Overview

 

Strong Morningstar Ratings A Shares as of 6/30/14.1

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 1.77 1.72 11.74 15.69 6.66 7.18
Fund w/Max Sales Charge -3.08 -3.11 6.48 10.20 4.95 5.59
Return After Taxes on Dist w/Max Sales Charge 10.17 4.59 5.25
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 6.74 4.18 4.68
Barclays Municipal Bond Index2 1.21 1.48 7.47 10.14 4.88 5.39 5.48
06/30/2014
Fund at NAV -0.20 4.04 9.63 9.49 7.12 6.93
Fund w/Max Sales Charge -4.95 -0.91 4.46 4.30 5.40 5.25
Return After Taxes on Dist w/Max Sales Charge 4.27 5.03 4.90
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 3.38 4.54 4.41
Barclays Municipal Bond Index2 0.09 2.59 6.00 6.14 5.35 5.81 5.32
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Fund Facts as of Aug 31, 2014

Class A Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $66.3M
Minimum Investment $1000
Expense Ratio (Gross)3 1.34%
Expense Ratio (Net)3,4 1.00%
CUSIP 27826Y571

Top 10 Holdings (%)5,6 as of Aug 31, 2014

Michigan Finance Authority
FirstEnergy Nuclear Generation LLC
City of New Haven CT
Georgia Power Co
County of Cambria PA
Oakwood Obligated Group
Michigan Finance Authority
Illinois State Toll Highway Authority
Washington & Multnomah Counties School District No 48J Beaverton
City of New York NY
Total 31.27


Portfolio Management

Adam A. Weigold, CFA Managed Fund since inception

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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 1.77 1.72 11.74 15.69 6.66 7.18
Fund w/Max Sales Charge -3.08 -3.11 6.48 10.20 4.95 5.59
Return After Taxes on Dist w/Max Sales Charge 10.17 4.59 5.25
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 6.74 4.18 4.68
Barclays Municipal Bond Index2 1.21 1.48 7.47 10.14 4.88 5.39 5.48
Morningstar™ Muni National Interm Category7 0.94 1.09 5.69 7.89 3.88 4.59
06/30/2014
Fund at NAV -0.20 4.04 9.63 9.49 7.12 6.93
Fund w/Max Sales Charge -4.95 -0.91 4.46 4.30 5.40 5.25
Return After Taxes on Dist w/Max Sales Charge 4.27 5.03 4.90
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 3.38 4.54 4.41
Barclays Municipal Bond Index2 0.09 2.59 6.00 6.14 5.35 5.81 5.32
Morningstar™ Muni National Interm Category7 -0.02 2.10 4.53 5.03 4.23 4.96
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 9.17 -4.99
Barclays Municipal Bond Index2 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)3 1.34%
Expense Ratio (Net)3,4 1.00%
Class A Inception 05/31/2011
Distribution Frequency Monthly

Yield Information8 as of Aug 29, 2014

Distribution Rate at NAV 1.91%
Taxable-Equivalent Distribution Rate at NAV 3.37%
Subsidized SEC 30-day Yield 1.69%
Unsubsidized SEC 30-day Yield 1.63%
Taxable-Equivalent SEC 30-day Yield 2.99%


Morningstar™ Ratings as of Aug 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Muni National Interm
Category
Overall **** ***** 253
3 Years **** ***** 253
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.

© 2014 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
Sep 16, 2014 $11.32 $0.00
Sep 15, 2014 $11.32 $0.00
Sep 12, 2014 $11.32 $-0.01
Sep 11, 2014 $11.33 $0.01
Sep 10, 2014 $11.32 $-0.02
Sep 09, 2014 $11.34 $0.00
Sep 08, 2014 $11.34 $0.00
Sep 05, 2014 $11.34 $0.01
Sep 04, 2014 $11.33 $0.00
Sep 03, 2014 $11.33 $-0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
Aug 29, 2014 $0.01846 $11.36
Jul 31, 2014 $0.01701 $11.18
Jun 30, 2014 $0.01730 $11.18
May 30, 2014 $0.01901 $11.22
Apr 30, 2014 $0.02007 $11.01
Mar 31, 2014 $0.01850 $10.80
Feb 28, 2014 $0.02206 $10.71
Jan 31, 2014 $0.02206 $10.57
Dec 31, 2013 $0.02286 $10.31
Nov 29, 2013 $0.02138 $10.36
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
Dec 13, 2012 $0.25030 $0.01020 $11.21
Dec 21, 2011 $0.05540 $10.56
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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 (%)5,10 as of Aug 31, 2014

