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
March 31, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
National Ultra-Short Municipal
Income Fund
Annual Report
March 31, 2023
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.
Annual Report March 31, 2023
Eaton Vance
National Ultra-Short Municipal Income Fund
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Management’s Discussion of Fund Performance†
Economic and Market Conditions
As the 12-month period began on April 1, 2022, municipal rates were rising and bond prices were falling. As investors became increasingly concerned about the twin threats of inflation and interest rate hikes, municipal bond mutual funds posted their worst outflow cycle on record.
In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal bond mutual funds experienced their first net inflows since January 2022.
From August through October 2022, municipal returns again turned negative. Fund outflows resumed as investors reacted to statements by U.S. Federal Reserve (Fed) officials that the central bank was not done with rate hikes and fighting inflation remained its top priority. After the Fed’s third straight 0.75% federal funds rate hike, the Bloomberg Municipal Bond Index fell 3.84% in September -- its worst one-month performance in 14 years.
However, in the final months of 2022, municipal performance rebounded. Despite the Fed’s fourth 0.75% rate hike in November, the Bloomberg Municipal Bond Index rose 4.68% -- its best monthly performance since 1986. Drivers of the rally included Fed signals that future rate hikes might be smaller, as well as growing investor demand amid lower supplies of new municipal bond issues.
The Fed did deliver a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Bloomberg Municipal Bond Index -- helped by attractive yields and limited supply -- nonetheless eked out positive performance in December. As the new year began, municipal bonds delivered a third straight month of positive returns, driven by the ongoing supply-demand imbalance, and the return of inflows into open-end mutual funds. In February, however, the municipal rally stalled as robust economic reports -- including unexpectedly high job creation in January -- led investors to fear the Fed might keep rates higher for longer than previously expected.
As the period came to a close, municipal returns turned positive once again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove municipal bonds to their strongest March performance since 2008, despite the Fed announcing its ninth consecutive rate hike that month.
For the period as a whole, the Bloomberg Municipal Bond Index returned 0.26% as coupon payments slightly outpaced declining bond prices. While interest rates rose and bond prices fell across the municipal bond yield curve, the largest rate increases during the period occurred at the long and short ends of the curve. In comparison, rates rose only modestly within the five-to-10-year area of the curve. Municipal bonds outperformed U.S. Treasurys throughout the yield curve. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.
Fund Performance
For the 12-month period ended March 31, 2023, Eaton Vance National Ultra-Short Municipal Income Fund (the Fund) returned 1.15% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg 1 Year Municipal Bond Index (the Index), which returned 1.55%.
The Fund invests primarily in municipal obligations exempt from regular federal income tax and seeks to maintain an average portfolio effective maturity of less than two years.
Detractors from Fund performance relative to the Index during the period included security selections in the transportation sector, security selections in New York bonds, and an underweight position in AAA-rated bonds during a period when higher rated bonds generally outperformed lower rated bonds.
In contrast, contributors to Fund performance versus the Index included security selections in AA-rated bonds; security selections and an overweight position in the industrial development revenue-pollution control revenue sector; and the Fund’s relatively defensive out-of-Index allocation to floating-rate notes. Floating-rate coupon payments are linked to short-term interest rates, which rose during the period as the U.S. Federal Reserve hiked the federal funds rate multiple times.
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.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Julie Callahan, CFA
| % Average Annual Total Returns1,2 | Class
Inception Date | Performance
Inception Date | One Year | Five Years | Ten Years |
| Advisers Class at NAV | 11/20/2020 | 05/29/1992 | 1.16% | 0.80% | 0.28% |
| Class A at NAV | 06/27/1996 | 05/29/1992 | 1.15 | 0.79 | 0.27 |
| Class A with 2.25% Maximum Sales Charge | — | — | (1.16) | 0.33 | 0.05 |
| Class I at NAV | 08/03/2010 | 05/29/1992 | 1.42 | 0.96 | 0.43 |
|
| Bloomberg 1 Year Municipal Bond Index | — | — | 1.55% | 1.15% | 0.91% |
| % 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 | 2.72% | 2.72% | 2.87% |
| Taxable-Equivalent Distribution Rate | 4.59 | 4.59 | 4.84 |
| SEC 30-day Yield | 2.76 | 2.70 | 2.91 |
| Taxable-Equivalent SEC 30-day Yield | 4.67 | 4.57 | 4.91 |
Growth of $10,000
This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
| Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
| Advisers Class | $10,000 | 03/31/2013 | $10,283 | N.A. |
| Class I, at minimum investment | $1,000,000 | 03/31/2013 | $1,043,578 | N.A. |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. 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.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
| 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. |
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Endnotes and Additional Disclosures
| † | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
| | |
| 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. |
| | Additional Information |
| | Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
| | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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. |
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2022 to March 31, 2023).
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). 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
(10/1/22) | Ending
Account Value
(3/31/23) | Expenses Paid
During Period*
(10/1/22 – 3/31/23) | Annualized
Expense
Ratio |
| Actual | | | | |
| Advisers Class | $1,000.00 | $1,015.00 | $2.51** | 0.50% |
| Class A | $1,000.00 | $1,015.20 | $2.51** | 0.50% |
| Class I | $1,000.00 | $1,015.90 | $1.76** | 0.35% |
| |
| Hypothetical | | | | |
| (5% return per year before expenses) | | | | |
| Advisers Class | $1,000.00 | $1,022.44 | $2.52** | 0.50% |
| Class A | $1,000.00 | $1,022.44 | $2.52** | 0.50% |
| Class I | $1,000.00 | $1,023.19 | $1.77** | 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 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2022. |
| ** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
| Security | Principal
Amount
(000's omitted) | Value |
| Education — 0.7% |
| Grand Canyon University: | | | |
| 3.25%, 10/1/23 | $ | 1,450 | $ 1,431,875 |
| 4.125%, 10/1/24 | | 2,000 | 1,894,780 |
Total Corporate Bonds
(identified cost $3,353,750) | | | $ 3,326,655 |
| Tax-Exempt Municipal Obligations — 98.7% |
| Security | Principal
Amount
(000's omitted) | Value |
| Bond Bank — 2.0% |
| Delaware Valley Regional Finance Authority, PA, 3.884%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(1) | $ | 10,000 | $ 10,012,200 |
| | | | $ 10,012,200 |
| Education — 8.6% |
| Lehigh County General Purpose Authority, PA, (Muhlenberg College), 4.55%, (SIFMA + 0.58%), 11/1/24 (Put Date), 11/1/37(1) | $ | 3,315 | $ 3,311,287 |
| Montana State University, 4.42%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(1) | | 1,535 | 1,534,985 |
| University of Illinois, 5.00%, 4/1/24(2) | | 1,750 | 1,789,707 |
| University of Michigan, 3.85%, 12/1/29(3) | | 16,315 | 16,315,000 |
| University of North Carolina at Chapel Hill, 3.886%, (67% of SOFR + 0.65%), 6/1/25 (Put Date), 12/1/41(1) | | 4,500 | 4,492,305 |
| University of Texas, 3.87%, 8/1/34(3) | | 15,000 | 15,000,000 |
| | | | $ 42,443,284 |
| Electric Utilities — 6.9% |
| Guam Power Authority, 5.00%, 10/1/23 | $ | 1,250 | $ 1,258,500 |
| Long Island Power Authority, NY, Electric System Revenue: | | | |
| Series 2014C, 4.013%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1) | | 1,390 | 1,390,653 |
| Series 2015C, 4.013%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1) | | 1,010 | 1,010,475 |
| Philadelphia, PA, Gas Works Revenue: | | | |
| (LOC: TD Bank, N.A.), 3.95%, 8/1/31(3) | | 7,800 | 7,800,000 |
| (LOC: TD Bank, N.A.), 3.95%, 8/1/31(3) | | 9,000 | 9,000,000 |
| Seattle, WA, Municipal Light and Power Revenue, 4.46%, (SIFMA + 0.49%), 11/1/23 (Put Date), 11/1/46(1) | | 8,000 | 8,002,240 |
| Security | Principal
Amount
(000's omitted) | Value |
| Electric Utilities (continued) |
| South Carolina Public Service Authority, Escrowed to Maturity, 5.00%, 12/1/23 | $ | 5,120 | $ 5,198,131 |
| Western Minnesota Municipal Power Agency, 5.00%, 1/1/24 | | 550 | 559,284 |
| | | | $ 34,219,283 |
| Escrowed/Prerefunded — 1.5% |
| Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/24 | $ | 7,500 | $ 7,348,500 |
| | | | $ 7,348,500 |
| General Obligations — 23.8% |
| Alexandria, VA, 5.00%, 12/15/23 | $ | 5,000 | $ 5,085,650 |
| Bergen County, NJ, 4.00%, 10/19/23 | | 5,000 | 5,031,050 |
| Cherry Hill Township Board of Education, NJ, 3.00%, 8/1/23 | | 11,010 | 11,016,826 |
| Chicago Board of Education, IL, 5.00%, 12/1/23 | | 4,750 | 4,779,687 |
| Cobb County School District, GA, 4.00%, 12/14/23 | | 5,000 | 5,042,650 |
| Connecticut, 5.00%, 11/15/24 | | 5,000 | 5,199,950 |
| Fort Bend Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/24 | | 4,545 | 4,697,439 |
| Hamilton, OH, 4.00%, 12/28/23 | | 4,020 | 4,046,251 |
| Honolulu City and County, HI, 5.00% to 9/1/23 (Put Date), 9/1/30 | | 1,200 | 1,204,044 |
| Honolulu City and County, HI, (Honululu Rail Transit Project), 5.00% to 9/1/23 (Put Date), 9/1/24 | | 5,000 | 5,016,850 |
| Jackson County, MS, 2.75% to 8/1/23 (Put Date), 11/1/24 | | 1,750 | 1,750,000 |
| Livingston Township, NJ, 5.00%, 12/12/23 | | 5,000 | 5,075,650 |
| New London, CT, 5.00%, 3/15/24 | | 5,000 | 5,117,000 |
| New York City, NY, (LOC: TD Bank, N.A.), 3.60%, 3/1/48(4) | | 3,500 | 3,500,000 |
| New York, NY, 4.17%, 4/1/42(4) | | 1,700 | 1,700,000 |
| Ohio: | | | |
| 5.00%, 9/1/24 | | 2,000 | 2,069,660 |
| Prerefunded to 5/1/24, 5.00%, 5/1/25 | | 7,160 | 7,341,578 |
| Oyster Bay, NY, 5.00%, 3/8/24 | | 5,000 | 5,106,700 |
| Parsippany-Troy Hills Township, NJ, 5.00%, 11/3/23 | | 5,000 | 5,065,400 |
| Philadelphia School District, PA, 5.00%, 9/1/23 | | 5,000 | 5,042,700 |
| Philadelphia, PA, 5.00%, 8/1/23 | | 3,340 | 3,365,017 |
| Plano Independent School District, TX, 5.00%, 2/15/24 | | 1,350 | 1,377,567 |
| Puerto Rico, 5.375%, 7/1/25 | | 5,000 | 5,080,200 |
| Quincy, MA, 5.00%, 1/12/24 | | 2,500 | 2,543,500 |
| Ridgewood, NJ, 5.00%, 1/24/24 | | 5,000 | 5,088,700 |
| Spring Branch Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/24 | | 2,570 | 2,621,631 |
| Union Township, NJ, 5.00%, 1/23/24 | | 5,000 | 5,089,200 |
| | | | $118,054,900 |
7
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Hospital — 15.6% |
| Allegheny County Hospital Development Authority, PA, (UPMC), 4.34%, (SIFMA + 0.37), 11/15/23(1) | $ | 2,000 | $ 1,997,940 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 4.57%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(1) | | 5,000 | 5,002,000 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 1/15/38(4) | | 600 | 600,000 |
| Colorado Health Facilities Authority, (Intermountain Healthcare), 4.52%, (SIFMA + 0.55%), 8/17/26 (Put Date), 5/15/61(1) | | 3,000 | 2,969,730 |
| Geisinger Authority, PA, (Geisinger Health System Foundation), 4.318%, (67% of 1 mo. USD LIBOR + 1.07%), 6/1/24 (Put Date), 6/1/28(1) | | 2,000 | 2,011,680 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Memorial Hermann Health System), 4.54%, (SIFMA + 0.57%), 12/4/24 (Put Date), 12/1/49(1) | | 1,800 | 1,789,218 |
| Indiana Finance Authority, (Parkview Health), 4.52%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(1) | | 6,330 | 6,331,139 |
| Iowa Finance Authority, (Iowa Health System), 4.545%, (SIFMA + 0.58%), 1/4/24 (Put Date), 2/15/35(1)(5) | | 9,310 | 9,294,359 |
| Irving Hospital Authority, TX, (Baylor Scott & White Medical Center - Irving), 5.07%, (SIFMA + 1.10%), 10/15/23 (Put Date), 10/15/44(1) | | 1,490 | 1,490,000 |
| Louisiana Public Facilities Authority, (Louisiana Children's Medical Center), 4.62%, (SIFMA + 0.65%), 9/1/23 (Put Date), 9/1/57(1) | | 10,000 | 10,000,600 |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 4.303%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(1) | | 2,000 | 2,001,480 |
| Ohio, (Cleveland Clinic Health System), 4.37%, (SIFMA + 0.40%), 6/1/23 (Put Date), 1/1/52(1) | | 18,440 | 18,438,341 |
| Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 4.57%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(1) | | 7,500 | 7,479,525 |
| Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 4.62%, (SIFMA + 0.65%), 7/31/24 (Put Date), 8/15/54(1) | | 8,200 | 8,204,182 |
| | | | $ 77,610,194 |
| Housing — 3.9% |
| Massachusetts Housing Finance Agency, (Mill Road Apartments), 4.52%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(1) | $ | 3,890 | $ 3,890,000 |
| Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 4.52%, (SIFMA + 0.55%), 12/12/23 (Put Date), 7/1/41(1) | | 8,235 | 8,233,435 |
| Security | Principal
Amount
(000's omitted) | Value |
| Housing (continued) |
| New York Mortgage Agency: | | | |
| Social Bonds, (AMT), 1.05%, 4/1/26 | $ | 1,275 | $ 1,198,908 |
| Social Bonds, (AMT), 1.15%, 10/1/26 | | 1,330 | 1,243,391 |
| Washington Housing Finance Commission, 4.52%, (SIFMA + 0.55%), 10/1/23 (Put Date), 12/1/48(1) | | 5,000 | 4,995,250 |
| | | | $ 19,560,984 |
| Industrial Development Revenue — 3.9% |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 6/3/24 (Put Date), 6/1/49 | $ | 5,000 | $ 5,060,500 |
| Indiana Finance Authority, (Republic Services, Inc.), (AMT), 4.00%, 5/1/34(6) | | 4,000 | 4,003,080 |
| Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 3.95% to 6/1/23 (Put Date), 5/1/46(6) | | 3,250 | 3,252,892 |
| Nevada Department of Business and Industry, (Republic Services, Inc.), (AMT), 3.75% to 6/1/23 (Put Date), 12/1/26(5) | | 2,000 | 2,000,160 |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 3.50% to 5/1/23 (Put Date), 8/1/45(6) | | 5,000 | 4,999,250 |
| | | | $ 19,315,882 |
| Insured - General Obligations — 1.8% |
| Allegheny County, PA, (AGM), 3.775%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/26(1) | $ | 3,170 | $ 3,162,614 |
| Illinois, (AGM), 5.00%, 8/1/23 | | 4,010 | 4,037,188 |
| Newark, NJ, (AGM), 4.00%, 2/15/24 | | 1,940 | 1,960,680 |
| | | | $ 9,160,482 |
| Lease Revenue/Certificates of Participation — 2.6% |
| Kentucky Property and Buildings Commission, 5.00%, 11/1/23 | $ | 5,000 | $ 5,067,900 |
| New Jersey Economic Development Authority, (Portal N Bridge Project), 5.00%, 11/1/23 | | 630 | 637,037 |
| New Jersey Economic Development Authority, (School Facilities Construction): | | | |
| 5.00%, 6/15/23 | | 5,000 | 5,018,950 |
| 5.52%, (SIFMA + 1.55%), 9/1/27(1) | | 2,000 | 1,998,020 |
| | | | $ 12,721,907 |
| Other Revenue — 9.9% |
| Black Belt Energy Gas District, AL, 4.59%, (SIFMA + 0.62%), 12/1/23 (Put Date), 12/1/48(1) | $ | 15,000 | $ 14,949,450 |
| Illinois Finance Authority, (Field Museum of Natural History), 4.581%, (70% of SOFR + 1.20%), 9/1/25 (Put Date), 11/1/34(1) | | 4,190 | 4,182,374 |
8
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Other Revenue (continued) |
| Kentucky Property and Buildings Commission, 5.00%, 8/1/24 | $ | 2,890 | $ 2,980,226 |
| Northern California Gas Authority No. 1, Gas Project Revenue, 3.905%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(1) | | 2,880 | 2,867,990 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 3.984%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(1) | | 17,500 | 17,524,675 |
| Southeast Alabama Gas Supply District, (Project No. 2), 3.974%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(1) | | 6,440 | 6,449,918 |
| | | | $ 48,954,633 |
| Senior Living/Life Care — 1.0% |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 3.938%, (70% of SOFR + 0.55%), 5/15/26 (Put Date), 5/15/56(1) | $ | 5,500 | $ 4,983,660 |
| | | | $ 4,983,660 |
| Special Tax Revenue — 1.6% |
| Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 7/1/24 | $ | 1,500 | $ 1,545,615 |
| New River Community Development District, FL, (Capital Improvements): | | | |
| 5.00%, 5/1/13(7) | | 35 | 0 |
| 5.75%, 5/1/38 | | 60 | 60,458 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: | | | |
| (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 11/1/36(4) | | 2,000 | 2,000,000 |
| (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 8/1/39(4) | | 1,400 | 1,400,000 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax, 5.00%, 12/1/23 | | 2,815 | 2,857,394 |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(7) | | 90 | 48,748 |
| | | | $ 7,912,215 |
| Student Loan — 0.6% |
| New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/24 | $ | 885 | $ 908,302 |
| Rhode Island Student Loan Authority, (AMT), 5.00%, 12/1/23 | | 1,950 | 1,969,793 |
| | | | $ 2,878,095 |
| Transportation — 11.8% |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 5.07%, (SIFMA + 1.10%), 4/1/24 (Put Date), 4/1/45(1) | $ | 6,900 | $ 6,928,428 |
| Security | Principal
Amount
(000's omitted) | Value |
| Transportation (continued) |
| Clark County, NV, (Las Vegas-McCarran International Airport), (AMT), 5.00%, 7/1/23 | $ | 1,775 | $ 1,782,828 |
| Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/24 | | 2,000 | 2,033,460 |
| Denver City and County, CO, Airport System Revenue: | | | |
| 5.00%, 11/15/24 | | 275 | 285,200 |
| (AMT), 5.00%, 11/15/24 | | 2,000 | 2,063,920 |
| Metropolitan Transportation Authority, NY, 4.40%, (SIFMA + 0.43%), 2/1/25 (Put Date), 11/1/31(1) | | 15,000 | 14,596,950 |
| New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 12/15/23 | | 2,600 | 2,644,018 |
| North Texas Tollway Authority, 5.00%, 1/1/24 | | 3,000 | 3,051,960 |
| Ohio, Major New State Infrastructure Project Revenue, 5.00%, 12/15/23 | | 1,500 | 1,524,960 |
| Pennsylvania Turnpike Commission: | | | |
| 4.57%, (SIFMA + 0.60%), 12/1/23(1) | | 1,000 | 1,000,460 |
| 4.67%, (SIFMA + 0.70%), 12/1/23(1) | | 2,500 | 2,500,625 |
| (LOC: TD Bank, N.A.), 3.95%, 12/1/39(3) | | 11,500 | 11,500,000 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/23 | | 2,755 | 2,765,799 |
| Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.00%, 11/15/24 | | 5,500 | 5,716,425 |
| | | | $ 58,395,033 |
| Water and Sewer — 3.2% |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | | | |
| (SPA: Barclays Bank PLC), 3.65%, 6/15/53(4) | $ | 1,300 | $ 1,300,000 |
| (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 6/15/44(4) | | 1,400 | 1,400,000 |
| (SPA: Mizuho Bank, Ltd.), 3.65%, 6/15/44(4) | | 2,500 | 2,500,000 |
| (SPA: State Street Bank and Trust Co.), 3.67%, 6/15/49(4) | | 9,100 | 9,100,000 |
| North Penn Water Authority, PA, 4.53%, (SIFMA + 0.56%), 11/1/24(1) | | 1,690 | 1,689,730 |
| | | | $ 15,989,730 |
Total Tax-Exempt Municipal Obligations
(identified cost $490,482,264) | | | $489,560,982 |
| Taxable Municipal Obligations — 1.1% |
| Security | Principal
Amount
(000's omitted) | Value |
| Insured - General Obligations — 0.1% |
| Valley View School District, PA: | | | |
| (BAM), 1.25%, 5/15/23 | $ | 30 | $ 29,849 |
9
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Insured - General Obligations (continued) |
| Valley View School District, PA: (continued) | | | |
| (BAM), 1.25%, 5/15/23 | $ | 300 | $ 298,530 |
| | | | $ 328,379 |
| Lease Revenue/Certificates of Participation — 1.0% |
| New York City Transitional Finance Authority, NY, (Building Aid), 3.23%, 7/15/24 | $ | 5,000 | $ 4,891,950 |
| | | | $ 4,891,950 |
| Other Revenue — 0.0%(8) |
| Indiana Finance Authority, (BHI Senior Living), 1.72%, 11/15/23 | $ | 300 | $ 292,212 |
| | | | $ 292,212 |
Total Taxable Municipal Obligations
(identified cost $5,576,671) | | | $ 5,512,541 |
Total Investments — 100.5%
(identified cost $499,412,685) | | | $498,400,178 |
| Other Assets, Less Liabilities — (0.5)% | | | $ (2,523,125) |
| Net Assets — 100.0% | | | $495,877,053 |
| 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 March 31, 2023. |
| (2) | When-issued security. |
| (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 March 31, 2023. |
| (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 March 31, 2023. |
| (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 March 31, 2023, the aggregate value of these securities is $11,294,519 or 2.3% 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 March 31, 2023. |
| (7) | Issuer is in default with respect to interest and/or principal payments. |
| (8) | Amount is less than 0.05%. |
| At March 31, 2023, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows: |
| Pennsylvania | 17.1% |
| New York | 11.8% |
| Others, representing less than 10% individually | 70.9% |
| The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2023, 1.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 1.8% 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 |
10
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Statement of Assets and Liabilities
| | March 31, 2023 |
| Assets | |
| Investments, at value (identified cost $499,412,685) | $ 498,400,178 |
| Cash | 41,847 |
| Interest receivable | 3,178,043 |
| Receivable for investments sold | 740,000 |
| Receivable for Fund shares sold | 4,812,519 |
| Receivable from affiliates | 13,504 |
| Total assets | $507,186,091 |
| Liabilities | |
| Payable for when-issued securities | $ 1,782,760 |
| Payable for Fund shares redeemed | 8,776,475 |
| Distributions payable | 370,296 |
| Payable to affiliates: | |
| Investment adviser fee | 136,144 |
| Distribution and service fees | 13,907 |
| Accrued expenses | 229,456 |
| Total liabilities | $ 11,309,038 |
| Net Assets | $495,877,053 |
| Sources of Net Assets | |
| Paid-in capital | $ 502,902,984 |
| Accumulated loss | (7,025,931) |
| Net Assets | $495,877,053 |
| Advisers Class Shares | |
| Net Assets | $ 899,751 |
| Shares Outstanding | 92,414 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.74 |
| Class A Shares | |
| Net Assets | $ 107,575,432 |
| Shares Outstanding | 11,042,858 |
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.74 |
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share) | $ 9.96 |
| Class I Shares | |
| Net Assets | $ 387,401,870 |
