Overview

Providing high tax-exempt income since 1995.1,2

Eaton Vance historically has provided higher income than its peers and comparable Treasury bonds after tax. As of 12/31/2015.

  • Class A at NAV
  • Benchmark
  • Lipper High Yield Municipal Debt Category
  • Barclays U.S. Treasury Long Index (After-Tax)

Average Annual Returns (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2016
Fund at NAV 1.11 3.52 1.11 3.64 5.26 9.13 4.03
Fund w/Max Sales Charge -3.65 -1.43 -3.65 -1.28 3.57 8.07 3.53
Barclays Municipal Bond Index3 1.19 2.31 1.19 2.71 3.42 5.75 4.81
12/31/2015
Fund at NAV 1.36 2.84 4.81 4.81 5.33 8.52 4.01
Fund w/Max Sales Charge -3.47 -2.08 -0.15 -0.15 3.62 7.46 3.50
Barclays Municipal Bond Index3 0.70 1.50 3.30 3.30 3.16 5.35 4.71
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Fund FactsJan 31, 2016

Class A Inception 08/07/1995
Investment Objective High current tax-exempt income
Total Net Assets $1.1B
Minimum Investment $1000
Expense Ratio (Gross)4 0.89%
Expense Ratio (Net)4 0.83%
CUSIP 27826M882

Top 10 Holdings (%)5,6Dec 31, 2015

State of California
Indiana Municipal Power Agency
County of Miami-Dade FL
City of Detroit MI Water Supply System Revenue
North Texas Tollway Authority
Central Texas Turnpike System
Municipal Electric Authority of Georgia
Loma Linda University Medical Center Obligated Group
Public Power Generation Agency
San Joaquin Hills Transportation Corridor Agency
Total 12.82

Portfolio Management

Cynthia J. Clemson Managed Fund since 2004

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Average Annual Returns (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2016
Fund at NAV 1.11 3.52 1.11 3.64 5.26 9.13 4.03
Fund w/Max Sales Charge -3.65 -1.43 -3.65 -1.28 3.57 8.07 3.53
Barclays Municipal Bond Index3 1.19 2.31 1.19 2.71 3.42 5.75 4.81
Morningstar™ High Yield Muni Category7 0.85 2.27 0.85 3.02 3.53 7.37 3.91
12/31/2015
Fund at NAV 1.36 2.84 4.81 4.81 5.33 8.52 4.01
Fund w/Max Sales Charge -3.47 -2.08 -0.15 -0.15 3.62 7.46 3.50
Barclays Municipal Bond Index3 0.70 1.50 3.30 3.30 3.16 5.35 4.71
Morningstar™ High Yield Muni Category7 0.88 2.18 4.09 4.09 3.58 6.84 3.85
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 10.65 -4.86 -37.00 44.98 2.39 11.64 15.38 -5.57 18.08 4.81
Barclays Municipal Bond Index3 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30

Fund Facts

Expense Ratio (Gross)4 0.89%
Expense Ratio (Net)4 0.83%
Class A Inception 08/07/1995
Distribution Frequency Monthly

Yield Information8Dec 31, 2015

Distribution Rate at NAV 3.97%
Taxable-Equivalent Distribution Rate at NAV 7.01%
SEC 30-day Yield 2.78%
Taxable-Equivalent SEC 30-day Yield 4.92%

Morningstar™ RatingsJan 31, 2016

Time Period Rating Rating (Load Waived) Funds in
High Yield Muni
Category
Overall *** **** 160
3 Years *** ***** 160
5 Years **** **** 150
10 Years ** *** 98
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Feb 05, 2016 $8.98
Feb 04, 2016 $8.98
Feb 03, 2016 $8.98
Feb 02, 2016 $8.98 $0.01
Feb 01, 2016 $8.97
Jan 29, 2016 $8.97 $0.02
Jan 28, 2016 $8.95 $-0.01
Jan 27, 2016 $8.96
Jan 26, 2016 $8.96
Jan 25, 2016 $8.96

