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 12/31/2016.

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

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
02/28/2017
Fund at NAV 0.37 1.70 0.62 1.26 4.37 3.21 2.09
Fund w/Max Sales Charge -0.63 0.70 -0.38 0.28 4.37 3.21 2.09
Bloomberg Barclays Municipal Bond Index3 0.69 2.55 1.36 0.25 3.53 3.06 4.27
12/31/2016
Fund at NAV 1.07 -3.33 0.96 0.96 6.00 4.40 2.14
Fund w/Max Sales Charge 0.07 -4.29 -0.02 -0.02 6.00 4.40 2.14
Bloomberg Barclays Municipal Bond Index3 1.17 -3.62 0.25 0.25 4.13 3.28 4.24
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: 1%.

Fund Factsas of Feb 28, 2017

Class C Inception 12/03/1993
Performance Inception 12/19/1985
Investment Objective Current tax-exempt income
Total Net Assets $2.9B
Minimum Investment $1000
Expense Ratio (Gross)4 1.54%
Expense Ratio (Net)4 1.42%
CUSIP 27826L512

Top 10 Holdings (%)5,6as of Feb 28, 2017

North Texas Tollway Authority
Great Lakes Water Authority Water Supply System Revenue
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue
State of Texas
Utility Debt Securitization Authority
Texas Municipal Gas Acquisition & Supply Corp III
State of North Carolina
Loma Linda University Medical Center Obligated Group
Presence Health Network Obligated Group
LBJ Infrastructure Group LLC
Total 15.49

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 Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
02/28/2017
Fund at NAV 0.37 1.70 0.62 1.26 4.37 3.21 2.09
Fund w/Max Sales Charge -0.63 0.70 -0.38 0.28 4.37 3.21 2.09
Bloomberg Barclays Municipal Bond Index3 0.69 2.55 1.36 0.25 3.53 3.06 4.27
Morningstar™ Muni National Long Category7 0.64 2.04 1.11 0.10 3.72 3.12 3.65
12/31/2016
Fund at NAV 1.07 -3.33 0.96 0.96 6.00 4.40 2.14
Fund w/Max Sales Charge 0.07 -4.29 -0.02 -0.02 6.00 4.40 2.14
Bloomberg Barclays Municipal Bond Index3 1.17 -3.62 0.25 0.25 4.13 3.28 4.24
Morningstar™ Muni National Long Category7 0.91 -4.13 0.00 0.00 4.59 3.60 3.63
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: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -3.49 -31.63 38.94 -1.96 10.90 13.37 -8.16 13.98 3.53 0.96
Bloomberg Barclays Municipal Bond Index3 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30 0.25

Fund Facts

Expense Ratio (Gross)4 1.54%
Expense Ratio (Net)4 1.42%
Class C Inception 12/03/1993
Performance Inception 12/19/1985
Distribution Frequency Monthly

Yield Information8as of Feb 28, 2017

Distribution Rate at NAV 3.15%
Taxable-Equivalent Distribution Rate at NAV 5.57%
SEC 30-day Yield 1.68%
Taxable-Equivalent SEC 30-day Yield 2.97%

Morningstar™ Ratingsas of Feb 28, 2017

Time Period Rating Funds in
Muni National Long
Category
Overall ** 145
3 Years **** 145
5 Years *** 132
10 Years * 102
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Mar 27, 2017 $9.76 $0.01
Mar 24, 2017 $9.75 $0.00
Mar 23, 2017 $9.75 $0.01
Mar 22, 2017 $9.74 $0.01
Mar 21, 2017 $9.73 $0.02
Mar 20, 2017 $9.71 $0.00
Mar 17, 2017 $9.71 $0.00
Mar 16, 2017 $9.71 $0.02
Mar 15, 2017 $9.69 $0.00
Mar 14, 2017 $9.69 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Feb 28, 2017 $0.02565 $9.77
Jan 31, 2017 $0.02474 $9.76
Dec 30, 2016 $0.02387 $9.76
Nov 30, 2016 $0.02366 $9.68
Oct 31, 2016 $0.02392 $10.05
Sep 30, 2016 $0.02408 $10.17
Aug 31, 2016 $0.02392 $10.23
Jul 29, 2016 $0.02486 $10.20
Jun 30, 2016 $0.02642 $10.28
May 31, 2016 $0.02506 $10.11
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 Feb 28, 2017

