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 03/31/2017.

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

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 0.66 1.38 1.54 0.14 3.94 3.36 2.21
Fund w/Max Sales Charge -4.34 -3.62 -3.46 -4.72 2.69 3.01 2.21
Bloomberg Barclays Municipal Bond Index4 0.73 1.65 2.32 0.14 3.38 3.16 4.37
03/31/2017
Fund at NAV 0.35 0.87 0.87 0.64 4.34 3.38 2.18
Fund w/Max Sales Charge -4.65 -4.13 -4.13 -4.24 3.10 3.03 2.18
Bloomberg Barclays Municipal Bond Index4 0.22 1.58 1.58 0.15 3.55 3.24 4.32
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 Apr 30, 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 Apr 30, 2017

North Texas Tollway Authority
Great Lakes Water Authority Water Supply System Revenue
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue
Utility Debt Securitization Authority
University of Virginia
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 15.52

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 Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 0.66 1.38 1.54 0.14 3.94 3.36 2.21
Fund w/Max Sales Charge -4.34 -3.62 -3.46 -4.72 2.69 3.01 2.21
Bloomberg Barclays Municipal Bond Index4 0.73 1.65 2.32 0.14 3.38 3.16 4.37
Morningstar™ Muni National Long Category8 0.71 1.59 2.07 -0.31 3.44 3.15 3.74
03/31/2017
Fund at NAV 0.35 0.87 0.87 0.64 4.34 3.38 2.18
Fund w/Max Sales Charge -4.65 -4.13 -4.13 -4.24 3.10 3.03 2.18
Bloomberg Barclays Municipal Bond Index4 0.22 1.58 1.58 0.15 3.55 3.24 4.32
Morningstar™ Muni National Long Category8 0.23 1.35 1.35 -0.23 3.67 3.27 3.70
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 Apr 30, 2017

Distribution Rate at NAV 2.98%
Taxable-Equivalent Distribution Rate at NAV 5.27%
SEC 30-day Yield 1.58%
Taxable-Equivalent SEC 30-day Yield 2.79%

Morningstar™ Ratingsas of Apr 30, 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
May 26, 2017 $9.91 $0.01
May 25, 2017 $9.90 $0.01
May 24, 2017 $9.89 $0.00
May 23, 2017 $9.89 $0.01
May 22, 2017 $9.88 $0.01
May 19, 2017 $9.87 $0.00
May 18, 2017 $9.87 $0.01
May 17, 2017 $9.86 $0.02
May 16, 2017 $9.84 $0.01
May 15, 2017 $9.83 $0.00

Distribution History10

Ex-Date Distribution Reinvest NAV
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
Oct 31, 2016 $0.02392 $10.05
Sep 30, 2016 $0.02407 $10.17
Aug 31, 2016 $0.02392 $10.23
Jul 29, 2016 $0.02485 $10.20
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 History10

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 (%)6,11as of Apr 30, 2017

Municipal Bonds 99.66
Cash 0.34
Total 100.00

Portfolio Statisticsas of Apr 30, 2017

Number of Holdings 255
Average Coupon 5.51%
Average Maturity 16.36 yrs.
Average Effective Maturity 7.43 yrs.
Average Duration 5.06 yrs.
Average Call 7.10 yrs.
Average Price $108.84
% Subject to AMT 10.62%

Sector Breakdown (%)6as of Apr 30, 2017

General Obligations 18.20
Transportation 15.89
Hospital 9.23
Special Tax Revenue 8.29
Water and Sewer 7.66
Education 6.45
Electric Utilities 5.62
Escrowed/Prerefunded 5.08
Insured-Transportation 4.74
Other Revenue 4.14
View All

Credit Quality (%)12as of Apr 30, 2017

AAA 24.02
AA 35.79
A 20.64
BBB 13.05
BB 2.69
B 0.37
CCC or Lower 0.61
Not Rated 2.82
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 (%)12as of Apr 30, 2017

Less Than 1 Year 1.67
1 To 3 Years 3.98
3 To 5 Years 4.44
5 To 10 Years 10.56
10 To 20 Years 42.09
20 To 30 Years 37.25
More Than 30 Years 0.00
Total 100.00

Assets by State (%)12,13as of Apr 30, 2017

New York 16.04
Texas 14.15
California 13.41
Illinois 9.79
New Jersey 4.72
Massachusetts 3.93
Michigan 3.87
Florida 3.37
Pennsylvania 3.37
Puerto Rico 3.22
View All

Fund Holdings6,14as of Mar 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
North Texas Tollway Authority 6.20% 01/01/2042 2.47%
Great Lakes Water Authority Water Supply System Revenue 5.25% 07/01/2041 2.16%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% 08/01/2045 1.70%
State of Texas 5.00% 10/01/2044 1.69%
Utility Debt Securitization Authority 5.00% 12/15/2041 1.40%
University of Virginia 5.00% 04/01/2039 1.34%
Texas Municipal Gas Acquisition & Supply Corp III 5.00% 12/15/2032 1.31%
State of North Carolina 5.25% 05/01/2031 1.30%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.28%
Presence Health Network Obligated Group 7.75% 08/15/2019 1.20%
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 Mar 31, 2017

The U.S. municipal bond market posted positive returns for the first quarter of 2017, with the Bloomberg Barclays Municipal Bond Index (the Index)4 returning 1.6% for the three-month period. After experiencing a significant amount of volatility following Donald Trump's presidential election victory during the fourth quarter of 2016, the municipal market stabilized during the first quarter. During the period, short-term municipal yields declined 20-25 basis points, while intermediate- and longer-term yields were flat to slightly higher.

