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)
Deidre E. Walsh
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
September 30, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
National Ultra-Short Municipal
Income Fund
Income Fund
Semiannual Report
September 30, 2022
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Julie Callahan, CFA
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Advisers Class at NAV | 11/20/2020 | 05/29/1992 | (0.34)% | (0.71)% | 0.62% | 0.22% |
| Class A at NAV | 06/27/1996 | 05/29/1992 | (0.36) | (0.76) | 0.61 | 0.22 |
| Class A with 2.25% Maximum Sales Charge | — | — | (2.64) | (3.03) | 0.15 | (0.01) |
| Class I at NAV | 08/03/2010 | 05/29/1992 | (0.17) | (0.58) | 0.76 | 0.37 |
| Bloomberg 1 Year Municipal Bond Index | — | — | (0.74)% | (2.34)% | 0.69% | 0.72% |
| % Total Annual Operating Expense Ratios3 | Advisers Class | Class A | Class I |
| Gross | 0.54% | 0.54% | 0.39% |
| Net | 0.50 | 0.50 | 0.35 |
| % Distribution Rates/Yields4 | Advisers Class | Class A | Class I |
| Distribution Rate | 1.93% | 1.79% | 1.95% |
| Taxable-Equivalent Distribution Rate | 3.26 | 3.02 | 3.29 |
| SEC 30-day Yield | 1.95 | 1.90 | 2.12 |
| Taxable-Equivalent SEC 30-day Yield | 3.29 | 3.22 | 3.58 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Fund Profile
| Credit Quality (% of total investments)1 |
Footnotes:
| 1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
3
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Endnotes and Additional Disclosures
| 1 | Bloomberg 1 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 1-2 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Advisers Class is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.Effective August 19, 2013, the Fund changed its investment objective and policies. Prior to August 19, 2013, the Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years. Performance prior to August 19, 2013 reflects the Fund’s performance under its former investment objective and policies. |
| 3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 7/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| 4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
| Fund profile subject to change due to active management. |
4
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2022 to September 30, 2022).
Actual Expenses
The first section of the 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 the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the 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 the 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.
| Beginning Account Value (4/1/22) | Ending Account Value (9/30/22) | Expenses Paid During Period* (4/1/22 – 9/30/22) | Annualized Expense Ratio | |
| Actual | ||||
| Advisers Class | $1,000.00 | $ 996.60 | $2.50** | 0.50% |
| Class A | $1,000.00 | $ 996.40 | $2.50** | 0.50% |
| Class I | $1,000.00 | $ 998.30 | $1.75** | 0.35% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Advisers Class | $1,000.00 | $1,022.56 | $2.54** | 0.50% |
| Class A | $1,000.00 | $1,022.56 | $2.54** | 0.50% |
| Class I | $1,000.00 | $1,023.31 | $1.78** | 0.35% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2022. |
| ** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
5
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited)
| Corporate Bonds — 0.8% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 0.8% | |||
| Grand Canyon University: | |||
| 3.25%, 10/1/23 | $ | 2,900 | $ 2,863,750 |
| 4.125%, 10/1/24 | 1,500 | 1,384,995 | |
| Total Corporate Bonds (identified cost $4,368,005) | $ 4,248,745 | ||
| Tax-Exempt Municipal Obligations — 96.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 1.8% | |||
| Delaware Valley Regional Finance Authority, PA, 2.478%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(1) | $ | 10,000 | $ 9,880,600 |
| $ 9,880,600 | |||
| Education — 15.2% | |||
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.60%, 7/1/42(2) | $ | 15,000 | $ 15,000,000 |
| Lehigh County General Purpose Authority, PA, (Muhlenberg College), 3.04%, (SIFMA + 0.58%), 11/1/24 (Put Date), 11/1/37(1) | 3,495 | 3,489,862 | |
| Michigan Finance Authority, State Aid Revenue, 5.00%, 7/20/23 | 5,000 | 5,063,950 | |
| Montana State University, 2.91%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(1) | 1,535 | 1,536,366 | |
| Ohio Higher Educational Facility Commission, (University of Dayton): | |||
| 5.00%, 2/1/23 | 1,445 | 1,453,193 | |
| 5.00%, 2/1/24 | 1,725 | 1,761,622 | |
| Tennessee School Bond Authority, 5.00%, 11/1/23 | 3,580 | 3,648,378 | |
| University of Delaware, (SPA: TD Bank, N.A.), 2.75%, 11/1/35(2) | 8,055 | 8,055,000 | |
| University of Michigan, 2.50%, 12/1/29(3) | 18,700 | 18,700,000 | |
| University of North Carolina at Chapel Hill, 2.647%, (67% of SOFR + 0.65%), 6/1/25 (Put Date), 12/1/41(1) | 4,500 | 4,465,080 | |
| University of Texas: | |||
| 2.44%, 8/1/34(3) | 15,000 | 15,000,000 | |
| 5.00%, 7/1/24(4) | 750 | 773,760 | |
| Virginia College Building Authority, 5.00%, 2/1/24 | 5,285 | 5,415,223 | |
| $ 84,362,434 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Electric Utilities — 9.7% | |||
| Gainesville, FL, Utilities System Revenue, (SPA: Barclays Bank PLC), 2.95%, 10/1/42(2) | $ | 15,000 | $ 15,000,000 |
| Guam Power Authority, 5.00%, 10/1/23 | 1,250 | 1,264,163 | |
| Halifax County Industrial Development Authority, VA, (Virginia Electric and Power Co.), 1.65% to 5/31/24 (Put Date), 12/1/41 | 1,665 | 1,608,340 | |
| Long Island Power Authority, NY, Electric System Revenue: | |||
| Series 2014C, 2.545%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1) | 1,390 | 1,390,000 | |
| Series 2015C, 2.545%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1) | 1,750 | 1,750,000 | |
| Nebraska Public Power District, 5.00%, 1/1/24 | 4,710 | 4,811,453 | |
| Oklahoma Municipal Power Authority, 2.85%, (SIFMA + 0.39%), 1/1/23(1) | 1,775 | 1,775,035 | |
| Philadelphia, PA, Gas Works Revenue: | |||
| (LOC: TD Bank, N.A.), 2.50%, 8/1/31(3) | 7,570 | 7,570,000 | |
| (LOC: TD Bank, N.A.), 2.50%, 8/1/31(3) | 10,150 | 10,150,000 | |
| Seattle, WA, Municipal Light and Power Revenue, 2.95%, (SIFMA + 0.49%), 11/1/23 (Put Date), 11/1/46(1) | 8,000 | 7,993,520 | |
| Western Minnesota Municipal Power Agency, 5.00%, 1/1/24(4) | 550 | 561,632 | |
| $ 53,874,143 | |||
| Escrowed/Prerefunded — 1.3% | |||
| Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/24 | $ | 7,500 | $ 7,197,600 |
| $ 7,197,600 | |||
| General Obligations — 16.5% | |||
| Adams & Arapahoe Joint School District No. 28J, CO, 5.00%, 12/1/22 | $ | 2,600 | $ 2,607,982 |
| Chicago Board of Education, IL, 5.00%, 12/1/23 | 4,750 | 4,802,155 | |
| Clark County School District, GA, 5.00%, 9/1/23 | 1,600 | 1,627,472 | |
| Clark County School District, NV, 5.00%, 6/15/24 | 6,550 | 6,710,540 | |
| Cook, IL, 5.00%, 11/15/24 | 1,200 | 1,234,632 | |
| Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
| 2.375% to 8/1/24 (Put Date), 8/1/49 | 5,000 | 4,890,800 | |
| 5.00%, 8/15/23 | 8,000 | 8,129,600 | |
| Illinois, 5.00%, 3/1/23 | 500 | 502,870 | |
| Johnson City, TN, 5.00%, 3/1/23 | 2,575 | 2,594,905 | |
| Leander, TX, 5.00%, 8/15/23 | 1,600 | 1,625,104 | |
| Los Angeles, CA, 4.00%, 6/29/23 | 10,000 | 10,068,800 | |
| McKinney, TX, 5.00%, 8/15/23 | 1,000 | 1,015,170 | |
| New York City, NY, (LOC: TD Bank, N.A.), 2.78%, 3/1/48(2) | 12,865 | 12,865,000 | |
| Oyster Bay, NY, 5.00%, 8/1/23 | 1,000 | 1,015,350 | |
6
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Quincy, MA, 4.00%, 7/7/23 | $ | 5,000 | $ 5,030,900 |
| San Francisco City and County, CA, 5.00%, 6/15/23 | 4,250 | 4,307,077 | |
| San Francisco Unified School District, CA, (Election of 2016), 5.00%, 6/15/23 | 1,700 | 1,723,426 | |
| Seattle, WA, 5.00%, 9/1/23 | 9,945 | 10,115,756 | |
| Washington, 5.00%, 7/1/23 | 10,000 | 10,139,300 | |
| $ 91,006,839 | |||
| Hospital — 15.3% | |||
| Allegheny County Hospital Development Authority, PA, (UPMC), 2.83%, (SIFMA + 0.37), 11/15/23(1) | $ | 2,000 | $ 2,003,480 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 3.06%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(1) | 5,000 | 5,003,450 | |
| Colorado Health Facilities Authority, (Intermountain Healthcare), 3.01%, (SIFMA + 0.55%), 8/17/26 (Put Date), 5/15/61(1) | 3,000 | 3,000,960 | |
| Colorado Health Facilities Authority, (Valley View Hospital Association), 2.80% to 5/15/23 (Put Date), 5/15/42 | 2,680 | 2,678,821 | |
| Franklin County, OH, (Trinity Health Credit Group), 1.60% to 11/1/22 (Put Date), 12/1/46 | 3,000 | 2,995,800 | |
| Geisinger Authority, PA, (Geisinger Health System Foundation), 3.166%, (67% of 1 mo. USD LIBOR + 1.07%), 6/1/24 (Put Date), 6/1/28(1) | 2,000 | 1,989,300 | |
| Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health System), 3.03%, (SIFMA + 0.57%), 12/4/24 (Put Date), 12/1/49(1) | 1,800 | 1,794,654 | |
| Indiana Finance Authority, (Parkview Health), 3.01%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(1) | 6,330 | 6,332,089 | |
| Iowa Finance Authority, (Iowa Health System), 3.04%, (SIFMA + 0.58%), 1/4/24 (Put Date), 2/15/35(1)(5) | 10,045 | 10,017,075 | |
| Irving Hospital Authority, TX, (Baylor Scott & White Medical Center - Irving), 3.56%, (SIFMA + 1.10%), 10/15/23 (Put Date), 10/15/44(1) | 1,490 | 1,490,268 | |
| Louisiana Public Facilities Authority, (Louisiana Children's Medical Center), 3.11%, (SIFMA + 0.65%), 9/1/23 (Put Date), 9/1/57(1) | 10,000 | 10,007,200 | |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 2.835%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(1) | 2,000 | 2,002,480 | |
| Ohio, (Cleveland Clinic Health System), 2.86%, (SIFMA + 0.40%), 6/1/23 (Put Date), 1/1/52(1) | 18,440 | 18,443,135 | |
| Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 3.06%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(1) | 7,500 | 7,470,675 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group): | |||
| 3.01%, (SIFMA + 0.55%), 7/26/23 (Put Date), 8/15/54(1) | $ | 1,000 | $ 997,530 |
| 3.11%, (SIFMA + 0.65%), 7/31/24 (Put Date), 8/15/54(1) | 8,200 | 8,181,386 | |
| $ 84,408,303 | |||
| Housing — 4.9% | |||
| Massachusetts Housing Finance Agency, (Mill Road Apartments), 3.01%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(1) | $ | 3,920 | $ 3,920,000 |
| Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.01%, (SIFMA + 0.55%), 12/12/23 (Put Date), 7/1/41(1) | 8,415 | 8,423,247 | |
| New York Mortgage Agency: | |||
| (AMT), 1.05%, 4/1/26 | 1,275 | 1,152,294 | |
| (AMT), 1.15%, 10/1/26 | 1,330 | 1,189,552 | |
| Pennsylvania Housing Finance Agency: | |||
| 2.754%, (70% of 1 mo. USD LIBOR + 0.57%), 10/1/23 (Put Date), 10/1/47(1) | 2,440 | 2,441,415 | |
| 2.784%, (70% of 1 mo. USD LIBOR + 0.60%), 6/1/23 (Put Date), 10/1/45(1) | 5,000 | 5,000,850 | |
| Washington Housing Finance Commission, 3.01%, (SIFMA + 0.55%), 10/1/23 (Put Date), 12/1/48(1) | 5,000 | 4,990,200 | |
| $ 27,117,558 | |||
| Industrial Development Revenue — 2.7% | |||
| California Pollution Control Financing Authority, (Republic Services, Inc.), Series 2017 A2, (AMT), 2.00%, 11/1/42(5)(6) | $ | 5,000 | $ 4,997,550 |
| Indiana Finance Authority, (Republic Services, Inc.), (AMT), 2.95%, 5/1/34(6) | 5,000 | 4,996,600 | |
| Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 2.95%, 5/1/46(6) | 5,000 | 4,992,800 | |
| $ 14,986,950 | |||
| Insured - General Obligations — 1.4% | |||
| Allegheny County, PA, (AGM), 2.414%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/26(1) | $ | 3,885 | $ 3,868,683 |
| Newark, NJ: | |||
| (AGM), 4.00%, 2/15/23 | 1,725 | 1,728,795 | |
| (AGM), 4.00%, 2/15/24 | 1,940 | 1,952,843 | |
| $ 7,550,321 | |||
| Lease Revenue/Certificates of Participation — 2.9% | |||
| Erie Industrial Development Authority, NY, (School District Buffalo Project), 5.00%, 5/1/23 | $ | 2,300 | $ 2,324,472 |
7
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Lease Revenue/Certificates of Participation (continued) | |||
| New Jersey Economic Development Authority, (School Facilities Construction): | |||
| 4.01%, (SIFMA + 1.55%), 9/1/27(1) | $ | 2,000 | $ 2,001,180 |
| 5.00%, 6/15/23 | 5,000 | 5,053,300 | |
| 5.00%, 11/1/23 | 1,450 | 1,473,070 | |
| North Carolina, Limited Obligation Bonds, 4.00%, 5/1/23 | 1,000 | 1,005,440 | |
| Riverside County, CA, Tax and Revenue Anticipation Notes, 5.00%, 6/30/23 | 4,000 | 4,056,680 | |
| $ 15,914,142 | |||
| Other Revenue — 11.3% | |||
| Black Belt Energy Gas District, AL, 3.08%, (SIFMA + 0.62%), 12/1/23 (Put Date), 12/1/48(1) | $ | 15,000 | $ 14,833,950 |
| Illinois Finance Authority, (Field Museum of Natural History), 3.286%, (1 mo. USD LIBOR + 0.50%), 9/1/25 (Put Date), 11/1/34(1) | 4,250 | 4,204,397 | |
| Northern California Gas Authority No. 1, Gas Project Revenue, 2.246%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(1) | 2,880 | 2,795,501 | |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 2.578%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(1) | 17,500 | 17,327,975 | |
| Southeast Alabama Gas Supply District, (Project No. 2), 2.568%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(1) | 6,440 | 6,340,051 | |
| Tennessee Energy Acquisition Corp., 5.00%, 2/1/23 | 5,000 | 5,012,750 | |
| Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 3.51%, (SIFMA + 1.05%), 7/3/23 (Put Date), 1/1/42(1) | 12,000 | 12,011,280 | |
| $ 62,525,904 | |||
| Senior Living/Life Care — 0.9% | |||
| Iowa Finance Authority, (Lifespace Communities, Inc.), 2.636%, (70% of SOFR + 0.55%), 5/15/26 (Put Date), 5/15/56(1) | $ | 5,500 | $ 5,114,890 |
| Wisconsin Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries), 4.00%, 1/1/23 | 125 | 124,821 | |
| $ 5,239,711 | |||
| Special Tax Revenue — 0.0%(7) | |||
| New River Community Development District, FL, (Capital Improvements): | |||
| 5.00%, 5/1/13(8) | $ | 35 | $ 0 |
| 5.75%, 5/1/38 | 60 | 60,449 | |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(8) | 90 | 48,748 | |
| $ 109,197 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Student Loan — 0.5% | |||
| Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/23 | $ | 2,100 | $ 2,122,911 |
| New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/24 | 885 | 907,514 | |
| $ 3,030,425 | |||
| Transportation — 11.2% | |||
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 3.56%, (SIFMA + 1.10%), 4/1/24 (Put Date), 4/1/45(1) | $ | 6,900 | $ 6,933,465 |
| Hawaii Airports System Revenue, (AMT), 5.00%, 7/1/23 | 6,885 | 6,960,115 | |
| Metropolitan Transportation Authority, NY, 2.89%, (SIFMA + 0.43%), 2/1/25 (Put Date), 11/1/31(1) | 20,000 | 19,642,600 | |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/23 | 1,725 | 1,749,599 | |
| New Jersey Transportation Trust Fund Authority, (Transportation System): | |||
| 5.25%, 12/15/23 | 2,450 | 2,500,274 | |
| 5.50%, 12/15/23 | 2,600 | 2,660,892 | |
| North Texas Tollway Authority, 5.00%, 1/1/24(4) | 3,000 | 3,060,390 | |
| Pennsylvania Turnpike Commission: | |||
| 3.06%, (SIFMA + 0.60%), 12/1/23(1) | 1,000 | 1,001,640 | |
| 3.16%, (SIFMA + 0.70%), 12/1/23(1) | 2,500 | 2,501,475 | |
| (LOC: TD Bank, N.A.), 2.55%, 12/1/39(3) | 11,000 | 11,000,000 | |
| Port Authority of New York and New Jersey: | |||
| 4.00%, 12/1/22 | 700 | 701,022 | |
| 4.00%, 12/1/23 | 1,000 | 1,009,000 | |
| Port of Seattle, WA, (AMT), 5.00%, 8/1/24 | 2,000 | 2,048,900 | |
| $ 61,769,372 | |||
| Water and Sewer — 0.6% | |||
| Gilbert Water Resources Municipal Property Corp., AZ, Green Bond, 5.00%, 7/15/23 | $ | 1,370 | $ 1,390,413 |
| North Penn Water Authority, PA, 3.02%, (SIFMA + 0.56%), 11/1/24(1) | 1,690 | 1,688,885 | |
| $ 3,079,298 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $535,512,932) | $532,052,797 | ||
8
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Taxable Municipal Obligations — 0.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Insured - General Obligations — 0.0%(7) | |||
| Valley View School District, PA: | |||
| (BAM), 1.25%, 5/15/23 | $ | 30 | $ 29,453 |
| (BAM), 1.25%, 5/15/23 | 300 | 294,441 | |
| $ 323,894 | |||
| Senior Living/Life Care — 0.1% | |||
| Indiana Finance Authority, (BHI Senior Living): | |||
| 1.67%, 11/15/22 | $ | 295 | $ 293,944 |
| 1.72%, 11/15/23 | 300 | 288,333 | |
| $ 582,277 | |||
| Total Taxable Municipal Obligations (identified cost $925,000) | $ 906,171 | ||
| Total Investments — 97.1% (identified cost $540,805,937) | $537,207,713 | ||
| Other Assets, Less Liabilities — 2.9% | $ 15,870,288 | ||
| Net Assets — 100.0% | $553,078,001 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2022. |
| (2) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (4) | When-issued security. |
| (5) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2022, the aggregate value of these securities is $15,014,625 or 2.7% of the Fund's net assets. |
| (6) | Variable rate security that may be tendered at par quarterly. The stated interest rate, which resets quarterly, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (7) | Amount is less than 0.05%. |
| (8) | Issuer is in default with respect to interest and/or principal payments. |
| At September 30, 2022, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |
| Pennsylvania | 13.1% |
| Others, representing less than 10% individually | 83.2% |
| The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2022, 1.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 1.4% of total investments. |
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LIBOR | – London Interbank Offered Rate |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |
| Currency Abbreviations: | |
| USD | – United States Dollar |
9
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Statement of Assets and Liabilities (Unaudited)
| September 30, 2022 | |
| Assets | |
| Investments, at value (identified cost $540,805,937) | $ 537,207,713 |
| Cash | 13,672,020 |
| Interest receivable | 2,483,955 |
| Receivable for investments sold | 4,050,000 |
| Receivable for Fund shares sold | 5,105,268 |
| Receivable from affiliates | 52,609 |
| Total assets | $562,571,565 |
| Liabilities | |
| Payable for when-issued securities | $ 4,431,789 |
| Payable for Fund shares redeemed | 4,731,408 |
| Distributions payable | 103,919 |
| Payable to affiliates: | |
| Investment adviser fee | 112,212 |
| Distribution and service fees | 16,716 |
| Accrued expenses | 97,520 |
| Total liabilities | $ 9,493,564 |
| Net Assets | $553,078,001 |
| Sources of Net Assets | |
| Paid-in capital | $ 561,880,715 |
| Accumulated loss | (8,802,714) |
| Net Assets | $553,078,001 |
| Advisers Class Shares | |
| Net Assets | $ 10,002 |
| Shares Outstanding | 1,030 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.71 |
| Class A Shares | |
| Net Assets | $ 134,998,247 |
| Shares Outstanding | 13,902,163 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.71 |
| Maximum Offering Price Per Share (100 ÷ 97.75 of net asset value per share) | $ 9.93 |
| Class I Shares | |
| Net Assets | $ 418,069,752 |
| Shares Outstanding | 43,022,487 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.72 |
| On sales of $100,000 or more, the offering price of Class A shares is reduced. |
10
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Statement of Operations (Unaudited)
| Six Months Ended | |
| September 30, 2022 | |
| Investment Income | |
| Interest income | $ 4,027,795 |
| Total investment income | $ 4,027,795 |
| Expenses | |
| Investment adviser fee | $ 771,162 |
| Distribution and service fees: | |
| Advisers Class | 141 |
| Class A | 104,088 |
| Trustees’ fees and expenses | 17,596 |
| Custodian fee | 57,897 |
| Transfer and dividend disbursing agent fees | 56,993 |
| Legal and accounting services | 34,049 |
| Printing and postage | 9,070 |
| Registration fees | 85,033 |
| Miscellaneous | 24,679 |
| Total expenses | $ 1,160,708 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 153,945 |
| Total expense reductions | $ 153,945 |
| Net expenses | $ 1,006,763 |
| Net investment income | $ 3,021,032 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (1,972,726) |
| Net realized loss | $(1,972,726) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ (2,234,552) |
| Net change in unrealized appreciation (depreciation) | $(2,234,552) |
| Net realized and unrealized loss | $(4,207,278) |
| Net decrease in net assets from operations | $(1,186,246) |
11
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Statements of Changes in Net Assets
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 3,021,032 | $ 469,391 |
| Net realized loss | (1,972,726) | (247,679) |
| Net change in unrealized appreciation (depreciation) | (2,234,552) | (1,671,004) |
| Net decrease in net assets from operations | $ (1,186,246) | $ (1,449,292) |
| Distributions to shareholders: | ||
| Advisers Class | $ (923) | $ (85) |
| Class A | (775,538) | — |
| Class I | (2,329,356) | (478,040) |
| Total distributions to shareholders | $ (3,105,817) | $ (478,125) |
| Transactions in shares of beneficial interest: | ||
| Advisers Class | $ (247,835) | $ 250,003 |
| Class A | (5,800,245) | (43,350,246) |
| Class I | 64,246,452 | 97,185,269 |
| Net increase in net assets from Fund share transactions | $ 58,198,372 | $ 54,085,026 |
| Net increase in net assets | $ 53,906,309 | $ 52,157,609 |
| Net Assets | ||
| At beginning of period | $ 499,171,692 | $ 447,014,083 |
| At end of period | $553,078,001 | $499,171,692 |
12
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Financial Highlights
| Advisers Class | |||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | Period Ended March 31, 2021(1) | |
| Net asset value — Beginning of period | $ 9.800 | $ 9.840 | $ 9.770 |
| Income (Loss) From Operations | |||
| Net investment income(2) | $ 0.047 | $ 0.014 | $ 0.004 |
| Net realized and unrealized gain (loss) | (0.080) | (0.051) | 0.071 |
| Total income (loss) from operations | $(0.033) | $(0.037) | $ 0.075 |
| Less Distributions | |||
| From net investment income | $ (0.057) | $ (0.003) | $ (0.005) |
| Total distributions | $(0.057) | $(0.003) | $(0.005) |
| Net asset value — End of period | $ 9.710 | $ 9.800 | $ 9.840 |
| Total Return(3) | (0.34)% (4)(5) | (0.38)% (5) | 0.76% (4) |
| Ratios/Supplemental Data | |||
| Net assets, end of period (000’s omitted) | $ 10 | $ 259 | $ 10 |
| Ratios (as a percentage of average daily net assets): | |||
| Expenses | 0.50% (5)(6) | 0.51% (5) | 0.56% (6) |
| Net investment income | 0.95% (6) | 0.14% | 0.11% (6) |
| Portfolio Turnover | 79% (4) | 47% | 6% (7) |
| (1) | For the period from the commencement of operations, November 20, 2020, to March 31, 2021. |
| (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) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% and 0.04% of average daily net assets for the six months ended September 30, 2022 and the year ended March 31, 2022, respectively). Absent this reimbursement, total return would be lower. |
| (6) | Annualized. |
| (7) | For the year ended March 31, 2021. |
13
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Financial Highlights — continued
| Class A | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.800 | $ 9.830 | $ 9.800 | $ 9.830 | $ 9.830 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ 0.054 | $ (0.001) | $ 0.022 | $ 0.138 | $ 0.147 | $ 0.090 |
| Net realized and unrealized gain (loss) | (0.089) | (0.029) | 0.027 | (0.029) | (0.001) | 0.029 |
| Total income (loss) from operations | $ (0.035) | $ (0.030) | $ 0.049 | $ 0.109 | $ 0.146 | $ 0.119 |
| Less Distributions | ||||||
| From net investment income | $ (0.055) | $ — | $ (0.019) | $ (0.139) | $ (0.146) | $ (0.089) |
| Total distributions | $ (0.055) | $ — | $ (0.019) | $ (0.139) | $ (0.146) | $ (0.089) |
| Net asset value — End of period | $ 9.710 | $ 9.800 | $ 9.830 | $ 9.800 | $ 9.830 | $ 9.830 |
| Total Return(2) | (0.36)% (3)(4) | (0.31)% (4) | 0.50% | 1.12% (4) | 1.49% (4) | 1.22% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $134,998 | $142,014 | $185,881 | $281,709 | $257,118 | $160,528 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.50% (4)(5) | 0.56% (4) | 0.56% | 0.59% (4) | 0.60% (4) | 0.60% |
| Net investment income (loss) | 1.09% (5) | (0.01)% | 0.22% | 1.40% | 1.49% | 0.92% |
| Portfolio Turnover | 79% (3) | 47% | 6% | 49% | 43% | 78% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% and 0.01% of average daily net assets for the six months ended September 30, 2022 and the year ended March 31, 2022, respectively, and less than 0.005% of average daily net assets for each of the years ended March 31, 2020 and 2019). Absent this reimbursement, total return would be lower. |
| (5) | Annualized. |
14
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.800 | $ 9.840 | $ 9.800 | $ 9.840 | $ 9.830 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.059 | $ 0.015 | $ 0.036 | $ 0.154 | $ 0.162 | $ 0.106 |
| Net realized and unrealized gain (loss) | (0.076) | (0.041) | 0.038 | (0.039) | 0.008 | 0.028 |
| Total income (loss) from operations | $ (0.017) | $ (0.026) | $ 0.074 | $ 0.115 | $ 0.170 | $ 0.134 |
| Less Distributions | ||||||
| From net investment income | $ (0.063) | $ (0.014) | $ (0.034) | $ (0.155) | $ (0.160) | $ (0.104) |
| Total distributions | $ (0.063) | $ (0.014) | $ (0.034) | $ (0.155) | $ (0.160) | $ (0.104) |
| Net asset value — End of period | $ 9.720 | $ 9.800 | $ 9.840 | $ 9.800 | $ 9.840 | $ 9.830 |
| Total Return(2) | (0.17)% (3)(4) | (0.26)% (4) | 0.76% | 1.17% (4) | 1.75% (4) | 1.37% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $418,070 | $356,899 | $261,123 | $288,716 | $462,305 | $242,928 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.35% (4)(5) | 0.40% (4) | 0.41% | 0.44% (4) | 0.45% (4) | 0.45% |
| Net investment income | 1.19% (5) | 0.15% | 0.37% | 1.56% | 1.65% | 1.08% |
| Portfolio Turnover | 79% (3) | 47% | 6% | 49% | 43% | 78% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% and 0.01% of average daily net assets for the six months ended September 30, 2022 and the year ended March 31, 2022, respectively, and less than 0.005% of average daily net assets for each of the years ended March 31, 2020 and 2019). Absent this reimbursement, total return would be lower. |
| (5) | Annualized. |
15
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance National Ultra-Short Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. The Advisers Class and Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes—The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends.
