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 03/31/2015.

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

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV -0.58 -1.62 0.29 6.64 4.38 5.23 3.81
Fund w/Max Sales Charge -5.26 -6.27 -4.52 1.57 2.71 4.21 3.31
Barclays Municipal Bond Index3 -0.52 -1.27 0.48 4.80 3.47 4.74 4.62
03/31/2015
Fund at NAV 0.43 0.88 0.88 9.30 4.86 5.69 4.03
Fund w/Max Sales Charge -4.30 -3.96 -3.96 4.13 3.18 4.67 3.53
Barclays Municipal Bond Index3 0.29 1.01 1.01 6.62 4.05 5.11 4.84
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 Apr 30, 2015

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 0.80%
Expense Ratio (Net)4 0.71%
CUSIP 27826L330

Top 10 Holdings (%)5,6 as of Apr 30, 2015

North Texas Tollway Authority
City of Detroit MI Water Supply System Revenue
City of Vernon CA Electric System Revenue
Mohave Prison LLC
State of North Carolina
Texas Municipal Gas Acquisition & Supply Corp III
Presence Health Obligated Group
Loma Linda University Medical Center Obligated Group
Massachusetts Educational Financing Authority
LBJ Infrastructure Group LLC
Total 13.98


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 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

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV -0.58 -1.62 0.29 6.64 4.38 5.23 3.81
Fund w/Max Sales Charge -5.26 -6.27 -4.52 1.57 2.71 4.21 3.31
Barclays Municipal Bond Index3 -0.52 -1.27 0.48 4.80 3.47 4.74 4.62
Morningstar™ Muni National Long Category7 -0.58 -1.34 0.46 5.44 3.68 4.89 4.15
03/31/2015
Fund at NAV 0.43 0.88 0.88 9.30 4.86 5.69 4.03
Fund w/Max Sales Charge -4.30 -3.96 -3.96 4.13 3.18 4.67 3.53
Barclays Municipal Bond Index3 0.29 1.01 1.01 6.62 4.05 5.11 4.84
Morningstar™ Muni National Long Category7 0.31 1.05 1.05 7.49 4.31 5.28 4.33
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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 7.75 10.17 -2.77 -31.06 39.78 -1.14 11.72 14.22 -7.46 14.83
Barclays Municipal Bond Index3 3.51 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05

Fund Facts

Expense Ratio (Gross)4 0.80%
Expense Ratio (Net)4 0.71%
Class A Inception 04/05/1994
Performance Inception 12/19/1985
Distribution Frequency Monthly

Yield Information8 as of Apr 30, 2015

Distribution Rate at NAV 3.92%
Taxable-Equivalent Distribution Rate at NAV 6.93%
SEC 30-day Yield 2.40%
Taxable-Equivalent SEC 30-day Yield 4.24%


Morningstar™ Ratings as of Apr 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Muni National Long
Category
Overall *** *** 198
3 Years *** ***** 198
5 Years *** **** 182
10 Years ** ** 149
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.

© 2014 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 21, 2015 $9.73 $0.00
May 20, 2015 $9.73 $-0.01
May 19, 2015 $9.74 $-0.01
May 18, 2015 $9.75 $-0.01
May 15, 2015 $9.76 $-0.01
May 14, 2015 $9.77 $-0.01
May 13, 2015 $9.78 $0.01
May 12, 2015 $9.77 $-0.03
May 11, 2015 $9.80 $-0.01
May 08, 2015 $9.81 $0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
Apr 30, 2015 $0.03212 $9.83
Mar 31, 2015 $0.03233 $9.92
Feb 27, 2015 $0.03193 $9.91
Jan 30, 2015 $0.03312 $10.09
Dec 31, 2014 $0.03201 $9.93
Nov 28, 2014 $0.03192 $9.86
Oct 31, 2014 $0.03219 $9.90
Sep 30, 2014 $0.03302 $9.87
Aug 29, 2014 $0.03336 $9.85
Jul 31, 2014 $0.03587 $9.70
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 (%)5,10 as of Apr 30, 2015

Municipal Bonds 99.86
U.S. Corporate Bonds 1.56
Cash and Other Assets -1.42
Total 100.00

Portfolio Statistics as of Apr 30, 2015

Number of Holdings 259
Average Coupon 5.96%
Average Maturity 17.46 yrs.
Average Effective Maturity 8.37 yrs.
Average Duration 6.07 yrs.
Average Call 8.01 yrs.
Average Price $112.94
% Subject to AMT 12.58%


Sector Breakdown (%)5 as of Apr 30, 2015

Transportation 20.23
General Obligations 18.81
Hospital 8.81
Special Tax Revenue 7.10
Other Revenue 6.98
Water and Sewer 5.88
Electric Utilities 5.69
Education 5.65
Insured-Transportation 4.77
Lease Revenue/Certificates of Participation 2.59
View All

Credit Quality (%)11 as of Apr 30, 2015

AAA 19.57
AA 39.14
A 22.97
BBB 12.65
BB 0.35
B 1.69
CCC or Lower 0.67
Not Rated 2.95
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 (%)11 as of Apr 30, 2015

Less Than 1 Year 1.28
1 To 3 Years 0.17
3 To 5 Years 0.86
5 To 10 Years 12.40
10 To 20 Years 52.43
20 To 30 Years 30.03
More Than 30 Years 2.82
Total 100.00

