Overview

Providing tax-exempt income for more than 20 years.2,3

Eaton Vance historically has provided higher income than its peers and comparable Treasury bonds after tax. As of 06/30/2017.

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

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.74 1.13 4.08 0.26 3.49 3.21 2.96
Fund w/Max Sales Charge -4.26 -3.87 -0.92 -4.61 2.23 2.86 2.96
Bloomberg Barclays Municipal Bond Index4 0.76 1.21 5.20 0.88 3.39 3.23 4.72
06/30/2017
Fund at NAV -0.37 1.66 2.55 -1.13 3.63 3.49 2.48
Fund w/Max Sales Charge -5.34 -3.34 -2.45 -5.93 2.38 3.14 2.48
Bloomberg Barclays Municipal Bond Index4 -0.36 1.96 3.57 -0.49 3.33 3.26 4.59
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: 5%.

Fund Factsas of Aug 31, 2017

Class B Inception 12/19/1985
Investment Objective Current tax-exempt income
Total Net Assets $2.9B
Minimum Investment $1000
Expense Ratio (Gross)5 1.54%
Expense Ratio (Net)5 1.42%
CUSIP 27826L108

Top 10 Holdings (%)6,7as of Aug 31, 2017

Great Lakes Water Authority Water Supply System Revenue
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue
North Texas Tollway Authority
University of Virginia
Texas Municipal Gas Acquisition Supply Corp III
Utility Debt Securitization Authority
State of North Carolina
Loma Linda University Medical Center Obligated Group
Harris CountyHouston Sports Authority
LBJ Infrastructure Group LLC
Total 14.38

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 increase both the risk and return potential of the Fund), 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.74 1.13 4.08 0.26 3.49 3.21 2.96
Fund w/Max Sales Charge -4.26 -3.87 -0.92 -4.61 2.23 2.86 2.96
Bloomberg Barclays Municipal Bond Index4 0.76 1.21 5.20 0.88 3.39 3.23 4.72
Morningstar Muni National Long Category8 0.84 1.34 4.99 0.16 3.41 3.12 4.28
06/30/2017
Fund at NAV -0.37 1.66 2.55 -1.13 3.63 3.49 2.48
Fund w/Max Sales Charge -5.34 -3.34 -2.45 -5.93 2.38 3.14 2.48
Bloomberg Barclays Municipal Bond Index4 -0.36 1.96 3.57 -0.49 3.33 3.26 4.59
Morningstar Muni National Long Category8 -0.20 2.00 3.37 -1.23 3.33 3.21 4.01
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: 5%.

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 Index4 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)5 1.54%
Expense Ratio (Net)5 1.42%
Class B Inception 12/19/1985
Distribution Frequency Monthly

Yield Information9as of Aug 31, 2017

Distribution Rate at NAV 2.86%
Taxable-Equivalent Distribution Rate at NAV10 5.05%
SEC 30-day Yield 1.39%
Taxable-Equivalent SEC 30-day Yield 2.46%

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Muni National Long
Category
Overall ** 140
3 Years *** 140
5 Years *** 131
10 Years * 104
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
Sep 21, 2017 $9.94 $0.00
Sep 20, 2017 $9.94 $0.00
Sep 19, 2017 $9.94 -$0.01
Sep 18, 2017 $9.95 $0.00
Sep 15, 2017 $9.95 $0.00
Sep 14, 2017 $9.95 $0.00
Sep 13, 2017 $9.95 -$0.01
Sep 12, 2017 $9.96 -$0.02
Sep 11, 2017 $9.98 -$0.01
Sep 08, 2017 $9.99 $0.01

Distribution History11

Ex-Date Distribution Reinvest NAV
Aug 31, 2017 $0.02376 $9.96
Jul 31, 2017 $0.02381 $9.91
Jun 30, 2017 $0.02372 $9.86
May 31, 2017 $0.02390 $9.92
Apr 28, 2017 $0.02433 $9.81
Mar 31, 2017 $0.02458 $9.77
Feb 28, 2017 $0.02562 $9.76
Jan 31, 2017 $0.02473 $9.75
Dec 30, 2016 $0.02386 $9.76
Nov 30, 2016 $0.02367 $9.68
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 History11