As of September 30, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
E Legal Fees— Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
16
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
G Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
I Interim Financial Statements—The interim financial statements relating to September 30, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At March 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $3,170,841 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2022, $974,254 are short-term and $2,196,587 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $540,797,281 |
| Gross unrealized appreciation | $ 93,627 |
| Gross unrealized depreciation | (3,683,195) |
| Net unrealized depreciation | $ (3,589,568) |
17
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. Pursuant to the amended investment advisory agreement between the Fund and BMR, the fee is based upon a percentage of total daily net assets as indicated below and is payable monthly.
| Total Daily Net Assets | Annual Asset Rate |
| Up to $500 million | 0.300% |
| $500 million but less than $1 billion | 0.275% |
| $1 billion but less than $1.5 billion | 0.250% |
| $1.5 billion but less than $2 billion | 0.225% |
| $2 billion but less than $3 billion | 0.200% |
| $3 billion and over | 0.175% |
For the six months ended September 30, 2022, the investment adviser fee amounted to $771,162 or 0.30% (annualized) of the Fund’s average daily net assets.
Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, and BMR have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.50%, 0.50% and 0.35% of the Fund’s average daily net assets for Advisers Class, Class A and Class I, respectively. This agreement may be changed or terminated after July 31, 2023. Pursuant to this agreement, EVM and BMR were allocated $153,945 in total of the Fund’s operating expenses for the six months ended September 30, 2022.
EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2022, EVM earned $1,357 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $341 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2022. EVD also received distribution and service fees from Advisers Class and Class A shares (see Note 4) and contingent deferred sales charges (see Note 5).
Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.
4 Distribution Plan
The Fund has in effect a distribution plan for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Advisers Class and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.15% per annum of the Fund’s average daily net assets attributable to Advisers Class shares and Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended September 30, 2022 amounted to $141 for Advisers Class shares and $104,088 for Class A shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
5 Contingent Deferred Sales Charges
Class A shares may be subject to a 0.25% (1% prior to April 29, 2022) contingent deferred sales charge (CDSC) if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended September 30, 2022, the Fund was informed that EVD received approximately $8,000 of CDSCs paid by Class A shareholders.
18
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $462,647,919 and $391,705,050, respectively, for the six months ended September 30, 2022.
7 Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | ||||
| Shares | Amount | Shares | Amount | ||
| Advisers Class | |||||
| Sales | — | $ — | 25,407 | $ 250,000 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 86 | 838 | 8 | 80 | |
| Redemptions | (25,487) | (248,673) | (8) | (77) | |
| Net increase (decrease) | (25,401) | $ (247,835) | 25,407 | $ 250,003 | |
| Class A | |||||
| Sales | 1,566,245 | $ 15,308,635 | 2,747,105 | $ 27,003,394 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 77,176 | 752,452 | — | — | |
| Redemptions | (2,236,809) | (21,861,332) | (7,152,420) | (70,353,640) | |
| Net decrease | (593,388) | $ (5,800,245) | (4,405,315) | $ (43,350,246) | |
| Class I | |||||
| Sales | 35,634,186 | $ 347,988,804 | 21,050,934 | $ 207,242,089 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 178,941 | 1,746,419 | 32,081 | 315,346 | |
| Redemptions | (29,195,048) | (285,488,771) | (11,213,795) | (110,372,166) | |
| Net increase | 6,618,079 | $ 64,246,452 | 9,869,220 | $ 97,185,269 | |
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended September 30, 2022.
Effective October 25, 2022, the Fund renewed its line of credit agreement, which expires October 24, 2023. In connection with the renewal, the borrowing limit was decreased to $725 million.
19
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
9 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At September 30, 2022, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 4,248,745 | $ — | $ 4,248,745 |
| Tax-Exempt Municipal Obligations | — | 532,052,797 | — | 532,052,797 |
| Taxable Municipal Obligations | — | 906,171 | — | 906,171 |
| Total Investments | $ — | $537,207,713 | $ — | $537,207,713 |
10 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
20
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section, further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
21
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;
• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance on March 1, 2021;
• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
22
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance National Ultra-Short Municipal Income Fund (formerly, Eaton Vance Floating-Rate Municipal Income Fund) (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds, and assessed the Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax-exempt current income over time. The Board noted that, effective January 1, 2022, the Fund changed its name and investment strategies to allow the Fund, under normal market conditions, to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax and to limit its average effective maturity to less than two years. Although the Board considered information comparing the Fund’s investment performance to the peer group, custom peer group and benchmark index, the Board determined, in light of the recent changes to the Fund, to continue to monitor and evaluate the effectiveness of such changes over time.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds. The Board noted that, effective January 1, 2022, and in connection with the name and investment strategy changes discussed above, the Adviser committed to permanently reduce fees of the Fund in an agreed upon amount and Eaton Vance Management and its affiliates agreed to limit the total annual expense ratio for the Fund until at least July 31, 2023.
23
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
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 deemed not to be excessive.
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. 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 Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.
24
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund's Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund's investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund's liquidity risk, and is responsible for making certain reports to the Fund's Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund's portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund's Board of Trustees/Directors on June 7, 2022, the Committee provided a written report to the Fund's Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
25
Eaton Vance
National Ultra-Short Municipal Income Fund
September 30, 2022
Officers and Trustees
| Officers | |
| Eric A. Stein President | Jill R. Damon Secretary |
| Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
| James F. Kirchner Treasurer | |
| Trustees |
| George J. Gorman Chairperson | |
| Alan C. Bowser** | |
| Thomas E. Faust Jr.* | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser** |
| * | Interested Trustee |
| ** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
26
Eaton Vance Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
27
Eaton Vance Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
28
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
29
Investment Adviser
Boston Management and Research
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Fund Offices
Two International Place
Boston, MA 02110
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Eaton Vance
National Limited Maturity Municipal Income Fund
Semiannual Report
September 30, 2022
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Performance
Portfolio Manager(s) Christopher J. Eustance, CFA and Trevor G. Smith
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 06/27/1996 | 05/22/1992 | (2.42)% | (5.79)% | 0.64% | 1.35% |
| Class A with 3.25% Maximum Sales Charge | — | — | (5.61) | (8.83) | (0.02) | 1.02 |
| Class C at NAV | 12/08/1993 | 05/22/1992 | (2.90) | (6.55) | (0.11) | 0.75 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | (3.86) | (7.47) | (0.11) | 0.75 |
| Class I at NAV | 10/01/2009 | 05/22/1992 | (2.45) | (5.65) | 0.79 | 1.50 |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | — | — | (2.81)% | (7.08)% | 0.66% | 1.28% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.61% | 1.36% | 0.46% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 2.41% | 1.65% | 2.56% |
| Taxable-Equivalent Distribution Rate | 4.07 | 2.79 | 4.33 |
| SEC 30-day Yield | 2.25 | 1.57 | 2.47 |
| Taxable-Equivalent SEC 30-day Yield | 3.79 | 2.64 | 4.18 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Fund Profile
| Credit Quality (% of total investments)1 |
Footnotes:
| 1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
3
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Endnotes and Additional Disclosures
| 1 | Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 1-10 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| 4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
| Fund profile subject to change due to active management. |
4
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2022 to September 30, 2022).
Actual Expenses
The first section of the 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 the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the 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 the 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.
| Beginning Account Value (4/1/22) | Ending Account Value (9/30/22) | Expenses Paid During Period* (4/1/22 – 9/30/22) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $ 975.80 | $3.17 | 0.64% |
| Class C | $1,000.00 | $ 971.00 | $6.87 | 1.39% |
| Class I | $1,000.00 | $ 975.50 | $2.43 | 0.49% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.86 | $3.24 | 0.64% |
| Class C | $1,000.00 | $1,018.10 | $7.03 | 1.39% |
| Class I | $1,000.00 | $1,022.61 | $2.48 | 0.49% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2022. |
5
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited)
| Corporate Bonds — 1.3% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 1.1% | |||
| Chapman University, 1.76%, 4/1/28 | $ | 3,070 | $ 2,567,293 |
| Grand Canyon University, 4.125%, 10/1/24 | 4,750 | 4,385,817 | |
| $ 6,953,110 | |||
| Hospital — 0.1% | |||
| Little Co. of Mary Hospital of Indiana, Inc.: | |||
| 1.249%, 11/1/22 | $ | 100 | $ 99,732 |
| 1.399%, 11/1/23 | 125 | 119,747 | |
| 1.581%, 11/1/24 | 360 | 332,572 | |
| 1.973%, 11/1/25 | 325 | 293,455 | |
| $ 845,506 | |||
| Other — 0.1% | |||
| YMCA of Greater New York, 2.303%, 8/1/26 | $ | 430 | $ 379,191 |
| $ 379,191 | |||
| Total Corporate Bonds (identified cost $8,977,077) | $ 8,177,807 | ||
| Tax-Exempt Municipal Obligations — 90.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 1.3% | |||
| Delaware Valley Regional Finance Authority, PA: | |||
| 2.00%, 10/1/29 | $ | 55 | $ 46,853 |
| 2.99%, (SIFMA + 0.53%), 9/1/23 (Put Date), 9/1/48(1) | 4,900 | 4,893,189 | |
| Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/25 | 3,000 | 3,152,010 | |
| $ 8,092,052 | |||
| Education — 5.6% | |||
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 2.376%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 2,000 | $ 1,918,960 |
| Allegheny County Higher Education Building Authority, PA, (Duquesne University), 5.00%, 3/1/25 | 100 | 100,756 | |
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.60%, 7/1/36(2) | 600 | 600,000 | |
| Forest Grove, OR, (Pacific University), Series 2015A, 5.00%, 5/1/23 | 400 | 402,908 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| Illinois Finance Authority, (Midwestern University Foundation), (AMT), 5.00%, 7/1/26 | $ | 240 | $ 250,226 |
| Indiana Finance Authority, (Valparaiso University), 5.00%, 10/1/22 | 200 | 200,000 | |
| Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34 | 5,000 | 5,292,700 | |
| Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 10/1/29 | 1,000 | 1,091,920 | |
| Michigan Finance Authority, State Aid Revenue, 5.00%, 7/20/23 | 2,235 | 2,263,586 | |
| New York Dormitory Authority, (Icahn School of Medicine at Mount Sinai), 5.00%, 7/1/23 | 4,000 | 4,049,840 | |
| Ohio Higher Educational Facility Commission, (Case Western Reserve University), 2.69%, (SIFMA + 0.23%), 12/1/26 (Put Date), 12/1/42(1) | 2,100 | 2,057,916 | |
| Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.), 5.00%, 4/1/26 | 180 | 187,105 | |
| Romeoville, IL, (Lewis University), 5.00%, 10/1/22 | 500 | 500,000 | |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/31 | 1,795 | 1,891,607 | |
| University of Connecticut, 5.00%, 5/1/27 | 1,850 | 1,978,501 | |
| University of North Carolina at Chapel Hill, 2.647%, (67% of SOFR + 0.65%), 6/1/25 (Put Date), 12/1/41(1) | 6,300 | 6,251,112 | |
| University of Texas, 5.00%, 7/1/41 | 5,875 | 5,918,886 | |
| $ 34,956,023 | |||
| Electric Utilities — 7.4% | |||
| Arkansas River Power Authority, CO, 5.00%, 10/1/30 | $ | 1,000 | $ 1,029,290 |
| Halifax County Industrial Development Authority, VA, (Virginia Electric and Power Co.), 1.65% to 5/31/24 (Put Date), 12/1/41 | 3,335 | 3,221,510 | |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 3.25%, 1/1/25 | 3,000 | 2,941,350 | |
| Long Island Power Authority, NY, Electric System Revenue: | |||
| 5.00% to 9/1/27 (Put Date), 9/1/52 | 5,000 | 5,325,450 | |
| Series 2015C, 2.545%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1) | 10,000 | 10,000,000 | |
| Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/25 | 4,480 | 4,701,939 | |
| Nebraska Public Power District, 5.00%, 1/1/29 | 2,000 | 2,088,700 | |
| Philadelphia, PA, Gas Works Revenue: | |||
| (LOC: TD Bank, N.A.), 2.50%, 8/1/31(3) | 4,500 | 4,500,000 | |
| (LOC: TD Bank, N.A.), 2.50%, 9/1/34(3) | 2,500 | 2,500,000 | |
| Sacramento Municipal Utility District, CA, 5.00% to 10/17/23 (Put Date), 8/15/49 | 6,000 | 6,054,180 | |
| San Antonio, TX, Electric and Gas Systems Revenue, 5.00%, 2/1/24 | 1,500 | 1,535,970 | |
6
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Electric Utilities (continued) | |||
| Western Minnesota Municipal Power Agency: | |||
| 5.00%, 1/1/26(4) | $ | 1,345 | $ 1,412,196 |
| 5.00%, 1/1/28(4) | 1,400 | 1,504,618 | |
| $ 46,815,203 | |||
| Escrowed/Prerefunded — 3.3% | |||
| Beaverton School District No. 48J, OR, Prerefunded to 6/15/24, 5.00%, 6/15/30 | $ | 1,150 | $ 1,185,121 |
| Delaware Health Facilities Authority, (Nanticoke Memorial Hospital, Inc.), Escrowed to Maturity, 5.00%, 7/1/23 | 1,000 | 1,013,560 | |
| Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/24 | 5,000 | 4,798,400 | |
| Lancaster Industrial Development Authority, PA, (Garden Spot Village), Escrowed to Maturity, 5.00%, 5/1/23 | 340 | 343,655 | |
| Louisiana, Highway Improvement Revenue, Prerefunded to 9/15/24, 5.00%, 6/15/25 | 750 | 772,905 | |
| New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University): | |||
| Escrowed to Maturity, 4.00%, 4/1/25 | 360 | 365,504 | |
| Escrowed to Maturity, 4.00%, 4/1/26 | 375 | 382,568 | |
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/24, 4.00%, 6/15/28 | 5,000 | 5,068,250 | |
| New York Dormitory Authority, Sales Tax Revenue: | |||
| (AMT), Escrowed to Maturity, 5.00%, 3/15/24 | 1,405 | 1,439,914 | |
| (AMT), Escrowed to Maturity, 5.00%, 3/15/25 | 1,470 | 1,529,903 | |
| (AMT), Escrowed to Maturity, 5.00%, 3/15/26 | 1,545 | 1,631,396 | |
| Norfolk Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/27 | 2,500 | 2,503,625 | |
| $ 21,034,801 | |||
| General Obligations — 21.2% | |||
| Adams and Arapahoe Joint School District No. 28J, CO, 5.00%, 12/1/23 | $ | 4,000 | $ 4,085,240 |
| Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/25 | 1,000 | 1,046,940 | |
| Bergen County Improvement Authority, NJ, (County Administration Complex), 5.00%, 11/15/24 | 1,100 | 1,141,987 | |
| California, 5.00%, 4/1/26 | 1,750 | 1,857,887 | |
| Cedar Rapids, IA: | |||
| 5.00%, 6/1/23 | 2,500 | 2,530,225 | |
| 5.00%, 6/1/24 | 1,000 | 1,028,880 | |
| 5.00%, 6/1/26 | 1,090 | 1,152,337 | |
| Chicago Board of Education, IL, 5.00%, 12/1/30 | 2,690 | 2,721,500 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Chicago, IL, 5.25%, 1/1/30 | $ | 2,000 | $ 2,003,643 |
| Clark County School District, NV, 5.00%, 6/15/27 | 3,040 | 3,180,661 | |
| Cook County School District No. 63, IL: | |||
| 5.00%, 12/1/28 | 2,595 | 2,813,188 | |
| 5.00%, 12/1/29 | 2,725 | 2,950,385 | |
| Detroit, MI: | |||
| 5.00%, 4/1/23 | 135 | 135,670 | |
| 5.00%, 4/1/24 | 150 | 151,977 | |
| 5.00%, 4/1/25 | 150 | 152,936 | |
| Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
| 2.375% to 8/1/24 (Put Date), 8/1/49 | 4,000 | 3,912,640 | |
| 3.00% to 8/1/23 (Put Date), 8/1/52 | 3,000 | 2,985,750 | |
| 5.00%, 8/15/24 | 1,400 | 1,446,158 | |
| 5.00%, 8/15/25 | 2,500 | 2,619,925 | |
| Grapevine-Colleyville Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/28 | 6,000 | 6,276,060 | |
| Gwinnett County School District, GA, 5.00%, 2/1/26 | 2,220 | 2,312,818 | |
| Houston Independent School District, TX, (PSF Guaranteed), 3.50% to 6/1/25 (Put Date), 6/1/39 | 3,700 | 3,680,575 | |
| Illinois: | |||
| 5.00%, 2/1/23 | 5,000 | 5,023,200 | |
| 5.00%, 2/1/25 | 4,000 | 4,068,760 | |
| 5.00%, 3/1/25 | 3,250 | 3,306,257 | |
| 5.00%, 11/1/25 | 1,500 | 1,525,785 | |
| 5.00%, 11/1/26 | 5,000 | 5,095,300 | |
| 5.50%, 5/1/30 | 500 | 528,130 | |
| Johnson City, TN, 5.00%, 3/1/24 | 2,165 | 2,218,562 | |
| Kansas City, MO, 5.00%, 2/1/27 | 1,265 | 1,293,020 | |
| Leander, TX: | |||
| 5.00%, 8/15/24 | 1,100 | 1,134,661 | |
| 5.00%, 8/15/25 | 1,050 | 1,098,605 | |
| Los Angeles, CA, 4.00%, 6/29/23 | 5,000 | 5,034,400 | |
| Millcreek Township School District, PA, 5.00%, 9/15/25 | 500 | 508,745 | |
| Mount Clemens Community School District, MI, 5.00%, 5/1/26 | 2,465 | 2,598,011 | |
| Muscogee County School District, GA, 5.00%, 10/1/25 | 5,385 | 5,663,566 | |
| New York, NY, 5.00%, 8/1/24 | 2,000 | 2,046,740 | |
| Ocean City, NJ, 2.00%, 10/15/31 | 745 | 599,844 | |
| Oshkosh Area School District, WI, 7.25%, 3/1/23 | 3,000 | 3,049,080 | |
| Pasadena Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/25 | 3,120 | 3,245,112 | |
| Portland Community College District, OR: | |||
| 5.00%, 6/15/28 | 1,000 | 1,058,450 | |
| 5.00%, 6/15/29 | 2,550 | 2,693,590 | |
7
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Puerto Rico: | |||
| 5.25%, 7/1/23 | $ | 6,000 | $ 6,028,140 |
| 5.625%, 7/1/29 | 1,000 | 1,024,500 | |
| Salem-Keizer School District No. 24J, OR: | |||
| 0.00%, 6/15/23 | 13,010 | 12,712,852 | |
| 5.00%, 6/15/27 | 1,275 | 1,371,365 | |
| Seattle, WA, 4.00%, 9/1/24 | 6,390 | 6,495,179 | |
| Texas, 5.00%, 8/1/36 | 1,000 | 1,036,940 | |
| Tualatin Hills Park and Recreation District, OR, Green Bonds, 5.00%, 6/1/24 | 2,280 | 2,345,846 | |
| $132,992,022 | |||
| Hospital — 6.7% | |||
| Akron, Bath and Copley Joint Township Hospital District, OH, (Children's Hospital Medical Center of Akron): | |||
| 5.00%, 11/15/24 | $ | 1,240 | $ 1,277,832 |
| 5.00%, 11/15/27 | 1,175 | 1,247,991 | |
| Albemarle County Economic Development Authority, VA, (Sentara Martha Jefferson Hospital), (SPA: TD Bank, N.A.), 2.58%, 10/1/48(2) | 1,000 | 1,000,000 | |
| Allegheny County Hospital Development Authority, PA, (UPMC), 2.88%, (SIFMA + 0.42%), 11/15/24(1) | 2,000 | 1,998,300 | |
| Arizona Health Facilities Authority, (Banner Health), 2.71%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1) | 1,200 | 1,186,572 | |
| Batesville Public Facilities Board, AR, (White River Health System, Inc.), 5.00%, 6/1/23 | 795 | 799,945 | |
| California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/22 | 185 | 185,172 | |
| Colorado Health Facilities Authority, (Intermountain Healthcare), 5.00% to 8/15/28 (Put Date), 5/15/62 | 4,000 | 4,262,120 | |
| DuBois Hospital Authority, PA, (Penn Highlands Healthcare), 5.00%, 7/15/29 | 350 | 364,802 | |
| Florence County, SC, (McLeod Regional Medical Center), 5.00%, 11/1/22 | 665 | 665,898 | |
| Halifax Hospital Medical Center, FL, 5.00%, 6/1/25 | 1,380 | 1,413,782 | |
| Hamilton County, OH, (Cincinnati Children's Hospital Medical Center), 5.00%, 5/15/24 | 1,250 | 1,285,187 | |
| Hawaii Department of Budget and Finance, (Hawaii Pacific Health Group), 5.00%, 7/1/24 | 460 | 466,003 | |
| Illinois Finance Authority, (Presence Health Network): | |||
| 5.00%, 2/15/23 | 1,000 | 1,005,810 | |
| 5.00%, 2/15/24 | 500 | 509,975 | |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/29 | 410 | 379,996 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00% to 10/1/26 (Put Date), 10/1/47 | $ | 3,500 | $ 3,605,630 |
| Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33 | 4,000 | 4,125,920 | |
| New York Dormitory Authority, (Orange Regional Medical Center): | |||
| 5.00%, 12/1/27(5) | 1,200 | 1,213,992 | |
| Series 2017, 5.00%, 12/1/26(5) | 1,500 | 1,530,720 | |
