his offering provides broad exposure to the municipal bond market, seeking to provide Fund shareholders with current income exempt from regular federal income tax. Fund investments span municipal sectors, states and credit tiers, with allocations directed by veteran manager Craig Brandon since 2013. The Fund's active management draws upon the expertise of Eaton Vance's municipal bond team, among America's largest and most experienced municipal bond managers. The investment team applies Eaton Vance's credit research process, while implementing a relative-value trading approach to municipal investing. Eaton Vance's decades of municipal market experience informs the Fund's strategy. Invests in longer-maturity bonds than many peers, which may provide higher levels of tax-exempt income1 and greater price volatility. Relative-value trading may add to performance, while ongoing credit monitoring helps mitigate risk.