Overview

 

Providing tax-exempt income for more than 20 years.1,2

Eaton Vance historically has provided higher income than its peers and comparable Treasury bonds after tax. As of 3/31/14.

  • Fund
  • Benchmark
  • Lipper General Municipal Debt Category
  • Barclays U.S. Treasury Long Index (After-Tax)

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.40 5.98 5.98 -2.82 8.30 8.58 3.75
Fund w/Max Sales Charge -4.35 0.96 0.96 -7.43 6.57 7.52 3.24
Barclays Municipal Bond Index3 0.17 3.32 3.32 0.39 5.79 5.71 4.45
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 04/05/1994
Performance Inception 12/19/1985
Investment Objective Current tax-exempt income
Total Net Assets $3.3B
Minimum Investment $1000
Expense Ratio (Gross)4 0.77%
Expense Ratio (Net)5 0.66%
CUSIP 27826L330

Top 10 Holdings (%)6,7 as of Mar 31, 2014

North Texas Tollway Authority
North Texas Tollway Authority
Presence Health Obligated Group
New Jersey Transportation Trust Fund Authority
New York City Industrial Development Agency
City of Vernon CA Electric System Revenue
Texas Municipal Gas Acquisition & Supply Corp I
City of Detroit MI Water Supply System Revenue
County of Miami-Dade FL Aviation Revenue
County of Miami-Dade FL Aviation Revenue
Total 17.89


Portfolio Management

Thomas M. Metzold, CFA Managed Fund since 1993
Craig R. Brandon, CFA Managed Fund since 2013

 

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.40 5.98 5.98 -2.82 8.30 8.58 3.75
Fund w/Max Sales Charge -4.35 0.96 0.96 -7.43 6.57 7.52 3.24
Barclays Municipal Bond Index3 0.17 3.32 3.32 0.39 5.79 5.71 4.45
Morningstar™ Muni National Long Category8 0.34 3.98 3.98 -1.10 6.17 6.33 3.79
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 6.56 7.75 10.17 -2.77 -31.06 39.78 -1.14 11.72 14.22 -7.46
Barclays Municipal Bond Index3 4.48 3.51 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55

Fund Facts

Expense Ratio (Gross)4 0.77%
Expense Ratio (Net)5 0.66%
Class A Inception 04/05/1994
Performance Inception 12/19/1985
Distribution Frequency Monthly

Yield Information9 as of Mar 31, 2014

Distribution Rate at NAV 4.85%
SEC 30 Day Yield 3.74%


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Muni National Long
Category
Overall *** **** 227
3 Years **** ***** 227
5 Years **** ***** 209
10 Years ** *** 171
Based on Risk-Adjusted Returns.

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

© 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Apr 16, 2014 $9.55 $0.00
Apr 15, 2014 $9.55 $0.00
Apr 14, 2014 $9.55 $0.00
Apr 11, 2014 $9.55 $0.01
Apr 10, 2014 $9.54 $0.03
Apr 09, 2014 $9.51 $0.02
Apr 08, 2014 $9.49 $0.00
Apr 07, 2014 $9.49 $0.02
Apr 04, 2014 $9.47 $0.02
Apr 03, 2014 $9.45 $0.00

Distribution History10

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.03826 $9.46
Feb 28, 2014 $0.03943 $9.46
Jan 31, 2014 $0.04175 $9.29
Dec 31, 2013 $0.03951 $9.04
Nov 29, 2013 $0.03929 $9.14
Oct 31, 2013 $0.04034 $9.22
Sep 30, 2013 $0.04073 $9.17
Aug 30, 2013 $0.04040 $8.81
Jul 31, 2013 $0.04021 $9.13
Jun 28, 2013 $0.03882 $9.43
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History10

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)6,11 as of Mar 31, 2014

Municipal Bonds 94.54
Cash & Other Assets 5.46
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Holdings 202
Average Coupon 5.64%
Average Maturity 21.21 yrs.
Average Effective Maturity 10.63 yrs.
Average Duration 7.40 yrs.
Average Call 8.79 yrs.
Average Price $101.79
Subject to AMT (% of bond holdings) 16.58%


Sector Breakdown (%)6 as of Mar 31, 2014

Transportation 21.39
General Obligations 10.03
Hospital 8.80
Special Tax Revenue 6.10
Other Revenue 5.74
Electric Utilities 5.49
Insured-Transportation 5.24
Insured-Special Tax Revenue 4.35
Water and Sewer 3.87
Cash & Other Assets 5.46
View All

Credit Quality (%)12 as of Mar 31, 2014

AAA 9.39
AA 36.83
A 34.94
BBB 10.21
BB 1.93
B 3.73
CCC or Lower 0.44
Not Rated 2.52
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P's or Fitch (Baa or higher by Moody's) are considered to be investment grade quality. Credit ratings are based largely on the rating agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national rating agencies stated above.


