years	3.44
10 Years	4.26

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 5/29/92.

A $10,000 hypothetical investment at net asset value in Class A on 3/31/00 and Class C on 3/23/05 (commencement of operations), would have been valued at $15,042 ($14,709 at the maximum offering price) and $11,143, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

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

1	Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% — 1st year; 2.5% — 2nd year; 2% - 3rd year; 1% — 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 8/1/09.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period.
4	Taxable-equivalent figures assume a maximum 41.86% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.
6	It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Intermediate Municipal Debt Funds Classification contained 41, 39 and 24 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

3

Eaton Vance California Limited Maturity Municipal Income Fund as of March 31, 2010

PORTFOLIO COMPOSITION

Rating Distribution¹

By total investments

¹ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Fund Statistics

•   Number of Issues:		60
•   Average Maturity:	9.0		years
•   Average Effective Maturity:	6.7		years
•   Average Call Protection:	6.1		years
•   Average Dollar Price:	$	103.07

4

Eaton Vance Massachusetts Limited Maturity Municipal Income Fund as of March 31, 2010

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Portfolio Manager: William H. Ahern, Jr., CFA

Performance1	Class A			Class B			Class C
Share Class Symbol	EXMAX			ELMAX			EZMAX
Average Annual Total Returns (at net asset value)
One Year		8.83	%		7.94	%		8.05	%
Five Years		3.40			2.63			2.66
10 Years		4.29			3.49			3.51
Life of Fund†		4.14			3.60			3.18
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		6.38	%		4.94	%		7.05	%
Five Years		2.94			2.63			2.66
10 Years		4.06			3.49			3.51
Life of Fund†		3.97			3.60			3.18

^† Inception dates: Class A: 6/27/96; Class B: 6/1/92; Class C: 12/8/93

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.85	%		1.60	%		1.60	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		3.54	%		2.81	%		2.81	%
Taxable-Equivalent Distribution Rate3,4		5.75			4.57			4.57
SEC 30-day Yield5		2.31			1.61			1.61
Taxable-Equivalent SEC 30-day Yield4,5		3.75			2.62			2.62

Index Performance⁶ (Average Annual Total Returns)

Barclays Capital 7-Year Municipal Bond Index
One Year	6.49	%
Five Years	5.05
10 Years	5.55

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Massachusetts Intermediate Municipal Debt Funds Classification
One Year	8.03	%
Five Years	3.76
10 Years	4.43

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 6/1/92.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 would have been valued at $15,229 ($14,891 at the maximum offering price) and $14,126, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

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

1	Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% — 1st year; 2.5% — 2nd year; 2% - 3rd year; 1% — 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 8/1/09.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period.
4	Taxable-equivalent figures assume a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.
6	It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Massachusetts Intermediate Municipal Debt Funds Classification contained 16, 16 and 9 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

5

Eaton Vance Massachusetts Limited Maturity Municipal Income Fund as of March 31, 2010

PORTFOLIO COMPOSITION

Rating Distribution¹

By total investments

¹ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Fund Statistics

•   Number of Issues:		71
•   Average Maturity:	9.4		years
•   Average Effective Maturity:	7.4		years
•   Average Call Protection:	7.0		years
•   Average Dollar Price:	$	108.13

6

Eaton Vance New Jersey Limited Maturity Municipal Income Fund as of March 31, 2010

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Portfolio Manager: Craig R. Brandon, CFA

Performance1	Class A			Class B			Class C
Share Class Symbol	EXNJX			ELNJX			EZNJX
Average Annual Total Returns (at net asset value)
One Year		9.05	%		8.15	%		8.15	%
Five Years		3.53			2.75			N.A.
10 Years		4.19			3.40			N.A.
Life of Fund†		4.15			3.61			2.61
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		6.58	%		5.15	%		7.15	%
Five Years		3.06			2.75			N.A.
10 Years		3.95			3.40			N.A.
Life of Fund†		3.97			3.61			2.61

^† Inception dates: Class A: 6/27/96; Class B: 6/1/92; Class C: 8/1/06

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.89	%		1.64	%		1.64	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		3.45	%		2.72	%		2.73	%
Taxable-Equivalent Distribution Rate3,4		5.95			4.69			4.71
SEC 30-day Yield5		2.32			1.62			1.62
Taxable-Equivalent SEC 30-day Yield4,5		4.00			2.79			2.79

Index Performance⁶ (Average Annual Total Returns)

Barclays Capital 7-Year Municipal Bond Index
One Year	6.49	%
Five Years	5.05
10 Years	5.55

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Intermediate Municipal Debt Funds Classification
One Year	6.18	%
Five Years	3.52
10 Years	4.22

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 6/1/92.

A $10,000 hypothetical investment at net asset value in Class A on 3/31/00 and Class C on 8/1/06 (commencement of operations) would have been valued at $15,078 ($14,731 at the maximum offering price) and $10,993, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

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

1	Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% — 1st year; 2.5% — 2nd year; 2% - 3rd year; 1% — 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 8/1/09.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period.
4	Taxable-equivalent figures assume a maximum 41.99% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.
6	It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Intermediate Municipal Debt Funds Classification contained 110, 107 and 80 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

7

Eaton Vance New Jersey Limited Maturity Municipal Income Fund as of March 31, 2010

PORTFOLIO COMPOSITION

Rating Distribution¹

By total investments

¹ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Fund Statistics

•   Number of Issues:		62
•   Average Maturity:	8.9		years
•   Average Effective Maturity:	7.7		years
•   Average Call Protection:	7.2		years
•   Average Dollar Price:	$	107.72

8

Eaton Vance New York Limited Maturity Municipal Income Fund as of March 31, 2010

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Portfolio Manager: William H. Ahern, Jr., CFA

Performance1	Class A			Class B			Class C
Share Class Symbol	EXNYX			ELNYX			EZNYX
Average Annual Total Returns (at net asset value)
One Year		10.72	%		9.92	%		9.92	%
Five Years		3.15			2.37			2.38
10 Years		4.18			3.38			3.39
Life of Fund†		4.28			3.74			3.26
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		8.23	%		6.92	%		8.92	%
Five Years		2.69			2.37			2.38
10 Years		3.94			3.38			3.39
Life of Fund†		4.11			3.74			3.26

^† Inception dates: Class A: 6/27/96; Class B: 5/29/92; Class C: 12/8/93

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.80	%		1.55	%		1.55	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		3.60	%		2.86	%		2.86	%
Taxable-Equivalent Distribution Rate3,4		6.08			4.83			4.83
SEC 30-day Yield5		2.66			1.97			1.97
Taxable-Equivalent SEC 30-day Yield4,5		4.50			3.33			3.33

Index Performance⁶ (Average Annual Total Returns)

Barclays Capital 7-Year Municipal Bond Index
One Year	6.49	%
Five Years	5.05
10 Years	5.55

Lipper Averages⁷ (Average Annual Total Returns)

Lipper New York Intermediate Municipal Debt Funds Classification
One Year	7.64	%
Five Years	3.50
10 Years	4.40

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 5/29/92.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 would have been valued at $15,059 ($14,721 at the maximum offering price) and $13,963, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

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

1	Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% — 1st year; 2.5% — 2nd year; 2% - 3rd year; 1% — 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 8/1/09.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period.
4	Taxable-equivalent figures assume a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.
6	It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Intermediate Municipal Debt Funds Classification contained 34, 32 and 17 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

9

Eaton Vance New York Limited Maturity Municipal Income Fund as of March 31, 2010

PORTFOLIO COMPOSITION

Rating Distribution¹

By total investments

¹ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Fund Statistics

•   Number of Issues:		83
•   Average Maturity:	9.5		years
•   Average Effective Maturity:	7.1		years
•   Average Call Protection:	6.5		years
•   Average Dollar Price:	$	107.12

10

Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital 7-Year Municipal Bond Index, an unmanaged market index of intermediate-maturity municipal obligations. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B and in the Barclays Capital 7-Year Municipal Bond Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Portfolio Manager: Adam A. Weigold, CFA

Performance1	Class A			Class B			Class C
Share Class Symbol	EXPNX			ELPNX			EZPNX
Average Annual Total Returns (at net asset value)
One Year		7.49	%		6.70	%		6.78	%
Five Years		3.48			2.71			2.70
10 Years		4.32			3.53			3.54
Life of Fund†		4.27			3.76			3.27
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		5.11	%		3.70	%		5.78	%
Five Years		3.01			2.71			2.70
10 Years		4.08			3.53			3.54
Life of Fund†		4.10			3.76			3.27

^† Inception dates: Class A: 6/27/96; Class B: 6/1/92; Class C: 12/8/93

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.87	%		1.62	%		1.62	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		3.76	%		3.01	%		3.01	%
Taxable-Equivalent Distribution Rate3,4		5.97			4.78			4.78
SEC 30-day Yield5		2.41			1.69			1.70
Taxable-Equivalent SEC 30-day Yield4,5		3.83			2.68			2.70

Index Performance⁶ (Average Annual Total Returns)

Barclays Capital 7-Year Municipal Bond Index
One Year	6.49	%
Five Years	5.05
10 Years	5.55

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Intermediate Municipal Debt Funds Classification
One Year	6.18	%
Five Years	3.52
10 Years	4.22

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 6/1/92.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 3/31/00 would have been valued at $15,272 ($14,924 at the maximum offering price) and $14,161, respectively, on 3/31/10. It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

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

1	Average Annual Total Returns do not include the 2.25% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 3% — 1st year; 2.5% — 2nd year; 2% - 3rd year; 1% — 4th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 8/1/09.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period.
4	Taxable-equivalent figures assume a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.
6	It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Intermediate Municipal Debt Funds Classification contained 110, 107 and 80 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

11

Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010

PORTFOLIO COMPOSITION

Rating Distribution¹

By total investments

¹ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Fund Statistics

•   Number of Issues:		70
•   Average Maturity:	10.3		years
•   Average Effective Maturity:	6.5		years
•   Average Call Protection:	6.0		years
•   Average Dollar Price:	$	103.03

12

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FUND EXPENSES

Example: As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2009 – March 31, 2010).

Actual Expenses: The first section of each table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of each table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual return of the Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in each table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

Eaton Vance California Limited Maturity Municipal Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/09)		(3/31/10)		(10/1/09 – 3/31/10)
Actual
Class A		$1,000.00		$1,005.50		$4.95
Class B		$1,000.00		$1,001.90		$8.43
Class C		$1,000.00		$1,002.50		$8.74
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.00		$4.99
Class B		$1,000.00		$1,016.50		$8.50
Class C		$1,000.00		$1,016.20		$8.80

*   Expenses are equal to the Fund’s annualized expense ratio of 0.99% for Class A shares, 1.69% for Class B shares and 1.75% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2009.

13

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FUND EXPENSES CONT’D

Eaton Vance Massachusetts Limited Maturity Municipal Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/09)		(3/31/10)		(10/1/09 – 3/31/10)
Actual
Class A		$1,000.00		$997.70		$3.88
Class B		$1,000.00		$994.10		$7.51
Class C		$1,000.00		$994.30		$7.61
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.00		$3.93
Class B		$1,000.00		$1,017.40		$7.59
Class C		$1,000.00		$1,017.30		$7.70

*   Expenses are equal to the Fund’s annualized expense ratio of 0.78% for Class A shares, 1.51% for Class B shares and 1.53% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2009.

Eaton Vance New Jersey Limited Maturity Municipal Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/09)		(3/31/10)		(10/1/09 – 3/31/10)
Actual
Class A		$1,000.00		$995.30		$4.03
Class B		$1,000.00		$991.70		$7.75
Class C		$1,000.00		$990.70		$7.74
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.90		$4.08
Class B		$1,000.00		$1,017.20		$7.85
Class C		$1,000.00		$1,017.20		$7.85

*   Expenses are equal to the Fund’s annualized expense ratio of 0.81% for Class A shares, 1.56% for Class B shares and 1.56% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2009.

14

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FUND EXPENSES CONT’D

Eaton Vance New York Limited Maturity Municipal Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/09)		(3/31/10)		(10/1/09 – 3/31/10)
Actual
Class A		$1,000.00		$1,000.30		$4.04
Class B		$1,000.00		$995.70		$7.76
Class C		$1,000.00		$996.80		$7.77
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.90		$4.08
Class B		$1,000.00		$1,017.20		$7.85
Class C		$1,000.00		$1,017.20		$7.85

*   Expenses are equal to the Fund’s annualized expense ratio of 0.81% for Class A shares, 1.56% for Class B shares and 1.56% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2009.

Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/09)		(3/31/10)		(10/1/09 – 3/31/10)
Actual
Class A		$1,000.00		$995.90		$4.08
Class B		$1,000.00		$992.30		$7.75
Class C		$1,000.00		$992.10		$7.80
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.80		$4.13
Class B		$1,000.00		$1,017.20		$7.85
Class C		$1,000.00		$1,017.10		$7.90

*   Expenses are equal to the Fund’s annualized expense ratio of 0.82% for Class A shares, 1.56% for Class B shares and 1.57% for Class C shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2009.

15

Eaton Vance California Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 97.6%
Principal Amount
(000’s omitted)		Security	Value
Education — 4.1%
$	500	California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/25	$	512,160
	500	University of California, 5.00%, 5/15/21		549,610
			$	1,061,770
Electric Utilities — 4.1%
$	500	Los Angeles Department of Water and Power Revenue, 5.25%, 7/1/23	$	559,175
	500	Vernon, Electric System Revenue, 5.125%, 8/1/21		519,050
			$	1,078,225
Escrowed / Prerefunded — 3.3%
$	250	California Department of Water Resource Power Supply, Prerefunded to 5/1/12, 5.125%, 5/1/18(1)	$	274,560
	520	California Statewide Communities Development Authority, (San Gabriel Valley), Escrowed to Maturity, 5.50%, 9/1/14		572,416
			$	846,976
Hospital — 15.5%
$	500	California Health Facilities Financing Authority, (Catholic Healthcare), 5.125%, 7/1/22	$	516,370
	500	California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/16		538,885
	500	California Health Facilities Financing Authority, (Scripps Health), 5.00%, 10/1/21		523,975
	640	California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/21		643,174
	500	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 7/1/18		518,085
	500	California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/19		531,650
	200	San Benito Health Care District, 5.375%, 10/1/12		200,568
	300	Torrance Hospital, (Torrance Memorial Medical Center), 5.40%, 6/1/15		310,632
	250	Washington Township Health Care District, 5.50%, 7/1/19		262,453
			$	4,045,792
Housing — 2.6%
$	750	California Housing Finance Agency, (AMT), 4.75%, 8/1/21	$	687,532
			$	687,532
Industrial Development Revenue — 0.8%
$	200	California Pollution Control Financing Authority, (Browning Ferris Industries), (AMT), 5.80%, 12/1/16	$	200,126
			$	200,126
Insured-Education — 3.6%
$	475	California Educational Facilities Authority, (San Diego University), (AMBAC), 0.00%, 10/1/15	$	390,151
	500	California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23		545,795
			$	935,946
Insured-Electric Utilities — 8.5%
$	450	California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16	$	464,076
	600	California Pollution Control Financing Authority, (San Diego Gas and Electric), (NPFG), 5.90%, 6/1/14		674,250
	500	Northern California Power Agency, (Hydroelectric), (AGC), 5.00%, 7/1/24		526,545
	500	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/18		545,075
			$	2,209,946
Insured-General Obligations — 14.8%
$	400	Barstow Unified School District, (FGIC), (NPFG), 5.25%, 8/1/18	$	431,500
	500	Burbank Unified School District, (FGIC), (NPFG), 0.00%, 8/1/12		478,375
	1,080	Fillmore Unified School District, (FGIC), (NPFG), 0.00%, 7/1/15		897,404
	760	Fresno Unified School District, (NPFG), 5.80%, 2/1/16		838,941
	650	Oakland Unified School District, Alameda County, (FGIC), (NPFG), 5.00%, 8/1/22		645,470
	750	San Juan Unified School District, (AGM), 0.00%, 8/1/17		557,175
			$	3,848,865
Insured-Lease Revenue / Certificates of Participation — 1.8%
$	460	California State Public Works Board, (Department of Corrections), (AMBAC), 5.25%, 12/1/13	$	479,817
			$	479,817
Insured-Other Revenue — 0.9%
$	240	Golden State Tobacco Securitization Corp., (Tobacco Settlement Revenue), (AGC), (FGIC), 5.00%, 6/1/35	$	229,397
			$	229,397

