Overview

Strong Morningstar Ratings as of 12/31/14.1

Average Annual Returns (%) as of Dec 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
02/28/2015
Fund at NAV -1.33 1.67 0.67 10.17 4.89 7.00
Fund w/Max Sales Charge -6.06 -3.16 -4.07 4.98 3.19 5.62
Return After Taxes on Dist w/Max Sales Charge 4.90 2.87 5.31
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 3.60 2.78 4.70
Barclays Municipal Bond Index2 -1.03 1.23 0.72 6.49 3.73 5.00 5.35
12/31/2014
Fund at NAV 0.99 1.69 14.15 14.15 5.79 7.13
Fund w/Max Sales Charge -3.81 -3.15 8.77 8.77 4.09 5.68
Return After Taxes on Dist w/Max Sales Charge 8.69 3.77 5.35
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 5.85 3.50 4.75
Barclays Municipal Bond Index2 0.50 1.37 9.05 9.05 4.30 5.16 5.39
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Fund Facts as of Feb 28, 2015

Class A Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $220.1M
Minimum Investment $1000
Expense Ratio (Gross)3 1.29%
Expense Ratio (Net)3,4 1.00%
CUSIP 27826Y571

Top 10 Holdings (%)5,6 as of Feb 28, 2015

County of Montgomery MD
FirstEnergy Nuclear Generation LLC
University of Massachusetts Building Authority
State of Washington
State of Florida
East Bay Municipal Utility District Water System Revenue
City of Charlotte NC Water & Sewer System Revenue
Michigan Finance Authority
County of Bexar TX
Seeing Eye Inc/The
Total 27.94


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, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
02/28/2015
Fund at NAV -1.33 1.67 0.67 10.17 4.89 7.00
Fund w/Max Sales Charge -6.06 -3.16 -4.07 4.98 3.19 5.62
Return After Taxes on Dist w/Max Sales Charge 4.90 2.87 5.31
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 3.60 2.78 4.70
Barclays Municipal Bond Index2 -1.03 1.23 0.72 6.49 3.73 5.00 5.35
Morningstar™ Muni National Interm Category7 -0.90 0.89 0.61 4.69 2.79 4.11
12/31/2014
Fund at NAV 0.99 1.69 14.15 14.15 5.79 7.13
Fund w/Max Sales Charge -3.81 -3.15 8.77 8.77 4.09 5.68
Return After Taxes on Dist w/Max Sales Charge 8.69 3.77 5.35
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 5.85 3.50 4.75
Barclays Municipal Bond Index2 0.50 1.37 9.05 9.05 4.30 5.16 5.39
Morningstar™ Muni National Interm Category7 0.27 0.76 6.77 6.77 3.30 4.25
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 Index2 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)3 1.29%
Expense Ratio (Net)3,4 1.00%
Class A Inception 05/31/2011
Distribution Frequency Monthly

Yield Information8 as of Feb 28, 2015

Distribution Rate at NAV 1.52%
Taxable-Equivalent Distribution Rate at NAV 2.69%
SEC 30-day Yield 0.98%
Taxable-Equivalent SEC 30-day Yield 1.73%


Morningstar™ Ratings as of Feb 28, 2015

Time Period Rating Rating (Load Waived) Funds in
Muni National Interm
Category
Overall *** **** 269
3 Years *** **** 269
Based on Risk-Adjusted Returns.

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

© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Mar 25, 2015 $11.64 $0.00
Mar 24, 2015 $11.64 $0.00
Mar 23, 2015 $11.64 $0.00
Mar 20, 2015 $11.64 $0.01
Mar 19, 2015 $11.63 $0.05
Mar 18, 2015 $11.58 $0.04
Mar 17, 2015 $11.54 $0.02
Mar 16, 2015 $11.52 $0.01
Mar 13, 2015 $11.51 $0.01
Mar 12, 2015 $11.50 $0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
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
Oct 31, 2014 $0.02063 $11.45
Sep 30, 2014 $0.02122 $11.39
Aug 29, 2014 $0.01846 $11.36
Jul 31, 2014 $0.01701 $11.18
Jun 30, 2014 $0.01730 $11.18
May 30, 2014 $0.01901 $11.22
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 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 (%)5,10 as of Feb 28, 2015

