As filed with the Securities and Exchange Commission on August 6, 2018
1933 Act File No. 033-01121
1940 Act File No. 811-04443
SECURITIES AND EXCHANGE COMMISSION | ||
WASHINGTON, D.C. 20549 | ||
FORM N-1A | ||
REGISTRATION STATEMENT UNDER THE SECURITIES ACT of 1933 |
o | |
POST-EFFECTIVE AMENDMENT NO. 74 | x | |
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
o | |
AMENDMENT NO. 77 | x | |
EATON VANCE INVESTMENT TRUST | ||
(Exact Name of Registrant as Specified in Charter) | ||
Two International Place, Boston, Massachusetts 02110 | ||
(Address of Principal Executive Offices) | ||
(617) 482-8260 | ||
(Registrant’s Telephone Number) | ||
MAUREEN A. GEMMA | ||
Two International Place, Boston, Massachusetts 02110 | ||
(Name and Address of Agent for Service) |
It is proposed that this filing will become effective pursuant to Rule 485 (check appropriate box): | |||
x | immediately upon filing pursuant to paragraph (b) | o | on (date) pursuant to paragraph (a)(1) |
o | on (date) pursuant to paragraph (b) | o | 75 days after filing pursuant to paragraph (a)(2) |
o | 60 days after filing pursuant to paragraph (a)(1) | o | on (date) pursuant to paragraph (a)(2) |
If appropriate, check the following box: | |||
o | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston, and the Commonwealth of Massachusetts, on August 6, 2018.
EATON VANCE INVESTMENT TRUST
By: /s/ Payson F. Swaffield
Payson F. Swaffield, President
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on August 6, 2018.
Signature | Title | |||
/s/ Payson F. Swaffield | President (Chief Executive Officer) | |||
Payson F. Swaffield | ||||
/s/ James F. Kirchner | Treasurer (Principal Financial and Accounting Officer) | |||
James F. Kirchner | ||||
Signature | Title | Signature | Title | |
Thomas E. Faust Jr.* | Trustee | William H. Park* | Trustee | |
Thomas E. Faust Jr. | William H. Park | |||
Mark R. Fetting* | Trustee | Helen Frame Peters* | Trustee | |
Mark R. Fetting | Helen Frame Peters | |||
Cynthia E. Frost* | Trustee | Susan J. Sutherland* | Trustee | |
Cynthia E. Frost | Susan J. Sutherland | |||
George J. Gorman* | Trustee | Harriett Tee Taggart* | Trustee | |
George J. Gorman | Harriett Tee Taggart | |||
Valerie A. Mosley* | Trustee | Scott E. Wennerholm* | Trustee | |
Valerie A. Mosley | Scott E. Wennerholm | |||
*By: | /s/ Maureen A. Gemma | |||
Maureen A. Gemma (As attorney-in-fact) | ||||
* Pursuant to a Power of Attorney dated October 17, 2017 filed as Exhibit (q) to the Registrant’s Post-Effective Amendment No. 73 filed July 26, 2018 (Accession No. 0000940394-18-001391) and incorporated herein by reference.
EXHIBIT INDEX
Exhibit No. | Description | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
Ex-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
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Eaton Vance Floating-Rate Municipal Income Fund | ||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||
The Fund’s investment objective is to provide current income exempt from regular federal income tax. | ||||||||||||||||||||||||||||
Fees and Expenses of the Fund | ||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of Additional Information. | ||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||
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Example. | ||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||
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Portfolio Turnover | ||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78% of the average value of its portfolio. | ||||||||||||||||||||||||||||
Principal Investment Strategies | ||||||||||||||||||||||||||||
Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax. Under normal market circumstances, the Fund also invests at least 80% of its total assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate (the “80% Policy”). At least 75% of the Fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate and total return swaps, and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use of derivatives. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio manager also may trade securities to minimize taxable capital gains to shareholders. The Fund expects up to 25% of its annual distributions to be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax. | ||||||||||||||||||||||||||||
Principal Risks | ||||||||||||||||||||||||||||
Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. However, the impact of interest rate changes on the value of floating rate instruments is typically reduced by periodic interest rate resets. In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments. Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. Leverage Risk. Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense. Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in one or more states and/or U.S. territories and in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a more broadly diversified fund. General obligation bonds issued by municipalities are adversely affected by economic downturns and the resulting decline in tax revenues. Risks of Principal Only Investments. Principal only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell other investments to obtain cash needed for such income distributions. Pooled Investment Vehicles Risk. Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation. The Fund's investment in fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate may also create taxable income in certain interest rate environments. Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information security and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||
Performance | ||||||||||||||||||||||||||||
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance for certain periods would have been lower. Updated Fund performance information can be obtained by visiting www.eatonvance.com. | ||||||||||||||||||||||||||||
For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 7.38% for the quarter ended September 30, 2009, and the lowest quarterly return was -4.83% for the quarter ended December 31, 2010. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 0.82%. | ||||||||||||||||||||||||||||
Average Annual Total Return as of December 31, 2017 | ||||||||||||||||||||||||||||
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These returns reflect the maximum sales charge for Class A (2.25%). The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Effective August 19, 2013, the Fund changed its objective and investment strategy to invest at least 80% of its total assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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. |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Central Index Key | dei_EntityCentralIndexKey | 0000779991 |
Eaton Vance Floating-Rate Municipal Income Fund | ||
Risk/Return: | rr_RiskReturnAbstract | |
Investment Objective, Heading | rr_ObjectiveHeading | Investment Objective |
Investment Objective, Primary | rr_ObjectivePrimaryTextBlock | The Fund’s investment objective is to provide current income exempt from regular federal income tax. |
Expense, Heading | rr_ExpenseHeading | Fees and Expenses of the Fund |
Expense, Narrative | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of Additional Information. |
Shareholder Fees, Caption | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
Operating Expenses, Caption | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) |
Portfolio Turnover, Heading | rr_PortfolioTurnoverHeading | Portfolio Turnover |
Portfolio Turnover | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78% of the average value of its portfolio. |
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 78.00% |
Expense Breakpoint, Discounts | rr_ExpenseBreakpointDiscounts | You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of Additional Information. |
Expense Breakpoint, Minimum Investment Required Amount | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 100,000 |
Expense Example, Heading | rr_ExpenseExampleHeading | Example. |
Expense Example, Narrative | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
Investment Strategy, Heading | rr_StrategyHeading | Principal Investment Strategies |
Investment Strategy, Narrative | rr_StrategyNarrativeTextBlock | Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax. Under normal market circumstances, the Fund also invests at least 80% of its total assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate (the “80% Policy”). At least 75% of the Fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate and total return swaps, and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use of derivatives. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio manager also may trade securities to minimize taxable capital gains to shareholders. The Fund expects up to 25% of its annual distributions to be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax. |
Strategy Portfolio Concentration | rr_StrategyPortfolioConcentration | Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax. Under normal market circumstances, the Fund also invests at least 80% of its total assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate (the “80% Policy”). At least 75% of the Fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate and total return swaps, and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use of derivatives. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. |
Risk, Heading | rr_RiskHeading | Principal Risks |
Risk, Narrative | rr_RiskNarrativeTextBlock | Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. However, the impact of interest rate changes on the value of floating rate instruments is typically reduced by periodic interest rate resets. In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments. Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. Leverage Risk. Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense. Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in one or more states and/or U.S. territories and in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a more broadly diversified fund. General obligation bonds issued by municipalities are adversely affected by economic downturns and the resulting decline in tax revenues. Risks of Principal Only Investments. Principal only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell other investments to obtain cash needed for such income distributions. Pooled Investment Vehicles Risk. Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation. The Fund's investment in fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate may also create taxable income in certain interest rate environments. Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information security and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
Risk, Lose Money | rr_RiskLoseMoney | The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. |
Risk, Not Insured Depository Institution | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
Bar Chart and Performance Table, Heading | rr_BarChartAndPerformanceTableHeading | Performance |
Performance, Narrative | rr_PerformanceNarrativeTextBlock | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance for certain periods would have been lower. Updated Fund performance information can be obtained by visiting www.eatonvance.com. |