See notes to financial statements

16

Eaton Vance California Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Special Tax Revenue — 4.7%
$	625	Garden Grove Community Development, (Tax Allocation), (AMBAC), 5.25%, 10/1/16	$	648,769
	500	San Mateo County Transportation District, (NPFG), 5.25%, 6/1/17		565,705
			$	1,214,474
Insured-Transportation — 5.5%
$	715	Port of Oakland, (NPFG), (AMT), 5.00%, 11/1/21	$	695,552
	675	San Jose Airport Revenue, (AMBAC), (AMT), 5.50%, 3/1/18		727,427
			$	1,422,979
Insured-Water and Sewer — 2.0%
$	500	Sunnyvale Financing Authority Water and Wastewater, (AMBAC), 5.00%, 10/1/22	$	523,995
			$	523,995
Lease Revenue / Certificates of Participation — 2.1%
$	500	California Public Works, (University of California), 5.25%, 6/1/20	$	556,315
			$	556,315
Senior Living / Life Care — 2.0%
$	520	California Statewide Communities Development Authority, (Senior Living-Presbyterian Homes), 4.50%, 11/15/16	$	515,658
			$	515,658
Solid Waste — 2.7%
$	315	Los Angeles, 5.00%, 2/1/20	$	349,281
	350	Napa-Vallejo Waste Management Authority, (Solid Waste Transfer Facilities), (AMT), 5.10%, 2/15/14		350,284
			$	699,565
Special Tax Revenue — 11.5%
$	290	Alameda Public Financing Authority, 5.45%, 9/2/14	$	296,383
	205	Brentwood Infrastructure Financing Authority, 4.625%, 9/2/18		179,492
	500	California State Economic Recovery, 5.00%, 7/1/18		552,560
	190	Corona Public Financing Authority, 5.70%, 9/1/13		190,673
	100	Eastern Municipal Water District, 4.80%, 9/1/20		88,118
	75	Eastern Municipal Water District, 4.85%, 9/1/21		65,289
	200	Fontana Redevelopment Agency, (Jurupa Hills), 5.50%, 10/1/17		202,042
	40	Moreno Valley Unified School District, (Community District No. 2003-2), 5.20%, 9/1/17		38,405
	80	Moreno Valley Unified School District, (Community District No. 2003-2), 5.25%, 9/1/18		75,671
	390	Pomona Redevelopment Agency, (West Holt Avenue Redevelopment), 5.50%, 5/1/13		406,602
	145	Santa Margarita Water District, 6.10%, 9/1/14		148,046
	200	Santaluz Community Facility District No. 2, 5.80%, 9/1/14		200,996
	100	Temecula Valley Unified School District, 4.75%, 9/1/21		90,038
	200	Torrance Redevelopment Agency, 5.50%, 9/1/12		200,776
	250	Whittier Public Financing Authority, (Greenleaf Ave. Whittier Redevelopment), 5.50%, 11/1/16		253,400
			$	2,988,491
Transportation — 3.2%
$	500	Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/22	$	545,970
	290	Port Redwood City, (AMT), 5.40%, 6/1/19		291,801
			$	837,771
Water and Sewer — 3.9%
$	440	Gilroy, Water and Sewer Revenue, 5.00%, 8/1/22	$	496,117
	500	Metropolitan Water District of Southern California, 5.00%, 7/1/31		530,960
			$	1,027,077
Total Tax-Exempt Investments — 97.6%
(identified cost $24,795,080)			$	25,410,717
Other Assets, Less Liabilities — 2.4%			$	619,534
Net Assets — 100.0%			$	26,030,251

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010,

See notes to financial statements

17

Eaton Vance California Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

42.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 26.7% of total investments.

(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See notes to financial statements

18

Eaton Vance Massachusetts Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 99.5%
Principal Amount
(000’s omitted)		Security	Value
Education — 17.6%
$	1,000	Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/19	$	1,052,160
	1,000	Massachusetts Health and Educational Facilities Authority, (Boston College), 5.375%, 6/1/14		1,147,500
	1,000	Massachusetts Health and Educational Facilities Authority, (College of the Holy Cross), 5.00%, 9/1/20		1,100,320
	1,055	Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.50%, 11/15/36		1,173,867
	1,000	Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.375%, 7/1/17		1,185,150
	1,645	Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/22(1)		2,015,553
	100	Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.00%, 8/15/18		113,337
	200	Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.25%, 8/15/19		227,738
	150	Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.25%, 8/15/20		169,076
	750	Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.50%, 8/15/15		876,232
	1,000	Massachusetts Health and Educational Facilities Authority, (Williams College), 5.00%, 7/1/23		1,084,370
	690	Massachusetts Industrial Finance Agency, (St. John’s High School, Inc.), 5.70%, 6/1/18		691,111
	1,000	University of Massachusetts Building Authority, 5.00%, 5/1/20		1,107,370
			$	11,943,784
Electric Utilities — 2.3%
$	500	Massachusetts Development Finance Agency, (Devens Electric System), 5.75%, 12/1/20	$	514,725
	1,000	Massachusetts Development Finance Agency, (Dominion Energy Brayton), 5.75% to 5/1/19 (Put Date), 12/1/42		1,065,440
			$	1,580,165
Escrowed / Prerefunded — 6.8%
$	580	Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), Escrowed to Maturity, 5.00%, 7/1/11	$	611,917
	755	Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/13		805,125
	2,100	Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20		2,434,383
	680	Massachusetts Water Pollution Abatement Trust, Escrowed to Maturity, 5.25%, 8/1/14		760,328
			$	4,611,753
General Obligations — 9.6%
$	500	Burlington, 5.00%, 2/1/15	$	572,760
	500	Burlington, 5.00%, 2/1/16		574,315
	750	Falmouth, 5.25%, 2/1/16		809,708
	1,000	Manchester Essex Regional School District, 5.00%, 1/15/20		1,126,340
	750	Marshfield, 5.00%, 6/15/21		857,933
	1,100	Wellesley, 5.00%, 6/1/16		1,272,205
	1,150	Wellesley, 5.00%, 6/1/17		1,334,172
			$	6,547,433
Hospital — 7.7%
$	500	Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.00% to 7/1/15 (Put Date), 7/1/39	$	540,640
	600	Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.75%, 7/1/14		637,362
	865	Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.75%, 7/1/15		910,733
	245	Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.125%, 8/1/13		245,385
	1,000	Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.25%, 12/1/24		1,056,950
	750	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/18		808,987
	1,000	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/22		1,055,240
			$	5,255,297
Industrial Development Revenue — 1.0%
$	745	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22	$	668,757
			$	668,757
Insured-Education — 2.0%
$	215	Massachusetts Development Finance Agency, (Simmons College), (XLCA), 5.25%, 10/1/21	$	216,477
	1,000	University of Massachusetts Building Authority, (AMBAC), 5.25%, 11/1/13		1,122,440
			$	1,338,917
Insured-Electric Utilities — 6.3%
$	1,000	Massachusetts Power Supply System, (Municipal Wholesale Electric Co.), (NPFG), 5.25%, 7/1/12	$	1,065,690
	1,000	Massachusetts Power Supply System, (Municipal Wholesale Electric Co.), (NPFG), 5.25%, 7/1/13		1,055,890

See notes to financial statements

19

Eaton Vance Massachusetts Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Electric Utilities (continued)
$	2,000	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/18	$	2,180,300
			$	4,301,880
Insured-Escrowed / Prerefunded — 4.3%
$	1,000	Boston, (NPFG), Prerefunded to 2/1/12, 5.00%, 2/1/19	$	1,075,930
	1,000	Massachusetts Health and Educational Facilities Authority, (Tufts-New England Medical Center), (FGIC), Prerefunded to 5/15/12, 5.375%, 5/15/15		1,091,100
	635	Massachusetts Turnpike Authority, (FGIC), Escrowed to Maturity, 5.125%, 1/1/23		735,254
			$	2,902,284
Insured-General Obligations — 6.2%
$	3,105	Boston, (NPFG), 0.125%, 3/1/22	$	1,985,244
	1,000	Massachusetts, (AMBAC), 5.00%, 7/1/12		1,089,350
	1,000	Massachusetts, (NPFG), 5.25%, 8/1/22		1,160,190
			$	4,234,784
Insured-Hospital — 2.2%
$	500	Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/21	$	506,950
	1,000	Massachusetts Health and Educational Facilities Authority, (Caregroup Healthcare System), (NPFG), 5.25%, 7/1/21		1,013,950
			$	1,520,900
Insured-Pooled Loans — 2.2%
$	1,545	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.60%, 1/1/22	$	1,485,162
			$	1,485,162
Insured-Solid Waste — 2.9%
$	1,000	Massachusetts Development Finance Agency, (SEMASS System), (NPFG), 5.625%, 1/1/13	$	1,042,860
	890	Massachusetts Development Finance Agency, (SEMASS System), (NPFG), 5.625%, 1/1/16		912,321
			$	1,955,181
Insured-Special Tax Revenue — 3.7%
$	1,600	Massachusetts, Special Obligation, (AGM), 5.50%, 6/1/21	$	1,920,336
	500	Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29		566,250
			$	2,486,586
Insured-Transportation — 2.1%
$	375	Massachusetts Port Authority, (Delta Airlines), (AMBAC), (AMT), 5.50%, 1/1/15	$	355,301
	1,000	Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/11		1,045,580
			$	1,400,881
Insured-Water and Sewer — 1.8%
$	1,000	Massachusetts Water Resources Authority, (AGM), 5.50%, 8/1/22	$	1,199,220
			$	1,199,220
Other Revenue — 2.4%
$	1,000	Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/23	$	1,058,850
	500	Massachusetts Health and Educational Facilities Authority, (Woods Hole Oceanographic), 5.25%, 6/1/18		575,380
			$	1,634,230
Senior Living / Life Care — 1.6%
$	600	Massachusetts Development Finance Agency, (Berkshire Retirement), 5.60%, 7/1/19	$	578,556
	275	Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.25%, 12/1/25		270,713
	270	Massachusetts Development Finance Agency, (Volunteers of America), 5.00%, 11/1/17		252,012
			$	1,101,281
Solid Waste — 1.4%
$	1,000	Massachusetts Industrial Finance Agency, (Ogden Haverhill), (AMT), 5.50%, 12/1/13	$	957,640
			$	957,640
Special Tax Revenue — 6.4%
$	500	Massachusetts, Special Obligation, 5.00%, 6/1/14	$	567,235
	1,000	Massachusetts Bay Transportation Authority, 5.25%, 7/1/19		1,162,530
	1,280	Massachusetts Bay Transportation Authority, 5.25%, 7/1/26		1,500,006
	1,000	Massachusetts Bay Transportation Authority, Sales Tax, 5.25%, 7/1/16		1,157,850
			$	4,387,621

See notes to financial statements

20

Eaton Vance Massachusetts Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Transportation — 4.1%
$	1,000	Massachusetts Port Authority, (AMT), 6.25%, 7/1/17	$	1,011,710
	2,000	Massachusetts State Federal Highway Grant Anticipation Notes, 0.00%, 6/15/15		1,765,980
			$	2,777,690
Water and Sewer — 4.9%
$	450	Boston Water and Sewer Commission, 5.00%, 11/1/20	$	514,071
	1,000	Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/21		1,153,270
	1,000	Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/25		1,154,850
	500	Massachusetts Water Pollution Abatement Trust, 5.25%, 2/1/12		529,590
			$	3,351,781
Total Tax-Exempt Investments — 99.5%
(identified cost $64,319,487)			$	67,643,227
Other Assets, Less Liabilities — 0.5%			$	333,849
Net Assets — 100.0%			$	67,977,076

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 33.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.3% to 17.8% of total investments.

(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See notes to financial statements

21

Eaton Vance New Jersey Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 95.9%
Principal Amount
(000’s omitted)		Security	Value
Education — 8.8%
$	1,000	New Jersey Educational Facilities Authority, (Princeton Theological Seminary), 5.00%, 7/1/22	$	1,142,560
	1,850	New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/19		2,123,652
	250	New Jersey Educational Facilities Authority, (University of Medicine and Dentistry of New Jersey), 7.125%, 12/1/23		283,757
	1,000	Rutgers State University, Series F, 5.00%, 5/1/23		1,111,960
			$	4,661,929
Electric Utilities — 0.8%
$	420	New Jersey Economic Development Authority, Pollution Control Revenue, (PSEG Power), 5.00%, 3/1/12	$	437,413
			$	437,413
Escrowed / Prerefunded — 8.1%
$	350	New Jersey Economic Development Authority, (Kapkowski Road Landfill), Prerefunded to 5/15/14, 6.375%, 4/1/18	$	414,607
	2,030	New Jersey Economic Development Authority, (Principal Custodial Receipts), Escrowed to Maturity, 0.00%, 12/15/12		1,961,853
	600	New Jersey Educational Facilities Authority, (Higher Education Capital Improvements), Prerefunded to 9/1/10, 5.00%, 9/1/15		611,874
	750	New Jersey Educational Facilities Authority, (Stevens Institute of Technology), Escrowed to Maturity, 5.00%, 7/1/11		791,272
	425	New Jersey Health Care Facilities Financing Authority, (Capital Health System), Prerefunded to 7/1/13, 5.75%, 7/1/23		476,535
			$	4,256,141
General Obligations — 7.2%
$	450	Franklin Township School District, 4.00%, 8/15/22	$	463,788
	1,000	Franklin Township School District, 5.00%, 8/15/22		1,139,930
	500	Jersey City School District, 6.25%, 10/1/10		513,445
	500	Monmouth County Improvement Authority, 5.00%, 12/1/21		560,070
	1,000	Princeton Regional School District, 4.75%, 2/1/22		1,112,950
			$	3,790,183
Hospital — 7.4%
$	1,000	Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/20	$	959,030
	385	New Jersey Health Care Facilities Financing Authority, (Atlantic City Medical Care Center), 6.00%, 7/1/12		404,142
	450	New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.125%, 1/1/20		454,334
	500	New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), 5.25%, 7/1/25		502,600
	500	New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.60%, 7/1/15		502,910
	1,000	New Jersey Health Care Facilities Financing Authority, (Virtua Health, Inc.), 5.25%, 7/1/17		1,083,820
			$	3,906,836
Housing — 1.0%
$	500	New Jersey Housing and Mortgage Finance Agency, SFMR, (AMT), 5.10%, 10/1/23	$	512,520
			$	512,520
Industrial Development Revenue — 1.4%
$	350	New Jersey Economic Development Authority, (American Airlines, Inc.), (AMT), 7.10%, 11/1/31	$	288,547
	450	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/19		432,018
			$	720,565
Insured-Education — 4.6%
$	545	New Jersey Educational Facilities Authority, (Montclair State University), (NPFG), 3.75%, 7/1/24	$	511,068
	1,000	New Jersey Educational Facilities Authority, (Ramapo College), (AMBAC), 4.50%, 7/1/21		1,023,550
	900	New Jersey Educational Facilities Authority, (Ramapo College), (AMBAC), 4.60%, 7/1/14		925,335
			$	2,459,953
Insured-Electric Utilities — 3.3%
$	560	Cape May County Industrial Pollution Control Financing Authority, (Atlantic City Electric Co.), (NPFG), 6.80%, 3/1/21	$	674,733
	1,000	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		1,049,140
			$	1,723,873
Insured-Escrowed / Prerefunded — 2.7%
$	1,300	New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), (AMBAC), Escrowed to Maturity, 6.00%, 7/1/12	$	1,440,998
			$	1,440,998