Municipal Bonds 106.78
U.S. Corporate Bonds 0.46
Cash and Other Assets -7.25
Total 100.00

Portfolio Statistics as of Feb 28, 2015

Number of Holdings 177
Average Coupon 3.99%
Average Maturity 9.47 yrs.
Average Effective Maturity 7.97 yrs.
Average Duration 5.29 yrs.
Average Call 7.25 yrs.
Average Price $112.38
Subject to AMT (% of bond holdings) 10.63%


Sector Breakdown (%)5 as of Feb 28, 2015

General Obligations 26.77
Hospital 12.91
Transportation 10.83
Insured-General Obligations 8.33
Education 8.05
Electric Utilities 7.84
Water and Sewer 6.46
Special Tax Revenue 3.48
Industrial Development Revenue 3.40
Lease Revenue/Certificates of Participation 3.03
View All

Credit Quality (%)11 as of Feb 28, 2015

AAA 20.52
AA 36.24
A 22.66
BBB 13.36
BB 1.10
B 2.32
Not Rated 3.80
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 (%)11 as of Feb 28, 2015

Less Than 1 Year 8.82
1 To 3 Years 2.08
3 To 5 Years 4.55
5 To 10 Years 31.03
10 To 20 Years 52.31
20 To 30 Years 1.22
More Than 30 Years 0.00
Total 100.00

Assets by State (%)11,12 as of Feb 28, 2015

Michigan 12.18
Texas 9.46
New York 8.46
California 8.14
Pennsylvania 7.38
New Jersey 6.82
Illinois 5.65
Massachusetts 4.35
Florida 4.30
Washington 3.93
View All


Fund Holdings5,13 as of Jan 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 11.54%
University of Washington 5.00% 06/01/2028 5.17%
FirstEnergy Nuclear Generation LLC 3.50% 12/01/2035 4.58%
State of Florida 5.00% 06/01/2026 3.37%
East Bay Municipal Utility District Water System Revenue 5.00% 06/01/2028 2.82%
Michigan Finance Authority 5.00% 07/01/2026 2.55%
County of Bexar TX 5.00% 06/15/2025 2.49%
Alvin Independent School District/TX 5.00% 02/15/2025 2.04%
Chicago O'Hare International Airport 5.00% 01/01/2021 1.89%
UPMC Obligated Group 5.00% 02/01/2028 1.84%
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 Dec 31, 2014

The U.S. municipal bond market continued its string of gains during the fourth quarter of 2014, with the Barclays Municipal Bond Index (the Index)2 returning 1.37% during the three-month period. For all of 2014, the Index returned 9.05%, outpacing both U.S. Treasury bonds (as measured by the Barclays U.S. Treasury Index) and investment-grade corporate debt (as measured by the Barclays U.S. Investment Grade Corporate Index).

Against a somewhat volatile interest-rate backdrop, munis (as measured by the Index) posted returns in October (+0.69%), November (+0.17%) and December (+0.50%). These advances occurred despite a late-year surge in muni bond issuance as issuers sought to take advantage of low interest rates. Nearly $100 billion in muni bonds were sold during the quarter, the largest quarterly total since the second quarter of 2012. But growing supply was more than offset by strong demand. There were still more bonds called out of the market and maturing than issued during the quarter. The bulk of proceeds from called and maturing bonds was reinvested in the muni market, accounting for a meaningful source of demand. Furthermore, demand from individual investors, mutual funds, banks and insurance companies remained robust. Throughout the year, higher tax rates helped increase the relative attractiveness of municipal debt, as did munis’ compelling valuations relative to many taxable alternatives.