| Shares Outstanding | 39,739,811 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.75 |
| On sales of $100,000 or more, the offering price of Class A shares is reduced. |
11
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
| | Year Ended |
| | March 31, 2023 |
| Investment Income | |
| Interest income | $ 12,108,125 |
| Total investment income | $12,108,125 |
| Expenses | |
| Investment adviser fee | $ 1,595,566 |
| Distribution and service fees: | |
| Advisers Class | 681 |
| Class A | 194,442 |
| Trustees’ fees and expenses | 36,441 |
| Custodian fee | 125,442 |
| Transfer and dividend disbursing agent fees | 126,013 |
| Legal and accounting services | 69,546 |
| Printing and postage | 18,171 |
| Registration fees | 129,741 |
| Miscellaneous | 67,426 |
| Total expenses | $ 2,363,469 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 297,427 |
| Total expense reductions | $ 297,427 |
| Net expenses | $ 2,066,042 |
| Net investment income | $10,042,083 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (2,824,934) |
| Net realized loss | $ (2,824,934) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 351,165 |
| Net change in unrealized appreciation (depreciation) | $ 351,165 |
| Net realized and unrealized loss | $ (2,473,769) |
| Net increase in net assets from operations | $ 7,568,314 |
12
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Statements of Changes in Net Assets
| | Year Ended March 31, |
| | 2023 | 2022 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 10,042,083 | $ 469,391 |
| Net realized loss | (2,824,934) | (247,679) |
| Net change in unrealized appreciation (depreciation) | 351,165 | (1,671,004) |
| Net increase (decrease) in net assets from operations | $ 7,568,314 | $ (1,449,292) |
| Distributions to shareholders: | | |
| Advisers Class | $ (9,753) | $ (85) |
| Class A | (2,213,794) | — |
| Class I | (7,860,047) | (478,040) |
| Total distributions to shareholders | $ (10,083,594) | $ (478,125) |
| Transactions in shares of beneficial interest: | | |
| Advisers Class | $ 640,409 | $ 250,003 |
| Class A | (33,624,841) | (43,350,246) |
| Class I | 32,205,073 | 97,185,269 |
| Net increase (decrease) in net assets from Fund share transactions | $ (779,359) | $ 54,085,026 |
| Net increase (decrease) in net assets | $ (3,294,639) | $ 52,157,609 |
| Net Assets | | |
| At beginning of year | $ 499,171,692 | $ 447,014,083 |
| At end of year | $495,877,053 | $499,171,692 |
13
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
| | Advisers Class |
| | Year Ended March 31, | Period Ended
March 31, 2021(1) |
| | 2023 | 2022 | |
| Net asset value — Beginning of period | $ 9.800 | $ 9.840 | $ 9.770 |
| Income (Loss) From Operations | | | |
| Net investment income(2) | $ 0.205 | $ 0.014 | $ 0.004 |
| Net realized and unrealized gain (loss) | (0.093) | (0.051) | 0.071 |
| Total income (loss) from operations | $ 0.112 | $(0.037) | $ 0.075 |
| Less Distributions | | | |
| From net investment income | $ (0.172) | $ (0.003) | $ (0.005) |
| Total distributions | $(0.172) | $(0.003) | $(0.005) |
| Net asset value — End of period | $ 9.740 | $ 9.800 | $ 9.840 |
| Total Return(3) | 1.16% | (0.38)% (4) | 0.76% (5) |
| Ratios/Supplemental Data | | | |
| Net assets, end of period (000’s omitted) | $ 900 | $ 259 | $ 10 |
| Ratios (as a percentage of average daily net assets): | | | |
| Expenses | 0.50% (4) | 0.51% (4) | 0.56% (6) |
| Net investment income | 2.11% | 0.14% | 0.11% (6) |
| Portfolio Turnover | 128% | 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) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% and 0.04% of average daily net assets for the years ended March 31, 2023 and 2022, respectively). Absent this reimbursement, total return would be lower. |
| (5) | Not annualized. |
| (6) | Annualized. |
| (7) | For the year ended March 31, 2021. |
14
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Financial Highlights — continued
| | Class A |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.800 | $ 9.830 | $ 9.800 | $ 9.830 | $ 9.830 |
| Income (Loss) From Operations | | | | | |
| Net investment income (loss)(1) | $ 0.166 | $ (0.001) | $ 0.022 | $ 0.138 | $ 0.147 |
| Net realized and unrealized gain (loss) | (0.054) | (0.029) | 0.027 | (0.029) | (0.001) |
| Total income (loss) from operations | $ 0.112 | $ (0.030) | $ 0.049 | $ 0.109 | $ 0.146 |
| Less Distributions | | | | | |
| From net investment income | $ (0.172) | $ — | $ (0.019) | $ (0.139) | $ (0.146) |
| Total distributions | $ (0.172) | $ — | $ (0.019) | $ (0.139) | $ (0.146) |
| Net asset value — End of year | $ 9.740 | $ 9.800 | $ 9.830 | $ 9.800 | $ 9.830 |
| Total Return(2) | 1.15% | (0.31)% (3) | 0.50% | 1.12% (3) | 1.49% (3) |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $107,575 | $142,014 | $185,881 | $281,709 | $257,118 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.50% (3) | 0.56% (3) | 0.56% | 0.59% (3) | 0.60% (3) |
| Net investment income (loss) | 1.71% | (0.01)% | 0.22% | 1.40% | 1.49% |
| Portfolio Turnover | 128% | 47% | 6% | 49% | 43% |
| (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) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% and 0.01% of average daily net assets for the years ended March 31, 2023 and 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. |
15
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Financial Highlights — continued
| | Class I |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.800 | $ 9.840 | $ 9.800 | $ 9.840 | $ 9.830 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.188 | $ 0.015 | $ 0.036 | $ 0.154 | $ 0.162 |
| Net realized and unrealized gain (loss) | (0.051) | (0.041) | 0.038 | (0.039) | 0.008 |
| Total income (loss) from operations | $ 0.137 | $ (0.026) | $ 0.074 | $ 0.115 | $ 0.170 |
| Less Distributions | | | | | |
| From net investment income | $ (0.187) | $ (0.014) | $ (0.034) | $ (0.155) | $ (0.160) |
| Total distributions | $ (0.187) | $ (0.014) | $ (0.034) | $ (0.155) | $ (0.160) |
| Net asset value — End of year | $ 9.750 | $ 9.800 | $ 9.840 | $ 9.800 | $ 9.840 |
| Total Return(2) | 1.42% | (0.26)% (3) | 0.76% | 1.17% (3) | 1.75% (3) |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $387,402 | $356,899 | $261,123 | $288,716 | $462,305 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.35% (3) | 0.40% (3) | 0.41% | 0.44% (3) | 0.45% (3) |
| Net investment income | 1.93% | 0.15% | 0.37% | 1.56% | 1.65% |
| Portfolio Turnover | 128% | 47% | 6% | 49% | 43% |
| (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) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% and 0.01% of average daily net assets for the years ended March 31, 2023 and 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. |
16
See Notes to Financial Statements.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance National Ultra-Short Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. The Advisers Class and Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
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 March 31, 2023, 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.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Notes to Financial Statements — 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.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended March 31, 2023 and March 31, 2022 was as follows:
| | Year Ended March 31, |
| | 2023 | 2022 |
| Tax-exempt income | $9,893,744 | $405,731 |
| Ordinary income | $ 189,850 | $ 72,394 |
As of March 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed tax-exempt income | $ 349,087 |
| Deferred capital losses | (5,967,496) |
| Net unrealized depreciation | (1,037,226) |
| Distributions payable | (370,296) |
| Accumulated loss | $(7,025,931) |
At March 31, 2023, the Fund, for federal income tax purposes, had deferred capital losses of $5,967,496 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, 2023, $3,324,524 are short-term and $2,642,972 are long-term.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Notes to Financial Statements — continued
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2023, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $499,437,404 |
| Gross unrealized appreciation | $ 551,412 |
| Gross unrealized depreciation | (1,588,638) |
| Net unrealized depreciation | $ (1,037,226) |
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 year ended March 31, 2023, the investment adviser fee amounted to $1,595,566 or 0.30% of the Fund’s average daily net assets.
Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, 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 $297,427 in total of the Fund’s operating expenses for the year ended March 31, 2023.
EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended March 31, 2023, EVM earned $3,989 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 $355 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2023. 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 year ended March 31, 2023, 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 year ended March 31, 2023 amounted to $681 for Advisers Class shares and $194,442 for Class A shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Notes to Financial Statements — continued
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 year ended March 31, 2023, the Fund was informed that EVD received approximately $6,000 of CDSCs paid by Class A shareholders.
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $639,723,480 and $629,814,070, respectively, for the year ended March 31, 2023.
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:
| | Year Ended
March 31, 2023 | | Year Ended
March 31, 2022 |
| | Shares | Amount | | Shares | Amount |
| Advisers Class | | | | | |
| Sales | 91,269 | $ 887,103 | | 25,407 | $ 250,000 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 994 | 9,669 | | 8 | 80 |
| Redemptions | (26,280) | (256,363) | | (8) | (77) |
| Net increase | 65,983 | $ 640,409 | | 25,407 | $ 250,003 |
| Class A | | | | | |
| Sales | 2,506,225 | $ 24,454,875 | | 2,747,105 | $ 27,003,394 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 220,562 | 2,148,064 | | — | — |
| Redemptions | (6,179,480) | (60,227,780) | | (7,152,420) | (70,353,640) |
| Net decrease | (3,452,693) | $ (33,624,841) | | (4,405,315) | $ (43,350,246) |
| Class I | | | | | |
| Sales | 47,232,786 | $ 460,931,319 | | 21,050,934 | $ 207,242,089 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 546,675 | 5,328,532 | | 32,081 | 315,346 |
| Redemptions | (44,444,058) | (434,054,778) | | (11,213,795) | (110,372,166) |
| Net increase | 3,335,403 | $ 32,205,073 | | 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 a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. 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. Also in connection with the renewal of the agreement, 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 year ended March 31, 2023.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Notes to Financial Statements — 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 March 31, 2023, 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 | $ — | $ 3,326,655 | $ — | $ 3,326,655 |
| Tax-Exempt Municipal Obligations | — | 489,560,982 | — | 489,560,982 |
| Taxable Municipal Obligations | — | 5,512,541 | — | 5,512,541 |
| Total Investments | $ — | $498,400,178 | $ — | $498,400,178 |
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.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Report of Independent Registered Public Accounting Firm
To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance National Ultra-Short Municipal Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance National Ultra-Short Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 18, 2023
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.
Exempt-Interest Dividends. For the fiscal year ended March 31, 2023, the Fund designates 98.12% of distributions from net investment income as an exempt-interest dividend.
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Management and Organization
Fund Management. The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 129 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustees |
Thomas E. Faust Jr.
1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Mr. Faust has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance Funds effective on or about August 3, 2023.
Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Anchal Pachnanda(1)
1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust.
Other Directorships. None. |
| Noninterested Trustees |
Alan C. Bowser
1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).
Other Directorships. None. |
Mark R. Fetting
1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia E. Frost
1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other Directorships. None. |
George J. Gorman
1952 | Chairperson
of the Board
and Trustee | Since 2021
(Chairperson) and
2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees (continued) |
Valerie A. Mosley
1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton
1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith
1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland
1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm
1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy A. Wiser
1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees |
Eric A. Stein
1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh
1971 | Vice President and
Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner
1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees (continued) |
Nicholas S. Di Lorenzo
1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio
1968 | Chief Compliance
Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
(1) Ms. Pachnanda began serving as Trustee effective April 1, 2023.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
| 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 |
| Privacy Notice — continued | April 2021 |
| 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. |
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.
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Investment Adviser
Boston Management and Research
Two International Place
Boston, MA 02110
Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Eaton Vance
National Limited Maturity Municipal Income Fund
Annual Report
March 31, 2023
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.
Annual Report March 31, 2023
Eaton Vance
National Limited Maturity Municipal Income Fund
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Management’s Discussion of Fund Performance†
Economic and Market Conditions
As the 12-month period began on April 1, 2022, municipal rates were rising and bond prices were falling. As investors became increasingly concerned about the twin threats of inflation and interest rate hikes, municipal bond mutual funds posted their worst outflow cycle on record.
In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal bond mutual funds experienced their first net inflows since January 2022.
From August through October 2022, municipal returns again turned negative. Fund outflows resumed as investors reacted to statements by U.S. Federal Reserve (Fed) officials that the central bank was not done with rate hikes and fighting inflation remained its top priority. After the Fed’s third straight 0.75% federal funds rate hike, the Bloomberg Municipal Bond Index fell 3.84% in September -- its worst one-month performance in 14 years.
However, in the final months of 2022, municipal performance rebounded. Despite the Fed’s fourth 0.75% rate hike in November, the Bloomberg Municipal Bond Index rose 4.68% -- its best monthly performance since 1986. Drivers of the rally included Fed signals that future rate hikes might be smaller, as well as growing investor demand amid lower supplies of new municipal bond issues.
The Fed did deliver a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Bloomberg Municipal Bond Index -- helped by attractive yields and limited supply -- nonetheless eked out positive performance in December. As the new year began, municipal bonds delivered a third straight month of positive returns, driven by the ongoing supply-demand imbalance, and the return of inflows into open-end mutual funds. In February, however, the municipal rally stalled as robust economic reports -- including unexpectedly high job creation in January -- led investors to fear the Fed might keep rates higher for longer than previously expected.
As the period came to a close, municipal returns turned positive once again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove municipal bonds to their strongest March performance since 2008, despite the Fed announcing its ninth consecutive rate hike that month.
For the period as a whole, the Bloomberg Municipal Bond Index returned 0.26% as coupon payments slightly outpaced declining bond prices. While interest rates rose and bond prices fell across the municipal bond yield curve, the largest rate increases during the period occurred at the long and short ends of the curve. In comparison, rates rose only modestly within the five-to-10-year area of the curve. Municipal bonds outperformed U.S. Treasurys throughout the yield curve. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.
Fund Performance
For the 12-month period ended March 31, 2023, Eaton Vance National Limited Maturity Municipal Income Fund (the Fund) returned 0.77% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index), which returned 1.81%.
The Fund’s overall strategy is to invest in municipal obligations exempt from regular federal income tax. The Fund seeks to maintain a dollar-weighted average portfolio duration of less than five years.
Detractors from Fund performance versus the Index during the period included security selections in the health care sector, and an overweight position in bonds rated BBB and below during a period when lower rated bonds generally underperformed higher rated bonds. An underweight position in bonds with 6-10 years remaining to maturity hurt relative returns as well, as those intermediate-maturity bonds outperformed shorter maturity bonds within the Index during the period.
In contrast, the Fund’s relatively defensive out-of-Index allocation to floating-rate notes -- whose coupon payments are linked to short-term interest rates -- contributed to relative performance as the U.S. Federal Reserve increased the federal funds rate multiple times during the period.
Additional contributors to relative returns included security selections in AA-rated bonds, and security selections and an overweight position in the transportation sector during the period.
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.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Performance
Portfolio Manager(s) Christopher J. Eustance, CFA and Trevor G. Smith
| % Average Annual Total Returns1,2 | Class
Inception Date | Performance
Inception Date | One Year | Five Years | Ten Years |
| Class A at NAV | 06/27/1996 | 05/22/1992 | 0.77% | 1.46% | 1.60% |
| Class A with 3.25% Maximum Sales Charge | — | — | (2.52) | 0.79 | 1.26 |
| Class C at NAV | 12/08/1993 | 05/22/1992 | (0.08) | 0.71 | 0.98 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | (1.07) | 0.71 | 0.98 |
| Class I at NAV | 10/01/2009 | 05/22/1992 | 0.82 | 1.61 | 1.75 |
|
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | — | — | 1.81% | 1.79% | 1.67% |
| % 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 | 2.81% | 2.06% | 2.96% |
| Taxable-Equivalent Distribution Rate | 4.75 | 3.49 | 5.00 |
| SEC 30-day Yield | 2.62 | 1.96 | 2.85 |
| Taxable-Equivalent SEC 30-day Yield | 4.42 | 3.31 | 4.82 |
Growth of $10,000
This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
| Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
| Class C | $10,000 | 03/31/2013 | $11,023 | N.A. |
| Class I, at minimum investment | $1,000,000 | 03/31/2013 | $1,189,631 | N.A. |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. 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.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
| 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. |
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Endnotes and Additional Disclosures
| † | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
| | |
| 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. |
| | Additional Information |
| | Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
| | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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. |
| | Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2022 to March 31, 2023).
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). 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
(10/1/22) | Ending
Account Value
(3/31/23) | Expenses Paid
During Period*
(10/1/22 – 3/31/23) | Annualized
Expense
Ratio |
| Actual | | | | |
| Class A | $1,000.00 | $1,032.70 | $3.45 | 0.68% |
| Class C | $1,000.00 | $1,029.00 | $7.23 | 1.43% |
| Class I | $1,000.00 | $1,033.50 | $2.69 | 0.53% |
| |
| Hypothetical | | | | |
| (5% return per year before expenses) | | | | |
| Class A | $1,000.00 | $1,021.54 | $3.43 | 0.68% |
| Class C | $1,000.00 | $1,017.80 | $7.19 | 1.43% |
| Class I | $1,000.00 | $1,022.29 | $2.67 | 0.53% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2022. |
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
| Security | Principal
Amount
(000's omitted) | Value |
| Education — 1.3% |
| Chapman University, 1.76%, 4/1/28 | $ | 3,070 | $ 2,651,122 |
| Grand Canyon University, 4.125%, 10/1/24 | | 4,750 | 4,500,102 |
| | | | $ 7,151,224 |
| Hospital — 0.8% |
| CommonSpirit Health, 6.073%, 11/1/27 | $ | 3,500 | $ 3,595,695 |
| Little Co. of Mary Hospital of Indiana, Inc.: | | | |
| 1.399%, 11/1/23 | | 125 | 122,269 |
| 1.581%, 11/1/24 | | 360 | 341,105 |
| 1.973%, 11/1/25 | | 325 | 298,785 |
| | | | $ 4,357,854 |
Total Corporate Bonds
(identified cost $12,115,318) | | | $ 11,509,078 |
| Tax-Exempt Municipal Obligations — 90.0% |
| Security | Principal
Amount
(000's omitted) | Value |
| Bond Bank — 2.2% |
| Delaware Valley Regional Finance Authority, PA, (LOC: TD Bank N.A.), 4.00%, 3/1/52(1) | $ | 9,000 | $ 9,000,000 |
| Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/25 | | 3,000 | 3,179,220 |
| | | | $ 12,179,220 |
| Education — 5.7% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.671%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(2) | $ | 2,000 | $ 1,945,340 |
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.80% to 2/10/26 (Put Date), 7/1/48 | | 4,000 | 3,980,160 |
| Forest Grove, OR, (Pacific University), Series 2015A, 5.00%, 5/1/23 | | 400 | 400,512 |
