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 03/31/2016.

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

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 1.22 1.58 2.61 6.72 3.47 7.55 3.73
Fund w/Max Sales Charge -3.60 -3.25 -2.29 1.65 1.80 6.51 3.23
Barclays Municipal Bond Index3 0.74 1.21 2.42 5.29 3.50 5.37 4.94
03/31/2016
Fund at NAV 0.93 1.38 1.38 4.82 3.64 7.79 3.62
Fund w/Max Sales Charge -3.90 -3.47 -3.47 -0.11 1.98 6.75 3.12
Barclays Municipal Bond Index3 0.32 1.67 1.67 3.98 3.63 5.59 4.86
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 or equal to 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 Factsas of Mar 31, 2016

Class A Inception 04/05/1994
Performance Inception 12/19/1985
Investment Objective Current tax-exempt income
Total Net Assets $3.2B
Minimum Investment $1000
Expense Ratio (Gross)4 0.76%
Expense Ratio (Net)4 0.67%
CUSIP 27826L330

Top 10 Holdings (%)5,6as of Mar 31, 2016

North Texas Tollway Authority
City of Detroit MI Water Supply System Revenue
Mohave Prison LLC
City of Vernon CA Electric System Revenue
Texas Municipal Gas Acquisition & Supply Corp III
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue
State of North Carolina
New Jersey Turnpike Authority
Loma Linda University Medical Center Obligated Group
Presence Health Obligated Group
Total 14.05

Portfolio Management

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 nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.93 1.38 1.38 4.82 3.64 7.79 3.62
Fund w/Max Sales Charge -3.90 -3.47 -3.47 -0.11 1.98 6.75 3.12
Barclays Municipal Bond Index3 0.32 1.67 1.67 3.98 3.63 5.59 4.86
Morningstar™ Muni National Long Category7 0.54 1.55 1.55 3.54 3.33 6.00 4.29
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 or equal to 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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 10.17 -2.77 -31.06 39.78 -1.14 11.72 14.22 -7.46 14.83 4.30
Barclays Municipal Bond Index3 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30

Fund Facts

Expense Ratio (Gross)4 0.76%
Expense Ratio (Net)4 0.67%
Class A Inception 04/05/1994
Performance Inception 12/19/1985
Distribution Frequency Monthly

Yield Information8as of Mar 31, 2016

Distribution Rate at NAV 3.90%
Taxable-Equivalent Distribution Rate at NAV 6.89%
SEC 30-day Yield 2.16%
Taxable-Equivalent SEC 30-day Yield 3.82%

Morningstar™ Ratingsas of Mar 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni National Long
Category
Overall ** *** 181
3 Years ** **** 181
5 Years **** ***** 175
10 Years * ** 143
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.

© 2015 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
May 05, 2016 $10.10 $0.00
May 04, 2016 $10.10 $0.00
May 03, 2016 $10.10 $0.01
May 02, 2016 $10.09 $0.00
Apr 29, 2016 $10.09 $0.00
Apr 28, 2016 $10.09 $0.02
Apr 27, 2016 $10.07 $0.00
Apr 26, 2016 $10.07 $0.00
Apr 25, 2016 $10.07 $0.00
Apr 22, 2016 $10.07 $0.00
View All

Distribution History9

Ex-Date Distribution Reinvest NAV
Apr 29, 2016 $0.03187 $10.09
Mar 31, 2016 $0.03252 $10.00
Feb 29, 2016 $0.03249 $9.94
Jan 29, 2016 $0.03181 $10.03
Dec 31, 2015 $0.03259 $9.96
Nov 30, 2015 $0.03240 $9.87
Oct 30, 2015 $0.03200 $9.83
Sep 30, 2015 $0.03220 $9.81
Aug 31, 2015 $0.03147 $9.78
Jul 31, 2015 $0.03186 $9.75
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History9

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

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

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

About Risk 

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


Portfolio

Asset Mix (%)5,10as of Mar 31, 2016

Municipal Bonds 97.76
Cash 1.59
U.S. Corporate Bonds 0.65
Total 100.00

Portfolio Statisticsas of Mar 31, 2016

Number of Holdings 252
Average Coupon 5.90%
Average Maturity 18.50 yrs.
Average Effective Maturity 7.97 yrs.
Average Duration 5.64 yrs.
Average Call 7.81 yrs.
Average Price $113.50
% Subject to AMT 11.35%

Sector Breakdown (%)5as of Mar 31, 2016

Transportation 20.14
General Obligations 17.11
Hospital 10.43
Special Tax Revenue 6.75
Other Revenue 6.47
Electric Utilities 5.61
Water and Sewer 5.24
Insured-Transportation 5.02
Education 3.54
Industrial Development Revenue 2.97
View All

Credit Quality (%)11as of Mar 31, 2016

AAA 18.01
AA 36.91
A 25.90
BBB 12.49
BB 2.50
B 0.96
CCC or Lower 0.87
Not Rated 2.37
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Maturity Distribution (%)11as of Mar 31, 2016

Less Than 1 Year 0.03
1 To 3 Years 0.70
3 To 5 Years 2.01
5 To 10 Years 10.08
10 To 20 Years 43.71
20 To 30 Years 40.79
More Than 30 Years 2.68
Total 100.00

Assets by State (%)11,12as of Mar 31, 2016

Texas 16.34
New York 13.57
California 11.34
Illinois 7.95
Massachusetts 6.54
New Jersey 5.24
Michigan 4.21
Kansas 4.00
Florida 3.96
Pennsylvania 3.68
View All