See notes to financial statements

22

Eaton Vance New Jersey Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-General Obligations — 12.2%
$	330	Clearview Regional High School District, (FGIC), (NPFG), 5.375%, 8/1/15	$	366,851
	250	Freehold Regional High School District, (FGIC), (NPFG), 5.00%, 3/1/18		283,940
	470	Hillsborough Township School District, (AGM), 5.375%, 10/1/18		556,494
	1,000	Jackson Township School District, (Baptist Healthcare Systems), (NPFG), 5.25%, 6/15/23		1,190,870
	725	Monroe Township Board of Education, (FGIC), (NPFG), 5.20%, 8/1/11		765,194
	825	Monroe Township Board of Education, (FGIC), (NPFG), 5.20%, 8/1/14		930,633
	500	New Jersey, (AGM), 5.00%, 1/15/22		545,190
	500	New Jersey, (AGM), 5.00%, 1/15/23		541,685
	1,120	New Jersey, (AMBAC), 5.25%, 7/15/19		1,290,834
			$	6,471,691
Insured-Lease Revenue / Certificates of Participation — 3.3%
$	1,000	Hudson County, (NPFG), 6.25%, 6/1/15	$	1,143,470
	500	Puerto Rico Public Finance Corp., (AMBAC), 5.375%, 6/1/17		577,685
			$	1,721,155
Insured-Transportation — 2.1%
$	1,000	New Jersey Transportation Trust Fund Authority, (NPFG), 5.50%, 12/15/17	$	1,138,710
			$	1,138,710
Insured-Water and Sewer — 8.7%
$	1,135	Bayonne Municipal Utilities Authority, (XLCA), 5.25%, 4/1/19	$	1,155,135
	1,000	North Hudson Sewer Authority, (NPFG), 5.125%, 8/1/22		1,010,780
	1,020	Passaic Valley Water Commission, (AGM), 5.00%, 12/15/17		1,164,350
	565	Pennsville Sewer Authority, (NPFG), 0.00%, 11/1/16		443,299
	565	Pennsville Sewer Authority, (NPFG), 0.00%, 11/1/17		418,360
	565	Pennsville Sewer Authority, (NPFG), 0.00%, 11/1/18		392,681
			$	4,584,605
Lease Revenue / Certificates of Participation — 4.6%
$	1,100	Bergen County Improvement Authority, (County Administration Complex), 5.00%, 11/15/24(1)	$	1,291,686
	1,000	New Jersey Economic Development Authority, (School Facilities Construction), 5.50%, 9/1/19		1,135,770
			$	2,427,456
Nursing Home — 1.0%
$	500	New Jersey Economic Development Authority, (Masonic Charity Foundation), 4.80%, 6/1/11	$	515,910
			$	515,910
Pooled Loans — 6.4%
$	2,000	New Jersey Economic Environmental Infrastructure Trust, 5.00%, 9/1/20	$	2,335,640
	1,000	New Jersey Higher Education Assistance Authority, 5.25%, 6/1/21		1,066,440
			$	3,402,080
Senior Living / Life Care — 1.7%
$	520	New Jersey Economic Development Authority, (Cranes Mill Project), 5.50%, 7/1/18	$	513,854
	400	New Jersey Economic Development Authority, (Seabrook Village, Inc.), 5.00%, 11/15/12		403,792
			$	917,646
Special Tax Revenue — 2.1%
$	670	Middlesex County Improvement Authority, Open Space Trust Fund, 4.00%, 12/15/20	$	709,624
	180	New Jersey Economic Development Authority, (Newark Downtown Distribution Management Corp.), 4.625%, 6/15/12		184,378
	190	New Jersey Economic Development Authority, (Newark Downtown Distribution Management Corp.), 4.625%, 6/15/13		194,685
			$	1,088,687
Transportation — 8.5%
$	1,500	New Jersey State Turnpike Authority, 5.00%, 1/1/20	$	1,635,180
	1,000	New Jersey Transportation Trust Fund Authority, 5.25%, 12/15/21		1,103,070
	1,000	Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23		1,032,780
	700	Port Authority of New York and New Jersey, (AMT), 5.50%, 7/15/12		705,726
			$	4,476,756
Total Tax-Exempt Investments — 95.9%
(identified cost $48,433,058)			$	50,655,107

See notes to financial statements

23

Eaton Vance New Jersey Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Short-Term Investments — 3.5%
Principal Amount
(000’s omitted)		Description	Value
$	1,827	State Street Bank and Trust Euro Time Deposit, 0.01%, 4/1/10	$	1,827,197
Total Short-Term Investments — 3.5%
(identified cost $1,827,197)			$	1,827,197
Total Investments — 99.4%
(identified cost $50,260,255)			$	52,482,304
Other Assets, Less Liabilities — 0.6%			$	321,995
Net Assets — 100.0%			$	52,804,299

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

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 37.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 19.7% of total investments.

(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See notes to financial statements

24

Eaton Vance New York Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 96.9%
Principal Amount
(000’s omitted)		Security	Value
Cogeneration — 2.6%
$	2,000	Babylon Industrial Development Agency, (Covanta Energy Corp.), 5.00%, 1/1/19	$	2,134,140
	600	Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23		502,284
			$	2,636,424
Education — 4.5%
$	455	New York Dormitory Authority, (Hamilton College), 5.00%, 7/1/21	$	521,417
	1,000	New York Dormitory Authority, (St. Lawrence University), 5.00%, 7/1/14		1,091,300
	1,500	New York Dormitory Authority, (State University Educational Facilities), 5.00%, 7/1/20		1,643,055
	600	New York Dormitory Authority, (State University Educational Facilities), 5.25%, 5/15/15		665,832
	625	Troy Industrial Development Authority, (Rensselaer Polytechnic Institute), 5.50%, 9/1/15		682,331
			$	4,603,935
Electric Utilities — 2.5%
$	2,500	New York Energy Research and Development Authority Facility, (AMT), 4.70% to 10/1/12 (Put Date), 6/1/36	$	2,502,600
			$	2,502,600
Escrowed / Prerefunded — 4.6%
$	1,000	New York City Transitional Finance Authority, (Future Tax), Prerefunded to 2/1/11, 5.375%, 2/1/13	$	1,051,370
	1,000	New York Dormitory Authority, (Child Care Facility), Prerefunded to 4/1/12, 5.375%, 4/1/14		1,090,700
	1,170	Triborough Bridge and Tunnel Authority, Escrowed to Maturity, 5.00%, 1/1/20		1,343,558
	1,000	Triborough Bridge and Tunnel Authority, Prerefunded to 1/1/16, 5.375%, 1/1/19		1,169,690
			$	4,655,318
General Obligations — 1.8%
$	1,750	Three Village Central School District (Brookhaven & Smithtown), 4.00%, 5/1/22	$	1,800,085
			$	1,800,085
Health Care-Miscellaneous — 0.5%
$	100	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), 7.50%, 9/1/15	$	101,262
	400	Westchester County Industrial Development Agency, (Children’s Village), 5.375%, 3/15/19		356,536
			$	457,798
Hospital — 8.4%
$	340	Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17	$	331,276
	135	Nassau County Industrial Development Agency, (North Shore Health System), 5.625%, 11/1/10		137,319
	565	Nassau County Industrial Development Agency, (North Shore Health System), 5.875%, 11/1/11		584,018
	2,000	New York Dormitory Authority, (Interfaith Medical Center), 5.00%, 2/15/21		2,151,080
	1,000	New York Dormitory Authority, (Lenox Hill Hospital), 5.75%, 7/1/13		999,310
	200	New York Dormitory Authority, (Lenox Hill Hospital), 5.75%, 7/1/15		199,532
	500	New York Dormitory Authority, (Lenox Hill Hospital), 5.75%, 7/1/17		495,575
	400	New York Dormitory Authority, (NYU Hospital Center), 5.25%, 7/1/24		391,720
	1,000	New York Health and Hospital Corp., 5.50%, 2/15/19		1,086,670
	1,325	Saratoga County Industrial Development Agency, (Saratoga Hospital Project), 5.00%, 12/1/17		1,377,059
	750	Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22		765,923
			$	8,519,482
Housing — 3.0%
$	1,000	New York Housing Finance Agency, (Affordable Housing), (AMT), 5.05%, 11/1/22	$	1,025,600
	2,000	New York State Mortgage Agency, (AMT), 4.95%, 10/1/21		2,025,600
			$	3,051,200
Industrial Development Revenue — 6.0%
$	1,500	Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37	$	1,574,490
	1,250	New York City Industrial Development Agency, (Terminal One Group), (AMT), 5.50%, 1/1/14		1,342,525
	1,000	New York State Environmental Facilities Corp., Solid Waste Disposal, (Waste Management Project), (AMT), 4.55%, 5/1/12		1,019,480
	1,325	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26		1,028,690
	1,250	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		1,122,075
			$	6,087,260

See notes to financial statements

25

Eaton Vance New York Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Education — 10.7%
$	1,000	New York Dormitory Authority, (Canisius College), (NPFG), 5.00%, 7/1/16	$	1,017,000
	1,000	New York Dormitory Authority, (City University), (AMBAC), 5.625%, 7/1/16		1,106,300
	1,420	New York Dormitory Authority, (Educational Housing Services), (AMBAC), 5.25%, 7/1/20		1,471,148
	1,000	New York Dormitory Authority, (New York University), (AMBAC), 5.50%, 7/1/19		1,155,970
	1,085	New York Dormitory Authority, (Rochester Institute of Technology), (AMBAC), 5.25%, 7/1/21		1,187,261
	1,455	New York Dormitory Authority, (St. John’s University), (NPFG), 5.25%, 7/1/21		1,592,134
	1,000	New York Dormitory Authority, (State University Educational Facilities), (AGM), 5.75%, 5/15/17		1,174,580
	1,000	New York Dormitory Authority, (Student Housing), (FGIC), (NPFG), 5.25%, 7/1/15		1,091,030
	1,000	New York Dormitory Authority, (University Educational Facilities), (FGIC), (NPFG), 5.25%, 5/15/13		1,084,580
			$	10,880,003
Insured-Electric Utilities — 5.7%
$	500	Long Island Power Authority, Electric Systems Revenue, (AGM), 0.00%, 6/1/15	$	447,310
	2,500	Long Island Power Authority, Electric Systems Revenue, (FGIC), (NPFG), 5.00%, 12/1/22		2,637,550
	1,250	Puerto Rico Electric Power Authority, (XLCA), 5.375%, 7/1/17		1,366,625
	1,250	Puerto Rico Electric Power Authority, (XLCA), 5.375%, 7/1/18		1,358,700
			$	5,810,185
Insured-Escrowed / Prerefunded — 0.3%
$	250	Niagara County Industrial Development Agency, (Niagara University), (AMBAC), Escrowed to Maturity, 5.25%, 10/1/18	$	297,880
			$	297,880
Insured-General Obligations — 3.5%
$	500	Clarence Central School District, (AGM), 5.00%, 5/15/17	$	537,240
	1,000	Monroe County, (Public Improvements), (NPFG), 6.00%, 3/1/19		1,160,440
	1,740	Puerto Rico, (FGIC), 5.50%, 7/1/17		1,832,203
			$	3,529,883
Insured-Hospital — 2.3%
$	1,600	New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (NPFG), 5.50%, 7/1/17	$	1,841,376
	500	New York Dormitory Authority, (New York and Presbyterian Hospital), (AMBAC), 5.50%, 8/1/11		527,080
			$	2,368,456
Insured-Lease Revenue / Certificates of Participation — 2.1%
$	1,000	New York Dormitory Authority, (Master BOCES Program-Oneida Herkimer Madison BOCES), (AGM), 5.25%, 8/15/20	$	1,100,690
	1,000	New York Dormitory Authority, (Municipal Health Facilities), (AGM), 5.50%, 1/15/13		1,058,050
			$	2,158,740
Insured-Special Tax Revenue — 6.0%
$	2,250	New York Local Government Assistance Corp., (NPFG), 0.00%, 4/1/13	$	2,155,207
	2,000	New York Urban Development Corp., (Personal Income Tax), (AMBAC), 5.50%, 3/15/19		2,321,560
	1,500	Puerto Rico Infrastructure Financing Authority, (FGIC), 5.50%, 7/1/19		1,554,885
			$	6,031,652
Insured-Transportation — 8.0%
$	1,000	Metropolitan Transportation Authority, (AMBAC), 5.50%, 11/15/18	$	1,128,970
	1,000	Metropolitan Transportation Authority, (NPFG), 5.50%, 11/15/13		1,125,830
	1,000	Monroe County Airport Authority, (NPFG), (AMT), 5.875%, 1/1/17		1,064,530
	2,235	New York Thruway Authority, (AMBAC), 5.50%, 4/1/20		2,592,041
	1,920	Triborough Bridge and Tunnel Authority, (NPFG), 5.50%, 11/15/18		2,210,381
			$	8,121,752
Lease Revenue / Certificates of Participation — 1.6%
$	500	New York Urban Development Corp., 5.00%, 1/1/18	$	553,720
	1,025	New York Urban Development Corp., (Correctional and Youth Facilities), 5.50% to 1/1/11 (Put Date), 1/1/17		1,061,572
			$	1,615,292
Other Revenue — 5.3%
$	750	Albany Industrial Development Agency, (Charitable Leadership), 6.00%, 7/1/19	$	659,393

See notes to financial statements

26

Eaton Vance New York Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Other Revenue (continued)
$	750	Brooklyn Arena Local Development Corp., (Brooklyn Center Project), 5.75%, 7/15/16	$	802,492
	1,000	New York City Transitional Finance Authority, 5.25%, 1/15/27		1,069,610
	540	New York City Transitional Finance Authority, 6.00%, 7/15/33		612,257
	2,030	New York City Trust for Cultural Resources, (Museum of Modern Art), 5.00%, 4/1/26		2,194,816
			$	5,338,568
Senior Living / Life Care — 0.4%
$	400	Mt. Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.15%, 6/1/19	$	390,940
			$	390,940
Solid Waste — 2.8%
$	750	Hempstead Industrial Development Agency, (American Ref-Fuel Co., LLC), 5.00% to 6/1/10 (Put Date), 12/1/10	$	751,275
	2,000	Niagara County Industrial Development Agency, (American Ref-Fuel Co., LLC), (AMT), 5.55% to 11/15/13 (Put Date), 11/15/24		2,059,460
			$	2,810,735
Special Tax Revenue — 6.3%
$	1,140	34th Street Partnership, Inc., 5.00%, 1/1/17	$	1,237,094
	500	New York City Transitional Finance Authority, (Future Tax), 5.375%, 2/15/14		542,665
	3,000	New York State Local Government Assistance Corp., 5.25%, 4/1/16		3,443,520
	1,000	New York Thruway Authority, 5.00%, 3/15/20		1,114,060
			$	6,337,339
Transportation — 2.1%
$	1,000	Metropolitan Transportation Authority, 5.00%, 11/15/21	$	1,067,130
	1,000	Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23		1,032,780
			$	2,099,910
Water and Sewer — 5.9%
$	1,000	Erie County Water Authority, 5.00%, 12/1/18	$	1,144,130
	2,430	New York City Municipal Water Finance Authority, 5.00%, 6/15/21		2,669,889
	515	New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/18(1)		567,247
	1,000	New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/20		1,087,680
	500	New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.25%, 6/15/14(1)		545,300
			$	6,014,246
Total Tax-Exempt Investments — 96.9%
(identified cost $94,874,623)			$	98,119,683
Short-Term Investments — 2.0%
Principal Amount
(000’s omitted)		Description	Value
$	2,051	State Street Bank and Trust Euro Time Deposit, 0.01%, 4/1/10	$	2,051,094
Total Short-Term Investments — 2.0%
(identified cost $2,051,094)			$	2,051,094
Total Investments — 98.9%
(identified cost $96,925,717)			$	100,170,777
Other Assets, Less Liabilities — 1.1%			$	1,138,606
Net Assets — 100.0%			$	101,309,383

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

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 39.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.7% to 17.0% of total investments.