Performance, Information Illustrates Variability of Returns | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. |
Performance Availability Website Address | rr_PerformanceAvailabilityWebSiteAddress | www.eatonvance.com |
Performance Past Does Not Indicate Future | rr_PerformancePastDoesNotIndicateFuture | Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. |
Bar Chart Does Not Reflect Sales Loads | rr_BarChartDoesNotReflectSalesLoads | The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. |
Bar Chart, Closing | rr_BarChartClosingTextBlock | For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 7.38% for the quarter ended September 30, 2009, and the lowest quarterly return was -4.83% for the quarter ended December 31, 2010. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 0.82%. |
Year to Date Return, Label | rr_YearToDateReturnLabel | The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was |
Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2018 |
Year to Date Return | rr_BarChartYearToDateReturn | 0.82% |
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | For the ten years ended December 31, 2017, the highest quarterly total return for Class A was |
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 |
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 7.38% |
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | and the lowest quarterly return was |
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2010 |
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (4.83%) |
Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Return as of December 31, 2017 |
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | These returns reflect the maximum sales charge for Class A (2.25%). |
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the characterization of distributions, and may differ from those shown. |
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. |
Performance Table, One Class of after Tax Shown | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. |
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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. |
Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] | rr_PerformanceTableFootnotesReasonPerformanceInformationForClassDifferentFromImmediatelyPrecedingPeriod | The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. |
Performance Table, Closing | rr_PerformanceTableClosingTextBlock | These returns reflect the maximum sales charge for Class A (2.25%). The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Effective August 19, 2013, the Fund changed its objective and investment strategy to invest at least 80% of its total assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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. |
Eaton Vance Floating-Rate Municipal Income Fund | Bloomberg Barclays 1 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | ||
Risk/Return: | rr_RiskReturnAbstract | |
Index No Deduction for Fees, Expenses, Taxes | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) |
One Year | rr_AverageAnnualReturnYear01 | 0.92% |
Five Years | rr_AverageAnnualReturnYear05 | 0.64% |
Ten Years | rr_AverageAnnualReturnYear10 | 1.48% |
Eaton Vance Floating-Rate Municipal Income Fund | Bloomberg Barclays 7 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | ||
Risk/Return: | rr_RiskReturnAbstract | |
Index No Deduction for Fees, Expenses, Taxes | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) |
One Year | rr_AverageAnnualReturnYear01 | 4.49% |
Five Years | rr_AverageAnnualReturnYear05 | 2.44% |
Ten Years | rr_AverageAnnualReturnYear10 | 4.30% |
Eaton Vance Floating-Rate Municipal Income Fund | Class A | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 2.25% |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none |
Management Fees | rr_ManagementFeesOverAssets | 0.34% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.15% |
Other Expenses | rr_OtherExpensesOverAssets | 0.11% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.60% |
1 Year | rr_ExpenseExampleYear01 | $ 285 |
3 Years | rr_ExpenseExampleYear03 | 413 |
5 Years | rr_ExpenseExampleYear05 | 552 |
10 Years | rr_ExpenseExampleYear10 | $ 958 |
Annual Return 2008 | rr_AnnualReturn2008 | (4.97%) |
Annual Return 2009 | rr_AnnualReturn2009 | 12.03% |
Annual Return 2010 | rr_AnnualReturn2010 | 0.99% |
Annual Return 2011 | rr_AnnualReturn2011 | 9.53% |
Annual Return 2012 | rr_AnnualReturn2012 | 4.46% |
Annual Return 2013 | rr_AnnualReturn2013 | (3.22%) |
Annual Return 2014 | rr_AnnualReturn2014 | 0.94% |
Annual Return 2015 | rr_AnnualReturn2015 | (0.62%) |
Annual Return 2016 | rr_AnnualReturn2016 | 0.60% |
Annual Return 2017 | rr_AnnualReturn2017 | 1.10% |
One Year | rr_AverageAnnualReturnYear01 | (1.22%) |
Five Years | rr_AverageAnnualReturnYear05 | (0.68%) |
Ten Years | rr_AverageAnnualReturnYear10 | 1.75% |
Eaton Vance Floating-Rate Municipal Income Fund | Class A | After Taxes on Distributions | ||
Risk/Return: | rr_RiskReturnAbstract | |
One Year | rr_AverageAnnualReturnYear01 | (1.23%) |
Five Years | rr_AverageAnnualReturnYear05 | (0.71%) |
Ten Years | rr_AverageAnnualReturnYear10 | 1.73% |
Eaton Vance Floating-Rate Municipal Income Fund | Class A | After Taxes on Distributions and Sales | ||
Risk/Return: | rr_RiskReturnAbstract | |
One Year | rr_AverageAnnualReturnYear01 | (0.36%) |
Five Years | rr_AverageAnnualReturnYear05 | (0.31%) |
Ten Years | rr_AverageAnnualReturnYear10 | 1.83% |
Eaton Vance Floating-Rate Municipal Income Fund | Class I | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none |
Management Fees | rr_ManagementFeesOverAssets | 0.34% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none |
Other Expenses | rr_OtherExpensesOverAssets | 0.11% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.45% |
1 Year | rr_ExpenseExampleYear01 | $ 46 |
3 Years | rr_ExpenseExampleYear03 | 144 |
5 Years | rr_ExpenseExampleYear05 | 252 |
10 Years | rr_ExpenseExampleYear10 | $ 567 |
One Year | rr_AverageAnnualReturnYear01 | 1.25% |
Five Years | rr_AverageAnnualReturnYear05 | (0.08%) |
Ten Years | rr_AverageAnnualReturnYear10 | 2.07% |
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Eaton Vance National Limited Maturity Municipal Income Fund | ||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||
The Fund’s investment objective is to provide current income exempt from regular federal income tax. | ||||||||||||||||||||||||||||
Fees and Expenses of the Fund | ||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of Additional Information. | ||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||
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Example. | ||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||
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Portfolio Turnover | ||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio. | ||||||||||||||||||||||||||||
Principal Investment Strategies | ||||||||||||||||||||||||||||
Under normal market circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 65% of net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use of derivatives. Although the Fund invests in obligations to seek to maintain a dollar-weighted average portfolio duration of between three and nine years, the Fund may invest in individual municipal obligations of any maturity. Duration represents the dollar-weighted average maturity of expected cash flows (i.e., interest and principal payments) on one or more municipal obligations, discounted to their present values. The Fund may use various techniques to shorten or lengthen its dollar-weighted average duration, including the acquisition of municipal obligations at a premium or discount, and transactions in futures contracts and options on futures. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio manager also may trade securities to minimize taxable capital gains to shareholders. 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. | ||||||||||||||||||||||||||||
Principal Risks | ||||||||||||||||||||||||||||
Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments. Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. Leverage Risk. Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense. Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in one or more states and/or U.S. territories and in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a more broadly diversified fund. General obligation bonds issued by municipalities are adversely affected by economic downturns and the resulting decline in tax revenues. Risks of Principal Only Investments. Principal only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell other investments to obtain cash needed for such income distributions. Pooled Investment Vehicles Risk. Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation. Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information security and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||
Performance | ||||||||||||||||||||||||||||
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated Fund performance information can be obtained by visiting www.eatonvance.com. | ||||||||||||||||||||||||||||
For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 7.67% for the quarter ended September 30, 2009, and the lowest quarterly return was -4.93% for the quarter ended December 31, 2008. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 0.06%. | ||||||||||||||||||||||||||||
Average Annual Total Return as of December 31, 2017 | ||||||||||||||||||||||||||||
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These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. The Class I performance shown above for the period prior to October 1, 2009 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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. |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Central Index Key | dei_EntityCentralIndexKey | 0000779991 |
Eaton Vance National Limited Maturity Municipal Income Fund | ||
Risk/Return: | rr_RiskReturnAbstract | |
Investment Objective, Heading | rr_ObjectiveHeading | Investment Objective |
Investment Objective, Primary | rr_ObjectivePrimaryTextBlock | The Fund’s investment objective is to provide current income exempt from regular federal income tax. |
Expense, Heading | rr_ExpenseHeading | Fees and Expenses of the Fund |
Expense, Narrative | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of Additional Information. |
Shareholder Fees, Caption | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
Operating Expenses, Caption | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) |
Portfolio Turnover, Heading | rr_PortfolioTurnoverHeading | Portfolio Turnover |
Portfolio Turnover | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio. |
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 13.00% |
Expense Breakpoint, Discounts | rr_ExpenseBreakpointDiscounts | You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of Additional Information. |
Expense Breakpoint, Minimum Investment Required Amount | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 100,000 |