Distribution History9

Ex-Date Distribution Reinvest NAV
Jan 29, 2016 $0.02897 $8.97
Dec 31, 2015 $0.02948 $8.90
Nov 30, 2015 $0.03830 $8.81
Oct 30, 2015 $0.02951 $8.76
Sep 30, 2015 $0.02921 $8.75
Aug 31, 2015 $0.02935 $8.71
Jul 31, 2015 $0.03163 $8.72
Jun 30, 2015 $0.02952 $8.68
May 29, 2015 $0.02931 $8.73
Apr 30, 2015 $0.02978 $8.79
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History9

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)5,10Dec 31, 2015

Municipal Bonds 95.31
Cash 4.01
U.S. Corporate Bonds 0.68
Total 100.00

Portfolio StatisticsDec 31, 2015

Number of Holdings 313
Average Coupon 5.50%
Average Maturity 18.76 yrs.
Average Effective Maturity 7.83 yrs.
Average Duration 5.99 yrs.
Average Call 7.32 yrs.
Average Price $106.92
Subject to AMT (% of bond holdings) 17.70%

Sector Breakdown (%)5Dec 31, 2015

Transportation 14.50
Hospital 12.91
Industrial Development Revenue 10.38
Senior Living/Life Care 9.72
General Obligations 7.78
Electric Utilities 6.91
Other Revenue 5.87
Insured-Transportation 4.88
Special Tax Revenue 3.85
Insured-General Obligations 3.28
View All

Credit Quality (%)11Dec 31, 2015

AAA 1.36
AA 24.98
A 23.93
BBB 26.70
BB 10.99
B 0.53
CCC or Lower 0.89
Not Rated 10.62
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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" are not rated by the national ratings agencies stated above.

Maturity Distribution (%)11Dec 31, 2015

Less Than 1 Year 0.98
1 To 3 Years 1.31
3 To 5 Years 3.17
5 To 10 Years 7.01
10 To 20 Years 44.11
20 To 30 Years 40.09
More Than 30 Years 3.33
Total 100.00

Assets by State (%)11,12Dec 31, 2015

Texas 14.86
California 11.36
New York 10.00
Florida 9.13
New Jersey 7.81
Illinois 6.98
Michigan 4.32
Pennsylvania 3.33
Ohio 2.92
Arizona 2.91
View All

Fund Holdings5,13Dec 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 4.10%
State of California 5.00% 09/01/2032 1.60%
Indiana Municipal Power Agency 4.00% 01/01/2042 1.58%
County of Miami-Dade FL 0.00% 10/01/2039 1.52%
City of Detroit MI Water Supply System Revenue 5.25% 07/01/2041 1.37%
North Texas Tollway Authority 6.20% 01/01/2042 1.22%
Central Texas Turnpike System 5.00% 08/15/2042 1.20%
Municipal Electric Authority of Georgia 6.66% 04/01/2057 1.11%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.10%
Public Power Generation Agency 5.00% 01/01/2031 1.09%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets Dec 31, 2015

The U.S. municipal (muni) bond market performed well relative to other fixed-income asset classes during the final three months of 2015. The Barclays Municipal Bond Index3 gained 1.50%, outpacing the -0.57% return of Barclays U.S. Aggregate Bond Index14, a broad measure of taxable bond performance.

Munis have historically been considered a defensive asset class during periods of interest rate uncertainty and financial market volatility; munis performance during the fourth quarter of 2015 backed this view. Fears of higher interest rates and the Federal Reserve's ultimate decision to raise its key rate in December weighed heavily on credit-sensitive investment-grade corporate and high-yield corporate bonds, as well as interest-rate sensitive U.S. Treasury securities. In contrast, munis continued on an upward trend in the fourth quarter. Munis track record of low volatility and low default rates helped attract buyers.

High tax rates and improving credit fundamentals among most local and state muni issuers also fueled demand. Negative headlines surrounding challenged issuers (such as Puerto Rico, Illinois, Chicago and New Jersey) did not curtail investors appetite for tax-exempt bonds. Additionally, the yield advantage munis offered over comparable maturity Treasury bonds early in the quarter caught the eye of non-traditional, crossover buyers. In contrast to the second and third quarters, growing demand for munis offset elevated total new issuance.

During the fourth quarter overall, yields on longer-term bonds fell while yields on shorter-term securities rose, resulting in a flattening of the yield curve15 and the outperformance of long-dated munis. On a total return basis, lower-investment-grade munis outpaced many higher-quality securities. However, below-investment grade benchmarks dominated by poor-performing Puerto Rico debt lagged.