| Oregon Facilities Authority, (Providence Health and Services Group), 5.00%, 10/1/24 | 1,000 | 1,015,600 | |
| South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.), 5.00% to 10/1/25 (Put Date), 12/1/48 | 1,500 | 1,556,730 | |
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group): | |||
| 5.00%, 12/1/22 | 500 | 500,510 | |
| 5.00%, 12/1/23 | 250 | 251,468 | |
| 5.00%, 12/1/24 | 285 | 284,065 | |
| West Virginia Hospital Finance Authority, (West Virginia University Health System Obligated Group), (LOC: TD Bank N.A.), 2.50%, 6/1/34(3) | 4,945 | 4,945,000 | |
| Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 2.64%, (SIFMA + 0.18%), 7/1/26 (Put Date), 8/15/54(1) | 4,000 | 3,895,760 | |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/25 | 1,230 | 1,257,011 | |
| $ 42,231,791 | |||
| Housing — 1.1% | |||
| District of Columbia Housing Finance Agency, 3.00% to 9/1/26 (Put Date), 9/1/28 | $ | 2,350 | $ 2,250,101 |
| New York City Housing Development Corp., NY, 0.90% to 1/1/26 (Put Date), 11/1/60 | 3,500 | 3,152,520 | |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): | |||
| 5.00%, 7/1/32 | 365 | 361,642 | |
| 5.00%, 7/1/33 | 300 | 294,843 | |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/27 | 500 | 503,265 | |
| Sandoval County, NM, MFMR, 6.00%, 5/1/32(5) | 465 | 465,028 | |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(6) | 95 | 95,000 | |
| $ 7,122,399 | |||
8
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Industrial Development Revenue — 5.5% | |||
| Allegheny County Industrial Development Authority, PA, (United States Steel Corp.), 4.875%, 11/1/24 | $ | 1,500 | $ 1,501,260 |
| Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(5) | 1,880 | 1,876,672 | |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(5) | 860 | 736,530 | |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(5) | 435 | 365,352 | |
| Pennsylvania Economic Development Financing Authority, (Republic Services, Inc.), (AMT), 2.00% to 10/17/22 (Put Date), 4/1/34(7) | 2,500 | 2,498,775 | |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 2.25%, 8/1/45(7) | 8,000 | 7,990,240 | |
| Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 1/1/24 | 3,000 | 3,027,810 | |
| Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.625%, 11/1/25 | 1,000 | 955,540 | |
| Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23 | 6,165 | 6,149,403 | |
| West Virginia Economic Development Authority, (Appalachian Power Co.), 3.75% to 6/1/25 (Put Date), 12/1/42 | 4,500 | 4,372,470 | |
| Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 3/1/23 (Put Date), 3/1/46 | 5,000 | 5,019,700 | |
| $ 34,493,752 | |||
| Insured - Education — 0.8% | |||
| Atlantic County Improvement Authority, NJ, (Stockton University Atlantic City Campus Phase II): | |||
| (AGM), 5.00%, 7/1/24 | $ | 100 | $ 102,477 |
| (AGM), 5.00%, 7/1/25 | 100 | 103,541 | |
| (AGM), 5.00%, 7/1/26 | 100 | 104,474 | |
| California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23 | 175 | 178,005 | |
| New Jersey Educational Facilities Authority, (William Paterson University): | |||
| (AGM), 5.00%, 7/1/27 | 150 | 158,325 | |
| (AGM), 5.00%, 7/1/28 | 65 | 69,115 | |
| New York Dormitory Authority, (Northwell Health Obligation Group), (BAM), 5.00%, 10/1/25 | 2,975 | 3,115,033 | |
| Northern Illinois University, (BAM), 5.00%, 4/1/30 | 850 | 899,929 | |
| $ 4,730,899 | |||
| Insured - Electric Utilities — 0.4% | |||
| Brownsville, TX, Utility System Revenue, (AGM), 5.00%, 9/1/29 | $ | 875 | $ 950,696 |
| Paducah Electric Plant Board, KY, (AGM), 5.00%, 10/1/26 | 1,100 | 1,173,590 | |
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Electric Utilities (continued) | |||
| Puerto Rico Electric Power Authority: | |||
| (NPFG), 5.00%, 7/1/23 | $ | 160 | $ 159,987 |
| (NPFG), 5.00%, 7/1/24 | 115 | 114,991 | |
| (NPFG), Series SS, 5.00%, 7/1/25 | 300 | 299,496 | |
| $ 2,698,760 | |||
| Insured - Escrowed/Prerefunded — 0.3% | |||
| Bolingbrook, IL, (AGM), Escrowed to Maturity, 5.00%, 1/1/23 | $ | 875 | $ 879,060 |
| Louisiana Energy & Power Authority, (AGM), Prerefunded to 6/1/23, 5.25%, 6/1/25 | 1,125 | 1,140,120 | |
| $ 2,019,180 | |||
| Insured - General Obligations — 3.2% | |||
| Atlantic City, NJ, (BAM), 5.00%, 3/1/26 | $ | 250 | $ 261,935 |
| Bolingbrook, IL, (AGM), 5.00%, 1/1/23 | 125 | 125,546 | |
| Cambria County, PA, (AGM), 4.00%, 8/1/33 | 500 | 502,810 | |
| Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/28 | 400 | 408,648 | |
| Jackson Township Board of Education of Ocean County, NJ, (NPFG), 5.25%, 6/15/23 | 3,075 | 3,118,358 | |
| Luzerne County, PA, (AGM), 5.00%, 11/15/22 | 2,250 | 2,254,635 | |
| McHenry County Community Unit School District No. 12, IL: | |||
| (AGM), 5.00%, 1/1/23 | 940 | 943,647 | |
| (AGM), 5.00%, 1/1/24 | 1,165 | 1,186,250 | |
| Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/31 | 910 | 986,258 | |
| Washington, (AMBAC), 0.00%, 12/1/22 | 10,000 | 9,950,100 | |
| Will and Cook Counties Community High School District No. 210, IL, (AGM), 4.00%, 1/1/34 | 650 | 622,414 | |
| $ 20,360,601 | |||
| Insured - Hospital — 0.1% | |||
| Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ | 250 | $ 260,635 |
| Massachusetts Development Finance Agency, (Wellforce), (AGM), 5.00%, 10/1/26 | 360 | 376,250 | |
| $ 636,885 | |||
| Insured - Special Tax Revenue — 1.0% | |||
| Garden State Preservation Trust, NJ, (AGM), 5.75%, 11/1/28 | $ | 1,000 | $ 1,084,670 |
| Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27 | 4,750 | 5,112,520 | |
| $ 6,197,190 | |||
9
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Transportation — 0.3% | |||
| Puerto Rico Highway and Transportation Authority: | |||
| (AGC), 5.25%, 7/1/41 | $ | 1,000 | $ 974,770 |
| (AGC), 5.25%, 7/1/41 | 1,000 | 974,770 | |
| $ 1,949,540 | |||
| Insured - Water and Sewer — 1.0% | |||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/23 | $ | 5,000 | $ 5,066,350 |
| Pittsburgh Water and Sewer Authority, PA, (AGM), 3.11%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(1) | 500 | 500,160 | |
| West Harris County Regional Water Authority, TX, (BAM), 4.00%, 12/15/32 | 500 | 505,930 | |
| $ 6,072,440 | |||
| Lease Revenue/Certificates of Participation — 3.0% | |||
| Burke County, NC, Limited Obligation Bonds: | |||
| 5.00%, 4/1/28 | $ | 250 | $ 267,498 |
| 5.00%, 4/1/29 | 250 | 267,383 | |
| California State Public Works Board, 5.00%, 11/1/26 | 2,725 | 2,776,175 | |
| Erie Industrial Development Authority, NY, (School District Buffalo Project), 5.00%, 5/1/24 | 2,000 | 2,052,560 | |
| Minnesota, 5.00%, 3/1/27(4) | 3,000 | 3,214,680 | |
| North Carolina, Limited Obligation Bonds: | |||
| 4.00%, 5/1/24 | 2,220 | 2,249,659 | |
| 5.00%, 5/1/25 | 2,000 | 2,091,460 | |
| Riverside County, CA, Tax and Revenue Anticipation Notes, 5.00%, 6/30/23 | 6,000 | 6,085,020 | |
| $ 19,004,435 | |||
| Other Revenue — 3.3% | |||
| Black Belt Energy Gas District, AL, 2.83%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(1) | $ | 5,000 | $ 4,701,500 |
| California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/23 | 1,000 | 1,019,950 | |
| California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 2.81%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(1) | 1,050 | 1,038,849 | |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6) | 1,200 | 216,000 | |
| Florida Board of Education, Lottery Revenue, 5.00%, 7/1/26 | 4,500 | 4,777,290 | |
| Jacksonville, FL, Special Revenue, 5.00%, 10/1/25 | 1,500 | 1,574,970 | |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(5) | 1,035 | 1,080,768 | |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00%, 6/1/25 | 1,000 | 1,008,650 | |
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue (continued) | |||
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 2.578%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(1) | $ | 2,000 | $ 1,980,340 |
| Philadelphia Redevelopment Authority, PA, (Transformation Initiative), 5.00%, 4/15/24 | 750 | 755,160 | |
| Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 195 | 194,124 | |
| Will and Kankakee Counties Community Unit School District No. 255-U, IL: | |||
| 5.00%, 6/1/23 | 675 | 682,803 | |
| 5.00%, 6/1/24 | 590 | 604,632 | |
| 5.00%, 6/1/25 | 1,000 | 1,041,130 | |
| $ 20,676,166 | |||
| Senior Living/Life Care — 3.6% | |||
| California Public Finance Authority, (Enso Village), Green Bonds, 2.125%, 11/15/27(5) | $ | 500 | $ 444,160 |
| Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court): | |||
| 4.00%, 4/1/26(5) | 830 | 782,375 | |
| 4.00%, 4/1/27(5) | 765 | 707,227 | |
| 4.00%, 4/1/29(5) | 935 | 830,102 | |
| Hawaii State Department of Budget and Finance, Special Purpose Senior Living Revenue, 5.00%, 11/15/27 | 1,775 | 1,778,887 | |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.16%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42(1) | 435 | 421,715 | |
| Illinois Finance Authority, (Smith Crossing): | |||
| 4.00%, 10/15/22 | 160 | 159,960 | |
| 4.00%, 10/15/23 | 210 | 208,305 | |
| 4.00%, 10/15/24 | 215 | 211,055 | |
| 4.00%, 10/15/25 | 300 | 291,573 | |
| James City County Economic Development Authority, VA, (Williamsburg Landing): | |||
| 4.00%, 12/1/26 | 435 | 418,983 | |
| 4.00%, 12/1/27 | 440 | 419,413 | |
| 4.00%, 12/1/28 | 455 | 429,033 | |
| Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.): | |||
| 5.00%, 8/1/23 | 705 | 709,822 | |
| 5.00%, 8/1/24 | 480 | 486,312 | |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): | |||
| 4.25%, 1/1/33 | 2,105 | 1,911,656 | |
| 5.00%, 1/1/30 | 1,265 | 1,248,289 | |
10
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven): | |||
| 4.25%, 10/1/26 | $ | 2,000 | $ 1,959,740 |
| 4.50%, 10/1/26 | 2,000 | 1,959,960 | |
| North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/22 | 1,435 | 1,435,000 | |
| Public Finance Authority, WI, (SearStone CCRC), 2.25%, 6/1/27(5) | 1,500 | 1,327,530 | |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): | |||
| 4.00%, 12/1/22 | 210 | 209,757 | |
| 4.00%, 12/1/23 | 220 | 217,857 | |
| 4.00%, 12/1/27 | 355 | 336,380 | |
| 4.00%, 12/1/28 | 370 | 344,614 | |
| Washington Housing Finance Commission, (Wesley Homes at Lea Hill), 3.75%, 7/1/26(5) | 2,795 | 2,629,620 | |
| West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | |||
| 4.00%, 11/15/23 | 140 | 139,843 | |
| 4.00%, 11/15/25 | 115 | 114,165 | |
| 4.00%, 11/15/26 | 125 | 123,363 | |
| 4.00%, 11/15/27 | 130 | 127,054 | |
| 4.00%, 11/15/28 | 110 | 106,455 | |
| $ 22,490,205 | |||
| Special Tax Revenue — 6.1% | |||
| Baltimore, MD, (Harbor Point): | |||
| 3.05%, 6/1/28(5) | $ | 190 | $ 168,433 |
| 3.15%, 6/1/29(5) | 200 | 175,134 | |
| 3.20%, 6/1/30(5) | 200 | 172,252 | |
| Bullhead, AZ, Excise Taxes Revenue: | |||
| 0.95%, 7/1/26 | 300 | 263,160 | |
| 1.15%, 7/1/27 | 375 | 321,712 | |
| District of Columbia, Income Tax Revenue, 5.00%, 12/1/27 | 2,000 | 2,169,200 | |
| Garden State Preservation Trust, NJ, 4.00%, 11/1/23 | 2,040 | 2,040,592 | |
| Jefferson County, AL, 5.00%, 9/15/26 | 3,200 | 3,388,736 | |
| Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.00%, 10/1/24 | 2,500 | 2,476,150 | |
| New River Community Development District, FL, (Capital Improvements): | |||
| 5.00%, 5/1/13(6) | 280 | 0 | |
| 5.75%, 5/1/38 | 325 | 327,434 | |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 9/15/28(4) | 6,000 | 6,509,249 | |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 5.00%, 12/1/25 | $ | 6,350 | $ 6,492,748 |
| Queen Creek, AZ, Excise Tax & State Shared Revenue, 5.00%, 8/1/24 | 2,180 | 2,250,850 | |
| Saint Clair County Highway Revenue, IL: | |||
| Escrowed to Maturity, 4.00%, 1/1/23 | 310 | 310,701 | |
| Prerefunded to 1/1/23, 4.00%, 1/1/24 | 360 | 360,788 | |
| Sales Tax Securitization Corp., IL, Series 2018C, 5.00%, 1/1/29 | 1,525 | 1,611,162 | |
| South Orange County Public Financing Authority, CA, 5.00%, 8/15/24 | 1,000 | 1,011,680 | |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(6) | 276 | 148,810 | |
| Terrebonne Levee and Conservation District, LA, (Public Improvement Sales Tax), Prerefunded to 7/1/23, 5.00%, 7/1/25 | 2,815 | 2,850,075 | |
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 5/15/26 | 5,000 | 5,282,850 | |
| $ 38,331,716 | |||
| Student Loan — 1.1% | |||
| Connecticut Higher Education Supplemental Loan Authority: | |||
| (AMT), 5.00%, 11/15/22 | $ | 125 | $ 125,250 |
| (AMT), 5.00%, 11/15/23 | 230 | 234,163 | |
| (AMT), 5.00%, 11/15/24 | 300 | 306,876 | |
| Iowa Student Loan Liquidity Corp., (AMT), 5.00%, 12/1/29 | 1,575 | 1,654,632 | |
| Massachusetts Educational Financing Authority: | |||
| (AMT), 3.50%, 7/1/33 | 2,755 | 2,510,384 | |
| (AMT), 3.625%, 7/1/38 | 1,500 | 1,299,735 | |
| (AMT), 5.00%, 7/1/24 | 1,000 | 1,021,710 | |
| $ 7,152,750 | |||
| Transportation — 12.4% | |||
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.76%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1) | $ | 5,000 | $ 4,851,150 |
| Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/26 | 1,000 | 1,056,190 | |
| Chicago, IL, (Midway International Airport): | |||
| (AMT), 5.00%, 1/1/25 | 4,000 | 4,049,640 | |
| (AMT), 5.00%, 1/1/26 | 3,500 | 3,591,490 | |
| Chicago, IL, (O'Hare International Airport), (AMT), 5.00%, 1/1/23 | 1,300 | 1,304,888 | |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/25 | 3,325 | 3,481,474 | |
11
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/27 | $ | 2,000 | $ 2,077,480 |
| Florida Department of Transportation, 5.00%, 7/1/26 | 2,000 | 2,107,360 | |
| Grand Parkway Transportation Corp., TX, 5.00%, 2/1/23 | 2,400 | 2,411,352 | |
| Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/26 | 5,000 | 5,203,150 | |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/25 | 2,500 | 2,576,575 | |
| Massachusetts Port Authority, (AMT), 5.00%, 7/1/34 | 3,000 | 3,036,570 | |
| Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/25 | 2,000 | 2,055,540 | |
| Metropolitan Nashville Airport Authority, TN: | |||
| (AMT), 5.00%, 7/1/26 | 885 | 906,169 | |
| (AMT), 5.00%, 7/1/27 | 1,250 | 1,277,138 | |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/25 | 1,525 | 1,577,872 | |
| New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/27 | 1,600 | 1,628,912 | |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | |||
| (AMT), 5.00%, 12/1/24 | 1,250 | 1,269,350 | |
| (AMT), 5.00%, 12/1/28 | 3,000 | 3,067,230 | |
| Pennsylvania Economic Development Financing Authority, (National Railroad Passenger): | |||
| (AMT), 5.00%, 11/1/25 | 1,000 | 1,000,930 | |
| (AMT), 5.00%, 11/1/26 | 890 | 890,810 | |
| Pennsylvania Turnpike Commission: | |||
| 5.00%, 12/1/22 | 1,000 | 1,002,940 | |
| 5.00%, 12/1/39 | 2,850 | 2,935,329 | |
| (LOC: TD Bank, N.A.), 2.55%, 12/1/39(3) | 1,300 | 1,300,000 | |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/25 | 1,545 | 1,605,023 | |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/27 | 2,500 | 2,518,800 | |
| Port of New Orleans, LA: | |||
| (AMT), 5.00%, 4/1/26 | 485 | 494,753 | |
| (AMT), 5.00%, 4/1/28 | 485 | 494,317 | |
| Port of Seattle, WA: | |||
| (AMT), 5.00%, 8/1/24 | 2,495 | 2,556,003 | |
| (AMT), 5.00%, 4/1/26 | 1,675 | 1,718,500 | |
| (AMT), 5.00%, 4/1/27 | 1,000 | 1,047,100 | |
| (AMT), 5.00%, 8/1/30 | 2,500 | 2,628,825 | |
| (AMT), 5.00%, 5/1/33 | 2,000 | 2,041,760 | |
| Salt Lake City, UT, (Salt Lake City International Airport): | |||
| (AMT), 5.00%, 7/1/25 | 1,000 | 1,027,770 | |
| (AMT), 5.00%, 7/1/29 | 3,365 | 3,514,709 | |
| South Jersey Transportation Authority, NJ: | |||
| 5.00%, 11/1/22 | 155 | 155,234 | |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| South Jersey Transportation Authority, NJ: (continued) | |||
| 5.00%, 11/1/24 | $ | 395 | $ 402,955 |
| Virginia Commonwealth Transportation Board, 5.00%, 5/15/24 | 2,845 | 2,926,908 | |
| $ 77,792,196 | |||
| Water and Sewer — 1.4% | |||
| Charlotte, NC, Water and Sewer System Revenue, 5.00%, 7/1/23 | $ | 2,400 | $ 2,434,680 |
| Chicago, IL, Water Revenue, 5.00%, 11/1/22 | 1,000 | 1,001,280 | |
| Great Lakes Water Authority, MI: | |||
| 5.00%, 7/1/24 | 150 | 154,536 | |
| 5.00%, 7/1/25 | 100 | 104,418 | |
| 5.00%, 7/1/27 | 300 | 320,145 | |
| 5.00%, 7/1/28 | 220 | 237,105 | |
| 5.00%, 7/1/29 | 460 | 500,710 | |
| Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/22 | 1,000 | 1,000,000 | |
| Joliet, IL, Waterworks and Sewerage Revenue, 5.00%, 1/1/24 | 2,000 | 2,032,080 | |
| Portland, OR, Sewer System Revenue, 5.00%, 5/1/28 | 1,000 | 1,057,070 | |
| $ 8,842,024 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $580,017,968) | $566,693,030 | ||
| Taxable Municipal Obligations — 5.6% |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 2.6% | |||
| Chicago, IL, 7.75%, 1/1/42 | $ | 2,650 | $ 2,767,845 |
| Detroit, MI, 2.711%, 4/1/26 | 700 | 631,043 | |
| Homewood, AL, 2.00%, 9/1/26 | 625 | 566,050 | |
| Maryland, 0.41%, 8/1/23 | 3,000 | 2,912,460 | |
| Massachusetts, Special Obligation Revenue Bonds, Social Bonds, 3.564%, 7/15/23 | 6,500 | 6,461,975 | |
| Nashua, NH, 1.40%, 1/15/33 | 375 | 266,261 | |
| San Antonio, TX, 3.274%, 2/1/23 | 2,750 | 2,745,188 | |
| $ 16,350,822 | |||
| Hospital — 0.3% | |||
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | $ | 1,380 | $ 1,278,763 |
12
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Middleburg Heights, OH, (Southwest General Health Center), 2.025%, 8/1/23 | $ | 615 | $ 602,534 |
| $ 1,881,297 | |||
| Insured - General Obligations — 0.1% | |||
| Valley View School District, PA, (BAM), 1.55%, 5/15/24 | $ | 250 | $ 238,880 |
| Westland, MI, (BAM), 1.734%, 11/1/31 | 400 | 311,328 | |
| $ 550,208 | |||
| Insured - Transportation — 0.3% | |||
| Miami-Dade County, FL, Seaport Revenue, (AGM), 1.349%, 10/1/26 | $ | 2,035 | $ 1,776,576 |
| $ 1,776,576 | |||
| Other Revenue — 0.7% | |||
| Golden State Tobacco Securitization Corp., CA, 1.337%, 6/1/23 | $ | 4,560 | $ 4,461,641 |
| $ 4,461,641 | |||
| Senior Living/Life Care — 1.0% | |||
| Butler County Port Authority, OH, (Community First Solutions), 2.25%, 5/15/26 | $ | 285 | $ 268,359 |
| Indiana Finance Authority, (BHI Senior Living), 2.45%, 11/15/25 | 355 | 320,597 | |
| Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group): | |||
| 2.38%, 11/15/22 | 360 | 359,244 | |
| 2.60%, 11/15/24 | 4,000 | 3,785,800 | |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 1.25%, 6/1/26 | 1,310 | 1,173,131 | |
| $ 5,907,131 | |||
| Special Tax Revenue — 0.1% | |||
| American Samoa Economic Development Authority, 2.47%, 9/1/24(5) | $ | 475 | $ 449,497 |
| $ 449,497 | |||
| Student Loan — 0.2% | |||
| Massachusetts Educational Financing Authority, 3.875%, 7/1/23 | $ | 1,100 | $ 1,095,259 |
| Rhode Island Student Loan Authority, 2.373%, 12/1/28 | 400 | 338,188 | |
| $ 1,433,447 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Transportation — 0.3% | |||
| Port of Seattle, WA, 3.325%, 8/1/23 | $ | 2,000 | $ 1,984,100 |
| $ 1,984,100 | |||
| Total Taxable Municipal Obligations (identified cost $36,189,392) | $ 34,794,719 | ||
| Total Investments — 97.0% (identified cost $625,184,437) | $609,665,556 | ||
| Other Assets, Less Liabilities — 3.0% | $ 19,139,833 | ||
| Net Assets — 100.0% | $628,805,389 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2022. |
| (2) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (4) | When-issued security. |
| (5) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2022, the aggregate value of these securities is $14,955,392 or 2.4% of the Fund's net assets. |
| (6) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
| (7) | Variable rate security that may be tendered at par quarterly. The stated interest rate, which resets quarterly, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| At September 30, 2022, the concentration of the Fund’s investments in the various states and territories, 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. At September 30, 2022, 7.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 3.4% of total investments. | |
13
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Abbreviations: | |
| 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. |
| BAM | – Build America Mutual Assurance Co. |
| LIBOR | – London Interbank Offered Rate |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| MFMR | – Multi-Family Mortgage Revenue |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |
| Currency Abbreviations: | |
| USD | – United States Dollar |
14
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Statement of Assets and Liabilities (Unaudited)
| September 30, 2022 | |
| Assets | |
| Investments, at value (identified cost $625,184,437) | $ 609,665,556 |
| Cash | 11,733,298 |
| Interest receivable | 6,560,114 |
| Receivable for investments sold | 17,586,943 |
| Receivable for Fund shares sold | 1,766,473 |
| Total assets | $647,312,384 |
| Liabilities | |
| Payable for investments purchased | $ 2,029,625 |
| Payable for when-issued securities | 12,628,885 |
| Payable for Fund shares redeemed | 2,920,066 |
| Distributions payable | 527,395 |
| Payable to affiliates: | |
| Investment adviser fee | 207,875 |
| Distribution and service fees | 35,383 |
| Accrued expenses | 157,766 |
| Total liabilities | $ 18,506,995 |
| Net Assets | $628,805,389 |
| Sources of Net Assets | |
| Paid-in capital | $ 667,243,692 |
| Accumulated loss | (38,438,303) |
| Net Assets | $628,805,389 |
| Class A Shares | |
| Net Assets | $ 200,920,216 |
| Shares Outstanding | 21,933,074 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.16 |
| Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 9.47 |
| Class C Shares | |
| Net Assets | $ 12,798,852 |
| Shares Outstanding | 1,489,117 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.59 |
| Class I Shares | |
| Net Assets | $ 415,086,321 |
| Shares Outstanding | 45,291,830 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.16 |
| 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. |