Expense Example, Heading | rr_ExpenseExampleHeading | Example. |
Expense Example, Narrative | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
Investment Strategy, Heading | rr_StrategyHeading | Principal Investment Strategies |
Investment Strategy, Narrative | rr_StrategyNarrativeTextBlock | Under normal market circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 65% of net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use of derivatives. Although the Fund invests in obligations to seek to maintain a dollar-weighted average portfolio duration of between three and nine years, the Fund may invest in individual municipal obligations of any maturity. Duration represents the dollar-weighted average maturity of expected cash flows (i.e., interest and principal payments) on one or more municipal obligations, discounted to their present values. The Fund may use various techniques to shorten or lengthen its dollar-weighted average duration, including the acquisition of municipal obligations at a premium or discount, and transactions in futures contracts and options on futures. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio manager also may trade securities to minimize taxable capital gains to shareholders. 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. |
Strategy Portfolio Concentration | rr_StrategyPortfolioConcentration | Under normal market circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 65% of net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use of derivatives. |
Risk, Heading | rr_RiskHeading | Principal Risks |
Risk, Narrative | rr_RiskNarrativeTextBlock | Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed income securities with longer durations or maturities. Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments. Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. Leverage Risk. Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense. Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in one or more states and/or U.S. territories and in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely affect a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a more broadly diversified fund. General obligation bonds issued by municipalities are adversely affected by economic downturns and the resulting decline in tax revenues. Risks of Principal Only Investments. Principal only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell other investments to obtain cash needed for such income distributions. Pooled Investment Vehicles Risk. Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation. Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information security and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
Risk, Lose Money | rr_RiskLoseMoney | The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. |
Risk, Not Insured Depository Institution | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
Bar Chart and Performance Table, Heading | rr_BarChartAndPerformanceTableHeading | Performance |
Performance, Narrative | rr_PerformanceNarrativeTextBlock | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated Fund performance information can be obtained by visiting www.eatonvance.com. |
Performance, Information Illustrates Variability of Returns | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. |
Performance Availability Website Address | rr_PerformanceAvailabilityWebSiteAddress | www.eatonvance.com |
Performance Past Does Not Indicate Future | rr_PerformancePastDoesNotIndicateFuture | Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. |
Bar Chart Does Not Reflect Sales Loads | rr_BarChartDoesNotReflectSalesLoads | The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. |
Bar Chart, Closing | rr_BarChartClosingTextBlock | For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 7.67% for the quarter ended September 30, 2009, and the lowest quarterly return was -4.93% for the quarter ended December 31, 2008. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 0.06%. |
Year to Date Return, Label | rr_YearToDateReturnLabel | The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was |
Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2018 |
Year to Date Return | rr_BarChartYearToDateReturn | 0.06% |
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | For the ten years ended December 31, 2017, the highest quarterly total return for Class A was |
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 |
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 7.67% |
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | and the lowest quarterly return was |
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 |
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (4.93%) |
Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Return as of December 31, 2017 |
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. |
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the characterization of distributions, and may differ from those shown. |
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. |
Performance Table, One Class of after Tax Shown | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. |
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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. |
Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] | rr_PerformanceTableFootnotesReasonPerformanceInformationForClassDifferentFromImmediatelyPrecedingPeriod | The Class I performance shown above for the period prior to October 1, 2009 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. |
Performance Table, Closing | rr_PerformanceTableClosingTextBlock | These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. The Class I performance shown above for the period prior to October 1, 2009 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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. |
Eaton Vance National Limited Maturity Municipal Income Fund | Bloomberg Barclays 7 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | ||
Risk/Return: | rr_RiskReturnAbstract | |
Index No Deduction for Fees, Expenses, Taxes | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) |
One Year | rr_AverageAnnualReturnYear01 | 4.49% |
Five Years | rr_AverageAnnualReturnYear05 | 2.44% |
Ten Years | rr_AverageAnnualReturnYear10 | 4.30% |
Eaton Vance National Limited Maturity Municipal Income Fund | Class A | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 2.25% |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none |
Management Fees | rr_ManagementFeesOverAssets | 0.40% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.15% |
Other Expenses | rr_OtherExpensesOverAssets | 0.12% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.67% |
1 Year | rr_ExpenseExampleYear01 | $ 292 |
3 Years | rr_ExpenseExampleYear03 | 435 |
5 Years | rr_ExpenseExampleYear05 | 590 |
10 Years | rr_ExpenseExampleYear10 | 1,041 |
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 292 |
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 435 |
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 590 |
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,041 |
Annual Return 2008 | rr_AnnualReturn2008 | (9.27%) |
Annual Return 2009 | rr_AnnualReturn2009 | 17.92% |
Annual Return 2010 | rr_AnnualReturn2010 | 1.38% |
Annual Return 2011 | rr_AnnualReturn2011 | 8.17% |
Annual Return 2012 | rr_AnnualReturn2012 | 5.67% |
Annual Return 2013 | rr_AnnualReturn2013 | (2.23%) |
Annual Return 2014 | rr_AnnualReturn2014 | 6.51% |
Annual Return 2015 | rr_AnnualReturn2015 | 2.28% |
Annual Return 2016 | rr_AnnualReturn2016 | (0.50%) |
Annual Return 2017 | rr_AnnualReturn2017 | 3.76% |
One Year | rr_AverageAnnualReturnYear01 | 1.48% |
Five Years | rr_AverageAnnualReturnYear05 | 1.48% |
Ten Years | rr_AverageAnnualReturnYear10 | 2.93% |
Eaton Vance National Limited Maturity Municipal Income Fund | Class A | After Taxes on Distributions | ||
Risk/Return: | rr_RiskReturnAbstract | |
One Year | rr_AverageAnnualReturnYear01 | 1.45% |
Five Years | rr_AverageAnnualReturnYear05 | 1.47% |
Ten Years | rr_AverageAnnualReturnYear10 | 2.92% |
Eaton Vance National Limited Maturity Municipal Income Fund | Class A | After Taxes on Distributions and Sales | ||
Risk/Return: | rr_RiskReturnAbstract | |
One Year | rr_AverageAnnualReturnYear01 | 2.02% |
Five Years | rr_AverageAnnualReturnYear05 | 1.82% |
Ten Years | rr_AverageAnnualReturnYear10 | 3.03% |
Eaton Vance National Limited Maturity Municipal Income Fund | Class C | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% |
Management Fees | rr_ManagementFeesOverAssets | 0.40% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.90% |
Other Expenses | rr_OtherExpensesOverAssets | 0.12% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.42% |
1 Year | rr_ExpenseExampleYear01 | $ 245 |
3 Years | rr_ExpenseExampleYear03 | 449 |
5 Years | rr_ExpenseExampleYear05 | 776 |
10 Years | rr_ExpenseExampleYear10 | 1,702 |
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 145 |
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 449 |
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 776 |
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,702 |
One Year | rr_AverageAnnualReturnYear01 | 1.83% |
Five Years | rr_AverageAnnualReturnYear05 | 1.14% |
Ten Years | rr_AverageAnnualReturnYear10 | 2.38% |
Eaton Vance National Limited Maturity Municipal Income Fund | Class I | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none |
Management Fees | rr_ManagementFeesOverAssets | 0.40% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none |
Other Expenses | rr_OtherExpensesOverAssets | 0.12% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.52% |
1 Year | rr_ExpenseExampleYear01 | $ 53 |
3 Years | rr_ExpenseExampleYear03 | 167 |
5 Years | rr_ExpenseExampleYear05 | 291 |
10 Years | rr_ExpenseExampleYear10 | 653 |
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 53 |
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 167 |
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 291 |
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 653 |
One Year | rr_AverageAnnualReturnYear01 | 3.81% |
Five Years | rr_AverageAnnualReturnYear05 | 2.10% |
Ten Years | rr_AverageAnnualReturnYear10 | 3.27% |
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Eaton Vance New York Municipal Opportunities Fund | ||||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||||
The Fund’s investment objective is to seek to maximize after-tax total return. | ||||||||||||||||||||||||||||||||
Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 20 of the Fund’s Statement of Additional Information. | ||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||
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Example. | ||||||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||
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Portfolio Turnover | ||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio. | ||||||||||||||||||||||||||||||||
Principal Investment Strategies | ||||||||||||||||||||||||||||||||
Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax and New York State and New York City personal income taxes (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations of any duration and credit quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade (which are those rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or below BBB by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. Under normal market conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities. If consistent with relevant state tax requirements, the Fund may invest up to 35% of its net assets in municipal obligations issued by the governments of Puerto Rico, the U.S. Virgin Islands and Guam. The Fund is “non-diversified” and may invest, with respect to 50% of its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do not apply to obligations of the U.S. Government, its agencies and instrumentalities (“Agency Securities”). The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and Agency Securities. The Fund may purchase derivative instruments, which derive their value from another instrument, security or index. The Fund may purchase or sell various kinds of residual interest bonds, futures contracts and options thereon to hedge against changes in interest rates, seek total return or as a substitute for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, forward rate contracts and credit derivatives, which may include credit default swaps, total return swaps or credit options, as well as purchase an instrument that has greater or lesser credit risk than the municipal bonds underlying the instrument. There is no stated limit on the Fund’s use of derivatives. In pursuing its investment objective, the Fund may invest in obligations with varying maturities. Depending on the Fund’s average maturity, the interest rate risk described below may be more or less significant for the Fund. The longer the Fund’s average maturity the more significant interest rate risk will be for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers generally will seek to enhance after-tax total return by balancing investment considerations and tax considerations. The Fund expects to actively engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses. A portion of the Fund’s distributions generally will be subject to federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax. | ||||||||||||||||||||||||||||||||
Principal Risks | ||||||||||||||||||||||||||||||||
Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed income securities with longer durations or maturities. In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments. Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. Leverage Risk. Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. Tax-Sensitive Investing Risk. The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable. Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense. Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and may invest a significant portion of its assets in certain sectors or types of obligations, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues. The Commonwealth of Puerto Rico and its related issuers continue to experience financial difficulties and rating agency downgrades, and numerous issuers have entered Title III of the Puerto Rico Oversight, Management and Economic Stability Act, which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. Puerto Rico's short-term financial difficulties were further impacted by a hurricane in 2017. See “Credit Risk” and “Lower Rated Investments Risk” above. Please refer to the Fund's Statement of Additional Information for state-specific economic information as well as information about Puerto Rico, the U.S. Virgin Islands and Guam. Risks of Principal Only Investments. Principal only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell other investments to obtain cash needed for such income distributions. Issuer Diversification Risk. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers, making them more susceptible to risks affecting such issuers than a more diversified fund might be. U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. Pooled Investment Vehicles Risk. Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation. Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information security and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||||||
Performance | ||||||||||||||||||||||||||||||||
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of two broad-based securities market indices. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated Fund performance information can be obtained by visiting www.eatonvance.com. | ||||||||||||||||||||||||||||||||
For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 6.70% for the quarter ended September 30, 2009, and the lowest quarterly return was -4.14% for the quarter ended December 31, 2008. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 0.10%. | ||||||||||||||||||||||||||||||||
Average Annual Total Return as of December 31, 2017 | ||||||||||||||||||||||||||||||||
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These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Effective April 25, 2016, the Fund changed its name and investment objective and prior to that date employed a different investment strategy. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period 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. |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Central Index Key | dei_EntityCentralIndexKey | 0000779991 |
Eaton Vance New York Municipal Opportunities Fund | ||
Risk/Return: | rr_RiskReturnAbstract | |
Investment Objective, Heading | rr_ObjectiveHeading | Investment Objective |
Investment Objective, Primary | rr_ObjectivePrimaryTextBlock | The Fund’s investment objective is to seek to maximize after-tax total return. |
Expense, Heading | rr_ExpenseHeading | Fees and Expenses of the Fund |
Expense, Narrative | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 20 of the Fund’s Statement of Additional Information. |
Shareholder Fees, Caption | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
Operating Expenses, Caption | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) |
Portfolio Turnover, Heading | rr_PortfolioTurnoverHeading | Portfolio Turnover |
Portfolio Turnover | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio. |
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 66.00% |
Expense Breakpoint, Discounts | rr_ExpenseBreakpointDiscounts | You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 20 of the Fund’s Statement of Additional Information. |
Expense Breakpoint, Minimum Investment Required Amount | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 100,000 |
Expense Example, Heading | rr_ExpenseExampleHeading | Example. |
Expense Example, Narrative | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
Investment Strategy, Heading | rr_StrategyHeading | Principal Investment Strategies |
Investment Strategy, Narrative | rr_StrategyNarrativeTextBlock | Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax and New York State and New York City personal income taxes (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations of any duration and credit quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade (which are those rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or below BBB by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. Under normal market conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities. If consistent with relevant state tax requirements, the Fund may invest up to 35% of its net assets in municipal obligations issued by the governments of Puerto Rico, the U.S. Virgin Islands and Guam. The Fund is “non-diversified” and may invest, with respect to 50% of its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do not apply to obligations of the U.S. Government, its agencies and instrumentalities (“Agency Securities”). The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and Agency Securities. The Fund may purchase derivative instruments, which derive their value from another instrument, security or index. The Fund may purchase or sell various kinds of residual interest bonds, futures contracts and options thereon to hedge against changes in interest rates, seek total return or as a substitute for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, forward rate contracts and credit derivatives, which may include credit default swaps, total return swaps or credit options, as well as purchase an instrument that has greater or lesser credit risk than the municipal bonds underlying the instrument. There is no stated limit on the Fund’s use of derivatives. In pursuing its investment objective, the Fund may invest in obligations with varying maturities. Depending on the Fund’s average maturity, the interest rate risk described below may be more or less significant for the Fund. The longer the Fund’s average maturity the more significant interest rate risk will be for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers generally will seek to enhance after-tax total return by balancing investment considerations and tax considerations. The Fund expects to actively engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses. A portion of the Fund’s distributions generally will be subject to federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax. |
Strategy Portfolio Concentration | rr_StrategyPortfolioConcentration | Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax and New York State and New York City personal income taxes (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations of any duration and credit quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade (which are those rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or below BBB by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. Under normal market conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities. If consistent with relevant state tax requirements, the Fund may invest up to 35% of its net assets in municipal obligations issued by the governments of Puerto Rico, the U.S. Virgin Islands and Guam. The Fund is “non-diversified” and may invest, with respect to 50% of its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do not apply to obligations of the U.S. Government, its agencies and instrumentalities (“Agency Securities”). The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and Agency Securities. |
Risk, Heading | rr_RiskHeading | Principal Risks |