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 increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)6,12as of Aug 31, 2017

Municipal Bonds 99.64
U.S. Corporate Bonds 0.21
Cash 0.16
Total 100.00

Portfolio Statisticsas of Aug 31, 2017

Number of Holdings 283
Average Coupon 5.50%
Average Maturity 16.40 yrs.
Average Effective Maturity 7.58 yrs.
Average Duration 5.59 yrs.
Average Call 7.34 yrs.
Average Price $110.97
% Subject to AMT 10.52%

Sector Breakdown (%)6as of Aug 31, 2017

General Obligations 18.55
Transportation 15.08
Hospital 9.89
Water and Sewer 8.98
Special Tax Revenue 8.51
Education 6.50
Escrowed/Prerefunded 6.33
Electric Utilities 5.39
Other Revenue 3.95
Insured-Special Tax Revenue 3.93
View All

Credit Quality (%)13as of Aug 31, 2017

AAA 22.91
AA 33.46
A 25.87
BBB 10.80
BB 2.68
B 0.37
CCC or Lower 0.62
Not Rated 3.29
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 (%)13as of Aug 31, 2017

Less Than 1 Year 0.59
1 To 3 Years 5.77
3 To 5 Years 3.84
5 To 10 Years 11.57
10 To 20 Years 41.25
20 To 30 Years 36.99
More Than 30 Years 0.00
Total 100.00

Assets by State (%)13,14as of Aug 31, 2017

California 17.15
New York 14.67
Texas 11.90
Illinois 8.22
New Jersey 4.55
Massachusetts 4.20
Michigan 3.77
Virginia 3.61
Puerto Rico 3.31
Florida 3.30
View All

Fund Holdings6,15as of Jul 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
Great Lakes Water Authority Water Supply System Revenue 5.25% 07/01/2041 2.15%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% 08/01/2045 1.77%
North Texas Tollway Authority 6.20% 01/01/2042 1.66%
University of Virginia 5.00% 04/01/2039 1.40%
Texas Municipal Gas Acquisition Supply Corp III 5.00% 12/15/2032 1.35%
Utility Debt Securitization Authority 5.00% 12/15/2041 1.35%
State of North Carolina 5.25% 05/01/2031 1.29%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.28%
LBJ Infrastructure Group LLC 7.00% 06/30/2034 1.16%
University of Virginia 5.00% 04/01/2038 1.16%
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 increase both the risk and return potential of the Fund), 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, 2017

The U.S. municipal bond market posted positive returns for the second quarter of 2017, with the Bloomberg Barclays Municipal Bond Index (the Index)4 returning 1.96% for the three-month period. After stabilizing during the first quarter, the municipal market rallied as confidence in the Trump administration's ability to deliver fiscal stimulus faded. This loss in confidence also resulted in a shift in performance leadership during the quarter, as longer-term municipals outperformed significantly after lagging throughout the first three months of the year.

After trending steeper for three consecutive quarters, the municipal yield curve flattened as two-year yields increased four basis points (bps) and 30-year yields decreased 26bps. In comparison, short-term Treasury yields increased more (13bps increase in two-year yields) and longer-term yields decreased less (18bps decrease in 30-year yields). As a result, muni-to-Treasury ratios richened significantly in the two-, five- and 10-year part of the curve, and to a lesser extent the 30-year portion as well.

In terms of credit quality, municipals rated BBB and A outperformed their higher-quality counterparts for the three-month period. Single A credits were the best-performing credit quality in the Index, returning 2.2%, followed closely by a 2.1% return for BBB-rated securities. The Bloomberg Barclays High Yield Municipal Bond Index returned 2.0% after a 4.1% return during the first three months of the year. Within the high-yield universe, the tobacco sector continued its dramatic outperformance, returning 4.8% during the quarter. In contrast, the high-yield muni index was hampered by Puerto Rico credits, which were down 7.33%.

