Jittery investors often dial back equity exposure in favor of cash and wait until the “time is right” to get back in the market.

But sitting on the sidelines virtually guarantees missing any upside potential. There’s no such thing as risk-free investing.

That’s why Eaton Vance offers options to help moderate downside risk while keeping long-term investment goals moving forward.

Look for opportunities to reallocate and/or diversify with these low-correlating strategies compared to traditional equity holdings.

ADVISORY BLOG   |   FLYER


Taxable


Cashing out may mean missing out
Average annual total returns (%), as of 6/30/18

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. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. I and Y shares may not be available at all firms.

It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

For performance as of the most recent calendar quarter-end, please click on Web Page link above.


Tax-Exempt1


Defensive options for interest-rate risk, volatility and tax-exempt-income

1 EILMX, EMAIX and EIBSX invest in municipal obligations, the interest on which is exempt from regular federal income tax. For EILMX and EMAIX, a portion of the Fund's distributions generally will be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax. EIBSX will not invest in a municipal obligation the interest on which the Fund's investment adviser believes is subject to the federal alternative minimum tax. Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.

2 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. Please see prospectus for more details.


Alternatives


Average positive returns during trailing 12-month periods where the index was negative

Equity market risk is associated with being invested in U.S. stocks and is the excess return that investing in the stock market provides over a risk-free rate, such as the return from government treasury bonds.


Interest-rate risk is associated with sensitivity to fixed income markets. Generally when interest rates increase, fixed-income prices lose value. Securities that offer a fixed rate of return are exposed to interest-rate risk.




Credit spread risk refers to the difference in yield between a U.S. Treasury bond and a debt security with the same maturity but of lesser quality. This risk deals with how the spread of a debt security over the treasury curve will react.


Past performance is no guarantee of future results. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

Standard & Poor’s 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Citigroup 10-Year Treasury Index is an unmanaged index composed of 10-year Treasury bonds and notes. BofA Merrill Lynch U.S. High Yield Index is an unmanaged index of below-investment-grade U.S. corporate bonds. Cash represented by the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

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. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. A portion of income from an Eaton Vance state municipal fund may be subject to federal and state income taxes and/or federal alternative minimum tax. 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 a Fund prospectus for a complete description. Eaton Vance offers other mutual funds that are not listed here and that do not have similar performance records. Please refer to each Fund’s prospectus to determine whether you are eligible to invest in I shares. Please consult with your financial advisor before investing.

Calvert mutual funds are distributed by Eaton Vance Distributors, Inc.