15
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Statement of Operations (Unaudited)
| Six Months Ended | |
| September 30, 2022 | |
| Investment Income | |
| Interest income | $ 8,162,135 |
| Total investment income | $ 8,162,135 |
| Expenses | |
| Investment adviser fee | $ 1,195,906 |
| Distribution and service fees: | |
| Class A | 161,229 |
| Class C | 62,039 |
| Trustees’ fees and expenses | 24,331 |
| Custodian fee | 79,844 |
| Transfer and dividend disbursing agent fees | 94,309 |
| Legal and accounting services | 43,815 |
| Printing and postage | 10,141 |
| Registration fees | 60,858 |
| Miscellaneous | 57,615 |
| Total expenses | $ 1,790,087 |
| Net investment income | $ 6,372,048 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (10,898,642) |
| Net realized loss | $(10,898,642) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ (10,563,608) |
| Net change in unrealized appreciation (depreciation) | $(10,563,608) |
| Net realized and unrealized loss | $(21,462,250) |
| Net decrease in net assets from operations | $(15,090,202) |
16
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Statements of Changes in Net Assets
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 6,372,048 | $ 10,411,366 |
| Net realized loss | (10,898,642) | (5,743,965) |
| Net change in unrealized appreciation (depreciation) | (10,563,608) | (23,434,774) |
| Net decrease in net assets from operations | $ (15,090,202) | $ (18,767,373) |
| Distributions to shareholders: | ||
| Class A | $ (2,092,682) | $ (3,593,098) |
| Class C | (82,780) | (113,484) |
| Class I | (4,358,346) | (6,689,091) |
| Total distributions to shareholders | $ (6,533,808) | $ (10,395,673) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (19,722,718) | $ 15,192,700 |
| Class C | (469,445) | (42,625) |
| Class I | 46,572,038 | 31,183,664 |
| Net increase in net assets from Fund share transactions | $ 26,379,875 | $ 46,333,739 |
| Net increase in net assets | $ 4,755,865 | $ 17,170,693 |
| Net Assets | ||
| At beginning of period | $ 624,049,524 | $ 606,878,831 |
| At end of period | $628,805,389 | $624,049,524 |
17
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Financial Highlights
| Class A | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.480 | $ 9.910 | $ 9.700 | $ 9.790 | $ 9.730 | $ 9.850 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.089 | $ 0.148 | $ 0.215 | $ 0.251 | $ 0.272 | $ 0.274 |
| Net realized and unrealized gain (loss) | (0.318) | (0.430) | 0.215 | (0.087) | 0.058 | (0.120) |
| Total income (loss) from operations | $ (0.229) | $ (0.282) | $ 0.430 | $ 0.164 | $ 0.330 | $ 0.154 |
| Less Distributions | ||||||
| From net investment income | $ (0.091) | $ (0.148) | $ (0.220) | $ (0.254) | $ (0.270) | $ (0.274) |
| Total distributions | $ (0.091) | $ (0.148) | $ (0.220) | $ (0.254) | $ (0.270) | $ (0.274) |
| Net asset value — End of period | $ 9.160 | $ 9.480 | $ 9.910 | $ 9.700 | $ 9.790 | $ 9.730 |
| Total Return(2) | (2.42)% (3) | (2.89)% | 4.47% | 1.66% | 3.45% | 1.55% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $200,920 | $227,994 | $223,318 | $180,506 | $192,155 | $189,734 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.64% (4) | 0.61% | 0.65% | 0.66% | 0.68% | 0.67% |
| Net investment income | 1.90% (4) | 1.50% | 2.18% | 2.55% | 2.80% | 2.77% |
| Portfolio Turnover | 55% (3) | 70% | 81% | 40% | 14% | 13% |
| (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) | Not annualized. |
| (4) | Annualized. |
18
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 8.900 | $ 9.290 | $ 9.100 | $ 9.180 | $ 9.120 | $ 9.240 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.051 | $ 0.070 | $ 0.138 | $ 0.167 | $ 0.186 | $ 0.188 |
| Net realized and unrealized gain (loss) | (0.308) | (0.390) | 0.189 | (0.078) | 0.059 | (0.121) |
| Total income (loss) from operations | $ (0.257) | $ (0.320) | $ 0.327 | $ 0.089 | $ 0.245 | $ 0.067 |
| Less Distributions | ||||||
| From net investment income | $ (0.053) | $ (0.070) | $ (0.137) | $ (0.169) | $ (0.185) | $ (0.187) |
| Total distributions | $ (0.053) | $ (0.070) | $ (0.137) | $ (0.169) | $ (0.185) | $ (0.187) |
| Net asset value — End of period | $ 8.590 | $ 8.900 | $ 9.290 | $ 9.100 | $ 9.180 | $ 9.120 |
| Total Return(2) | (2.90)% (3) | (3.47)% | 3.61% | 0.95% | 2.73% | 0.71% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $12,799 | $13,732 | $14,426 | $24,108 | $35,667 | $73,533 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.39% (4) | 1.36% | 1.40% | 1.41% | 1.43% | 1.42% |
| Net investment income | 1.15% (4) | 0.75% | 1.49% | 1.80% | 2.05% | 2.02% |
| Portfolio Turnover | 55% (3) | 70% | 81% | 40% | 14% | 13% |
| (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) | Not annualized. |
| (4) | Annualized. |
19
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.490 | $ 9.910 | $ 9.700 | $ 9.790 | $ 9.730 | $ 9.850 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.097 | $ 0.163 | $ 0.230 | $ 0.266 | $ 0.286 | $ 0.289 |
| Net realized and unrealized gain (loss) | (0.328) | (0.420) | 0.215 | (0.087) | 0.059 | (0.120) |
| Total income (loss) from operations | $ (0.231) | $ (0.257) | $ 0.445 | $ 0.179 | $ 0.345 | $ 0.169 |
| Less Distributions | ||||||
| From net investment income | $ (0.099) | $ (0.163) | $ (0.235) | $ (0.269) | $ (0.285) | $ (0.289) |
| Total distributions | $ (0.099) | $ (0.163) | $ (0.235) | $ (0.269) | $ (0.285) | $ (0.289) |
| Net asset value — End of period | $ 9.160 | $ 9.490 | $ 9.910 | $ 9.700 | $ 9.790 | $ 9.730 |
| Total Return(2) | (2.45)% (3) | (2.64)% | 4.63% | 1.81% | 3.61% | 1.70% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $415,086 | $382,323 | $369,135 | $292,213 | $294,297 | $288,575 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.49% (4) | 0.46% | 0.50% | 0.51% | 0.53% | 0.52% |
| Net investment income | 2.06% (4) | 1.65% | 2.33% | 2.69% | 2.95% | 2.92% |
| Portfolio Turnover | 55% (3) | 70% | 81% | 40% | 14% | 13% |
| (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. |
| (3) | Not annualized. |
| (4) | Annualized. |
20
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance National Limited Maturity Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes—The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
As of September 30, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
E Legal Fees— Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
21
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
G Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
I Interim Financial Statements—The interim financial statements relating to September 30, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At March 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $12,187,445 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2022, $11,369,671 are short-term and $817,774 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ 625,210,110 |
| Gross unrealized appreciation | $ 1,192,426 |
| Gross unrealized depreciation | (16,736,980) |
| Net unrealized depreciation | $ (15,544,554) |
22
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:
| Total Daily Net Assets | Annual Asset Rate | Daily Income Rate |
| Up to $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
For the six months ended September 30, 2022, the investment adviser fee amounted to $1,195,906 or 0.37% (annualized) of the Fund’s average daily net assets.
Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2022, EVM earned $7,124 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $2,017 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2022. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the six months ended September 30, 2022 in the amount of $133. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).
Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.
4 Distribution Plans
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.15% per annum of its average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended September 30, 2022 amounted to $161,229 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended September 30, 2022, the Fund paid or accrued to EVD $51,699 for Class C shares.
Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to that class. The Trustees approved service payments equal to 0.15% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended September 30, 2022 amounted to $10,340 for Class C shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
23
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended September 30, 2022, the Fund was informed that EVD received approximately $41,000 and $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, aggregated $348,537,328 and $343,290,951, respectively, for the six months ended September 30, 2022.
7 Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 2,373,111 | $ 22,202,979 | 6,604,460 | $ 65,199,529 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 181,132 | 1,689,579 | 304,331 | 2,993,762 | |
| Redemptions | (4,700,295) | (43,930,152) | (5,481,731) | (53,728,553) | |
| Converted from Class C shares | 33,662 | 314,876 | 73,913 | 727,962 | |
| Net increase (decrease) | (2,112,390) | $ (19,722,718) | 1,500,973 | $ 15,192,700 | |
| Class C | |||||
| Sales | 230,538 | $ 2,024,088 | 418,555 | $ 3,888,806 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 8,746 | 76,502 | 11,479 | 105,974 | |
| Redemptions | (257,885) | (2,255,159) | (359,929) | (3,309,443) | |
| Converted to Class A shares | (35,866) | (314,876) | (78,752) | (727,962) | |
| Net decrease | (54,467) | $ (469,445) | (8,647) | $ (42,625) | |
| Class I | |||||
| Sales | 21,103,104 | $ 197,296,254 | 19,053,048 | $ 187,916,274 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 229,468 | 2,140,482 | 333,610 | 3,281,465 | |
| Redemptions | (16,343,994) | (152,864,698) | (16,333,091) | (160,014,075) | |
| Net increase | 4,988,578 | $ 46,572,038 | 3,053,567 | $ 31,183,664 | |
24
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended September 30, 2022. Effective October 25, 2022, the Fund renewed its line of credit agreement, which expires October 24, 2023. In connection with the renewal, the borrowing limit was decreased to $725 million.
9 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At September 30, 2022, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 8,177,807 | $ — | $ 8,177,807 |
| Tax-Exempt Municipal Obligations | — | 566,693,030 | — | 566,693,030 |
| Taxable Municipal Obligations | — | 34,794,719 | — | 34,794,719 |
| Total Investments | $ — | $609,665,556 | $ — | $609,665,556 |
10 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
25
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;
• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section, further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
26
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance on March 1, 2021;
• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance National Limited Maturity Municipal Income Fund (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
27
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index, and assessed the Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax-exempt current income over time. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
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 deemed not to be excessive.
28
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. 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 Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.
29
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 7, 2022, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
30
Eaton Vance
National Limited Maturity Municipal Income Fund
September 30, 2022
Officers and Trustees
| Officers | |
| Eric A. Stein President | Jill R. Damon Secretary |
| Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
| James F. Kirchner Treasurer | |
| Trustees |
| George J. Gorman Chairperson | |
| Alan C. Bowser** | |
| Thomas E. Faust Jr.* | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser** |
| * | Interested Trustee |
| ** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
31
Eaton Vance Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
32
Eaton Vance Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
33
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
34
Investment Adviser
Boston Management and Research
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Fund Offices
Two International Place
Boston, MA 02110
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Eaton Vance
New York Municipal
Opportunities Fund
Opportunities Fund
Semiannual Report
September 30, 2022
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Trevor G. Smith
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 06/27/1996 | 05/29/1992 | (6.05)% | (11.40)% | 0.22% | 0.91% |
| Class A with 3.25% Maximum Sales Charge | — | — | (9.08) | (14.29) | (0.43) | 0.58 |
| Class C at NAV | 12/08/1993 | 05/29/1992 | (6.45) | (12.13) | (0.53) | 0.29 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | (7.38) | (12.99) | (0.53) | 0.29 |
| Class I at NAV | 08/03/2010 | 05/29/1992 | (5.98) | (11.26) | 0.37 | 1.06 |
| Bloomberg Municipal Bond Index | — | — | (6.30)% | (11.50)% | 0.59% | 1.79% |
| Bloomberg New York Municipal Bond Index | — | — | (6.66) | (11.96) | 0.25 | 1.61 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.73% | 1.48% | 0.58% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 2.21% | 1.44% | 2.36% |
| Taxable-Equivalent Distribution Rate | 4.57 | 2.99 | 4.90 |
| SEC 30-day Yield | 2.59 | 1.92 | 2.83 |
| Taxable-Equivalent SEC 30-day Yield | 5.37 | 3.97 | 5.87 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Fund Profile
| Credit Quality (% of total investments)1 |
Footnotes:
| 1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
3
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Endnotes and Additional Disclosures
| 1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg New York Municipal Bond Index is an unmanaged index of New York municipal bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Performance prior to April 25, 2016 reflects the Fund’s performance under its former investment objective and policies. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
| 4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
| Fund profile subject to change due to active management. |
4
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2022 to September 30, 2022).
Actual Expenses
The first section of the 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 the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the 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 the 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.
| Beginning Account Value (4/1/22) | Ending Account Value (9/30/22) | Expenses Paid During Period* (4/1/22 – 9/30/22) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $ 939.50 | $3.94 | 0.81% |
| Class C | $1,000.00 | $ 935.50 | $7.57 | 1.56% |
| Class I | $1,000.00 | $ 940.20 | $3.21 | 0.66% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.01 | $4.10 | 0.81% |
| Class C | $1,000.00 | $1,017.25 | $7.89 | 1.56% |
| Class I | $1,000.00 | $1,021.76 | $3.35 | 0.66% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2022. |
5
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited)
| Tax-Exempt Municipal Obligations — 96.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Cogeneration — 0.2% | |||
| Suffolk County Industrial Development Agency, NY, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | $ | 120 | $ 120,047 |
| $ 120,047 | |||
| Education — 13.1% | |||
| Albany Capital Resource Corp., NY, (Empire Commons Student Housing, Inc.), 5.00%, 5/1/26 | $ | 300 | $ 308,181 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Global Concepts Charter School), 5.00%, 10/1/37 | 405 | 400,355 | |
| Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/29 | 100 | 95,497 | |
| Build NYC Resource Corp., NY, (Grand Concourse Academy Charter School), 5.00%, 7/1/32 | 300 | 303,807 | |
| Dutchess County Local Development Corp., NY, (Culinary Institute of America), 4.00%, 7/1/36 | 200 | 177,320 | |
| Dutchess County Local Development Corp., NY, (Marist College), 5.00%, 7/1/29 | 130 | 137,605 | |
| Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester): | |||
| 5.00%, 10/1/24 | 885 | 900,992 | |
| 5.00%, 10/1/25 | 930 | 954,291 | |
| Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School), 5.00%, 6/1/40(1) | 165 | 158,131 | |
| Monroe County Industrial Development Corp., NY, (University of Rochester), 4.00%, 7/1/50 | 1,500 | 1,304,505 | |
| Schenectady County Capital Resource Corp., NY, (Union College), 5.25%, 7/1/52 | 370 | 380,952 | |
| St. Lawrence County Industrial Development Agency, NY, (Clarkson University): | |||
| 5.00%, 9/1/29 | 90 | 94,082 | |
| 5.00%, 9/1/34 | 125 | 127,411 | |
| 5.00%, 9/1/35 | 125 | 127,134 | |
| Series 2021A, 5.00%, 9/1/30 | 50 | 52,243 | |
| Series 2021A, 5.00%, 9/1/31 | 90 | 93,586 | |
| Series 2021A, 5.00%, 9/1/32 | 70 | 72,179 | |
| Series 2021A, 5.00%, 9/1/33 | 100 | 102,491 | |
| Series 2021B, 5.00%, 9/1/30 | 225 | 235,096 | |
| Series 2021B, 5.00%, 9/1/31 | 260 | 270,358 | |
| Series 2021B, 5.00%, 9/1/32 | 200 | 206,226 | |
| Series 2021B, 5.00%, 9/1/33 | 225 | 230,605 | |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/35 | 1,000 | 1,036,160 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence): | |||
| 4.00%, 10/15/29 | $ | 330 | $ 304,537 |
| 4.00%, 10/15/30 | 410 | 373,990 | |
| 5.00%, 10/15/39 | 80 | 73,537 | |
| $ 8,521,271 | |||
| Electric Utilities — 2.5% | |||
| New York Power Authority, Green Bonds, 4.00%, 11/15/50 | $ | 1,835 | $ 1,615,644 |
| $ 1,615,644 | |||
| Escrowed/Prerefunded — 2.5% | |||
| Chautauqua County Capital Resource Corp., NY, (Jamestown Center City Development Corp.), Prerefunded to 11/1/24, 1.75%, 11/1/31 | $ | 1,650 | $ 1,600,781 |
| $ 1,600,781 | |||
| General Obligations — 2.7% | |||
| New York, NY, 4.00%, 9/1/46 | $ | 1,000 | $ 896,380 |
| Puerto Rico: | |||
| 0.00%, 7/1/24 | 10 | 9,109 | |
| 0.00%, 7/1/33 | 38 | 21,081 | |
| 4.00%, 7/1/33 | 30 | 26,119 | |
| 4.00%, 7/1/35 | 27 | 22,830 | |
| 4.00%, 7/1/37 | 23 | 18,814 | |
| 5.25%, 7/1/23 | 17 | 16,622 | |
| 5.625%, 7/1/29 | 240 | 246,133 | |
| 5.75%, 7/1/31 | 31 | 31,916 | |
| Valley Stream, NY: | |||
| 2.00%, 5/15/25 | 235 | 221,393 | |
| 2.125%, 5/15/26 | 240 | 222,050 | |
| $ 1,732,447 | |||
| Hospital — 13.8% | |||
| Brookhaven Local Development Corp., NY, (Long Island Community Hospital), 5.00%, 10/1/31 | $ | 650 | $ 671,229 |
| Dutchess County Local Development Corp., NY, (Nuvance Health), 5.00%, 7/1/24 | 140 | 142,045 | |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): | |||
| 4.00%, 11/1/28 | 1,390 | 1,305,113 | |
| 4.00%, 11/1/29 | 1,110 | 1,028,770 | |
| Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/23 | 500 | 504,540 | |
6
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| New York Dormitory Authority, (Catholic Health System Obligated Group): | |||
| 5.00%, 7/1/30 | $ | 525 | $ 487,384 |
| 5.00%, 7/1/32 | 640 | 588,307 | |
| New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/37 | 400 | 330,516 | |
| New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | 1,000 | 990,230 | |
| New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50 | 1,000 | 847,250 | |
| New York Dormitory Authority, (Orange Regional Medical Center): | |||
| 5.00%, 12/1/23(1) | 400 | 403,112 | |
| 5.00%, 12/1/24(1) | 600 | 606,942 | |
| 5.00%, 12/1/25(1) | 500 | 506,960 | |
| Series 2017, 5.00%, 12/1/26(1) | 500 | 510,240 | |
| $ 8,922,638 | |||
| Housing — 2.6% | |||
| New York City Housing Development Corp., NY, 0.90% to 1/1/26 (Put Date), 11/1/60 | $ | 1,000 | $ 900,720 |
| Westchester County Local Development Corp., NY, (Purchase Housing Corp. II): | |||
| 5.00%, 6/1/24 | 165 | 168,064 | |
| 5.00%, 6/1/25 | 170 | 174,497 | |
| 5.00%, 6/1/26 | 170 | 175,547 | |
| 5.00%, 6/1/27 | 240 | 248,856 | |
| $ 1,667,684 | |||
| Industrial Development Revenue — 7.4% | |||
| Build NYC Resource Corp., NY, (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1) | $ | 395 | $ 398,061 |
| Essex County Industrial Development Agency, NY, (International Paper Co.), (AMT), 2.10% to 10/1/24 (Put Date), 3/1/27 | 625 | 604,331 | |
| New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), 2.875% to 7/1/25 (Put Date), 5/15/32 | 1,155 | 1,135,677 | |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.): | |||
| (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1) | 250 | 209,973 | |
| (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1) | 1,000 | 927,220 | |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.00%, 10/1/30 | 1,000 | 939,170 | |
| Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1) | 610 | 594,963 | |
| $ 4,809,395 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Electric Utilities — 5.3% | |||
| New York Power Authority, Green Transmission Revenue, (AGM), 5.00%, 11/15/28 | $ | 1,300 | $ 1,425,424 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | 2,050 | 2,035,486 | |
| $ 3,460,910 | |||
| Insured - General Obligations — 3.9% | |||
| Clinton County, NY, (AGM), (AMT), 3.50%, 6/1/27 | $ | 1,000 | $ 992,560 |
| Nassau County, NY, (AGM), 4.00%, 4/1/47 | 550 | 492,607 | |
| Oyster Bay, NY, (AGM), 5.00%, 8/1/26 | 1,000 | 1,061,750 | |
| $ 2,546,917 | |||
| Insured - Solid Waste — 1.4% | |||
| Onondaga County Resource Recovery Agency, NY: | |||
| (AGM), (AMT), 5.00%, 5/1/26 | $ | 150 | $ 156,809 |
| (AGM), (AMT), 5.00%, 5/1/28 | 740 | 781,366 | |
| $ 938,175 | |||
| Lease Revenue/Certificates of Participation — 0.7% | |||
| Hudson Yards Infrastructure Corp., NY, 5.00%, 2/15/42 | $ | 475 | $ 486,756 |
| $ 486,756 | |||
| Other Revenue — 5.5% | |||
