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 03/31/2016.

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

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 1.10 2.02 3.15 7.42 5.51 9.02 3.98
Fund w/Max Sales Charge -3.72 -2.86 -1.71 2.30 3.82 7.97 3.48
Barclays Municipal Bond Index3 0.74 1.21 2.42 5.29 3.50 5.37 4.94
03/31/2016
Fund at NAV 1.01 2.03 2.03 5.52 5.66 9.12 3.89
Fund w/Max Sales Charge -3.84 -2.78 -2.78 0.54 3.94 8.07 3.38
Barclays Municipal Bond Index3 0.32 1.67 1.67 3.98 3.63 5.59 4.86
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 or equal to 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 Factsas of Apr 30, 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 (%)5,6as of Apr 30, 2016

Central Texas Turnpike System
State of California
County of Miami-Dade FL
Indiana Municipal Power Agency
City of Detroit MI Water Supply System Revenue
WestRock Coated Board LLC
Municipal Electric Authority of Georgia
North Texas Tollway Authority
Loma Linda University Medical Center Obligated Group
Public Power Generation Agency
Total 13.08

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

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 1.10 2.02 3.15 7.42 5.51 9.02 3.98
Fund w/Max Sales Charge -3.72 -2.86 -1.71 2.30 3.82 7.97 3.48
Barclays Municipal Bond Index3 0.74 1.21 2.42 5.29 3.50 5.37 4.94
Morningstar™ High Yield Muni Category7 0.90 2.08 2.94 5.92 3.90 7.31 4.02
03/31/2016
Fund at NAV 1.01 2.03 2.03 5.52 5.66 9.12 3.89
Fund w/Max Sales Charge -3.84 -2.78 -2.78 0.54 3.94 8.07 3.38
Barclays Municipal Bond Index3 0.32 1.67 1.67 3.98 3.63 5.59 4.86
Morningstar™ High Yield Muni Category7 0.92 2.02 2.02 4.65 3.99 7.45 3.95
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 or equal to 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 Information8as of Apr 30, 2016

Distribution Rate at NAV 3.88%
Taxable-Equivalent Distribution Rate at NAV 6.86%
SEC 30-day Yield 2.44%
Taxable-Equivalent SEC 30-day Yield 4.31%

Morningstar™ Ratingsas of Apr 30, 2016

Time Period Rating Rating (Load Waived) Funds in
High Yield Muni
Category
Overall *** *** 167
3 Years *** ***** 167
5 Years **** **** 149
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
May 27, 2016 $9.11 $0.00
May 26, 2016 $9.11 $0.00
May 25, 2016 $9.11 $0.00
May 24, 2016 $9.11 -$0.01
May 23, 2016 $9.12 $0.00
May 20, 2016 $9.12 $0.00
May 19, 2016 $9.12 $0.00
May 18, 2016 $9.12 -$0.02
May 17, 2016 $9.14 $0.01
May 16, 2016 $9.13 $0.00
View All

Distribution History9

Ex-Date Distribution Reinvest NAV
Apr 29, 2016 $0.02927 $9.06
Mar 31, 2016 $0.02998 $8.99
Feb 29, 2016 $0.03091 $8.93
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
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 (%)5,10as of Apr 30, 2016

Municipal Bonds 97.94
Cash 2.06
Total 100.00

Portfolio Statisticsas of Apr 30, 2016

Number of Holdings 315
Average Coupon 5.44%
Average Maturity 18.69 yrs.
Average Effective Maturity 7.88 yrs.
Average Duration 6.31 yrs.
Average Call 7.40 yrs.
Average Price $108.64
% Subject to AMT 17.24%

Sector Breakdown (%)5as of Apr 30, 2016

Transportation 14.13
Hospital 13.01
Industrial Development Revenue 11.39
General Obligations 9.26
Senior Living/Life Care 7.98
Electric Utilities 6.70
Other Revenue 6.12
Insured-Transportation 5.03
Special Tax Revenue 4.13
Insured-General Obligations 3.12
View All

Credit Quality (%)11as of Apr 30, 2016

AAA 2.20
AA 24.99
A 20.99
BBB 28.80
BB 10.33
B 1.28
CCC or Lower 0.84
Not Rated 10.57
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 (%)11as of Apr 30, 2016

Less Than 1 Year 2.61
1 To 3 Years 0.84
3 To 5 Years 2.97
5 To 10 Years 5.27
10 To 20 Years 43.36
20 To 30 Years 41.19
More Than 30 Years 3.75
Total 100.00

Assets by State (%)11,12as of Apr 30, 2016

Texas 17.28
California 9.18
Florida 9.08
New York 8.21
Illinois 7.94
New Jersey 7.58
Michigan 4.69
Pennsylvania 3.24
Arizona 2.79
Ohio 2.77
View All