Municipal Bonds 101.29
Cash and Other Assets -1.29
Total 100.00

Portfolio Statistics as of Aug 31, 2014

Number of Holdings 99
Average Coupon 4.51%
Average Maturity 10.94 yrs.
Average Effective Maturity 8.71 yrs.
Average Duration 6.69 yrs.
Average Call 8.42 yrs.
Average Price $110.84
Subject to AMT (% of bond holdings) 9.51%


Sector Breakdown (%)5 as of Aug 31, 2014

Hospital 17.61
Insured-General Obligations 13.47
Electric Utilities 10.13
General Obligations 10.10
Transportation 7.97
Insured-Water and Sewer 7.08
Education 5.49
Insured-Special Tax Revenue 4.33
Special Tax Revenue 4.00
Industrial Development Revenue 3.14
View All

Credit Quality (%)11 as of Aug 31, 2014

AAA 6.57
AA 44.92
A 19.78
BBB 20.53
BB 5.48
B 1.23
Not Rated 1.50
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 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 (%)11 as of Aug 31, 2014

3 To 5 Years 5.04
5 To 10 Years 40.57
10 To 20 Years 50.24
20 To 30 Years 4.15
Total 100.00

Assets by State (%)11,12 as of Aug 31, 2014

Michigan 14.25
Pennsylvania 12.99
Texas 10.72
New York 9.61
Illinois 9.07
California 7.55
Puerto Rico 4.56
Oregon 4.09
Connecticut 3.53
Georgia 3.02
View All


Fund Holdings5,13 as of Jul 31, 2014

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 15.75%
FirstEnergy Nuclear Generation LLC 3.50% 12/01/2035 5.27%
Georgia Power Co 2.00% 07/01/2025 3.39%
Oakwood Obligated Group 5.00% 11/01/2027 2.63%
Illinois State Toll Highway Authority 5.00% 01/01/2027 2.46%
East Bay Municipal Utility District Water System Revenue 5.87% 06/01/2040 2.14%
Washington & Multnomah Counties School District No 48J Beaverton 5.00% 06/15/2022 2.05%
City of New York NY 5.00% 08/01/2025 2.00%
New York State Dormitory Authority 5.43% 03/15/2039 1.99%
Laredo Independent School District 0.00% 08/01/2022 1.98%
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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2014

The municipal (muni) bond market continued to rally through the second quarter of 2014, with the Barclays Municipal Bond Index2 rising 2.59% during the three-month period and returning 6.00% in the first half of 2014, putting it near the top of all fixed-income classes.

Munis enjoyed gains in both April (+1.20%) and May (+1.29%), buoyed by a wide range of factors. A rallying Treasury market was a key force behind the muni bond market’s advance. Treasury bond prices rose (and yields fell), as economic data pointed to slow but steady growth and calmed concerns that the Federal Reserve (the Fed) would begin raising short-term interest rates sooner than mid-2015. Muni bond market supply and demand factors also played a role. Demand continued to strengthen from weak 2013 levels, reflecting, in part, investors’ growing recognition of improving muni credit fundamentals and attractive yields. In addition, the April 15 tax-filing deadline seemed to bolster demand among high-income earners who may have been surprised when their 2013 tax bill came due, as the highest marginal tax rate jumped from 35% to 43.4%, including the new Medicare surtax. Meanwhile, there was a dramatic decline in supply, as fiscally conservative issuers refrained from more borrowing and refinancing activity was down sharply. In June, the muni market was virtually flat (+0.09%), with mixed economic data curtailing the progress of U.S. bonds. A notable increase in the supply of new muni issues and refinancings also weighed on the tax-exempt market.

For the quarter overall, yields on longer-term bonds fell more than those on shorter-term bonds, resulting in a flattening of the yield curve and the outperformance of longer-term securities. On a total return basis, lower-quality, higher-yielding bonds outpaced their high-quality counterparts, reflecting investors’ search for yield in a low rate environment.