| Albany Parking Authority, NY, 5.00%, 7/15/23 | $ | 700 | $ 707,455 |
| Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 2.55%, 11/1/38(2) | 2,000 | 2,000,000 | |
| New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/48 | 1,000 | 885,910 | |
| $ 3,593,365 | |||
| Senior Living/Life Care — 10.4% | |||
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry): | |||
| 4.00%, 11/1/45 | $ | 300 | $ 248,412 |
| 5.25%, 11/1/25 | 750 | 768,825 | |
| Broome County Local Development Corp., NY, (Good Shepherd Village at Endwell, Inc.), 3.50%, 7/1/25 | 455 | 438,588 | |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/23 | 1,455 | 1,472,373 | |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/34 | 1,000 | 1,012,530 | |
| Westchester County Local Development Corp., NY, (Kendal on Hudson): | |||
| Escrowed to Maturity, 4.00%, 1/1/23 | 175 | 175,033 | |
| Prerefunded to 1/1/23, 5.00%, 1/1/28 | 1,090 | 1,090,447 | |
| Prerefunded to 1/1/23, 5.00%, 1/1/34 | 480 | 480,197 | |
7
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Westchester County Local Development Corp., NY, (Miriam Osborn Memorial Home Association): | |||
| 5.00%, 7/1/24 | $ | 460 | $ 469,283 |
| 5.00%, 7/1/25 | 260 | 267,563 | |
| 5.00%, 7/1/26 | 290 | 300,307 | |
| $ 6,723,558 | |||
| Solid Waste — 0.9% | |||
| Onondaga County Resource Recovery Agency, NY, (AMT), 5.00%, 5/1/25 | $ | 540 | $ 556,189 |
| $ 556,189 | |||
| Special Tax Revenue — 11.9% | |||
| American Samoa Economic Development Authority, 5.00%, 9/1/38(1) | $ | 300 | $ 303,282 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
| 4.00%, 8/1/38 | 1,000 | 946,320 | |
| 5.00%, 5/1/42 | 440 | 449,548 | |
| New York Dormitory Authority, Sales Tax Revenue: | |||
| 5.00%, 3/15/40 | 1,000 | 1,035,750 | |
| (AMT), 5.00%, 3/15/30 | 1,875 | 2,016,487 | |
| New York State Urban Development Corp., Personal Income Tax Revenue: | |||
| 4.00%, 3/15/45 | 750 | 672,683 | |
| 5.00%, 9/15/28(3) | 1,000 | 1,084,875 | |
| New York State Urban Development Corp., Sales Tax Revenue, 4.00%, 3/15/39 | 1,330 | 1,232,072 | |
| $ 7,741,017 | |||
| Transportation — 10.5% | |||
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46 | $ | 1,000 | $ 950,060 |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | |||
| 4.00%, 12/1/42 | 200 | 164,576 | |
| (AMT), 4.00%, 12/1/40 | 50 | 41,215 | |
| Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport): | |||
| (AMT), 5.00%, 4/1/24 | 795 | 809,978 | |
| (AMT), 5.00%, 4/1/28 | 520 | 539,952 | |
| (AMT), 5.00%, 4/1/29 | 275 | 286,264 | |
| (AMT), 5.00%, 4/1/30 | 455 | 471,521 | |
| Port Authority of New York and New Jersey: | |||
| (AMT), 5.00%, 10/15/35 | 740 | 759,107 | |
| (AMT), 5.50%, 8/1/52 | 1,000 | 1,048,350 | |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Triborough Bridge and Tunnel Authority, NY: | |||
| 3.00%, 11/15/46 | $ | 1,000 | $ 715,850 |
| 5.00%, 11/15/49 | 1,000 | 1,033,740 | |
| $ 6,820,613 | |||
| Water and Sewer — 0.8% | |||
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: State Street Bank and Trust Company), 2.78%, 6/15/45(4) | $ | 500 | $ 500,000 |
| $ 500,000 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $66,508,888) | $62,357,407 | ||
| Taxable Municipal Obligations — 3.4% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 1.4% | |||
| New York Dormitory Authority, (State University of New York), 1.366%, 7/1/25 | $ | 1,000 | $ 911,910 |
| $ 911,910 | |||
| General Obligations — 1.4% | |||
| New York, NY, 1.50%, 8/1/28 | $ | 1,000 | $ 824,480 |
| Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | 148 | 74,147 | |
| $ 898,627 | |||
| Special Tax Revenue — 0.6% | |||
| New York Dormitory Authority, Personal Income Tax Revenue, Escrowed to Maturity, 1.538%, 3/15/27 | $ | 415 | $ 364,416 |
| $ 364,416 | |||
| Total Taxable Municipal Obligations (identified cost $2,451,954) | $ 2,174,953 | ||
| Total Investments — 99.5% (identified cost $68,960,842) | $64,532,360 | ||
| Other Assets, Less Liabilities — 0.5% | $ 337,375 | ||
| Net Assets — 100.0% | $64,869,735 | ||
8
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2022, the aggregate value of these securities is $4,618,884 or 7.1% of the Fund's net assets. |
| (2) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (3) | When-issued security. |
| (4) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2022, 10.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.2% to 7.6% of total investments. | |
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |
9
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Statement of Assets and Liabilities (Unaudited)
| September 30, 2022 | |
| Assets | |
| Investments, at value (identified cost $68,960,842) | $ 64,532,360 |
| Cash | 796,061 |
| Interest receivable | 772,763 |
| Receivable for Fund shares sold | 204,756 |
| Total assets | $66,305,940 |
| Liabilities | |
| Payable for when-issued securities | $ 1,082,350 |
| Payable for Fund shares redeemed | 222,158 |
| Distributions payable | 32,857 |
| Payable to affiliates: | |
| Investment adviser fee | 21,561 |
| Distribution and service fees | 6,631 |
| Accrued expenses | 70,648 |
| Total liabilities | $ 1,436,205 |
| Net Assets | $64,869,735 |
| Sources of Net Assets | |
| Paid-in capital | $ 72,064,537 |
| Accumulated loss | (7,194,802) |
| Net Assets | $64,869,735 |
| Class A Shares | |
| Net Assets | $ 34,601,306 |
| Shares Outstanding | 3,866,722 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.95 |
| Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 9.25 |
| Class C Shares | |
| Net Assets | $ 2,987,120 |
| Shares Outstanding | 351,242 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.50 |
| Class I Shares | |
| Net Assets | $ 27,281,309 |
| Shares Outstanding | 3,048,218 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.95 |
| 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. |
10
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Statement of Operations (Unaudited)
| Six Months Ended | |
| September 30, 2022 | |
| Investment Income | |
| Interest income | $ 1,026,197 |
| Total investment income | $ 1,026,197 |
| Expenses | |
| Investment adviser fee | $ 132,844 |
| Distribution and service fees: | |
| Class A | 27,179 |
| Class C | 15,787 |
| Trustees’ fees and expenses | 2,736 |
| Custodian fee | 14,209 |
| Transfer and dividend disbursing agent fees | 19,473 |
| Legal and accounting services | 31,112 |
| Printing and postage | 2,576 |
| Registration fees | 3,720 |
| Miscellaneous | 19,505 |
| Total expenses | $ 269,141 |
| Net investment income | $ 757,056 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (2,604,031) |
| Futures contracts | 306,324 |
| Net realized loss | $(2,297,707) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ (2,788,705) |
| Net change in unrealized appreciation (depreciation) | $(2,788,705) |
| Net realized and unrealized loss | $(5,086,412) |
| Net decrease in net assets from operations | $(4,329,356) |
11
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Statements of Changes in Net Assets
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 757,056 | $ 1,407,949 |
| Net realized loss | (2,297,707) | (510,212) |
| Net change in unrealized appreciation (depreciation) | (2,788,705) | (4,592,616) |
| Net decrease in net assets from operations | $ (4,329,356) | $ (3,694,879) |
| Distributions to shareholders: | ||
| Class A | $ (388,216) | $ (877,418) |
| Class C | (24,232) | (68,622) |
| Class I | (329,591) | (869,943) |
| Total distributions to shareholders | $ (742,039) | $ (1,815,983) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ 166,554 | $ (1,812,292) |
| Class C | (834,452) | (1,036,315) |
| Class I | (6,741,959) | 4,594,146 |
| Net increase (decrease) in net assets from Fund share transactions | $ (7,409,857) | $ 1,745,539 |
| Net decrease in net assets | $(12,481,252) | $ (3,765,323) |
| Net Assets | ||
| At beginning of period | $ 77,350,987 | $ 81,116,310 |
| At end of period | $ 64,869,735 | $77,350,987 |
12
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Financial Highlights
| Class A | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 | $ 9.660 | $ 9.770 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.102 | $ 0.172 | $ 0.195 | $ 0.210 | $ 0.245 | $ 0.241 |
| Net realized and unrealized gain (loss) | (0.682) | (0.620) | 0.406 | 0.023 (2) | 0.207 | (0.113) |
| Total income (loss) from operations | $ (0.580) | $ (0.448) | $ 0.601 | $ 0.233 | $ 0.452 | $ 0.128 |
| Less Distributions | ||||||
| From net investment income | $ (0.100) | $ (0.168) | $ (0.191) | $ (0.213) | $ (0.242) | $ (0.238) |
| From net realized gain | — | (0.054) | — | — | — | — |
| Total distributions | $ (0.100) | $ (0.222) | $ (0.191) | $ (0.213) | $ (0.242) | $ (0.238) |
| Net asset value — End of period | $ 8.950 | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 | $ 9.660 |
| Total Return(3) | (6.05)% (4) | (4.47)% | 6.11% | 2.33% | 4.75% | 1.30% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $34,601 | $37,054 | $ 41,461 | $41,504 | $42,073 | $44,330 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.81% (5) | 0.73% | 0.74% | 0.74% | 0.79% | 0.75% |
| Net investment income | 2.19% (5) | 1.67% | 1.91% | 2.08% | 2.54% | 2.45% |
| Portfolio Turnover | 34% (4) | 38% | 77% | 102% | 54% | 66% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (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. |
13
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.150 | $ 9.790 | $ 9.410 | $ 9.390 | $ 9.180 | $ 9.290 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.063 | $ 0.090 | $ 0.114 | $ 0.128 | $ 0.164 | $ 0.159 |
| Net realized and unrealized gain (loss) | (0.651) | (0.590) | 0.375 | 0.022 (2) | 0.207 | (0.113) |
| Total income (loss) from operations | $(0.588) | $(0.500) | $ 0.489 | $ 0.150 | $ 0.371 | $ 0.046 |
| Less Distributions | ||||||
| From net investment income | $ (0.062) | $ (0.086) | $ (0.109) | $ (0.130) | $ (0.161) | $ (0.156) |
| From net realized gain | — | (0.054) | — | — | — | — |
| Total distributions | $(0.062) | $(0.140) | $(0.109) | $(0.130) | $ (0.161) | $ (0.156) |
| Net asset value — End of period | $ 8.500 | $ 9.150 | $ 9.790 | $ 9.410 | $ 9.390 | $ 9.180 |
| Total Return(3) | (6.45)% (4) | (5.19)% | 5.22% | 1.58% | 4.09% | 0.48% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 2,987 | $ 4,064 | $ 5,378 | $ 9,441 | $10,663 | $16,306 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.56% (5) | 1.48% | 1.49% | 1.50% | 1.54% | 1.50% |
| Net investment income | 1.43% (5) | 0.91% | 1.18% | 1.33% | 1.79% | 1.71% |
| Portfolio Turnover | 34% (4) | 38% | 77% | 102% | 54% | 66% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (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. |
14
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 | $ 9.660 | $ 9.770 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.109 | $ 0.188 | $ 0.209 | $ 0.225 | $ 0.260 | $ 0.255 |
| Net realized and unrealized gain (loss) | (0.682) | (0.621) | 0.407 | 0.023 (2) | 0.206 | (0.112) |
| Total income (loss) from operations | $ (0.573) | $ (0.433) | $ 0.616 | $ 0.248 | $ 0.466 | $ 0.143 |
| Less Distributions | ||||||
| From net investment income | $ (0.107) | $ (0.183) | $ (0.206) | $ (0.228) | $ (0.256) | $ (0.253) |
| From net realized gain | — | (0.054) | — | — | — | — |
| Total distributions | $ (0.107) | $ (0.237) | $ (0.206) | $ (0.228) | $ (0.256) | $ (0.253) |
| Net asset value — End of period | $ 8.950 | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 | $ 9.660 |
| Total Return(3) | (5.98)% (4) | (4.32)% | 6.27% | 2.48% | 4.91% | 1.45% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $27,281 | $36,233 | $ 34,277 | $25,454 | $21,000 | $16,301 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.66% (5) | 0.58% | 0.59% | 0.59% | 0.64% | 0.60% |
| Net investment income | 2.34% (5) | 1.82% | 2.05% | 2.23% | 2.68% | 2.60% |
| Portfolio Turnover | 34% (4) | 38% | 77% | 102% | 54% | 66% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (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. |
15
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance New York Municipal Opportunities Fund (the Fund) is a non-diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek to maximize after-tax total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable 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 statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes—The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
As of September 30, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
E Legal Fees— Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
16
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H Futures Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (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 futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.
I When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
J Interim Financial Statements—The interim financial statements relating to September 30, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At March 31, 2022, the Fund had a net capital loss of $620,813 attributable to security transactions incurred after October 31, 2021 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund's taxable year ending March 31, 2023.
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ 68,782,783 |
| Gross unrealized appreciation | $ 418,935 |
| Gross unrealized depreciation | (4,669,358) |
| Net unrealized depreciation | $ (4,250,423) |
17
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:
| Total Daily Net Assets | Annual Asset Rate | Daily Income Rate |
| Up to $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
For the six months ended September 30, 2022, the Fund's investment adviser fee amounted to $132,844 or 0.39% (annualized) of the Fund’s average daily net assets.
Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2022, EVM earned $3,774 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $444 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2022. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).
Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.
4 Distribution Plans
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.15% per annum of the Fund's average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended September 30, 2022 amounted to $27,179 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended September 30, 2022, the Fund paid or accrued to EVD $13,156 for Class C shares.
Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.15% per annum of the Fund’s average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended September 30, 2022 amounted to $2,631 for Class C shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended September 30, 2022, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.
18
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $23,540,079 and $27,789,448, respectively, for the six months ended September 30, 2022.
7 Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 239,565 | $ 2,237,819 | 210,039 | $ 2,171,956 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 35,364 | 328,077 | 72,330 | 743,674 | |
| Redemptions | (271,569) | (2,531,907) | (498,862) | (5,139,641) | |
| Converted from Class C shares | 14,232 | 132,565 | 39,445 | 411,719 | |
| Net increase (decrease) | 17,592 | $ 166,554 | (177,048) | $ (1,812,292) | |
| Class C | |||||
| Sales | 47,237 | $ 419,796 | 60,427 | $ 598,423 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 1,417 | 12,510 | 4,357 | 42,649 | |
| Redemptions | (126,686) | (1,134,193) | (128,464) | (1,265,668) | |
| Converted to Class A shares | (14,977) | (132,565) | (41,492) | (411,719) | |
| Net decrease | (93,009) | $ (834,452) | (105,172) | $ (1,036,315) | |
| Class I | |||||
| Sales | 774,076 | $ 7,194,107 | 1,323,247 | $ 13,635,410 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 21,405 | 198,613 | 50,764 | 521,215 | |
| Redemptions | (1,510,574) | (14,134,679) | (938,768) | (9,562,479) | |
| Net increase (decrease) | (715,093) | $ (6,741,959) | 435,243 | $ 4,594,146 | |
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended September 30, 2022.
Effective October 25, 2022, the Fund renewed its line of credit agreement, which expires October 24, 2023. In connection with the renewal, the borrowing limit was decreased to $725 million.
19
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
9 Financial Instruments
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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 the 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. At September 30, 2022, there were no obligations outstanding under these financial instruments.
The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the six months ended September 30, 2022, the Fund entered into U.S. Treasury futures contracts to hedge against changes in interest rates.
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 six months ended September 30, 2022 was as follows:
| Derivative | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| Futures contracts | $306,324 (1) | $ — |
| (1) | Statement of Operations location: Net realized gain (loss) - Futures contracts. |
The average notional cost of futures contracts (short) outstanding during the six months ended September 30, 2022, which is indicative of the volume of this derivative type, was approximately $687,000.
10 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At September 30, 2022, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 62,357,407 | $ — | $ 62,357,407 |
| Taxable Municipal Obligations | — | 2,174,953 | — | 2,174,953 |
| Total Investments | $ — | $64,532,360 | $ — | $64,532,360 |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended September 30, 2022 is not presented.
20
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
11 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
21
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;
• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section, further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
22
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance on March 1, 2021;
• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance New York Municipal Opportunities Fund (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
23
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
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 deemed not to be excessive.
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
24
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. 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 Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.
25
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 7, 2022, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
26
Eaton Vance
New York Municipal Opportunities Fund
September 30, 2022
Officers and Trustees
| Officers | |
| Eric A. Stein President | Jill R. Damon Secretary |
| Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
| James F. Kirchner Treasurer | |
| Trustees |
| George J. Gorman Chairperson | |
| Alan C. Bowser** | |
| Thomas E. Faust Jr.* | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser** |
| * | Interested Trustee |
| ** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
27
Eaton Vance Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
28
Eaton Vance Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
29
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
30
Investment Adviser
Boston Management and Research
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Fund Offices
Two International Place
Boston, MA 02110
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Eaton Vance
Short Duration Municipal
Opportunities Fund
Opportunities Fund
Semiannual Report
September 30, 2022
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Trevor G. Smith
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 06/27/1996 | 06/01/1992 | (2.95)% | (6.50)% | 0.69% | 1.29% |
| Class A with 3.25% Maximum Sales Charge | — | — | (6.09) | (9.57) | 0.02 | 0.96 |
| Class C at NAV | 12/08/1993 | 06/01/1992 | (3.37) | (7.24) | (0.07) | 0.68 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | (4.33) | (8.16) | (0.07) | 0.68 |
| Class I at NAV | 08/03/2010 | 06/01/1992 | (2.87) | (6.35) | 0.86 | 1.45 |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | — | — | (2.81)% | (7.08)% | 0.66% | 1.28% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.64% | 1.39% | 0.49% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 1.99% | 1.22% | 2.14% |
| Taxable-Equivalent Distribution Rate | 3.35 | 2.07 | 3.61 |
| SEC 30-day Yield | 2.39 | 1.71 | 2.62 |
| Taxable-Equivalent SEC 30-day Yield | 4.03 | 2.89 | 4.42 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Fund Profile
| Credit Quality (% of total investments)1 |
Footnotes:
| 1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
3
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Endnotes and Additional Disclosures
| 1 | Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 1-10 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Performance prior to November 14, 2016 reflects the Fund’s performance under its former investment objective and policies. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
| 4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
| Fund profile subject to change due to active management. |
4
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2022 to September 30, 2022).
Actual Expenses
The first section of the 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 the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the 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 the 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.
