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 3/31/14.

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

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 1.03 6.32 6.32 -0.67 9.23 11.42 3.51
Fund w/Max Sales Charge -3.79 1.28 1.28 -5.43 7.47 10.33 3.00
Barclays Municipal Bond Index3 0.17 3.32 3.32 0.39 5.79 5.71 4.45
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 Facts as of Mar 31, 2014

Class A Inception 08/07/1995
Investment Objective High current
tax-exempt income
Total Net Assets $666.5M
Minimum Investment $1000
Expense Ratio (Gross)4 0.96%
Expense Ratio (Net)5 0.86%
CUSIP 27826M882

Top 10 Holdings (%)6,7 as of Mar 31, 2014

State of California
County of Miami-Dade FL
Fletcher Allen Health Care Inc
North Texas Tollway Authority
Long Island Power Authority
Massachusetts Bay Transportation Authority
Dow Chemical Co/The
Seminole Tribe of Florida Inc
City of Detroit MI Water Supply System Revenue
AEP Texas Central Co
Total 16.33


Portfolio Management

Thomas M. Metzold, CFA Managed Fund since inception
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 non–payment 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. Derivatives 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 (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 1.03 6.32 6.32 -0.67 9.23 11.42 3.51
Fund w/Max Sales Charge -3.79 1.28 1.28 -5.43 7.47 10.33 3.00
Barclays Municipal Bond Index3 0.17 3.32 3.32 0.39 5.79 5.71 4.45
Morningstar™ High Yield Muni Category8 0.68 5.18 5.18 -1.89 7.81 9.58 3.82
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 (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 5.31 7.00 10.65 -4.86 -37.00 44.98 2.39 11.64 15.38 -5.57
Barclays Municipal Bond Index3 4.48 3.51 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55

Fund Facts

Expense Ratio (Gross)4 0.96%
Expense Ratio (Net)5 0.86%
Class A Inception 08/07/1995
Distribution Frequency Monthly

Yield Information9 as of Mar 31, 2014

Distribution Rate at NAV 4.99%
SEC 30 Day Yield 4.30%


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
High Yield Muni
Category
Overall *** *** 153
3 Years *** **** 153
5 Years **** **** 123
10 Years ** ** 91
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.

© 2013 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
Apr 16, 2014 $8.34 $0.01
Apr 15, 2014 $8.33 $0.00
Apr 14, 2014 $8.33 $0.00
Apr 11, 2014 $8.33 $0.02
Apr 10, 2014 $8.31 $0.03
Apr 09, 2014 $8.28 $0.00
Apr 08, 2014 $8.28 $0.01
Apr 07, 2014 $8.27 $0.02
Apr 04, 2014 $8.25 $0.02
Apr 03, 2014 $8.23 $0.01

Distribution History10

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.03425 $8.24
Feb 28, 2014 $0.03371 $8.19
Jan 31, 2014 $0.03646 $8.07
Dec 31, 2013 $0.03592 $7.85
Nov 29, 2013 $0.03764 $7.90
Oct 31, 2013 $0.03504 $7.96
Sep 30, 2013 $0.03516 $7.92
Aug 30, 2013 $0.03555 $7.72
Jul 31, 2013 $0.03516 $7.99
Jun 28, 2013 $0.03591 $8.17
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 History10

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 non–payment 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. Derivatives 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 (%)6,11 as of Mar 31, 2014

Municipal Bonds 98.91
Cash & Other Assets 1.09
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Holdings 211
Average Coupon 5.59%
Average Maturity 20.08 yrs.
Average Effective Maturity 10.41 yrs.
Average Duration 7.50 yrs.
Average Call 6.77 yrs.
Average Price $98.89
Subject to AMT (% of bond holdings) 23.71%


Sector Breakdown (%)6 as of Mar 31, 2014

Industrial Development Revenue 14.43
Hospital 13.37
Transportation 10.60
Senior Living/Life Care 9.55
Other Revenue 8.25
Insured-Transportation 7.07
Special Tax Revenue 6.81
General Obligations 5.62
Electric Utilities 4.06
Insured-Other Revenue 2.94
View All

Credit Quality (%)12 as of Mar 31, 2014

AAA 3.73
AA 22.51
A 17.63
BBB 26.06
BB 5.80
B 7.98
CCC or Lower 1.14
Not Rated 15.15
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating 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's or Fitch (Baa or higher by Moody's) are considered to be investment grade quality. Credit ratings are based largely on the rating 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 rating agencies stated above.