| Massachusetts Development Finance Agency, (Harvard University): | | | |
| 4.00%, 7/15/36 | | 3,145 | 3,229,412 |
| 5.00%, 7/15/34 | | 5,000 | 5,425,200 |
| New York Dormitory Authority, (School Districts Revenue Bond Financing Program): | | | |
| 5.00%, 10/1/28 | | 1,860 | 2,011,720 |
| 5.00%, 10/1/29 | | 3,000 | 3,245,760 |
| 5.00%, 10/1/30 | | 2,000 | 2,164,540 |
| Security | Principal
Amount
(000's omitted) | Value |
| Education (continued) |
| Oregon Health and Science University, 5.00%, 7/1/39 | $ | 2,250 | $ 2,350,013 |
| University of North Carolina at Chapel Hill, 3.886%, (67% of SOFR + 0.65%), 6/1/25 (Put Date), 12/1/41(2) | | 6,300 | 6,289,227 |
| | | | $ 31,041,884 |
| Electric Utilities — 4.4% |
| Arkansas River Power Authority, CO, 5.00%, 10/1/30 | $ | 1,000 | $ 1,053,350 |
| Halifax County Industrial Development Authority, VA, (Virginia Electric and Power Co.), 1.65% to 5/31/24 (Put Date), 12/1/41 | | 3,335 | 3,245,889 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co., Inc.), (AMT), 3.25%, 1/1/25 | | 3,000 | 2,975,190 |
| Long Island Power Authority, NY, Electric System Revenue, Series 2015C, 4.013%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2) | | 5,770 | 5,772,712 |
| Monroe County Development Authority, GA, (Georgia Power Co. Plant Scherer), 1.00% to 8/21/26 (Put Date), 7/1/49 | | 1,000 | 894,600 |
| Philadelphia, PA, Gas Works Revenue: | | | |
| 5.00%, 8/1/26 | | 3,545 | 3,702,681 |
| (LOC: TD Bank, N.A.), 3.95%, 8/1/31(1) | | 400 | 400,000 |
| South Carolina Public Service Authority, 5.724%, 12/1/23 | | 1,525 | 1,527,852 |
| Utility Debt Securitization Authority, NY, 5.00%, 12/15/35 | | 1,365 | 1,456,318 |
| Western Minnesota Municipal Power Agency: | | | |
| 5.00%, 1/1/26 | | 1,345 | 1,433,286 |
| 5.00%, 1/1/28 | | 1,400 | 1,561,630 |
| | | | $ 24,023,508 |
| Escrowed/Prerefunded — 1.3% |
| Lancaster Industrial Development Authority, PA, (Garden Spot Village), Escrowed to Maturity, 5.00%, 5/1/23 | $ | 340 | $ �� 340,598 |
| Louisiana, Highway Improvement Revenue, Prerefunded to 6/15/24, 5.00%, 6/15/25 | | 750 | 771,210 |
| 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 | 369,108 |
| Escrowed to Maturity, 4.00%, 4/1/26 | | 375 | 390,720 |
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/24, 4.00%, 6/15/28 | | 5,000 | 5,085,850 |
| | | | $ 6,957,486 |
| General Obligations — 22.3% |
| Bergen County Improvement Authority, NJ, (County Administration Complex), 5.00%, 11/15/24 | $ | 1,100 | $ 1,143,813 |
| California, 4.00%, 10/1/24 | | 8,000 | 8,179,520 |
7
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations (continued) |
| Chicago Board of Education, IL: | | | |
| 5.00%, 12/1/26 | $ | 2,000 | $ 2,075,600 |
| 5.00%, 12/1/30 | | 2,690 | 2,793,430 |
| Chicago, IL, 5.25%, 1/1/30 | | 2,000 | 2,018,060 |
| Commonwealth of Massachusetts, 5.00%, 10/1/29 | | 3,485 | 4,068,668 |
| Cook County School District No. 63, IL, 5.00%, 12/1/28 | | 2,595 | 2,898,200 |
| Detroit, MI, 5.00%, 4/1/25 | | 150 | 153,082 |
| Fort Bend Independent School District, TX, (PSF Guaranteed): | | | |
| 2.375% to 8/1/24 (Put Date), 8/1/49 | | 4,000 | 3,949,000 |
| 3.00% to 8/1/23 (Put Date), 8/1/52 | | 3,000 | 2,996,040 |
| Gwinnett County School District, GA, 5.00%, 2/1/26 | | 2,220 | 2,326,338 |
| Hawaii, 5.00%, 4/1/23 | | 5,000 | 5,000,000 |
| Honolulu City and County, HI, (Honululu Rail Transit Project), 5.00% to 9/1/23 (Put Date), 9/1/24 | | 5,000 | 5,016,850 |
| Houston Independent School District, TX, (PSF Guaranteed), 3.50% to 6/1/25 (Put Date), 6/1/39 | | 3,700 | 3,729,008 |
| Illinois: | | | |
| 5.00%, 2/1/25 | | 4,000 | 4,140,520 |
| 5.00%, 3/1/25 | | 3,250 | 3,369,405 |
| 5.00%, 11/1/25 | | 1,500 | 1,574,985 |
| 5.00%, 11/1/26 | | 5,000 | 5,347,250 |
| 5.50%, 5/1/30 | | 500 | 563,170 |
| Leander Independent School District, TX, (PSF Guaranteed): | | | |
| 5.00%, 8/15/26 | | 1,150 | 1,246,462 |
| 5.00%, 8/15/27 | | 1,000 | 1,111,270 |
| Millcreek Township School District, PA, 5.00%, 9/15/25 | | 500 | 505,375 |
| New Jersey, 2.00%, 6/1/27 | | 4,000 | 3,825,764 |
| New York, NY: | | | |
| 5.00%, 8/1/24 | | 2,000 | 2,040,240 |
| 5.00%, 3/1/30 | | 5,000 | 5,102,800 |
| Ocean City, NJ, 2.00%, 10/15/31 | | 745 | 670,172 |
| Portland Community College District, OR, 5.00%, 6/15/28 | | 1,000 | 1,081,230 |
| Prosper Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32 | | 3,290 | 3,512,141 |
| Puerto Rico: | | | |
| 5.25%, 7/1/23 | | 6,000 | 6,009,000 |
| 5.625%, 7/1/27 | | 4,200 | 4,344,228 |
| 5.625%, 7/1/29 | | 2,000 | 2,091,200 |
| Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/23 | | 13,010 | 12,937,925 |
| Spring Branch Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/25 | | 6,500 | 6,789,770 |
| Texas, 5.00%, 8/1/36 | | 1,000 | 1,042,870 |
| Wisconsin: | | | |
| 5.00%, 5/1/28 | | 2,195 | 2,488,230 |
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations (continued) |
| Wisconsin: (continued) | | | |
| 5.00%, 5/1/29 | $ | 3,995 | $ 4,628,687 |
| | | | $120,770,303 |
| Hospital — 4.2% |
| Akron, Bath and Copley Joint Township Hospital District, OH, (Children's Hospital Medical Center of Akron), 5.00%, 11/15/27 | $ | 1,175 | $ 1,294,133 |
| Allegheny County Hospital Development Authority, PA, (UPMC), 4.39%, (SIFMA + 0.42%), 11/15/24(2) | | 2,000 | 1,987,580 |
| Batesville Public Facilities Board, AR, (White River Health System, Inc.), 5.00%, 6/1/23 | | 795 | 796,773 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 3.45% to 10/31/25 (Put Date), 1/15/48 | | 1,500 | 1,517,220 |
| Geisinger Authority, PA, (Geisinger Health System), 5.00% to 2/15/27 (Put Date), 4/1/43 | | 4,000 | 4,243,600 |
| Hamilton County, OH, (Cincinnati Children's Hospital Medical Center), 5.00%, 5/15/24 | | 1,250 | 1,280,512 |
| Hawaii Department of Budget and Finance, (Hawaii Pacific Health Group), 5.00%, 7/1/24 | | 460 | 462,392 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/29 | | 410 | 404,215 |
| Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00% to 10/1/26 (Put Date), 10/1/47 | | 3,500 | 3,701,390 |
| Ohio, (Cleveland Clinic Health System), 4.00%, 1/1/36 | | 2,000 | 2,053,820 |
| Oregon Facilities Authority, (Providence Health and Services Group), 5.00%, 10/1/24 | | 1,000 | 1,011,550 |
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group): | | | |
| 5.00%, 12/1/23 | | 250 | 251,740 |
| 5.00%, 12/1/24 | | 285 | 287,320 |
| Tarrant County Cultural Education Facilities Finance Corp.,TX, (Baylor Scott & White Healthcare), 5.00% to 5/15/26 (Put Date), 11/15/52 | | 2,000 | 2,115,800 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/25 | | 1,230 | 1,262,263 |
| | | | $ 22,670,308 |
| Housing — 3.1% |
| District of Columbia Housing Finance Agency, 3.00% to 9/1/26 (Put Date), 9/1/28 | $ | 2,350 | $ 2,317,171 |
| District of Columbia Housing Finance Agency, (Faircliff Plaza East Apartments), 5.00% to 12/1/25 (Put Date), 12/1/26 | | 2,775 | 2,892,604 |
| Massachusetts Housing Finance Agency, Sustainability Bonds, 4.00%, 12/1/25 | | 2,500 | 2,564,475 |
| Michigan Housing Development Authority, 3.75%, 4/1/27 | | 2,250 | 2,261,723 |
8
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Housing (continued) |
| New York City Housing Development Corp., NY: | | | |
| 0.90% to 1/1/26 (Put Date), 11/1/60 | $ | 3,000 | $ 2,779,440 |
| Sustainable Development Bonds, 3.40% to 12/22/26 (Put Date), 11/1/62 | | 2,000 | 2,009,000 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): | | | |
| 5.00%, 7/1/32 | | 365 | 382,494 |
| 5.00%, 7/1/33 | | 300 | 313,371 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/27 | | 500 | 508,595 |
| Sandoval County, NM, MFMR, 6.00%, 5/1/32(3) | | 455 | 455,114 |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(4) | | 95 | 95,000 |
| | | | $ 16,578,987 |
| Industrial Development Revenue — 7.2% |
| Allegheny County Industrial Development Authority, PA, (United States Steel Corp.), 4.875%, 11/1/24 | $ | 1,500 | $ 1,502,520 |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 6/3/24 (Put Date), 6/1/49 | | 5,675 | 5,743,668 |
| Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3) | | 1,880 | 1,871,521 |
| Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 4.40% to 11/1/23 (Put Date), 11/1/41 | | 5,000 | 5,024,950 |
| Monroe County Development Authority, GA, (Georgia Power Co. Plant Scherer), 3.875% to 3/6/26 (Put Date), 10/1/48 | | 1,000 | 1,014,570 |
| Montgomery County Industrial Development Authority, PA, (Constellation Energy Generation, LLC), 4.10% to 4/3/28 (Put Date), 4/1/53(5) | | 2,000 | 2,031,620 |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29(3) | | 860 | 748,131 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(3) | | 435 | 370,237 |
| North Carolina Capital Facilities Finance Agency, (Republic Services, Inc.), 3.65% to 6/1/23 (Put Date), 7/1/34(6) | | 4,000 | 4,003,120 |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 3.50% to 5/1/23 (Put Date), 8/1/45(6) | | 6,000 | 5,999,100 |
| Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.625%, 11/1/25 | | 1,000 | 962,390 |
| Security | Principal
Amount
(000's omitted) | Value |
| Industrial Development Revenue (continued) |
| West Virginia Economic Development Authority, (Appalachian Power Co.), 3.75% to 6/1/25 (Put Date), 12/1/42 | $ | 4,500 | $ 4,486,905 |
| Whiting, IN, (BP Products North America, Inc.), (AMT), 5.00% to 6/5/26 (Put Date), 12/1/44 | | 5,000 | 5,115,750 |
| | | | $ 38,874,482 |
| Insured - Education — 0.7% |
| Atlantic County Improvement Authority, NJ, (Stockton University Atlantic City Campus Phase II): | | | |
| (AGM), 5.00%, 7/1/24 | $ | 100 | $ 102,521 |
| (AGM), 5.00%, 7/1/26 | | 100 | 106,433 |
| California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23 | | 175 | 176,745 |
| New York Dormitory Authority, (Northwell Health Obligation Group), (BAM), 5.00%, 10/1/25 | | 2,975 | 3,147,193 |
| | | | $ 3,532,892 |
| Insured - Electric Utilities — 0.3% |
| Paducah Electric Plant Board, KY, (AGM), 5.00%, 10/1/26 | $ | 1,100 | $ 1,185,525 |
| Puerto Rico Electric Power Authority: | | | |
| (NPFG), 5.00%, 7/1/23 | | 160 | 159,998 |
| (NPFG), 5.00%, 7/1/24 | | 115 | 115,100 |
| (NPFG), Series SS, 5.00%, 7/1/25 | | 300 | 300,261 |
| | | | $ 1,760,884 |
| Insured - Escrowed/Prerefunded — 0.2% |
| Louisiana Energy & Power Authority, (AGM), Prerefunded to 6/1/23, 5.25%, 6/1/25 | $ | 1,125 | $ 1,129,635 |
| | | | $ 1,129,635 |
| Insured - General Obligations — 1.2% |
| Atlantic City, NJ, (BAM), 5.00%, 3/1/26 | $ | 250 | $ 266,413 |
| Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/28 | | 400 | 421,440 |
| Jackson Township Board of Education of Ocean County, NJ, (NPFG), 5.25%, 6/15/23 | | 3,075 | 3,090,283 |
| McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/24 | | 1,075 | 1,091,232 |
| Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/31 | | 910 | 1,026,089 |
| Will and Cook Counties Community High School District No. 210, IL, (AGM), 4.00%, 1/1/34 | | 650 | 672,951 |
| | | | $ 6,568,408 |
9
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Insured - Hospital — 0.0%(7) |
| Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ | 250 | $ 259,545 |
| | | | $ 259,545 |
| Insured - Special Tax Revenue — 0.4% |
| Garden State Preservation Trust, NJ, (AGM), 5.75%, 11/1/28 | $ | 1,000 | $ 1,107,250 |
| Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/25 | | 1,140 | 1,047,614 |
| | | | $ 2,154,864 |
| Insured - Water and Sewer — 0.1% |
| Pittsburgh Water and Sewer Authority, PA, (AGM), 4.62%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(2) | $ | 500 | $ 500,160 |
| | | | $ 500,160 |
| Lease Revenue/Certificates of Participation — 1.9% |
| California State Public Works Board, 5.00%, 11/1/26 | $ | 2,725 | $ 2,762,959 |
| Minnesota, 5.00%, 3/1/27 | | 3,000 | 3,302,850 |
| New Jersey Economic Development Authority, (Portal N Bridge Project), 5.00%, 11/1/25 | | 600 | 631,752 |
| New Jersey Economic Development Authority, (State House), 4.00%, 6/15/29 | | 3,340 | 3,511,977 |
| | | | $ 10,209,538 |
| Other Revenue — 4.2% |
| Black Belt Energy Gas District, AL, 4.34%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(2) | $ | 5,000 | $ 4,833,150 |
| California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 4.32%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2) | | 1,050 | 1,038,209 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(4) | | 1,200 | 216,000 |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(3) | | 1,025 | 1,059,102 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00%, 6/1/25 | | 1,000 | 1,020,430 |
| Minnesota Municipal Gas Agency: | | | |
| (Liq: Royal Bank of Canada), 4.00%, 12/1/23 | | 2,000 | 2,008,180 |
| (Liq: Royal Bank of Canada), 4.236%, (67% of SOFR + 1.00%), 12/1/27 (Put Date), 12/1/52(2) | | 7,500 | 7,348,125 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 3.984%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(2) | | 2,000 | 2,002,820 |
| Security | Principal
Amount
(000's omitted) | Value |
| Other Revenue (continued) |
| Philadelphia Redevelopment Authority, PA, (Transformation Initiative), 5.00%, 4/15/24 | $ | 750 | $ 751,245 |
| Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | | 170 | 169,985 |
| Will and Kankakee Counties Community Unit School District No. 255-U, IL: | | | |
| 5.00%, 6/1/23 | | 675 | 677,396 |
| 5.00%, 6/1/24 | | 590 | 604,313 |
| 5.00%, 6/1/25 | | 1,000 | 1,047,010 |
| | | | $ 22,775,965 |
| Senior Living/Life Care — 3.0% |
| California Public Finance Authority, (Enso Village), Green Bonds, 2.125%, 11/15/27(3) | $ | 500 | $ 475,035 |
| Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court): | | | |
| 4.00%, 4/1/26(3) | | 830 | 795,414 |
| 4.00%, 4/1/27(3) | | 765 | 722,267 |
| 4.00%, 4/1/29(3) | | 935 | 856,152 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 4.67%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42(2) | | 435 | 423,451 |
| Illinois Finance Authority, (Smith Crossing): | | | |
| 4.00%, 10/15/23 | | 210 | 209,116 |
| 4.00%, 10/15/25 | | 300 | 292,875 |
| James City County Economic Development Authority, VA, (Williamsburg Landing): | | | |
| 4.00%, 12/1/26 | | 435 | 422,572 |
| 4.00%, 12/1/27 | | 440 | 423,482 |
| 4.00%, 12/1/28 | | 455 | 433,651 |
| Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.): | | | |
| 5.00%, 8/1/23 | | 705 | 704,901 |
| 5.00%, 8/1/24 | | 480 | 479,659 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): | | | |
| 4.25%, 1/1/33 | | 2,105 | 1,911,403 |
| 5.00%, 1/1/30 | | 1,265 | 1,245,722 |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven): | | | |
| 4.25%, 10/1/26 | | 2,000 | 1,970,680 |
| 4.50%, 10/1/26 | | 2,000 | 1,970,820 |
| Public Finance Authority, WI, (SearStone CCRC), 2.25%, 6/1/27(3) | | 1,500 | 1,350,465 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): | | | |
| 4.00%, 12/1/23 | | 220 | 218,621 |
| 4.00%, 12/1/27 | | 355 | 337,978 |
10
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Senior Living/Life Care (continued) |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): (continued) | | | |
| 4.00%, 12/1/28 | $ | 370 | $ 348,107 |
| West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | | | |
| 4.00%, 11/15/23 | | 140 | 139,499 |
| 4.00%, 11/15/25 | | 115 | 113,063 |
| 4.00%, 11/15/26 | | 125 | 121,955 |
| 4.00%, 11/15/27 | | 130 | 125,788 |
| 4.00%, 11/15/28 | | 110 | 105,500 |
| | | | $ 16,198,176 |
| Special Tax Revenue — 6.8% |
| Baltimore, MD, (Harbor Point): | | | |
| 3.05%, 6/1/28(3) | $ | 190 | $ 173,158 |
| 3.15%, 6/1/29(3) | | 200 | 180,130 |
| 3.20%, 6/1/30(3) | | 200 | 177,806 |
| Bullhead, AZ, Excise Taxes Revenue: | | | |
| 0.95%, 7/1/26 | | 350 | 325,301 |
| 1.15%, 7/1/27 | | 750 | 690,630 |
| Garden State Preservation Trust, NJ, 4.00%, 11/1/23 | | 2,040 | 2,041,448 |
| Massachusetts School Building Authority, 5.00%, 8/15/37 | | 3,170 | 3,313,569 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 12/15/27 | | 1,000 | 1,043,930 |
| Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.00%, 10/1/24 | | 2,500 | 2,504,725 |
| New River Community Development District, FL, (Capital Improvements): | | | |
| 5.00%, 5/1/13(4) | | 280 | 0 |
| 5.75%, 5/1/38 | | 310 | 312,365 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: | | | |
| (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 8/1/39(8) | | 2,200 | 2,200,000 |
| (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 2/1/45(8) | | 2,000 | 2,000,000 |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 9/15/28 | | 6,000 | 6,844,860 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 5.00%, 12/1/25 | | 6,350 | 6,444,044 |
| South Orange County Public Financing Authority, CA, 5.00%, 8/15/24 | | 1,000 | 1,010,630 |
| Sterling Hill Community Development District, FL, (Capital Improvements), 5.50%, 11/1/10(4) | | 276 | 148,810 |
| Security | Principal
Amount
(000's omitted) | Value |
| Special Tax Revenue (continued) |
| Terrebonne Levee and Conservation District, LA, (Public Improvement Sales Tax), Prerefunded to 7/1/23, 5.00%, 7/1/25 | $ | 2,815 | $ 2,830,004 |
| Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.00%, 11/15/32 | | 3,600 | 4,358,880 |
| | | | $ 36,600,290 |
| Student Loan — 1.0% |
| Iowa Student Loan Liquidity Corp., (AMT), 5.00%, 12/1/29 | $ | 1,575 | $ 1,744,769 |
| Massachusetts Educational Financing Authority: | | | |
| (AMT), 3.50%, 7/1/33 | | 2,520 | 2,429,431 |
| (AMT), 3.625%, 7/1/38 | | 1,500 | 1,412,190 |
| | | | $ 5,586,390 |
| Transportation — 17.0% |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 4.27%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(2) | $ | 5,000 | $ 4,882,750 |
| Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/26 | | 1,000 | 1,079,130 |
| Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/25 | | 4,000 | 4,053,840 |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/25 | | 3,325 | 3,529,022 |
| Denver City and County, CO, Airport System Revenue: | | | |
| (AMT), 5.00%, 11/15/24 | | 2,000 | 2,063,920 |
| (AMT), 5.00%, 11/15/28 | | 4,920 | 5,401,373 |
| (AMT), 5.25%, 11/15/26 | | 1,000 | 1,079,410 |
| (AMT), 5.25%, 11/15/27 | | 1,100 | 1,205,853 |
| (AMT), 5.50%, 11/15/27 | | 5,000 | 5,056,950 |
| Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/27 | | 2,550 | 2,751,425 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/30 | | 5,000 | 5,381,200 |
| Massachusetts Port Authority, (AMT), 5.00%, 7/1/34 | | 3,000 | 3,061,950 |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/28 | | 1,000 | 1,084,100 |
| Metropolitan Washington Airports Authority, D.C.: | | | |
| (AMT), 5.00%, 10/1/28 | | 2,265 | 2,482,100 |
| (AMT), 5.00%, 10/1/29 | | 4,000 | 4,024,160 |
| (AMT), 5.00%, 10/1/32 | | 6,360 | 6,693,328 |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/28 | | 3,000 | 3,247,080 |
| North Carolina Turnpike Authority, (Triangle Expressway System), Escrowed to Maturity, 5.00%, 2/1/24 | | 5,280 | 5,373,878 |
11
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Transportation (continued) |
| Ohio, Major New State Infrastructure Project Revenue, 5.00%, 12/15/28 | $ | 1,250 | $ 1,428,713 |
| Pennsylvania Turnpike Commission, 5.00%, 12/1/39 | | 2,850 | 3,070,932 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/23 | | 4,460 | 4,477,483 |
| Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/34 | | 1,000 | 1,012,970 |
| Port of Seattle, WA: | | | |
| (AMT), 5.00%, 8/1/24 | | 2,495 | 2,553,158 |
| (AMT), 5.00%, 8/1/30 | | 2,500 | 2,810,825 |
| (AMT), 5.00%, 5/1/33 | | 2,000 | 2,119,220 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/32 | | 4,000 | 4,247,880 |
| Salt Lake City, UT, Airport Revenue, (AMT), 5.00%, 7/1/31 | | 2,460 | 2,654,684 |
| South Carolina Transportation Infrastructure Bank, 4.00%, 10/1/28 | | 4,500 | 4,624,785 |
| South Jersey Transportation Authority, NJ, 5.00%, 11/1/24 | | 395 | 404,543 |
| | | | $ 91,856,662 |
| Water and Sewer — 2.8% |
| Atlanta, GA, Water and Wastewater Revenue, 4.00%, 11/1/36 | $ | 4,000 | $ 4,085,720 |
| Austin, TX, Water and Wastewater System Revenue, 5.00%, 11/15/28 | | 2,250 | 2,560,838 |
| King County, WA, Sewer Revenue, 4.00%, 7/1/30 | | 5,255 | 5,333,878 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/35 | | 3,050 | 3,227,662 |
| | | | $ 15,208,098 |
Total Tax-Exempt Municipal Obligations
(identified cost $484,297,171) | | | $487,437,685 |
| Taxable Municipal Obligations — 7.4% |
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations — 1.5% |
| California, 5.222%, 3/1/24 | $ | 3,850 | $ 3,863,051 |
| Detroit, MI, Social Bonds, 2.711%, 4/1/26 | | 700 | 627,333 |
| Homewood, AL, 2.00%, 9/1/26 | | 625 | 579,744 |
| Maryland, 0.41%, 8/1/23 | | 3,000 | 2,955,570 |
| Nashua, NH, 1.40%, 1/15/33 | | 375 | 279,041 |
| | | | $ 8,304,739 |
| Security | Principal
Amount
(000's omitted) | Value |
| Hospital — 0.3% |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | $ | 1,205 | $ 1,131,411 |
| Middleburg Heights, OH, (Southwest General Health Center), 2.025%, 8/1/23 | | 615 | 608,358 |
| | | | $ 1,739,769 |
| Industrial Development Revenue — 0.3% |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Louisiana Utilities Restoration Corp./ELL), 5.081%, 6/1/31 | $ | 1,795 | $ 1,810,904 |
| | | | $ 1,810,904 |
| Insured - General Obligations — 0.1% |
| Valley View School District, PA, (BAM), 1.55%, 5/15/24 | $ | 250 | $ 239,402 |
| Westland, MI, (BAM), 1.734%, 11/1/31 | | 400 | 316,740 |
| | | | $ 556,142 |
| Insured - Transportation — 0.4% |
| Miami-Dade County, FL, Seaport Revenue, (AGM), 1.349%, 10/1/26 | $ | 2,035 | $ 1,826,087 |
| | | | $ 1,826,087 |
| Other Revenue — 1.3% |
| Golden State Tobacco Securitization Corp., CA, 1.337%, 6/1/23 | $ | 7,235 | $ 7,190,071 |
| | | | $ 7,190,071 |
| Senior Living/Life Care — 1.0% |
| Butler County Port Authority, OH, (Community First Solutions), 2.25%, 5/15/26 | $ | 215 | $ ��� 207,090 |
| Indiana Finance Authority, (BHI Senior Living), 2.45%, 11/15/25 | | 355 | 329,756 |
| Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.60%, 11/15/24 | | 4,000 | 3,785,880 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), Green Bonds, 1.25%, 6/1/26 | | 1,310 | 1,197,117 |
| | | | $ 5,519,843 |
| Special Tax Revenue — 1.8% |
| American Samoa Economic Development Authority, 2.47%, 9/1/24(3) | $ | 475 | $ 454,580 |
12
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Special Tax Revenue (continued) |
| Massachusetts School Building Authority, Social Bonds, 1.753%, 8/15/30 | $ | 3,500 | $ 2,968,070 |
| Massachusetts, Special Obligation Revenue Bonds, Social Bonds, 3.564%, 7/15/23 | | 6,500 | 6,478,745 |
| | | | $ 9,901,395 |
| Student Loan — 0.3% |
| Massachusetts Educational Financing Authority, 3.875%, 7/1/23 | $ | 1,100 | $ 1,096,073 |
| Rhode Island Student Loan Authority, 2.373%, 12/1/28 | | 400 | 348,380 |
| | | | $ 1,444,453 |
| Transportation — 0.4% |
| Port of Seattle, WA, 3.325%, 8/1/23 | $ | 2,000 | $ 1,989,820 |
| | | | $ 1,989,820 |
