Overview

Growth of $10,000

10-year period ended 06/30/2015

  • Class A at NAV

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2015
Fund at NAV 0.16 0.57 0.84 3.01 3.66 6.19
Fund w/Max Sales Charge -4.57 -4.19 -3.91 -1.91 1.99 4.98
Return After Taxes on Dist w/Max Sales Charge -1.98 1.68 4.70
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.38 1.84 4.21
Barclays Municipal Bond Index1 0.20 0.83 1.04 2.52 2.83 3.96 4.78
06/30/2015
Fund at NAV -0.45 -1.38 -0.18 3.94 4.09 6.19
Fund w/Max Sales Charge -5.16 -6.07 -4.88 -1.02 2.41 4.93
Return After Taxes on Dist w/Max Sales Charge -1.09 2.10 4.64
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.13 2.18 4.17
Barclays Municipal Bond Index1 -0.09 -0.89 0.11 3.00 3.10 4.50 4.75
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 Jul 31, 2015

Class A Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $320.1M
Minimum Investment $1000
Expense Ratio (Gross)2 1.29%
Expense Ratio (Net)2,3 1.00%
CUSIP 27826Y571

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

Beaver Cnty PA Indl Dev Auth Pollutn Ctl Rev
City of Detroit MI
State of California
State of Washington
Board of Trustees of The Leland Stanford Junior University/The
Michigan Finance Authority
NJ EDA Seeing Eye Inc Proj
New Jersey Economic Development Authority
Alvin Independent School District/TX
Riverside Regional Jail Authority
Total 16.19


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 Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
07/31/2015
Fund at NAV 0.86 -0.06 0.68 4.68 3.61 6.28
Fund w/Max Sales Charge -3.94 -4.84 -4.06 -0.31 1.95 5.04
Return After Taxes on Dist w/Max Sales Charge -0.39 1.63 4.76
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.54 1.81 4.26
Barclays Municipal Bond Index1 0.72 0.35 0.84 3.56 2.81 4.39 4.83
Morningstar™ Muni National Interm Category6 0.54 0.01 0.37 2.32 2.00 3.60
06/30/2015
Fund at NAV -0.45 -1.38 -0.18 3.94 4.09 6.19
Fund w/Max Sales Charge -5.16 -6.07 -4.88 -1.02 2.41 4.93
Return After Taxes on Dist w/Max Sales Charge -1.09 2.10 4.64
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.13 2.18 4.17
Barclays Municipal Bond Index1 -0.09 -0.89 0.11 3.00 3.10 4.50 4.75
Morningstar™ Muni National Interm Category6 -0.14 -0.92 -0.18 1.93 2.31 3.74
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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 9.17 -4.99 14.15
Barclays Municipal Bond Index1 3.51 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05

Fund Facts

Expense Ratio (Gross)2 1.29%
Expense Ratio (Net)2,3 1.00%
Class A Inception 05/31/2011
Distribution Frequency Monthly

Yield Information7as of Jul 31, 2015

Distribution Rate at NAV 1.89%
Taxable-Equivalent Distribution Rate at NAV 3.34%
Subsidized SEC 30-day Yield 1.88%
Unsubsidized SEC 30-day Yield 1.74%
Taxable-Equivalent SEC 30-day Yield 3.33%


Morningstar™ Ratingsas of Jul 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Muni National Interm
Category
Overall *** **** 281
3 Years *** **** 281
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
Aug 31, 2015 $11.49 $0.00
Aug 28, 2015 $11.49 $0.01
Aug 27, 2015 $11.48 $-0.01
Aug 26, 2015 $11.49 $-0.02
Aug 25, 2015 $11.51 $-0.02
Aug 24, 2015 $11.53 $0.02
Aug 21, 2015 $11.51 $0.01
Aug 20, 2015 $11.50 $0.03
Aug 19, 2015 $11.47 $0.00
Aug 18, 2015 $11.47 $-0.01