Assets by State (%)11,12 as of Apr 30, 2015

New York 15.20
California 15.08
Texas 14.55
Illinois 6.43
New Jersey 5.25
Massachusetts 4.26
Pennsylvania 3.93
Michigan 3.25
Florida 2.96
Washington 2.64
View All


Fund Holdings5,13 as of Mar 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
North Texas Tollway Authority 6.20% 01/01/2042 2.20%
US DOLLARS 2.04%
City of Detroit MI Water Supply System Revenue 5.25% 07/01/2041 1.81%
City of Vernon CA Electric System Revenue 5.13% 08/01/2021 1.73%
Mohave Prison LLC 8.00% 05/01/2025 1.39%
State of North Carolina 5.25% 05/01/2031 1.16%
Texas Municipal Gas Acquisition & Supply Corp III 5.00% 12/15/2032 1.15%
Presence Health Obligated Group 7.75% 08/15/2034 1.11%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.10%
LBJ Infrastructure Group LLC 7.00% 06/30/2034 1.07%
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

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2015

Amid heightened interest rate volatility, the U.S. municipal bond market posted a modestly positive return during the first quarter of 2015, marking its fifth consecutive quarterly gain. The Barclays Municipal Bond Index (the Index)3 returned 1.01% during the three-month period, but lagged both the 1.64% return of the U.S. Treasury bonds (as measured by the Barclays U.S. Treasury Index) and the 2.32% return of investment-grade corporate debt (as measured by the Barclays U.S. Corporate Bond Index).

Municipal bonds rallied in January (+1.77%), as their yields declined in concert with falling U.S. Treasury yields. U.S. high-quality bonds were in strong demand amid uneven global economic growth, subdued inflation, mixed economic data in the U.S. and growing complacency that the U.S. Federal Reserve would raise interest rates in the near term. Treasurys and munis also lured investors as Japanese bond yields were near zero and some European bond yields turned negative. Investors’ appetite for munis was further enhanced by higher tax rates, which helped increase the relative attractiveness of municipal debt, and munis’ attractive valuations relative to many taxable alternatives. But the muni market struggled in February (-1.03%), as better-than-expected U.S. economic data pushed Treasury and muni bond yields higher. Heavier-than-expected issuance also weighed on the muni market, as cities, states and other government entities took advantage of low yields to refinance outstanding debt. Munis were only slightly positive in March (+0.29), as conflicting signals from economic data raised doubts that the economic recovery had been strong enough to justify an interest rate hike.

During the first quarter overall, yields on longer-term bonds fell while yields on shorter-term securities rose, resulting in a flattening of the yield curve and the outperformance of long-dated munis. On a total return basis, below-investment-grade munis outperformed their investment-grade counterparts.

Performance Summary 

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

  • The Fund’s use of tender option bonds (TOBs) contributed to its outperformance of the Index.
  • An overweight to the industrial development revenue/pollution control revenue (IDR/PCR) sector – and security selection among such bonds – also bolstered relative results.
  • The Fund’s relative performance was further aided by its overweighting in lower-rated bonds.
  • The Fund’s use of U.S. Treasury futures detracted from results relative to the Index.
  • Also detracting from the Fund’s performance versus the Index was security selection among Puerto Rico bonds. An underweighting in water and sewer bonds also hurt.

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.43 0.88 0.88 9.30 4.86 5.69 4.03
Fund w/Max Sales Charge -4.30 -3.96 -3.96 4.13 3.18 4.67 3.53
Barclays Municipal Bond Index3 0.29 1.01 1.01 6.62 4.05 5.11 4.84
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, 2015

Class A Inception 04/05/1994
Performance Inception 12/19/1985
Expense Ratio (Gross)4 0.80%
Expense Ratio (Net)4 0.71%


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.
  • Overweighting IDR/PCR bonds was another plus, as the comparatively high-yielding sector outpaced many other muni sectors. Additionally, the Fund benefited from advantageous security selection in the sector; IDR/PCR bonds in the Fund generally outperformed similar bonds in the Index.
  • The Fund’s overweighting in securities rated BBB and below was helpful, as robust demand from yield-seeking investors helped the bonds outpace higher-quality securities.

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. 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.
  • Security selection among Puerto Rico bonds hurt, as the Fund’s holdings in securities issued by this U.S. territory lagged those in the Index.
  • The Fund’s smaller exposure to water and sewer securities, some of the market’s best performers during the quarter, also hurt relative results.

Investment Outlook And Fund Positioning 

Seasonal factors could affect the near-term performance of municipal bonds. Demand for them tends to slump in the spring when investors sell securities to raise money for tax payments. Furthermore, continued low interest rates could mean elevated levels of supply. However, we remain optimistic about munis over the longer-term, in part because the value of the tax exemption they offer has increased. For investors in the highest tax brackets, munis currently offer a substantial after-tax-yield advantage compared with taxable alternatives with similar risk characteristics. At the end of the quarter, AAA-rated municipals with maturities across the yield curve offered compelling values relative to U.S. Treasurys. For example, AAA-rated 10-year municipal bonds yielded more than 100% of similar- maturity Treasury securities. Historically speaking, munis tend to outperform when their yields exceed those of Treasurys.14

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

AAA 16.06
AA 40.60
A 24.53
BBB 13.01
BB 0.35
B 1.96
CCC or Lower 0.47
Not Rated 3.01
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
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
Other funds managed
 
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

Semi-Annual Report

Summary Prospectus

XBRL


 

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