For the fourth quarter overall, yields on longer-term bonds fell while yields on shorter-term securities rose, resulting in flattening of the yield curve and the outperformance of long-dated munis. On a total return basis, below-investment-grade munis underperformed their investment-grade counterparts.

Performance Summary 

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

  • The Fund’s overweight to Michigan bonds bolstered its performance relative to the Index. Additionally, security selection among bonds issued in the state also contributed.
  • The Fund’s overweight to lower-rated bonds, as well as security selection among bonds in that credit tier, also boosted its relative return.
  • An overweight exposure to health care/hospital bonds was another plus, as was security selection in this sector.
  • Detracting from performance versus the Index was the Fund’s use of U.S. Treasury futures.
  • The Fund’s comparatively underweight to bonds with maturities of 20 years and more also proved detrimental.

Average Annual Returns (%) as of Dec 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.99 1.69 14.15 14.15 5.79 7.13
Fund w/Max Sales Charge -3.81 -3.15 8.77 8.77 4.09 5.68
Return After Taxes on Dist w/Max Sales Charge 8.69 3.77 5.35
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 5.85 3.50 4.75
Barclays Municipal Bond Index2 0.50 1.37 9.05 9.05 4.30 5.16 5.39
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Fund Facts as of Dec 31, 2014

Class A Inception 05/31/2011
Expense Ratio (Gross)3 1.29%
Expense Ratio (Net)3,14 1.00%


Contributors 

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

  • The Fund’s larger-than-Index exposure to Michigan bonds was a plus, as they were among the municipal market’s best-performing securities, benefiting from strong demand for higher-yielding securities amid a better credit outlook for the state and Detroit’s emergence from bankruptcy. Additionally, the Fund was bolstered by security selection among Michigan bonds, specifically positions in Detroit water and sewer bonds, which were treated favorably in the city’s bankruptcy proceedings.
  • The Fund’s comparatively large stake in bonds rated BBB and below – including non-rated securities—also bolstered the Fund’s performance versus the Index. Lower-rated securities generally outpaced their higher-quality counterparts, as investors sought to maximize yield securities in a low rate environment. Security selection among lower-quality securities also proved beneficial.
  • The Fund’s larger exposure to health care/hospital bonds also was advantageous because the sector outpaced the Index, thanks partly to strong demand from yield-hungry investors. Here, too, security selection was another positive as the Fund’s health care/hospital holdings generally fared better than comparable securities in the Index.

Detractors 

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

  • The Fund’s holdings in U.S. Treasury futures detracted from relative results. These contracts, used to help hedge the fund against rising interest rates, lagged, as longer-term interest rates declined and the value of such protection diminished. The Index is unhedged.
  • The Fund’s smaller exposure to bonds with maturities of 20 years and longer also detracted. Longer-term bonds generally outpaced shorter-term securities as the yield curve flattened during the quarter, meaning yields on longer-term bonds fell – and their prices rose – while yields on short-term securities rose, and their prices fell.

Investment Outlook And Fund Positioning 

We believe it will be difficult for munis in 2015 to equal the impressive returns they produced in 2014. And though it’s difficult to predict the path of interest rates given uneven global economic growth, we think the Federal Reserve will begin to raise interest rates in the second half of 2015, albeit at small and steady clips that the muni market could easily absorb. We think that technicals, which were very strong in 2014, may be more neutral in 2015. Our forecast calls for a modest increase in 2015 supply. But we believe demand for munis could continue to be firm as higher tax-rates have increased the relative attractiveness of tax-exempt debt. Finally, yields on municipal debt still looked attractive, particularly relative to Treasurys, at the end of 2014, which could continue to draw interest from value-seeking investors.15

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

AAA 7.65
AA 32.38
A 32.08
BBB 18.27
BB 3.10
B 2.97
Not Rated 3.56
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

Commentary

Income Markets Review

Income Markets Snapshot

Discover Opportunities in the Income Markets with Eaton Vance

Fact Sheet

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semiannual Report

Summary Prospectus

XBRL


 

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