Performance Summary 

Eaton Vance Municipal Opportunities Fund (the Fund) outperformed its benchmark, the Barclays Municipal Bond Index (the Index)2, at net asset value during the quarter.

  • The Fund’s overweight to lower-rated bonds, as well as security selection among such in that credit tier, contributed to its outperformance of the Index.
  • Similarly, the Fund’s overweight to health care/hospital bonds and security selection in that sector bolstered relative performance.
  • Security selection among bonds with maturities in the intermediate part of the curve (10- to 20-year range) also helped the Fund versus the Index.

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.20 4.04 9.63 9.49 7.12 6.93
Fund w/Max Sales Charge -4.95 -0.91 4.46 4.30 5.40 5.25
Return After Taxes on Dist w/Max Sales Charge 4.27 5.03 4.90
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 3.38 4.54 4.41
Barclays Municipal Bond Index2 0.09 2.59 6.00 6.14 5.35 5.81 5.32
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Fund Facts as of Jun 30, 2014

Class A Inception 05/31/2011
Expense Ratio (Gross)3 1.34%
Expense Ratio (Net)3,4 1.00%


Contributors 

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

  • That Fund’s larger-than-benchmark stake in bonds rated BBB and below – including non-rated securities – bolstered the Fund’s performance versus the Index. Lower-rated securities generally outpaced their higher-quality counterparts, as investors sought higher-yielding securities in a low rate environment. Security selection among lower-quality securities also proved beneficial, as holdings in the Fund outpaced those in the Index.
  • The Fund’s larger exposure to health care/hospital bonds was advantageous because the sector was one of the muni market’s best-performing during the quarter, thanks partly to strong demand from yield-hungry investors. Here, too, security selection was another positive, as the Fund’s health care/hospital holdings generally fared better than comparable securities in the Index.
  • Security selection among bonds with maturities of 10 to 20 years also helped, with the Fund’s holdings in this maturity ranging outpacing comparable maturity securities in the Index.

Detractors 

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

  • The Fund’s smaller exposure to bonds with maturities of 20 years and longer modestly detracted from relative results. Longer-term bonds generally outpaced shorter-term securities as the yield curve flattened during the quarter, meaning yields on longer-term bonds fell more – and their prices rose more – than yields on shorter-term securities.

Investment Outlook And Fund Positioning 

Looking forward, the biggest potential risk to the muni market is a significant increase in U.S. Treasury yields. In our view, it will be difficult for the Fed to raise rates given the current subpar nature of this economic recovery. Should economic data come in at a better-than-expected level, however, bond yields could rise (and prices fall) if investors begin to anticipate a rate hike.

Though credit risk in Puerto Rico increased at the end of the second quarter, we remain optimistic about the credit outlook for the vast majority of municipal issuers, given our belief that they will continue to enjoy better revenues as the economy heals. Additionally, we believe that technical factors in the muni market will remain strong. We don’t foresee a meaningful spike in issuance in the near term and we think flows into munis will likely remain positive. Finally, with longer-term munis attractively valued to U.S. Treasurys, we believe munis could outperform Treasurys if technicals remain intact.14

Credit Quality (%)11 as of Jun 30, 2014

AAA 8.28
AA 41.01
A 21.60
BBB 19.32
BB 6.16
B 1.52
CCC or Lower 0.00
Not Rated 2.11
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 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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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

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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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
Adam A. Weigold, CFA

Adam A. Weigold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Adam Weigold is a vice president of Eaton Vance Management and senior portfolio manager on Eaton Vance's municipal bond team.

Adam joined Eaton Vance in 1998. He became a credit analyst in July 1999 and was named a portfolio manager in October 2007.

Adam earned a B.A. in history from Dartmouth College in 1998 and an M.B.A. from Boston University. He is a CFA charterholder (2003) and is a member of the Boston Security Analysts Society, the CFA Institute and the National Federation of Municipal Analysts.

Education
  • B.A. Dartmouth College
  • M.B.A. Boston University
Experience
  • Managed Fund since inception

Fund Literature

Fund Literature

Annual Report

Commentary

Income Markets Review

Income Markets Snapshot

Discover Opportunities in the Income Markets with Eaton Vance

Fact Sheet

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semiannual Report

Summary Prospectus

XBRL


 

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