| Beginning Account Value (4/1/22) | Ending Account Value (9/30/22) | Expenses Paid During Period* (4/1/22 – 9/30/22) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $ 970.50 | $3.21 | 0.65% |
| Class C | $1,000.00 | $ 966.30 | $6.90 | 1.40% |
| Class I | $1,000.00 | $ 971.30 | $2.47 | 0.50% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.81 | $3.29 | 0.65% |
| Class C | $1,000.00 | $1,018.05 | $7.08 | 1.40% |
| Class I | $1,000.00 | $1,022.56 | $2.54 | 0.50% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2022. |
5
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited)
| Corporate Bonds — 1.4% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 0.8% | |||
| Grand Canyon University, 4.125%, 10/1/24 | $ | 8,000 | $ 7,386,640 |
| $ 7,386,640 | |||
| Hospital — 0.2% | |||
| Harnett Health System, Inc., 4.25% to 4/1/23 (Put Date), 4/1/32 | $ | 2,360 | $ 2,324,600 |
| $ 2,324,600 | |||
| Other — 0.4% | |||
| Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 3,470 | $ 3,666,055 |
| YMCA of Greater New York, 2.303%, 8/1/26 | 660 | 582,014 | |
| $ 4,248,069 | |||
| Total Corporate Bonds (identified cost $14,338,300) | $ 13,959,309 | ||
| Tax-Exempt Mortgage-Backed Securities — 0.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Housing — 0.1% | |||
| Federal Home Loan Mortgage Corp., Multifamily Variable Rate Certificates, (AMT), 2.304%, 5/15/27 | $ | 410 | $ 379,475 |
| FRETE 2017-ML01 Trust, (Freddie Mac guaranteed), 3.58%, (1 mo. USD LIBOR + 0.50%), 1/25/33(1)(2) | 460 | 456,323 | |
| Total Tax-Exempt Mortgage-Backed Securities (identified cost $869,952) | $ 835,798 | ||
| Tax-Exempt Municipal Obligations — 92.8% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 1.7% | |||
| Delaware Valley Regional Finance Authority, PA, 2.478%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(2) | $ | 9,000 | $ 8,892,540 |
| New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/25 | 7,350 | 7,700,889 | |
| $ 16,593,429 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Education — 5.5% | |||
| Arizona Industrial Development Authority, (Academies of Math & Science), 4.00%, 7/1/29(1) | $ | 380 | $ 356,793 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/30(1) | 595 | 550,357 | |
| Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.00%, 6/15/31(1) | 110 | 100,851 | |
| California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 3.36%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72(2) | 4,000 | 3,936,920 | |
| California Municipal Finance Authority, (California Lutheran University): | |||
| 5.00%, 10/1/22 | 250 | 250,000 | |
| 5.00%, 10/1/23 | 225 | 227,549 | |
| 5.00%, 10/1/24 | 275 | 280,497 | |
| California School Finance Authority, (Green Dot Public Schools): | |||
| 5.00%, 8/1/23(1) | 175 | 176,034 | |
| 5.00%, 8/1/24(1) | 160 | 161,626 | |
| 5.00%, 8/1/25(1) | 300 | 304,470 | |
| California School Finance Authority, (KIPP SoCal Public Schools): | |||
| 5.00%, 7/1/23(1) | 100 | 100,835 | |
| 5.00%, 7/1/24(1) | 135 | 137,291 | |
| 5.00%, 7/1/25(1) | 200 | 203,938 | |
| 5.00%, 7/1/26(1) | 105 | 107,520 | |
| 5.00%, 7/1/27(1) | 110 | 112,925 | |
| 5.00%, 7/1/28(1) | 160 | 165,118 | |
| 5.00%, 7/1/29(1) | 165 | 170,483 | |
| Clifton Higher Education Finance Corp., TX, (IDEA Public Schools), (PSF Guaranteed): | |||
| 5.00%, 8/15/25 | 460 | 478,736 | |
| 5.00%, 8/15/27 | 535 | 567,309 | |
| District of Columbia, (District of Columbia International School): | |||
| 5.00%, 7/1/25 | 500 | 505,265 | |
| 5.00%, 7/1/29 | 885 | 893,177 | |
| District of Columbia, (KIPP DC): | |||
| 5.00%, 7/1/25 | 270 | 276,089 | |
| 5.00%, 7/1/26 | 250 | 256,870 | |
| 5.00%, 7/1/27 | 250 | 258,160 | |
| 5.00%, 7/1/28 | 240 | 249,036 | |
| 5.00%, 7/1/29 | 235 | 245,176 | |
| District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/29(1) | 465 | 466,339 | |
| Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design): | |||
| 5.00%, 3/1/26 | 275 | 279,263 | |
| 5.00%, 3/1/27 | 210 | 213,583 | |
6
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design): (continued) | |||
| 5.00%, 3/1/28 | $ | 230 | $ 233,919 |
| 5.00%, 3/1/29 | 225 | 228,575 | |
| 5.00%, 3/1/31 | 865 | 871,297 | |
| Kentucky Bond Development Corp., (Centre College): | |||
| 4.00%, 6/1/29 | 320 | 322,547 | |
| 4.00%, 6/1/30 | 165 | 164,987 | |
| 4.00%, 6/1/31 | 515 | 508,851 | |
| Massachusetts Development Finance Agency, (Suffolk University): | |||
| 5.00%, 7/1/23 | 425 | 428,702 | |
| 5.00%, 7/1/24 | 350 | 354,998 | |
| Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/22 | 600 | 600,000 | |
| Michigan Finance Authority, (Cesar Chavez Academy): | |||
| 3.25%, 2/1/24 | 195 | 190,983 | |
| 4.00%, 2/1/29 | 700 | 652,659 | |
| Missouri Health and Educational Facilities Authority, (St. Louis College of Pharmacy), 5.00%, 5/1/40 | 1,410 | 1,435,578 | |
| Montana State University, 2.91%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(2) | 1,530 | 1,531,362 | |
| Montgomery County Higher Education and Health Authority, PA, (Gwynedd Mercy University): | |||
| 1.125% to 5/1/23 (Put Date), 5/1/36 | 1,215 | 1,195,900 | |
| 4.00% to 5/1/23 (Put Date), 5/1/36 | 1,145 | 1,148,114 | |
| New York Dormitory Authority, (New York University), 5.00%, 7/1/34 | 1,000 | 1,065,760 | |
| Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/25 | 1,000 | 1,013,770 | |
| Ohio Higher Educational Facility Commission, (Case Western Reserve University), 2.69%, (SIFMA + 0.23%), 12/1/26 (Put Date), 12/1/42(2) | 3,400 | 3,331,864 | |
| Philadelphia Industrial Development Authority, PA, (La Salle University): | |||
| 5.00%, 5/1/23 | 1,840 | 1,838,896 | |
| 5.00%, 5/1/24 | 1,715 | 1,706,734 | |
| 5.00%, 5/1/25 | 905 | 895,932 | |
| Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29(1) | 265 | 246,479 | |
| Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
| 3.00%, 4/1/25(1) | 410 | 392,579 | |
| 5.00%, 4/1/30(1) | 1,550 | 1,531,896 | |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute): | |||
| 5.00%, 9/1/27 | 1,000 | 1,046,680 | |
| 5.00%, 9/1/28 | 1,000 | 1,051,880 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| University of Connecticut, 5.00%, 5/1/25 | $ | 1,000 | $ 1,042,460 |
| University of North Carolina at Chapel Hill, 2.647%, (67% of SOFR + 0.65%), 6/1/25 (Put Date), 12/1/41(2) | 4,500 | 4,465,080 | |
| University of Pittsburgh, PA, 2.82%, (SIFMA + 0.36%), 2/15/24(2) | 2,000 | 2,001,100 | |
| University of South Carolina, (Moore School of Business), 5.00%, 5/1/26 | 1,300 | 1,373,294 | |
| University of Texas, 5.00%, 7/1/41 | 8,000 | 8,059,760 | |
| Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30 | 400 | 371,840 | |
| Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 4.00%, 10/15/29 | 330 | 304,537 | |
| $ 53,641,223 | |||
| Electric Utilities — 3.7% | |||
| American Municipal Power-Ohio, Inc., OH, (Freemont Energy Center), 5.00%, 2/15/28 | $ | 650 | $ 698,633 |
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45 | 4,000 | 3,899,680 | |
| Halifax County Industrial Development Authority, VA, (Virginia Electric and Power Co.), 1.65% to 5/31/24 (Put Date), 12/1/41 | 5,000 | 4,829,850 | |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.): | |||
| 3.20%, 7/1/39 | 2,170 | 1,673,287 | |
| (AMT), 3.25%, 1/1/25 | 3,250 | 3,186,463 | |
| Intermountain Power Agency, UT, Power Supply Revenue, 5.00%, 7/1/26 | 3,165 | 3,354,299 | |
| Long Island Power Authority, NY, Electric System Revenue: | |||
| 5.00% to 9/1/27 (Put Date), 9/1/52 | 3,000 | 3,195,270 | |
| Series 2015C, 2.545%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2) | 4,000 | 4,000,000 | |
| Louisville/Jefferson County Metro Government, KY, (Louisville Gas and Electric Co.), 1.75% to 7/1/26 (Put Date), 2/1/35 | 4,000 | 3,659,200 | |
| Ohio Air Quality Development Authority, (Ohio Valley Electric Corp.): | |||
| 1.375% to 11/1/24 (Put Date), 2/1/26 | 2,200 | 2,052,094 | |
| 1.50% to 11/4/25 (Put Date), 2/1/26 | 1,000 | 906,040 | |
| Sacramento Municipal Utility District, CA, 5.00% to 10/17/23 (Put Date), 8/15/49 | 3,580 | 3,612,327 | |
| Vermont Public Power Supply Authority, (Swanton Peaking Facility): | |||
| 5.00%, 7/1/23 | 600 | 606,678 | |
| 5.00%, 7/1/24 | 500 | 511,280 | |
| $ 36,185,101 | |||
7
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Escrowed/Prerefunded — 1.2% | |||
| Connecticut Higher Education Supplement Loan Authority, (AMT), 5.00%, 11/15/22 | $ | 750 | $ 751,522 |
| Delaware Health Facilities Authority, (Nanticoke Memorial Hospital, Inc.), Escrowed to Maturity, 5.00%, 7/1/23 | 655 | 663,882 | |
| Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/24 | 10,000 | 9,596,800 | |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/31 | 650 | 680,134 | |
| $ 11,692,338 | |||
| General Obligations — 20.8% | |||
| Adams and Arapahoe Joint School District No. 28J, CO, 5.00%, 12/1/23 | $ | 4,225 | $ 4,315,035 |
| Adams and Weld Counties and Broomfield City and County School District 27J, CO, 5.00%, 12/1/23 | 3,550 | 3,626,857 | |
| American Samoa Economic Development Authority, 6.00%, 9/1/23(1) | 375 | 376,433 | |
| Anne Arundel County, MD, 5.00%, 10/1/25 | 4,620 | 4,865,738 | |
| Berwyn, IL, 5.00%, 12/1/23 | 1,090 | 1,101,216 | |
| Cedar Rapids, IA: | |||
| 5.00%, 6/1/23 | 2,500 | 2,530,225 | |
| 5.00%, 6/1/25 | 1,040 | 1,085,198 | |
| Champaign County Community Unit School District No. 4, IL: | |||
| 0.00%, 1/1/26 | 400 | 351,940 | |
| 0.00%, 1/1/27 | 380 | 320,507 | |
| 0.00%, 1/1/28 | 565 | 456,786 | |
| Chicago Board of Education, IL: | |||
| 0.00%, 12/1/25 | 500 | 432,610 | |
| 4.00%, 12/1/22 | 700 | 700,203 | |
| 5.00%, 12/1/22 | 1,200 | 1,202,220 | |
| 5.00%, 12/1/23 | 2,000 | 2,021,960 | |
| 5.00%, 12/1/24 | 2,000 | 2,035,760 | |
| Chicago, IL: | |||
| 0.00%, 1/1/24 | 225 | 213,314 | |
| 0.00%, 1/1/26 | 160 | 138,296 | |
| 5.00%, 1/1/30 | 7,320 | 7,368,019 | |
| 5.25%, 1/1/30 | 2,000 | 2,003,643 | |
| 5.625%, 1/1/29 | 1,000 | 1,026,650 | |
| Clark County School District, GA, 5.00%, 9/1/25 | 2,900 | 3,046,073 | |
| Columbus, OH, 5.00%, 4/1/25 | 4,750 | 4,958,430 | |
| Connecticut: | |||
| 3.36%, (SIFMA + 0.90%), 3/1/23(2) | 3,500 | 3,502,100 | |
| 5.00%, 4/15/23 | 3,200 | 3,232,960 | |
| 5.00%, 9/15/25 | 1,390 | 1,455,302 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26(3) | $ | 2,230 | $ 2,351,959 |
| Denver City and County, CO: | |||
| 5.00%, 8/1/24 | 2,570 | 2,653,525 | |
| 5.00%, 8/1/25 | 7,305 | 7,673,172 | |
| Detroit, MI: | |||
| 5.00%, 4/1/23 | 140 | 140,694 | |
| 5.00%, 4/1/24 | 150 | 151,977 | |
| 5.00%, 4/1/25 | 150 | 152,936 | |
| 5.00%, 4/1/26 | 330 | 337,927 | |
| 5.00%, 4/1/27 | 695 | 713,591 | |
| 5.00%, 4/1/28 | 730 | 751,155 | |
| 5.00%, 4/1/29 | 515 | 530,213 | |
| Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
| 2.375% to 8/1/24 (Put Date), 8/1/49 | 4,000 | 3,912,640 | |
| 3.00% to 8/1/23 (Put Date), 8/1/52 | 7,000 | 6,966,750 | |
| Harford County, MD, 5.00%, 9/15/23 | 1,000 | 1,017,870 | |
| Houston Independent School District, TX, (PSF Guaranteed), 3.50% to 6/1/25 (Put Date), 6/1/39 | 3,700 | 3,680,575 | |
| Illinois: | |||
| 3.25%, 11/1/26 | 1,440 | 1,374,552 | |
| 5.00%, 10/1/23 | 285 | 288,212 | |
| 5.00%, 2/1/24 | 500 | 506,850 | |
| 5.00%, 6/1/24 | 4,850 | 4,925,175 | |
| 5.00%, 11/1/24 | 1,650 | 1,677,588 | |
| 5.00%, 3/1/25 | 3,000 | 3,051,930 | |
| 5.00%, 11/1/25 | 6,000 | 6,103,140 | |
| Johnson City, TN, 5.00%, 3/1/25 | 2,275 | 2,368,411 | |
| Lamar Consolidated Independent School District, TX, (PSF Guaranteed): | |||
| 5.00%, 2/15/24 | 750 | 768,795 | |
| 5.00%, 2/15/26 | 770 | 811,565 | |
| Long Beach, NY, 5.25%, 7/15/26 | 550 | 572,544 | |
| Los Angeles, CA, 4.00%, 6/29/23 | 15,000 | 15,103,200 | |
| Louisville/Jefferson County Metro Government, KY, 5.00%, 4/1/26 | 3,915 | 4,141,757 | |
| Maricopa County Elementary School District No. 2, AZ, 4.75%, 7/1/23 | 1,345 | 1,346,412 | |
| Muscogee County School District, GA, 5.00%, 10/1/25 | 5,385 | 5,663,566 | |
| New Haven, CT, 5.00%, 8/1/27 | 270 | 284,723 | |
| New York City, NY, 5.00% to 2/1/24 (Put Date), 8/1/38 | 5,000 | 5,062,000 | |
| New York, NY, 5.00%, 9/1/24 | 5,465 | 5,647,258 | |
| Oklahoma City, OK, 4.00%, 3/1/24 | 5,790 | 5,854,153 | |
| Oregon, 5.00%, 8/1/26 | 2,720 | 2,896,011 | |
| Oshkosh Area School District, WI, 7.25%, 3/1/23 | 2,000 | 2,032,720 | |
8
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Phoenix, AZ: | |||
| 5.00%, 7/1/23 | $ | 2,000 | $ 2,028,300 |
| 5.00%, 7/1/24 | 2,000 | 2,062,200 | |
| 5.00%, 7/1/25 | 2,000 | 2,094,260 | |
| Portland, ME, 5.00%, 5/1/26 | 1,295 | 1,373,399 | |
| Puerto Rico, 5.25%, 7/1/23 | 9,000 | 9,042,210 | |
| Seattle, WA: | |||
| 4.00%, 9/1/24 | 5,000 | 5,082,300 | |
| 4.00%, 9/1/25 | 5,000 | 5,121,000 | |
| Tempe, AZ: | |||
| 5.00%, 7/1/23 | 1,000 | 1,014,220 | |
| 5.00%, 7/1/24 | 2,360 | 2,435,426 | |
| Texas: | |||
| 5.00%, 8/1/37 | 1,665 | 1,724,690 | |
| (Liq: State Street Bank and Trust Company), 2.55%, 12/1/40(4) | 4,400 | 4,400,000 | |
| Thomaston, CT, 3.00%, 8/8/23 | 2,680 | 2,664,376 | |
| Tulsa County Independent School District No. 5, OK, 3.00%, 5/1/24 | 3,500 | 3,454,430 | |
| Union City, NJ, 5.00%, 11/1/23 | 1,000 | 1,014,960 | |
| Washington, 5.00%, 6/1/27 | 1,500 | 1,615,905 | |
| Waukee Community School District, IA: | |||
| 5.00%, 6/1/25 | 1,000 | 1,041,390 | |
| 5.00%, 6/1/26 | 1,000 | 1,058,610 | |
| Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/27 | 2,355 | 2,363,407 | |
| $203,474,104 | |||
| Hospital — 10.0% | |||
| Arizona Health Facilities Authority, (Banner Health), 2.71%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(2) | $ | 2,400 | $ 2,373,144 |
| Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital): | |||
| 4.00%, 12/1/22 | 810 | 809,959 | |
| 4.00%, 12/1/23 | 1,135 | 1,132,412 | |
| 4.00%, 12/1/24 | 1,145 | 1,128,890 | |
| California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23 | 450 | 455,355 | |
| California Public Finance Authority, (Henry Mayo Newhall Hospital): | |||
| 5.00%, 10/15/22 | 150 | 150,063 | |
| 5.00%, 10/15/23 | 175 | 177,303 | |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.50%, 12/1/58(1) | 2,000 | 1,925,900 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/23 | $ | 500 | $ 501,820 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 3.06%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(2) | 3,000 | 3,002,070 | |
| Colorado Health Facilities Authority, (Adventist Health Sysytem), 5.00% to 11/20/25 (Put Date), 11/15/48 | 6,570 | 6,830,435 | |
| Colorado Health Facilities Authority, (Intermountain Healthcare), 5.00% to 8/15/28 (Put Date), 5/15/62 | 4,000 | 4,262,120 | |
| Colorado Health Facilities Authority, (Valley View Hospital Association), 2.80% to 5/15/23 (Put Date), 5/15/42 | 1,785 | 1,784,215 | |
| Connecticut Health and Educational Facilities Authority, (Griffin Hospital): | |||
| 5.00%, 7/1/27(1) | 725 | 741,160 | |
| 5.00%, 7/1/30(1) | 285 | 285,710 | |
| 5.00%, 7/1/33(1) | 1,170 | 1,153,316 | |
| Conway, AR, (Conway Regional Medical Center): | |||
| 5.00%, 8/1/25 | 385 | 395,988 | |
| 5.00%, 8/1/26 | 445 | 461,603 | |
| Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36 | 740 | 753,031 | |
| Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/23 | 1,000 | 1,005,340 | |
| DuBois Hospital Authority, PA, (Penn Highlands Healthcare), 5.00%, 7/15/28 | 350 | 364,522 | |
| Duluth Economic Development Authority, MN, (St. Luke's Hospital of Duluth Obligated Group): | |||
| 5.00%, 6/15/23 | 245 | 247,274 | |
| 5.00%, 6/15/24 | 490 | 497,154 | |
| Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group): | |||
| 5.00%, 8/15/31 | 3,000 | 3,049,740 | |
| 5.00%, 8/15/32 | 3,015 | 3,048,557 | |
| 5.00%, 8/15/33 | 2,950 | 2,965,723 | |
| 5.00%, 8/15/35 | 1,290 | 1,282,582 | |
| Gainesville and Hall County Hospital Authority, GA, (Northeast Georgia Health System, Inc.), 5.00%, 2/15/29 | 710 | 744,655 | |
| Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/23 | 1,000 | 1,005,810 | |
| Illinois Finance Authority, (Southern Illinois Healthcare Enterprises, Inc.), 5.00%, 3/1/23 | 250 | 251,525 | |
| Indiana Finance Authority, (Parkview Health), 3.01%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(2) | 7,240 | 7,242,389 | |
| Lexington County Health Services District, Inc., SC, (Lexington Medical Center): | |||
| 5.00%, 11/1/23 | 500 | 507,425 | |
| 5.00%, 11/1/25 | 80 | 82,888 | |
9
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/23 | $ | 1,945 | $ 1,968,359 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health), 3.03%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2) | 6,400 | 6,365,440 | |
| Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/23 | 555 | 550,782 | |
| Massachusetts Development Finance Agency, (Milford Regional Medical Center): | |||
| 5.00%, 7/15/25(1) | 120 | 121,982 | |
| 5.00%, 7/15/26(1) | 150 | 153,159 | |
| 5.00%, 7/15/27(1) | 170 | 174,328 | |
| 5.00%, 7/15/28(1) | 175 | 180,178 | |
| 5.00%, 7/15/29(1) | 320 | 330,678 | |
| 5.00%, 7/15/30(1) | 350 | 362,128 | |
| 5.00%, 7/15/31(1) | 325 | 323,518 | |
| 5.00%, 7/15/32(1) | 420 | 412,864 | |
| Massachusetts Development Finance Agency, (Wellforce): | |||
| 5.00%, 7/1/23 | 725 | 732,112 | |
| 5.00%, 7/1/24 | 650 | 664,111 | |
| Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System): | |||
| 5.00%, 10/1/25 | 1,050 | 1,048,446 | |
| 5.00%, 10/1/26 | 1,010 | 1,005,627 | |
| Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University), 5.00%, 9/1/23 | 1,000 | 1,012,670 | |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): | |||
| 5.00%, 7/1/24 | 540 | 546,259 | |
| 5.00%, 7/1/26 | 800 | 816,616 | |
| 5.00%, 7/1/27 | 2,000 | 2,034,540 | |
| 5.00%, 7/1/29 | 300 | 303,924 | |
| 5.00%, 7/1/30 | 1,595 | 1,610,870 | |
| New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: TD Bank, N.A.), 1.90%, 7/1/43(4) | 1,800 | 1,800,000 | |
| New York Dormitory Authority, (Catholic Health System Obligated Group): | |||
| 5.00%, 7/1/26 | 400 | 381,984 | |
| 5.00%, 7/1/27 | 390 | 368,534 | |
| 5.00%, 7/1/28 | 455 | 426,908 | |
| 5.00%, 7/1/29 | 750 | 700,125 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/29 | $ | 1,910 | $ 1,906,123 |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 2.835%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(2) | 1,000 | 1,001,240 | |
| Oregon Facilities Authority, (Samaritan Health Services): | |||
| 5.00%, 10/1/24 | 200 | 204,652 | |
| 5.00%, 10/1/25 | 225 | 231,773 | |
| 5.00%, 10/1/26 | 150 | 155,813 | |
| 5.00%, 10/1/27 | 125 | 129,718 | |
| 5.00%, 10/1/28 | 150 | 156,174 | |
| Oroville, CA, (Oroville Hospital): | |||
| 5.00%, 4/1/25 | 1,195 | 1,198,179 | |
| 5.00%, 4/1/28 | 1,395 | 1,393,661 | |
| 5.00%, 4/1/29 | 1,000 | 998,310 | |
| 5.00%, 4/1/30 | 1,000 | 992,490 | |
| Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 3.06%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(2) | 7,500 | 7,470,675 | |
| Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/23 | 50 | 50,842 | |
| Washington Health Care Facilities Authority, (MultiCare Health System), 5.00%, 8/15/37 | 2,500 | 2,565,975 | |
| Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 2.64%, (SIFMA + 0.18%), 7/1/26 (Put Date), 8/15/54(2) | 4,000 | 3,895,760 | |
| $ 97,367,605 | |||
| Housing — 3.5% | |||
| California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/30 | $ | 3,635 | $ 3,746,631 |
| District of Columbia Housing Finance Agency, (Parcel 42 Apartments), 1.70% to 3/1/25 (Put Date), 9/1/41 | 4,000 | 3,793,920 | |
| Illinois Housing Development Authority, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/51 | 3,825 | 3,609,270 | |
| Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue: | |||
| 4.00%, 7/1/23 | 150 | 149,590 | |
| 4.00%, 7/1/24 | 175 | 173,539 | |
| 4.00%, 7/1/25 | 300 | 295,470 | |
| 4.00%, 7/1/26 | 320 | 312,803 | |
| 4.00%, 7/1/27 | 250 | 242,210 | |
| 4.00%, 7/1/28 | 200 | 191,944 | |
| 4.00%, 7/1/29 | 270 | 256,621 | |
| 4.00%, 7/1/30 | 280 | 263,390 | |
| 4.00%, 7/1/31 | 290 | 269,451 | |
10
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Housing (continued) | |||
| Massachusetts Development Finance Agency, (UMass Boston Student Housing), 5.00%, 10/1/22 | $ | 500 | $ 500,000 |
| Massachusetts Housing Finance Agency, (Mill Road Apartments), 3.01%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(2) | 2,625 | 2,625,000 | |
| New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 1.875%, 7/1/36 | 990 | 740,946 | |
| New York City Housing Development Corp., NY: | |||
| 0.90% to 1/1/26 (Put Date), 11/1/60 | 5,500 | 4,953,960 | |
| 2.10% to 10/1/29 (Put Date), 11/1/46 | 5,000 | 4,340,100 | |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): | |||
| 5.00%, 7/1/26 | 160 | 162,330 | |
| 5.00%, 7/1/27 | 385 | 390,482 | |
| 5.00%, 7/1/28 | 240 | 242,484 | |
| 5.00%, 7/1/29 | 535 | 538,606 | |
| 5.00%, 7/1/30 | 225 | 225,493 | |
| 5.00%, 7/1/31 | 485 | 483,943 | |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): | |||
| 5.00%, 7/1/23 | 20 | 20,116 | |
| 5.00%, 7/1/24 | 180 | 181,840 | |
| 5.00%, 7/1/25 | 870 | 881,484 | |
| 5.00%, 7/1/26 | 600 | 608,736 | |
| 5.00%, 7/1/27 | 375 | 380,340 | |
| 5.00%, 7/1/28 | 340 | 343,519 | |
| 5.00%, 7/1/29 | 300 | 301,761 | |
| 5.00%, 7/1/30 | 350 | 350,665 | |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC): | |||
| 5.00%, 6/1/23 | 390 | 391,049 | |
| 5.00%, 6/1/24 | 440 | 442,402 | |
| 5.00%, 6/1/25 | 980 | 986,713 | |
| 5.00%, 6/1/26 | 1,090 | 1,097,521 | |
| $ 34,494,329 | |||
| Industrial Development Revenue — 7.4% | |||
| Allegheny County Industrial Development Authority, PA, (United States Steel Corp.), 4.875%, 11/1/24 | $ | 2,550 | $ 2,552,142 |
| Appling County Development Authority, GA, (Oglethorpe Power Corp.), 1.50% to 2/3/25 (Put Date), 1/1/38 | 1,500 | 1,385,130 | |
| California Pollution Control Financing Authority, (Republic Services, Inc.), Series 2017 A2, (AMT), 2.00%, 11/1/42(1)(5) | 8,000 | 7,996,080 | |
| Security | Principal Amount (000's omitted) | Value | |
| Industrial Development Revenue (continued) | |||
