Municipal Bond Investing
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Muni Brochure: Keep the Income. Cut the Taxes.

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Municipal bond investing has changed exponentially. Deep research is more important than ever. Access and cost for individual buyers can be prohibitive. In today’s rapidly changing municipal bond market, Eaton Vance has the resources that can help you prosper.

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Eaton Vance has 25 municipal bond funds rated 4 or 5 stars by Morningstar1

EIHMX

National Municipal Income Fund

  • Core plus offering with competetive long-term performance
  • 5-star Morningstar rating1
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EILMX

Floating-Rate Municipal Income Fund

  • The market's only dedicated floating-rate municipal fund
  • As rates rise, it provides the potential for added income and relative price stability
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EMOIX

Municipal Opportunities Fund

  • Ability to go where opportunities are in the municpal market
  • 5-star Morningstar Rating1
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EMAIX

Short Duration Municipal Opportunities Fund

  • Ability to go where opportunities are at the short end of the curve
  • 5-star Morningstar Rating1
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1-800-711-9435

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  • Get a personalized transition or sample report in one business day

Partner With A Powerhouse

40+ years of experience in tax-exempt investing. Access to over 120 dealers.
  • 40+ years of experience in tax-exempt investing
  • $47.75 billion of muni AUM*
  • One of the largest municipal investment teams in the U.S.
  • Rigorous research to identify opportunities and mitigate credit risk

*as of 3/31/19

1 Source: Morningstar, 3/31/2019. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for Eaton Vance Municipal Opportunities Fund (I Shares) is 5 stars as of 3/31/19 amongst 258 funds in the Muni National Interm category. The Morningstar Ratings for the Eaton Vance Municipal Opportunities Fund (I Shares) is 4 stars over the 3-year time frame and 5 stars over the 5-year time frame. The total number of funds in the Muni National Interm category is 258 and 227 over the 3- and 5-year time frames, respectively. The Morningstar Muni National Interm Category includes funds that invest in bonds issued by state and local governments that are free from federal taxes and typically have a duration between 4.5 and 7.0. The Overall Morningstar Rating for Eaton Vance Short Duration Muni Opps Fund (I Shares) is 5 stars as of 3/31/19 amongst 180 funds in the Muni National Short category. The Morningstar ratings for the Eaton Vance Short Duration Muni Opps Fund (I Shares) is 5 stars over the 3-, 5- and 10-year time frames, respectively. The total number of funds in the Muni National Short category is 180, 165, and 112 over the 3-, 5- and 10-year timeframes, respectively. The Morningstar Muni National Short Category includes funds that invest in bonds issued by state and local governments that are free from federal taxes and typically have duration of less than 4.5 years. Prior to 11/14/16, Fund was called Eaton Vance Massachusetts Limited Maturity Municipal Income Fund, had a different objective and employed a different investment strategy. The Overall Morningstar Rating for Eaton Vance National Municipal Income Fund (I Shares) is 5 stars as of 3/31/19 amongst 147 funds in the Muni National Long category. The Morningstar ratings for the Eaton Vance National Municipal Income Fund (I Shares) is 5 stars over the 3-, 5- and 10-year time frames. The total number of funds in the Muni National Long category is 147, 132, and 111 over the 3, 5, and 10-year time frames, respectively. The Morningstar Muni National Long Category includes funds that invest in bonds issued by state and local governments that are free from federal taxes and typically have a duration of more than 7.0 years. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. ©2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Risk considerations:​ 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. Rising interest rates could reduce the value of the bonds in the portfolio, thus adversely affecting the value of the overall investment. A portion of income from an Eaton Vance national or state municipal bond fund may be subject to federal income and/or alternative minimum tax. Income may be subject to state income tax. As interest rates rise, the value of certain income investments is likely to decline. There generally is limited public information about municipal issuers. Regulatory changes may adversely affect securities markets and market participants, as well as a Fund’s ability to implement its strategy. Investments rated below investment grade (typically referred to as “junk”) are generally subject to greater price volatility and illiquidity than higher-rated investments. The Funds may engage in other investment practices that may involve additional risks and you should review a Fund prospectus for a complete description. No Fund is a complete investment program and you may lose money investing in a Fund.


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