Total Taxable Municipal Obligations
(identified cost $41,322,708) | | | $ 40,283,223 |
Total Investments — 99.5%
(identified cost $537,735,197) | | | $539,229,986 |
| Other Assets, Less Liabilities — 0.5% | | | $ 2,702,388 |
| Net Assets — 100.0% | | | $541,932,374 |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2023. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2023. |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2023, the aggregate value of these securities is $9,689,111 or 1.8% of the Fund's net assets. |
| (4) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
| (5) | When-issued security. |
| (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 March 31, 2023. |
| (7) | Amount is less than 0.05%. |
| (8) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2023. |
| At March 31, 2023, 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 March 31, 2023, 3.4% 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 1.7% of total investments. |
| Abbreviations: |
| 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 |
13
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Statement of Assets and Liabilities
| | March 31, 2023 |
| Assets | |
| Investments, at value (identified cost $537,735,197) | $ 539,229,986 |
| Cash | 1,078,602 |
| Interest receivable | 6,506,705 |
| Receivable for investments sold | 4,315,000 |
| Receivable for Fund shares sold | 319,994 |
| Total assets | $551,450,287 |
| Liabilities | |
| Payable for investments purchased | $ 3,850,951 |
| Payable for when-issued securities | 2,000,000 |
| Payable for Fund shares redeemed | 2,701,063 |
| Distributions payable | 480,511 |
| Payable to affiliates: | |
| Investment adviser fee | 186,568 |
| Distribution and service fees | 32,265 |
| Accrued expenses | 266,555 |
| Total liabilities | $ 9,517,913 |
| Net Assets | $541,932,374 |
| Sources of Net Assets | |
| Paid-in capital | $ 569,813,793 |
| Accumulated loss | (27,881,419) |
| Net Assets | $541,932,374 |
| Class A Shares | |
| Net Assets | $ 180,720,575 |
| Shares Outstanding | 19,377,450 |
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.33 |
Maximum Offering Price Per Share
(100 ÷ 96.75 of net asset value per share) | $ 9.64 |
| Class C Shares | |
| Net Assets | $ 11,732,512 |
| Shares Outstanding | 1,340,797 |
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding) | $ 8.75 |
| Class I Shares | |
| Net Assets | $ 349,479,287 |
| Shares Outstanding | 37,454,979 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.33 |
| 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. |
14
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
| | Year Ended |
| | March 31, 2023 |
| Investment Income | |
| Interest income | $ 18,159,591 |
| Total investment income | $ 18,159,591 |
| Expenses | |
| Investment adviser fee | $ 2,351,361 |
| Distribution and service fees: | |
| Class A | 304,261 |
| Class C | 117,575 |
| Trustees’ fees and expenses | 43,539 |
| Custodian fee | 148,822 |
| Transfer and dividend disbursing agent fees | 194,437 |
| Legal and accounting services | 88,976 |
| Printing and postage | 20,739 |
| Registration fees | 160,315 |
| Miscellaneous | 92,717 |
| Total expenses | $ 3,522,742 |
| Net investment income | $ 14,636,849 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (17,308,388) |
| Net realized loss | $(17,308,388) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 6,450,062 |
| Net change in unrealized appreciation (depreciation) | $ 6,450,062 |
| Net realized and unrealized loss | $(10,858,326) |
| Net increase in net assets from operations | $ 3,778,523 |
15
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Statements of Changes in Net Assets
| | Year Ended March 31, |
| | 2023 | 2022 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 14,636,849 | $ 10,411,366 |
| Net realized loss | (17,308,388) | (5,743,965) |
| Net change in unrealized appreciation (depreciation) | 6,450,062 | (23,434,774) |
| Net increase (decrease) in net assets from operations | $ 3,778,523 | $ (18,767,373) |
| Distributions to shareholders: | | |
| Class A | $ (4,740,968) | $ (3,593,098) |
| Class C | (207,941) | (113,484) |
| Class I | (9,896,740) | (6,689,091) |
| Total distributions to shareholders | $ (14,845,649) | $ (10,395,673) |
| Transactions in shares of beneficial interest: | | |
| Class A | $ (43,320,906) | $ 15,192,700 |
| Class C | (1,754,610) | (42,625) |
| Class I | (25,974,508) | 31,183,664 |
| Net increase (decrease) in net assets from Fund share transactions | $ (71,050,024) | $ 46,333,739 |
| Net increase (decrease) in net assets | $ (82,117,150) | $ 17,170,693 |
| Net Assets | | |
| At beginning of year | $ 624,049,524 | $ 606,878,831 |
| At end of year | $541,932,374 | $624,049,524 |
16
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
| | Class A |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.480 | $ 9.910 | $ 9.700 | $ 9.790 | $ 9.730 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.215 | $ 0.148 | $ 0.215 | $ 0.251 | $ 0.272 |
| Net realized and unrealized gain (loss) | (0.145) | (0.430) | 0.215 | (0.087) | 0.058 |
| Total income (loss) from operations | $ 0.070 | $ (0.282) | $ 0.430 | $ 0.164 | $ 0.330 |
| Less Distributions | | | | | |
| From net investment income | $ (0.220) | $ (0.148) | $ (0.220) | $ (0.254) | $ (0.270) |
| Total distributions | $ (0.220) | $ (0.148) | $ (0.220) | $ (0.254) | $ (0.270) |
| Net asset value — End of year | $ 9.330 | $ 9.480 | $ 9.910 | $ 9.700 | $ 9.790 |
| Total Return(2) | 0.77% | (2.89)% | 4.47% | 1.66% | 3.45% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $180,721 | $227,994 | $223,318 | $180,506 | $192,155 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.66% | 0.61% | 0.65% | 0.66% | 0.68% |
| Net investment income | 2.31% | 1.50% | 2.18% | 2.55% | 2.80% |
| Portfolio Turnover | 110% | 70% | 81% | 40% | 14% |
| (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. |
17
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Financial Highlights — continued
| | Class C |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 8.900 | $ 9.290 | $ 9.100 | $ 9.180 | $ 9.120 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.136 | $ 0.070 | $ 0.138 | $ 0.167 | $ 0.186 |
| Net realized and unrealized gain (loss) | (0.145) | (0.390) | 0.189 | (0.078) | 0.059 |
| Total income (loss) from operations | $ (0.009) | $ (0.320) | $ 0.327 | $ 0.089 | $ 0.245 |
| Less Distributions | | | | | |
| From net investment income | $ (0.141) | $ (0.070) | $ (0.137) | $ (0.169) | $ (0.185) |
| Total distributions | $ (0.141) | $ (0.070) | $ (0.137) | $ (0.169) | $ (0.185) |
| Net asset value — End of year | $ 8.750 | $ 8.900 | $ 9.290 | $ 9.100 | $ 9.180 |
| Total Return(2) | (0.08)% | (3.47)% | 3.61% | 0.95% | 2.73% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $11,733 | $13,732 | $14,426 | $24,108 | $35,667 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 1.41% | 1.36% | 1.40% | 1.41% | 1.43% |
| Net investment income | 1.56% | 0.75% | 1.49% | 1.80% | 2.05% |
| Portfolio Turnover | 110% | 70% | 81% | 40% | 14% |
| (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. |
18
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Financial Highlights — continued
| | Class I |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.490 | $ 9.910 | $ 9.700 | $ 9.790 | $ 9.730 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.229 | $ 0.163 | $ 0.230 | $ 0.266 | $ 0.286 |
| Net realized and unrealized gain (loss) | (0.155) | (0.420) | 0.215 | (0.087) | 0.059 |
| Total income (loss) from operations | $ 0.074 | $ (0.257) | $ 0.445 | $ 0.179 | $ 0.345 |
| Less Distributions | | | | | |
| From net investment income | $ (0.234) | $ (0.163) | $ (0.235) | $ (0.269) | $ (0.285) |
| Total distributions | $ (0.234) | $ (0.163) | $ (0.235) | $ (0.269) | $ (0.285) |
| Net asset value — End of year | $ 9.330 | $ 9.490 | $ 9.910 | $ 9.700 | $ 9.790 |
| Total Return(2) | 0.82% | (2.64)% | 4.63% | 1.81% | 3.61% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $349,479 | $382,323 | $369,135 | $292,213 | $294,297 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.51% | 0.46% | 0.50% | 0.51% | 0.53% |
| Net investment income | 2.46% | 1.65% | 2.33% | 2.69% | 2.95% |
| Portfolio Turnover | 110% | 70% | 81% | 40% | 14% |
| (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. |
19
See Notes to Financial Statements.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance National Limited Maturity Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
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 March 31, 2023, 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.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Notes to Financial Statements — 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.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended March 31, 2023 and March 31, 2022 was as follows:
| | Year Ended March 31, |
| | 2023 | 2022 |
| Tax-exempt income | $13,438,642 | $9,492,365 |
| Ordinary income | $ 1,407,007 | $ 903,308 |
As of March 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed tax-exempt income | $ 480,511 |
| Deferred capital losses | (29,448,284) |
| Net unrealized appreciation | 1,566,865 |
| Distributions payable | (480,511) |
| Accumulated loss | $(27,881,419) |
At March 31, 2023, the Fund, for federal income tax purposes, had deferred capital losses of $29,448,284 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, 2023, $21,420,974 are short-term and $8,027,310 are long-term.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Notes to Financial Statements — continued
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2023, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $537,663,121 |
| Gross unrealized appreciation | $ 7,320,820 |
| Gross unrealized depreciation | (5,753,955) |
| Net unrealized appreciation | $ 1,566,865 |
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 year ended March 31, 2023, the investment adviser fee amounted to $2,351,361 or 0.38% of the Fund’s average daily net assets. Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended March 31, 2023, EVM earned $18,122 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 $3,568 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2023. 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 year ended March 31, 2023 in the amount of $161. 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 year ended March 31, 2023, 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 year ended March 31, 2023 amounted to $304,261 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2023, the Fund paid or accrued to EVD $97,979 for Class C shares.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Notes to Financial Statements — continued
Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to that class. The Trustees approved service payments equal to 0.15% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended March 31, 2023 amounted to $19,596 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 year ended March 31, 2023, the Fund was informed that EVD received approximately $49,000 and $2,600 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 $640,118,166 and $719,527,729, respectively, for the year ended March 31, 2023.
7 Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:
| | Year Ended
March 31, 2023 | | Year Ended
March 31, 2022 |
| | Shares | Amount | | Shares | Amount |
| Class A | | | | | |
| Sales | 4,679,668 | $ 43,514,159 | | 6,678,373 | $ 65,927,491 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 411,962 | 3,827,204 | | 304,331 | 2,993,762 |
| Redemptions | (9,759,644) | (90,662,269) | | (5,481,731) | (53,728,553) |
| Net increase (decrease) | (4,668,014) | $ (43,320,906) | | 1,500,973 | $ 15,192,700 |
| Class C | | | | | |
| Sales | 429,595 | $ 3,751,287 | | 418,555 | $ 3,888,806 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 22,024 | 191,877 | | 11,479 | 105,974 |
| Redemptions | (654,406) | (5,697,774) | | (438,681) | (4,037,405) |
| Net decrease | (202,787) | $ (1,754,610) | | (8,647) | $ (42,625) |
| Class I | | | | | |
| Sales | 34,387,362 | $ 320,251,381 | | 19,053,048 | $ 187,916,274 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 541,289 | 5,029,783 | | 333,610 | 3,281,465 |
| Redemptions | (37,776,924) | (351,255,672) | | (16,333,091) | (160,014,075) |
| Net increase (decrease) | (2,848,273) | $ (25,974,508) | | 3,053,567 | $ 31,183,664 |
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Notes to Financial Statements — continued
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. 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. Also in connection with the renewal of the agreement, 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 year ended March 31, 2023.
9 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At March 31, 2023, 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 | $ — | $ 11,509,078 | $ — | $ 11,509,078 |
| Tax-Exempt Municipal Obligations | — | 487,437,685 | — | 487,437,685 |
| Taxable Municipal Obligations | — | 40,283,223 | — | 40,283,223 |
| Total Investments | $ — | $539,229,986 | $ — | $539,229,986 |
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.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Report of Independent Registered Public Accounting Firm
To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance National Limited Maturity Municipal Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance National Limited Maturity Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 18, 2023
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.
Exempt-Interest Dividends. For the fiscal year ended March 31, 2023, the Fund designates 90.52% of distributions from net investment income as an exempt-interest dividend.
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Management and Organization
Fund Management. The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 129 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustees |
Thomas E. Faust Jr.
1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Mr. Faust has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance Funds effective on or about August 3, 2023.
Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Anchal Pachnanda(1)
1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust.
Other Directorships. None. |
| Noninterested Trustees |
Alan C. Bowser
1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).
Other Directorships. None. |
Mark R. Fetting
1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia E. Frost
1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other Directorships. None. |
George J. Gorman
1952 | Chairperson
of the Board
and Trustee | Since 2021
(Chairperson) and
2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees (continued) |
Valerie A. Mosley
1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton
1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith
1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland
1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm
1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy A. Wiser
1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees |
Eric A. Stein
1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh
1971 | Vice President and
Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner
1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees (continued) |
Nicholas S. Di Lorenzo
1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio
1968 | Chief Compliance
Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
(1) Ms. Pachnanda began serving as Trustee effective April 1, 2023.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
| 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 |
| Privacy Notice — continued | April 2021 |
| 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. |
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.
Investment Adviser
Boston Management and Research
Two International Place
Boston, MA 02110
Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Eaton Vance
New York Municipal
Opportunities Fund
Annual Report
March 31, 2023
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.
Annual Report March 31, 2023
Eaton Vance
New York Municipal Opportunities Fund
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Management’s Discussion of Fund Performance†
Economic and Market Conditions
As the 12-month period began on April 1, 2022, municipal rates were rising and bond prices were falling. As investors became increasingly concerned about the twin threats of inflation and interest rate hikes, municipal bond mutual funds posted their worst outflow cycle on record.
In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal bond mutual funds experienced their first net inflows since January 2022.
From August through October 2022, municipal returns again turned negative. Fund outflows resumed as investors reacted to statements by U.S. Federal Reserve (Fed) officials that the central bank was not done with rate hikes and fighting inflation remained its top priority. After the Fed’s third straight 0.75% federal funds rate hike, the Bloomberg Municipal Bond Index (the Index) fell 3.84% in September -- its worst one-month performance in 14 years.
However, in the final months of 2022, municipal performance rebounded. Despite the Fed’s fourth 0.75% rate hike in November, the Index rose 4.68% -- its best monthly performance since 1986. Drivers of the rally included Fed signals that future rate hikes might be smaller, as well as growing investor demand amid lower supplies of new municipal bond issues.
The Fed did deliver a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Index -- helped by attractive yields and limited supply -- nonetheless eked out positive performance in December. As the new year began, municipal bonds delivered a third straight month of positive returns, driven by the ongoing supply-demand imbalance, and the return of inflows into open-end mutual funds. In February, however, the municipal rally stalled as robust economic reports -- including unexpectedly high job creation in January -- led investors to fear the Fed might keep rates higher for longer than previously expected.
As the period came to a close, municipal returns turned positive once again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove municipal bonds to their strongest March performance since 2008, despite the Fed announcing its ninth consecutive rate hike that month.
For the period as a whole, the Index returned 0.26% as coupon payments slightly outpaced declining bond prices. While interest rates rose and bond prices fell across the municipal bond yield curve, the largest rate increases during the period occurred at the long and short ends of the curve. In comparison, rates rose only modestly within the five-to-10-year area of the curve. Municipal bonds outperformed U.S. Treasurys throughout the yield curve. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.
Fund Performance
For the 12-month period ended March 31, 2023, Eaton Vance New York Municipal Opportunities Fund (the Fund) returned -0.53% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg Municipal Bond Index (the Index), which returned 0.26%.
To pursue its primary objective of maximizing after-tax total return, the Fund uses a flexible investment strategy and may invest in obligations of any duration or credit quality. Management has the ability to invest up to 20% of net assets in debt obligations other than tax-exempt municipal bonds, including -- but not limited to -- taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. government, its agencies and instrumentalities.
Up to 50% of the Fund’s net assets may be invested in obligations rated below investment-grade quality -- Baa/BBB by Moody’s, S&P or Fitch. The Fund may also seek to hedge interest rate risk and hold leveraged investments. While leveraged investments were not held during the period, the Fund did use U.S. Treasury futures to hedge interest rate risk. By period-end, the Fund no longer employed a futures hedge.
Detractors from Fund performance relative to the Index included security selections in the public power sector, security selections in 4% coupon bonds, and security selections and an overweight position in the health care sector. Spread widening within the health care sector hurt bond returns, as operating margins for health care providers were pressured by labor shortages and rising expenses during the period.
In contrast, contributors to Fund performance versus the Index included the timing of the Fund’s futures hedge; security selections in the industrial development revenue sector; and an overweight position in short- and intermediate-maturity bonds with 1-8 years remaining to maturity, which outperformed long-maturity bonds and the Index as a whole during the period.
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.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Trevor G. Smith
| % Average Annual Total Returns1,2 | Class
Inception Date | Performance
Inception Date | One Year | Five Years | Ten Years |
| Class A at NAV | 06/27/1996 | 05/29/1992 | (0.53)% | 1.57% | 1.42% |
| Class A with 3.25% Maximum Sales Charge | — | — | (3.73) | 0.91 | 1.09 |
| Class C at NAV | 12/08/1993 | 05/29/1992 | (1.20) | 0.83 | 0.81 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | (2.17) | 0.83 | 0.81 |
| Class I at NAV | 08/03/2010 | 05/29/1992 | (0.38) | 1.72 | 1.58 |
|
| Bloomberg Municipal Bond Index | — | — | 0.26% | 2.03% | 2.38% |
| Bloomberg New York Municipal Bond Index | — | — | 0.57 | 1.86 | 2.30 |
| % 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 | 2.49% | 1.75% | 2.64% |
| Taxable-Equivalent Distribution Rate | 5.16 | 3.62 | 5.47 |
| SEC 30-day Yield | 2.79 | 2.14 | 3.03 |
| Taxable-Equivalent SEC 30-day Yield | 5.78 | 4.43 | 6.28 |
Growth of $10,000
This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
| Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
| Class C | $10,000 | 03/31/2013 | $10,840 | N.A. |
| Class I, at minimum investment | $1,000,000 | 03/31/2013 | $1,169,350 | N.A. |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. 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.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
| 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. |
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Endnotes and Additional Disclosures
| † | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
| | |
| 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. |
| | Additional Information |
| | Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
| | Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
| | Spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2022 to March 31, 2023).
