Overview

Growth of $10,000

Since Fund inception ended 06/30/2016

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.88 3.01 5.12 9.55 7.62 6.95 6.84
Fund w/Max Sales Charge -2.95 -1.91 0.10 4.34 5.90 5.92 5.82
Return After Taxes on Dist w/Max Sales Charge 4.23 5.81 5.65 5.56
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 3.15 4.91 4.94 4.86
Barclays Municipal Bond Index1 1.59 2.61 4.33 7.65 5.58 5.32 5.31
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. 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 Factsas of Jun 30, 2016

Class A Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $669.8M
Minimum Investment $1000
Expense Ratio (Gross)2 1.06%
Expense Ratio (Net)2,3 1.00%
CUSIP 27826Y571

Top 10 Holdings (%)4,5as of Jun 30, 2016

State of Illinois
Hartford HealthCare Obligated Group
Lancaster Port Authority
City of West Palm Beach FL
Chicago Midway International Airport
City of Detroit MI
North Orange County Community College District/CA
Segerstrom Center for the Arts
State of Texas
Cypress-Fairbanks Independent School District
Total 13.77

Morningstar™ Ratingsas of Jun 30, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni National Interm
Category
Overall **** ***** 306
3 Years **** ***** 306
5 Years **** ***** 266
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.

© 2016 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.

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 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. 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

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.88 3.01 5.12 9.55 7.62 6.95 6.84
Fund w/Max Sales Charge -2.95 -1.91 0.10 4.34 5.90 5.92 5.82
Return After Taxes on Dist w/Max Sales Charge 4.23 5.81 5.65 5.56
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 3.15 4.91 4.94 4.86
Barclays Municipal Bond Index1 1.59 2.61 4.33 7.65 5.58 5.32 5.31
Morningstar™ Muni National Interm Category6 1.39 2.17 3.62 6.41 4.58 4.48
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. 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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 9.17 -4.99 14.15 4.03
Barclays Municipal Bond Index1 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)2 1.06%
Expense Ratio (Net)2,3 1.00%
Class A Inception 05/31/2011
Distribution Frequency Monthly

Yield Information7as of Jun 30, 2016

Distribution Rate at NAV 1.70%
Taxable-Equivalent Distribution Rate at NAV 3.00%
SEC 30-day Yield 1.17%
Taxable-Equivalent SEC 30-day Yield 2.08%

Morningstar™ Ratingsas of Jun 30, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni National Interm
Category
Overall **** ***** 306
3 Years **** ***** 306
5 Years **** ***** 266
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.

© 2016 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
Jul 22, 2016 $12.22 $0.00
Jul 21, 2016 $12.22 $0.00
Jul 20, 2016 $12.22 $0.00
Jul 19, 2016 $12.22 $0.00
Jul 18, 2016 $12.22 $0.00
Jul 15, 2016 $12.22 -$0.03
Jul 14, 2016 $12.25 -$0.02
Jul 13, 2016 $12.27 $0.01
Jul 12, 2016 $12.26 -$0.04
Jul 11, 2016 $12.30 -$0.01
View All

Distribution History8

Ex-Date Distribution Reinvest NAV
Jun 30, 2016 $0.01708 $12.27
May 31, 2016 $0.01559 $12.06
Apr 29, 2016 $0.01694 $12.05
Mar 31, 2016 $0.01627 $11.96
Feb 29, 2016 $0.01775 $11.91
Jan 29, 2016 $0.01701 $11.92
Dec 31, 2015 $0.01921 $11.77
Nov 30, 2015 $0.02086 $11.70
Oct 30, 2015 $0.02080 $11.63
Sep 30, 2015 $0.02099 $11.60
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 11, 2014 $0.00550 $0.00330 $11.48
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. 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 (%)4,9as of Jun 30, 2016

Municipal Bonds 98.85
Cash 1.00
U.S. Corporate Bonds 0.15
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Number of Holdings 449
Average Coupon 4.28%
Average Maturity 9.65 yrs.
Average Effective Maturity 7.62 yrs.
Average Duration 5.74 yrs.
Average Call 7.42 yrs.
Average Price $115.03
% Subject to AMT 10.25%

Sector Breakdown (%)4as of Jun 30, 2016

General Obligations 25.37
Hospital 17.52
Transportation 11.32
Insured-General Obligations 5.95
Other Revenue 5.39
Education 5.35
Electric Utilities 4.25
Special Tax Revenue 4.12
Lease Revenue/Certificates of Participation 3.66
Senior Living/Life Care 3.32
View All

Credit Quality (%)10as of Jun 30, 2016

AAA 8.10
AA 36.89
A 26.10
BBB 19.10
BB 3.13
B 1.29
CCC or Lower 1.52
Not Rated 3.87
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 (%)10as of Jun 30, 2016

Less Than 1 Year 1.96
1 To 3 Years 4.14
3 To 5 Years 13.14
5 To 10 Years 35.24
10 To 20 Years 42.04
20 To 30 Years 3.11
More Than 30 Years 0.37
Total 100.00