After experiencing significantly negative outflows during the last six weeks of 2016, mutual fund flows stabilized and turned positive in January, as some investors sought to take advantage of both higher municipal yields and attractive relative valuations. Despite this expression of confidence at the beginning of the year, mutual fund flows for the entire quarter were fairly tepid with overall inflows totaling just under $5 billion. Issuance during the quarter declined to $88 billion compared to $100 billion during the fourth quarter of 2016. The slowdown in issuance was largely related to the a decline in refunding activity due to higher interest rates and the uncertainty surrounding President Trump's agenda for health care, tax reform and infrastructure spending.

Compared to the sharp sell-off during the fourth quarter, the municipal market was relatively quiet during the first quarter. Treasury yields traded in a fairly tight range and the curve was more or less unchanged. Meanwhile, the municipal yield curve steepened significantly as two- and five-year yields declined 19 and 24 basis points, respectively, while 30-year yields increased 1bp. As a result, short term municipals outperformed longer-term municipals with the five-and seven-year part of the curve leading the way.

In terms of credit quality, lower quality municipals outperformed higher quality as BBB's within the Index returned 2.2% compared to AAAs up 1.4%. Similarly, after underperforming significantly during the fourth quarter, the Bloomberg Barclays High Yield Municipal Bond Index returned 4.1%, significantly outperforming investment grade. This outperformance was primarily due to higher carry, spread tightening and renewed strength in the tobacco sector, which returned 13.1%. Finally, Puerto Rico credits underperformed significantly following the release of its Certified Financial Plan in mid-March, which proved to be more negative for all bondholders than previously anticipated.

Performance Summary 

Eaton Vance National Municipal Income Fund (the Fund) underperformed 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 Illinois credits and BBB-rated bonds.
  • The Fund's use of leverage aided the relative performance as the Index is not leveraged.

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.35 0.87 0.87 0.64 4.34 3.38 2.18
Fund w/Max Sales Charge -4.65 -4.13 -4.13 -4.24 3.10 3.03 2.18
Bloomberg Barclays Municipal Bond Index4 0.22 1.58 1.58 0.15 3.55 3.24 4.32
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 Mar 31, 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 Illinois credits and BBB-rated credits. Specifically, the Fund's overweight exposure to GOs and the transportation sector aided performance.
  • 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. 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 in the quarter. This Index is not hedged.
  • Fund performance was also was hurt by an overweight exposure and security selection within zero coupon bonds. Similar zero coupon bonds in the Index outperformed the bonds in the Fund.
  • Lastly, security selection within the hospital/healthcare sector detracted from relative performance.

Investment Outlook And Fund Positioning 

We believe munis continue to be attractive on both an absolute and relative level. Intermediate- and longer-term municipals stabilized during the quarter, and the 10- and 30-year municipal-to-Treasury ratios ended the quarter at 94% and 101%, respectively.

Lackluster mutual fund flows and the ongoing expectation of lower taxes under the Trump administration have combined to keep municipal valuations attractive, in our view. In addition, the historic move higher in yields during the fourth quarter of 2016 created an emerging opportunity to lock in higher yields and potentially generate higher future returns. After the first three months of 2017, we believe this opportunity remains in place. 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, we continue to believe that municipal yields could move back down a bit in 2017 as U.S. Treasury yields are still attractive compared with other developed markets. Uncertainty surrounding President Trump's ability to deliver on the policy front has increased, and finally, the Federal Reserve continues to demonstrate a willingness to squeeze off inflationary pressures, if necessary.

Given this outlook, we believe tax-sensitive investors continue to be offered the opportunity to scale into munis at attractive yields and valuations. In addition, we believe municipals will continue to act as an anchor to provide diversification in the context of an overall portfolio.15

Credit Quality (%)12as of Mar 31, 2017

AAA 24.71
AA 35.82
A 20.11
BBB 13.00
BB 2.65
B 0.36
CCC or Lower 0.61
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 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: Mar 31, 2017

Commentary

Download - Last updated: Mar 31, 2017

Attribution

Download - Last updated: Mar 31, 2017

Annual Report

Download - Last updated: Sep 30, 2016

Municipal Market Chart book

Download - Last updated: Mar 31, 2017

Full Prospectus

Download - Last updated: Feb 1, 2017

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: May 5, 2017

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