Performance Summary 

Eaton Vance High Yield Municipal Income Fund (the Fund) outperformed its benchmark, the Barclays Municipal Bond Index (the Index)3, at net asset value during the quarter.

  • The Fund's use of tender-option bonds (TOBS) contributed to its outperformance of the Index.
  • An overweight in the hospital/health care sector, and security selection in this sector was another plus.
  • An overweight exposure to BBB bonds and security selection in these credits, aided performance versus the Index. Security selection in A rated bonds also aided relative performance.
  • An overweight and security selection in industrial development/pollution control (IDR/PCR) bonds also bolstered relative performance.
  • Detracting from relative results was zero exposure to Puerto Rico bonds (and specifically, insured Puerto Rico bonds) as well as unfavorable security selection among zero coupon securities.

Average Annual Returns (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 1.36 2.84 4.81 4.81 5.33 8.52 4.01
Fund w/Max Sales Charge -3.47 -2.08 -0.15 -0.15 3.62 7.46 3.50
Barclays Municipal Bond Index3 0.70 1.50 3.30 3.30 3.16 5.35 4.71
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Fund FactsDec 31, 2015

Class A Inception 08/07/1995
Expense Ratio (Gross)4 0.89%
Expense Ratio (Net)4 0.83%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • Investments in TOBs helped the Fund's performance versus the Index. These securities act as a financing mechanism allowing investors to borrow at shorter-term rates and invest in higher-yielding bonds. The Fund's TOB holdings generally outpaced the Index during the quarter as the muni market rallied.
  • Relative results were also bolstered by a larger exposure and security selection in the hospital/health care sector as the Fund's holdings in this sector generally outpaced similar securities in the Index.
  • Security selection and an overweight among IDR/PCR bonds also proved beneficial, as securities in the Fund outpaced similar bonds in the Index.
  • The Fund's larger exposure to BBB bonds aided performance, as lower-quality bonds outperformed higher-quality bonds for the quarter. Security selection in A-rated securities proved beneficial, as securities in the Fund outpaced similar bonds in the Index.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • Zero exposure to Puerto Rico was a detractor from performance compared to the Index. Specifically, insured Puerto Rico credits, although a small portion of the Index, were among the muni markets best performers for the quarter.
  • Security selection among zero coupon securities also hurt; the Fund's holdings in this group lagged comparable securities in the Index.

Investment Outlook And Fund Positioning 

We believe muni bonds could continue to outperform their taxable counterparts in 2016. While it is possible that additional rate hikes will occur in 2016, the past three Fed tightening cycles suggest that munis can better weather tighter monetary policy than taxable bonds. We also believe muni supply/demand dynamics will remain favorable, as high tax burdens help fuel demand and issuers mostly refrain from expanding their debt burden, especially in light of growing retiree pension and health care obligations.

However, we foresee a potential uptick in muni market volatility due to the virtual demise of muni bond insurers, the thinning ranks of broker dealers, and the potential for further negative headlines from troubled issuers. Even so, we believe this potential volatility could create pricing inefficiencies that we will look to use as opportunities.

Credit Quality (%)11Dec 31, 2015

AAA 1.36
AA 24.98
A 23.93
BBB 26.70
BB 10.99
B 0.53
CCC or Lower 0.89
Not Rated 10.62
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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" are not rated by the national ratings agencies stated above.

The views expressed in this report are those of 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 disclaims 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.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985

Cynthia Clemson is a vice president of Eaton Vance Management, co-director of municipal investments and portfolio manager on Eaton Vance’s municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. Cindy began her career in the investment management industry with Eaton Vance in 1985.

Cindy earned a B.A. from Mount Holyoke College and an MBA from Boston University. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts Society, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.

Education
  • B.A. Mount Holyoke College
  • M.B.A. Graduate School of Management, Boston University
Experience
  • Managed Fund since 2004

Literature

Literature

Fact Sheet

Commentary

Attribution

Annual Report

Full Prospectus

Holdings-1st or 3rd fiscal quarters-www.sec.gov

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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    The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

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