Risk, Narrative | rr_RiskNarrativeTextBlock | Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater volume. Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed income securities with longer durations or maturities. In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments. Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index, rate or instrument underlying the investment. Leverage Risk. Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. Tax-Sensitive Investing Risk. The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable. Risk of Residual Interest Bonds. The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense. Sector and Geographic Risk. Because the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territories and may invest a significant portion of its assets in certain sectors or types of obligations, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly. General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax revenues. The Commonwealth of Puerto Rico and its related issuers continue to experience financial difficulties and rating agency downgrades, and numerous issuers have entered Title III of the Puerto Rico Oversight, Management and Economic Stability Act, which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. Puerto Rico's short-term financial difficulties were further impacted by a hurricane in 2017. See “Credit Risk” and “Lower Rated Investments Risk” above. Please refer to the Fund's Statement of Additional Information for state-specific economic information as well as information about Puerto Rico, the U.S. Virgin Islands and Guam. Risks of Principal Only Investments. Principal only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell other investments to obtain cash needed for such income distributions. Issuer Diversification Risk. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers, making them more susceptible to risks affecting such issuers than a more diversified fund might be. U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. Pooled Investment Vehicles Risk. Pooled investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. Tax Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation. Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information security and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
Risk, Lose Money | rr_RiskLoseMoney | The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. |
Risk Nondiversified Status | rr_RiskNondiversifiedStatus | Issuer Diversification Risk. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers, making them more susceptible to risks affecting such issuers than a more diversified fund might be. |
Risk, Not Insured Depository Institution | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
Bar Chart and Performance Table, Heading | rr_BarChartAndPerformanceTableHeading | Performance |
Performance, Narrative | rr_PerformanceNarrativeTextBlock | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of two broad-based securities market indices. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated Fund performance information can be obtained by visiting www.eatonvance.com. |
Performance, Information Illustrates Variability of Returns | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of two broad-based securities market indices. |
Performance Availability Website Address | rr_PerformanceAvailabilityWebSiteAddress | www.eatonvance.com |
Performance Past Does Not Indicate Future | rr_PerformancePastDoesNotIndicateFuture | Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. |
Bar Chart Does Not Reflect Sales Loads | rr_BarChartDoesNotReflectSalesLoads | The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. |
Bar Chart, Closing | rr_BarChartClosingTextBlock | For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 6.70% for the quarter ended September 30, 2009, and the lowest quarterly return was -4.14% for the quarter ended December 31, 2008. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 0.10%. |
Year to Date Return, Label | rr_YearToDateReturnLabel | The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was |
Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2018 |
Year to Date Return | rr_BarChartYearToDateReturn | 0.10% |
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | For the ten years ended December 31, 2017, the highest quarterly total return for Class A was |
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 |
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 6.70% |
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | and the lowest quarterly return was |
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 |
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (4.14%) |
Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Return as of December 31, 2017 |
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. |
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and 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. |
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. |
Performance Table, One Class of after Tax Shown | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns for other Classes of shares will vary from after-tax returns presented for Class A shares. |
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period 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. |
Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] | rr_PerformanceTableFootnotesReasonPerformanceInformationForClassDifferentFromImmediatelyPrecedingPeriod | The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. |
Performance Table, Closing | rr_PerformanceTableClosingTextBlock | These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Effective April 25, 2016, the Fund changed its name and investment objective and prior to that date employed a different investment strategy. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period 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. |
Eaton Vance New York Municipal Opportunities Fund | Bloomberg Barclays Municipal Bond Index (Reflects No Deduction For Fees, Expenses Or Taxes) | ||
Risk/Return: | rr_RiskReturnAbstract | |
Index No Deduction for Fees, Expenses, Taxes | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) |
One Year | rr_AverageAnnualReturnYear01 | 5.45% |
Five Years | rr_AverageAnnualReturnYear05 | 3.02% |
Ten Years | rr_AverageAnnualReturnYear10 | 4.45% |
Eaton Vance New York Municipal Opportunities Fund | Bloomberg Barclays 7 Year Municipal Bond Index (Reflects No Deduction For Fees, Expenses Or Taxes) | ||
Risk/Return: | rr_RiskReturnAbstract | |
Index No Deduction for Fees, Expenses, Taxes | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) |
One Year | rr_AverageAnnualReturnYear01 | 4.49% |
Five Years | rr_AverageAnnualReturnYear05 | 2.44% |
Ten Years | rr_AverageAnnualReturnYear10 | 4.30% |
Eaton Vance New York Municipal Opportunities Fund | Class A | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 2.25% |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none |
Management Fees | rr_ManagementFeesOverAssets | 0.40% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.15% |
Other Expenses | rr_OtherExpensesOverAssets | 0.20% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.75% |
1 Year | rr_ExpenseExampleYear01 | $ 300 |
3 Years | rr_ExpenseExampleYear03 | 459 |
5 Years | rr_ExpenseExampleYear05 | 633 |
10 Years | rr_ExpenseExampleYear10 | 1,134 |
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 300 |
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 459 |
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 633 |
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,134 |
Annual Return 2008 | rr_AnnualReturn2008 | (7.78%) |
Annual Return 2009 | rr_AnnualReturn2009 | 14.94% |
Annual Return 2010 | rr_AnnualReturn2010 | 1.92% |
Annual Return 2011 | rr_AnnualReturn2011 | 6.65% |
Annual Return 2012 | rr_AnnualReturn2012 | 4.11% |
Annual Return 2013 | rr_AnnualReturn2013 | (2.08%) |
Annual Return 2014 | rr_AnnualReturn2014 | 4.95% |
Annual Return 2015 | rr_AnnualReturn2015 | 1.97% |
Annual Return 2016 | rr_AnnualReturn2016 | (0.49%) |
Annual Return 2017 | rr_AnnualReturn2017 | 3.16% |
One Year | rr_AverageAnnualReturnYear01 | 0.88% |
Five Years | rr_AverageAnnualReturnYear05 | 1.03% |
Ten Years | rr_AverageAnnualReturnYear10 | 2.36% |
Eaton Vance New York Municipal Opportunities Fund | Class A | After Taxes on Distributions | ||
Risk/Return: | rr_RiskReturnAbstract | |
One Year | rr_AverageAnnualReturnYear01 | 0.81% |
Five Years | rr_AverageAnnualReturnYear05 | 1.01% |
Ten Years | rr_AverageAnnualReturnYear10 | 2.35% |
Eaton Vance New York Municipal Opportunities Fund | Class A | After Taxes on Distributions and Sales | ||
Risk/Return: | rr_RiskReturnAbstract | |
One Year | rr_AverageAnnualReturnYear01 | 1.52% |
Five Years | rr_AverageAnnualReturnYear05 | 1.41% |
Ten Years | rr_AverageAnnualReturnYear10 | 2.52% |
Eaton Vance New York Municipal Opportunities Fund | Class C | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% |
Management Fees | rr_ManagementFeesOverAssets | 0.40% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.90% |
Other Expenses | rr_OtherExpensesOverAssets | 0.20% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.50% |
1 Year | rr_ExpenseExampleYear01 | $ 253 |
3 Years | rr_ExpenseExampleYear03 | 474 |
5 Years | rr_ExpenseExampleYear05 | 818 |
10 Years | rr_ExpenseExampleYear10 | 1,791 |
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 153 |
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 474 |
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 818 |
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,791 |
One Year | rr_AverageAnnualReturnYear01 | 1.43% |
Five Years | rr_AverageAnnualReturnYear05 | 0.73% |
Ten Years | rr_AverageAnnualReturnYear10 | 1.83% |
Eaton Vance New York Municipal Opportunities Fund | Class I | ||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none |
Management Fees | rr_ManagementFeesOverAssets | 0.40% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none |
Other Expenses | rr_OtherExpensesOverAssets | 0.20% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.60% |
1 Year | rr_ExpenseExampleYear01 | $ 61 |
3 Years | rr_ExpenseExampleYear03 | 192 |
5 Years | rr_ExpenseExampleYear05 | 335 |
10 Years | rr_ExpenseExampleYear10 | 750 |
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 61 |
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 192 |
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 335 |
10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 750 |
One Year | rr_AverageAnnualReturnYear01 | 3.32% |
Five Years | rr_AverageAnnualReturnYear05 | 1.65% |
Ten Years | rr_AverageAnnualReturnYear10 | 2.70% |
4M+"Q8L
M6.!)1CZ?0SZ?D]X3J132Z;2O.)+PT*'32B>$$$)<4"@4H&M:U765#>264 V]
M@0,'HJVMK7+>UM;F>=CV-YL,4]X[\K0Q..J, BUBM5E:M3,=JM7H[%) Investment Objective The Fund’s investment objective is to seek to maximize after-tax total return. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay
commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected
below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a
13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund
sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this
Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges
beginning on page 18 of this Prospectus and page 20 of the Fund’s Statement of Additional Information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect
the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 55% of the average
value of its portfolio. Principal Investment Strategies Under normal market circumstances,
the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are
exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income
from which is subject to the federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations
of any duration or credit quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade
(“junk bonds”). Below investment grade obligations are those rated below Baa by Moody’s Investors Service, Inc.
