Overview

Providing high tax-exempt income since 1995.2,3

Eaton Vance historically has provided higher income than its peers and comparable Treasury bonds after tax. As of 06/30/2017.

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

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 1.04 1.56 5.53 -0.21 4.39 4.39 3.34
Fund w/Max Sales Charge -3.96 -3.44 0.53 -5.04 3.15 4.05 3.34
Bloomberg Barclays Municipal Bond Index4 0.76 1.21 5.20 0.88 3.39 3.23 4.72
06/30/2017
Fund at NAV -0.20 2.52 3.71 -1.75 4.51 4.64 2.73
Fund w/Max Sales Charge -5.17 -2.48 -1.29 -6.51 3.28 4.30 2.73
Bloomberg Barclays Municipal Bond Index4 -0.36 1.96 3.57 -0.49 3.33 3.26 4.59
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: 5%.

Fund Factsas of Aug 31, 2017

Class B Inception 08/07/1995
Investment Objective High current tax-exempt income
Total Net Assets $1.2B
Minimum Investment $1000
Expense Ratio (Gross)5 1.64%
Expense Ratio (Net)5 1.54%
CUSIP 27826M809

Top 10 Holdings (%)6,7as of Aug 31, 2017

County of MiamiDade FL
State of California
Central Texas Regional Mobility Authority
Great Lakes Water Authority Water Supply System Revenue
WestRock Coated Board LLC
City of Chicago IL
North Texas Tollway Authority
Central Texas Turnpike System
Salt Verde Financial Corp
County of Arlington VA
Total 12.08

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 increase both the risk and return potential of the Fund), 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 1.04 1.56 5.53 -0.21 4.39 4.39 3.34
Fund w/Max Sales Charge -3.96 -3.44 0.53 -5.04 3.15 4.05 3.34
Bloomberg Barclays Municipal Bond Index4 0.76 1.21 5.20 0.88 3.39 3.23 4.72
Morningstar High Yield Muni Category8 1.04 1.58 6.39 0.86 4.68 4.23 4.18
06/30/2017
Fund at NAV -0.20 2.52 3.71 -1.75 4.51 4.64 2.73
Fund w/Max Sales Charge -5.17 -2.48 -1.29 -6.51 3.28 4.30 2.73
Bloomberg Barclays Municipal Bond Index4 -0.36 1.96 3.57 -0.49 3.33 3.26 4.59
Morningstar High Yield Muni Category8 -0.08 2.22 4.69 -0.18 4.76 4.48 3.65
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: 5%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -5.51 -37.54 44.10 1.52 10.98 14.42 -6.32 17.26 4.04 0.38
Bloomberg Barclays Municipal Bond Index4 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30 0.25

Fund Facts

Expense Ratio (Gross)5 1.64%
Expense Ratio (Net)5 1.54%
Class B Inception 08/07/1995
Distribution Frequency Monthly

Yield Information9as of Aug 31, 2017

Distribution Rate at NAV 2.99%
Taxable-Equivalent Distribution Rate at NAV10 5.28%
SEC 30-day Yield 1.89%
Taxable-Equivalent SEC 30-day Yield 3.34%

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
High Yield Muni
Category
Overall ** 147
3 Years ** 147
5 Years *** 119
10 Years * 85
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Sep 21, 2017 $8.90 $0.00
Sep 20, 2017 $8.90 $0.00
Sep 19, 2017 $8.90 -$0.01
Sep 18, 2017 $8.91 $0.00
Sep 15, 2017 $8.91 $0.00
Sep 14, 2017 $8.91 $0.00
Sep 13, 2017 $8.91 -$0.01
Sep 12, 2017 $8.92 -$0.01
Sep 11, 2017 $8.93 -$0.02
Sep 08, 2017 $8.95 $0.01

Distribution History11

Ex-Date Distribution Reinvest NAV
Aug 31, 2017 $0.02226 $8.92
Jul 31, 2017 $0.02244 $8.85
Jun 30, 2017 $0.02280 $8.81
May 31, 2017 $0.02226 $8.85
Apr 28, 2017 $0.02274 $8.71
Mar 31, 2017 $0.02251 $8.66
Feb 28, 2017 $0.02379 $8.65
Jan 31, 2017 $0.02345 $8.62
Dec 30, 2016 $0.02287 $8.63
Nov 30, 2016 $0.02400 $8.58
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 History11