The weakness in Puerto Rico was driven by the Commonwealth's decision to file for Title III bankruptcy protection on May 1, which is similar to Chapter 9 municipal bankruptcy. Through June, nine unique Puerto Rico issuers had defaulted on their debt, with the total amount of missed payments totaling approximately $2.4 billion. Additional defaults will likely occur, and the oversight board process is likely to be very long, with initial debt restructuring decisions likely not made until late 2017. By some estimates, the board could be in place for at least a decade.

Finally, from a supply and demand standpoint, municipal technicals improved throughout the quarter. Demand for municipals generally increased and mutual fund inflows accelerated during the quarter, as interest rates declined and investors became more comfortable increasing exposure further out on the yield curve. Following the record new deal activity during 2016, issuance during the first half of 2017 declined approximately 14%. Year-to-date issuance stands at $195 billion, compared to $227 billion during the first six months of 2016.

Performance Summary 

Eaton Vance National Municipal Income Fund (the Fund) performed in line with its benchmark, the Barclays Municipal Bond Index (the Index), at net asset value for the quarter.

  • The Fund's treasury futures hedge detracted from performance for the quarter. The Index is not hedged.
  • Security selection bolstered the Fund's performance relative to the Index, specifically within AAA-rated bonds.
  • The Fund's use of leverage aided the relative performance as the Index is not leveraged.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.37 1.66 2.55 -1.13 3.63 3.49 2.48
Fund w/Max Sales Charge -5.34 -3.34 -2.45 -5.93 2.38 3.14 2.48
Bloomberg Barclays Municipal Bond Index4 -0.36 1.96 3.57 -0.49 3.33 3.26 4.59
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: 5%.

Fund Factsas of Jun 30, 2017

Class B Inception 12/19/1985
Expense Ratio (Gross)5 1.54%
Expense Ratio (Net)5 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 various Texas credits and AAA-rated credits.
  • Investments in Tender Option Bonds (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. As longer maturity bonds outperformed shorter dated bonds, the Fund's relative performance increased.

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, hurt to the fund's relative performance as Treasury rates fell during the quarter. This Index is not hedged.
  • The Fund also was hurt by security selection within BBB/BB-rated credits. Similarly rated bonds in the index outperformed similar bonds in the Fund.
  • Lastly, security selection within Pennsylvania credits detracted from relative performance.

Investment Outlook And Fund Positioning 

The historic move higher in rates during the fourth quarter of 2016 created an opportunity to lock in higher yields and potentially generate higher future returns. With municipal yields still significantly higher than their post-Brexit lows 12 months ago, we believe this opportunity remains in place.

Municipal demand should increase significantly during the summer months due to elevated levels of coupon payments and redemptions, while issuance is expected to be lower due to a drop in refunding deals. As a result of the favorable technical environment, it is our view that municipals are poised to perform well despite lower ratios relative to Treasurys.

Though additional details will likely be forthcoming, the municipal market's initial reaction to details of President Trump's tax cut proposal was fairly muted and coincided with the pickup in demand during the quarter. We believe this reflects the view that munis will still play a key role in long-term portfolios even if the proposed changes to the tax code are enacted.

Finally, from an overall portfolio perspective, municipals continue to offer tax-free yield with lower risk, given the lack of correlation to other asset classes. With equity markets near all-time highs, munis may offer an attractive opportunity for core capital with a focus on principal preservation.16

Credit Quality (%)13as of Jun 30, 2017

AAA 22.67
AA 33.91
A 26.38
BBB 10.62
BB 2.66
B 0.37
CCC or Lower 0.61
Not Rated 2.78
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 increase both the risk and return potential of the Fund), 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 increase both the risk and return potential of the Fund), 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: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Attribution

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Sep 30, 2016

Municipal Market Chart book

Download - Last updated: Jul 7, 2017

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

Semi-Annual Report

Download - Last updated: Mar 31, 2017

Summary Prospectus

Download - Last updated: Apr 10, 2017

XBRL

Download - Last updated: Feb 15, 2017