(“Moody’s”), or below BBB by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”).
For the purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating
is used. The Fund is “non-diversified” and may invest, with respect to 50% of its total assets, more than 5% (but not
more than 25%) of its total assets in securities of any one issuer (such limitations do not apply to obligations of the U.S. Government,
its agencies and instrumentalities (“Agency Securities”). The Fund may invest up to 20% of its net assets in other
debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the
U.S. Government, its agencies or instrumentalities. The Fund may purchase derivative
instruments, which derive their value from another instrument, security or index. The Fund may purchase or sell various kinds of
residual interest bonds, financial futures contracts and options thereon to hedge against changes in interest rates or as a substitute
for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, forward rate contracts and credit derivatives,
which may include credit default swaps, total return swaps or credit options, as well as purchase an instrument that has greater
or lesser credit risk than the municipal bonds underlying the instrument. There is no stated limit on the Fund’s use of derivatives. Although the Fund invests in obligations
to seek to maintain a dollar-weighted average portfolio duration of less than four and a half years, the Fund may invest in individual
municipal obligations of any maturity. Duration represents the dollar-weighted average maturity of expected cash flows (i.e., interest
and principal payments) on one or more municipal obligations, discounted to their present values. The Fund may use various techniques
to shorten or lengthen its dollar-weighted average duration, including the acquisition of municipal obligations at a premium or
discount, and transactions in futures contracts and options on futures. The Fund may invest 25% or more of its total assets in
certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue
bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities
or utilities). The Fund may invest in pooled investment vehicles including exchange-traded funds (“ETFs”), to seek
exposure to the municipal markets or municipal market sectors. The investment adviser’s process
for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay
the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers
ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers generally
will seek to enhance after-tax total return by balancing investment considerations and tax considerations. The Fund expects to
actively engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses. 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. Principal Risks Market Risk. The value
of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real,
expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted.
Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially
adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to
stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility
in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to
realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience
periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser
than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and
less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive
prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen
during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.
The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or
the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal
markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater
volume. Interest Rate Risk. In
general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely
to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities
are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile.
Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than
fixed income securities with longer durations or maturities. The Fund may own individual investments that have longer durations
than the average duration of the Fund. In a rising interest rate environment, the durations or maturities of income securities
that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds
from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments
in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations
may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded
by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative
characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances
typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than
they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower
rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price
volatility and illiquidity than higher rated investments. Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price
or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory
constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index,
rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant
when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the
risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction
may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including
one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused
by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments,
the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the
counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no
stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index,
rate or instrument underlying the investment. Leverage Risk. Certain
fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument.
Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise
cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund
to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements.
Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage
may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged
investments may substantially exceed the initial investment. Tax-Sensitive Investing Risk. The
Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses.
The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation
or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s
distributions may be taxable. Risk of Residual Interest Bonds. The
Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment
in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions
vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual
interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund
records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount
equal to this expense. Sector and Geographic Risk. Because
the Fund may invest a significant portion of its assets in obligations issued in one or more states and/or U.S. territories and
in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely
affect a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly.
General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax
revenues. Risks of Principal Only Investments. Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions. U.S. Government Securities Risk. Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity. Pooled Investment Vehicles Risk. Pooled
investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment
vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment
companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In
addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. Tax Risk. Income from
tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant
taxing authority or the non-compliant conduct of the issuer of an obligation. Issuer Diversification Risk. The
Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single
issuer than a fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers,
making them more susceptible to risks affecting such issuers than a more diversified fund might be. Risks Associated with Active Management. The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders
of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Performance The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the
Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of
a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge.
If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions.
Absent these reductions, performance would have been lower. Updated Fund performance information can be obtained by visiting
www.eatonvance.com. For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 5.43% for the quarter ended
September 30, 2009, and the lowest quarterly return was -3.19% for the quarter ended December 31, 2010. The year-to-date total
return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 1.22%. Average Annual Total Return as of December 31, 2017 These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”)
for Class C. The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the
performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes.
If adjusted for such differences, returns would be different. Effective November 14, 2016, the Fund changed its objective
and investment strategy to invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal
obligations that are exempt from regular federal income tax. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact
of state and 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from after-tax
returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes
for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and
the Sale of Fund Shares for a period 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. Investment Objective The Fund’s investment objective is to seek to maximize after-tax total return. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay
commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected
below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a
13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund
sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this
Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges
beginning on page 18 of this Prospectus and page 20 of the Fund’s Statement of Additional Information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect
the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 55% of the average
value of its portfolio. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 20 of the Fund’s Statement of Additional Information. Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies Under normal market circumstances,
the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are
exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income
from which is subject to the federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations
of any duration or credit quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade
(“junk bonds”). Below investment grade obligations are those rated below Baa by Moody’s Investors Service, Inc.
(“Moody’s”), or below BBB by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”).
For the purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating
is used. The Fund is “non-diversified” and may invest, with respect to 50% of its total assets, more than 5% (but not
more than 25%) of its total assets in securities of any one issuer (such limitations do not apply to obligations of the U.S. Government,
its agencies and instrumentalities (“Agency Securities”). The Fund may invest up to 20% of its net assets in other
debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the
U.S. Government, its agencies or instrumentalities. The Fund may purchase derivative
instruments, which derive their value from another instrument, security or index. The Fund may purchase or sell various kinds of
residual interest bonds, financial futures contracts and options thereon to hedge against changes in interest rates or as a substitute
for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, forward rate contracts and credit derivatives,
which may include credit default swaps, total return swaps or credit options, as well as purchase an instrument that has greater
or lesser credit risk than the municipal bonds underlying the instrument. There is no stated limit on the Fund’s use of derivatives. Although the Fund invests in obligations
to seek to maintain a dollar-weighted average portfolio duration of less than four and a half years, the Fund may invest in individual
municipal obligations of any maturity. Duration represents the dollar-weighted average maturity of expected cash flows (i.e., interest
and principal payments) on one or more municipal obligations, discounted to their present values. The Fund may use various techniques
to shorten or lengthen its dollar-weighted average duration, including the acquisition of municipal obligations at a premium or
discount, and transactions in futures contracts and options on futures. The Fund may invest 25% or more of its total assets in
certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue
bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities
or utilities). The Fund may invest in pooled investment vehicles including exchange-traded funds (“ETFs”), to seek
exposure to the municipal markets or municipal market sectors. The investment adviser’s process
for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay
the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers
ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers generally
will seek to enhance after-tax total return by balancing investment considerations and tax considerations. The Fund expects to
actively engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses. 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. Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations of any duration or credit quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade (“junk bonds”). Below investment grade obligations are those rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or below BBB by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”). For the purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund is “non-diversified” and may invest, with respect to 50% of its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do not apply to obligations of the U.S. Government, its agencies and instrumentalities (“Agency Securities”). The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. Principal Risks Market Risk. The value
of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real,
expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted.
Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially
adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to
stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility
in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to
realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience
periods of relatively high volatility in an environment where U.S. treasury yields are rising. Municipal Obligation Risk. The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser
than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and
less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive
prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen
during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements.
The increased presence of nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or
the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal
markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater
volume. Interest Rate Risk. In
general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely
to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer durations or maturities
are more sensitive to changes in interest rates than shorter duration or maturity securities, causing them to be more volatile.
Conversely, fixed income securities with shorter durations or maturities will be less volatile but may provide lower returns than
fixed income securities with longer durations or maturities. The Fund may own individual investments that have longer durations
than the average duration of the Fund. In a rising interest rate environment, the durations or maturities of income securities
that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds
from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Credit Risk. Investments
in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations
may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded
by a rating agency, the value of such obligations may be negatively affected. Lower Rated Investments Risk. Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative
characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances
typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than
they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower
rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price
volatility and illiquidity than higher rated investments. Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price
or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory
constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index,
rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant
when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the
risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction
may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including
one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused
by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments,
the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the
counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no
stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index,
rate or instrument underlying the investment. Leverage Risk. Certain
fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset, index, rate or instrument.
Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise
cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund
to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements.
Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage
may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged
investments may substantially exceed the initial investment. Tax-Sensitive Investing Risk. The
Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses.
The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation
or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s
distributions may be taxable. Risk of Residual Interest Bonds. The
Fund may enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment
in a fixed-rate municipal bond. The interest payments that the Fund receives on the residual interest bonds acquired in such transactions
vary inversely with short-term interest rates, normally decreasing when short-term rates increase. The value and market for residual
interest bonds are volatile and such bonds may have limited liquidity. As required by applicable accounting standards, the Fund
records interest expense as a liability with respect to floating-rate notes and also records offsetting interest income in an amount
equal to this expense. Sector and Geographic Risk. Because
the Fund may invest a significant portion of its assets in obligations issued in one or more states and/or U.S. territories and
in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely
affect a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly.
General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax
revenues. Risks of Principal Only Investments. Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions. U.S. Government Securities Risk. Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity. Pooled Investment Vehicles Risk. Pooled
investment vehicles are open- and closed-end investment companies and exchange-traded funds (“ETFs”). Pooled investment
vehicles are subject to the risks of investing in the underlying securities or other investments. Shares of closed-end investment
companies and ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In
addition, the Fund will bear a pro rata portion of the operating expenses of a pooled investment vehicle in which it invests. Tax Risk. Income from
tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant
taxing authority or the non-compliant conduct of the issuer of an obligation. Issuer Diversification Risk. The
Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single
issuer than a fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers,
making them more susceptible to risks affecting such issuers than a more diversified fund might be. Risks Associated with Active Management. The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions. General Fund Investing Risks. The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders
of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as cyber or hacking attacks) that may affect them or the services that they provide to the Fund. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. Issuer
Diversification Risk. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets
in the securities of a single issuer than a fund that is “diversified.” Non-diversified funds may focus their investments
in a small number of issuers, making them more susceptible to risks affecting such issuers than a more diversified fund might
be. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the
Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of
a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge.
If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions.
Absent these reductions, performance would have been lower. Updated Fund performance information can be obtained by visiting
www.eatonvance.com. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. www.eatonvance.com Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. For the ten years ended December 31, 2017, the highest quarterly total return for Class A was 5.43% for the quarter ended
September 30, 2009, and the lowest quarterly return was -3.19% for the quarter ended December 31, 2010. The year-to-date total
return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was 1.22%. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2017 to June 30, 2018) was For the ten years ended December 31, 2017, the highest quarterly total return for Class A was and the lowest quarterly return was Average Annual Total Return as of December 31, 2017 These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period 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. The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”)
for Class C. The Class I performance shown above for the period prior to August 3, 2010 (commencement of operations) is the
performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes.
If adjusted for such differences, returns would be different. Effective November 14, 2016, the Fund changed its objective
and investment strategy to invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal
obligations that are exempt from regular federal income tax. Investors cannot invest directly in an Index. After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact
of state and 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from after-tax
returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes
for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and
the Sale of Fund Shares for a period 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. (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) July 31,
2019 July 31,
2019 July 31,
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Eaton Vance Short Duration Municipal Opportunities Fund
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
2.25%
none
none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)
none
1.00%
none
Management Fees
0.40%
0.40%
0.40%
Distribution and Service (12b-1) Fees
0.15%
0.90%
none
Other Expenses
0.30%
0.30%
0.30%
Total Annual Fund Operating Expenses
0.85%
1.60%
0.70%
Expense Reimbursement
[1]
(0.15%)
(0.15%)
(0.15%)
Total Annual Fund Operating Expenses After Expense Reimbursement
0.70%
1.45%
0.55%
[1]
The investment adviser and administrator has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.70% for Class A shares, 1.45% for Class C shares and 0.55% for Class I shares. This expense reimbursement will continue through July 31, 2019. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
Class A
295
475
671
1,237
Class C
248
490
857
1,888
Class I
56
209
375
856
Class A
295
475
671
1,237
Class C
148
490
857
1,888
Class I
56
209
375
856
Class A
2.34%
1.40%
2.66%
Class A | After Taxes on Distributions
2.29%
1.38%
2.65%
Class A | After Taxes on Distributions and Sales
2.20%
1.64%
2.72%
Class C
2.88%
1.08%
2.12%
Class I
4.92%
2.03%
3.00%
Bloomberg Barclays 7 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
4.49%
2.44%
4.30%
Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
3.03%
1.78%
3.29%
Label
Element
Value
Risk/Return:
rr_RiskReturnAbstract
Central Index Key
dei_EntityCentralIndexKey
0000779991
Eaton Vance Short Duration Municipal Opportunities Fund
Risk/Return:
rr_RiskReturnAbstract
Investment Objective, Heading
rr_ObjectiveHeading
Investment Objective, Primary
rr_ObjectivePrimaryTextBlock
Expense, Heading
rr_ExpenseHeading
Expense, Narrative
rr_ExpenseNarrativeTextBlock
Shareholder Fees, Caption
rr_ShareholderFeesCaption
Operating Expenses, Caption
rr_OperatingExpensesCaption
Portfolio Turnover, Heading
rr_PortfolioTurnoverHeading
Portfolio Turnover
rr_PortfolioTurnoverTextBlock
Portfolio Turnover, Rate
rr_PortfolioTurnoverRate
55.00%
Expense Breakpoint, Discounts
rr_ExpenseBreakpointDiscounts
Expense Breakpoint, Minimum Investment Required Amount
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount
$ 100,000
Expense Example, Heading
rr_ExpenseExampleHeading
Expense Example, Narrative
rr_ExpenseExampleNarrativeTextBlock
Investment Strategy, Heading
rr_StrategyHeading
Investment Strategy, Narrative
rr_StrategyNarrativeTextBlock
Strategy Portfolio Concentration
rr_StrategyPortfolioConcentration
Risk, Heading
rr_RiskHeading
Risk, Narrative
rr_RiskNarrativeTextBlock
Risk, Lose Money