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). 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
(10/1/22) | Ending
Account Value
(3/31/23) | Expenses Paid
During Period*
(10/1/22 – 3/31/23) | Annualized
Expense
Ratio |
| Actual | | | | |
| Class A | $1,000.00 | $1,058.80 | $4.21 | 0.82% |
| Class C | $1,000.00 | $1,056.10 | $8.05 | 1.57% |
| Class I | $1,000.00 | $1,059.60 | $3.44 | 0.67% |
| |
| Hypothetical | | | | |
| (5% return per year before expenses) | | | | |
| Class A | $1,000.00 | $1,020.84 | $4.13 | 0.82% |
| Class C | $1,000.00 | $1,017.10 | $7.90 | 1.57% |
| Class I | $1,000.00 | $1,021.59 | $3.38 | 0.67% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2022. |
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
| Tax-Exempt Municipal Obligations — 95.0% |
| Security | Principal
Amount
(000's omitted) | Value |
| Education — 11.1% |
| Albany Capital Resource Corp., NY, (Empire Commons Student Housing, Inc.), 5.00%, 5/1/26 | $ | 300 | $ 313,626 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Global Concepts Charter School), 5.00%, 10/1/37 | | 405 | 417,757 |
| Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/29 | | 100 | 100,606 |
| Build NYC Resource Corp., NY, (Grand Concourse Academy Charter School), 5.00%, 7/1/32 | | 300 | 323,244 |
| Dutchess County Local Development Corp., NY, (Culinary Institute of America), 4.00%, 7/1/36 | | 200 | 193,854 |
| Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester): | | | |
| 5.00%, 10/1/24 | | 885 | 905,311 |
| 5.00%, 10/1/25 | | 930 | 963,991 |
| Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School), 5.00%, 6/1/40(1) | | 165 | 167,259 |
| Schenectady County Capital Resource Corp., NY, (Union College), 5.25%, 7/1/52 | | 370 | 403,985 |
| St. Lawrence County Industrial Development Agency, NY, (Clarkson University): | | | |
| 5.00%, 9/1/29 | | 90 | 98,585 |
| 5.00%, 9/1/34 | | 125 | 136,790 |
| 5.00%, 9/1/35 | | 125 | 135,578 |
| Series 2021A, 5.00%, 9/1/30 | | 50 | 55,232 |
| Series 2021A, 5.00%, 9/1/31 | | 90 | 100,004 |
| Series 2021A, 5.00%, 9/1/32 | | 70 | 77,307 |
| Series 2021B, 5.00%, 9/1/31 | | 260 | 288,902 |
| Series 2021B, 5.00%, 9/1/32 | | 200 | 220,878 |
| Series 2021B, 5.00%, 9/1/33 | | 225 | 247,358 |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/35 | | 1,000 | 1,090,730 |
| Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence): | | | |
| 4.00%, 10/15/29 | | 330 | 309,695 |
| 4.00%, 10/15/30 | | 410 | 380,382 |
| 5.00%, 10/15/39 | | 80 | 74,866 |
| | | | $ 7,005,940 |
| Escrowed/Prerefunded — 2.6% |
| Chautauqua County Capital Resource Corp., NY, (Jamestown Center City Development Corp.), Prerefunded to 11/1/24, 1.75%, 11/1/31 | $ | 1,650 | $ 1,628,732 |
| | | | $ 1,628,732 |
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations — 6.1% |
| New York, NY: | | | |
| 4.00%, 9/1/46 | $ | 1,000 | $ 978,370 |
| 4.00%, 4/1/50(2) | | 1,000 | 968,300 |
| 5.25%, 10/1/42 | | 1,000 | 1,135,160 |
| Puerto Rico: | | | |
| 0.00%, 7/1/33 | | 38 | 21,655 |
| 5.625%, 7/1/29 | | 208 | 217,570 |
| 5.75%, 7/1/31 | | 63 | 67,374 |
| Valley Stream, NY: | | | |
| 2.00%, 5/15/25 | | 235 | 224,425 |
| 2.125%, 5/15/26 | | 240 | 225,931 |
| | | | $ 3,838,785 |
| Hospital — 7.9% |
| Brookhaven Local Development Corp., NY, (Long Island Community Hospital), 5.00%, 10/1/31 | $ | 650 | $ 723,892 |
| Dutchess County Local Development Corp., NY, (Nuvance Health), 5.00%, 7/1/24 | | 140 | 142,499 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): | | | |
| 4.00%, 11/1/28 | | 1,390 | 1,377,073 |
| 4.00%, 11/1/29 | | 1,110 | 1,094,338 |
| Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/23 | | 500 | 502,080 |
| New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/37 | | 400 | 354,732 |
| New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | | 760 | 799,725 |
| | | | $ 4,994,339 |
| Housing — 2.5% |
| New York City Housing Development Corp., NY, 0.90% to 1/1/26 (Put Date), 11/1/60 | $ | 855 | $ 792,140 |
| Westchester County Local Development Corp., NY, (Purchase Housing Corp. II): | | | |
| 5.00%, 6/1/24 | | 165 | 167,815 |
| 5.00%, 6/1/25 | | 170 | 174,677 |
| 5.00%, 6/1/26 | | 170 | 176,470 |
| 5.00%, 6/1/27 | | 240 | 250,968 |
| | | | $ 1,562,070 |
| Industrial Development Revenue — 7.6% |
| Build NYC Resource Corp., NY, (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1) | $ | 315 | $ 315,796 |
7
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Industrial Development Revenue (continued) |
| Essex County Industrial Development Agency, NY, (International Paper Co.), (AMT), 2.10% to 10/1/24 (Put Date), 3/1/27 | $ | 625 | $ 602,369 |
| 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 | 1,156,676 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.): | | | |
| (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1) | | 250 | 212,780 |
| (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1) | | 1,000 | 935,250 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.00%, 10/1/30 | | 1,000 | 981,930 |
| Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1) | | 610 | 595,207 |
| | | | $ 4,800,008 |
| Insured - Electric Utilities — 3.3% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $ | 2,050 | $ 2,061,849 |
| | | | $ 2,061,849 |
| Insured - General Obligations — 2.4% |
| Clinton County, NY, (AGM), (AMT), 3.50%, 6/1/27 | $ | 1,000 | $ 1,022,310 |
| Nassau County, NY, (AGM), 4.00%, 4/1/47 | | 550 | 531,938 |
| | | | $ 1,554,248 |
| Insured - Solid Waste — 1.5% |
| Onondaga County Resource Recovery Agency, NY: | | | |
| (AGM), (AMT), 5.00%, 5/1/26 | $ | 150 | $ 159,873 |
| (AGM), (AMT), 5.00%, 5/1/28 | | 740 | 805,453 |
| | | | $ 965,326 |
| Lease Revenue/Certificates of Participation — 0.8% |
| Hudson Yards Infrastructure Corp., NY, 5.00%, 2/15/42 | $ | 475 | $ 503,172 |
| | | | $ 503,172 |
| Other Revenue — 3.1% |
| New York City Transitional Finance Authority, NY, (Building Aid), 4.00%, 7/15/45 | $ | 1,000 | $ 993,090 |
| New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/48 | | 1,000 | 978,040 |
| | | | $ 1,971,130 |
| Security | Principal
Amount
(000's omitted) | Value |
| Senior Living/Life Care — 7.8% |
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry): | | | |
| 4.00%, 11/1/45 | $ | 300 | $ 246,591 |
| 5.25%, 11/1/25 | | 750 | 764,828 |
| Broome County Local Development Corp., NY, (Good Shepherd Village at Endwell, Inc.), 3.50%, 7/1/25 | | 455 | 441,605 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/23 | | 1,455 | 1,464,196 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/34 | | 1,000 | 1,006,120 |
| Westchester County Local Development Corp., NY, (Miriam Osborn Memorial Home Association): | | | |
| 5.00%, 7/1/24 | | 460 | 468,772 |
| 5.00%, 7/1/25 | | 260 | 269,196 |
| 5.00%, 7/1/26 | | 290 | 305,071 |
| | | | $ 4,966,379 |
| Special Tax Revenue — 18.6% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38(1) | $ | 200 | $ 200,035 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/38 | | 1,000 | 1,024,501 |
| New York Dormitory Authority, Sales Tax Revenue: | | | |
| 5.00%, 3/15/42 | | 1,000 | 1,068,540 |
| (AMT), 5.00%, 3/15/30 | | 1,875 | 2,100,506 |
| New York State Urban Development Corp., Personal Income Tax Revenue: | | | |
| 4.00%, 3/15/45 | | 750 | 740,588 |
| 5.00%, 9/15/28 | | 1,000 | 1,140,810 |
| New York State Urban Development Corp., Sales Tax Revenue, 4.00%, 3/15/39 | | 1,330 | 1,343,672 |
| New York Thruway Authority, Personal Income Tax Revenue, 5.00%, 3/15/48 | | 375 | 411,934 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | | 1,000 | 944,170 |
| Triborough Bridge and Tunnel Authority, NY: | | | |
| 5.00%, 5/15/47 | | 1,000 | 1,090,360 |
| 5.00%, 5/15/51 | | 1,000 | 1,076,270 |
| Green Bonds, 5.00%, 11/15/32 | | 500 | 605,400 |
| | | | $11,746,786 |
| Transportation — 14.3% |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45 | $ | 95 | $ 96,462 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46 | | 1,000 | 1,002,080 |
8
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Transportation (continued) |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | | | |
| 4.00%, 12/1/42 | $ | 200 | $ 191,330 |
| (AMT), 4.00%, 12/1/40 | | 50 | 46,704 |
| Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport): | | | |
| (AMT), 5.00%, 4/1/24 | | 795 | 808,706 |
| (AMT), 5.00%, 4/1/28 | | 520 | 560,284 |
| (AMT), 5.00%, 4/1/29 | | 275 | 300,317 |
| (AMT), 5.00%, 4/1/30 | | 455 | 493,975 |
| Port Authority of New York and New Jersey: | | | |
| (AMT), 5.00%, 10/15/35 | | 740 | 781,070 |
| (AMT), 5.50%, 8/1/52 | | 1,000 | 1,112,620 |
| Triborough Bridge and Tunnel Authority, NY: | | | |
| 3.00%, 11/15/46 | | 1,000 | 796,720 |
| 4.00%, 11/15/38 | | 1,750 | 1,788,465 |
| 5.00%, 11/15/49 | | 1,000 | 1,073,870 |
| | | | $ 9,052,603 |
| Water and Sewer — 5.4% |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | | | |
| 4.00%, 6/15/51 | $ | 1,500 | $ 1,461,750 |
| 4.125%, 6/15/47 | | 500 | 496,850 |
| 5.00%, 6/15/28 | | 1,000 | 1,092,380 |
| (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 6/15/50(3) | | 400 | 400,000 |
| | | | $ 3,450,980 |
Total Tax-Exempt Municipal Obligations
(identified cost $60,482,324) | | | $60,102,347 |
| Taxable Municipal Obligations — 5.1% |
| Security | Principal
Amount
(000's omitted) | Value |
| Education — 1.5% |
| New York Dormitory Authority, (State University of New York), 1.366%, 7/1/25 | $ | 1,000 | $ 929,670 |
| | | | $ 929,670 |
| General Obligations — 1.5% |
| New York, NY, 1.50%, 8/1/28 | $ | 1,000 | $ 863,170 |
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations (continued) |
| Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | $ | 140 | $ 61,193 |
| | | | $ 924,363 |
| Lease Revenue/Certificates of Participation — 1.5% |
| New York City Transitional Finance Authority, NY, (Building Aid), 3.23%, 7/15/24 | $ | 1,000 | $ 978,390 |
| | | | $ 978,390 |
| Special Tax Revenue — 0.6% |
| New York Dormitory Authority, Personal Income Tax Revenue, Escrowed to Maturity, 1.538%, 3/15/27 | $ | 415 | $ 374,293 |
| | | | $ 374,293 |
Total Taxable Municipal Obligations
(identified cost $3,426,502) | | | $ 3,206,716 |
Total Investments — 100.1%
(identified cost $63,908,826) | | | $63,309,063 |
| Other Assets, Less Liabilities — (0.1)% | | | $ (63,330) |
| Net Assets — 100.0% | | | $63,245,733 |
| 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 March 31, 2023, the aggregate value of these securities is $2,426,328 or 3.8% of the Fund's net assets. |
| (2) | When-issued security. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2023. |
| 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 March 31, 2023, 7.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.3% to 4.0% of total investments. |
9
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| 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 |
10
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Statement of Assets and Liabilities
| | March 31, 2023 |
| Assets | |
| Investments, at value (identified cost $63,908,826) | $ 63,309,063 |
| Cash | 199,797 |
| Interest receivable | 730,888 |
| Receivable for investments sold | 145,056 |
| Receivable for Fund shares sold | 2,469,381 |
| Total assets | $66,854,185 |
| Liabilities | |
| Payable for when-issued securities | $ 950,830 |
| Payable for Fund shares redeemed | 2,487,750 |
| Distributions payable | 42,125 |
| Payable to affiliates: | |
| Investment adviser fee | 22,126 |
| Distribution and service fees | 6,591 |
| Accrued expenses | 99,030 |
| Total liabilities | $ 3,608,452 |
| Net Assets | $63,245,733 |
| Sources of Net Assets | |
| Paid-in capital | $ 67,285,112 |
| Accumulated loss | (4,039,379) |
| Net Assets | $63,245,733 |
| Class A Shares | |
| Net Assets | $ 32,205,312 |
| Shares Outstanding | 3,440,632 |
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.36 |
Maximum Offering Price Per Share
(100 ÷ 96.75 of net asset value per share) | $ 9.67 |
| Class C Shares | |
| Net Assets | $ 2,866,782 |
| Shares Outstanding | 322,285 |
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding) | $ 8.90 |
| Class I Shares | |
| Net Assets | $ 28,173,639 |
| Shares Outstanding | 3,009,582 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.36 |
| 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. |
11
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
| | Year Ended |
| | March 31, 2023 |
| Investment Income | |
| Interest income | $ 2,123,381 |
| Total investment income | $ 2,123,381 |
| Expenses | |
| Investment adviser fee | $ 261,935 |
| Distribution and service fees: | |
| Class A | 53,236 |
| Class C | 28,714 |
| Trustees’ fees and expenses | 5,106 |
| Custodian fee | 25,417 |
| Transfer and dividend disbursing agent fees | 38,354 |
| Legal and accounting services | 64,184 |
| Printing and postage | 4,656 |
| Registration fees | 7,380 |
| Miscellaneous | 35,754 |
| Total expenses | $ 524,736 |
| Net investment income | $ 1,598,645 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (3,886,938) |
| Futures contracts | 577,599 |
| Net realized loss | $(3,309,339) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 1,040,014 |
| Net change in unrealized appreciation (depreciation) | $ 1,040,014 |
| Net realized and unrealized loss | $(2,269,325) |
| Net decrease in net assets from operations | $ (670,680) |
12
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Statements of Changes in Net Assets
| | Year Ended March 31, |
| | 2023 | 2022 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 1,598,645 | $ 1,407,949 |
| Net realized loss | (3,309,339) | (510,212) |
| Net change in unrealized appreciation (depreciation) | 1,040,014 | (4,592,616) |
| Net decrease in net assets from operations | $ (670,680) | $ (3,694,879) |
| Distributions to shareholders: | | |
| Class A | $ (820,054) | $ (877,418) |
| Class C | (49,117) | (68,622) |
| Class I | (686,691) | (869,943) |
| Total distributions to shareholders | $ (1,555,862) | $ (1,815,983) |
| Transactions in shares of beneficial interest: | | |
| Class A | $ (3,785,642) | $ (1,812,292) |
| Class C | (1,085,543) | (1,036,315) |
| Class I | (7,007,527) | 4,594,146 |
| Net increase (decrease) in net assets from Fund share transactions | $(11,878,712) | $ 1,745,539 |
| Net decrease in net assets | $(14,105,254) | $ (3,765,323) |
| Net Assets | | |
| At beginning of year | $ 77,350,987 | $ 81,116,310 |
| At end of year | $ 63,245,733 | $77,350,987 |
13
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
| | Class A |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 | $ 9.660 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.220 | $ 0.172 | $ 0.195 | $ 0.210 | $ 0.245 |
| Net realized and unrealized gain (loss) | (0.276) | (0.620) | 0.406 | 0.023 (2) | 0.207 |
| Total income (loss) from operations | $ (0.056) | $ (0.448) | $ 0.601 | $ 0.233 | $ 0.452 |
| Less Distributions | | | | | |
| From net investment income | $ (0.214) | $ (0.168) | $ (0.191) | $ (0.213) | $ (0.242) |
| From net realized gain | — | (0.054) | — | — | — |
| Total distributions | $ (0.214) | $ (0.222) | $ (0.191) | $ (0.213) | $ (0.242) |
| Net asset value — End of year | $ 9.360 | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 |
| Total Return(3) | (0.53)% | (4.47)% | 6.11% | 2.33% | 4.75% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $32,205 | $37,054 | $ 41,461 | $41,504 | $42,073 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.82% | 0.73% | 0.74% | 0.74% | 0.79% |
| Net investment income | 2.38% | 1.67% | 1.91% | 2.08% | 2.54% |
| Portfolio Turnover | 65% | 38% | 77% | 102% | 54% |
| (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. |
14
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Financial Highlights — continued
| | Class C |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.150 | $ 9.790 | $ 9.410 | $ 9.390 | $ 9.180 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.141 | $ 0.090 | $ 0.114 | $ 0.128 | $ 0.164 |
| Net realized and unrealized gain (loss) | (0.254) | (0.590) | 0.375 | 0.022 (2) | 0.207 |
| Total income (loss) from operations | $(0.113) | $(0.500) | $ 0.489 | $ 0.150 | $ 0.371 |
| Less Distributions | | | | | |
| From net investment income | $ (0.137) | $ (0.086) | $ (0.109) | $ (0.130) | $ (0.161) |
| From net realized gain | — | (0.054) | — | — | — |
| Total distributions | $(0.137) | $(0.140) | $(0.109) | $(0.130) | $ (0.161) |
| Net asset value — End of year | $ 8.900 | $ 9.150 | $ 9.790 | $ 9.410 | $ 9.390 |
| Total Return(3) | (1.20)% | (5.19)% | 5.22% | 1.58% | 4.09% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $ 2,867 | $ 4,064 | $ 5,378 | $ 9,441 | $10,663 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 1.56% | 1.48% | 1.49% | 1.50% | 1.54% |
| Net investment income | 1.61% | 0.91% | 1.18% | 1.33% | 1.79% |
| Portfolio Turnover | 65% | 38% | 77% | 102% | 54% |
| (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. |
15
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Financial Highlights — continued
| | Class I |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 | $ 9.660 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.234 | $ 0.188 | $ 0.209 | $ 0.225 | $ 0.260 |
| Net realized and unrealized gain (loss) | (0.276) | (0.621) | 0.407 | 0.023 (2) | 0.206 |
| Total income (loss) from operations | $ (0.042) | $ (0.433) | $ 0.616 | $ 0.248 | $ 0.466 |
| Less Distributions | | | | | |
| From net investment income | $ (0.228) | $ (0.183) | $ (0.206) | $ (0.228) | $ (0.256) |
| From net realized gain | — | (0.054) | — | — | — |
| Total distributions | $ (0.228) | $ (0.237) | $ (0.206) | $ (0.228) | $ (0.256) |
| Net asset value — End of year | $ 9.360 | $ 9.630 | $10.300 | $ 9.890 | $ 9.870 |
| Total Return(3) | (0.38)% | (4.32)% | 6.27% | 2.48% | 4.91% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $28,174 | $36,233 | $ 34,277 | $25,454 | $21,000 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.67% | 0.58% | 0.59% | 0.59% | 0.64% |
| Net investment income | 2.53% | 1.82% | 2.05% | 2.23% | 2.68% |
| Portfolio Turnover | 65% | 38% | 77% | 102% | 54% |
| (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. |
16
See Notes to Financial Statements.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements
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, 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 March 31, 2023, 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.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — continued
F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H 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.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended March 31, 2023 and March 31, 2022 was as follows:
| | Year Ended March 31, |
| | 2023 | 2022 |
| Tax-exempt income | $1,555,862 | $1,352,752 |
| Ordinary income | $ — | $ 396,747 |
| Long-term capital gains | $ — | $ 66,484 |
During the year ended March 31, 2023, accumulated loss was decreased by $310,570 and paid-in capital was decreased by $310,570 due to differences between book and tax accounting for net operating losses and the tax treatment of distributions in excess of net tax-exempt income. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — continued
As of March 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Deferred capital losses | $ (3,623,432) |
| Net unrealized depreciation | (373,822) |
| Distributions payable | (42,125) |
| Accumulated loss | $(4,039,379) |
At March 31, 2023, the Fund, for federal income tax purposes, had deferred capital losses of $3,623,432 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, 2023, $1,280,355 are short-term and $2,343,077 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2023, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ 63,682,885 |
| Gross unrealized appreciation | $ 1,148,943 |
| Gross unrealized depreciation | (1,522,765) |
| Net unrealized depreciation | $ (373,822) |
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 year ended March 31, 2023, the Fund's investment adviser fee amounted to $261,935 or 0.39% of the Fund’s average daily net assets.
Eaton Vance Management (EVM), an affiliate of BMR, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended March 31, 2023, EVM earned $9,889 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 $618 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2023. 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 year ended March 31, 2023, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — continued
4 Distribution Plans
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.15% per annum of the Fund's average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended March 31, 2023 amounted to $53,236 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2023, the Fund paid or accrued to EVD $23,928 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 year ended March 31, 2023 amounted to $4,786 for Class C shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended March 31, 2023, the Fund was informed that EVD received approximately $300 of CDSCs paid by Class A shareholders and no CDSCs paid by Class C shareholders.
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, aggregated $42,924,900 and $50,695,614, respectively, for the year ended March 31, 2023.
7 Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:
| | Year Ended
March 31, 2023 | | Year Ended
March 31, 2022 |
| | Shares | Amount | | Shares | Amount |
| Class A | | | | | |
| Sales | 355,396 | $ 3,297,209 | | 249,484 | $ 2,583,675 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 74,910 | 691,830 | | 72,330 | 743,674 |
| Redemptions | (838,804) | (7,774,681) | | (498,862) | (5,139,641) |
| Net decrease | (408,498) | $ (3,785,642) | | (177,048) | $ (1,812,292) |
| Class C | | | | | |
| Sales | 105,449 | $ 928,915 | | 60,427 | $ 598,423 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 2,771 | 24,347 | | 4,357 | 42,649 |
| Redemptions | (230,186) | (2,038,805) | | (169,956) | (1,677,387) |
| Net decrease | (121,966) | $ (1,085,543) | | (105,172) | $ (1,036,315) |
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — continued
| | Year Ended
March 31, 2023 | | Year Ended
March 31, 2022 |
| | Shares | Amount | | Shares | Amount |
| Class I | | | | | |
| Sales | 1,932,500 | $ 17,820,273 | | 1,323,247 | $ 13,635,410 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 43,493 | 401,616 | | 50,764 | 521,215 |
| Redemptions | (2,729,722) | (25,229,416) | | (938,768) | (9,562,479) |
| Net increase (decrease) | (753,729) | $ (7,007,527) | | 435,243 | $ 4,594,146 |
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. 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. Also in connection with the renewal of the agreement, 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 year ended March 31, 2023.
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 March 31, 2023, 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 year ended March 31, 2023, 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 year ended March 31, 2023 was as follows:
| Derivative | Realized Gain (Loss)
on Derivatives Recognized
in Income | Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income |
| Futures contracts | $577,599 (1) | $ — |
| (1) | Statement of Operations location: Net realized gain (loss) - Futures contracts. |
The average notional cost of futures contracts (short) outstanding during the year ended March 31, 2023, which is indicative of the volume of this derivative type, was approximately $370,000.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — continued
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 March 31, 2023, 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 | $ — | $ 60,102,347 | $ — | $ 60,102,347 |
| Taxable Municipal Obligations | — | 3,206,716 | — | 3,206,716 |
| Total Investments | $ — | $63,309,063 | $ — | $63,309,063 |
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 year ended March 31, 2023 is not presented.
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.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Report of Independent Registered Public Accounting Firm
To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance New York Municipal Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance New York Municipal Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 18, 2023
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.
Exempt-Interest Dividends. For the fiscal year ended March 31, 2023, the Fund designates 100.00% of distributions from net investment income as an exempt-interest dividend.
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Management and Organization
Fund Management. The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 129 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustees |
Thomas E. Faust Jr.
1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Mr. Faust has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance Funds effective on or about August 3, 2023.
Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc.
(investment management firm) (2012-2021). |
Anchal Pachnanda(1)
1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust.
Other Directorships. None. |
| Noninterested Trustees |
Alan C. Bowser
1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).
Other Directorships. None. |
Mark R. Fetting
1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia E. Frost
1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other Directorships. None. |
George J. Gorman
1952 | Chairperson
of the Board
and Trustee | Since 2021
(Chairperson) and
2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees (continued) |
Valerie A. Mosley
1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton
1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith
1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland
1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm
1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy A. Wiser
1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees |
Eric A. Stein
1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh
1971 | Vice President and
Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner
1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
New York Municipal Opportunities Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees (continued) |
Nicholas S. Di Lorenzo
1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio
1968 | Chief Compliance
Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
(1) Ms. Pachnanda began serving as Trustee effective April 1, 2023.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
| 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 |
| Privacy Notice — continued | April 2021 |
| 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. |
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.
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Investment Adviser
Boston Management and Research
Two International Place
Boston, MA 02110
Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Eaton Vance
Short Duration Municipal
Opportunities Fund
Annual Report
March 31, 2023
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.
Annual Report March 31, 2023
Eaton Vance
Short Duration Municipal Opportunities Fund
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Management’s Discussion of Fund Performance†
Economic and Market Conditions
As the 12-month period began on April 1, 2022, municipal rates were rising and bond prices were falling. As investors became increasingly concerned about the twin threats of inflation and interest rate hikes, municipal bond mutual funds posted their worst outflow cycle on record.
In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal bond mutual funds experienced their first net inflows since January 2022.
From August through October 2022, municipal returns again turned negative. Fund outflows resumed as investors reacted to statements by U.S. Federal Reserve (Fed) officials that the central bank was not done with rate hikes and fighting inflation remained its top priority. After the Fed’s third straight 0.75% federal funds rate hike, the Bloomberg Municipal Bond Index fell 3.84% in September -- its worst one-month performance in 14 years.
However, in the final months of 2022, municipal performance rebounded. Despite the Fed’s fourth 0.75% rate hike in November, the Bloomberg Municipal Bond Index rose 4.68% -- its best monthly performance since 1986. Drivers of the rally included Fed signals that future rate hikes might be smaller, as well as growing investor demand amid lower supplies of new municipal bond issues.
The Fed did deliver a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Bloomberg Municipal Bond Index -- helped by attractive yields and limited supply -- nonetheless eked out positive performance in December. As the new year began, municipal bonds delivered a third straight month of positive returns, driven by the ongoing supply-demand imbalance, and the return of inflows into open-end mutual funds. In February, however, the municipal rally stalled as robust economic reports -- including unexpectedly high job creation in January -- led investors to fear the Fed might keep rates higher for longer than previously expected.
As the period came to a close, municipal returns turned positive once again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove municipal bonds to their strongest March performance since 2008, despite the Fed announcing its ninth consecutive rate hike that month.
For the period as a whole, the Bloomberg Municipal Bond Index returned 0.26% as coupon payments slightly outpaced declining bond prices. While interest rates rose and bond prices fell across the municipal bond yield curve, the largest rate increases during the period occurred at the long and short ends of the curve. In comparison, rates rose only modestly within the five-to-10-year area of the curve. Municipal bonds outperformed U.S. Treasurys throughout the yield curve. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.
Fund Performance
For the 12-month period ended March 31, 2023, Eaton Vance Short Duration Municipal Opportunities Fund (the Fund) returned 0.18% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index), which returned 1.81%.
To pursue its primary objective of maximizing after-tax total return, the Fund uses a flexible investment strategy and may invest in obligations of any duration or credit quality, while seeking to maintain a dollar-weighted average portfolio duration below 4.5 years. Management has the ability to invest up to 20% of net assets in debt obligations other than tax-exempt municipal bonds, including -- but not limited to -- taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. government, its agencies and instrumentalities.
Up to 50% of the Fund’s net assets may be invested in obligations rated below investment-grade quality -- Baa/BBB by Moody’s, S&P, or Fitch. The Fund may also seek to hedge interest rate risk and hold leveraged investments. However, neither the Fund’s hedging strategy nor leveraged investments were used during the period.
Detractors from Fund performance relative to the Index included security selections and an overweight position in the health care sector. Spread widening within the sector hurt bond returns, as operating margins for health care providers were pressured by labor shortages and rising expenses during the period.
Additional detractors from relative returns included an overweight position in bonds rated BBB and below during a period when lower rated bonds generally underperformed higher rated bonds. An underweight position in bonds with 6-10 years remaining to maturity also hurt relative returns, as those intermediate-maturity bonds generally outperformed shorter maturity bonds within the Index during the period.
In contrast, contributors to Fund performance versus the Index included security selections in the industrial development revenue sector and the Fund’s relatively defensive out-of-Index allocation to floating-rate notes. Floating-rate coupon payments are linked to short-term interest rates, which rose during the period as the U.S. Federal Reserve hiked the federal funds rate multiple times.
