Overview

Since changing to a floating-rate municipal strategy in August 2013, the Fund’s NAV has demonstrated low volatility.

08/19/2013 - 09/30/2018

  • Class A NAV

Historical Returns (%) as of Sep 30, 2018

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. Prior to 8/19/13, Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.
 

Fund Facts as of Nov 30, 2018

Class I Inception 08/03/2010
Performance Inception 05/29/1992
Investment Objective Current tax-exempt income
Total Net Assets $613.5M
Minimum Investment $250000
Expense Ratio2 0.45%
CUSIP 27826H479

Top 10 Holdings (%)3,4 as of Sep 30, 2018

Colburn SchoolThe
Black Belt Energy Gas District
Patriots Energy Group Financing Agency
City of Houston TX Combined Utility System Revenue
Delaware Valley Regional Finance Authority
Bay Area Toll Authority
Iowa Health System Obligated Group
University of North Carolina at Chapel Hill
State of California Department of Water Resources
California Academy of Sciences
Total 25.53
 

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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 Sep 30, 2018

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. Prior to 8/19/13, Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -4.97 12.03 0.89 9.80 4.51 -3.08 1.11 -0.48 0.76 1.25
Bloomberg Barclays 1 Year Municipal Bond Index1 4.57 3.49 1.17 1.58 0.84 0.80 0.58 0.61 0.30 0.92
 

Fund Facts

Expense Ratio2 0.45%
Class I Inception 08/03/2010
Performance Inception 05/29/1992
Distribution Frequency Monthly

Yield Information6 as of Nov 30, 2018

Distribution Rate at NAV 1.75%
Taxable-Equivalent Distribution Rate at NAV7 2.96%
SEC 30-day Yield 1.70%
Taxable-Equivalent SEC 30-day Yield 2.87%
 

Morningstar Rating™ as of Oct 31, 2018

Time Period Rating Funds in
Muni National Short
Category
Overall *** 179
3 Years **** 179
5 Years *** 159
10 Years **** 101
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.

©2018 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
Dec 06, 2018 $9.84
Dec 04, 2018 $9.84 $0.00
Dec 03, 2018 $9.84 $0.00
Nov 30, 2018 $9.84 $0.01
Nov 29, 2018 $9.83 $0.00
Nov 28, 2018 $9.83 $0.00
Nov 27, 2018 $9.83 $0.00
Nov 26, 2018 $9.83 $0.00
Nov 23, 2018 $9.83 $0.00
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Nov 30, 2018 $0.01438 $9.84
Oct 31, 2018 $0.01418 $9.84
Sep 28, 2018 $0.01308 $9.84
Aug 31, 2018 $0.01325 $9.85
Jul 31, 2018 $0.01161 $9.85
Jun 29, 2018 $0.01167 $9.85
May 31, 2018 $0.01237 $9.84
Apr 30, 2018 $0.01292 $9.84
Mar 29, 2018 $0.01093 $9.83
Feb 28, 2018 $0.00876 $9.84
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 10, 2015 $0.00080 $0.00020 $9.80
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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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 (%)3 as of Sep 30, 2018

Portfolio Statistics as of Sep 30, 2018

Number of Holdings 120
Average Coupon 2.22%
Average Maturity 10.32 yrs.
Average Effective Maturity 2.67 yrs.
Average Duration 0.12 yrs.
Average Call 2.22 yrs.
Average Price $100.31
% Subject to AMT 3.10%
 

Sector Breakdown (%)3 as of Sep 30, 2018

Transportation 16.91
General Obligations 16.21
Hospital 15.62
Other Revenue 15.00
Education 11.78
Water and Sewer 6.24
Housing 5.05
Electric Utilities 4.65
Industrial Development Revenue 3.10
Special Tax Revenue 2.37
View All

Credit Quality (%)9 as of Sep 30, 2018

AAA 12.18
AA 42.61
A 42.36
BBB 2.68
B 0.03
Not Rated 0.13
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 highest 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 (%)9 as of Sep 30, 2018

Less Than 1 Year 8.40
1 To 3 Years 14.87
3 To 5 Years 17.39
5 To 10 Years 18.94
10 To 20 Years 24.14
20 To 30 Years 14.10
More Than 30 Years 2.17
Total 100.00

Assets by State (%)9,10 as of Sep 30, 2018

California 18.16
Pennsylvania 14.54
Texas 7.56
New York 6.44
Massachusetts 5.31
Alabama 4.51
Washington 4.42
New Jersey 3.43
Colorado 3.29
South Carolina 3.16
View All
 

Fund Holdings3,11 as of Oct 31, 2018

Holding Coupon Rate Maturity Date % of Net Assets
Colburn SchoolThe 2.80% 08/01/2037 3.59%
Black Belt Energy Gas District 2.22% 12/01/2048 3.50%
Patriots Energy Group Financing Agency 2.37% 10/01/2048 3.06%
City of Houston TX Combined Utility System Revenue 1.96% 05/15/2034 2.45%
Delaware Valley Regional Finance Authority 2.27% 09/01/2048 2.27%
Bay Area Toll Authority 2.23% 04/01/2045 2.11%
Iowa Health System Obligated Group 2.18% 02/15/2035 2.10%
University of North Carolina at Chapel Hill 1.91% 12/01/2041 2.00%
State of California Department of Water Resources 1.97% 12/01/2035 1.93%
City of New York NY 1.63% 01/01/2036 1.85%
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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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

Craig R. Brandon, CFA

Craig R. Brandon, CFA

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1998

Biography

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 CFA Society of Boston, 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 2004

 
Adam A. Weigold, CFA

Adam A. Weigold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Biography

Adam Weigold is a vice president of Eaton Vance Management and senior 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 began his career in the investment management industry with Eaton Vance in 1998.

Adam earned a B.A. from Dartmouth College and an MBA from Boston University. He is a member of the CFA Society of Boston and the National Federation of Municipal Analysts. He is a CFA charterholder.

Education
  • B.A. Dartmouth College
  • M.B.A. Boston University

Experience
  • Managed Fund since 2014

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2018

Annual Report

Download - Last updated: Mar 31, 2018

Municipal Market Chart book

Download - Last updated: Oct 8, 2018

Full Prospectus

Download - Last updated: Aug 1, 2018

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: Mar 6, 2018

SAI

Download - Last updated: Aug 1, 2018

Semi-Annual Report

Download - Last updated: Sep 30, 2018

Summary Prospectus

Download - Last updated: Aug 1, 2018

XBRL

Download - Last updated: Aug 6, 2018