Maturity Distribution (%)12 as of Mar 31, 2014

Less Than 1 Year 0.00
1 To 3 Years 0.01
3 To 5 Years 0.10
5 To 10 Years 4.23
10 To 20 Years 37.69
20 To 30 Years 49.66
More Than 30 Years 8.31
Total 100.00

Assets by State (%)12,13 as of Mar 31, 2014

New York 16.73
Texas 16.62
California 12.82
Florida 7.69
Illinois 7.07
Massachusetts 5.37
New Jersey 5.08
Puerto Rico 4.71
Pennsylvania 3.82
Michigan 3.79
View All


Fund Holdings6,14 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 4.06%
North Texas Tollway Authority 5.75% 01/01/2038 2.10%
North Texas Tollway Authority 0.00% 01/01/2042 1.95%
Presence Health Obligated Group 7.75% 08/15/2034 1.95%
New Jersey Transportation Trust Fund Authority 5.88% 12/15/2038 1.87%
New York City Industrial Development Agency 7.00% 03/01/2049 1.73%
City of Vernon CA Electric System Revenue 5.13% 08/01/2021 1.69%
Texas Municipal Gas Acquisition & Supply Corp I 6.25% 12/15/2026 1.65%
City of Detroit MI Water Supply System Revenue 5.25% 07/01/2041 1.64%
County of Miami-Dade FL Aviation Revenue 5.50% 10/01/2036 1.52%
View All

 

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2014

Following a challenging 2013, the municipal (muni) bond market (as measured by the Barclays Municipal Bond Index3) began the year strong, returning 3.32% for the first quarter of 2014.

Munis rallied in January, as Treasury yields fell due in part to weak U.S. economic data and a “flight-to-quality” trade triggered by a sell-off in emerging-market assets. In addition to the decline in rates, the muni market benefited from favorable technical factors, as demand turned positive and new issue supply remained low. The rebound in demand from weak levels in 2013 appeared to reflect the growing recognition among investors of improving muni credit fundamentals and the attractive yields that emerged due to last year’s market decline. In addition, the looming April 15 tax filing deadline also seemed to play a role, as investors focused their attention on the reality of the increase in the top federal tax bracket and the new health care surtax. Supply, meanwhile, remained low, as austere-minded issuers refrained from bringing new debt to the marketplace. Even with the decline in muni yields, refinancing activity, another source of supply, was tepid. Munis built on this momentum in February, as Treasury yields stabilized and supply-demand dynamics remained constructive for the market. Although interest-rate volatility increased in March, munis in general ended the month with a gain. During the final month of the quarter, late-winter strength periodically faded, as investors were surprised by higher interest-rate forecasts by Federal Reserve (Fed) officials for 2015.

For the quarter overall, yields on longer-term bonds fell, while shorter-term bond yields rose, resulting in a flattening of the yield curve15 and the outperformance of long-term securities. On a total return basis, lower-quality, higher-yielding bonds outperformed their high-quality counterparts, reflecting, in part, a growing confidence in the improving credit quality for most municipal bond issuers.

Performance Summary 

Eaton Vance National Municipal Income Fund (the Fund) outperformed its benchmark, the Barclays Municipal Bond Index (the Index)3, at net asset value during the quarter.

  • The Fund’s use of tender option bonds (TOBs) contributed to Fund’s outperformance of the Index.
  • The Fund’s overweight to zero coupon bonds (zeros) also bolstered relative results.
  • An overweight to longer duration, longer-maturity bonds was another plus.
  • The Fund’s use of U.S. Treasury futures detracted from results relative to the Index.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.40 5.98 5.98 -2.82 8.30 8.58 3.75
Fund w/Max Sales Charge -4.35 0.96 0.96 -7.43 6.57 7.52 3.24
Barclays Municipal Bond Index3 0.17 3.32 3.32 0.39 5.79 5.71 4.45
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 04/05/1994
Performance Inception 12/19/1985
Expense Ratio (Gross)4 0.77%
Expense Ratio (Net)5 0.66%


Contributors 

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

  • Investments in TOBs bolstered the Fund’s performance versus the Index. These securities act as a financing mechanism, allowing investors to borrow at shorter-term rates and invest in higher-yielding long-term bonds. TOBs generally outpaced the Index during the quarter. The bonds enjoyed price appreciation during the quarter. Additionally, their yield and income return contributed to their outperformance.
  • The Fund’s larger exposure to zeros was advantageous. Zeros, among the longest-duration (most interest-rate sensitive bonds) outpaced most coupon-bearing bonds, as yields moved lower during the quarter.
  • The Fund’s larger exposure to bonds with more interest rate sensitivity—including longer duration and longer-maturity bonds—was helpful, as they outpaced the Index due to a decline in interest rates.