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.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Trevor G. Smith
| % Average Annual Total Returns1,2 | Class
Inception Date | Performance
Inception Date | One Year | Five Years | Ten Years |
| Class A at NAV | 06/27/1996 | 06/01/1992 | 0.18% | 1.28% | 1.61% |
| Class A with 3.25% Maximum Sales Charge | — | — | (3.06) | 0.62 | 1.28 |
| Class C at NAV | 12/08/1993 | 06/01/1992 | (0.65) | 0.52 | 1.00 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | (1.63) | 0.52 | 1.00 |
| Class I at NAV | 08/03/2010 | 06/01/1992 | 0.33 | 1.45 | 1.78 |
|
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | — | — | 1.81% | 1.79% | 1.67% |
| % 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 | 2.48% | 1.73% | 2.63% |
| Taxable-Equivalent Distribution Rate | 4.19 | 2.93 | 4.44 |
| SEC 30-day Yield | 2.72 | 2.07 | 2.96 |
| Taxable-Equivalent SEC 30-day Yield | 4.60 | 3.50 | 5.00 |
Growth of $10,000
This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
| Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
| Class C | $10,000 | 03/31/2013 | $11,051 | N.A. |
| Class I, at minimum investment | $1,000,000 | 03/31/2013 | $1,192,532 | N.A. |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. 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.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
| 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. |
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Endnotes and Additional Disclosures
| † | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
| | |
| 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. |
| | Additional Information |
| | Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
| | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. |
| | Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
| | Spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2022 to March 31, 2023).
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). 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
(10/1/22) | Ending
Account Value
(3/31/23) | Expenses Paid
During Period*
(10/1/22 – 3/31/23) | Annualized
Expense
Ratio |
| Actual | | | | |
| Class A | $1,000.00 | $1,032.20 | $3.34 | 0.66% |
| Class C | $1,000.00 | $1,028.20 | $7.13 | 1.41% |
| Class I | $1,000.00 | $1,033.00 | $2.58 | 0.51% |
| |
| Hypothetical | | | | |
| (5% return per year before expenses) | | | | |
| Class A | $1,000.00 | $1,021.64 | $3.33 | 0.66% |
| Class C | $1,000.00 | $1,017.90 | $7.09 | 1.41% |
| Class I | $1,000.00 | $1,022.39 | $2.57 | 0.51% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2022. |
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
| Security | Principal
Amount
(000's omitted) | Value |
| Education — 1.1% |
| Grand Canyon University, 4.125%, 10/1/24 | $ | 8,000 | $ 7,579,120 |
| Yale University, 0.873%, 4/15/25 | | 2,000 | 1,866,653 |
| | | | $ 9,445,773 |
| Hospital — 0.9% |
| CommonSpirit Health, 6.073%, 11/1/27 | $ | 5,500 | $ 5,650,378 |
| Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32 | | 2,195 | 2,162,075 |
| | | | $ 7,812,453 |
| Other — 0.5% |
| Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 3,470 | $ 3,758,947 |
| YMCA of Greater New York, 2.303%, 8/1/26 | | 660 | 596,120 |
| | | | $ 4,355,067 |
Total Corporate Bonds
(identified cost $22,023,185) | | | $ 21,613,293 |
| 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 | $ | 395 | $ 371,276 |
| FRETE 2017-ML01 Trust, (Freddie Mac guaranteed), 5.345%, (1 mo. USD LIBOR + 0.50%), 1/25/33(1)(2) | | 457 | 453,954 |
Total Tax-Exempt Mortgage-Backed Securities
(identified cost $851,900) | | | $ 825,230 |
| Tax-Exempt Municipal Obligations — 89.2% |
| Security | Principal
Amount
(000's omitted) | Value |
| Bond Bank — 1.0% |
| Delaware Valley Regional Finance Authority, PA, 3.884%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(2) | $ | 9,000 | $ 9,010,980 |
| | | | $ 9,010,980 |
| Security | Principal
Amount
(000's omitted) | Value |
| Education — 4.8% |
| Arizona Industrial Development Authority, (Academies of Math & Science), 4.00%, 7/1/29(1) | $ | 380 | $ 365,929 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/30(1) | | 595 | 564,952 |
| Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.00%, 6/15/31(1) | | 110 | 103,376 |
| California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 4.87%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72(2) | | 4,000 | 3,852,720 |
| California Municipal Finance Authority, (California Lutheran University): | | | |
| 5.00%, 10/1/23 | | 225 | 226,660 |
| 5.00%, 10/1/24 | | 275 | 281,072 |
| California School Finance Authority, (Green Dot Public Schools): | | | |
| 5.00%, 8/1/23(1) | | 175 | 175,700 |
| 5.00%, 8/1/24(1) | | 160 | 162,376 |
| 5.00%, 8/1/25(1) | | 300 | 308,778 |
| California School Finance Authority, (KIPP SoCal Public Schools): | | | |
| 5.00%, 7/1/23(1) | | 100 | 100,343 |
| 5.00%, 7/1/24(1) | | 135 | 137,442 |
| 5.00%, 7/1/25(1) | | 200 | 206,068 |
| 5.00%, 7/1/26(1) | | 105 | 109,864 |
| 5.00%, 7/1/27(1) | | 110 | 116,595 |
| 5.00%, 7/1/28(1) | | 160 | 171,542 |
| 5.00%, 7/1/29(1) | | 165 | 178,664 |
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.80% to 2/10/26 (Put Date), 7/1/48 | | 4,000 | 3,980,160 |
| District of Columbia, (District of Columbia International School): | | | |
| 5.00%, 7/1/25 | | 500 | 513,540 |
| 5.00%, 7/1/29 | | 885 | 947,525 |
| District of Columbia, (KIPP DC): | | | |
| 5.00%, 7/1/25 | | 270 | 276,785 |
| 5.00%, 7/1/26 | | 250 | 259,635 |
| 5.00%, 7/1/27 | | 250 | 262,367 |
| 5.00%, 7/1/28 | | 240 | 254,244 |
| 5.00%, 7/1/29 | | 235 | 251,199 |
| Kentucky Bond Development Corp., (Centre College): | | | |
| 4.00%, 6/1/29 | | 320 | 340,118 |
| 4.00%, 6/1/30 | | 165 | 175,570 |
| Massachusetts Development Finance Agency, (Harvard College), 5.00%, 7/15/30 | | 5,000 | 5,450,050 |
| Massachusetts Development Finance Agency, (Suffolk University): | | | |
| 5.00%, 7/1/23 | | 425 | 426,717 |
| 5.00%, 7/1/24 | | 350 | 357,189 |
7
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Education (continued) |
| Michigan Finance Authority, (Cesar Chavez Academy): | | | |
| 3.25%, 2/1/24 | $ | 90 | $ 88,966 |
| 4.00%, 2/1/29 | | 700 | 666,316 |
| Missouri Health and Educational Facilities Authority, (St. Louis College of Pharmacy), 5.00%, 5/1/40 | | 1,410 | 1,428,429 |
| Montana State University, 4.42%, (SIFMA + 0.45%), 9/1/23 (Put Date), 11/15/35(2) | | 1,530 | 1,529,985 |
| Montgomery County Higher Education and Health Authority, PA, (Gwynedd Mercy University): | | | |
| 1.125% to 5/1/23 (Put Date), 5/1/36 | | 1,215 | 1,212,886 |
| 4.00% to 5/1/23 (Put Date), 5/1/36 | | 1,145 | 1,145,779 |
| New York Dormitory Authority, (School Districts Revenue Bond Financing Program), 5.00%, 10/1/29 | | 2,250 | 2,431,980 |
| Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/25 | | 1,000 | 1,019,370 |
| Philadelphia Industrial Development Authority, PA, (La Salle University): | | | |
| 5.00%, 5/1/23 | | 1,840 | 1,838,123 |
| 5.00%, 5/1/24 | | 1,715 | 1,693,820 |
| Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29(1) | | 265 | 250,467 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): | | | |
| 3.00%, 4/1/25(1) | | 275 | 264,341 |
| 5.00%, 4/1/30(1) | | 1,550 | 1,572,816 |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/28 | | 1,000 | 1,101,250 |
| University of North Carolina at Chapel Hill, 3.886%, (67% of SOFR + 0.65%), 6/1/25 (Put Date), 12/1/41(2) | | 4,500 | 4,492,305 |
| Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30 | | 400 | 400,784 |
| Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 4.00%, 10/15/29 | | 330 | 309,695 |
| | | | $ 42,004,492 |
| Electric Utilities — 4.6% |
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45 | $ | 4,000 | $ 3,981,360 |
| Halifax County Industrial Development Authority, VA, (Virginia Electric and Power Co.), 1.65% to 5/31/24 (Put Date), 12/1/41 | | 5,000 | 4,866,400 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co., Inc.): | | | |
| 3.20%, 7/1/39 | | 3,170 | 2,699,921 |
| (AMT), 3.10%, 5/1/26 | | 6,005 | 5,885,260 |
| (AMT), 3.25%, 1/1/25 | | 3,250 | 3,223,122 |
| Security | Principal
Amount
(000's omitted) | Value |
| Electric Utilities (continued) |
| Intermountain Power Agency, UT, Power Supply Revenue, 5.00%, 7/1/26 | $ | 3,165 | $ 3,430,892 |
| Long Island Power Authority, NY, Electric System Revenue, Series 2015C, 4.013%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2) | | 2,310 | 2,311,086 |
| Louisville/Jefferson County Metro Government, KY, (Louisville Gas and Electric Co.), 1.75% to 7/1/26 (Put Date), 2/1/35 | | 4,000 | 3,792,400 |
| Monroe County Development Authority, GA, (Georgia Power Co. Plant Scherer), 1.00% to 8/21/26 (Put Date), 7/1/49 | | 1,000 | 894,600 |
| Ohio Air Quality Development Authority, (Ohio Valley Electric Corp.): | | | |
| 1.375% to 11/1/24 (Put Date), 2/1/26 | | 2,200 | 2,087,932 |
| 1.50% to 11/4/25 (Put Date), 2/1/26 | | 1,000 | 922,270 |
| South Carolina Public Service Authority, Escrowed to Maturity, 5.00%, 12/1/23 | | 5,120 | 5,198,131 |
| Vermont Public Power Supply Authority, (Swanton Peaking Facility): | | | |
| 5.00%, 7/1/23 | | 600 | 602,364 |
| 5.00%, 7/1/24 | | 500 | 509,535 |
| | | | $ 40,405,273 |
| Escrowed/Prerefunded — 1.2% |
| Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/24 | $ | 10,000 | $ 9,798,000 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/31 | | 650 | 676,689 |
| | | | $ 10,474,689 |
| General Obligations — 14.7% |
| American Samoa Economic Development Authority, 6.00%, 9/1/23(1) | $ | 375 | $ 375,356 |
| Atlanta, GA, Social Bonds, 5.00%, 12/1/28 | | 2,500 | 2,866,500 |
| Berwyn, IL, 5.00%, 12/1/23 | | 1,090 | 1,098,676 |
| Champaign County Community Unit School District No. 4, IL: | | | |
| 0.00%, 1/1/26 | | 400 | 367,092 |
| 0.00%, 1/1/27 | | 380 | 338,284 |
| 0.00%, 1/1/28 | | 565 | 487,448 |
| Chicago Board of Education, IL: | | | |
| 0.00%, 12/1/25 | | 500 | 453,100 |
| 5.00%, 12/1/23 | | 2,000 | 2,012,500 |
| 5.00%, 12/1/30 | | 1,650 | 1,750,848 |
| Chicago, IL: | | | |
| 0.00%, 1/1/24 | | 225 | 218,835 |
8
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations (continued) |
| Chicago, IL: (continued) | | | |
| 0.00%, 1/1/26 | $ | 160 | $ 144,637 |
| 5.25%, 1/1/30 | | 2,000 | 2,018,060 |
| 5.625%, 1/1/29 | | 1,000 | 1,068,420 |
| 5.625%, 1/1/31 | | 5,000 | 5,333,800 |
| Clark County School District, GA, 5.00%, 9/1/25 | | 2,900 | 3,075,363 |
| Connecticut, 5.00%, 11/15/29 | | 2,250 | 2,616,390 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26 | | 2,230 | 2,393,615 |
| Denver City and County, CO, 5.00%, 8/1/25 | | 7,305 | 7,738,041 |
| Detroit, MI: | | | |
| 5.00%, 4/1/25 | | 150 | 153,083 |
| 5.00%, 4/1/26 | | 330 | 341,510 |
| 5.00%, 4/1/27 | | 695 | 726,636 |
| 5.00%, 4/1/28 | | 730 | 769,697 |
| 5.00%, 4/1/29 | | 515 | 545,452 |
| Fort Bend Independent School District, TX, (PSF Guaranteed): | | | |
| 2.375% to 8/1/24 (Put Date), 8/1/49 | | 4,000 | 3,949,000 |
| 3.00% to 8/1/23 (Put Date), 8/1/52 | | 7,000 | 6,990,760 |
| Houston Independent School District, TX, (PSF Guaranteed), 3.50% to 6/1/25 (Put Date), 6/1/39 | | 3,700 | 3,729,008 |
| Illinois: | | | |
| 3.25%, 11/1/26 | | 1,440 | 1,450,224 |
| 5.00%, 10/1/23 | | 285 | 287,722 |
| 5.00%, 2/1/24 | | 500 | 507,955 |
| 5.00%, 6/1/24 | | 4,850 | 4,958,155 |
| 5.00%, 11/1/24 | | 1,650 | 1,700,061 |
| 5.00%, 3/1/25 | | 3,000 | 3,109,260 |
| 5.00%, 11/1/25 | | 6,000 | 6,299,940 |
| Johnson City, TN, 5.00%, 3/1/25 | | 2,275 | 2,382,653 |
| Long Beach, NY, 5.25%, 7/15/26 | | 550 | 585,299 |
| Louisville/Jefferson County Metro Government, KY, 5.00%, 4/1/26 | | 3,915 | 4,204,084 |
| Muscogee County School District, GA, 5.00%, 10/1/25 | | 5,385 | 5,723,501 |
| New Jersey, 2.00%, 6/1/27 | | 5,000 | 4,782,205 |
| New York, NY, 5.00%, 8/1/29 | | 3,515 | 3,771,771 |
| Oregon, 5.00%, 8/1/26 | | 2,720 | 2,956,341 |
| Phoenix, AZ, 5.00%, 7/1/25 | | 2,000 | 2,113,800 |
| Portland, ME, 5.00%, 5/1/26 | | 1,295 | 1,396,515 |
| Puerto Rico: | | | |
| 5.25%, 7/1/23 | | 9,000 | 9,013,500 |
| 5.625%, 7/1/27 | | 10,000 | 10,343,400 |
| Sarpy County School District 0037, NE, 5.00%, 12/15/27 | | 2,000 | 2,127,240 |
| Tempe, AZ, 5.00%, 7/1/24 | | 2,360 | 2,430,304 |
| Texas, 5.00%, 8/1/37 | | 1,665 | 1,732,199 |
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations (continued) |
| Union City, NJ, 5.00%, 11/1/23 | $ | 1,000 | $ 1,011,230 |
| Ventura County Community College District, CA, (Election of 2002), 0.00%, 8/1/28 | | 4,205 | 3,660,369 |
| Waukee Community School District, IA: | | | |
| 5.00%, 6/1/25 | | 1,000 | 1,052,390 |
| 5.00%, 6/1/26 | | 1,000 | 1,080,220 |
| | | | $130,242,449 |
| Hospital — 8.3% |
| Calcasieu Parish Memorial Hospital Service District, LA, (Lake Charles Memorial Hospital): | | | |
| 4.00%, 12/1/23 | $ | 1,135 | $ 1,137,588 |
| 4.00%, 12/1/24 | | 1,145 | 1,148,756 |
| California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23 | | 450 | 453,744 |
| California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/23 | | 175 | 176,706 |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.50%, 12/1/58(1) | | 2,000 | 2,000,520 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health): | | | |
| 3.45% to 10/31/25 (Put Date), 1/15/48 | | 1,500 | 1,517,220 |
| 4.57%, (SIFMA + 0.60%), 12/1/23 (Put Date), 1/15/48(2) | | 3,000 | 3,001,200 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 1/15/38(3) | | 2,150 | 2,150,000 |
| Connecticut Health and Educational Facilities Authority, (Griffin Hospital): | | | |
| 5.00%, 7/1/27(1) | | 725 | 752,506 |
| 5.00%, 7/1/30(1) | | 285 | 292,675 |
| Conway, AR, (Conway Regional Medical Center): | | | |
| 5.00%, 8/1/25 | | 385 | 400,450 |
| 5.00%, 8/1/26 | | 445 | 471,918 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36 | | 740 | 771,272 |
| DuBois Hospital Authority, PA, (Penn Highlands Healthcare), 5.00%, 7/15/28 | | 350 | 380,531 |
| Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group): | | | |
| 5.00%, 8/15/31 | | 3,000 | 3,250,740 |
| 5.00%, 8/15/32 | | 3,015 | 3,248,451 |
| 5.00%, 8/15/33 | | 2,950 | 3,170,158 |
| 5.00%, 8/15/35 | | 1,290 | 1,368,471 |
9
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Hospital (continued) |
| Geisinger Authority, PA, (Geisinger Health System), 5.00% to 2/15/27 (Put Date), 4/1/43 | $ | 4,000 | $ 4,243,600 |
| Indiana Finance Authority, (Parkview Health), 4.52%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/39(2) | | 7,240 | 7,241,303 |
| Lexington County Health Services District, Inc., SC, (Lexington Medical Center): | | | |
| 5.00%, 11/1/23 | | 500 | 505,585 |
| 5.00%, 11/1/25 | | 80 | 84,091 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health), 4.54%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2) | | 6,170 | 6,148,775 |
| Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/23 | | 555 | 554,151 |
| Massachusetts Development Finance Agency, (Milford Regional Medical Center): | | | |
| 5.00%, 7/15/25(1) | | 120 | 121,615 |
| 5.00%, 7/15/26(1) | | 150 | 153,434 |
| 5.00%, 7/15/27(1) | | 170 | 175,226 |
| 5.00%, 7/15/28(1) | | 175 | 181,634 |
| 5.00%, 7/15/29(1) | | 320 | 334,144 |
| 5.00%, 7/15/30(1) | | 350 | 367,175 |
| 5.00%, 7/15/31(1) | | 325 | 335,962 |
| 5.00%, 7/15/32(1) | | 420 | 430,840 |
| Massachusetts Development Finance Agency, (Wellforce): | | | |
| 5.00%, 7/1/23 | | 725 | 728,197 |
| 5.00%, 7/1/24 | | 650 | 664,944 |
| Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System): | | | |
| 5.00%, 10/1/25 | | 1,050 | 1,060,563 |
| 5.00%, 10/1/26 | | 1,010 | 1,020,928 |
| Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University), 5.00%, 9/1/23 | | 1,000 | 1,007,920 |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): | | | |
| 5.00%, 7/1/24 | | 540 | 548,451 |
| 5.00%, 7/1/26 | | 800 | 834,312 |
| 5.00%, 7/1/27 | | 2,000 | 2,086,280 |
| 5.00%, 7/1/29 | | 300 | 312,351 |
| 5.00%, 7/1/30 | | 1,595 | 1,659,725 |
| New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/29 | | 1,910 | 1,957,196 |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 4.303%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(2) | | 1,000 | 1,000,740 |
| Security | Principal
Amount
(000's omitted) | Value |
| Hospital (continued) |
| Oregon Facilities Authority, (Samaritan Health Services): | | | |
| 5.00%, 10/1/25 | $ | 225 | $ 233,550 |
| 5.00%, 10/1/26 | | 150 | 157,871 |
| 5.00%, 10/1/27 | | 125 | 132,931 |
| 5.00%, 10/1/28 | | 150 | 161,549 |
| Oroville, CA, (Oroville Hospital): | | | |
| 5.00%, 4/1/25 | | 195 | 193,085 |
| 5.00%, 4/1/28 | | 1,395 | 1,373,629 |
| 5.00%, 4/1/29 | | 1,000 | 982,540 |
| 5.00%, 4/1/30 | | 930 | 910,303 |
| Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 4.57%, (SIFMA + 0.60%), 6/1/24 (Put Date), 6/1/49(2) | | 7,500 | 7,479,525 |
| Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/23 | | 50 | 50,524 |
| Washington Health Care Facilities Authority, (MultiCare Health System), 5.00%, 8/15/37 | | 2,500 | 2,597,125 |
| | | | $ 73,724,680 |
| Housing — 4.2% |
| California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/34 | $ | 3,120 | $ 3,246,235 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/51 | | 3,615 | 3,535,217 |
| Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue: | | | |
| 4.00%, 7/1/23 | | 150 | 150,054 |
| 4.00%, 7/1/24 | | 175 | 175,411 |
| 4.00%, 7/1/25 | | 300 | 301,905 |
| 4.00%, 7/1/26 | | 320 | 323,869 |
| 4.00%, 7/1/27 | | 250 | 253,988 |
| 4.00%, 7/1/28 | | 200 | 203,780 |
| 4.00%, 7/1/29 | | 270 | 275,219 |
| 4.00%, 7/1/30 | | 280 | 284,956 |
| 4.00%, 7/1/31 | | 290 | 294,095 |
| Massachusetts Housing Finance Agency, Sustainability Bonds, 4.00%, 12/1/25 | | 5,000 | 5,128,950 |
| Massachusetts Housing Finance Agency, (Mill Road Apartments), 4.52%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(2) | | 2,605 | 2,605,000 |
| Michigan Housing Development Authority, 3.75%, 4/1/27 | | 2,250 | 2,261,722 |
| New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 1.875%, 7/1/36 | | 990 | 781,823 |
| New York City Housing Development Corp., NY: | | | |
| 0.90% to 1/1/26 (Put Date), 11/1/60 | | 4,715 | 4,368,353 |
| 2.10% to 10/1/29 (Put Date), 11/1/46 | | 5,000 | 4,586,800 |
10
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Housing (continued) |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): | | | |
| 5.00%, 7/1/26 | $ | 160 | $ 164,466 |
| 5.00%, 7/1/27 | | 385 | 399,553 |
| 5.00%, 7/1/28 | | 240 | 251,580 |
| 5.00%, 7/1/29 | | 535 | 564,559 |
| 5.00%, 7/1/30 | | 225 | 237,177 |
| 5.00%, 7/1/31 | | 485 | 509,881 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): | | | |
| 5.00%, 7/1/23 | | 20 | 20,039 |
| 5.00%, 7/1/24 | | 180 | 181,843 |
| 5.00%, 7/1/25 | | 870 | 885,616 |
| 5.00%, 7/1/26 | | 600 | 616,746 |
| 5.00%, 7/1/27 | | 375 | 389,175 |
| 5.00%, 7/1/28 | | 340 | 356,405 |
| 5.00%, 7/1/29 | | 300 | 314,184 |
| 5.00%, 7/1/30 | | 350 | 366,212 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC): | | | |
| 5.00%, 6/1/23 | | 390 | 390,421 |
| 5.00%, 6/1/24 | | 440 | 443,318 |
| 5.00%, 6/1/25 | | 980 | 990,711 |
| 5.00%, 6/1/26 | | 1,090 | 1,106,132 |
| | | | $ 36,965,395 |
| Industrial Development Revenue — 9.9% |
| Allegheny County Industrial Development Authority, PA, (United States Steel Corp.), 4.875%, 11/1/24 | $ | 2,550 | $ 2,554,284 |
| Appling County Development Authority, GA, (Oglethorpe Power Corp.), 1.50% to 2/3/25 (Put Date), 1/1/38 | | 1,500 | 1,429,755 |
| California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 2.50% to 5/1/24 (Put Date), 7/1/31 | | 1,625 | 1,608,133 |
| Chandler Industrial Development Authority, AZ, (Intel Corp.): | | | |
| (AMT), 5.00% to 6/3/24 (Put Date), 6/1/49 | | 3,000 | 3,036,300 |
| (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | | 10,000 | 10,483,300 |
| Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(1) | | 875 | 856,888 |
| Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.), 2.60%, 11/1/29 | | 1,000 | 904,170 |
| Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 4.40% to 11/1/23 (Put Date), 11/1/41 | | 9,750 | 9,798,652 |
| Security | Principal
Amount
(000's omitted) | Value |
| Industrial Development Revenue (continued) |
| Michigan Strategic Fund, (Graphic Packaging International, LLC), Green Bonds, (AMT), 4.00% to 10/1/26 (Put Date), 10/1/61 | $ | 3,000 | $ 2,961,510 |
| New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33 | | 3,500 | 3,494,330 |
| New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59 | | 2,500 | 2,449,275 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1) | | 710 | 604,295 |
| Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1) | | 4,080 | 3,981,060 |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 3.75%, 1/15/28(1) | | 840 | 817,001 |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.): | | | |
| 0.95% to 12/1/26 (Put Date), 12/1/33 | | 3,000 | 2,669,670 |
| (AMT), 1.75% to 8/1/24 (Put Date), 8/1/38 | | 5,000 | 4,847,950 |
| Public Finance Authority, WI, (Waste Management, Inc.): | | | |
| (AMT), 1.10% to 6/1/26 (Put Date), 7/1/29 | | 5,000 | 4,541,750 |
| (AMT), 2.625%, 11/1/25 | | 1,500 | 1,443,585 |
| Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23 | | 1,520 | 1,520,000 |
| Rockport, IN, (Indiana Michigan Power Co.), 3.05%, 6/1/25 | | 1,600 | 1,591,024 |
| St. John Baptist Parish, LA, (Marathon Oil Corp.), 2.125% to 7/1/24 (Put Date), 6/1/37 | | 10,250 | 10,011,892 |
| Trimble County, KY, (Louisville Gas and Electric Co.), (AMT), 1.30% to 9/1/27 (Put Date), 9/1/44 | | 4,750 | 4,009,997 |
| West Virginia Economic Development Authority, (Appalachian Power Co.): | | | |
| 2.55% to 4/1/24 (Put Date), 3/1/40 | | 4,000 | 3,945,680 |
