Overview

Growth of $10,000

Since Fund inception ended 12/31/2015

  • Class A at NAV

Average Annual Returns (%)as of Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
01/31/2016
Fund at NAV 1.42 2.99 1.42 3.40 4.35 6.64
Fund w/Max Sales Charge -3.42 -1.90 -3.42 -1.55 2.66 5.54
Return After Taxes on Dist w/Max Sales Charge -1.65 2.58 5.26
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.23 2.41 4.64
Barclays Municipal Bond Index1 1.19 2.31 1.19 2.71 3.42 5.75 5.10
12/31/2015
Fund at NAV 0.76 1.99 4.03 4.03 4.10 6.44
Fund w/Max Sales Charge -4.00 -2.86 -0.88 -0.88 2.44 5.32
Return After Taxes on Dist w/Max Sales Charge -0.98 2.36 5.04
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.16 2.25 4.47
Barclays Municipal Bond Index1 0.70 1.50 3.30 3.30 3.16 5.35 4.93
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 Factsas of Dec 31, 2015

Class A Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $426.5M
Minimum Investment $1000
Expense Ratio (Gross)2 1.06%
Expense Ratio (Net)2,3 1.00%
CUSIP 27826Y571

Top 10 Holdings (%)4,5as of Dec 31, 2015

Michigan State Housing Development Authority
Commonwealth of Massachusetts Transportation Fund Revenue
City of Detroit MI
Talen Energy Supply LLC
State of Washington
Federation CCRC Operations Corp Obligated Group
State of California
Chicago O'Hare International Airport
Garden State Preservation Trust
Terminal One Group Association LP
Total 16.57

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

Average Annual Returns (%)as of Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
01/31/2016
Fund at NAV 1.42 2.99 1.42 3.40 4.35 6.64
Fund w/Max Sales Charge -3.42 -1.90 -3.42 -1.55 2.66 5.54
Return After Taxes on Dist w/Max Sales Charge -1.65 2.58 5.26
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.23 2.41 4.64
Barclays Municipal Bond Index1 1.19 2.31 1.19 2.71 3.42 5.75 5.10
Morningstar™ Muni National Interm Category6 1.05 2.01 1.05 1.97 2.60 4.92
12/31/2015
Fund at NAV 0.76 1.99 4.03 4.03 4.10 6.44
Fund w/Max Sales Charge -4.00 -2.86 -0.88 -0.88 2.44 5.32
Return After Taxes on Dist w/Max Sales Charge -0.98 2.36 5.04
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.16 2.25 4.47
Barclays Municipal Bond Index1 0.70 1.50 3.30 3.30 3.16 5.35 4.93
Morningstar™ Muni National Interm Category6 0.63 1.38 2.50 2.50 2.36 4.54
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 (%)

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 Dec 31, 2015

Distribution Rate at NAV 1.92%
Taxable-Equivalent Distribution Rate at NAV 3.39%
SEC 30-day Yield 1.71%
Taxable-Equivalent SEC 30-day Yield 3.02%

Morningstar™ Ratingsas of Jan 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni National Interm
Category
Overall *** **** 299
3 Years *** **** 299
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Feb 04, 2016 $11.95
Feb 03, 2016 $11.95 $0.01
Feb 02, 2016 $11.94 $0.02
Feb 01, 2016 $11.92
Jan 29, 2016 $11.92 $0.03
Jan 28, 2016 $11.89 $-0.01
Jan 27, 2016 $11.90
Jan 26, 2016 $11.90 $0.01
Jan 25, 2016 $11.89
Jan 22, 2016 $11.89 $-0.02

Distribution History8

Ex-Date Distribution Reinvest NAV
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
Aug 31, 2015 $0.01834 $11.49
Jul 31, 2015 $0.01848 $11.49
Jun 30, 2015 $0.01833 $11.41
May 29, 2015 $0.01599 $11.48
Apr 30, 2015 $0.01495 $11.55
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 Dec 31, 2015

Municipal Bonds 92.46
Cash 7.31
U.S. Corporate Bonds 0.23
Total 100.00

Portfolio Statisticsas of Dec 31, 2015

Number of Holdings 298
Average Coupon 4.46%
Average Maturity 9.58 yrs.
Average Effective Maturity 8.23 yrs.
Average Duration 5.87 yrs.
Average Call 7.47 yrs.
Average Price $111.21
Subject to AMT (% of bond holdings) 17.38%

Sector Breakdown (%)4as of Dec 31, 2015

General Obligations 18.17
Hospital 12.36
Transportation 12.12
Insured-General Obligations 7.43
Electric Utilities 6.54
Special Tax Revenue 4.66
Senior Living/Life Care 4.63
Education 4.53
Other Revenue 4.30
Housing 4.14
View All

Credit Quality (%)10as of Dec 31, 2015

AAA 7.17
AA 37.55
A 23.27
BBB 17.09
BB 7.13
B 0.74
CCC or Lower 1.80
Not Rated 5.25
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 Dec 31, 2015

Less Than 1 Year 4.38
1 To 3 Years 2.98
3 To 5 Years 8.81
5 To 10 Years 38.73
10 To 20 Years 42.22
20 To 30 Years 2.87
More Than 30 Years 0.00
Total 100.00

Assets by State (%)10,11as of Dec 31, 2015

Michigan 15.51
New York 10.66
California 10.48
New Jersey 10.12
Illinois 8.89
Pennsylvania 6.95
Texas 6.34
Puerto Rico 4.80
Massachusetts 3.89
Florida 3.30
View All