Fund Holdings5,13as of Mar 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 3.08%
Central Texas Turnpike System 5.00% 08/15/2042 1.66%
State of California 5.00% 09/01/2032 1.54%
Indiana Municipal Power Agency 4.00% 01/01/2042 1.51%
County of Miami-Dade FL 0.00% 10/01/2039 1.50%
City of Detroit MI Water Supply System Revenue 5.25% 07/01/2041 1.31%
WestRock Coated Board LLC 4.13% 05/15/2035 1.24%
Municipal Electric Authority of Georgia 6.66% 04/01/2057 1.18%
North Texas Tollway Authority 6.20% 01/01/2042 1.16%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.10%
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 as of Mar 31, 2016

The U.S. municipal bond market generated a gain for the first quarter of 2016, with the Barclays Municipal Bond Index3 advancing 1.7% for the first three months of the year.

Muni performance was generally supported by strong demand from investors seeking haven from financial market volatility that persisted due to ongoing global growth concerns. Municipal mutual fund flows were consistently positive throughout the quarter, as investors sought the tax-free income, relative safety and diversification benefits of the municipal asset class. Municipal performance was further supported by declining U.S. Treasury yields, as the Federal Reserve signaled a slower path for interest rate hikes.

However, in a reversal of a 2015 trend, munis lagged U.S. Treasurys. As a result, intermediate- and long-term securities ended the period at comparatively attractive valuations. Meanwhile, the supply of munis declined a bit compared to the same three-month period in 2015. While overall supply was lower during the quarter, new money deals increased considerably compared to the same three-month period in 2015, potentially an early indication of renewed willingness for issuers to take on new debt to fund infrastructure and other projects.

Across the curve, yields moved somewhat proportionally lower, although intermediate-term yields declined most significantly. The continued low-rate environment fueled investors' appetite for higher-yielding securities. On a total return basis, longer-duration bonds outperformed shorter-duration securities, and lower-investment-grade munis outpaced many higher-quality securities. Meanwhile, below investment-grade bonds typically outperformed their higher-quality counterparts, primarily due to strength in the tobacco and transportation sectors.

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) contributed to its outperformance of the Index.
  • An overweight and security selection in industrial development revenue/pollution control revenue (IDR/PCR) bonds was another plus.
  • The Fund's use of U.S. Treasury futures detracted from performance for the quarter relative to the Index.
  • Security selection among resource recovery bonds also hurt performance versus the Index.

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.01 2.03 2.03 5.52 5.66 9.12 3.89
Fund w/Max Sales Charge -3.84 -2.78 -2.78 0.54 3.94 8.07 3.38
Barclays Municipal Bond Index3 0.32 1.67 1.67 3.98 3.63 5.59 4.86
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 or equal to 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 Factsas of Mar 31, 2016

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 afforded it leverage to invest in more municipal bonds and, therefore, benefit more fully in the municipal market's first-quarter rally.
  • Security selection and an overweight among IDR/PCR bonds also proved beneficial, as securities in the Fund outpaced similar bonds in the Index.
  • Relative performance also was boosted by the Fund's overweighting in zero coupon bonds, which generally outpaced coupon-bearing bonds as long-term municipal yields declined during the quarter.

Detractors 

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

  • The Fund's use of U.S. Treasury futures detracted from performance compared to the Index. These contracts, used to hedge the fund against rising interest rates, decreased in value during the quarter as treasury yields fell. The Index is not hedged.
  • The Fund also was hurt by its positioning in the resource recovery sector, with Fund holdings in the group generally trailing similar securities in the Index.

Investment Outlook And Fund Positioning 

Late in the period, the Federal Reserve voiced concern about global growth and indicated it expects to make only two rate hikes in 2016, rather than the four rate hikes it had signaled earlier this year. We believe this "low-for-longer" backdrop should provide continued support for munis. We also expect that muni supply/demand conditions should remain favorable in coming quarters. Although improving state and local budgets could encourage issuers to take on new debt to fund infrastructure and other projects, we don't anticipate outsized new bond issuance this year. In addition, in an environment where economic growth is slow and financial market uncertainty persists, we believe demand for munis could remain strong.

Given our outlook for a continued low-rate environment, we believe tax-sensitive income-seeking investors may continue to seek munis as a source of yield. Attractive valuations may be another lure. We continue to closely monitor events in Puerto Rico. Additional defaults on the island's debt will likely occur in the coming months. If a default by a Puerto Rico issuer disrupts the broader muni market, we would consider any price volatility as an opportunity.

Credit Quality (%)11as of Mar 31, 2016

AAA 2.51
AA 24.10
A 22.43
BBB 27.45
BB 10.44
B 1.27
CCC or Lower 0.85
Not Rated 10.95
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

Eaton Vance municipal funds' holdings in Puerto Rico debt

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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