rr_RiskLoseMoney
Risk Nondiversified Status
rr_RiskNondiversifiedStatus
Risk, Not Insured Depository Institution
rr_RiskNotInsuredDepositoryInstitution
Bar Chart and Performance Table, Heading
rr_BarChartAndPerformanceTableHeading
Performance, Narrative
rr_PerformanceNarrativeTextBlock
Performance, Information Illustrates Variability of Returns
rr_PerformanceInformationIllustratesVariabilityOfReturns
Performance Availability Website Address
rr_PerformanceAvailabilityWebSiteAddress
Performance Past Does Not Indicate Future
rr_PerformancePastDoesNotIndicateFuture
Bar Chart Does Not Reflect Sales Loads
rr_BarChartDoesNotReflectSalesLoads
Bar Chart, Closing
rr_BarChartClosingTextBlock
Year to Date Return, Label
rr_YearToDateReturnLabel
Year to Date Return, Date
rr_BarChartYearToDateReturnDate
Jun. 30, 2018
Year to Date Return
rr_BarChartYearToDateReturn
1.22%
Highest Quarterly Return, Label
rr_HighestQuarterlyReturnLabel
Highest Quarterly Return, Date
rr_BarChartHighestQuarterlyReturnDate
Sep. 30, 2009
Highest Quarterly Return
rr_BarChartHighestQuarterlyReturn
5.43%
Lowest Quarterly Return, Label
rr_LowestQuarterlyReturnLabel
Lowest Quarterly Return, Date
rr_BarChartLowestQuarterlyReturnDate
Dec. 31, 2010
Lowest Quarterly Return
rr_BarChartLowestQuarterlyReturn
(3.19%)
Performance Table Heading
rr_PerformanceTableHeading
Performance Table Does Reflect Sales Loads
rr_PerformanceTableDoesReflectSalesLoads
Performance Table Uses Highest Federal Rate
rr_PerformanceTableUsesHighestFederalRate
Performance Table Not Relevant to Tax Deferred
rr_PerformanceTableNotRelevantToTaxDeferred
Performance Table, One Class of after Tax Shown
rr_PerformanceTableOneClassOfAfterTaxShown
Performance Table Explanation after Tax Higher
rr_PerformanceTableExplanationAfterTaxHigher
Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text]
rr_PerformanceTableFootnotesReasonPerformanceInformationForClassDifferentFromImmediatelyPrecedingPeriod
Performance Table, Closing
rr_PerformanceTableClosingTextBlock
Eaton Vance Short Duration Municipal Opportunities Fund | Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
Risk/Return:
rr_RiskReturnAbstract
Index No Deduction for Fees, Expenses, Taxes
rr_IndexNoDeductionForFeesExpensesTaxes
One Year
rr_AverageAnnualReturnYear01
3.03%
Five Years
rr_AverageAnnualReturnYear05
1.78%
Ten Years
rr_AverageAnnualReturnYear10
3.29%
Eaton Vance Short Duration Municipal Opportunities Fund | Bloomberg Barclays 7 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
Risk/Return:
rr_RiskReturnAbstract
Index No Deduction for Fees, Expenses, Taxes
rr_IndexNoDeductionForFeesExpensesTaxes
One Year
rr_AverageAnnualReturnYear01
4.49%
Five Years
rr_AverageAnnualReturnYear05
2.44%
Ten Years
rr_AverageAnnualReturnYear10
4.30%
Eaton Vance Short Duration Municipal Opportunities Fund | Class A
Risk/Return:
rr_RiskReturnAbstract
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice
2.25%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)
rr_MaximumDeferredSalesChargeOverOfferingPrice
none
Management Fees
rr_ManagementFeesOverAssets
0.40%
Distribution and Service (12b-1) Fees
rr_DistributionAndService12b1FeesOverAssets
0.15%
Other Expenses
rr_OtherExpensesOverAssets
0.30%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
0.85%
Expense Reimbursement
rr_FeeWaiverOrReimbursementOverAssets
(0.15%)
[1]
Total Annual Fund Operating Expenses After Expense Reimbursement
rr_NetExpensesOverAssets
0.70%
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
1 Year
rr_ExpenseExampleYear01
$ 295
3 Years
rr_ExpenseExampleYear03
475
5 Years
rr_ExpenseExampleYear05
671
10 Years
rr_ExpenseExampleYear10
1,237
1 Year
rr_ExpenseExampleNoRedemptionYear01
295
3 Years
rr_ExpenseExampleNoRedemptionYear03
475
5 Years
rr_ExpenseExampleNoRedemptionYear05
671
10 Years
rr_ExpenseExampleNoRedemptionYear10
$ 1,237
Annual Return 2008
rr_AnnualReturn2008
(4.61%)
Annual Return 2009
rr_AnnualReturn2009
12.64%
Annual Return 2010
rr_AnnualReturn2010
1.07%
Annual Return 2011
rr_AnnualReturn2011
7.60%
Annual Return 2012
rr_AnnualReturn2012
3.71%
Annual Return 2013
rr_AnnualReturn2013
(2.97%)
Annual Return 2014
rr_AnnualReturn2014
5.43%
Annual Return 2015
rr_AnnualReturn2015
2.35%
Annual Return 2016
rr_AnnualReturn2016
(0.01%)
Annual Return 2017
rr_AnnualReturn2017
4.65%
One Year
rr_AverageAnnualReturnYear01
2.34%
Five Years
rr_AverageAnnualReturnYear05
1.40%
Ten Years
rr_AverageAnnualReturnYear10
2.66%
Eaton Vance Short Duration Municipal Opportunities Fund | Class A | After Taxes on Distributions
Risk/Return:
rr_RiskReturnAbstract
One Year
rr_AverageAnnualReturnYear01
2.29%
Five Years
rr_AverageAnnualReturnYear05
1.38%
Ten Years
rr_AverageAnnualReturnYear10
2.65%
Eaton Vance Short Duration Municipal Opportunities Fund | Class A | After Taxes on Distributions and Sales
Risk/Return:
rr_RiskReturnAbstract
One Year
rr_AverageAnnualReturnYear01
2.20%
Five Years
rr_AverageAnnualReturnYear05
1.64%
Ten Years
rr_AverageAnnualReturnYear10
2.72%
Eaton Vance Short Duration Municipal Opportunities Fund | Class C
Risk/Return:
rr_RiskReturnAbstract
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice
none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)
rr_MaximumDeferredSalesChargeOverOfferingPrice
1.00%
Management Fees
rr_ManagementFeesOverAssets
0.40%
Distribution and Service (12b-1) Fees
rr_DistributionAndService12b1FeesOverAssets
0.90%
Other Expenses
rr_OtherExpensesOverAssets
0.30%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
1.60%
Expense Reimbursement
rr_FeeWaiverOrReimbursementOverAssets
(0.15%)
[1]
Total Annual Fund Operating Expenses After Expense Reimbursement
rr_NetExpensesOverAssets
1.45%
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
1 Year
rr_ExpenseExampleYear01
$ 248
3 Years
rr_ExpenseExampleYear03
490
5 Years
rr_ExpenseExampleYear05
857
10 Years
rr_ExpenseExampleYear10
1,888
1 Year
rr_ExpenseExampleNoRedemptionYear01
148
3 Years
rr_ExpenseExampleNoRedemptionYear03
490
5 Years
rr_ExpenseExampleNoRedemptionYear05
857
10 Years
rr_ExpenseExampleNoRedemptionYear10
$ 1,888
One Year
rr_AverageAnnualReturnYear01
2.88%
Five Years
rr_AverageAnnualReturnYear05
1.08%
Ten Years
rr_AverageAnnualReturnYear10
2.12%
Eaton Vance Short Duration Municipal Opportunities Fund | Class I
Risk/Return:
rr_RiskReturnAbstract
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice
none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)
rr_MaximumDeferredSalesChargeOverOfferingPrice
none
Management Fees
rr_ManagementFeesOverAssets
0.40%
Distribution and Service (12b-1) Fees
rr_DistributionAndService12b1FeesOverAssets
none
Other Expenses
rr_OtherExpensesOverAssets
0.30%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
0.70%
Expense Reimbursement
rr_FeeWaiverOrReimbursementOverAssets
(0.15%)
[1]
Total Annual Fund Operating Expenses After Expense Reimbursement
rr_NetExpensesOverAssets
0.55%
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
1 Year
rr_ExpenseExampleYear01
$ 56
3 Years
rr_ExpenseExampleYear03
209
5 Years
rr_ExpenseExampleYear05
375
10 Years
rr_ExpenseExampleYear10
856
1 Year
rr_ExpenseExampleNoRedemptionYear01
56
3 Years
rr_ExpenseExampleNoRedemptionYear03
209
5 Years
rr_ExpenseExampleNoRedemptionYear05
375
10 Years
rr_ExpenseExampleNoRedemptionYear10
$ 856
One Year
rr_AverageAnnualReturnYear01
4.92%
Five Years
rr_AverageAnnualReturnYear05
2.03%
Ten Years
rr_AverageAnnualReturnYear10
3.00%
[1]
The investment adviser and administrator has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.70% for Class A shares, 1.45% for Class C shares and 0.55% for Class I shares. This expense reimbursement will continue through July 31, 2019. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
Label
Element
Value
Risk/Return:
rr_RiskReturnAbstract
Document Type
dei_DocumentType
485BPOS
Document Period End Date
dei_DocumentPeriodEndDate
Mar. 31, 2018
Registrant Name
dei_EntityRegistrantName
EATON VANCE INVESTMENT TRUST
Central Index Key
dei_EntityCentralIndexKey
0000779991
Amendment Flag
dei_AmendmentFlag
false
Document Creation Date
dei_DocumentCreationDate
Jul. 26, 2018
Document Effective Date
dei_DocumentEffectiveDate
Aug. 01, 2018
Prospectus Date
rr_ProspectusDate
Aug. 01, 2018
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