Fund Holdings4,12as of Dec 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 7.49%
Michigan State Housing Development Authority 0.05% 10/01/2037 3.64%
Commonwealth of Massachusetts Transportation Fund Revenue 5.00% 06/01/2022 1.70%
City of Detroit MI 5.15% 04/01/2025 1.52%
Talen Energy Supply LLC 5.00% 12/01/2037 1.47%
State of Washington 5.00% 07/01/2026 1.47%
Federation CCRC Operations Corp Obligated Group 6.00% 06/01/2021 1.46%
State of California 5.00% 03/01/2027 1.46%
Chicago O'Hare International Airport 5.00% 01/01/2027 1.36%
Garden State Preservation Trust 5.75% 11/01/2028 1.25%
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 Sep 30, 2015

The U.S. municipal bond market posted a total return of 1.65% for the third quarter of 2015, serving as an investment portfolio ballast during a period of global economic uncertainty and world financial market volatility.

Echoing action in the U.S. Treasury market, municipal bonds yields fell and their prices rose during the quarter. Both U.S. Treasurys and munis benefited from a widespread flight to safety; investors grew increasingly averse to riskier assets as global economic conditions slowed and equity markets became stressed. Inflationary pressures remained contained, providing additional support for longer-term municipal yields. This favorable rate backdrop more than offset the headwinds the muni market encountered, including somewhat weak technical factors and the ongoing credit challenges of a handful of high-profile muni issuers. From a technical standpoint, issuance remained elevated as issuers sought to refinance debt. Demand was lackluster as muni bond funds experienced outflows. Demand may have been somewhat affected by negative headlines surrounding Puerto Rico and its restructuring, and the pension-related challenges of Chicago and Illinois. However, the market impact was largely limited to these issuers and didn't reflect any broader pressures on state and local government credit quality.

During the third quarter overall, yields on longer-term bonds fell more significantly than yields on shorter-term securities, resulting in a flattening of the yield curve and the outperformance of long-dated munis. On a total return basis, below-investment-grade munis outperformed most of their investment-grade counterparts.

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.

  • Security selection in certain Michigan and Puerto Rico credits helped performance versus the Index.
  • Security selection in the hospital/health care sector was another plus.
  • Opportunistic trading of securities across the yield curve and across various rating categories and sectors was also a contributor to Fund's outperformance versus the Index, specifically in local general obligation bonds (GOs).
  • An underweight to longer 20+ year dated securities relative to the Index hurt the Fund's relative performance, as the long end of the yield curve outperformed the short end. Correspondingly, exposure to floating-rate notes and short-dated put bonds also hurt performance relative to the Index.

Average Annual Returns (%)as of Sep 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 1.14 2.18 1.99 3.72 3.74 6.35
Fund w/Max Sales Charge -3.64 -2.69 -2.81 -1.22 2.09 5.16
Return After Taxes on Dist w/Max Sales Charge -1.29 1.77 4.88
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.01 1.91 4.35
Barclays Municipal Bond Index1 0.72 1.65 1.77 3.16 2.88 4.14 4.86
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than 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 Sep 30, 2015

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 the key driver for the Fund's outperformance of the Index for the quarter. Specifically, the Fund's holdings in certain Michigan and Puerto Rico credits helped performance versus the Index. An overweight position in Puerto Rico bonds proved beneficial, as the island experienced a partial rebound amid proposals to restructure its debt.
  • An overweight position and security selection in the hospital sector, which was one of the best-performing sectors during the period, also boosted performance relative to the Index. The Fund's holdings in this sector generally outpaced similar securities in the Index.
  • Opportunistic trading of securities across the yield curve and across various rating categories and sectors was another contributor to Fund's outperformance versus the Index. Specifically, an overweight position and security selection among local general obligation bonds (GOs) proved advantageous and performance was bolstered through opportunistic trading within the sector.

Detractors 

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

  • Some of the Fund's more defensive holdings detracted from performance relative to the Index. Exposure to floating-rate notes with short-dated puts hurt results versus the Index, as long-term rates declined and the short end of the yield curve underperformed.
  • An underweight position to long (20+) year maturity bonds relative to the Index detracted from performance, as longer-term muni yields fell more than those on shorter-term bonds and the long end of the curve outperformed.

Investment Outlook And Fund Positioning 

Management does not think the timing of the first rate hike by the Fed is as important as the eventual path of hikes will be. We think the central bank's moves will be gradual and well telegraphed. When the shift in monetary policy finally arrives, we expect short-term U.S. interest rates to increase more than long-term U.S. rates (which we believe will remain low due to continuing overall slow global growth), resulting in a flatter yield curve. Historically, muni bond yields tend to move with U.S. Treasury yields.

In the scenario of a flattening yield curve with short-term rates rise, we think intermediate- and long-term bonds may outperform short-term bonds. It's important to note that rising short-term rates have not historically led to an expected high level of volatility for long-term municipal bonds.

However, additional concerns about issuers with large unfunded pension liabilities and the increasing likelihood of a potential restructuring in Puerto Rico could lead to periods of market volatility. In addition, the broader fixed-income market may experience interest rate volatility due to uncertainty over when the Fed will raise interest rates.

With that being said, we believe that opportunities may result from muni market volatility. We will look to take advantage of any potential opportunities that arise due to the beginning of a Fed tightening cycle or by a potential restructuring in Puerto Rico. 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 Sep 30, 2015

AAA 6.87
AA 34.38
A 22.48
BBB 20.55
BB 8.02
B 0.89
CCC or Lower 1.82
Not Rated 4.99
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

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Think Performance Think Eaton Vance

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