(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See notes to financial statements

27

Eaton Vance Pennsylvania Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 97.2%
Principal Amount
(000’s omitted)		Security	Value
Cogeneration — 0.7%
$	155	Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10	$	154,943
	300	Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15		281,109
			$	436,052
Education — 8.2%
$	1,150	Pennsylvania Higher Educational Facilities Authority, (Carnegie Mellon University), 5.00%, 8/1/19	$	1,291,473
	1,040	Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 5.00%, 7/15/21		1,109,441
	1,000	Pennsylvania State University, 5.00%, 3/1/24		1,106,100
	750	University of Pittsburgh, 5.50%, 9/15/23		862,650
	1,000	Washington County Industrial Development Authority, (Washington & Jefferson College), 5.00%, 11/1/23		1,041,950
			$	5,411,614
Electric Utilities — 4.2%
$	750	Pennsylvania Economic Development Financing Authority, (Exelon Generation Company, LLC), 5.00% to 6/1/12 (Put Date), 12/1/42	$	795,322
	500	Pennsylvania Economic Development Financing Authority, Pollution Control, (PPL Electric Utility Corp.), 4.85% to 10/1/10 (Put Date), 10/1/23		505,340
	1,000	Puerto Rico Electric Power Authority, 5.00%, 7/1/17		1,069,800
	400	York County Industrial Development Authority, Pollution Control, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20		407,672
			$	2,778,134
Escrowed / Prerefunded — 1.2%
$	500	Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/10, 5.80%, 10/1/20	$	523,520
	270	Lehigh County General Purpose Authority, (Muhlenberg Hospital), Escrowed to Maturity, 5.75%, 7/15/10		273,534
			$	797,054
General Obligations — 8.6%
$	500	Bucks County, 5.125%, 5/1/21	$	566,750
	1,530	Chester County, 5.00%, 7/15/28		1,684,438
	1,000	Daniel Boone Area School District, 5.00%, 8/15/19		1,109,770
	400	Montgomery County, 4.375%, 12/1/31(1)		402,080
	1,780	Mount Lebanon School District, 5.00%, 2/15/28		1,922,115
			$	5,685,153
Hospital — 8.5%
$	500	Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.00%, 6/15/18	$	539,370
	500	Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.00%, 9/1/18		540,240
	500	Dauphin County General Authority Health System, (Pinnacle Health System), 5.75%, 6/1/20		538,315
	635	Lancaster County Hospital Authority, (Lancaster General Hospital), 5.00%, 3/15/22		657,987
	200	Lebanon County Health Facility Authority, (Good Samaritan Hospital), 5.50%, 11/15/18		194,770
	750	Lycoming County Authority, (Susquehanna Health System), 5.10%, 7/1/20		744,622
	1,000	Monroe County Hospital Authority, (Pocono Medical Center), 5.00%, 1/1/17		1,027,590
	500	Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.25%, 1/15/18		527,925
	800	Washington County Hospital Authority, (Monongahela Vineyard Hospital), 5.00%, 6/1/12		844,120
			$	5,614,939
Housing — 2.0%
$	1,335	Allegheny County Residential Finance Authority, SFMR, (AMT), 4.80%, 11/1/22	$	1,345,453
			$	1,345,453
Industrial Development Revenue — 2.8%
$	700	Erie Industrial Development Authority, (International Paper), (AMT), 5.85%, 12/1/20	$	700,084
	500	Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc.), (AMT), 6.75%, 10/1/18		561,720
	750	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26		582,278
			$	1,844,082
Insured-Cogeneration — 1.7%
$	1,300	Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMBAC), (AMT), 4.625%, 12/1/18	$	1,135,446
			$	1,135,446

See notes to financial statements

28

Eaton Vance Pennsylvania Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Education — 6.9%
$	2,000	Delaware County, (Villanova University), (AMBAC), 5.00%, 8/1/20	$	2,133,520
	1,100	Lycoming County College Authority, (Pennsylvania College of Technology), (AMBAC), 5.125%, 5/1/22		1,101,067
	500	Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AMBAC), 5.25%, 9/1/19		555,380
	750	Pennsylvania Higher Educational Facilities Authority, (University of the Sciences in Philadelphia), (AGC), 5.00%, 11/1/24		797,452
			$	4,587,419
Insured-Electric Utilities — 2.3%
$	1,500	Cambria County Industrial Development Authority, (Pennsylvania Electric), (NPFG), 5.35%, 11/1/10	$	1,537,785
			$	1,537,785
Insured-Escrowed / Prerefunded — 12.8%
$	1,000	Council Rock School District, (NPFG), Prerefunded to 11/15/11, 5.00%, 11/15/19	$	1,070,080
	500	Pennsylvania Public School Building Authority, (Garnet Valley School District), (AMBAC), Prerefunded to 2/1/11, 5.50%, 2/1/20		520,020
	1,000	Philadelphia Gas Works Revenue, (AGM), Prerefunded to 8/1/13, 5.25%, 8/1/17		1,128,600
	1,000	Pittsburgh, (AMBAC), Prerefunded to 3/1/12, 5.25%, 9/1/22		1,082,630
	1,000	Spring-Ford Area School District, (AGM), Prerefunded to 9/1/11, 5.00%, 9/1/19		1,061,880
	5,000	Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19		3,576,850
			$	8,440,060
Insured-General Obligations — 20.0%
$	1,250	Bethlehem Area School District, (AGM), 5.25%, 1/15/25	$	1,327,550
	1,020	Cornwall Lebanon School District, (AGM), 0.00%, 3/15/16		851,241
	1,250	Cranberry Township, (FGIC), (NPFG), 5.00%, 12/1/20		1,327,662
	1,635	Harrisburg, (AMBAC), 0.00%, 9/15/12		1,390,715
	1,355	McKeesport, (FGIC), (NPFG), 0.00%, 10/1/11		1,323,293
	1,000	Palmyra Area School District, (FGIC), (NPFG), 5.00%, 5/1/17		1,061,410
	1,000	Pennsylvania, (NPFG), 5.375%, 7/1/19		1,179,490
	1,000	Philadelphia School District, (AGM), 5.50%, 6/1/21		1,142,500
	1,000	Reading School District, (FGIC), (NPFG), 0.00%, 1/15/12		968,440
	1,250	Red Lion Area School District, (AGM), 5.00%, 5/1/23		1,345,675
	1,250	Sto-Rox School District, (FGIC), (NPFG), 5.125%, 12/15/22		1,319,313
			$	13,237,289
Insured-Hospital — 1.2%
$	250	Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	285,985
	500	Washington County Hospital Authority, (Washington Hospital), (AMBAC), 5.375%, 7/1/14		523,905
			$	809,890
Insured-Other Revenue — 3.5%
$	750	Delaware Valley Regional Financial Authority, (AMBAC), 5.50%, 8/1/18	$	822,780
	1,500	Philadelphia Authority for Industrial Development Revenue, (FGIC), (NPFG), 5.00%, 12/1/22		1,465,650
			$	2,288,430
Insured-Special Tax Revenue — 0.5%
$	350	Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24	$	335,794
			$	335,794
Insured-Transportation — 4.9%
$	590	Allegheny County Airport, (NPFG), (AMT), 5.75%, 1/1/12	$	618,462
	1,000	Pennsylvania Turnpike Commission, Registration Fee Revenue, (AGM), 5.25%, 7/15/22		1,134,830
	1,000	Philadelphia Airport, (FGIC), (NPFG), (AMT), 5.375%, 7/1/14		1,005,200
	500	Southeastern Pennsylvania Transportation Authority, (FGIC), (NPFG), 5.25%, 3/1/16		504,095
			$	3,262,587
Insured-Water and Sewer — 4.6%
$	500	Allegheny County Sanitation Authority, (BHAC), (NPFG), 5.00%, 12/1/22	$	530,355
	250	Allegheny County Sanitation Authority, (NPFG), 5.00%, 12/1/19		254,745
	2,000	Altoona City Authority Water Revenue, (AGM), 5.25%, 11/1/19		2,284,560
			$	3,069,660

See notes to financial statements

29

Eaton Vance Pennsylvania Limited Maturity Municipal Income Fundas of March 31, 2010

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Senior Living / Life Care — 0.6%
$	390	Cliff House Trust, (AMT), 6.625%, 6/1/27	$	204,586
	185	Lancaster County Hospital Authority, (Health Center-Willow Valley Retirement), 5.55%, 6/1/15		191,880
			$	396,466
Special Tax Revenue — 1.2%
$	750	Pennsylvania Intergovernmental Cooperative Authority, (Philadelphia Funding Program), 5.00%, 6/15/23	$	814,163
			$	814,163
Transportation — 0.8%
$	500	Pennsylvania Turnpike Commission, 5.00%, 12/1/22	$	527,050
			$	527,050
Total Tax-Exempt Investments — 97.2%
(identified cost $62,148,713)			$	64,354,520
Short-Term Investments — 3.4%
Principal Amount
(000’s omitted)		Description	Value
$	2,254	State Street Bank and Trust Euro Time Deposit, 0.01%, 4/1/10	$	2,253,707
Total Short-Term Investments — 3.4%
(identified cost $2,253,707)			$	2,253,707
Total Investments — 100.6%
(identified cost $64,402,420)			$	66,608,227
Other Assets, Less Liabilities — (0.6)%			$	(387,210	)
Net Assets — 100.0%			$	66,221,017

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC - Berkshire Hathaway Assurance Corp.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

The Fund invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2010, 58.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.8% to 21.7% of total investments.

(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See notes to financial statements

30

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

	California			Massachusetts			New Jersey
As of March 31, 2010	Limited Fund			Limited Fund			Limited Fund
Assets
Investments —
Identified cost	$	24,795,080		$	64,319,487		$	50,260,255
Unrealized appreciation		615,637			3,323,740			2,222,049
Investments, at value	$	25,410,717		$	67,643,227		$	52,482,304
Cash	$	190,099		$	68,428		$	—
Interest receivable		321,339			780,025			559,950
Receivable for investments sold		210,000			—			—
Receivable for Fund shares sold		40,621			43,966			72,398
Total assets	$	26,172,776		$	68,535,646		$	53,114,652
Liabilities
Demand note payable	$	—		$	100,000		$	—
Payable for variation margin on open financial futures contracts		9,844			26,875			21,875
Payable for Fund shares redeemed		26,092			222,103			120,637
Distributions payable		41,811			100,667			78,678
Payable to affiliates:
Investment adviser fee		9,720			25,247			19,442
Distribution and service fees		4,998			18,661			9,143
Accrued expenses		50,060			65,017			60,578
Total liabilities	$	142,525		$	558,570		$	310,353
Net Assets	$	26,030,251		$	67,977,076		$	52,804,299
Sources of Net Assets
Paid-in capital	$	27,709,562		$	68,941,154		$	52,601,005
Accumulated net realized loss		(2,249,667	)		(4,263,147	)		(1,973,790	)
Accumulated distributions in excess of net investment income		(41,811	)		(11,829	)		(11,907	)
Net unrealized appreciation		612,167			3,310,898			2,188,991
Net Assets	$	26,030,251		$	67,977,076		$	52,804,299
Class A Shares
Net Assets	$	23,432,014		$	52,718,522		$	48,745,303
Shares Outstanding		2,360,863			5,250,370			4,881,526
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.93		$	10.04		$	9.99
Maximum Offering Price Per Share
(100 ¸ 97.75 of net asset value per share)	$	10.16		$	10.27		$	10.22
Class B Shares
Net Assets	$	270,292		$	451,152		$	693,886
Shares Outstanding		27,313			44,968			69,465
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.90		$	10.03		$	9.99
Class C Shares
Net Assets	$	2,327,945		$	14,807,402		$	3,365,110
Shares Outstanding		242,579			1,539,663			337,050
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.60		$	9.62		$	9.98

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

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

See notes to financial statements

31

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Assets and Liabilities

	New York			Pennsylvania
As of March 31, 2010	Limited Fund			Limited Fund
Assets
Investments —
Identified cost	$	96,925,717		$	64,402,420
Unrealized appreciation		3,245,060			2,205,807
Investments, at value	$	100,170,777		$	66,608,227
Interest receivable	$	1,413,694		$	766,813
Receivable for Fund shares sold		144,841			75,313
Total assets	$	101,729,312		$	67,450,353
Liabilities
Payable for investments purchased	$	—		$	831,338
Payable for variation margin on open financial futures contracts		47,188			26,094
Payable for Fund shares redeemed		75,564			160,792
Distributions payable		150,113			102,851
Payable to affiliates:
Investment adviser fee		37,843			24,676
Distribution and service fees		32,277			20,181
Accrued expenses		76,944			63,404
Total liabilities	$	419,929		$	1,229,336
Net Assets	$	101,309,383		$	66,221,017
Sources of Net Assets
Paid-in capital	$	104,071,341		$	66,994,772
Accumulated net realized loss		(5,899,342	)		(2,866,102	)
Accumulated distributions in excess of net investment income		(71,714	)		(102,851	)
Net unrealized appreciation		3,209,098			2,195,198
Net Assets	$	101,309,383		$	66,221,017
Class A Shares
Net Assets	$	71,237,987		$	47,778,661
Shares Outstanding		6,993,072			4,748,305
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	10.19		$	10.06
Maximum Offering Price Per Share
(100 ¸ 97.75 of net asset value per share)	$	10.42		$	10.29
Class B Shares
Net Assets	$	1,745,849		$	428,477
Shares Outstanding		171,506			42,581
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	10.18		$	10.06
Class C Shares
Net Assets	$	28,325,547		$	18,013,879
Shares Outstanding		2,924,414			1,887,617
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.69		$	9.54

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

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

See notes to financial statements

32

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Operations

	California		Massachusetts			New Jersey
For the Year Ended March 31, 2010	Limited Fund		Limited Fund			Limited Fund
Investment Income
Interest	$	1,125,841	$	2,754,504		$	2,152,314
Total investment income	$	1,125,841	$	2,754,504		$	2,152,314
Expenses
Investment adviser fee	$	107,458	$	272,065		$	212,332
Distribution and service fees
Class A		32,606		74,558			70,466
Class B		4,562		5,758			6,301
Class C		15,568		124,834			17,389
Trustees’ fees and expenses		1,379		2,830			2,315
Custodian fee		30,353		53,299			44,360
Transfer and dividend disbursing agent fees		11,003		30,006			21,034
Legal and accounting services		37,973		37,825			38,028
Printing and postage		6,840		11,511			9,453
Registration fees		1,798		5,604			1,682
Miscellaneous		14,565		17,947			17,399
Total expenses	$	264,105	$	636,237		$	440,759
Deduct —
Reduction of custodian fee	$	113	$	370		$	403
Total expense reductions	$	113	$	370		$	403
Net expenses	$	263,992	$	635,867		$	440,356
Net investment income	$	861,849	$	2,118,637		$	1,711,958
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	112,749	$	(154,333	)	$	(12,252	)
Financial futures contracts		98,469		275,901			369,030
Net realized gain	$	211,218	$	121,568		$	356,778
Change in unrealized appreciation (depreciation) —
Investments	$	1,171,779	$	2,732,023		$	1,829,957
Financial futures contracts		137,295		150,249			106,411
Net change in unrealized appreciation (depreciation)	$	1,309,074	$	2,882,272		$	1,936,368
Net realized and unrealized gain	$	1,520,292	$	3,003,840		$	2,293,146
Net increase in net assets from operations	$	2,382,141	$	5,122,477		$	4,005,104