| 3.75% to 6/1/25 (Put Date), 12/1/42 | | 4,000 | 3,988,360 |
| Yavapai County Industrial Development Authority, AZ, (Republic Services, Inc.), 3.65% to 6/1/23 (Put Date), 4/1/29 | | 3,500 | 3,502,730 |
| | | | $ 87,051,591 |
| Insured - Education — 0.2% |
| Missouri Southern State University: | | | |
| (AGM), 5.00%, 10/1/25 | $ | 125 | $ 131,369 |
| (AGM), 5.00%, 10/1/27 | | 205 | 224,071 |
| (AGM), 5.00%, 10/1/28 | | 200 | 222,372 |
| (AGM), 5.00%, 10/1/31 | | 290 | 326,963 |
| (AGM), 5.00%, 10/1/32 | | 155 | 174,473 |
11
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Insured - Education (continued) |
| Northern Illinois University, (BAM), 5.00%, 4/1/28 | $ | 625 | $ 678,212 |
| Southern Illinois University, (NPFG), 0.00%, 4/1/26 | | 200 | 178,194 |
| | | | $ 1,935,654 |
| Insured - Electric Utilities — 0.5% |
| Puerto Rico Electric Power Authority: | | | |
| (AGM), 4.00%, 7/1/23 | $ | 305 | $ 304,424 |
| (NPFG), 5.00%, 7/1/23 | | 170 | 169,998 |
| (NPFG), 5.00%, 7/1/23 | | 1,175 | 1,174,988 |
| (NPFG), 5.25%, 7/1/29 | | 1,740 | 1,750,057 |
| Series RR, (NPFG), 5.00%, 7/1/24 | | 845 | 845,735 |
| | | | $ 4,245,202 |
| Insured - General Obligations — 0.9% |
| Cambria County, PA, (AGM), 4.00%, 8/1/32 | $ | 500 | $ 525,235 |
| Chicago Board of Education, IL: | | | |
| (AGM), 5.00%, 12/1/23 | | 100 | 101,277 |
| (NPFG), 0.00%, 12/1/23 | | 2,245 | 2,193,724 |
| (NPFG), 0.00%, 12/1/26 | | 1,945 | 1,710,297 |
| Series 1998B, (NPFG), 0.00%, 12/1/24 | | 365 | 344,191 |
| Series 1999A, (NPFG), 0.00%, 12/1/24 | | 260 | 245,177 |
| Chicago, IL, (AGM), 0.00%, 1/1/25 | | 250 | 236,015 |
| McCook, IL, (AGM), 4.00%, 12/1/23 | | 250 | 251,985 |
| Paterson, NJ, (BAM), 5.00%, 1/15/26 | | 485 | 485,849 |
| Stickney, IL, (BAM), 4.00%, 12/1/23 | | 350 | 352,664 |
| Vauxmont Metropolitan District, CO: | | | |
| (AGM), 5.00%, 12/1/25 | | 540 | 571,498 |
| (AGM), 5.00%, 12/1/28 | | 630 | 704,227 |
| Will County Community High School District No. 210, IL, (AGM), 0.00%, 1/1/25 | | 130 | 122,581 |
| | | | $ 7,844,720 |
| Insured - Lease Revenue/Certificates of Participation — 0.1% |
| Kentucky State University: | | | |
| (BAM), 5.00%, 11/1/26 | $ | 250 | $ 270,443 |
| (BAM), 5.00%, 11/1/29 | | 300 | 344,076 |
| | | | $ 614,519 |
| Insured - Other Revenue — 0.1% |
| Arborwood Community Development District, FL, (AGM), 2.60%, 5/1/24 | $ | 1,180 | $ 1,176,743 |
| | | | $ 1,176,743 |
| Security | Principal
Amount
(000's omitted) | Value |
| Lease Revenue/Certificates of Participation — 1.5% |
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25 | $ | 2,000 | $ 2,084,620 |
| Minnesota, 5.00%, 3/1/27 | | 2,000 | 2,201,900 |
| New Jersey Economic Development Authority, (School Facilities Construction): | | | |
| 5.52%, (SIFMA + 1.55%), 9/1/27(2) | | 1,000 | 999,010 |
| 5.57%, (SIFMA + 1.60%), 3/1/28(2) | | 3,080 | 3,074,826 |
| New Jersey Economic Development Authority, (State House), 4.00%, 6/15/29 | | 3,340 | 3,511,976 |
| Virginia Public Building Authority, 5.00%, 8/1/25 | | 1,500 | 1,587,165 |
| | | | $ 13,459,497 |
| Other Revenue — 9.7% |
| Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project): | | | |
| 5.00%, 5/1/23(1) | $ | 185 | $ 185,093 |
| 5.00%, 5/1/32(1) | | 3,000 | 3,050,070 |
| Austin Convention Enterprises, Inc., TX, (Convention Center Hotel): | | | |
| 5.00%, 1/1/24 | | 600 | 603,426 |
| 5.00%, 1/1/25 | | 500 | 507,265 |
| Black Belt Energy Gas District, AL: | | | |
| 4.00% to 12/1/23 (Put Date), 12/1/48 | | 1,000 | 1,001,360 |
| 4.024%, (67% of 1 mo. USD LIBOR + 0.90%), 12/1/23 (Put Date), 12/1/48(2) | | 20,000 | 19,975,600 |
| 4.34%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(2) | | 15,000 | 14,499,450 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | | 1,250 | 1,306,812 |
| California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 4.32%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2) | | 2,630 | 2,600,465 |
| Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(1) | | 790 | 816,283 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | | | |
| 3.874%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(2) | | 2,500 | 2,502,575 |
| (Liq: Royal Bank of Canada), 3.954%, (67% of 1 mo. USD LIBOR + 0.83%), 12/1/23 (Put Date), 8/1/48(2) | | 16,000 | 16,033,440 |
| (Liq: Royal Bank of Canada), 4.54%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2) | | 3,000 | 2,992,830 |
| New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37 | | 5,000 | 5,238,800 |
| Northern California Gas Authority No. 1, Gas Project Revenue, 3.905%, (67% of 3 mo. USD LIBOR + 0.72%), 7/1/27(2) | | 755 | 751,852 |
12
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Other Revenue (continued) |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/27 | $ | 7,000 | $ 7,386,540 |
| Southeast Alabama Gas Supply District, (Project No. 1), 4.62%, (SIFMA + 0.65%), 4/1/24 (Put Date), 4/1/49(2) | | 2,000 | 1,993,380 |
| Southeast Alabama Gas Supply District, (Project No. 2), 3.974%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(2) | | 2,000 | 2,003,080 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 3.96%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(2) | | 2,095 | 2,088,128 |
| | | | $ 85,536,449 |
| Senior Living/Life Care — 7.8% |
| Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 5.00%, 5/15/28 | $ | 300 | $ 302,088 |
| Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation): | | | |
| 5.00%, 7/15/23 | | 375 | 375,120 |
| 5.00%, 7/15/24 | | 300 | 300,048 |
| 5.00%, 7/15/25 | | 250 | 249,555 |
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry), 5.25%, 11/1/26 | | 365 | 373,950 |
| Bucks County Industrial Development Authority, PA, (Pennswood Village), 5.00%, 10/1/24 | | 800 | 808,392 |
| California Public Finance Authority, (Enso Village), Green Bonds, 2.125%, 11/15/27(1) | | 770 | 731,554 |
| Colorado Health Facilities Authority, (Aberdeen Ridge): | | | |
| 2.125%, 5/15/28 | | 1,500 | 1,362,585 |
| 2.625%, 5/15/29 | | 2,000 | 1,788,520 |
| Colorado Health Facilities Authority, (Christian Living Neighborhoods): | | | |
| 4.00%, 1/1/24 | | 540 | 534,422 |
| 4.00%, 1/1/27 | | 200 | 189,124 |
| 4.00%, 1/1/28 | | 240 | 222,953 |
| Florida Development Finance Corp. (The Glenridge on Palmer Ranch): | | | |
| 3.00%, 6/1/23(1) | | 110 | 109,612 |
| 4.00%, 6/1/24(1) | | 105 | 103,549 |
| 4.00%, 6/1/25(1) | | 110 | 107,135 |
| 4.00%, 6/1/26(1) | | 110 | 105,761 |
| 5.00%, 6/1/31(1) | | 285 | 275,347 |
| 5.00%, 6/1/35(1) | | 225 | 209,993 |
| Florida Development Finance Corp., (Mayflower Retirement Community): | | | |
| 1.75%, 6/1/26(1) | | 1,020 | 920,611 |
| 2.375%, 6/1/27(1) | | 835 | 746,899 |
| Security | Principal
Amount
(000's omitted) | Value |
| Senior Living/Life Care (continued) |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): | | | |
| 5.00%, 12/1/23 | $ | 355 | $ 353,477 |
| 5.00%, 12/1/24 | | 425 | 420,257 |
| 5.00%, 12/1/30 | | 500 | 470,785 |
| Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court), 2.25%, 10/1/28(1) | | 3,665 | 3,086,700 |
| Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 3.60%, 7/1/23 | | 160 | 159,277 |
| Hanover County Economic Development Authority, VA, (Covenant Woods), 3.625%, 7/1/28 | | 510 | 474,193 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 4.67%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42(2) | | 725 | 705,751 |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 4.00%, 5/15/27 | | 2,240 | 2,070,208 |
| James City County Economic Development Authority, VA, (Williamsburg Landing), 4.00%, 12/1/24 | | 415 | 410,003 |
| Kentwood Economic Development Corp., MI, (Holland Home Obligated Group), 4.00%, 11/15/31 | | 500 | 461,360 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 4.00%, 11/15/23(1) | | 575 | 574,666 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): | | | |
| 4.00%, 10/1/25(1) | | 515 | 517,060 |
| 4.00%, 10/1/26(1) | | 1,000 | 1,003,880 |
| 4.00%, 10/1/27(1) | | 400 | 401,140 |
| Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): | | | |
| 4.00%, 12/1/23 | | 125 | 125,325 |
| 4.00%, 12/1/24 | | 150 | 151,094 |
| 4.00%, 12/1/25 | | 100 | 101,434 |
| 4.00%, 12/1/26 | | 150 | 153,138 |
| 4.00%, 12/1/27 | | 200 | 205,214 |
| 4.00%, 12/1/28 | | 200 | 206,046 |
| 4.00%, 12/1/29 | | 250 | 256,877 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), Green Bonds, 1.20%, 6/1/28 | | 2,000 | 1,699,960 |
| National Finance Authority, NH, (The Vista): | | | |
| 5.25%, 7/1/39(1) | | 705 | 645,068 |
| 5.625%, 7/1/46(1) | | 425 | 389,219 |
| 5.75%, 7/1/54(1) | | 1,130 | 1,029,724 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/30 | | 630 | 620,399 |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven): | | | |
| 4.25%, 10/1/26 | | 3,000 | 2,956,020 |
| 4.50%, 10/1/26 | | 3,000 | 2,956,230 |
13
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Senior Living/Life Care (continued) |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): | | | |
| 2.25%, 7/1/23 | $ | 2,250 | $ 2,232,382 |
| 5.00%, 7/1/30 | | 400 | 380,804 |
| 5.00%, 7/1/31 | | 670 | 632,279 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 4.00%, 1/1/25 | | 1,705 | 1,637,601 |
| North Carolina Medical Care Commission, (Galloway Ridge): | | | |
| 4.00%, 1/1/25 | | 250 | 244,722 |
| 4.00%, 1/1/26 | | 240 | 231,941 |
| 5.00%, 1/1/27 | | 565 | 557,762 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27(1) | | 2,500 | 2,421,400 |
| Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.): | | | |
| 4.00%, 5/15/27 | | 1,240 | 1,146,008 |
| 5.00%, 5/15/26 | | 1,000 | 970,260 |
| Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/26 | | 300 | 291,915 |
| Polk County Industrial Development Authority, FL, (Carpenter's Home Estates, Inc.), 5.00%, 1/1/29 | | 310 | 308,447 |
| Public Finance Authority, WI, (Penick Village), 4.00%, 9/1/29(1) | | 515 | 456,300 |
| Public Finance Authority, WI, (SearStone CCRC), 2.25%, 6/1/27(1) | | 2,000 | 1,800,620 |
| Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/23 | | 210 | 210,063 |
| South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1) | | 685 | 733,066 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes): | | | �� |
| 5.00%, 4/1/23 | | 1,365 | 1,365,000 |
| 5.00%, 4/1/24 | | 1,450 | 1,450,261 |
| 5.00%, 4/1/25 | | 1,510 | 1,509,139 |
| 5.00%, 4/1/26 | | 1,595 | 1,591,491 |
| South Carolina Jobs-Economic Development Authority, (Woodlands at Furman): | | | |
| 4.00%, 11/15/24 | | 200 | 198,054 |
| 4.00%, 11/15/25 | | 275 | 270,438 |
| 5.00%, 11/15/27 | | 300 | 302,688 |
| 5.00%, 11/15/29 | | 115 | 115,766 |
| 5.00%, 11/15/30 | | 180 | 180,781 |
| St. Johns County Industrial Development Authority, FL, (Vicar's Landing): | | | |
| 4.00%, 12/15/24 | | 145 | 142,474 |
| Security | Principal
Amount
(000's omitted) | Value |
| Senior Living/Life Care (continued) |
| St. Johns County Industrial Development Authority, FL, (Vicar's Landing): (continued) | | | |
| 4.00%, 12/15/25 | $ | 180 | $ 174,926 |
| 4.00%, 12/15/26 | | 375 | 359,651 |
| 4.00%, 12/15/27 | | 215 | 203,667 |
| 4.00%, 12/15/28 | | 200 | 187,438 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group): | | | |
| 5.00%, 9/1/23 | | 2,015 | 2,015,625 |
| 5.00%, 9/1/24 | | 1,490 | 1,491,922 |
| 5.00%, 9/1/25 | | 1,615 | 1,618,553 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.): | | | |
| 4.00%, 12/1/23 | | 235 | 234,763 |
| 4.00%, 12/1/24 | | 245 | 244,290 |
| 4.00%, 12/1/25 | | 250 | 248,495 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.25%, 11/15/31 | | 620 | 601,902 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): | | | |
| 1.50%, 12/1/27 | | 1,960 | 1,665,510 |
| 4.00%, 12/1/24 | | 225 | 221,378 |
| 4.00%, 12/1/25 | | 275 | 267,751 |
| 4.00%, 12/1/26 | | 240 | 231,120 |
| Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/23 | | 230 | 230,524 |
| Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27 | | 1,000 | 999,230 |
| Washington County, MD, (Diakon Lutheran Social Ministries), Escrowed to Maturity, 5.00%, 1/1/24 | | 350 | 355,726 |
| Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/25(1) | | 1,165 | 1,157,824 |
| Washington Housing Finance Commission, (Judson Park), 3.70%, 7/1/23(1) | | 80 | 79,644 |
| Washington Housing Finance Commission, (Transforming Age): | | | |
| 5.00%, 1/1/24(1) | | 360 | 356,342 |
| 5.00%, 1/1/25(1) | | 385 | 375,841 |
| 5.00%, 1/1/26(1) | | 400 | 385,012 |
| Wayzata, MN, (Folkestone Senior Living Community): | | | |
| 3.00%, 8/1/23 | | 100 | 99,588 |
| 3.00%, 8/1/24 | | 100 | 98,326 |
| 3.00%, 8/1/25 | | 100 | 97,020 |
| 3.00%, 8/1/26 | | 250 | 239,198 |
| Wisconsin Health and Educational Facilities Authority, (Saint John's Communities, Inc.): | | | |
| Series 2018A, Escrowed to Maturity, 4.00%, 9/15/23 | | 250 | 251,385 |
14
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Senior Living/Life Care (continued) |
| Wisconsin Health and Educational Facilities Authority, (Saint John's Communities, Inc.): (continued) | | | |
| Prerefunded to 9/15/23, 4.00%, 9/15/24 | $ | 365 | $ 367,022 |
| | | | $ 68,663,058 |
| Special Tax Revenue — 2.3% |
| Allentown Neighborhood Improvement Zone Development Authority, PA: | | | |
| 5.00%, 5/1/27 | $ | 400 | $ 421,664 |
| 5.00%, 5/1/28 | | 575 | 610,293 |
| 5.00%, 5/1/29 | | 600 | 640,182 |
| Baltimore, MD, (Harbor Point): | | | |
| 2.70%, 6/1/23(1) | | 285 | 284,005 |
| 2.80%, 6/1/25(1) | | 125 | 119,924 |
| 2.85%, 6/1/26(1) | | 135 | 127,406 |
| 2.95%, 6/1/27(1) | | 175 | 162,659 |
| Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion): | | | |
| 5.00%, 12/1/25 | | 250 | 253,838 |
| 5.00%, 12/1/26 | | 330 | 337,319 |
| 5.00%, 12/1/27 | | 420 | 431,386 |
| 5.00%, 12/1/28 | | 425 | 438,324 |
| 5.00%, 12/1/29 | | 400 | 413,240 |
| 5.00%, 12/1/30 | | 680 | 699,251 |
| Illinois Sports Facilities Authority, 5.00%, 6/15/23 | | 250 | 250,653 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 12/15/27 | | 1,000 | 1,043,930 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: | | | |
| 5.00%, 8/1/36 | | 2,500 | 2,618,650 |
| (SPA: Barclays Bank PLC), 3.65%, 5/1/34(3) | | 1,000 | 1,000,000 |
| (SPA: Barclays Bank PLC), 3.65%, 11/1/42(3) | | 1,200 | 1,200,000 |
| (SPA: JPMorgan Chase Bank, N.A.), 3.65%, 2/1/45(3) | | 2,000 | 2,000,000 |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/25 | | 3,825 | 4,015,179 |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.00%, 3/1/28 | | 225 | 222,572 |
| Sparks, NV, (Legends at Sparks Marina), 2.50%, 6/15/24(1) | | 390 | 380,858 |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | | 880 | 725,613 |
| Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.00%, 11/15/32 | | 1,800 | 2,179,440 |
| | | | $ 20,576,386 |
| Security | Principal
Amount
(000's omitted) | Value |
| Student Loan — 1.6% |
| Massachusetts Educational Financing Authority: | | | |
| (AMT), 3.50%, 7/1/33 | $ | 2,745 | $ 2,646,345 |
| (AMT), 3.625%, 7/1/38 | | 1,500 | 1,412,190 |
| (AMT), 5.00%, 7/1/23 | | 1,000 | 1,004,240 |
| New Jersey Higher Education Student Assistance Authority: | | | |
| (AMT), 5.00%, 12/1/23 | | 4,475 | 4,529,192 |
| (AMT), 5.00%, 12/1/25 | | 2,850 | 2,971,524 |
| Rhode Island Student Loan Authority, (AMT), 5.00%, 12/1/23 | | 1,250 | 1,264,325 |
| | | | $ 13,827,816 |
| Transportation — 13.1% |
| California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 6/30/27 | $ | 695 | $ 735,512 |
| Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/25 | | 2,000 | 2,026,920 |
| Chicago, IL, (O'Hare International Airport), (AMT), 5.00%, 1/1/26 | | 2,500 | 2,607,325 |
| Denver City and County, CO, Airport System Revenue: | | | |
| (AMT), 5.00%, 11/15/28 | | 7,680 | 8,431,411 |
| (AMT), 5.00%, 11/15/30 | | 7,170 | 8,081,235 |
| (AMT), 5.00%, 12/1/31 | | 10,250 | 11,114,588 |
| Eagle County Air Terminal Corp., CO, (AMT), 4.00%, 5/1/26 | | 1,000 | 1,000,400 |
| Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/25 | | 5,285 | 5,538,680 |
| Illinois Toll Highway Authority, 5.00%, 1/1/38 | | 5,000 | 5,052,050 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/27 | | 5,235 | 5,635,321 |
| Massachusetts Port Authority: | | | |
| (AMT), 5.00%, 7/1/30 | | 1,500 | 1,660,620 |
| (AMT), 5.00%, 7/1/34 | | 2,405 | 2,454,663 |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/27 | | 1,000 | 1,068,490 |
| Metropolitan Washington Airports Authority, D.C.: | | | |
| (AMT), 5.00%, 10/1/27 | | 1,375 | 1,483,611 |
| (AMT), 5.00%, 10/1/33 | | 5,000 | 5,184,300 |
| Series 2019A, (AMT), 5.00%, 10/1/28 | | 1,685 | 1,846,507 |
| New Jersey Transportation Trust Fund Authority, (Transportation System): | | | |
| 0.00%, 12/15/24 | | 200 | 189,518 |
| 0.00%, 12/15/25 | | 1,000 | 919,570 |
| 5.00%, 12/15/23 | | 1,500 | 1,520,265 |
| 5.00%, 12/15/24 | | 2,000 | 2,067,400 |
15
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Transportation (continued) |
| Pennsylvania Turnpike Commission, 4.57%, (SIFMA + 0.60%), 12/1/23(2) | $ | 1,000 | $ 1,000,460 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/25 | | 10,000 | 10,347,100 |
| Port Authority of New York and New Jersey: | | | |
| 4.00%, 12/1/25 | | 1,125 | 1,171,958 |
| (AMT), 5.00%, 9/15/32 | | 3,000 | 3,227,580 |
| Port of Seattle, WA: | | | |
| (AMT), 5.00%, 8/1/24 | | 2,500 | 2,558,275 |
| (AMT), 5.00%, 7/1/27 | | 10,000 | 10,037,000 |
| (AMT), 5.00%, 8/1/28 | | 2,270 | 2,487,057 |
| (AMT), 5.00%, 8/1/30 | | 2,500 | 2,810,825 |
| (AMT), 5.00%, 5/1/33 | | 2,045 | 2,166,902 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/32 | | 4,000 | 4,247,880 |
| South Jersey Transportation Authority, NJ, 5.00%, 11/1/39 | | 280 | 281,014 |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/30 | | 2,500 | 2,685,600 |
| Virginia Commonwealth Transportation Board, 5.00%, 5/15/24 | | 4,000 | 4,110,080 |
| | | | $115,750,117 |
| Water and Sewer — 2.7% |
| Great Lakes Water Authority, MI, Sewage Disposal System Revenue, 5.00%, 7/1/31 | $ | 10,000 | $ 10,670,200 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/29 | | 1,100 | 1,229,965 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.00%, 7/1/28 | | 860 | 885,086 |
| San Mateo-Foster City Public Financing Authority, CA, Wastewater Revenue, 5.00%, 8/1/25 | | 10,860 | 11,521,483 |
| | | | $ 24,306,734 |
Total Tax-Exempt Municipal Obligations
(identified cost $797,210,681) | | | $787,816,444 |
| Taxable Municipal Obligations — 7.5% |
| Security | Principal
Amount
(000's omitted) | Value |
| Education — 0.6% |
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.43%, 6/1/27(1) | $ | 2,795 | $ 2,806,907 |
| Forest Grove, OR, (Pacific University), 1.65%, 5/1/24 | | 320 | 306,589 |
| Security | Principal
Amount
(000's omitted) | Value |
| Education (continued) |
| Indiana Finance Authority, (Depauw University): | | | |
| 3.95%, 7/1/23 | $ | 400 | $ 397,936 |
| 4.20%, 7/1/24 | | 400 | 393,068 |
| New York Dormitory Authority, (State University of New York), 1.366%, 7/1/25 | | 1,500 | 1,394,505 |
| | | | $ 5,299,005 |
| General Obligations — 1.6% |
| California, 5.222%, 3/1/24 | $ | 3,850 | $ 3,863,051 |
| Cecil County, MD, 1.20%, 11/1/27 | | 420 | 366,740 |
| Douglas County School District No. 17, NE, 1.048%, 6/15/26 | | 585 | 529,677 |
| Livermore Valley Joint Unified School District, CA, 1.335%, 8/1/26 | | 3,290 | 2,973,469 |
| Maricopa County Elementary School District No. 2, AZ, 4.75%, 7/1/23 | | 1,345 | 1,343,090 |
| Maryland, 0.41%, 8/1/23 | | 5,000 | 4,925,950 |
| | | | $ 14,001,977 |
| Hospital — 0.4% |
| Conway, AR, (Conway Regional Medical Center): | | | |
| 1.15%, 8/1/24 | $ | 250 | $ 237,445 |
| 1.75%, 8/1/26 | | 250 | 226,093 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | | 1,205 | 1,131,411 |
| University of Wisconsin Hospitals and Clinics Authority, 1.69%, 4/1/26 | | 1,750 | 1,601,512 |
| | | | $ 3,196,461 |
| Industrial Development Revenue — 0.3% |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Louisiana Utilities Restoration Corp./ELL), 5.081%, 6/1/31 | $ | 2,690 | $ 2,713,833 |
| | | | $ 2,713,833 |
| Insured - General Obligations — 0.1% |
| Bureau County Township High School District No. 502, IL, (BAM), 1.356%, 12/1/27 | $ | 620 | $ 541,421 |
| Valley View School District, PA, (BAM), 2.20%, 5/15/26 | | 500 | 458,015 |
| | | | $ 999,436 |
| Insured - Other Revenue — 0.2% |
| Montebello, CA, Pension Obligation Bonds, (AGM), 2.173%, 6/1/23 | $ | 2,000 | $ 1,990,260 |
| | | | $ 1,990,260 |
16
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Insured - Special Tax Revenue — 0.3% |
| Bexar County, TX, Venue Project Revenue: | | | |
| (AGM), 1.272%, 8/15/26 | $ | 550 | $ 493,411 |
| (AGM), 1.573%, 8/15/27 | | 500 | 441,005 |
| (AGM), 1.743%, 8/15/28 | | 750 | 649,087 |
| (AGM), 1.924%, 8/15/29 | | 1,535 | 1,307,605 |
| | | | $ 2,891,108 |
| Insured - Transportation — 0.5% |
| Miami-Dade County, FL, Seaport Revenue, (AGM), 1.349%, 10/1/26 | $ | 4,860 | $ 4,361,072 |
| | | | $ 4,361,072 |
| Other Revenue — 1.2% |
| Golden State Tobacco Securitization Corp., CA, 1.337%, 6/1/23 | $ | 10,275 | $ 10,211,192 |
| | | | $ 10,211,192 |
| Senior Living/Life Care — 0.2% |
| Indiana Finance Authority, (BHI Senior Living), 2.52%, 11/15/26 | $ | 510 | $ 467,686 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), Green Bonds, 1.25%, 6/1/26 | | 1,305 | 1,192,548 |
| | | | $ 1,660,234 |
| Special Tax Revenue — 1.8% |
| Illinois, Sales Tax Revenue: | | | |
| 1.253%, 6/15/25 | $ | 2,000 | $ 1,840,440 |
| 1.453%, 6/15/26 | | 3,000 | 2,691,030 |
| Massachusetts School Building Authority, Social Bonds, 1.753%, 8/15/30 | | 3,500 | 2,968,070 |
| Massachusetts, Special Obligation Revenue Bonds, Social Bonds, 3.564%, 7/15/23 | | 8,500 | 8,472,205 |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31 | | 330 | 313,355 |