Municipal Bonds 99.70
Cash 0.30
Total 100.00

Portfolio Statisticsas of Feb 28, 2017

Number of Holdings 246
Average Coupon 5.86%
Average Maturity 16.75 yrs.
Average Effective Maturity 7.60 yrs.
Average Duration 4.98 yrs.
Average Call 6.99 yrs.
Average Price $108.03
% Subject to AMT 11.85%

Sector Breakdown (%)5as of Feb 28, 2017

General Obligations 19.05
Transportation 18.76
Hospital 8.62
Water and Sewer 7.60
Electric Utilities 6.29
Special Tax Revenue 5.98
Insured-Transportation 5.31
Escrowed/Prerefunded 5.12
Education 4.27
Other Revenue 3.91
View All

Credit Quality (%)11as of Feb 28, 2017

AAA 21.47
AA 36.48
A 22.36
BBB 13.18
BB 2.70
B 0.36
CCC or Lower 0.63
Not Rated 2.81
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 Feb 28, 2017

Less Than 1 Year 1.07
1 To 3 Years 4.46
3 To 5 Years 3.79
5 To 10 Years 9.42
10 To 20 Years 43.52
20 To 30 Years 36.97
More Than 30 Years 0.77
Total 100.00

Assets by State (%)11,12as of Feb 28, 2017

Texas 16.97
New York 15.39
California 12.12
Illinois 9.55
Massachusetts 4.40
New Jersey 4.34
Michigan 4.02
Florida 4.02
Pennsylvania 3.34
Puerto Rico 3.11
View All

Fund Holdings5,13as of Jan 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
North Texas Tollway Authority 6.20% 01/01/2042 2.43%
Great Lakes Water Authority Water Supply System Revenue 5.25% 07/01/2041 2.08%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% 08/01/2045 1.70%
State of Texas 5.00% 10/01/2044 1.67%
Utility Debt Securitization Authority 5.00% 12/15/2041 1.37%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.29%
Texas Municipal Gas Acquisition & Supply Corp III 5.00% 12/15/2032 1.28%
State of North Carolina 5.25% 05/01/2031 1.27%
Presence Health Network Obligated Group 7.75% 08/15/2019 1.23%
City of Vernon CA Electric System Revenue 5.13% 08/01/2021 1.17%
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, 2016

The U.S. municipal bond market posted negative returns for the fourth quarter of 2016, with the Bloomberg Barclays Municipal Bond Index (the Index)3 returning -3.6% for the three-month period. Municipal yields rose modestly early in the quarter, however following Donald Trump's presidential election victory in November, the increase in rates accelerated in anticipation of fiscal stimulus, deregulation and tax reform.

As a result of the volatility and negative total return, municipal mutual fund flows, which had been gradually decreasing since June, turned decidedly negative and weekly outflows averaged over -$2 billion over the last six weeks of the year. Issuance during the quarter declined to $100 billion compared to $115 billion during the third quarter. The slowdown in issuance was largely related to a decline in refunding activity as interest rates rose significantly during the quarter. Despite the fourth quarter decline, 2016's total issuance of $445 billion broke the old record of $433 billion in 2010. The overall increase in new deal activity during 2016 was driven by a significant increase in both new money and refunding deals, as issuers sought to take advantage of record low rates during the middle of the year and demonstrated a renewed willingness take on new debt to fund infrastructure and other projects.

Early in the quarter, U.S. Treasury rates drifted higher as economic data, was generally mixed and investors took a wait-and-see attitude with the U.S. presidential election less than one month away. In contrast, November was an extremely volatile month in U.S. fixed-income markets after Donald Trump's surprise election as U.S. president on November 8. Overall, two-year Treasury yields increased 44bps during the quarter, while longer-term yields increased approximately 70bps-80bps. Though municipals underperformed Treasury's significantly in November, they outperformed in December. As a result, by quarter-end, the 10-year muni/Treasury ratio stood at 95%, compared to 94% at the beginning of the quarter. Meanwhile, the 30-year ratio ended at 100%, compared to 99% on September 30.

Overall, the municipal yield curve, which began the quarter near its flattest level since the financial crisis, steepened significantly during the quarter, with the two-year AAA muni yield increasing 39bps and the 30-year AAA yield increasing 73bps. As a result, longer-duration muni bonds generally underperformed shorter-duration municipals. In terms of credit quality, below-investment-grade bonds underperformed higher-quality, primarily due to weakness in the tobacco sector and industrial development revenue bonds.