| California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 2.50% to 5/1/24 (Put Date), 7/1/31 | $ | 1,625 | $ 1,592,728 |
| Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(1) | 875 | 856,424 | |
| Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.), 2.60%, 11/1/29 | 1,000 | 860,570 | |
| Michigan Strategic Fund, (Graphic Packaging International, LLC), Green Bonds, (AMT), 4.00% to 10/1/26 (Put Date), 10/1/61 | 3,000 | 2,890,530 | |
| New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33 | 3,500 | 3,470,040 | |
| New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59 | 2,500 | 2,393,575 | |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1) | 710 | 596,322 | |
| New York Transportation Development Corp., (Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/23 | 3,000 | 3,005,610 | |
| Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1) | 4,080 | 3,979,428 | |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 3.75%, 1/15/28(1) | 920 | 917,452 | |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.): | |||
| 0.95% to 12/1/26 (Put Date), 12/1/33 | 3,000 | 2,581,530 | |
| (AMT), 1.75% to 8/1/24 (Put Date), 8/1/38 | 5,000 | 4,807,150 | |
| Public Finance Authority, WI, (Waste Management, Inc.): | |||
| (AMT), 1.10% to 6/1/26 (Put Date), 7/1/29 | 5,000 | 4,466,750 | |
| (AMT), 2.625%, 11/1/25 | 1,500 | 1,433,310 | |
| Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23 | 1,520 | 1,516,154 | |
| Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1) | 2,000 | 1,768,960 | |
| Rockport, IN, (Indiana Michigan Power Co.), 3.05%, 6/1/25 | 1,600 | 1,574,336 | |
| St. John Baptist Parish, LA, (Marathon Oil Corp.), 2.125% to 7/1/24 (Put Date), 6/1/37 | 10,250 | 9,998,362 | |
| Trimble County, KY, (Louisville Gas and Electric Co.), (AMT), 1.30% to 9/1/27 (Put Date), 9/1/44 | 4,750 | 3,845,647 | |
| West Virginia Economic Development Authority, (Appalachian Power Co.): | |||
| 2.55% to 4/1/24 (Put Date), 3/1/40 | 4,000 | 3,871,360 | |
| 3.75% to 6/1/25 (Put Date), 12/1/42 | 4,000 | 3,886,640 | |
| $ 72,246,230 | |||
11
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Education — 0.5% | |||
| Missouri Southern State University: | |||
| (AGM), 5.00%, 10/1/24 | $ | 110 | $ 112,984 |
| (AGM), 5.00%, 10/1/25 | 125 | 129,727 | |
| (AGM), 5.00%, 10/1/27 | 205 | 216,710 | |
| (AGM), 5.00%, 10/1/28 | 200 | 213,134 | |
| (AGM), 5.00%, 10/1/31 | 290 | 309,198 | |
| (AGM), 5.00%, 10/1/32 | 155 | 164,714 | |
| Northern Illinois University: | |||
| (BAM), 5.00%, 4/1/23 | 120 | 120,992 | |
| (BAM), 5.00%, 4/1/24 | 500 | 511,610 | |
| (BAM), 5.00%, 4/1/25 | 400 | 411,164 | |
| (BAM), 5.00%, 4/1/26 | 650 | 673,075 | |
| (BAM), 5.00%, 4/1/27 | 530 | 551,635 | |
| (BAM), 5.00%, 4/1/28 | 625 | 655,219 | |
| (BAM), 5.00%, 4/1/29 | 700 | 737,597 | |
| Southern Illinois University, (NPFG), 0.00%, 4/1/26 | 200 | 169,632 | |
| $ 4,977,391 | |||
| Insured - Electric Utilities — 0.4% | |||
| Puerto Rico Electric Power Authority: | |||
| (AGM), 4.00%, 7/1/23 | $ | 305 | $ 304,320 |
| (NPFG), 5.00%, 7/1/23 | 170 | 169,986 | |
| (NPFG), 5.00%, 7/1/23 | 1,140 | 1,139,909 | |
| (NPFG), 5.25%, 7/1/29 | 1,740 | 1,727,681 | |
| Series RR, (NPFG), 5.00%, 7/1/24 | 845 | 844,932 | |
| $ 4,186,828 | |||
| Insured - General Obligations — 1.0% | |||
| Cambria County, PA, (AGM), 4.00%, 8/1/32 | $ | 500 | $ 504,200 |
| Chicago Board of Education, IL: | |||
| (AGM), 5.00%, 12/1/23 | 100 | 101,593 | |
| (NPFG), 0.00%, 12/1/22 | 470 | 467,034 | |
| (NPFG), 0.00%, 12/1/23 | 2,245 | 2,136,342 | |
| (NPFG), 0.00%, 12/1/26 | 1,945 | 1,607,659 | |
| Series 1998B, (NPFG), 0.00%, 12/1/24 | 365 | 332,000 | |
| Series 1999A, (NPFG), 0.00%, 12/1/24 | 260 | 236,493 | |
| Chicago, IL: | |||
| (AGM), 0.00%, 1/1/25 | 250 | 228,758 | |
| (NPFG), 0.00%, 1/1/23 | 175 | 173,338 | |
| Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/29 | 500 | 510,565 | |
| Lake County Community Unit School District No. 187, IL, (AGM), 0.00%, 1/1/23 | 150 | 148,611 | |
| McCook, IL: | |||
| (AGM), 4.00%, 12/1/22 | 225 | 225,277 | |
| Security | Principal Amount (000's omitted) | Value | |
| Insured - General Obligations (continued) | |||
| McCook, IL: (continued) | |||
| (AGM), 4.00%, 12/1/23 | $ | 250 | $ 251,880 |
| Paterson, NJ, (BAM), 5.00%, 1/15/26 | 485 | 487,052 | |
| Stickney, IL: | |||
| (BAM), 4.00%, 12/1/22 | 200 | 200,098 | |
| (BAM), 4.00%, 12/1/23 | 350 | 352,436 | |
| Vauxmont Metropolitan District, CO: | |||
| (AGM), 5.00%, 12/1/22 | 495 | 496,272 | |
| (AGM), 5.00%, 12/1/25 | 540 | 564,381 | |
| (AGM), 5.00%, 12/1/28 | 630 | 681,295 | |
| Will County Community High School District No. 210, IL, (AGM), 0.00%, 1/1/25 | 130 | 119,059 | |
| $ 9,824,343 | |||
| Insured - Hospital — 0.1% | |||
| Kentucky Economic Development Finance Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/22 | $ | 720 | $ 720,000 |
| $ 720,000 | |||
| Insured - Lease Revenue/Certificates of Participation — 0.1% | |||
| Kentucky State University: | |||
| (BAM), 5.00%, 11/1/26 | $ | 250 | $ 264,098 |
| (BAM), 5.00%, 11/1/29 | 300 | 327,183 | |
| (BAM), 5.00%, 11/1/30 | 350 | 384,226 | |
| $ 975,507 | |||
| Insured - Other Revenue — 0.3% | |||
| Arborwood Community Development District, FL, (AGM), 2.60%, 5/1/24 | $ | 1,180 | $ 1,160,141 |
| New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 5.00%, 3/1/30 | 1,500 | 1,624,530 | |
| $ 2,784,671 | |||
| Insured - Special Tax Revenue — 0.0%(6) | |||
| Vineyard Redevelopment Agency, UT: | |||
| (AGM), 5.00%, 5/1/30 | $ | 210 | $ 229,244 |
| (AGM), 5.00%, 5/1/31 | 245 | 267,854 | |
| $ 497,098 | |||
| Insured - Transportation — 0.9% | |||
| Alabama Port Authority, (AGM), (AMT), 5.00%, 10/1/23 | $ | 2,075 | $ 2,106,623 |
| New Jersey Transportation Trust Fund Authority, (NPFG), 5.50%, 12/15/22 | 3,000 | 3,013,620 | |
| Puerto Rico Highway and Transportation Authority: | |||
| (AGC), 5.25%, 7/1/41 | 1,000 | 974,770 | |
12
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Transportation (continued) | |||
| Puerto Rico Highway and Transportation Authority: (continued) | |||
| (AGC), 5.25%, 7/1/41 | $ | 1,000 | $ 974,770 |
| (NPFG), 5.00%, 7/1/29 | 955 | 951,524 | |
| (NPFG), 5.25%, 7/1/23 | 365 | 365,624 | |
| $ 8,386,931 | |||
| Lease Revenue/Certificates of Participation — 1.5% | |||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25 | $ | 2,000 | $ 2,058,100 |
| Minnesota, 5.00%, 3/1/27(3) | 2,000 | 2,143,120 | |
| New Jersey Economic Development Authority, (School Facilities Construction): | |||
| 4.01%, (SIFMA + 1.55%), 9/1/27(2) | 1,000 | 1,000,590 | |
| 4.06%, (SIFMA + 1.60%), 3/1/28(2) | 3,080 | 3,082,002 | |
| Virginia Public Building Authority: | |||
| 5.00%, 8/1/25 | 1,500 | 1,572,690 | |
| 5.00%, 8/1/26 | 5,000 | 5,316,150 | |
| $ 15,172,652 | |||
| Other Revenue — 9.4% | |||
| Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project): | |||
| 5.00%, 5/1/23(1) | $ | 185 | $ 185,781 |
| 5.00%, 5/1/32(1) | 3,000 | 2,935,890 | |
| Austin Convention Enterprises, Inc., TX, (Convention Center Hotel): | |||
| 5.00%, 1/1/23 | 500 | 500,425 | |
| 5.00%, 1/1/24 | 600 | 601,872 | |
| 5.00%, 1/1/25 | 500 | 502,480 | |
| Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 2.55%, 11/1/38(4) | 5,300 | 5,300,000 | |
| Black Belt Energy Gas District, AL: | |||
| 2.618%, (67% of 1 mo. USD LIBOR + 0.90%), 12/1/23 (Put Date), 12/1/48(2) | 20,000 | 19,803,400 | |
| 2.83%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(2) | 15,000 | 14,104,500 | |
| 4.00% to 12/1/23 (Put Date), 12/1/48 | 1,000 | 998,280 | |
| California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 2.81%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2) | 2,630 | 2,602,070 | |
| District of Columbia, Green Bonds, (AMT), 5.00%, 2/28/25 | 1,460 | 1,490,908 | |
| Florida Board of Education, Lottery Revenue, 5.00%, 7/1/25 | 4,285 | 4,483,481 | |
| Jacksonville, FL, Special Revenue, 5.00%, 10/1/24 | 1,800 | 1,861,452 | |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(1) | 795 | 830,155 | |
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue (continued) | |||
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
| 2.468%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(2) | $ | 2,500 | $ 2,478,350 |
| (Liq: Royal Bank of Canada), 2.548%, (67% of 1 mo. USD LIBOR + 0.83%), 8/1/48(2) | 16,000 | 15,865,920 | |
| (Liq: Royal Bank of Canada), 3.03%, (SIFMA + 0.57), 12/1/23 (Put Date), 8/1/48(2) | 3,000 | 2,971,800 | |
| Northern California Gas Authority No. 1, Gas Project Revenue, 2.246%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(2) | 755 | 732,848 | |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/27 | 7,000 | 7,226,940 | |
| Southeast Alabama Gas Supply District, (Project No. 1), 3.11%, (SIFMA + 0.65%), 4/1/24 (Put Date), 4/1/49(2) | 2,000 | 1,968,420 | |
| Southeast Alabama Gas Supply District, (Project No. 2), 2.568%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(2) | 2,000 | 1,968,960 | |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 2.906%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(2) | 2,535 | 2,474,971 | |
| $ 91,888,903 | |||
| Senior Living/Life Care — 7.4% | |||
| Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 5.00%, 5/15/28 | $ | 300 | $ 304,422 |
| Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation): | |||
| 5.00%, 7/15/23 | 375 | 376,166 | |
| 5.00%, 7/15/24 | 300 | 301,344 | |
| 5.00%, 7/15/25 | 250 | 251,075 | |
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry), 5.25%, 11/1/26 | 365 | 375,913 | |
| Bucks County Industrial Development Authority, PA, (Pennswood Village), 5.00%, 10/1/24 | 800 | 817,224 | |
| California Public Finance Authority, (Enso Village), Green Bonds, 2.125%, 11/15/27(1) | 770 | 684,006 | |
| Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/22 | 430 | 430,030 | |
| Colorado Health Facilities Authority, (Aberdeen Ridge): | |||
| 2.125%, 5/15/28 | 1,500 | 1,361,910 | |
| 2.625%, 5/15/29 | 2,000 | 1,787,460 | |
| Colorado Health Facilities Authority, (Christian Living Neighborhoods): | |||
| 4.00%, 1/1/24 | 540 | 531,571 | |
| 4.00%, 1/1/27 | 200 | 188,700 | |
| 4.00%, 1/1/28 | 240 | 222,643 | |
13
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Florida Development Finance Corp. (The Glenridge on Palmer Ranch): | |||
| 3.00%, 6/1/23(1) | $ | 110 | $ 108,358 |
| 4.00%, 6/1/24(1) | 105 | 102,562 | |
| 4.00%, 6/1/25(1) | 110 | 105,623 | |
| 4.00%, 6/1/26(1) | 110 | 103,965 | |
| 5.00%, 6/1/31(1) | 285 | 264,491 | |
| 5.00%, 6/1/35(1) | 225 | 200,810 | |
| Florida Development Finance Corp., (Mayflower Retirement Community): | |||
| 1.75%, 6/1/26(1) | 1,020 | 907,861 | |
| 2.375%, 6/1/27(1) | 835 | 739,117 | |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): | |||
| 5.00%, 12/1/22 | 250 | 249,877 | |
| 5.00%, 12/1/23 | 355 | 353,516 | |
| 5.00%, 12/1/24 | 425 | 420,529 | |
| 5.00%, 12/1/30 | 500 | 465,625 | |
| Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court), 2.25%, 10/1/28(1) | 3,665 | 2,975,284 | |
| Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 3.60%, 7/1/23 | 160 | 157,957 | |
| Hanover County Economic Development Authority, VA, (Covenant Woods), 3.625%, 7/1/28 | 510 | 473,892 | |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.16%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42(2) | 725 | 702,858 | |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 4.00%, 5/15/27 | 2,240 | 2,133,510 | |
| James City County Economic Development Authority, VA, (Williamsburg Landing): | |||
| 4.00%, 12/1/24 | 415 | 407,912 | |
| 4.00%, 12/1/25 | 425 | 413,423 | |
| Kentwood Economic Development Corp., MI, (Holland Home Obligated Group), 4.00%, 11/15/31 | 500 | 449,775 | |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 4.00%, 11/15/23(1) | 1,085 | 1,082,993 | |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): | |||
| 3.50%, 10/1/22 | 500 | 500,000 | |
| 4.00%, 10/1/25(1) | 515 | 519,769 | |
| 4.00%, 10/1/26(1) | 1,000 | 1,010,290 | |
| 4.00%, 10/1/27(1) | 400 | 403,240 | |
| Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): | |||
| 4.00%, 12/1/22 | 100 | 100,047 | |
| 4.00%, 12/1/23 | 125 | 125,305 | |
| 4.00%, 12/1/24 | 150 | 150,767 | |
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): (continued) | |||
| 4.00%, 12/1/25 | $ | 100 | $ 100,655 |
| 4.00%, 12/1/26 | 150 | 150,774 | |
| 4.00%, 12/1/27 | 200 | 200,856 | |
| 4.00%, 12/1/28 | 200 | 201,000 | |
| 4.00%, 12/1/29 | 250 | 251,282 | |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 1.20%, 6/1/28 | 2,000 | 1,674,380 | |
| National Finance Authority, NH, (The Vista): | |||
| 5.25%, 7/1/39(1) | 705 | 602,331 | |
| 5.625%, 7/1/46(1) | 425 | 364,743 | |
| 5.75%, 7/1/54(1) | 1,130 | 959,585 | |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): | |||
| 5.00%, 1/1/23 | 1,795 | 1,794,713 | |
| 5.00%, 1/1/30 | 630 | 621,678 | |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven): | |||
| 4.25%, 10/1/26 | 3,000 | 2,939,610 | |
| 4.50%, 10/1/26 | 3,000 | 2,939,940 | |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): | |||
| 2.25%, 7/1/23 | 1,525 | 1,506,075 | |
| 5.00%, 7/1/30 | 400 | 381,188 | |
| 5.00%, 7/1/31 | 670 | 630,959 | |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 4.00%, 1/1/25 | 1,705 | 1,659,664 | |
| North Carolina Medical Care Commission, (Galloway Ridge): | |||
| 4.00%, 1/1/25 | 250 | 242,583 | |
| 4.00%, 1/1/26 | 240 | 229,699 | |
| 5.00%, 1/1/27 | 565 | 553,971 | |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27 | 2,500 | 2,418,925 | |
| Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.): | |||
| 4.00%, 5/15/27 | 1,240 | 1,181,050 | |
| 5.00%, 5/15/26 | 1,000 | 1,000,670 | |
| Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/26 | 300 | 288,708 | |
| Polk County Industrial Development Authority, FL, (Carpenter's Home Estates, Inc.), 5.00%, 1/1/29 | 355 | 349,373 | |
| Public Finance Authority, WI, (Penick Village), 4.00%, 9/1/29(1) | 515 | 451,289 | |
14
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Public Finance Authority, WI, (SearStone CCRC), 2.25%, 6/1/27 | $ | 2,000 | $ 1,770,040 |
| Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/23 | 210 | 210,517 | |
| South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1) | 685 | 690,220 | |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes): | |||
| 5.00%, 4/1/23 | 1,365 | 1,365,246 | |
| 5.00%, 4/1/24 | 1,450 | 1,450,812 | |
| 5.00%, 4/1/25 | 1,510 | 1,509,638 | |
| 5.00%, 4/1/26 | 1,595 | 1,591,954 | |
| South Carolina Jobs-Economic Development Authority, (Woodlands at Furman): | |||
| 4.00%, 11/15/24 | 200 | 196,496 | |
| 4.00%, 11/15/25 | 275 | 267,688 | |
| 5.00%, 11/15/27 | 300 | 298,914 | |
| 5.00%, 11/15/29 | 115 | 112,570 | |
| 5.00%, 11/15/30 | 180 | 174,964 | |
| St. Johns County Industrial Development Authority, FL, (Vicar's Landing): | |||
| 4.00%, 12/15/22 | 110 | 109,826 | |
| 4.00%, 12/15/24 | 145 | 141,714 | |
| 4.00%, 12/15/25 | 180 | 173,700 | |
| 4.00%, 12/15/26 | 185 | 176,042 | |
| 4.00%, 12/15/27 | 215 | 201,502 | |
| 4.00%, 12/15/28 | 200 | 184,410 | |
| St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group): | |||
| 5.00%, 9/1/23 | 2,015 | 2,015,242 | |
| 5.00%, 9/1/24 | 1,490 | 1,486,439 | |
| 5.00%, 9/1/25 | 1,615 | 1,602,871 | |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.): | |||
| 4.00%, 12/1/23 | 235 | 234,857 | |
| 4.00%, 12/1/24 | 245 | 244,586 | |
| 4.00%, 12/1/25 | 250 | 248,963 | |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.25%, 11/15/31 | 620 | 596,651 | |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): | |||
| 1.50%, 12/1/27 | 1,960 | 1,633,915 | |
| 4.00%, 12/1/24 | 225 | 220,797 | |
| 4.00%, 12/1/25 | 275 | 267,275 | |
| 4.00%, 12/1/26 | 240 | 230,902 | |
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/23 | $ | 230 | $ 231,822 |
| Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27 | 1,000 | 993,510 | |
| Washington County, MD, (Diakon Lutheran Social Ministries): | |||
| 5.00%, 1/1/23 | 365 | 366,559 | |
| 5.00%, 1/1/24 | 350 | 357,070 | |
| Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/25(1) | 1,165 | 1,183,663 | |
| Washington Housing Finance Commission, (Judson Park), 3.70%, 7/1/23(1) | 80 | 79,110 | |
| Washington Housing Finance Commission, (Transforming Age): | |||
| 5.00%, 1/1/24(1) | 180 | 178,790 | |
| 5.00%, 1/1/25(1) | 385 | 380,084 | |
| 5.00%, 1/1/26(1) | 400 | 392,244 | |
| Wayzata, MN, (Folkestone Senior Living Community): | |||
| 3.00%, 8/1/23 | 100 | 98,985 | |
| 3.00%, 8/1/24 | 100 | 97,720 | |
| 3.00%, 8/1/25 | 100 | 96,418 | |
| 3.00%, 8/1/26 | 250 | 237,705 | |
| 3.00%, 8/1/27 | 425 | 397,430 | |
| 3.125%, 8/1/28 | 650 | 601,152 | |
| Westchester County Local Development Corp., NY, (Kendal on Hudson), Escrowed to Maturity, 4.00%, 1/1/23 | 50 | 50,010 | |
| Wisconsin Health and Educational Facilities Authority, (Saint John's Communities, Inc.): | |||
| Series 2018A, 4.00%, 9/15/23 | 250 | 251,602 | |
| Prerefunded to 9/15/23, 4.00%, 9/15/24 | 365 | 367,237 | |
| $ 72,727,383 | |||
| Special Tax Revenue — 2.4% | |||
| Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
| 5.00%, 5/1/27 | $ | 550 | $ 566,759 |
| 5.00%, 5/1/28 | 575 | 595,004 | |
| 5.00%, 5/1/29 | 600 | 623,412 | |
| Baltimore, MD, (Harbor Point): | |||
| 2.70%, 6/1/23(1) | 285 | 280,360 | |
| 2.80%, 6/1/25(1) | 125 | 117,741 | |
| 2.85%, 6/1/26(1) | 135 | 124,778 | |
| 2.95%, 6/1/27(1) | 175 | 158,942 | |
| District of Columbia, Income Tax Revenue, 5.00%, 12/1/28 | 2,500 | 2,747,100 | |
15
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion): | |||
| 5.00%, 12/1/25 | $ | 250 | $ 254,535 |
| 5.00%, 12/1/26 | 330 | 337,135 | |
| 5.00%, 12/1/27 | 420 | 430,000 | |
| 5.00%, 12/1/28 | 425 | 436,131 | |
| 5.00%, 12/1/29 | 400 | 410,996 | |
| 5.00%, 12/1/30 | 680 | 694,742 | |
| 5.00%, 12/1/31 | 785 | 795,888 | |
| 5.00%, 12/1/32 | 660 | 665,663 | |
| Greenville County, SC, Special Source Revenue, 5.00%, 4/1/28 | 450 | 485,555 | |
| Illinois Sports Facilities Authority, 5.00%, 6/15/23 | 250 | 251,478 | |
| Illinois, Sales Tax Revenue, 5.00%, 6/15/23 | 925 | 933,963 | |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/25(3) | 3,825 | 3,981,973 | |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.00%, 3/1/28 | 225 | 212,108 | |
| Sales Tax Securitization Corp., IL: | |||
| 5.00%, 1/1/23 | 650 | 652,411 | |
| Series 2018C, 5.00%, 1/1/29 | 1,525 | 1,611,162 | |
| Sparks, NV, (Legends at Sparks Marina), 2.50%, 6/15/24(1) | 580 | 558,122 | |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | 880 | 699,336 | |
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 5/15/26 | 5,000 | 5,282,850 | |
| $ 23,908,144 | |||
| Student Loan — 1.5% | |||
| Massachusetts Educational Financing Authority: | |||
| (AMT), 3.50%, 7/1/33 | $ | 3,005 | $ 2,738,186 |
| (AMT), 3.625%, 7/1/38 | 1,500 | 1,299,735 | |
| (AMT), 5.00%, 7/1/23 | 1,000 | 1,010,910 | |
| New Jersey Higher Education Student Assistance Authority: | |||
| (AMT), 5.00%, 12/1/23 | 4,475 | 4,538,679 | |
| (AMT), 5.00%, 12/1/25 | 2,850 | 2,935,614 | |
| Rhode Island Student Loan Authority: | |||
| (AMT), 5.00%, 12/1/23 | 600 | 608,124 | |
| (AMT), 5.00%, 12/1/23 | 1,250 | 1,266,363 | |
| $ 14,397,611 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Transportation — 12.0% | |||
| California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 6/30/27 | $ | 695 | $ 712,570 |
| Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/25 | 2,250 | 2,277,922 | |
| Chicago, IL, (O'Hare International Airport), (AMT), 5.00%, 1/1/26(3) | 2,500 | 2,565,350 | |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/25 | 2,900 | 3,036,474 | |
| Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/24 | 5,000 | 5,125,150 | |
| Eagle County Air Terminal Corp., CO, (AMT), 4.00%, 5/1/26 | 1,000 | 984,470 | |
| Florida Department of Transportation, 5.00%, 7/1/25 | 5,000 | 5,204,900 | |
| Grand Parkway Transportation Corp., TX, 5.00%, 2/1/23 | 1,600 | 1,607,568 | |
| Hawaii Airports System Revenue, (AMT), 5.00%, 7/1/23 | 6,000 | 6,065,460 | |
| Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/31 | 4,500 | 4,689,945 | |
| Houston, TX, Airport System Revenue: | |||
| (AMT), 5.00%, 7/1/29 | 1,700 | 1,781,736 | |
| (AMT), 5.00%, 7/1/30 | 1,250 | 1,310,812 | |
| Lee County, FL, Airport Revenue, (AMT), 5.00%, 10/1/25 | 1,000 | 1,030,100 | |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/26 | 5,000 | 5,186,150 | |
| Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/23 | 1,480 | 1,493,542 | |
| Massachusetts Port Authority: | |||
| (AMT), 5.00%, 7/1/34 | 2,405 | 2,434,317 | |
| Green Bonds, (AMT), 5.00%, 7/1/30 | 1,200 | 1,277,928 | |
| Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/24 | 3,750 | 3,837,787 | |
| Metropolitan Washington Airports Authority, D.C.: | |||
| (AMT), 5.00%, 10/1/27 | 1,375 | 1,438,250 | |
| Series 2017A, (AMT), 5.00%, 10/1/28 | 5,505 | 5,735,329 | |
| Series 2019A, (AMT), 5.00%, 10/1/28 | 1,685 | 1,768,003 | |
| New Jersey Transportation Trust Fund Authority: | |||
| 0.00%, 12/15/24 | 200 | 182,898 | |
| 5.00%, 6/15/23 | 1,000 | 1,009,560 | |
| New Jersey Transportation Trust Fund Authority, (Transportation System): | |||
| 0.00%, 12/15/25 | 1,000 | 875,360 | |
| 5.00%, 12/15/23 | 1,500 | 1,526,430 | |
| 5.00%, 12/15/24 | 2,000 | 2,047,480 | |
| 5.50%, 12/15/23 | 3,000 | 3,070,260 | |
| North Texas Tollway Authority, 4.00%, 1/1/32 | 2,000 | 1,986,600 | |
| Pennsylvania Turnpike Commission: | |||
| 3.06%, (SIFMA + 0.60%), 12/1/23(2) | 1,000 | 1,001,640 | |
| 5.00%, 6/1/30 | 1,145 | 1,193,422 | |
| (LOC: TD Bank, N.A.), 2.55%, 12/1/39(4) | 1,000 | 1,000,000 | |
16
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/25 | $ | 10,000 | $ 10,280,400 |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/27 | 5,805 | 5,848,654 | |
| Port Authority of New York and New Jersey: | |||
| 4.00%, 12/1/25 | 1,125 | 1,148,310 | |
| (AMT), 5.00%, 7/15/24 | 2,355 | 2,410,437 | |
| Port of Oakland, CA, (AMT), 5.00%, 11/1/24 | 2,000 | 2,053,120 | |