| | | | $ 16,285,100 |
| Transportation — 0.3% |
| Central Texas Regional Mobility Authority, 1.585%, 1/1/26 | $ | 1,150 | $ 1,052,135 |
| Security | Principal
Amount
(000's omitted) | Value |
| Transportation (continued) |
| Port of Seattle, WA, 3.475%, 8/1/24 | $ | 2,000 | $ 1,966,160 |
| | | | $ 3,018,295 |
Total Taxable Municipal Obligations
(identified cost $69,231,147) | | | $ 66,627,973 |
Total Investments — 99.3%
(identified cost $889,316,913) | | | $876,882,940 |
| Other Assets, Less Liabilities — 0.7% | | | $ 6,330,103 |
| Net Assets — 100.0% | | | $883,213,043 |
| 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 March 31, 2023, the aggregate value of these securities is $47,439,658 or 5.4% of the Fund's net assets. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2023. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2023. |
| At March 31, 2023, 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 March 31, 2023, 3.0% 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 0.4% to 1.6% 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. |
| 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 |
17
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Portfolio of Investments — continued
| |
| 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 |
18
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Statement of Assets and Liabilities
| | March 31, 2023 |
| Assets | |
| Investments, at value (identified cost $889,316,913) | $ 876,882,940 |
| Cash | 123,744 |
| Interest receivable | 9,489,279 |
| Receivable for investments sold | 3,376,355 |
| Receivable for Fund shares sold | 2,790,151 |
| Total assets | $892,662,469 |
| Liabilities | |
| Payable for investments purchased | $ 4,813,689 |
| Payable for Fund shares redeemed | 3,333,305 |
| Distributions payable | 589,896 |
| Payable to affiliates: | |
| Investment adviser and administration fee | 302,144 |
| Distribution and service fees | 35,924 |
| Accrued expenses | 374,468 |
| Total liabilities | $ 9,449,426 |
| Net Assets | $883,213,043 |
| Sources of Net Assets | |
| Paid-in capital | $ 931,395,806 |
| Accumulated loss | (48,182,763) |
| Net Assets | $883,213,043 |
| Class A Shares | |
| Net Assets | $ 154,477,914 |
| Shares Outstanding | 15,919,270 |
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.70 |
Maximum Offering Price Per Share
(100 ÷ 96.75 of net asset value per share) | $ 10.03 |
| Class C Shares | |
| Net Assets | $ 20,818,422 |
| Shares Outstanding | 2,239,776 |
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding) | $ 9.29 |
| Class I Shares | |
| Net Assets | $ 707,916,707 |
| Shares Outstanding | 72,917,054 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 9.71 |
| 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. |
19
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
| | Year Ended |
| | March 31, 2023 |
| Investment Income | |
| Interest income | $ 26,196,145 |
| Total investment income | $ 26,196,145 |
| Expenses | |
| Investment adviser and administration fee | $ 3,929,010 |
| Distribution and service fees: | |
| Class A | 262,855 |
| Class C | 229,436 |
| Trustees’ fees and expenses | 68,671 |
| Custodian fee | 240,603 |
| Transfer and dividend disbursing agent fees | 327,553 |
| Legal and accounting services | 84,541 |
| Printing and postage | 35,508 |
| Registration fees | 94,683 |
| Miscellaneous | 171,988 |
| Total expenses | $ 5,444,848 |
| Net investment income | $ 20,751,297 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (25,473,597) |
| Net realized loss | $(25,473,597) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 5,401,730 |
| Net change in unrealized appreciation (depreciation) | $ 5,401,730 |
| Net realized and unrealized loss | $(20,071,867) |
| Net increase in net assets from operations | $ 679,430 |
20
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Statements of Changes in Net Assets
| | Year Ended March 31, |
| | 2023 | 2022 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 20,751,297 | $ 12,428,717 |
| Net realized loss | (25,473,597) | (9,315,946) |
| Net change in unrealized appreciation (depreciation) | 5,401,730 | (36,646,856) |
| Net increase (decrease) in net assets from operations | $ 679,430 | $ (33,534,085) |
| Distributions to shareholders: | | |
| Class A | $ (3,484,931) | $ (2,268,702) |
| Class C | (310,600) | (104,986) |
| Class I | (16,799,342) | (9,950,462) |
| Total distributions to shareholders | $ (20,594,873) | $ (12,324,150) |
| Transactions in shares of beneficial interest: | | |
| Class A | $ (43,698,645) | $ 17,954,827 |
| Class C | (9,456,828) | (366,180) |
| Class I | (84,101,407) | 179,475,026 |
| Net increase (decrease) in net assets from Fund share transactions | $ (137,256,880) | $ 197,063,673 |
| Net increase (decrease) in net assets | $ (157,172,323) | $ 151,205,438 |
| Net Assets | | |
| At beginning of year | $1,040,385,366 | $ 889,179,928 |
| At end of year | $ 883,213,043 | $1,040,385,366 |
21
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
| | Class A |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.880 | $ 10.280 | $ 9.900 | $ 10.070 | $ 9.950 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.194 | $ 0.111 | $ 0.157 | $ 0.196 | $ 0.224 |
| Net realized and unrealized gain (loss) | (0.179) | (0.400) | 0.380 | (0.163) | 0.121 |
| Total income (loss) from operations | $ 0.015 | $ (0.289) | $ 0.537 | $ 0.033 | $ 0.345 |
| Less Distributions | | | | | |
| From net investment income | $ (0.195) | $ (0.111) | $ (0.157) | $ (0.197) | $ (0.225) |
| From net realized gain | — | — | — | (0.006) | — |
| Total distributions | $ (0.195) | $ (0.111) | $ (0.157) | $ (0.203) | $ (0.225) |
| Net asset value — End of year | $ 9.700 | $ 9.880 | $ 10.280 | $ 9.900 | $10.070 |
| Total Return(2) | 0.18% | (2.85)% | 5.46% | 0.29% | 3.52% (3) |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $154,478 | $201,964 | $192,676 | $162,846 | $ 94,489 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.65% | 0.64% | 0.66% | 0.66% | 0.70% (3) |
| Net investment income | 2.01% | 1.08% | 1.55% | 1.93% | 2.25% |
| Portfolio Turnover | 78% | 57% | 14% | 52% | 48% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01% of average daily net assets for the year ended March 31, 2019). Absent this reimbursement, total return would be lower. |
22
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Financial Highlights — continued
| | Class C |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.470 | $ 9.850 | $ 9.480 | $ 9.650 | $ 9.530 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.115 | $ 0.033 | $ 0.079 | $ 0.117 | $ 0.144 |
| Net realized and unrealized gain (loss) | (0.178) | (0.381) | 0.369 | (0.165) | 0.120 |
| Total income (loss) from operations | $ (0.063) | $ (0.348) | $ 0.448 | $ (0.048) | $ 0.264 |
| Less Distributions | | | | | |
| From net investment income | $ (0.117) | $ (0.032) | $ (0.078) | $ (0.116) | $ (0.144) |
| From net realized gain | — | — | — | (0.006) | — |
| Total distributions | $ (0.117) | $ (0.032) | $ (0.078) | $ (0.122) | $ (0.144) |
| Net asset value — End of year | $ 9.290 | $ 9.470 | $ 9.850 | $ 9.480 | $ 9.650 |
| Total Return(2) | (0.65)% | (3.54)% | 4.74% | (0.53)% | 2.79% (3) |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $20,818 | $30,887 | $32,499 | $35,156 | $28,258 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 1.41% | 1.39% | 1.41% | 1.41% | 1.45% (3) |
| Net investment income | 1.24% | 0.34% | 0.81% | 1.20% | 1.51% |
| Portfolio Turnover | 78% | 57% | 14% | 52% | 48% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01% of average daily net assets for the year ended March 31, 2019). Absent this reimbursement, total return would be lower. |
23
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Financial Highlights — continued
| | Class I |
| | Year Ended March 31, |
| | 2023 | 2022 | 2021 | 2020 | 2019 |
| Net asset value — Beginning of year | $ 9.890 | $ 10.290 | $ 9.900 | $ 10.080 | $ 9.950 |
| Income (Loss) From Operations | | | | | |
| Net investment income(1) | $ 0.210 | $ 0.127 | $ 0.173 | $ 0.212 | $ 0.237 |
| Net realized and unrealized gain (loss) | (0.180) | (0.401) | 0.389 | (0.173) | 0.133 |
| Total income (loss) from operations | $ 0.030 | $ (0.274) | $ 0.562 | $ 0.039 | $ 0.370 |
| Less Distributions | | | | | |
| From net investment income | $ (0.210) | $ (0.126) | $ (0.172) | $ (0.213) | $ (0.240) |
| From net realized gain | — | — | — | (0.006) | — |
| Total distributions | $ (0.210) | $ (0.126) | $ (0.172) | $ (0.219) | $ (0.240) |
| Net asset value — End of year | $ 9.710 | $ 9.890 | $ 10.290 | $ 9.900 | $ 10.080 |
| Total Return(2) | 0.33% | (2.70)% | 5.72% | 0.34% | 3.78% (3) |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of year (000’s omitted) | $707,917 | $807,534 | $664,004 | $616,381 | $439,012 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.50% | 0.49% | 0.51% | 0.51% | 0.55% (3) |
| Net investment income | 2.16% | 1.23% | 1.71% | 2.09% | 2.37% |
| Portfolio Turnover | 78% | 57% | 14% | 52% | 48% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.01% of average daily net assets for the year ended March 31, 2019). Absent this reimbursement, total return would be lower. |
24
See Notes to Financial Statements.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements
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, 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 March 31, 2023, 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.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — 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.
2 Distributions to Shareholders and Income Tax Information
The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended March 31, 2023 and March 31, 2022 was as follows:
| | Year Ended March 31, |
| | 2023 | 2022 |
| Tax-exempt income | $18,727,591 | $11,023,530 |
| Ordinary income | $ 1,867,282 | $ 1,300,620 |
As of March 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed tax-exempt income | $ 581,885 |
| Deferred capital losses | (36,234,663) |
| Net unrealized depreciation | (11,940,089) |
| Distributions payable | (589,896) |
| Accumulated loss | $(48,182,763) |
At March 31, 2023, the Fund, for federal income tax purposes, had deferred capital losses of $36,234,663 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, 2023, $22,549,122 are short-term and $13,685,541 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2023, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ 888,823,029 |
| Gross unrealized appreciation | $ 7,014,325 |
| Gross unrealized depreciation | (18,954,414) |
| Net unrealized depreciation | $ (11,940,089) |
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — 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 investment adviser and administration fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | 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 year ended March 31, 2023, the investment adviser and administration fee amounted to $3,929,010 or 0.40% of the Fund’s average daily net assets.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended March 31, 2023, EVM earned $7,764 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 $8,748 as its portion of the sales charge on sales of Class A shares for the year ended March 31, 2023. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended March 31, 2023 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 year ended March 31, 2023, 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 year ended March 31, 2023 amounted to $262,855 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended March 31, 2023, the Fund paid or accrued to EVD $191,197 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 year ended March 31, 2023 amounted to $38,239 for Class C shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended March 31, 2023, the Fund was informed that EVD received approximately $33,000 and $9,000 of CDSCs paid by Class A and Class C shareholders, respectively.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — continued
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, aggregated $750,374,074 and $939,437,989, respectively, for the year ended March 31, 2023.
7 Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:
| | Year Ended
March 31, 2023 | | Year Ended
March 31, 2022 |
| | Shares | Amount | | Shares | Amount |
| Class A | | | | | |
| Sales | 4,476,718 | $ 43,253,223 | | 8,586,696 | $ 88,422,543 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 305,040 | 2,946,422 | | 188,757 | 1,935,338 |
| Redemptions | (9,296,521) | (89,898,290) | | (7,082,209) | (72,403,054) |
| Net increase (decrease) | (4,514,763) | $ (43,698,645) | | 1,693,244 | $ 17,954,827 |
| Class C | | | | | |
| Sales | 482,376 | $ 4,481,022 | | 692,020 | $ 6,809,099 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 28,031 | 259,224 | | 8,828 | 86,685 |
| Redemptions | (1,533,095) | (14,197,074) | | (738,387) | (7,261,964) |
| Net decrease | (1,022,688) | $ (9,456,828) | | (37,539) | $ (366,180) |
| Class I | | | | | |
| Sales | 51,064,456 | $ 494,345,285 | | 52,161,238 | $ 536,602,594 |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 1,197,907 | 11,580,694 | | 741,875 | 7,605,633 |
| Redemptions | (61,010,643) | (590,027,386) | | (35,789,464) | (364,733,201) |
| Net increase (decrease) | (8,748,280) | $ (84,101,407) | | 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 a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. 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. Also in connection with the renewal of the agreement, 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 year ended March 31, 2023.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Notes to Financial Statements — 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 March 31, 2023, 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 | $ — | $ 21,613,293 | $ — | $ 21,613,293 |
| Tax-Exempt Mortgage-Backed Securities | — | 825,230 | — | 825,230 |
| Tax-Exempt Municipal Obligations | — | 787,816,444 | — | 787,816,444 |
| Taxable Municipal Obligations | — | 66,627,973 | — | 66,627,973 |
| Total Investments | $ — | $876,882,940 | $ — | $876,882,940 |
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.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Report of Independent Registered Public Accounting Firm
To the Trustees of Eaton Vance Investment Trust and Shareholders of Eaton Vance Short Duration Municipal Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration Municipal Opportunities Fund (the “Fund”), (one of the funds constituting Eaton Vance Investment Trust), including the portfolio of investments, as of March 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
May 18, 2023
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.
Exempt-Interest Dividends. For the fiscal year ended March 31, 2023, the Fund designates 90.93% of distributions from net investment income as an exempt-interest dividend.
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Management and Organization
Fund Management. The Trustees of Eaton Vance Investment Trust (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 129 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustees |
Thomas E. Faust Jr.
1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Mr. Faust has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance Funds effective on or about August 3, 2023.
Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Anchal Pachnanda(1)
1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust.
Other Directorships. None. |
| Noninterested Trustees |
Alan C. Bowser
1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).
Other Directorships. None. |
Mark R. Fetting
1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia E. Frost
1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other Directorships. None. |
George J. Gorman
1952 | Chairperson
of the Board
and Trustee | Since 2021
(Chairperson) and
2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees (continued) |
Valerie A. Mosley
1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton
1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith
1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland
1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm
1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy A. Wiser
1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees |
Eric A. Stein
1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh
1971 | Vice President and
Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner
1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
Short Duration Municipal Opportunities Fund
March 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees (continued) |
Nicholas S. Di Lorenzo
1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio
1968 | Chief Compliance
Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
(1) Ms. Pachnanda began serving as Trustee effective April 1, 2023.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
| 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 |
| Privacy Notice — continued | April 2021 |
| 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. |
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.
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Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a
Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, Eaton Vance National Limited Maturity Municipal Income Fund and Eaton Vance New York Municipal Opportunities Fund (the “Fund(s)”) are the series of Eaton Vance Investment Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 4 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company.
(a-d)
The following tables present the aggregate fees billed to each Fund for the Fund’s respective fiscal years ended March 31, 2022 and March 31, 2023 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during those periods.
Eaton Vance National Ultra-Short Municipal Income Fund
| | | | | | | | |
Fiscal Years Ended | | 03/31/22 | | | 03/31/23 | |
Audit Fees | | $ | 35,050 | | | $ | 38,950 | |
Audit-Related Fees(1) | | $ | 0 | | | $ | 0 | |
Tax Fees(2) | | $ | 6,403 | | | $ | 0 | |
All Other Fees(3) | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
Total | | $ | 41,453 | | | $ | 38,950 | |
| | | | | | | | |
Eaton Vance Short Duration Municipal Opportunities Fund
| | | | | | | | |
Fiscal Years Ended | | 03/31/22 | | | 03/31/23 | |
Audit Fees | | $ | 36,550 | | | $ | 40,550 | |
Audit-Related Fees(1) | | $ | 0 | | | $ | 0 | |
Tax Fees(2) | | $ | 6,403 | | | $ | 350 | |
All Other Fees(3) | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
Total | | $ | 42,953 | | | $ | 40,900 | |
| | | | | | | | |
Eaton Vance National Limited Maturity Municipal Income Fund
| | | | | | | | |
Fiscal Years Ended | | 03/31/22 | | | 03/31/23 | |
Audit Fees | | $ | 54,350 | | | $ | 59,650 | |
Audit-Related Fees(1) | | $ | 0 | | | $ | 0 | |
Tax Fees(2) | | $ | 9,007 | | | $ | 350 | |
All Other Fees(3) | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
Total | | $ | 63,357 | | | $ | 60,000 | |
| | | | | | | | |
Eaton Vance New York Municipal Opportunities Fund
| | | | | | | | |
Fiscal Years Ended | | 03/31/22 | | | 03/31/23 | |
Audit Fees | | $ | 36,250 | | | $ | 40,250 | |
Audit-Related Fees(1) | | $ | 0 | | | $ | 0 | |
Tax Fees(2) | | $ | 7,919 | | | $ | 875 | |
All Other Fees(3) | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
Total | | $ | 44,169 | | | $ | 41,125 | |
| | | | | | | | |
| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
| (3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
The Funds comprised all of the series of the Trust at March 31, 2023, and have the same fiscal year end (March 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Funds in the Trust by D&T for the last two fiscal years of each Fund.
| | | | | | | | |
Fiscal Years Ended | | 03/31/22 | | | 03/31/23 | |
Audit Fees | | $ | 162,200 | | | $ | 179,400 | |
Audit-Related Fees(1) | | $ | 0 | | | $ | 0 | |
Tax Fees(2) | | $ | 29,732 | | | $ | 1,575 | |
All Other Fees(3) | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
Total | | $ | 191,932 | | | $ | 180,975 | |
| | | | | | | | |
| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. |
| (3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The Trust’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the Trust’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the Trust’s audit committee at least annually. The Trust’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the Trust’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Funds in the Trust by D&T for the last two fiscal years of each Fund; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last two fiscal years of each Fund.
| | | | | | | | |
Fiscal Years Ended | | 03/31/22 | | | 03/31/23 | |
Registrant(1) | | $ | 29,732 | | | $ | 1,575 | |
Eaton Vance(2) | | $ | 51,800 | | | $ | 52,836 | |
| (1) | Includes all of the Funds of the Trust. |
| (2) | The investment adviser to the Funds, as well as any of its affiliates that provide ongoing services to the Funds, are subsidiaries of Morgan Stanley. |
(h) The Trust’s audit committee has considered whether the provision by the Trust’s principal accountant of non-audit services to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
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: May 22, 2023 |
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: | | May 22, 2023 |
| |
| By: | | /s/ Eric A. Stein |
| | Eric A. Stein |
| | President |
|
| Date: May 22, 2023 |
