N-CSR 1 d406063dncsr.htm EATON VANCE INVESTMENT TRUST Eaton Vance Investment Trust

 

 

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.




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.
2


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.
3


Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Fund Profile

Credit Quality (% of total investments)1
Footnotes:
1 For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.
4


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.
 
5


Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Fund Expenses

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.
6


Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Portfolio of Investments 

Corporate Bonds — 0.7%
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
Statement of Operations

  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
Financial Highlights

  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 ValuationThe 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 IncomeInvestment 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 TaxesThe 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  ExpensesThe 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 EstimatesThe 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.
17


Eaton Vance
National Ultra-Short Municipal Income Fund
March 31, 2023
Notes to Financial Statements  — continued

G   IndemnificationsUnder 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 TransactionsThe 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.
18


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).
19


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.
20


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.
21


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.
22


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.
23


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.
24


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.
25


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.
26


Eaton Vance Funds
Privacy Notice April 2021

FACTS WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
■ Social Security number and income
■ investment experience and risk tolerance
■ checking account number and wire transfer instructions
How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.
Reasons we can share your
personal information
Does Eaton Vance
share?
Can you limit
this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No
For our marketing purposes — to offer our products and services to you Yes No
For joint marketing with other financial companies No We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness Yes Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences Yes No
For our affiliates’ everyday business purposes — information about your creditworthiness No We don’t share
For our investment management affiliates to market to you Yes Yes
For our affiliates to market to you No We don’t share
For nonaffiliates to market to you No We don’t share
To limit our
sharing
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions? Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com
27


Eaton Vance Funds
Privacy Notice — continued April 2021

Page 2
Who we are
Who is providing this notice? Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance
protect my personal
information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance
collect my personal
information?
We collect your personal information, for example, when you
■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact information
We 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 you
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management
Affiliates
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
■ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
■ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.
California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.
28


Eaton Vance Funds
IMPORTANT NOTICES

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
29


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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.


14727    3.31.23



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.




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.
2


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.
3


Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Fund Profile

Credit Quality (% of total investments)1
Footnotes:
1 For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.
4


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.
 
5


Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Fund Expenses

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.
6


Eaton Vance
National Limited Maturity Municipal Income Fund
March 31, 2023
Portfolio of Investments 

Corporate Bonds — 2.1%
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