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 treasury futures hedge contributed to performance for the quarter. The Index is not hedged.
  • Security selection bolstered the Fund's performance relative to the index as the municipal market as a whole sold off.
  • The Fund's use of leverage hurt the relative performance as the index is not leveraged.

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.07 -3.33 0.96 0.96 6.00 4.40 2.14
Fund w/Max Sales Charge 0.07 -4.29 -0.02 -0.02 6.00 4.40 2.14
Bloomberg Barclays Municipal Bond Index3 1.17 -3.62 0.25 0.25 4.13 3.28 4.24
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: 1%.

Fund Factsas of Dec 31, 2016

Class C Inception 12/03/1993
Performance Inception 12/19/1985
Expense Ratio (Gross)4 1.54%
Expense Ratio (Net)4 1.42%

Contributors 

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

  • Relative performance was boosted by the Fund's security selection in both Water & Sewer bonds and zero coupon bonds. Overall, the Fund's holdings in these two sectors outperformed those in the index.
  • The Fund's use of U.S. Treasury futures contributed to performance versus the Index. These contracts, used to hedge against rising interest rates, contributed to the fund's relative performance as the value of such protection increased during the quarter. This Index is not hedged.
  • The Fund's overweight exposure and security selection in various Illinois credits in the Hospital, Transportation and General Obligation sectors helped performance relative to the index.

Detractors 

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

  • Investments in TOBs hurt 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 general rise in interest rates as well as the increasing costs of employing TOB leverage detracted from the Fund's performance.
  • The Fund also was hurt by security selection in high quality State General Obligation bonds.

Investment Outlook And Fund Positioning 

Following the significant move higher in rates, we believe munis are attractive on both an absolute and relative level. Large municipal fund outflows and the expectation of lower taxes under the Trump administration have already impacted the valuations of munis in our view. In addition, little detail has been provided on the specifics of Trump's policies, what will get through Congress and when. As a result, there are a wide range of potential outcomes.

In our view, this historic move has created an emerging opportunity to lock in higher yields and potentially generate higher future returns. In recent history, the municipal market has proven to be resilient and sharp increases in municipal yields have resulted in buying opportunities and rewarded investors with strong returns in subsequent months. Therefore, in our view, we could see rates move back down a bit in 2017. There are other factors that could cause rates to retrace a bit, especially on the longer end of the Treasury curve. First, U.S. Treasury yields are still historically low, but very attractive when compared with other developed markets such as Europe, where rates are negative in some cases. Second, the dollar has strengthened meaningfully, which may be a drag on growth and contain inflation in 2017. And finally, the Federal Reserve is forecasting three rate hikes in 2017, demonstrating a willingness to squeeze off inflationary pressures, if necessary.

Given this outlook, we believe the extreme short-term reaction after the U.S. election provides tax-sensitive investors a chance to scale into munis at higher yields and cheaper valuations. In addition, municipals will continue to act as an anchor to provide diversification in the context of an overall portfolio.14

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

AAA 21.40
AA 35.09
A 22.65
BBB 13.14
BB 3.33
B 0.37
CCC or Lower 0.61
Not Rated 3.41
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. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. He joined Eaton Vance in 1998.

Craig began his career in the investment management industry in 1995. He has experience with Eaton Vance across a variety of research roles. Before joining Eaton Vance, he was a senior budget and capital finance analyst with the New York State Assembly Ways and Means Committee.

Craig earned a B.S. from Canisius College and an MBA from the University of Pittsburgh. He is a member of the Boston Security Analysts Society, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts. He is a CFA charterholder.

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: Dec 31, 2016

Commentary

Download - Last updated: Dec 31, 2016

Attribution

Download - Last updated: Dec 31, 2016

Annual Report

Download - Last updated: Sep 30, 2016

Full Prospectus

Download - Last updated: Feb 1, 2017

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

Download

SAI

Download - Last updated: Feb 1, 2017

Performance Always Matters

Download - Last updated: Dec 31, 2016

Semi-Annual Report

Download - Last updated: Mar 31, 2016

Summary Prospectus

Download - Last updated: Feb 1, 2017

XBRL

Download - Last updated: Feb 15, 2017