Detractors 

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

  • The Fund’s use of U.S. Treasury futures detracted from relative performance. These contracts, used to help hedge the Fund against rising interest rates, lagged the Index, as rates declined and the value of rate protection diminished. The Index is not hedged.

Investment Outlook And Fund Positioning 

The interest-rate backdrop may likely be uncertain in coming months, as investors assess the impact of the ongoing reduction of the Fed’s purchasing program with the timing of potential interest-rate hikes in the future. However, we remain optimistic about the credit outlook for the vast majority of municipal issuers. Improved economic conditions and recovering housing markets have boosted revenues at both the state and local level. Rising revenues, coupled with ongoing austerity measures, have allowed issuers to significantly improve their balance sheets. Technical factors may remain favorable as well. We believe flows into the muni market could rise after the April 15 tax filing deadline, as investors confront the “tax drag” of higher federal tax rates and a new 3.8% health care reform surtax on taxable bond investment income. Furthermore, we continue to believe munis are attractively valued, with yields in excess of comparative-duration Treasurys as of 3/31/2014.16

Credit Quality (%)12 as of Mar 31, 2014

AAA 9.39
AA 36.83
A 34.94
BBB 10.21
BB 1.93
B 3.73
CCC or Lower 0.44
Not Rated 2.52
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P's or Fitch (Baa or higher by Moody's) are considered to be investment grade quality. Credit ratings are based largely on the rating agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national rating agencies stated above.


 

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

 

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Attribution

 

No attribution information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Thomas M. Metzold, CFA

Thomas M. Metzold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1987

Tom Metzold is a vice president of Eaton Vance Management and senior portfolio manager on Eaton Vance’s municipal bond team. Tom is portfolio manager of Eaton Vance’s flagship municipal bond offerings. In his role as senior portfolio advisor, Tom is also responsible for representation of Eaton Vance’s municipal bond strategies and insights on the municipal market.

With more than 30 years of experience, Tom provides valuable insight and perspective on issues facing the municipal market. He is a frequent guest on financial news outlets and is widely quoted in the financial media. Tom's commentary has appeared in Barron's, Bloomberg, The Bond Buyer, The New York Times, Reuters Financial Report, and The Wall Street Journal, among other publications.

Tom began his investment management career in 1986. He joined Eaton Vance in 1987 as a high yield municipal bond analyst covering the health care and hospital sectors, becoming a portfolio manager in 1991. Tom was formerly a financial analyst at General Electric Company from 1981 to 1986.

Tom earned a B.S. in finance from Siena College in 1980 and an M.B.A. with a concentration in finance from the State University of New York at Albany in 1987. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Education
  • B.S. Siena College
  • M.B.A. State University of New York at Albany
Experience
  • Managed Fund since 1993
Biography
Craig R. Brandon, CFA

Craig R. Brandon, CFA

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1998

Craig Brandon is a vice president of Eaton Vance Management, co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.

Craig joined Eaton Vance in 1998 as a research analyst covering both high-yield and high–grade bonds. He was responsible for state and local government obligation, hospital, industrial development and tobacco-backed sectors. Prior to joining Eaton Vance, he was a senior budget and capital finance analyst with the New York State Assembly Ways and Means Committee responsible for negotiating that state's debt service budget and its various capital financing programs.

Craig earned a B.S. in finance in 1989 from Canisius College and an M.B.A. from the University of Pittsburgh in 1991. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Education
  • B.A. Canisius College
  • M.B.A. Joseph M. Katz Graduate School of Business, University of Pittsburgh
Experience
  • Managed Fund since 2013

Fund Literature

Fund Literature

Annual Report

Attribution

Income, Volatility and Taxes Guide

Commentary

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Review

Income Markets Snapshot

Fact Sheet

Taxes: Seeking tax-efficient income and equity

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

How may rising taxes impact your clients

Semi-Annual Report

Summary Prospectus

XBRL


 

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