Distribution History8

Ex-Date Distribution Reinvest NAV
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
Mar 31, 2015 $0.01335 $11.62
Feb 27, 2015 $0.01351 $11.57
Jan 30, 2015 $0.01436 $11.74
Dec 31, 2014 $0.01389 $11.52
Nov 28, 2014 $0.01928 $11.43
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
Dec 13, 2012 $0.25030 $0.01020 $11.21
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 Jul 31, 2015

Municipal Bonds 91.26
Cash 7.49
U.S. Corporate Bonds 0.93
Municipal Closed End Fund 0.33
Total 100.00

Portfolio Statisticsas of Jul 31, 2015

Number of Holdings 256
Average Coupon 4.55%
Average Maturity 10.37 yrs.
Average Effective Maturity 9.26 yrs.
Average Duration 6.40 yrs.
Average Call 8.53 yrs.
Average Price $110.59
% Subject to AMT 9.08%


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

General Obligations 20.59
Hospital 13.98
Education 9.90
Electric Utilities 9.33
Transportation 8.16
Insured-General Obligations 8.04
Senior Living/Life Care 3.18
Insured-Transportation 3.04
Other Revenue 2.92
Special Tax Revenue 2.73
View All

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

AAA 10.69
AA 36.25
A 22.56
BBB 18.06
BB 5.04
B 0.68
CCC or Lower 1.99
Not Rated 4.74
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 Jul 31, 2015

Less Than 1 Year 0.12
1 To 3 Years 3.78
3 To 5 Years 10.05
5 To 10 Years 37.73
10 To 20 Years 42.40
20 To 30 Years 5.91
More Than 30 Years 0.00
Total 100.00

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

California 12.25
Michigan 11.79
New York 9.67
New Jersey 8.93
Pennsylvania 6.78
Texas 6.76
Illinois 6.66
Puerto Rico 5.58
Virginia 3.81
Oregon 3.65
View All


Fund Holdings4,12as of Jul 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 7.47%
FirstEnergy Nuclear Generation LLC 3.50% 12/01/2035 2.56%
City of Detroit MI 5.15% 04/01/2025 2.01%
State of California 5.00% 03/01/2027 1.90%
State of Washington 5.00% 07/01/2026 1.89%
Board of Trustees of The Leland Stanford Junior University/The 5.00% 06/01/2043 1.53%
Michigan Finance Authority 5.00% 07/01/2026 1.43%
Seeing Eye Inc/The 5.00% 03/01/2025 1.34%
New Jersey Economic Development Authority 0.92% 02/01/2017 1.23%
Alvin Independent School District/TX 5.00% 02/15/2025 1.15%
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

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2015

The U.S. municipal bond market suffered its first quarterly loss since 2013 during the second quarter of 2015, as measured by the -0.89% return of the Barclays Municipal Bond Index (the Index1 .

Municipal bonds lost ground in April (-0.52%), as their yields rose sharply toward the end of the month. An upward movement in Treasury bond yields – triggered by strengthening U.S. economic data – was the primary factor pulling muni yields higher. Reduced demand for munis also played a role as some market participants sold tax-exempt securities to help pay annual income taxes due April 15. At the same time, the supply of munis expanded, led by increased refundings as issuers sought to take advantage of historically low rates ahead a potential interest rate hike. The muni market continued to struggle in May (-0.44%), as rising European sovereign yields, mixed economic data and shifting signals from the Federal Reserve (Fed) about interest rate policy led to heightened uncertainty and market volatility.

The monthly supply of munis remained elevated and demand continued to wane, dampened in part by credit concerns, including Moody’s downgrade of Chicago debt to below-investment grade. Munis were essentially flat in June (-0.09%). On the plus side, supply pressures eased somewhat as refundings slowed. But demand continued to be tempered by ongoing interest rate concerns and the late-month announcement by Puerto Rico’s governor that the island couldn’t pay its debt.