See notes to financial statements

33

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Operations

	New York		Pennsylvania
For the Year Ended March 31, 2010	Limited Fund		Limited Fund
Investment Income
Interest	$	4,307,452	$	2,690,876
Total investment income	$	4,307,452	$	2,690,876
Expenses
Investment adviser fee	$	425,115	$	256,304
Distribution and service fees
Class A		103,686		64,063
Class B		16,238		4,887
Class C		229,126		142,598
Trustees’ fees and expenses		3,983		2,672
Custodian fee		71,486		48,655
Transfer and dividend disbursing agent fees		40,820		29,831
Legal and accounting services		56,217		39,806
Printing and postage		15,473		12,102
Registration fees		3,946		905
Miscellaneous		21,846		18,504
Total expenses	$	987,936	$	620,327
Deduct —
Reduction of custodian fee	$	376	$	522
Total expense reductions	$	376	$	522
Net expenses	$	987,560	$	619,805
Net investment income	$	3,319,892	$	2,071,071
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	139,527	$	111,554
Financial futures contracts		380,428		185,587
Net realized gain	$	519,955	$	297,141
Change in unrealized appreciation (depreciation) —
Investments	$	5,260,404	$	1,429,654
Financial futures contracts		253,216		155,731
Net change in unrealized appreciation (depreciation)	$	5,513,620	$	1,585,385
Net realized and unrealized gain	$	6,033,575	$	1,882,526
Net increase in net assets from operations	$	9,353,467	$	3,953,597

See notes to financial statements

34

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended March 31, 2010	California			Massachusetts			New Jersey
Increase (Decrease) in Net Assets	Limited Fund			Limited Fund			Limited Fund
From operations —
Net investment income	$	861,849		$	2,118,637		$	1,711,958
Net realized gain from investment transactions and financial futures contracts		211,218			121,568			356,778
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		1,309,074			2,882,272			1,936,368
Net increase in net assets from operations	$	2,382,141		$	5,122,477		$	4,005,104
Distributions to shareholders —
From net investment income
Class A	$	(829,431	)	$	(1,771,858	)	$	(1,656,007	)
Class B		(15,968	)		(18,265	)		(19,561	)
Class C		(53,155	)		(392,962	)		(52,520	)
Total distributions to shareholders	$	(898,554	)	$	(2,183,085	)	$	(1,728,088	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,642,152		$	10,047,532		$	9,033,711
Class B		194,488			225,178			265,807
Class C		1,264,574			3,182,147			2,923,165
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		469,023			1,223,416			1,046,300
Class B		5,544			13,254			12,852
Class C		26,681			263,067			41,216
Cost of shares redeemed
Class A		(4,270,925	)		(8,157,262	)		(5,514,945	)
Class B		(605,022	)		(208,712	)		(34,410	)
Class C		(877,393	)		(1,872,766	)		(159,331	)
Net asset value of shares exchanged
Class A		227,825			473,563			233,990
Class B		(227,825	)		(473,563	)		(233,990	)
Net increase in net assets from Fund share transactions	$	1,849,122		$	4,715,854		$	7,614,365
Net increase in net assets	$	3,332,709		$	7,655,246		$	9,891,381
Net Assets
At beginning of year	$	22,697,542		$	60,321,830		$	42,912,918
At end of year	$	26,030,251		$	67,977,076		$	52,804,299
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(41,811	)	$	(11,829	)	$	(11,907	)

See notes to financial statements

35

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended March 31, 2010	New York			Pennsylvania
Increase (Decrease) in Net Assets	Limited Fund			Limited Fund
From operations —
Net investment income	$	3,319,892		$	2,071,071
Net realized gain from investment transactions and financial futures contracts		519,955			297,141
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		5,513,620			1,585,385
Net increase in net assets from operations	$	9,353,467		$	3,953,597
Distributions to shareholders —
From net investment income
Class A	$	(2,552,877	)	$	(1,614,013	)
Class B		(53,445	)		(16,553	)
Class C		(749,675	)		(480,525	)
Total distributions to shareholders	$	(3,355,997	)	$	(2,111,091	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	14,188,465		$	15,001,981
Class B		703,304			560,965
Class C		7,801,224			5,972,721
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,931,191			1,058,988
Class B		33,552			12,794
Class C		472,740			237,780
Cost of shares redeemed
Class A		(12,849,051	)		(6,697,801	)
Class B		(643,583	)		(88,986	)
Class C		(4,240,680	)		(2,574,750	)
Net asset value of shares exchanged
Class A		442,153			626,081
Class B		(442,153	)		(626,081	)
Net increase in net assets from Fund share transactions	$	7,397,162		$	13,483,692
Net increase in net assets	$	13,394,632		$	15,326,198
Net Assets
At beginning of year	$	87,914,751		$	50,894,819
At end of year	$	101,309,383		$	66,221,017
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(71,714	)	$	(102,851	)

See notes to financial statements

36

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended March 31, 2009	California			Massachusetts			New Jersey
Increase (Decrease) in Net Assets	Limited Fund			Limited Fund			Limited Fund
From operations —
Net investment income	$	1,212,601		$	2,159,749		$	1,556,306
Net realized loss from investment transactions and financial futures contracts		(1,659,890	)		(1,685,266	)		(1,018,458	)
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		(959,631	)		(925,198	)		(645,731	)
Net decrease in net assets from operations	$	(1,406,920	)	$	(450,715	)	$	(107,883	)
Distributions to shareholders —
From net investment income
Class A	$	(1,154,391	)	$	(1,759,322	)	$	(1,566,533	)
Class B		(24,016	)		(36,864	)		(21,357	)
Class C		(57,793	)		(384,049	)		(10,635	)
Total distributions to shareholders	$	(1,236,200	)	$	(2,180,235	)	$	(1,598,525	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	3,984,258		$	18,333,272		$	15,722,875
Class B		539,587			589,942			452,095
Class C		805,254			2,274,534			712,065
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		601,551			1,160,179			951,726
Class B		9,345			25,695			14,394
Class C		19,124			250,969			7,384
Cost of shares redeemed
Class A		(18,931,650	)		(21,217,161	)		(16,399,535	)
Class B		(60,142	)		(248,539	)		(69,515	)
Class C		(297,771	)		(2,352,902	)		(329,870	)
Net asset value of shares exchanged
Class A		173,098			1,087,537			523,381
Class B		(173,098	)		(1,087,537	)		(523,381	)
Net increase (decrease) in net assets from Fund share transactions	$	(13,330,444	)	$	(1,184,011	)	$	1,061,619
Net decrease in net assets	$	(15,973,564	)	$	(3,814,961	)	$	(644,789	)
Net Assets
At beginning of year	$	38,671,106		$	64,136,791		$	43,557,707
At end of year	$	22,697,542		$	60,321,830		$	42,912,918
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(25,722	)	$	42,579		$	15,674

See notes to financial statements

37

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended March 31, 2009	New York			Pennsylvania
Increase (Decrease) in Net Assets	Limited Fund			Limited Fund
From operations —
Net investment income	$	3,433,951		$	1,987,838
Net realized loss from investment transactions and financial futures contracts		(3,065,074	)		(1,168,523	)
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		(3,195,603	)		(583,027	)
Net increase (decrease) in net assets from operations	$	(2,826,726	)	$	236,288
Distributions to shareholders —
From net investment income
Class A	$	(2,704,516	)	$	(1,533,981	)
Class B		(55,791	)		(26,780	)
Class C		(753,275	)		(413,985	)
Total distributions to shareholders	$	(3,513,582	)	$	(1,974,746	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	13,356,546		$	10,073,900
Class B		1,320,383			370,834
Class C		7,388,421			3,305,521
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,979,581			778,812
Class B		30,351			17,859
Class C		448,913			158,792
Cost of shares redeemed
Class A		(19,790,596	)		(13,033,002	)
Class B		(489,656	)		(270,844	)
Class C		(7,250,841	)		(2,625,503	)
Net asset value of shares exchanged
Class A		795,658			702,719
Class B		(795,658	)		(702,719	)
Net decrease in net assets from Fund share transactions	$	(3,006,898	)	$	(1,223,631	)
Net decrease in net assets	$	(9,347,206	)	$	(2,962,089	)
Net Assets
At beginning of year	$	97,261,957		$	53,856,908
At end of year	$	87,914,751		$	50,894,819
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(44,011	)	$	(53,831	)

See notes to financial statements

38

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	California Limited Fund — Class A
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.290		$	10.030		$	10.410		$	10.330		$	10.290
Income (Loss) From Operations
Net investment income(1)	$	0.359		$	0.376		$	0.381		$	0.378		$	0.377
Net realized and unrealized gain (loss)		0.655			(0.734	)		(0.380	)		0.082			0.036
Total income (loss) from operations	$	1.014		$	(0.358	)	$	0.001		$	0.460		$	0.413
Less Distributions
From net investment income	$	(0.374	)	$	(0.382	)	$	(0.381	)	$	(0.380	)	$	(0.373	)
Total distributions	$	(0.374	)	$	(0.382	)	$	(0.381	)	$	(0.380	)	$	(0.373	)
Net asset value — End of year	$	9.930		$	9.290		$	10.030		$	10.410		$	10.330
Total Return(2)		11.04	%		(3.67	)%		0.00	%(3)		4.52	%		4.06	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	23,432		$	20,017		$	36,615		$	35,937		$	33,830
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.03	%		0.94	%		0.85	%		0.93	%		0.86	%
Expenses after custodian fee reduction		1.03	%		0.93	%		0.82	%		0.90	%		0.84	%
Net investment income		3.66	%		3.87	%		3.70	%		3.65	%		3.64	%
Portfolio Turnover		22	%		7	%		55	%		32	%		28	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Amount is less than 0.01%.

See notes to financial statements

39

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	California Limited Fund — Class B
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.260		$	10.000		$	10.370		$	10.300		$	10.260
Income (Loss) From Operations
Net investment income(1)	$	0.294		$	0.299		$	0.304		$	0.303		$	0.298
Net realized and unrealized gain (loss)		0.647			(0.733	)		(0.372	)		0.068			0.035
Total income (loss) from operations	$	0.941		$	(0.434	)	$	(0.068	)	$	0.371		$	0.333
Less Distributions
From net investment income	$	(0.301	)	$	(0.306	)	$	(0.302	)	$	(0.301	)	$	(0.293	)
Total distributions	$	(0.301	)	$	(0.306	)	$	(0.302	)	$	(0.301	)	$	(0.293	)
Net asset value — End of year	$	9.900		$	9.260		$	10.000		$	10.370		$	10.300
Total Return(2)		10.26	%		(4.42	)%		(0.68	)%		3.64	%		3.28	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	270		$	860		$	607		$	770		$	2,687
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.78	%		1.70	%		1.60	%		1.68	%		1.61	%
Expenses after custodian fee reduction		1.78	%		1.68	%		1.57	%		1.65	%		1.59	%
Net investment income		3.04	%		3.14	%		2.96	%		2.94	%		2.89	%
Portfolio Turnover		22	%		7	%		55	%		32	%		28	%

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

See notes to financial statements

40

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	California Limited Fund — Class C
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	8.980		$	9.690		$	10.050		$	9.980		$	9.950
Income (Loss) From Operations
Net investment income(1)	$	0.276		$	0.290		$	0.294		$	0.280		$	0.282
Net realized and unrealized gain (loss)		0.636			(0.703	)		(0.361	)		0.082			0.034
Total income (loss) from operations	$	0.912		$	(0.413	)	$	(0.067	)	$	0.362		$	0.316
Less Distributions
From net investment income	$	(0.292	)	$	(0.297	)	$	(0.293	)	$	(0.292	)	$	(0.286	)
Total distributions	$	(0.292	)	$	(0.297	)	$	(0.293	)	$	(0.292	)	$	(0.286	)
Net asset value — End of year	$	9.600		$	8.980		$	9.690		$	10.050		$	9.980
Total Return(2)		10.25	%		(4.35	)%		(0.69	)%		3.67	%		3.15	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	2,328		$	1,820		$	1,449		$	562		$	22
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.78	%		1.70	%		1.60	%		1.68	%		1.61	%
Expenses after custodian fee reduction		1.78	%		1.68	%		1.57	%		1.65	%		1.59	%
Net investment income		2.91	%		3.12	%		2.96	%		2.78	%		2.83	%
Portfolio Turnover		22	%		7	%		55	%		32	%		28	%

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

See notes to financial statements

41

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Massachusetts Limited Fund — Class A
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.560		$	9.970		$	10.200		$	10.110		$	10.180
Income (Loss) From Operations
Net investment income(1)	$	0.347		$	0.360		$	0.371		$	0.372		$	0.367
Net realized and unrealized gain (loss)		0.490			(0.407	)		(0.231	)		0.092			(0.074	)
Total income (loss) from operations	$	0.837		$	(0.047	)	$	0.140		$	0.464		$	0.293
Less Distributions
From net investment income	$	(0.357	)	$	(0.363	)	$	(0.370	)	$	(0.374	)	$	(0.363	)
Total distributions	$	(0.357	)	$	(0.363	)	$	(0.370	)	$	(0.374	)	$	(0.363	)
Net asset value — End of year	$	10.040		$	9.560		$	9.970		$	10.200		$	10.110
Total Return(2)		8.83	%		(0.50	)%		1.39	%		4.66	%		2.90	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	52,719		$	46,857		$	49,514		$	45,300		$	47,407
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		0.82	%		0.85	%		0.84	%		0.84	%		0.82	%
Expenses after custodian fee reduction		0.82	%		0.84	%		0.83	%		0.82	%		0.81	%
Net investment income		3.47	%		3.69	%		3.67	%		3.65	%		3.59	%
Portfolio Turnover		11	%		16	%		14	%		14	%		7	%

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

See notes to financial statements

42

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Massachusetts Limited Fund — Class B
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.560		$	9.960		$	10.200		$	10.110		$	10.170
Income (Loss) From Operations
Net investment income(1)	$	0.275		$	0.288		$	0.297		$	0.295		$	0.289
Net realized and unrealized gain (loss)		0.479			(0.399	)		(0.244	)		0.092			(0.066	)
Total income (loss) from operations	$	0.754		$	(0.111	)	$	0.053		$	0.387		$	0.223
Less Distributions
From net investment income	$	(0.284	)	$	(0.289	)	$	(0.293	)	$	(0.297	)	$	(0.283	)
Total distributions	$	(0.284	)	$	(0.289	)	$	(0.293	)	$	(0.297	)	$	(0.283	)
Net asset value — End of year	$	10.030		$	9.560		$	9.960		$	10.200		$	10.110
Total Return(2)		7.94	%		(1.15	)%		0.52	%		3.87	%		2.20	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	451		$	854		$	1,628		$	3,648		$	7,234
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.57	%		1.60	%		1.60	%		1.59	%		1.57	%
Expenses after custodian fee reduction		1.57	%		1.59	%		1.58	%		1.57	%		1.56	%
Net investment income		2.76	%		2.94	%		2.94	%		2.91	%		2.83	%
Portfolio Turnover		11	%		16	%		14	%		14	%		7	%

