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 06/30/2016.

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

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.59 2.12 5.33 8.68 9.61 6.96 3.60
Fund w/Max Sales Charge -4.20 -2.69 0.29 3.49 7.85 5.94 3.10
Barclays Municipal Bond Index3 0.13 1.79 4.54 6.88 6.46 4.80 4.87
06/30/2016
Fund at NAV 2.01 3.77 5.20 9.93 7.43 7.21 3.99
Fund w/Max Sales Charge -2.80 -1.17 0.18 4.76 5.71 6.18 3.49
Barclays Municipal Bond Index3 1.59 2.61 4.33 7.65 5.58 5.32 5.13
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 Aug 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 Aug 31, 2016

North Texas Tollway Authority
City of Detroit MI Water Supply System Revenue
State of Texas
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue
State of Maryland
Mohave Prison LLC
Texas Municipal Gas Acquisition & Supply Corp III
Loma Linda University Medical Center Obligated Group
State of North Carolina
Presence Health Network Obligated Group
Total 15.06

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

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.59 2.12 5.33 8.68 9.61 6.96 3.60
Fund w/Max Sales Charge -4.20 -2.69 0.29 3.49 7.85 5.94 3.10
Barclays Municipal Bond Index3 0.13 1.79 4.54 6.88 6.46 4.80 4.87
Morningstar™ Muni National Long Category7 0.24 1.87 4.71 7.27 7.04 5.29 4.32
06/30/2016
Fund at NAV 2.01 3.77 5.20 9.93 7.43 7.21 3.99
Fund w/Max Sales Charge -2.80 -1.17 0.18 4.76 5.71 6.18 3.49
Barclays Municipal Bond Index3 1.59 2.61 4.33 7.65 5.58 5.32 5.13
Morningstar™ Muni National Long Category7 1.71 2.93 4.53 7.93 5.78 5.69 4.58
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 Aug 31, 2016

Distribution Rate at NAV 3.57%
Taxable-Equivalent Distribution Rate at NAV 6.31%
SEC 30-day Yield 1.61%
Taxable-Equivalent SEC 30-day Yield 2.85%

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni National Long
Category
Overall *** **** 181
3 Years **** ***** 181
5 Years **** ***** 169
10 Years ** ** 140
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.

© 2016 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
Sep 23, 2016 $10.18 $0.01
Sep 22, 2016 $10.17 $0.00
Sep 21, 2016 $10.17 $0.00
Sep 20, 2016 $10.17 -$0.01
Sep 19, 2016 $10.18 $0.00
Sep 16, 2016 $10.18 $0.00
Sep 15, 2016 $10.18 -$0.01
Sep 14, 2016 $10.19 $0.00
Sep 13, 2016 $10.19 -$0.02
Sep 12, 2016 $10.21 $0.00
View All

Distribution History9

Ex-Date Distribution Reinvest NAV
Aug 31, 2016 $0.03041 $10.23
Jul 29, 2016 $0.03136 $10.20
Jun 30, 2016 $0.03269 $10.28
May 31, 2016 $0.03149 $10.11
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
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

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 Aug 31, 2016

Municipal Bonds 99.75
Cash 0.25
Total 100.00

Portfolio Statisticsas of Aug 31, 2016

Number of Holdings 258
Average Coupon 5.43%
Average Maturity 17.38 yrs.
Average Effective Maturity 7.81 yrs.
Average Duration 5.31 yrs.
Average Call 7.49 yrs.
Average Price $114.42
% Subject to AMT 10.60%

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

General Obligations 19.68
Transportation 17.70
Hospital 8.76
Special Tax Revenue 7.51
Electric Utilities 6.89
Other Revenue 6.49
Insured-Transportation 5.24
Water and Sewer 4.76
Escrowed/Prerefunded 4.20
Insured-Special Tax Revenue 3.41
View All

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

AAA 19.50
AA 34.94
A 22.98
BBB 15.68
BB 2.79
B 0.94
CCC or Lower 0.57
Not Rated 2.60
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 Aug 31, 2016

Less Than 1 Year 0.97
1 To 3 Years 3.03
3 To 5 Years 4.26
5 To 10 Years 9.63
10 To 20 Years 43.64
20 To 30 Years 36.20
More Than 30 Years 2.27
Total 100.00

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

New York 17.05
Texas 16.37
California 11.61
Illinois 9.39
Michigan 4.29
New Jersey 4.16
Massachusetts 3.89
Pennsylvania 3.73
Florida 2.92
Puerto Rico 2.81
View All

Fund Holdings5,13as of Jul 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
North Texas Tollway Authority 6.20% 01/01/2042 2.43%
City of Detroit MI Water Supply System Revenue 5.25% 07/01/2041 2.01%
State of Texas 5.00% 10/01/2044 1.63%
New York State Thruway Authority 4.00% 01/01/2056 1.50%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% 08/01/2045 1.47%
US DOLLARS 1.38%
State of Maryland 4.00% 06/01/2027 1.35%
Mohave Prison LLC 8.00% 05/01/2025 1.27%
Texas Municipal Gas Acquisition & Supply Corp III 5.00% 12/15/2032 1.25%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.22%
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 Jun 30, 2016

The U.S. municipal bond market was positive for the second quarter of 2016, with the Barclays Municipal Bond Index (the Index)3 returning 2.61% for the three-month period. June represented the 12th straight month of positive performance for the Index. For the quarter, muni performance was supported by strong demand from investors seeking haven from financial market volatility that persisted due to ongoing global growth concerns. While investors' appetite for risk assets, such as high-yield debt, carried over from the first quarter, volatility ramped up near the end of the quarter following weak U.S. economic data.