Assets by State (%)10,11as of Jun 30, 2016

California 12.39
New York 11.12
Michigan 10.91
Illinois 9.95
New Jersey 7.78
Texas 6.20
Pennsylvania 5.28
Florida 5.14
Puerto Rico 3.33
Massachusetts 3.22
View All

Fund Holdings4,12as of May 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 7.55%
Hartford HealthCare Obligated Group 1.25% 07/01/2049 2.17%
Lancaster Port Authority 1.01% 05/01/2038 1.58%
Chicago Midway International Airport 5.00% 01/01/2025 1.40%
City of Detroit MI 5.15% 04/01/2025 1.21%
Talen Energy Supply LLC 5.00% 12/01/2037 1.02%
State of Texas 5.00% 04/01/2027 1.02%
Cypress-Fairbanks Independent School District 5.00% 02/15/2025 1.02%
State of California 5.00% 03/01/2027 1.00%
Commonwealth of Massachusetts Transportation Fund Revenue 5.00% 06/01/2022 0.99%
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. 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

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 Index1 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 Municipal Opportunities Fund (the Fund) outperformed its benchmark, the Barclays Municipal Bond Index (the Index)1, at net asset value for the quarter.

  • Overweight exposure in certain insured Puerto Rico credits and security selection in this sector helped Fund performance relative to the Index.
  • Overweight exposure in taxable municipal bonds also aided performance relative to the Index.
  • An overweight exposure to BBB and below investment-grade health care credits also aided performance relative to the Index.
  • The Fund's futures hedge hurt performance relative to the Index.
  • Exposure to defensive floating-rate notes and variable rate demand notes (VRDNs) also hurt performance relative to the Index.

Historical Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.56 2.05 2.05 4.87 4.75 6.55
Fund w/Max Sales Charge -4.19 -2.82 -2.82 -0.11 3.07 5.48
Return After Taxes on Dist w/Max Sales Charge -0.22 2.98 5.21
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.61 2.72 4.59
Barclays Municipal Bond Index1 0.32 1.67 1.67 3.98 3.63 5.59 5.03
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. 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 Factsas of Mar 31, 2016

Class A Inception 05/31/2011
Expense Ratio (Gross)2 1.06%
Expense Ratio (Net)2,3 1.00%

Contributors 

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

  • Security selection was a key driver for the Fund's outperformance of the Index for the quarter. Specifically, the Fund's holdings in certain insured Puerto Rico credits helped performance versus the Index. An overweight position in insured Puerto Rico bonds proved beneficial, as these bonds outperformed the broader Index.
  • The Fund's relative performance also was boosted by an overweight exposure in taxable municipal bonds. The Barclays Taxable Municipal Bond Index outpaced the Barclays Municipal Index for the quarter.
  • The Fund's larger exposure to BBB and below investment-grade health care credits aided performance, as they outpaced the Index. Lower-quality bonds generally outperformed higher-quality bonds for 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 hurt performance relative 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.
  • Some of the Fund's more defensive holdings detracted from performance relative to the Index. Exposure to floating-rate notes and VRDNs hurt results versus the Index, as long-term rates declined and the short end of the yield curve underperformed.

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.

Additionally, given our flexible approach to the municipal bond market, we will continue to search for opportunities in taxable municipal bonds and insured bonds with distressed underlying credits. We will also continue to monitor activist- and event-driven opportunities, adding exposure when we think it is appropriate. Given this view, we believe that credit research will remain paramount. An experienced, skilled investment manager can help navigate the muni market during times of increased volatility.

Credit Quality (%)10as of Mar 31, 2016

AAA 6.66
AA 37.59
A 26.28
BBB 17.26
BB 4.78
B 1.13
CCC or Lower 1.84
Not Rated 4.45
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. 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 currently 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 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. 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. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. He began his career in the investment management industry with Eaton Vance in 1998.

Adam earned a B.A. from Dartmouth College and an MBA from Boston University. He is a member of the Boston Security Analysts Society and the National Federation of Municipal Analysts. He is a CFA charterholder.

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

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

Semiannual Report

Summary Prospectus

XBRL


 

loading

We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:
1-800-836-2414.

You have already upgraded your account. Please login using the link at the top of the page.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character:
    ! @ # $ % ^ & * ( ) - _ = + , < . > ?.

    Cancel

    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Congratulations!

    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.


    If you need further assistance, please call 1-800-836-2414.

    This account has been updated.

    Your account has been updated to use your new email address .

    We have sent a verification email to with a verification link to confirm the change.

    Trouble receiving the verification email? Call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to EatonVance.com

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Subscribe to new content: Register

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game.

    Receive email notifications when the  is updated by clicking the subscribe button.

    Close

    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Stay on top of your game.

    You have selected to receive email notifications for:

    Cancel

    Subscribe to new content: Register

    Stay on top of your game.

    You are currently "Opted Out" of all Eaton Vance email communications. If you would like to be alerted of updates to your new subscription, please Opt In:

    Close

    Enter your e-mail address to reset your password.

    Already have an account?
    Subscribe to new content: Register

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    loading
    This message will automatically close when your file is ready.
    Please enter a new email.

    Trouble signing in? Call 1-800-836-2414.

    Investment Professionals

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of