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

See notes to financial statements

43

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Massachusetts Limited Fund — Class C
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.160		$	9.550		$	9.770		$	9.690		$	9.740
Income (Loss) From Operations
Net investment income(1)	$	0.260		$	0.274		$	0.284		$	0.284		$	0.278
Net realized and unrealized gain (loss)		0.472			(0.387	)		(0.223	)		0.081			(0.057	)
Total income (loss) from operations	$	0.732		$	(0.113	)	$	0.061		$	0.365		$	0.221
Less Distributions
From net investment income	$	(0.272	)	$	(0.277	)	$	(0.281	)	$	(0.285	)	$	(0.271	)
Total distributions	$	(0.272	)	$	(0.277	)	$	(0.281	)	$	(0.285	)	$	(0.271	)
Net asset value — End of year	$	9.620		$	9.160		$	9.550		$	9.770		$	9.690
Total Return(2)		8.05	%		(1.22	)%		0.63	%		3.81	%		2.28	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	14,807		$	12,611		$	12,995		$	14,139		$	19,901
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.57	%		1.60	%		1.60	%		1.59	%		1.57	%
Expenses after custodian fee reduction		1.57	%		1.59	%		1.58	%		1.57	%		1.56	%
Net investment income		2.71	%		2.93	%		2.93	%		2.91	%		2.84	%
Portfolio Turnover		11	%		16	%		14	%		14	%		7	%

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

See notes to financial statements

44

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New Jersey Limited Fund — Class A
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.490		$	9.900		$	10.210		$	10.110		$	10.100
Income (Loss) From Operations
Net investment income(1)	$	0.347		$	0.363		$	0.372		$	0.392		$	0.371
Net realized and unrealized gain (loss)		0.504			(0.401	)		(0.298	)		0.083			0.001
Total income (loss) from operations	$	0.851		$	(0.038	)	$	0.074		$	0.475		$	0.372
Less Distributions
From net investment income	$	(0.351	)	$	(0.372	)	$	(0.384	)	$	(0.375	)	$	(0.362	)
Total distributions	$	(0.351	)	$	(0.372	)	$	(0.384	)	$	(0.375	)	$	(0.362	)
Net asset value — End of year	$	9.990		$	9.490		$	9.900		$	10.210		$	10.110
Total Return(2)		9.05	%		(0.39	)%		0.74	%		4.76	%		3.74	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	48,745		$	41,746		$	42,612		$	37,031		$	37,080
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.85	%		0.89	%		0.91	%		0.91	%		0.88	%
Interest and fee expense(3)		—			—			0.02	%		—			—
Total expenses before custodian fee reduction		0.85	%		0.89	%		0.93	%		0.91	%		0.88	%
Expenses after custodian fee reduction excluding interest and fees		0.85	%		0.87	%		0.88	%		0.90	%		0.87	%
Net investment income		3.49	%		3.76	%		3.69	%		3.85	%		3.66	%
Portfolio Turnover		6	%		23	%		12	%		18	%		25	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See notes to financial statements

45

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New Jersey Limited Fund — Class B
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.500		$	9.900		$	10.210		$	10.100		$	10.100
Income (Loss) From Operations
Net investment income(1)	$	0.272		$	0.291		$	0.302		$	0.316		$	0.294
Net realized and unrealized gain (loss)		0.496			(0.393	)		(0.305	)		0.093			(0.009	)
Total income (loss) from operations	$	0.768		$	(0.102	)	$	(0.003	)	$	0.409		$	0.285
Less Distributions
From net investment income	$	(0.278	)	$	(0.298	)	$	(0.307	)	$	(0.299	)	$	(0.285	)
Total distributions	$	(0.278	)	$	(0.298	)	$	(0.307	)	$	(0.299	)	$	(0.285	)
Net asset value — End of year	$	9.990		$	9.500		$	9.900		$	10.210		$	10.100
Total Return(2)		8.15	%		(1.05	)%		(0.03	)%		4.09	%		2.85	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	694		$	648		$	801		$	2,875		$	5,992
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.60	%		1.64	%		1.66	%		1.66	%		1.63	%
Interest and fee expense(3)		—			—			0.02	%		—			—
Total expenses before custodian fee reduction		1.60	%		1.64	%		1.68	%		1.66	%		1.63	%
Expenses after custodian fee reduction excluding interest and fees		1.60	%		1.62	%		1.64	%		1.65	%		1.62	%
Net investment income		2.74	%		3.01	%		2.99	%		3.11	%		2.91	%
Portfolio Turnover		6	%		23	%		12	%		18	%		25	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See notes to financial statements

46

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New Jersey Limited Fund — Class C
	Year Ended March 31,
										Period Ended
	2010			2009			2008			March 31, 2007(1)
Net asset value — Beginning of period	$	9.490		$	9.910		$	10.210		$	10.110
Income (Loss) From Operations
Net investment income(2)	$	0.270		$	0.291		$	0.289		$	0.210
Net realized and unrealized gain (loss)		0.498			(0.412	)		(0.282	)		0.089
Total income (loss) from operations	$	0.768		$	(0.121	)	$	0.007		$	0.299
Less Distributions
From net investment income	$	(0.278	)	$	(0.299	)	$	(0.307	)	$	(0.199	)
Total distributions	$	(0.278	)	$	(0.299	)	$	(0.307	)	$	(0.199	)
Net asset value — End of period	$	9.980		$	9.490		$	9.910		$	10.210
Total Return(3)		8.15	%		(1.24	)%		0.08	%		2.84	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,365		$	519		$	144		$	1
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.59	%		1.64	%		1.64	%		1.63	%(5)
Interest and fee expense(6)		—			—			0.02	%		—
Total expenses before custodian fee reduction		1.59	%		1.64	%		1.66	%		1.63	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.59	%		1.62	%		1.61	%		1.62	%(5)
Net investment income		2.70	%		3.03	%		2.87	%		3.09	%(5)
Portfolio Turnover		6	%		23	%		12	%		18	%(7)

(1)	For the period from the commencement of offering of Class C shares, August 1, 2006, to March 31, 2007.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(4)	Not annualized.
(5)	Annualized.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.
(7)	For the year ended March 31, 2007.

See notes to financial statements

47

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New York Limited Fund — Class A
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.550		$	10.200		$	10.600		$	10.480		$	10.540
Income (Loss) From Operations
Net investment income(1)	$	0.368		$	0.387		$	0.402		$	0.395		$	0.388
Net realized and unrealized gain (loss)		0.644			(0.642	)		(0.405	)		0.118			(0.059	)
Total income (loss) from operations	$	1.012		$	(0.255	)	$	(0.003	)	$	0.513		$	0.329
Less Distributions
From net investment income	$	(0.372	)	$	(0.395	)	$	(0.397	)	$	(0.393	)	$	(0.389	)
Total distributions	$	(0.372	)	$	(0.395	)	$	(0.397	)	$	(0.393	)	$	(0.389	)
Net asset value — End of year	$	10.190		$	9.550		$	10.200		$	10.600		$	10.480
Total Return(2)		10.72	%		(2.56	)%		(0.03	)%		4.97	%		3.15	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	71,238		$	63,159		$	71,401		$	72,201		$	59,546
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.81	%		0.80	%		0.82	%		0.82	%		0.82	%
Interest and fee expense(3)		—			—			0.01	%		0.02	%		—
Total expenses before custodian fee reduction		0.81	%		0.80	%		0.83	%		0.84	%		0.82	%
Expenses after custodian fee reduction excluding interest and fees		0.81	%		0.79	%		0.81	%		0.81	%		0.81	%
Net investment income		3.66	%		3.92	%		3.85	%		3.73	%		3.67	%
Portfolio Turnover		6	%		22	%		14	%		22	%		22	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See notes to financial statements

48

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New York Limited Fund — Class B
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.540		$	10.190		$	10.590		$	10.470		$	10.530
Income (Loss) From Operations
Net investment income(1)	$	0.293		$	0.312		$	0.324		$	0.317		$	0.308
Net realized and unrealized gain (loss)		0.644			(0.643	)		(0.406	)		0.117			(0.061	)
Total income (loss) from operations	$	0.937		$	(0.331	)	$	(0.082	)	$	0.434		$	0.247
Less Distributions
From net investment income	$	(0.297	)	$	(0.319	)	$	(0.318	)	$	(0.314	)	$	(0.307	)
Total distributions	$	(0.297	)	$	(0.319	)	$	(0.318	)	$	(0.314	)	$	(0.307	)
Net asset value — End of year	$	10.180		$	9.540		$	10.190		$	10.590		$	10.470
Total Return(2)		9.92	%		(3.31	)%		(0.79	)%		4.19	%		2.36	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,746		$	1,976		$	2,017		$	4,457		$	8,978
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.56	%		1.55	%		1.57	%		1.56	%		1.57	%
Interest and fee expense(3)		—			—			0.01	%		0.02	%		—
Total expenses before custodian fee reduction		1.56	%		1.55	%		1.58	%		1.58	%		1.57	%
Expenses after custodian fee reduction excluding interest and fees		1.56	%		1.54	%		1.56	%		1.57	%		1.56	%
Net investment income		2.92	%		3.17	%		3.10	%		3.00	%		2.92	%
Portfolio Turnover		6	%		22	%		14	%		22	%		22	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See notes to financial statements

49

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New York Limited Fund — Class C
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.080		$	9.690		$	10.070		$	9.960		$	10.020
Income (Loss) From Operations
Net investment income(1)	$	0.278		$	0.297		$	0.308		$	0.301		$	0.294
Net realized and unrealized gain (loss)		0.615			(0.603	)		(0.385	)		0.107			(0.062	)
Total income (loss) from operations	$	0.893		$	(0.306	)	$	(0.077	)	$	0.408		$	0.232
Less Distributions
From net investment income	$	(0.283	)	$	(0.304	)	$	(0.303	)	$	(0.298	)	$	(0.292	)
Total distributions	$	(0.283	)	$	(0.304	)	$	(0.303	)	$	(0.298	)	$	(0.292	)
Net asset value — End of year	$	9.690		$	9.080		$	9.690		$	10.070		$	9.960
Total Return(2)		9.92	%		(3.22	)%		(0.78	)%		4.14	%		2.32	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	28,326		$	22,780		$	23,844		$	22,155		$	26,477
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.56	%		1.55	%		1.57	%		1.56	%		1.57	%
Interest and fee expense(3)		—			—			0.01	%		0.02	%		—
Total expenses before custodian fee reduction		1.56	%		1.55	%		1.58	%		1.58	%		1.57	%
Expenses after custodian fee reduction excluding interest and fees		1.56	%		1.55	%		1.56	%		1.57	%		1.56	%
Net investment income		2.90	%		3.17	%		3.10	%		3.00	%		2.92	%
Portfolio Turnover		6	%		22	%		14	%		22	%		22	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See notes to financial statements

50

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Pennsylvania Limited Fund — Class A
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.720		$	10.030		$	10.360		$	10.270		$	10.280
Income (Loss) From Operations
Net investment income(1)	$	0.372		$	0.393		$	0.393		$	0.396		$	0.394
Net realized and unrealized gain (loss)		0.348			(0.313	)		(0.327	)		0.087			(0.004	)
Total income from operations	$	0.720		$	0.080		$	0.066		$	0.483		$	0.390
Less Distributions
From net investment income	$	(0.380	)	$	(0.390	)	$	(0.396	)	$	(0.393	)	$	(0.400	)
Total distributions	$	(0.380	)	$	(0.390	)	$	(0.396	)	$	(0.393	)	$	(0.400	)
Net asset value — End of year	$	10.060		$	9.720		$	10.030		$	10.360		$	10.270
Total Return(2)		7.49	%		0.83	%		0.64	%		4.78	%		3.84	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	47,779		$	36,461		$	39,272		$	33,998		$	34,592
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		0.84	%		0.87	%		0.88	%		0.88	%		0.87	%
Expenses after custodian fee reduction		0.84	%		0.86	%		0.85	%		0.86	%		0.85	%
Net investment income		3.71	%		4.00	%		3.84	%		3.83	%		3.82	%
Portfolio Turnover		6	%		19	%		12	%		11	%		22	%

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

See notes to financial statements

51

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Pennsylvania Limited Fund — Class B
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.720		$	10.030		$	10.360		$	10.270		$	10.280
Income (Loss) From Operations
Net investment income(1)	$	0.300		$	0.319		$	0.318		$	0.319		$	0.317
Net realized and unrealized gain (loss)		0.346			(0.314	)		(0.329	)		0.087			(0.005	)
Total income (loss) from operations	$	0.646		$	0.005		$	(0.011	)	$	0.406		$	0.312
Less Distributions
From net investment income	$	(0.306	)	$	(0.315	)	$	(0.319	)	$	(0.316	)	$	(0.322	)
Total distributions	$	(0.306	)	$	(0.315	)	$	(0.319	)	$	(0.316	)	$	(0.322	)
Net asset value — End of year	$	10.060		$	9.720		$	10.030		$	10.360		$	10.270
Total Return(2)		6.70	%		0.06	%		(0.11	)%		4.01	%		3.06	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	428		$	550		$	1,159		$	3,714		$	6,962
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.59	%		1.62	%		1.63	%		1.63	%		1.62	%
Expenses after custodian fee reduction		1.59	%		1.61	%		1.60	%		1.61	%		1.60	%
Net investment income		3.00	%		3.25	%		3.10	%		3.08	%		3.07	%
Portfolio Turnover		6	%		19	%		12	%		11	%		22	%

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

See notes to financial statements

52

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Pennsylvania Limited Fund — Class C
	Year Ended March 31,
	2010			2009			2008			2007			2006
Net asset value — Beginning of year	$	9.210		$	9.510		$	9.820		$	9.740		$	9.750
Income (Loss) From Operations
Net investment income(1)	$	0.282		$	0.303		$	0.301		$	0.302		$	0.300
Net realized and unrealized gain (loss)		0.337			(0.304	)		(0.308	)		0.078			(0.006	)
Total income (loss) from operations	$	0.619		$	(0.001	)	$	(0.007	)	$	0.380		$	0.294
Less Distributions
From net investment income	$	(0.289	)	$	(0.299	)	$	(0.303	)	$	(0.300	)	$	(0.304	)
Total distributions	$	(0.289	)	$	(0.299	)	$	(0.303	)	$	(0.300	)	$	(0.304	)
Net asset value — End of year	$	9.540		$	9.210		$	9.510		$	9.820		$	9.740
Total Return(2)		6.78	%		(0.01	)%		(0.08	)%		3.95	%		3.05	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	18,014		$	13,884		$	13,427		$	14,209		$	15,894
Ratios (as a percentage of average daily net assets):
Expenses before custodian fee reduction		1.59	%		1.62	%		1.63	%		1.63	%		1.62	%
Expenses after custodian fee reduction		1.59	%		1.61	%		1.60	%		1.61	%		1.60	%
Net investment income		2.96	%		3.25	%		3.10	%		3.08	%		3.07	%
Portfolio Turnover		6	%		19	%		12	%		11	%		22	%

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

See notes to financial statements

53

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS

1Significant Accounting Policies

Eaton Vance Investment Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of seven funds, five of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Limited Maturity Municipal Income Fund (formerly, Eaton Vance California Limited Maturity Municipals Fund) (California Limited Fund), Eaton Vance Massachusetts Limited Maturity Municipal Income Fund (formerly, Eaton Vance Massachusetts Limited Maturity Municipals Fund) (Massachusetts Limited Fund), Eaton Vance New Jersey Limited Maturity Municipal Income Fund (formerly, Eaton Vance New Jersey Limited Maturity Municipals Fund) (New Jersey Limited Fund), Eaton Vance New York Limited Maturity Municipal Income Fund (formerly, Eaton Vance New York Limited Maturity Municipals Fund) (New York Limited Fund) and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund (formerly, Eaton Vance Pennsylvania Limited Maturity Municipals Fund) (Pennsylvania Limited Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds seek to provide a high level of current income exempt from regular federal income tax and from particular state or local income or other taxes, as applicable. The Funds also seek to provide limited principal fluctuation. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class B shares of each Fund held for the longer of (i) four years or (ii) the time at which the contingent deferred sales charge applicable to such shares expires will automatically convert to Class A shares as described in each Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America.

AInvestment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations furnished by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations, maturing in sixty days or less, are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

BInvestment 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.