During the second quarter overall, municipal yields rose across the entire curve. Yields on longer-term bonds rose more significantly than yields on shorter-term securities, resulting in a steepening of the yield curve and the underperformance of long-dated munis. On a total return basis, investment-grade munis outperformed their below-investment-grade counterparts as a result of a late quarter sell-off in Puerto Rico credits.

Performance Summary 

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

  • Detracting from the Fund’s performance relative to the Index was security selection in the education and transportation sectors, among high rated (AAA and AA) bonds and among insured Puerto Rico bonds.
  • However, security selection among local general obligation bonds (GOs) and zero coupon bonds was advantageous and bolstered the Fund’s relative performance.
  • The Fund’s use of Treasury futures also boosted its relative results.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.45 -1.38 -0.18 3.94 4.09 6.19
Fund w/Max Sales Charge -5.16 -6.07 -4.88 -1.02 2.41 4.93
Return After Taxes on Dist w/Max Sales Charge -1.09 2.10 4.64
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.13 2.18 4.17
Barclays Municipal Bond Index1 -0.09 -0.89 0.11 3.00 3.10 4.50 4.75
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 Jun 30, 2015

Class A Inception 05/31/2011
Expense Ratio (Gross)2 1.29%
Expense Ratio (Net)2,3 1.00%


Contributors 

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

  • The Fund’s holdings in local general obligation bonds (GOs) and zero coupon bonds outperformed similar securities in the Index, and boosted Fund performance relative to the Index.
  • The Fund’s use of Treasury futures bolstered performance versus the Index. These contracts, used to hedge the Fund against rising interest rates, outperformed the Index as rates rose and the value of rate protection increased. The Index is not hedged.

Detractors 

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

  • Security selection was the key driver of the Fund’s underperformance of the Index for the quarter. Specifically, the Fund’s holdings in the education and transportation sectors underperformed similar securities in the Index. Likewise, holdings among AAA-rated, AA-rated and insured Puerto Rico bonds generally lagged similar securities in the Index.

Investment Outlook And Fund Positioning 

The summer months are historically favorable for municipal bonds primarily due to a decline in municipal issuance, the seasonally large reinvestment of coupons and bond maturities. Demand for munis could be further strengthened to the extent investors seek out the after-tax yield advantage munis offered at the end of the quarter. We believe that lower supply and potentially stronger demand could provide a positive backdrop for the muni market in the second half of 2015.

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 expectations that the Fed may increase the fed funds rate during the second half of 2015.

With that being said, we believe that opportunities may arise in muni market volatility. Credit research will remain paramount, and we believe an experienced, skilled investment manager can help navigate the muni market during times of volatility.

Credit Quality (%)10as of Jun 30, 2015

AAA 11.66
AA 35.20
A 22.64
BBB 18.45
BB 5.19
B 0.70
CCC or Lower 1.42
Not Rated 4.73
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

Fund Literature

Fund Literature

Annual Report

Attribution

Municipal Opportunities Fund Brochure

Commentary

Fact Sheet

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.

    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.

    Receive email notifications of updates to  by entering your email address to subscribe.

    Cancel

    Subscribe to new content: Register

    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.

    The information contained in this section of the website is designed solely for professional clients. If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

    Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management (International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in any jurisdiction where this would not be permitted.

    This website does not constitute investment, legal or tax advice with respect to our products and services and it is important that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

    The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

    Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, 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 advisory, administrative and service contracts, and other risks.

    All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

    By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.


    Cancel

    Disclosure - Restricted content

    The information contained in this section of the website is designed solely for professional clients. If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

    Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management (International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in any jurisdiction where this would not be permitted.

    This website does not constitute investment, legal or tax advice with respect to our products and services and it is important that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

    The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

    Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, 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 advisory, administrative and service contracts, and other risks.

    All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

    By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.


    Cancel

    Investment Professionals

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of