The unexpected "leave" result of the U.K. Brexit referendum in late June boosted demand for safe haven assets, such as U.S. Treasurys, with the yield on the 10-year Treasury finishing the quarter near record lows. Muni bonds benefited as well, due to their high correlation with Treasurys. At quarter end, the 10-year muni/Treasury ratio stood at 91%, compared to 85% at the beginning of the year; the 30-year ratio ended at 87%, compared to 94% on December 31.

The municipal yield curve flattened during the quarter, with the two-year AAA muni yield declining 9 basis points (bps) and the 30-year AAA yield falling 67bps. As a result, longer duration muni bonds outperformed their shorter duration counterparts. In terms of credit quality, below investment-grade bonds typically outperformed their higher-quality counterparts, primarily due to strength in Puerto Rico bonds. Puerto Rico bonds were among the best-performing area of the muni market despite defaults and an important July 1 payment deadline.

Technical conditions were supportive during the period. Year-to-date muni bond issuance hit approximately $218 billion as of June 30, down 3% compared to the same period last year, according to Thomson Reuters. On the demand side, municipal bond funds enjoyed 39 consecutive weeks of inflows as of 6/29, according to Investment Company Institute.

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 performance relative to the Index.
  • A larger-than-Index exposure to zero coupon bonds, and positive security selection among bonds structured in that manner, also benefited the Fund's performance relative to the Index.
  • Security selection in the electric and transportation sectors also aided the Fund's relative performance.
  • Detracting from performance relative to the Index was the Fund's use of U.S. Treasury futures to hedge against potentially rising interest rates.
  • Security selection in the leasing sector also hurt performance versus the Index.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 2.01 3.77 5.20 9.93 7.43 7.21 3.99
Fund w/Max Sales Charge -2.80 -1.17 0.18 4.76 5.71 6.18 3.49
Barclays Municipal Bond Index3 1.59 2.61 4.33 7.65 5.58 5.32 5.13
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 Jun 30, 2016

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 afforded it leverage to invest in more municipal bonds and, therefore, benefit more fully in the municipal market's second-quarter rally.
  • Relative performance also was boosted by the Fund's overweighting in zero coupon bonds, which generally outpaced coupon-bearing bonds as long-term municipal yields declined during the quarter. Relative Fund performance was further boosted by positive security selection among zeros.
  • Security selection in the electric and transportation sectors helped Fund performance relative to the Index, as the Fund's holdings in these groups generally outpaced similar securities in the Index.

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 performance versus the Index. These contracts, used to hedge against rising interest rates, underperformed the Index as the value of such protection decreased during the quarter given the receding likelihood of an interest rate hike by the U.S. Federal Reserve. This Index is not hedged.
  • The Fund also was hurt by security selection in the leasing sector, with Fund holdings in the group generally trailing similar securities in the Index.

Investment Outlook And Fund Positioning 

Absent a meaningful spike in Treasury yields, we believe the municipal market is likely to remain well-supported in the near term. The summer months are historically favorable for municipal bonds primarily due to a decline in municipal issuance, the seasonally large reinvestment of coupons and bond maturities. More importantly, with an economic environment defined by high uncertainty, low growth and muted inflation, we think this favorable supply-demand dynamic should keep a lid on yields in the near term.

Looking out over the longer term, we believe demand for munis could remain strong in an environment where economic growth is slow and financial market uncertainty persists. Given this view, we believe tax-sensitive income-seeking investors may continue to seek munis as a source of yield.

We continue to closely monitor events in Puerto Rico, particularly the important July 1 payment deadline. Additional defaults on the island's debt will likely occur in the coming months. If a default by a Puerto Rico issuer disrupts the broader muni market, we would consider any price volatility as an opportunity.14

Credit Quality (%)11as of Jun 30, 2016

AAA 17.12
AA 36.48
A 24.11
BBB 15.46
BB 2.56
B 0.95
CCC or Lower 0.59
Not Rated 2.74
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

Download - Last updated: Jun 30, 2016

Commentary

Download - Last updated: Jun 30, 2016

Attribution

Download - Last updated: Jun 30, 2016

Annual Report

Download - Last updated: Sep 30, 2015

Full Prospectus

Download - Last updated: Feb 1, 2016

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: Jul 1, 2016

SAI

Download - Last updated: Feb 1, 2016

Think Performance Think Eaton Vance

Download - Last updated: Jun 30, 2016

Semi-Annual Report

Download - Last updated: Mar 31, 2016

Summary Prospectus

Download - Last updated: Feb 1, 2016