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

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 increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)6,12as of Aug 31, 2017

Municipal Bonds 98.83
Cash 0.98
U.S. Corporate Bonds 0.19
Total 100.00

Portfolio Statisticsas of Aug 31, 2017

Number of Holdings 353
Average Coupon 5.20%
Average Maturity 17.40 yrs.
Average Effective Maturity 7.23 yrs.
Average Duration 5.88 yrs.
Average Call 6.77 yrs.
Average Price $107.55
% Subject to AMT 17.00%

Sector Breakdown (%)6as of Aug 31, 2017

Transportation 17.74
Hospital 13.95
General Obligations 12.25
Industrial Development Revenue 10.24
Senior Living/Life Care 7.82
Other Revenue 4.93
Special Tax Revenue 4.72
Insured-Transportation 4.36
Education 3.47
Electric Utilities 2.95
View All

Credit Quality (%)13as of Aug 31, 2017

AAA 3.68
AA 21.43
A 22.13
BBB 35.03
BB 7.48
CCC or Lower 1.60
Not Rated 8.65
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 (%)13as of Aug 31, 2017

Less Than 1 Year 1.60
1 To 3 Years 2.30
3 To 5 Years 0.44
5 To 10 Years 7.61
10 To 20 Years 49.29
20 To 30 Years 37.34
More Than 30 Years 1.42
Total 100.00

Assets by State (%)13,14as of Aug 31, 2017

Texas 18.68
Illinois 10.79
New York 9.89
New Jersey 8.64
California 8.42
Florida 7.62
Colorado 3.87
Michigan 3.62
Massachusetts 3.39
Arizona 2.60
View All

Fund Holdings6,15as of Jul 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
County of MiamiDade FL 0.00% 10/01/2039 1.51%
State of California 5.00% 09/01/2032 1.47%
Central Texas Regional Mobility Authority 5.00% 01/01/2040 1.29%
Great Lakes Water Authority Water Supply System Revenue 5.25% 07/01/2041 1.24%
WestRock Coated Board LLC 4.13% 05/15/2035 1.20%
Central Texas Turnpike System 5.00% 08/15/2042 1.13%
North Texas Tollway Authority 6.20% 01/01/2042 1.11%
Salt Verde Financial Corp 5.00% 12/01/2037 1.06%
City of Chicago IL 7.52% 01/01/2040 1.05%
County of Arlington VA 5.00% 08/15/2028 1.05%
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 increase both the risk and return potential of the Fund), 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 Jun 30, 2017

The U.S. municipal bond market posted positive returns for the second quarter of 2017, with the Bloomberg Barclays Municipal Bond Index (the Index)4 returning 1.96% for the three-month period. After stabilizing during the first quarter, the municipal market rallied as confidence in the Trump administration's ability to deliver fiscal stimulus faded. This loss in confidence also resulted in a shift in performance leadership during the quarter, as longer-term municipals outperformed significantly after lagging throughout the first three months of the year.

After trending steeper for three consecutive quarters, the municipal yield curve flattened as two-year yields increased four basis points (bps) and 30-year yields decreased 26bps. In comparison, short-term Treasury yields increased more (13bps increase in two-year yields) and longer-term yields decreased less (18bps decrease in 30-year yields). As a result, muni-to-Treasury ratios richened significantly in the two-, five- and 10-year part of the curve, and to a lesser extent the 30-year portion as well.

In terms of credit quality, municipals rated BBB and A outperformed their higher-quality counterparts for the three-month period. Single A credits were the best-performing credit quality in the Index, returning 2.2%, followed closely by a 2.1% return for BBB-rated securities. The Bloomberg Barclays High Yield Municipal Bond Index returned 2.0% after a 4.1% return during the first three months of the year. Within the high-yield universe, the tobacco sector continued its dramatic outperformance, returning 4.8% during the quarter. In contrast, the high-yield muni index was hampered by Puerto Rico credits, which were down 7.33%.