Maturity Distribution (%)12 as of Mar 31, 2014

Less Than 1 Year 0.08
1 To 3 Years 0.48
3 To 5 Years 0.98
5 To 10 Years 6.01
10 To 20 Years 37.97
20 To 30 Years 51.42
More Than 30 Years 3.06
Total 100.00

Assets by State (%)12,13 as of Mar 31, 2014

Texas 15.55
California 9.44
New York 9.08
Florida 8.43
New Jersey 6.85
Massachusetts 5.21
Illinois 4.29
Arizona 3.94
Colorado 3.08
Michigan 2.76
View All


Fund Holdings6,14 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
Long Island Power Authority 5.00% 05/01/2038 2.45%
County of Miami-Dade FL 0.00% 10/01/2039 1.97%
Fletcher Allen Health Care Inc 4.75% 12/01/2036 1.77%
North Texas Tollway Authority 0.00% 01/01/2042 1.74%
Massachusetts Bay Transportation Authority 14.68% 07/01/2032 1.64%
Dow Chemical Co/The 5.95% 05/15/2033 1.53%
City of Detroit MI Water Supply System Revenue 5.25% 07/01/2041 1.49%
Seminole Tribe of Florida Inc 5.25% 10/01/2027 1.46%
AEP Texas Central Co 5.20% 05/01/2030 1.32%
America West Holdings LLC 6.25% 06/01/2019 1.28%
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 non–payment 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. Derivatives 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

Quarterly Commentary

A Word On The Markets  as of Dec 31, 2013

Municipal bond market conditions remained challenging during the fourth quarter of 2013, as evidenced by the 0.32% return of the Barclays Municipal Bond Index3 for the three-month period ended December 31, 2013.

Munis posted a positive return in October, 0.79%, continuing a rally that began in September, after U.S. Federal Reserve (Fed) Chairman Ben Bernanke surprised the markets by announcing that the central bank would not taper its bond-buying program, which was designed to stimulate the economy by suppressing interest rates. However, the muni market retreated in November, -0.21%, following a stronger-than-expected jobs report and comments from the Fed indicating that economic growth was improving. Against that backdrop, tapering worries spiked, pushing muni yields generally higher and prices lower. December was another difficult month for the muni market, -0.26%, in part due to the Fed’s mid-month decision to taper its quantitative easing policy by $10 billion per month, to $74 billion. Although municipal credit quality generally improved along with the rebound in U.S. housing and the general economy, negative news regarding a number of high-profile tax-exempt15 issuers—including Detroit, Puerto Rico and Illinois—also weighed on the market throughout the fourth quarter.

For the quarter overall, longer-term bonds lagged shorter-maturity securities, as longer-term yields moved higher while short-term yields barely budged. The underperformance of longer-term securities resulted in a further steepening of the yield curve16 during the quarter. On a total return basis, higher-quality bonds outpaced lower-quality securities, reflecting investors’ cautionary approach to riskier munis.

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 for the quarter.

  • The Fund’s use of tender option bonds (TOBs) and U.S. Treasury futures contributed to the Fund’s results relative to the Index.
  • Also contributing to the Fund’s outperformance of the Index was the Fund’s overweight in industrial development revenue/pollution control revenue (IDR/PCR) bonds. Security selection in that sector also bolstered the Fund’s performance versus the Index.
  • In contrast, the Fund’s larger-than-benchmark exposure to the health care sector, as well as security selection among such bonds, detracted from performance versus the index.
  • The Fund’s overweight in zero coupon bonds (zeros) also hurt its performance compared to the Index. To a lesser extent, security selection among bonds with coupons between 4.5% and 5% hurt.

Average Annual Returns (%) as of Dec 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.18 0.48 -5.57 -5.57 6.74 12.54 3.04
Fund w/Max Sales Charge -4.87 -4.23 -10.09 -10.09 5.01 11.45 2.54
Barclays Municipal Bond Index3 -0.26 0.32 -2.55 -2.55 4.82 5.89 4.29
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 Facts as of Dec 31, 2013

Class A Inception 08/07/1995
Expense Ratio (Gross)4 0.96%
Expense Ratio (Net)5 0.86%


Contributors 

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

  • Investments in TOBs bolstered the Fund’s performance versus the Index. These securities act as a financing mechanism, allowing the Fund to borrow at shorter-term rates and invest in higher-yielding long-term bonds. TOBs generally outpaced the Index during the quarter. The price return on the bonds was flat to down slightly, but the yield and income return contributed to a positive total return and outperformance of the TOBs.
  • The Fund’s investments in U.S. Treasury futures—which are not contained in the Index—helped insulate the Fund from rising muni bond yields.
  • The Fund’s overweight exposure IDR/PCR securities proved beneficial because the sector was one of the muni market’s best-performing groups during the quarter. Security selection among such bonds also helped because the Fund’s IDR/PCR holdings generally outpaced similar bonds in the Index.