CFederal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income,

54

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

At March 31, 2010, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:

Fund	Amount		Expiration Date
California Limited	$	46,725		March 31, 2011
		13,351		March 31, 2012
		384,970		March 31, 2013
		176,040		March 31, 2015
		146,189		March 31, 2016
		461,024		March 31, 2017
		1,038,422		March 31, 2018
Massachusetts Limited	$	398,029		March 31, 2011
		393,962		March 31, 2012
		1,336,686		March 31, 2013
		25,938		March 31, 2014
		103,860		March 31, 2016
		1,158,951		March 31, 2017
		869,381		March 31, 2018
New Jersey Limited	$	129,576		March 31, 2011
		298,472		March 31, 2012
		728,451		March 31, 2013
		126,854		March 31, 2017
		771,617		March 31, 2018
New York Limited	$	144,635		March 31, 2011
		483,774		March 31, 2012
		1,522,094		March 31, 2013
		97,867		March 31, 2015
		394,181		March 31, 2016
		718,716		March 31, 2017
		2,585,819		March 31, 2018
Pennsylvania Limited	$	400,339		March 31, 2011
		154,413		March 31, 2012
		954,523		March 31, 2013
		29,139		March 31, 2015
		107,086		March 31, 2016
		310,885		March 31, 2017
		975,763		March 31, 2018

Additionally, at March 31, 2010, the Massachusetts Limited Fund, New Jersey Limited Fund and New York Limited Fund had net capital losses of $18,637, $4,298 and $24,509, respectively, attributable to security transactions incurred after October 31, 2009. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending March 31, 2011.

As of March 31, 2010, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended March 31, 2010 remains subject to examination by the Internal Revenue Service.

DExpenses — 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.

EExpense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

FLegal 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.

GUse 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.

HIndemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust, (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s

55

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

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

IFinancial Futures Contracts — The Funds may enter into financial futures contracts. The Funds’ investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

JWhen-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.

2Distributions to Shareholders

The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards, if any), are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. The Funds distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended March 31, 2010 and March 31, 2009 was as follows:

	California		Massachusetts		New Jersey		New York		Pennsylvania
Year Ended March 31, 2010	Limited Fund		Limited Fund		Limited Fund		Limited Fund		Limited Fund
Distributions declared from:
Tax-exempt income	$	875,622	$	2,183,085	$	1,723,028	$	3,352,445	$	2,104,966
Ordinary income	$	22,932	$	—	$	5,060	$	3,552	$	6,125
	California		Massachusetts		New Jersey		New York		Pennsylvania
Year Ended March 31, 2009	Limited Fund		Limited Fund		Limited Fund		Limited Fund		Limited Fund
Distributions declared from:
Tax-exempt income	$	1,236,067	$	2,180,235	$	1,581,063	$	3,478,784	$	1,972,680
Ordinary income	$	133	$	—	$	17,462	$	34,798	$	2,066
During the year ended March 31, 2010, the following amounts were reclassified due to the tax treatment of distributions in excess of net tax-exempt income, expired capital loss carryfowards and differences between book and tax accounting, primarily for accretion of market discount:

56

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

	California			Massachusetts			New Jersey			New York			Pennsylvania
	Limited Fund			Limited Fund			Limited Fund			Limited Fund			Limited Fund
Increase (decrease):
Paid-in capital	$	(21,801	)	$	—		$	—		$	—		$	(65,607	)
Accumulated net realized gain (loss)	$	1,185		$	(10,040	)	$	11,451		$	(8,402	)	$	74,607
Accumulated undistributed (distributions in excess of) net investment income	$	20,616		$	10,040		$	(11,451	)	$	8,402		$	(9,000	)
These reclassifications had no effect on the net assets or net asset value per share of the Funds.
As of March 31, 2010, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:
	California			Massachusetts			New Jersey			New York			Pennsylvania
	Limited Fund			Limited Fund			Limited Fund			Limited Fund			Limited Fund
Undistributed tax-exempt income	$	—		$	88,838		$	66,771		$	78,399		$	—
Capital loss carryforward and post October losses	$	(2,266,721	)	$	(4,305,444	)	$	(2,059,268	)	$	(5,971,595	)	$	(2,932,148	)
Net unrealized appreciation	$	629,221		$	3,353,195		$	2,274,469		$	3,281,351		$	2,261,244
Other temporary differences	$	(41,811	)	$	(100,667	)	$	(78,678	)	$	(150,113	)	$	(102,851	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to futures contracts, accretion of market discount and the timing of recognizing distributions to shareholders.

3Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) and is payable monthly. The annual asset rate and daily income rate are 0.30% and 3.00%, respectively, on average daily net assets of up to $500 million and at reduced rates as daily net assets exceed that level.

For the year ended March 31, 2010, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Investment		Effective
Fund	Adviser Fee		Annual Rate
California Limited	$	107,458		0.45	%
Massachusetts Limited		272,065		0.42
New Jersey Limited		212,332		0.43
New York Limited		425,115		0.44
Pennsylvania Limited		256,304		0.43

EVM serves as administrator of each Fund, but receives no compensation. EVM serves as the sub-transfer agent of each Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM and Class A sales charges that the Funds were informed were received by EVD for the year ended March 31, 2010 were as follows:

	EVM’s Sub-
	Transfer Agent		EVD’s Class A
Fund	Fees		Sales Charges
California Limited	$	456	$	7,343
Massachusetts Limited		1,591		7,200
New Jersey Limited		1,020		5,599
New York Limited		2,104		5,739
Pennsylvania Limited		1,401		11,925

Except for Trustees of the Funds who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended March 31, 2010, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and

57

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.15% per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended March 31, 2010 for Class A shares amounted to the following:

	Class A
	Distribution and
Fund	Service Fees
California Limited	$	32,606
Massachusetts Limited		74,558
New Jersey Limited		70,466
New York Limited		103,686
Pennsylvania Limited		64,063

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class B and Class C Plans require each Fund to pay EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. Each Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 3% and 6.25% of the aggregate amount received by each Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the year ended March 31, 2010, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% of the average daily net assets of each Fund’s Class B and Class C shares:

	Class B		Class C
	Distribution		Distribution
Fund	Fees		Fees
California Limited	$	3,802	$	12,973
Massachusetts Limited		4,798		104,029
New Jersey Limited		5,251		14,491
New York Limited		13,532		190,938
Pennsylvania Limited		4,073		118,831

At March 31, 2010, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:

Fund	Class B		Class C
California Limited	$	564,000	$	185,000
Massachusetts Limited		587,000		5,270,000
New Jersey Limited		589,000		196,000
New York Limited		897,000		6,757,000
Pennsylvania Limited		395,000		6,576,000

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.15% per annum of each Fund’s average daily net assets attributable to Class B and Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the year ended March 31, 2010 amounted to the following:

	Class B		Class C
Fund	Service Fees		Service Fees
California Limited	$	760	$	2,595
Massachusetts Limited		960		20,805
New Jersey Limited		1,050		2,898
New York Limited		2,706		38,188
Pennsylvania Limited		814		23,767

5Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within four years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. The CDSC for Class B shares is imposed at declining rates that begin at 3% in the case of redemptions in the first year after purchase, declining half a percentage point in the second and third year and one percentage point in the fourth year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under each Fund’s Class B and Class C Plans. CDSCs received on

58

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to each Fund. For the year ended March 31, 2010, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:

Fund	Class A		Class B		Class C
California Limited	$	10	$	4,000	$	1,000
Massachusetts Limited		—		3,000		900
New Jersey Limited		—		200		1,000
New York Limited		300		5,000		2,000
Pennsylvania Limited		—		300		2,000

6Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended March 31, 2010 were as follows:

Fund	Purchases		Sales
California Limited	$	6,896,944	$	5,271,809
Massachusetts Limited		11,929,221		6,633,112
New Jersey Limited		10,908,331		2,741,034
New York Limited		12,968,858		5,938,125
Pennsylvania Limited		16,375,328		3,435,790

7Shares of Beneficial Interest

Each Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Funds) and classes. Transactions in Fund shares were as follows:

California Limited Fund
	Year Ended March 31,
Class A	2010			2009
Sales		573,248			406,183
Issued to shareholders electing to receive payments of distributions in Fund shares		47,960			61,900
Redemptions		(437,727	)		(1,982,872	)
Exchange from Class B shares		23,271			17,572
Net increase (decrease)		206,752			(1,497,217	)
	Year Ended March 31,
Class B	2010			2009
Sales		20,149			55,426
Issued to shareholders electing to receive payments of distributions in Fund shares		570			970
Redemptions		(62,888	)		(6,705	)
Exchange to Class A shares		(23,337	)		(17,624	)
Net increase (decrease)		(65,506	)		32,067
	Year Ended March 31,
Class C	2010			2009
Sales		133,085			84,507
Issued to shareholders electing to receive payments of distributions in Fund shares		2,816			2,060
Redemptions		(95,956	)		(33,411	)
Net increase		39,945			53,156
Massachusetts Limited Fund
	Year Ended March 31,
Class A	2010			2009
Sales		999,405			1,898,025
Issued to shareholders electing to receive payments of distributions in Fund shares		122,445			118,776
Redemptions		(819,299	)		(2,196,838	)
Exchange from Class B shares		47,364			112,871
Net increase (decrease)		349,915			(67,166	)
	Year Ended March 31,
Class B	2010			2009
Sales		22,476			62,371
Issued to shareholders electing to receive payments of distributions in Fund shares		1,331			2,627
Redemptions		(20,807	)		(26,102	)
Exchange to Class A shares		(47,392	)		(112,954	)
Net decrease		(44,392	)		(74,058	)
	Year Ended March 31,
Class C	2010			2009
Sales		330,825			244,370
Issued to shareholders electing to receive payments of distributions in Fund shares		27,469			26,839
Redemptions		(195,341	)		(255,603	)
Net increase		162,953			15,606

59

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

New Jersey Limited Fund
	Year Ended March 31,
Class A	2010			2009
Sales		909,394			1,625,831
Issued to shareholders electing to receive payments of distributions in Fund shares		105,345			98,385
Redemptions		(553,338	)		(1,685,448	)
Exchange from Class B shares		23,418			54,287
Net increase		484,819			93,055
	Year Ended March 31,
Class B	2010			2009
Sales		26,889			47,314
Issued to shareholders electing to receive payments of distributions in Fund shares		1,295			1,484
Redemptions		(3,505	)		(7,287	)
Exchange to Class A shares		(23,412	)		(54,248	)
Net increase (decrease)		1,267			(12,737	)
	Year Ended March 31,
Class C	2010			2009
Sales		294,181			73,272
Issued to shareholders electing to receive payments of distributions in Fund shares		4,130			768
Redemptions		(15,958	)		(33,903	)
Net increase		282,353			40,137
New York Limited Fund
	Year Ended March 31,
Class A	2010			2009
Sales		1,408,361			1,362,132
Issued to shareholders electing to receive payments of distributions in Fund shares		192,066			200,648
Redemptions		(1,267,850	)		(2,028,966	)
Exchange from Class B shares		44,349			80,064
Net increase (decrease)		376,926			(386,122	)
	Year Ended March 31,
Class B	2010			2009
Sales		69,454			136,133
Issued to shareholders electing to receive payments of distributions in Fund shares		3,345			3,076
Redemptions		(64,026	)		(49,980	)
Exchange to Class A shares		(44,372	)		(80,100	)
Net increase (decrease)		(35,599	)		9,129
	Year Ended March 31,
Class C	2010			2009
Sales		810,949			788,590
Issued to shareholders electing to receive payments of distributions in Fund shares		49,421			47,954
Redemptions		(445,447	)		(786,587	)
Net increase		414,923			49,957
Pennsylvania Limited Fund
	Year Ended March 31,
Class A	2010			2009
Sales		1,493,917			1,028,122
Issued to shareholders electing to receive payments of distributions in Fund shares		105,591			79,460
Redemptions		(666,581	)		(1,342,050	)
Exchange from Class B shares		62,511			70,833
Net increase (decrease)		995,438			(163,635	)
	Year Ended March 31,
Class B	2010			2009
Sales		56,118			37,999
Issued to shareholders electing to receive payments of distributions in Fund shares		1,276			1,817
Redemptions		(8,929	)		(27,931	)
Exchange to Class A shares		(62,497	)		(70,807	)
Net decrease		(14,032	)		(58,922	)
	Year Ended March 31,
Class C	2010			2009
Sales		626,823			360,210
Issued to shareholders electing to receive payments of distributions in Fund shares		24,994			17,064
Redemptions		(270,929	)		(282,629	)
Net increase		380,888			94,645

8Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2010, as determined on a federal income tax basis, were as follows:

California Limited Fund
Aggregate cost	$	24,781,496
Gross unrealized appreciation	$	868,430
Gross unrealized depreciation		(239,209	)
Net unrealized appreciation	$	629,221

60

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

Massachusetts Limited Fund
Aggregate cost	$	64,290,032
Gross unrealized appreciation	$	3,690,700
Gross unrealized depreciation		(337,505	)
Net unrealized appreciation	$	3,353,195
New Jersey Limited Fund
Aggregate cost	$	50,207,835
Gross unrealized appreciation	$	2,556,078
Gross unrealized depreciation		(281,609	)
Net unrealized appreciation	$	2,274,469
New York Limited Fund
Aggregate cost	$	96,889,426
Gross unrealized appreciation	$	4,248,424
Gross unrealized depreciation		(967,073	)
Net unrealized appreciation	$	3,281,351
Pennsylvania Limited Fund
Aggregate cost	$	64,346,983
Gross unrealized appreciation	$	2,884,811
Gross unrealized depreciation		(623,567	)
Net unrealized appreciation	$	2,261,244

9Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. At March 31, 2010, the Massachusetts Limited Fund had a balance outstanding pursuant to this line of credit of $100,000 at an interest rate of 1.41%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at March 31, 2010. The Funds’ average borrowings or allocated fees during the year ended March 31, 2010 were not significant.

10Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at March 31, 2010 is as follows:

Futures Contracts
										Net
										Unrealized
	Expiration			Aggregate						Appreciation
Fund	Date	Contracts	Position	Cost			Value			(Depreciation)
California Limited	6/10	18 U.S. 10-Year Treasury Note	Short	$	(2,083,999	)	$	(2,092,500	)	$	(8,501	)
	6/10	9 U.S. 30-Year Treasury Bond	Short		(1,050,156	)		(1,045,125	)		5,031
Massachusetts Limited	6/10	41 U.S. 10-Year Treasury Note	Short	$	(4,746,888	)	$	(4,766,250	)	$	(19,362	)
	6/10	30 U.S. 30-Year Treasury Bond	Short		(3,490,270	)		(3,483,750	)		6,520
New Jersey Limited	6/10	70 U.S. 10-Year Treasury Note	Short	$	(8,104,443	)	$	(8,137,501	)	$	(33,058	)
New York Limited	6/10	94 U.S. 10-Year Treasury Note	Short	$	(10,883,109	)	$	(10,927,501	)	$	(44,392	)
	6/10	38 U.S. 30-Year Treasury Bond	Short		(4,421,180	)		(4,412,750	)		8,430
Pennsylvania Limited	6/10	40 U.S. 10-Year Treasury Note	Short	$	(4,631,110	)	$	(4,650,000	)	$	(18,890	)
	6/10	29 U.S. 30-Year Treasury Bond	Short		(3,375,906	)		(3,367,625	)		8,281

At March 31, 2010, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Funds may purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

61

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

The fair values of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2010 were as follows:

	Fair Value
	Asset Derivative(1)		Liability Derivative(2)
California Limited Fund
Futures Contracts	$	5,031	$	(8,501	)
Total	$	5,031	$	(8,501	)
Massachusetts Limited Fund
Futures Contracts	$	6,520	$	(19,362	)
Total	$	6,520	$	(19,362	)
New Jersey Limited Fund
Futures Contracts	$	—	$	(33,058	)
Total	$	—	$	(33,058	)
New York Limited Fund
Futures Contracts	$	8,430	$	(44,392	)
Total	$	8,430	$	(44,392	)
Pennsylvania Limited Fund
Futures Contracts	$	8,281	$	(18,890	)
Total	$	8,281	$	(18,890	)

(1)	Amount represents cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.
(2)	Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended March 31, 2010 was as follows:

			Change in
			Unrealized
	Realized Gain		Appreciation
	(Loss) on		(Depreciation) on
	Derivatives		Derivatives
	Recognized in		Recognized in
Fund	Income(1)		Income(2)
California Limited	$	98,469	$	137,295
Massachusetts Limited		275,901		150,249
New Jersey Limited		369,030		106,411
New York Limited		380,428		253,216
Pennsylvania Limited		185,587		155,731

(1)	Statement of Operations location: Net realized gain (loss) – Financial futures contracts.
(2)	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional amounts of futures contracts outstanding during the year ended March 31, 2010, which are indicative of the volume of this derivative type, were approximately as follows:

	Average Notional Amount –
Fund	Futures Contracts
California Limited	$	2,738,000
Massachusetts Limited		7,492,000
New Jersey Limited		5,915,000
New York Limited		13,708,000
Pennsylvania Limited		6,900,000

11Fair Value Measurements

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2010, the inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

62

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

California Limited Fund
	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
Asset Description	(Level 1)			(Level 2)		(Level 3)		Total
Tax-Exempt Investments	$	—		$	25,410,717	$	—	$	25,410,717
Total Investments	$	—		$	25,410,717	$	—	$	25,410,717
Futures Contracts	$	5,031		$	—	$	—	$	5,031
Total	$	5,031		$	25,410,717	$	—	$	25,415,748
Liability Description
Futures Contracts	$	(8,501	)	$	—	$	—	$	(8,501	)
Total	$	(8,501	)	$	—	$	—	$	(8,501	)

Massachusetts Limited Fund
	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
Asset Description	(Level 1)			(Level 2)		(Level 3)		Total
Tax-Exempt Investments	$	—		$	67,643,227	$	—	$	67,643,227
Total Investments	$	—		$	67,643,227	$	—	$	67,643,227
Futures Contracts	$	6,520		$	—	$	—	$	6,520
Total	$	6,520		$	67,643,227	$	—	$	67,649,747
Liability Description
Futures Contracts	$	(19,362	)	$	—	$	—	$	(19,362	)
Total	$	(19,362	)	$	—	$	—	$	(19,362	)

New Jersey Limited Fund
	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
Asset Description	(Level 1)			(Level 2)		(Level 3)		Total
Tax-Exempt Investments	$	—		$	50,655,107	$	—	$	50,655,107
Short-Term Investments		—			1,827,197		—		1,827,197
Total Investments	$	—		$	52,482,304	$	—	$	52,482,304
Liability Description
Futures Contracts	$	(33,058	)	$	—	$	—	$	(33,058	)
Total	$	(33,058	)	$	—	$	—	$	(33,058	)

New York Limited Fund
	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
Asset Description	(Level 1)			(Level 2)		(Level 3)		Total
Tax-Exempt Investments	$	—		$	98,119,683	$	—	$	98,119,683
Short-Term Investments		—			2,051,094		—		2,051,094
Total Investments	$	—		$	100,170,777	$	—	$	100,170,777
Futures Contracts	$	8,430		$	—	$	—	$	8,430
Total	$	8,430		$	100,170,777	$	—	$	100,179,207
Liability Description
Futures Contracts	$	(44,392	)	$	—	$	—	$	(44,392	)
Total	$	(44,392	)	$	—	$	—	$	(44,392	)

63

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

NOTES TO FINANCIAL STATEMENTS CONT’D

Pennsylvania Limited Fund
	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
Asset Description	(Level 1)			(Level 2)		(Level 3)		Total
Tax-Exempt Investments	$	—		$	64,354,520	$	—	$	64,354,520
Short-Term Investments		—			2,253,707		—		2,253,707
Total Investments	$	—		$	66,608,227	$	—	$	66,608,227
Futures Contracts	$	8,281		$	—	$	—	$	8,281
Total	$	8,281		$	66,608,227	$	—	$	66,616,508
Liability Description
Futures Contracts	$	(18,890	)	$	—	$	—	$	(18,890	)
Total	$	(18,890	)	$	—	$	—	$	(18,890	)

The Funds held no investments or other financial instruments as of March 31, 2009 whose fair value was determined using Level 3 inputs.

12Name Change

Effective December 1, 2009, the names of Eaton Vance California Limited Maturity Municipal Income Fund, Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, Eaton Vance New Jersey Limited Maturity Municipal Income Fund, Eaton Vance New York Limited Maturity Municipal Income Fund and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund were changed from Eaton Vance California Limited Maturity Municipals Fund, Eaton Vance Massachusetts Limited Maturity Municipals Fund, Eaton Vance New Jersey Limited Maturity Municipals Fund, Eaton Vance New York Limited Maturity Municipals Fund and Eaton Vance Pennsylvania Limited Maturity Municipals Fund, respectively.

64

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Eaton Vance Investment Trust and the Shareholders of Eaton Vance California Limited Maturity Municipal Income Fund, Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, Eaton Vance New Jersey Limited Maturity Municipal Income Fund, Eaton Vance New York Limited Maturity Municipal Income Fund and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund:

We have audited the accompanying statements of assets and liabilities of Eaton Vance California Limited Maturity Municipal Income Fund (formerly Eaton Vance California Limited Maturity Municipals Fund), Eaton Vance Massachusetts Limited Maturity Municipal Income Fund (formerly Eaton Vance Massachusetts Limited Maturity Municipals Fund), Eaton Vance New Jersey Limited Maturity Municipal Income Fund (formerly Eaton Vance New Jersey Limited Maturity Municipals Fund), Eaton Vance New York Limited Maturity Municipal Income Fund (formerly Eaton Vance New York Limited Maturity Municipals Fund), and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund (formerly Eaton Vance Pennsylvania Limited Maturity Municipals Fund) (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Investment Trust), including the portfolios of investments, as of March 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance California Limited Maturity Municipal Income Fund, Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, Eaton Vance New Jersey Limited Maturity Municipal Income Fund, Eaton Vance New York Limited Maturity Municipal Income Fund, and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund as of March 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

May 14, 2010

65

Eaton Vance Limited Maturity Municipal Income Fundsas of March 31, 2010

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2011 will show the tax status of all distributions paid to your account in calendar year 2010. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified within 60 days of a Fund’s fiscal year end regarding exempt-interest dividends.

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

California Limited Maturity Municipal Income Fund	97.45	%
Massachusetts Limited Maturity Municipal Income Fund	100.00	%
New Jersey Limited Maturity Municipal Income Fund	99.71	%
New York Limited Maturity Municipal Income Fund	99.89	%
Pennsylvania Limited Maturity Municipal Income Fund	99.71	%

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Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

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

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

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

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

•  The terms of each advisory agreement.

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Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreements of the following funds:

•  Eaton Vance California Limited Maturity Municipals Fund

•  Eaton Vance Massachusetts Limited Maturity Municipals Fund

•  Eaton Vance New Jersey Limited Maturity Municipals Fund

•  Eaton Vance New York Limited Maturity Municipals Fund

•  Eaton Vance Pennsylvania Limited Maturity Municipals Fund

(the “Funds”), each with Boston Management and Research (the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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Eaton Vance Limited Maturity Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Funds and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.

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

Fund Performance

The Board compared each Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2008 for each Fund. The Board considered the impact of extraordinary market conditions during 2008 on each Fund’s performance relative to its peer universe in light of, among other things, the Adviser’s strategy of generating current income through investments in higher quality (including insured) municipal bonds with longer maturities. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the one year period ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationship with the Funds.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

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

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Eaton Vance Limited Maturity Municipal Income Funds

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Funds’ principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

		Term of		Number of Portfolios
	Position(s)	Office and	Principal Occupation(s)	in Fund Complex
Name and	with the	Length of	During Past Five Years and	Overseen By		Other Directorships Held
Date of Birth	Trust	Service	Other Relevant Experience	Trustee(1)		During Last Five Years
Interested Trustee
Thomas E. Faust Jr. 5/31/58	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 181 registered investment companies and 3 private companies managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust.		181	Director of EVC. Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2007-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2007-2008) and Eaton Vance National Municipal Income Trust (2007-2009).
Noninterested Trustees
Benjamin C. Esty 1/2/63	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration.		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2005-2008) and Eaton Vance National Municipal Income Trust (2006-2009).
Allen R. Freedman 4/3/40	Trustee	Since 2007	Private investor and consultant. 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). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007).		181	Director of Assurant, Inc. (insurance provider) and Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2007-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2007-2008) and Eaton Vance National Municipal Income Trust (2007-2009).
William H. Park 9/19/47	Trustee	Since 2003	Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). 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 (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2003-2008) and Eaton Vance National Municipal Income Trust (2003-2009).
Ronald A. Pearlman 7/10/40	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).		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2003-2008) and Eaton Vance National Municipal Income Trust (2003-2009).

70

Eaton Vance Limited Maturity Municipal Income Funds

MANAGEMENT AND ORGANIZATION CONT’D

		Term of		Number of Portfolios
	Position(s)	Office and	Principal Occupation(s)	in Fund Complex
Name and	with the	Length of	During Past Five Years and	Overseen By		Other Directorships Held
Date of Birth	Trust	Service	Other Relevant Experience	Trustee(1)		During Last Five Years
Noninterested Trustees (continued)
Helen Frame Peters 3/22/48	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).		181	Director of BJ’s Wholesale Club, Inc. (wholesale club retailer). 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). Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2008-2010).
Heidi L. Steiger 7/8/53	Trustee	Since 2007	Managing Partner, Topridge Associates LLC (global wealth management firm) (since 2008); Senior Adviser (since 2008), President (2005-2008), Lowenhaupt Global Advisors, LLC (global wealth management firm). Formerly, President and Contributing Editor, Worth Magazine (2004-2005). Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004).		181	Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider), Aviva USA (insurance provider) and CIFG (family of financial guaranty companies) and Advisory Director, Berkshire Capital Securities LLC (private investment banking firm). Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2007-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2007-2008) and Eaton Vance National Municipal Income Trust (2007-2009).
Lynn A. Stout 9/14/57	Trustee	Since 1998	Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Nationally-recognized expert on corporate law, corporate governance, and securities regulation and author of numerous academic and professional papers on these topics.		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2002-2008) and Eaton Vance National Municipal Income Trust (1998-2009).
Ralph F. Verni 1/26/43	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).		181	Formerly, Trustee of Eaton Vance Credit Opportunities Fund (2005-2010), Eaton Vance Insured Florida Plus Municipal Bond Fund (2005-2008) and Eaton Vance National Municipal Income Trust (2006-2009).

Principal Officers who are not Trustees

		Term of
	Position(s)	Office and
Name and	with the	Length of	Principal Occupation(s)
Date of Birth	Trust	Service	During Past Five Years
Cynthia J. Clemson 3/2/63	President	Since 2005	Vice President of EVM and BMR. Officer of 94 registered investment companies managed by EVM or BMR.
William H. Ahern, Jr. 7/28/59	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 78 registered investment companies managed by EVM or BMR.
Craig R. Brandon 12/21/66	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 49 registered investment companies managed by EVM or BMR.
Thomas M. Metzold 8/3/58	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 56 registered investment companies managed by EVM or BMR.

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Eaton Vance Limited Maturity Municipal Income Funds

MANAGEMENT AND ORGANIZATION CONT’D

		Term of
	Position(s)	Office and
Name and	with the	Length of	Principal Occupation(s)
Date of Birth	Trust	Service	During Past Five Years
Principal Officers who are not Trustees (continued)
Adam A. Weigold 3/22/75	Vice President	Since 2007	Vice President of EVM and BMR. Officer of 71 registered investment companies managed by EVM or BMR.
Barbara E. Campbell 6/19/57	Treasurer	Since 2005	Vice President of EVM and BMR. Officer of 181 registered investment companies managed by EVM or BMR.
Maureen A. Gemma 5/24/60	Secretary and Chief Legal Officer	Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR. Officer of 181 registered investment companies managed by EVM or BMR.
Paul M. O’Neil 7/11/53	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR. Officer of 181 registered investment companies managed by EVM or BMR.

(1) Includes both master and feeder funds in a master-feeder structure.

The SAI for the Funds includes additional information about the Trustees and officers of the Funds and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Fund Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Eaton Vance Investment Trust

Two International Place

Boston, MA 02110

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

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully a Fund’s investment objective(s), risks, and charges and expenses. The Funds’ current prospectus contains this and other information about the Funds and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.

442-5/10 5LTFSRC

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance California Limited Maturity Municipal Income Fund, Eaton Vance AMT-Free Limited Maturity Municipal Income Fund, Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, Eaton Vance National Limited Maturity Municipal Income Fund, Eaton Vance New Jersey Limited Maturity Municipal Income Fund, Eaton Vance New York Limited Maturity Municipal Income Fund, and Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund (the “Fund(s)”) are the series of Eaton Vance Investment Trust (the “Trust”), a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company.

The following tables present the aggregate fees billed to each Fund for the Fund’s respective fiscal years ended March 31, 2009 and March 31, 2010 by the Fund’s principal accountant Deloitte & Touche LLP (“D&T”) for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

Eaton Vance California Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	24,965	$	24,430
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,800	$	7,800
All Other Fees(3)	$	0	$	0
Total	$	32,765	$	32,230

Eaton Vance AMT-Free Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	27,685	$	27,150
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,800	$	7,800
All Other Fees(3)	$	0	$	0
Total	$	35,485	$	34,950

Eaton Vance Massachusetts Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	29,465	$	28,930
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,800	$	7,800
All Other Fees(3)	$	0	$	0
Total	$	37,265	$	36,730

Eaton Vance National Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	46,765	$	46,785
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,800	$	8,118
All Other Fees(3)	$	0	$	0
Total	$	54,565	$	54,903

Eaton Vance New Jersey Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	28,515	$	27,980
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,800	$	7,800
All Other Fees(3)	$	0	$	0
Total	$	36,315	$	35,780

Eaton Vance New York Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	32,345	$	32,088
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,800	$	7,959
All Other Fees(3)	$	0	$	0
Total	$	40,145	$	40,047

Eaton Vance Pennsylvania Limited Maturity Municipal Income Fund

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	27,685	$	27,150
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,800	$	7,800
All Other Fees(3)	$	0	$	0
Total	$	35,485	$	34,950

(1)	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.
(3)	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The Funds, comprising all of the series of the Trust, have the same fiscal year end (March 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to the Trust by the principal accountant of each Fund for the last two fiscal years of the Funds.

Fiscal Years Ended	03/31/2009		03/31/2010
Audit Fees	$	240,680	$	214,513
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	62,400	$	55,077
All Other Fees(3)	$	0	$	0
Total	$	303,080	$	269,590

(1)	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.
(3)	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

During each of the Fund’s fiscal years ended March 31, 2009 and March 31, 2010 $40,000 was billed by D&T, for work done in connection with its Rule 17Ad-13 examination of Eaton Vance Management’s assertion that it has maintained an effective internal control; structure over the sub-transfer agent and registrar functions, such services being pre-approved in accordance with Rule 2-01(c)(7) (ii) of Regulation S-X.

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

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

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

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by the Series’ principal accountant for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	03/31/2009		03/31/2010
Registrant(1)	$	62,400	$	55,077
Eaton Vance(2)	$	343,889	$	307,760

(1)	Includes all of the Series of the Trust.
(2)	The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Eaton Vance Corp.

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

Item 5. Audit Committee of Listed registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not required in this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

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