Fund Holdings5,13as of Mar 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
North Texas Tollway Authority 6.20% 01/01/2042 2.33%
City of Detroit MI Water Supply System Revenue 5.25% 07/01/2041 1.94%
US DOLLARS 1.63%
Mohave Prison LLC 8.00% 05/01/2025 1.39%
City of Vernon CA Electric System Revenue 5.13% 08/01/2021 1.24%
Texas Municipal Gas Acquisition & Supply Corp III 5.00% 12/15/2032 1.22%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% 08/01/2045 1.22%
State of North Carolina 5.25% 05/01/2031 1.21%
New Jersey Turnpike Authority 5.00% 01/01/2045 1.20%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.18%
View All

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

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

About Risk 

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


Insights & Analysis

Commentary

A Word On The Markets as of Dec 31, 2015

The U.S. municipal (muni) bond market performed well relative to other fixed-income asset classes during the final three months of 2015. The Barclays Municipal Bond Index3 gained 1.50%, outpacing the -0.57% return of Barclays U.S. Aggregate Bond Index14, a broad measure of taxable bond performance.

Munis have historically been considered a defensive asset class during periods of interest rate uncertainty and financial market volatility; munis performance during the fourth quarter of 2015 backed this view. Fears of higher interest rates and the Federal Reserve's ultimate decision to raise its key rate in December weighed heavily on credit-sensitive investment-grade corporate and high-yield corporate bonds, as well as interest-rate sensitive U.S. Treasury securities. In contrast, munis continued on an upward trend in the fourth quarter. Munis track record of low volatility and low default rates helped attract buyers.

High tax rates and improving credit fundamentals among most local and state muni issuers also fueled demand. Negative headlines surrounding challenged issuers (such as Puerto Rico, Illinois, Chicago and New Jersey) did not curtail investors appetite for tax-exempt bonds. Additionally, the yield advantage munis offered over comparable maturity Treasury bonds early in the quarter caught the eye of non-traditional, crossover buyers. In contrast to the second and third quarters, growing demand for munis offset elevated total new issuance.

During the fourth quarter overall, yields on longer-term bonds fell while yields on shorter-term securities rose, resulting in a flattening of the yield curve15 and the outperformance of long-dated munis. On a total return basis, lower-investment-grade munis outpaced many higher-quality securities. However, below-investment grade benchmarks dominated by poor-performing Puerto Rico debt lagged.

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 for the quarter.

  • The Fund's use of tender-option bonds (TOBS) contributed to its outperformance of the Index.
  • The Fund's use of tender-option bonds (TOBS) contributed to its outperformance of the Index.
  • Security selection in the transportation sector was another plus.
  • Detracting from relative results was unfavorable security selection among Puerto Rico bonds, zero coupon securities and floating-rate notes.
  • Security selection among corporate-backed municipals and taxable municipals also hurt performance versus the index.

Historic Returns (%)as of Dec 31, 2015

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.24 2.53 4.30 4.30 3.49 7.17 3.73
Fund w/Max Sales Charge -3.55 -2.35 -0.70 -0.70 1.83 6.15 3.23
Barclays Municipal Bond Index3 0.70 1.50 3.30 3.30 3.16 5.35 4.71
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 or equal to 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 Factsas of Dec 31, 2015

Class A Inception 04/05/1994
Performance Inception 12/19/1985
Expense Ratio (Gross)4 0.76%
Expense Ratio (Net)4 0.67%

Contributors 

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

  • Investments in TOBs helped 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 bonds. The Fund's TOB holdings generally outpaced the Index during the quarter as the muni market rallied.
  • The Fund's use of U.S. Treasury futures helped performance compared to the Index. These contracts, used to hedge the fund against rising interest rates, increased in value during the quarter as Treasury yields rose in contrast to the decline in municipal yields. The Index is not hedged.
  • Relative performance also was boosted by security selection in the transportation sector, as the Fund's holdings in the group generally outpaced similar securities in the Index.

Detractors 

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

  • Security selection in a number of categories was the main detractor from performance compared to the Index. For example, our picks among zero coupon securities and floating-rate notes hurt, as the Fund's holdings in these groups lagged comparable securities in the Index.
  • Similarly, the Fund also was hurt by its positioning in the corporate-backed municipal and taxable municipal sectors, with Fund holdings in both groups generally trailing similar securities in the Index.

Investment Outlook And Fund Positioning 

We believe muni bonds could continue to outperform their taxable counterparts in 2016. While it is possible that additional rate hikes will occur in 2016, the past three Fed tightening cycles suggest that munis can better weather tighter monetary policy than taxable bonds. We also believe muni supply/demand dynamics will remain favorable, as high tax burdens help fuel demand and issuers mostly refrain from expanding their debt burden, especially in light of growing retiree pension and health care obligations.

However, we foresee a potential uptick in muni market volatility due to the virtual demise of muni bond insurers, the thinning ranks of broker dealers, and the potential for further negative headlines from troubled issuers. Even so, we believe this potential volatility could create pricing inefficiencies that we will look to use as opportunities.

Credit Quality (%)11as of Dec 31, 2015

AAA 17.77
AA 36.74
A 26.44
BBB 12.27
BB 3.53
B 0.34
CCC or Lower 0.81
Not Rated 2.10
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

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

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

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

About Risk 

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

Attribution

Attribution available in Fund Literature tab.

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

About Risk 

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


Management

Biography
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

Literature

Literature

Fact Sheet

Commentary

Attribution

Annual Report

Full Prospectus

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

Eaton Vance municipal funds' holdings in Puerto Rico debt

SAI

Semi-Annual Report

Summary Prospectus


 

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