| Port of Seattle, WA: | |||
| 3.475%, 8/1/24 | 2,000 | 1,964,560 | |
| (AMT), 5.00%, 8/1/24 | 2,500 | 2,561,125 | |
| (AMT), 5.00%, 4/1/26 | 1,000 | 1,025,970 | |
| (AMT), 5.00%, 5/1/28 | 1,700 | 1,772,607 | |
| (AMT), 5.00%, 8/1/30 | 2,500 | 2,628,825 | |
| (AMT), 5.00%, 5/1/33 | 2,045 | 2,087,700 | |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/30 | 2,500 | 2,559,975 | |
| Virginia Commonwealth Transportation Board, 5.00%, 5/15/24 | 4,000 | 4,115,160 | |
| Virginia Small Business Financing Authority, (95 Express Lanes LLC), (AMT), 5.00%, 1/1/32 | 3,000 | 3,081,870 | |
| $116,996,126 | |||
| Water and Sewer — 1.5% | |||
| Charlotte, NC, Water and Sewer System Revenue, 5.00%, 7/1/23 | $ | 2,400 | $ 2,434,680 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.00%, 7/1/28 | 860 | 884,235 | |
| San Mateo-Foster City Public Financing Authority, CA, Wastewater Revenue, 5.00%, 8/1/25 | 10,860 | 11,425,371 | |
| $ 14,744,286 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $946,281,730) | $907,882,233 | ||
| Taxable Municipal Obligations — 5.9% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 0.5% | |||
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.43%, 6/1/27(1) | $ | 2,795 | $ 2,793,016 |
| Forest Grove, OR, (Pacific University), 1.65%, 5/1/24 | 320 | 302,534 | |
| Indiana Finance Authority, (Depauw University): | |||
| 3.95%, 7/1/23 | 400 | 395,404 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| Indiana Finance Authority, (Depauw University): (continued) | |||
| 4.20%, 7/1/24 | $ | 400 | $ 391,964 |
| New York Dormitory Authority, (State University of New York), 1.366%, 7/1/25 | 1,500 | 1,367,865 | |
| $ 5,250,783 | |||
| General Obligations — 2.3% | |||
| Cecil County, MD, 1.20%, 11/1/27 | $ | 420 | $ 355,328 |
| Chicago, IL, 7.75%, 1/1/42 | 2,659 | 2,777,246 | |
| Douglas County School District No. 17, NE, 1.048%, 6/15/26 | 585 | 514,168 | |
| Livermore Valley Joint Unified School District, CA, 1.335%, 8/1/26 | 3,290 | 2,915,401 | |
| Maryland, 0.41%, 8/1/23 | 5,000 | 4,854,100 | |
| Massachusetts, Special Obligation Revenue Bonds, Social Bonds, 3.564%, 7/15/23 | 8,500 | 8,450,275 | |
| San Antonio, TX, 3.274%, 2/1/23 | 2,750 | 2,745,187 | |
| $ 22,611,705 | |||
| Hospital — 0.3% | |||
| Conway, AR, (Conway Regional Medical Center): | |||
| 1.15%, 8/1/24 | $ | 250 | $ 233,140 |
| 1.75%, 8/1/26 | 250 | 220,930 | |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | 1,380 | 1,278,763 | |
| University of Wisconsin Hospitals and Clinics Authority, 1.69%, 4/1/26 | 1,750 | 1,569,243 | |
| $ 3,302,076 | |||
| Housing — 0.4% | |||
| Maryland Community Development Administration, (SPA: TD Bank, N.A.), 3.08%, 9/1/33(4) | $ | 3,365 | $ 3,365,000 |
| $ 3,365,000 | |||
| Insured - General Obligations — 0.1% | |||
| Bureau County Township High School District No. 502, IL, (BAM), 1.356%, 12/1/27 | $ | 620 | $ 524,334 |
| Valley View School District, PA, (BAM), 2.20%, 5/15/26 | 500 | 461,785 | |
| $ 986,119 | |||
| Insured - Special Tax Revenue — 0.3% | |||
| Bexar County, TX, Venue Project Revenue: | |||
| (AGM), 1.272%, 8/15/26 | $ | 550 | $ 483,043 |
| (AGM), 1.573%, 8/15/27 | 500 | 431,070 | |
| (AGM), 1.743%, 8/15/28 | 750 | 630,870 | |
17
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Special Tax Revenue (continued) | |||
| Bexar County, TX, Venue Project Revenue: (continued) | |||
| (AGM), 1.924%, 8/15/29 | $ | 1,535 | $ 1,270,581 |
| $ 2,815,564 | |||
| Insured - Transportation — 0.4% | |||
| Miami-Dade County, FL, Seaport Revenue, (AGM), 1.349%, 10/1/26 | $ | 4,860 | $ 4,242,829 |
| $ 4,242,829 | |||
| Other Revenue — 0.8% | |||
| Golden State Tobacco Securitization Corp., CA, 1.337%, 6/1/23 | $ | 7,600 | $ 7,436,068 |
| $ 7,436,068 | |||
| Senior Living/Life Care — 0.2% | |||
| Indiana Finance Authority, (BHI Senior Living), 2.52%, 11/15/26 | $ | 510 | $ 452,151 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 1.25%, 6/1/26 | 1,305 | 1,168,653 | |
| $ 1,620,804 | |||
| Special Tax Revenue — 0.5% | |||
| Illinois, Sales Tax Revenue: | |||
| 1.253%, 6/15/25 | $ | 2,000 | $ 1,782,800 |
| 1.453%, 6/15/26 | 3,000 | 2,587,800 | |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31 | 330 | 307,745 | |
| $ 4,678,345 | |||
| Transportation — 0.1% | |||
| Central Texas Regional Mobility Authority, 1.585%, 1/1/26 | $ | 1,150 | $ 1,033,631 |
| $ 1,033,631 | |||
| Total Taxable Municipal Obligations (identified cost $60,818,547) | $ 57,342,924 | ||
| Total Investments — 100.2% (identified cost $1,022,308,529) | $980,020,264 | ||
| Other Assets, Less Liabilities — (0.2)% | $ (1,648,716) | ||
| Net Assets — 100.0% | $978,371,548 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2022, the aggregate value of these securities is $54,539,145 or 5.6% of the Fund's net assets. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2022. |
| (3) | When-issued security. |
| (4) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (5) | Variable rate security that may be tendered at par quarterly. The stated interest rate, which resets quarterly, is determined by the remarketing agent and represents the rate in effect at September 30, 2022. |
| (6) | Amount is less than 0.05%. |
| At September 30, 2022, the concentration of the Fund’s investments in the various states and territories, 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. At September 30, 2022, 4.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 1.8% of total investments. | |
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LIBOR | – London Interbank Offered Rate |
| Liq | – Liquidity Provider |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |
18
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
| Currency Abbreviations: | |
| USD | – United States Dollar |
19
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Statement of Assets and Liabilities (Unaudited)
| September 30, 2022 | |
| Assets | |
| Investments, at value (identified cost $1,022,308,529) | $ 980,020,264 |
| Cash | 738,262 |
| Interest receivable | 10,058,855 |
| Receivable for investments sold | 2,149,813 |
| Receivable for Fund shares sold | 5,338,782 |
| Total assets | $ 998,305,976 |
| Liabilities | |
| Payable for investments purchased | $ 2,029,625 |
| Payable for when-issued securities | 11,120,454 |
| Payable for Fund shares redeemed | 5,705,743 |
| Distributions payable | 460,440 |
| Payable to affiliate: | |
| Investment adviser and administration fee | 330,657 |
| Distribution and service fees | 41,304 |
| Accrued expenses | 246,205 |
| Total liabilities | $ 19,934,428 |
| Net Assets | $ 978,371,548 |
| Sources of Net Assets | |
| Paid-in capital | $1,045,796,672 |
| Accumulated loss | (67,425,124) |
| Net Assets | $ 978,371,548 |
| Class A Shares | |
| Net Assets | $ 173,905,401 |
| Shares Outstanding | 18,283,877 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.51 |
| Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 9.83 |
| Class C Shares | |
| Net Assets | $ 25,142,087 |
| Shares Outstanding | 2,759,657 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 9.11 |
| Class I Shares | |
| Net Assets | $ 779,324,060 |
| Shares Outstanding | 81,896,761 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.52 |
| 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. |
20
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Statement of Operations (Unaudited)
| Six Months Ended | |
| September 30, 2022 | |
| Investment Income | |
| Interest income | $ 11,719,232 |
| Total investment income | $ 11,719,232 |
| Expenses | |
| Investment adviser and administration fee | $ 2,061,719 |
| Distribution and service fees: | |
| Class A | 139,774 |
| Class C | 127,254 |
| Trustees’ fees and expenses | 37,971 |
| Custodian fee | 126,752 |
| Transfer and dividend disbursing agent fees | 165,219 |
| Legal and accounting services | 40,926 |
| Printing and postage | 19,465 |
| Registration fees | 20,492 |
| Miscellaneous | 103,295 |
| Total expenses | $ 2,842,867 |
| Net investment income | $ 8,876,365 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (14,626,244) |
| Net realized loss | $(14,626,244) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ (24,452,562) |
| Net change in unrealized appreciation (depreciation) | $(24,452,562) |
| Net realized and unrealized loss | $(39,078,806) |
| Net decrease in net assets from operations | $(30,202,441) |
21
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Statements of Changes in Net Assets
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 8,876,365 | $ 12,428,717 |
| Net realized loss | (14,626,244) | (9,315,946) |
| Net change in unrealized appreciation (depreciation) | (24,452,562) | (36,646,856) |
| Net decrease in net assets from operations | $ (30,202,441) | $ (33,534,085) |
| Distributions to shareholders: | ||
| Class A | $ (1,522,030) | $ (2,268,702) |
| Class C | (124,433) | (104,986) |
| Class I | (7,308,900) | (9,950,462) |
| Total distributions to shareholders | $ (8,955,363) | $ (12,324,150) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (20,943,669) | $ 17,954,827 |
| Class C | (4,670,661) | (366,180) |
| Class I | 2,758,316 | 179,475,026 |
| Net increase (decrease) in net assets from Fund share transactions | $ (22,856,014) | $ 197,063,673 |
| Net increase (decrease) in net assets | $ (62,013,818) | $ 151,205,438 |
| Net Assets | ||
| At beginning of period | $1,040,385,366 | $ 889,179,928 |
| At end of period | $ 978,371,548 | $1,040,385,366 |
22
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Financial Highlights
| Class A | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.880 | $ 10.280 | $ 9.900 | $ 10.070 | $ 9.950 | $ 9.830 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.079 | $ 0.111 | $ 0.157 | $ 0.196 | $ 0.224 | $ 0.212 |
| Net realized and unrealized gain (loss) | (0.369) | (0.400) | 0.380 | (0.163) | 0.121 | 0.117 |
| Total income (loss) from operations | $ (0.290) | $ (0.289) | $ 0.537 | $ 0.033 | $ 0.345 | $ 0.329 |
| Less Distributions | ||||||
| From net investment income | $ (0.080) | $ (0.111) | $ (0.157) | $ (0.197) | $ (0.225) | $ (0.209) |
| From net realized gain | — | — | — | (0.006) | — | — |
| Total distributions | $ (0.080) | $ (0.111) | $ (0.157) | $ (0.203) | $ (0.225) | $ (0.209) |
| Net asset value — End of period | $ 9.510 | $ 9.880 | $ 10.280 | $ 9.900 | $10.070 | $ 9.950 |
| Total Return(2) | (2.95)% (3) | (2.85)% | 5.46% | 0.29% | 3.52% (4) | 3.36% (4) |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $173,905 | $201,964 | $192,676 | $162,846 | $ 94,489 | $36,045 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.65% (5) | 0.64% | 0.66% | 0.66% | 0.70% (4) | 0.70% (4) |
| Net investment income | 1.62% (5) | 1.08% | 1.55% | 1.93% | 2.25% | 2.13% |
| Portfolio Turnover | 47% (3) | 57% | 14% | 52% | 48% | 55% |
| (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) | Not annualized. |
| (4) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01% and 0.15% of average daily net assets for the years ended March 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
| (5) | Annualized. |
23
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.470 | $ 9.850 | $ 9.480 | $ 9.650 | $ 9.530 | $ 9.410 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.040 | $ 0.033 | $ 0.079 | $ 0.117 | $ 0.144 | $ 0.131 |
| Net realized and unrealized gain (loss) | (0.358) | (0.381) | 0.369 | (0.165) | 0.120 | 0.117 |
| Total income (loss) from operations | $ (0.318) | $ (0.348) | $ 0.448 | $ (0.048) | $ 0.264 | $ 0.248 |
| Less Distributions | ||||||
| From net investment income | $ (0.042) | $ (0.032) | $ (0.078) | $ (0.116) | $ (0.144) | $ (0.128) |
| From net realized gain | — | — | — | (0.006) | — | — |
| Total distributions | $ (0.042) | $ (0.032) | $ (0.078) | $ (0.122) | $ (0.144) | $ (0.128) |
| Net asset value — End of period | $ 9.110 | $ 9.470 | $ 9.850 | $ 9.480 | $ 9.650 | $ 9.530 |
| Total Return(2) | (3.37)% (3) | (3.54)% | 4.74% | (0.53)% | 2.79% (4) | 2.64% (4) |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $25,142 | $30,887 | $32,499 | $35,156 | $28,258 | $16,403 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.40% (5) | 1.39% | 1.41% | 1.41% | 1.45% (4) | 1.45% (4) |
| Net investment income | 0.87% (5) | 0.34% | 0.81% | 1.20% | 1.51% | 1.37% |
| Portfolio Turnover | 47% (3) | 57% | 14% | 52% | 48% | 55% |
| (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) | Not annualized. |
| (4) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01% and 0.15% of average daily net assets for the years ended March 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
| (5) | Annualized. |
24
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||
| Net asset value — Beginning of period | $ 9.890 | $ 10.290 | $ 9.900 | $ 10.080 | $ 9.950 | $ 9.830 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.086 | $ 0.127 | $ 0.173 | $ 0.212 | $ 0.237 | $ 0.226 |
| Net realized and unrealized gain (loss) | (0.369) | (0.401) | 0.389 | (0.173) | 0.133 | 0.118 |
| Total income (loss) from operations | $ (0.283) | $ (0.274) | $ 0.562 | $ 0.039 | $ 0.370 | $ 0.344 |
| Less Distributions | ||||||
| From net investment income | $ (0.087) | $ (0.126) | $ (0.172) | $ (0.213) | $ (0.240) | $ (0.224) |
| From net realized gain | — | — | — | (0.006) | — | — |
| Total distributions | $ (0.087) | $ (0.126) | $ (0.172) | $ (0.219) | $ (0.240) | $ (0.224) |
| Net asset value — End of period | $ 9.520 | $ 9.890 | $ 10.290 | $ 9.900 | $ 10.080 | $ 9.950 |
| Total Return(2) | (2.87)% (3) | (2.70)% | 5.72% | 0.34% | 3.78% (4) | 3.51% (4) |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $779,324 | $807,534 | $664,004 | $616,381 | $439,012 | $84,347 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.50% (5) | 0.49% | 0.51% | 0.51% | 0.55% (4) | 0.55% (4) |
| Net investment income | 1.77% (5) | 1.23% | 1.71% | 2.09% | 2.37% | 2.26% |
| Portfolio Turnover | 47% (3) | 57% | 14% | 52% | 48% | 55% |
| (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. |
| (3) | Not annualized. |
| (4) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01% and 0.15% of average daily net assets for the years ended March 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
| (5) | Annualized. |
25
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Short Duration Municipal Opportunities Fund (the Fund) is a non-diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek to maximize after-tax total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes—The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
As of September 30, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
E Legal Fees— Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
26
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
G Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
I Interim Financial Statements—The interim financial statements relating to September 30, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At March 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $10,555,293 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at March 31, 2022, $9,308,697 are short-term and $1,246,596 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $1,022,249,100 |
| Gross unrealized appreciation | $ 728,106 |
| Gross unrealized depreciation | (42,956,942) |
| Net unrealized depreciation | $ (42,228,836) |
27
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
3 Investment Adviser and Administration Fee and Other Transactions with Affiliates
The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $1 billion | 0.400% |
| $1 billion but less than $2.5 billion | 0.375% |
| $2.5 billion but less than $5 billion | 0.360% |
| $5 billion and over | 0.350% |
For the six months ended September 30, 2022, the investment adviser and administration fee amounted to $2,061,719 or 0.40% (annualized) of the Fund’s average daily net assets.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended September 30, 2022, EVM earned $3,006 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $4,757 as its portion of the sales charge on sales of Class A shares for the six months ended September 30, 2022. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the six months ended September 30, 2022 in the amount of $2,707. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).
Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
4 Distribution Plans
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.15% per annum of the Fund's average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended September 30, 2022 amounted to $139,774 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended September 30, 2022, the Fund paid or accrued to EVD $106,045 for Class C shares.
Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.15% per annum of the Fund’s average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended September 30, 2022 amounted to $21,209 for Class C shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended September 30, 2022, the Fund was informed that EVD received approximately $37,000 and $6,000 of CDSCs paid by Class A and Class C shareholders, respectively.
28
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, aggregated $480,696,685 and $549,161,030, respectively, for the six months ended September 30, 2022.
7 Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:
| Six Months Ended September 30, 2022 (Unaudited) | Year Ended March 31, 2022 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 2,096,118 | $ 20,369,142 | 8,552,582 | $ 88,069,587 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 133,602 | 1,295,588 | 188,757 | 1,935,338 | |
| Redemptions | (4,419,802) | (42,992,633) | (7,082,209) | (72,403,054) | |
| Converted from Class C shares | 39,926 | 384,234 | 34,114 | 352,956 | |
| Net increase (decrease) | (2,150,156) | $ (20,943,669) | 1,693,244 | $ 17,954,827 | |
| Class C | |||||
| Sales | 281,673 | $ 2,629,687 | 692,020 | $ 6,809,099 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 11,001 | 102,118 | 8,828 | 86,685 | |
| Redemptions | (753,814) | (7,018,232) | (702,764) | (6,909,008) | |
| Converted to Class A shares | (41,667) | (384,234) | (35,623) | (352,956) | |
| Net decrease | (502,807) | $ (4,670,661) | (37,539) | $ (366,180) | |
| Class I | |||||
| Sales | 30,132,019 | $ 293,605,523 | 52,161,238 | $ 536,602,594 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 537,040 | 5,211,730 | 741,875 | 7,605,633 | |
| Redemptions | (30,437,632) | (296,058,937) | (35,789,464) | (364,733,201) | |
| Net increase | 231,427 | $ 2,758,316 | 17,113,649 | $ 179,475,026 | |
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended September 30, 2022.
Effective October 25, 2022, the Fund renewed its line of credit agreement, which expires October 24, 2023. In connection with the renewal, the borrowing limit was decreased to $725 million.
29
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Notes to Financial Statements (Unaudited) — continued
9 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At September 30, 2022, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 13,959,309 | $ — | $ 13,959,309 |
| Tax-Exempt Mortgage-Backed Securities | — | 835,798 | — | 835,798 |
| Tax-Exempt Municipal Obligations | — | 907,882,233 | — | 907,882,233 |
| Taxable Municipal Obligations | — | 57,342,924 | — | 57,342,924 |
| Total Investments | $ — | $980,020,264 | $ — | $980,020,264 |
10 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
30
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;
• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Following the “Overview” section, further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
31
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance on March 1, 2021;
• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Short Duration Municipal Opportunities Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.
32
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory and administrative agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
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 deemed not to be excessive.
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
33
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Board of Trustees’ Contract Approval — continued
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. 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 Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.
34
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 7, 2022, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
35
Eaton Vance
Short Duration Municipal Opportunities Fund
September 30, 2022
Officers and Trustees
| Officers | |
| Eric A. Stein President | Jill R. Damon Secretary |
| Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
| James F. Kirchner Treasurer | |
| Trustees |
| George J. Gorman Chairperson | |
| Alan C. Bowser** | |
| Thomas E. Faust Jr.* | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser** |
| * | Interested Trustee |
| ** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
36
Eaton Vance Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
37
Eaton Vance Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
38
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
39
Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Fund Offices
Two International Place
Boston, MA 02110
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
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 applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. 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. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Investment Trust | ||
| By: | /s/ Eric A. Stein | |
| Eric A. Stein | ||
| President | ||
| Date: | November 22, 2022 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer | ||
| Date: | November 22, 2022 | |
| By: | /s/ Eric A. Stein | |
| Eric A. Stein | ||
| President | ||
| Date: | November 22, 2022 | |