The weakness in Puerto Rico was driven by the Commonwealth's decision to file for Title III bankruptcy protection on May 1, which is similar to Chapter 9 municipal bankruptcy. Through June, nine unique Puerto Rico issuers had defaulted on their debt, with the total amount of missed payments totaling approximately $2.4 billion. Additional defaults will likely occur, and the oversight board process is likely to be very long, with initial debt restructuring decisions likely not made until late 2017. By some estimates, the board could be in place for at least a decade.

Finally, from a supply and demand standpoint, municipal technicals improved throughout the quarter. Demand for municipals generally increased and mutual fund inflows accelerated during the quarter, as interest rates declined and investors became more comfortable increasing exposure further out on the yield curve. Following the record new deal activity during 2016, issuance during the first half of 2017 declined approximately 14%. Year-to-date issuance stands at $195 billion, compared to $227 billion during the first six months of 2016.

Performance Summary 

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

  • An overweight to and security selection in the Health Care/Hospital sector contributed to relative performance.
  • Security selection within Illinois municipal bonds also contributed to performance.
  • The Fund was also aided by security selection within BBB rated credits and an overweight exposure to zero coupon bonds relative to the Index.
  • The Fund's security selection among sub 4% coupon bonds detracted from relative performance.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.20 2.52 3.71 -1.75 4.51 4.64 2.73
Fund w/Max Sales Charge -5.17 -2.48 -1.29 -6.51 3.28 4.30 2.73
Bloomberg Barclays Municipal Bond Index4 -0.36 1.96 3.57 -0.49 3.33 3.26 4.59
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: 5%.

Fund Factsas of Jun 30, 2017

Class B Inception 08/07/1995
Expense Ratio (Gross)5 1.64%
Expense Ratio (Net)5 1.54%

Contributors 

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

  • The Fund's relative performance was bolstered by security selection in and overweight exposure to credits in the Health Care/Hospital sector. Bonds in the Fund outperformed similar maturity bonds in the Index over the quarter.
  • The Fund also was supported by security selection in Illinois based municipal bonds.
  • An overweight exposure to zero coupon bonds aided performance as well. Zero coupon bonds in the Fund outperformed similar maturity bonds in the Index.

Detractors 

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

  • Security selection in sub 4% coupon bonds was the main detractor from relative performance. Sub 4% coupon bonds in the Fund underperformed similar maturity bonds in the Index.

Investment Outlook And Fund Positioning 

The historic move higher in rates during the fourth quarter of 2016 created an opportunity to lock in higher yields and potentially generate higher future returns. With municipal yields still significantly higher than their post-Brexit lows 12 months ago, we believe this opportunity remains in place.

Municipal demand should increase significantly during the summer months due to elevated levels of coupon payments and redemptions, while issuance is expected to be lower due to a drop in refunding deals. As a result of the favorable technical environment, it is our view that municipals are poised to perform well despite lower ratios relative to Treasurys.

Though additional details will likely be forthcoming, the municipal market's initial reaction to details of President Trump's tax cut proposal was fairly muted and coincided with the pickup in demand during the quarter. We believe this reflects the view that munis will still play a key role in long-term portfolios even if the proposed changes to the tax code are enacted.

Finally, from an overall portfolio perspective, municipals continue to offer tax-free yield with lower risk, given the lack of correlation to other asset classes. With equity markets near all-time highs, munis may offer an attractive opportunity for core capital with a focus on principal preservation.16

Credit Quality (%)13as of Jun 30, 2017

AAA 3.01
AA 22.23
A 22.79
BBB 34.51
BB 7.53
B 0.25
CCC or Lower 1.61
Not Rated 8.07
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 increase both the risk and return potential of the Fund), 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 increase both the risk and return potential of the Fund), 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

Download - Last updated: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Attribution

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Jan 31, 2017

Municipal Market Chart book

Download - Last updated: Jul 7, 2017

Full Prospectus

Download - Last updated: Jun 1, 2017

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

Download

SAI

Download - Last updated: Jun 1, 2017

Semi-Annual Report

Download - Last updated: Jul 31, 2016

Summary Prospectus

Download - Last updated: Jun 1, 2017

XBRL

Download - Last updated: Jun 7, 2017