Detractors 

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

  • Detracting from the performance was the Fund’s overweight in health care bonds, which lagged the Index. Security selection in this segment also hurt, as health care bonds in the Fund trailed similar securities in the Index.
  • The Fund’s larger exposure to zeros was detrimental. Zeros, among the longest-duration (most interest-rate sensitivity) bonds lagged most coupon-bearing bonds amid fears of rising interest rates.
  • To a lesser extent, security selection among munis with coupons between 4.5% and 5% also hurt, as the Fund’s holdings in this coupon range underperformed similar securities in the Index.

Investment Outlook And Fund Positioning 

Management is optimistic about the credit outlook for the vast majority of muni issuers. Thanks largely to improved economic conditions and a mood of austerity among issuers at large, revenues have been higher and balance sheets have improved. Despite the headlines involving Detroit’s record bankruptcy filing, the muni default rate for 2013 remained low at 0.23%, according to Municipal Market Advisors. As for interest rates, it appears they may be headed higher in 2014. Although the potential for interest-rate volatility may periodically act as a headwind for munis, we foresee potentially powerful tailwinds. First, munis ended the quarter with yields that were in line with and, in many cases, exceeded the yields on comparable-maturity U.S. Treasurys. Given these attractive yields, we think munis could benefit from a potential resurgence in investor demand. Additionally, we expect the supply of munis—already down significantly in 2013—to decline further in 2014.17

Credit Quality (%)12 as of Dec 31, 2013

AAA 4.09
AA 17.85
A 20.03
BBB 25.12
BB 6.69
B 7.49
CCC or Lower 0.00
Not Rated 18.73
TOTAL 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating 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's or Fitch (Baa or higher by Moody's) are considered to be investment grade quality. Credit ratings are based largely on the rating 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 rating 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 non–payment 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. Derivatives 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

 

No attribution information is available.

 

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 non–payment 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. Derivatives 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
Thomas M. Metzold, CFA

Thomas M. Metzold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1987

Tom Metzold is a vice president of Eaton Vance Management and senior portfolio manager on Eaton Vance’s municipal bond team. Tom is portfolio manager of Eaton Vance’s flagship municipal bond offerings. In his role as senior portfolio advisor, Tom is also responsible for representation of Eaton Vance’s municipal bond strategies and insights on the municipal market.

With more than 30 years of experience, Tom provides valuable insight and perspective on issues facing the municipal market. He is a frequent guest on financial news outlets and is widely quoted in the financial media. Tom's commentary has appeared in Barron's, Bloomberg, The Bond Buyer, The New York Times, Reuters Financial Report, and The Wall Street Journal, among other publications.

Tom began his investment management career in 1986. He joined Eaton Vance in 1987 as a high yield municipal bond analyst covering the health care and hospital sectors, becoming a portfolio manager in 1991. Tom was formerly a financial analyst at General Electric Company from 1981 to 1986.

Tom earned a B.S. in finance from Siena College in 1980 and an M.B.A. with a concentration in finance from the State University of New York at Albany in 1987. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Education
  • B.S. Siena College
  • M.B.A. State University of New York at Albany
Experience
  • Managed Fund since inception
Biography
Cynthia J. Clemson

Cynthia J. Clemson

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

Cindy Clemson is a vice president of Eaton Vance Management,co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.

Cindy has been in the investment management industry since 1985, when she joined Eaton Vance as a client service representative. She became a research assistant in the fixed-income department in 1987. In 1988, she became an investment analyst responsible for lower- and nonrated municipal issues and, in 1991, was named a portfolio manager.

Cindy earned a B.A. in 1985 from Mount Holyoke College and an M.B.A., cum laude, from Boston University in 1990. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts Society, the Fixed Income Management 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

Fund Literature

Fund Literature

Annual Report

Attribution

Commentary

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Review

Income Markets Snapshot

Fact Sheet

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

How may rising taxes impact your clients

Semi-Annual Report

Summary Prospectus

XBRL


 

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