Overview

Growth of $10,000

10-year period ended 06/30/2017

  • Class A at NAV

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 0.58 0.89 3.82 0.93 2.87 2.60 3.86
Bloomberg Barclays Municipal Bond Index2 0.76 1.21 5.20 0.88 3.39 3.23 4.72
06/30/2017
Fund at NAV -0.28 1.43 2.62 -0.04 2.79 2.69 3.56
Bloomberg Barclays Municipal Bond Index2 -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. 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 Factsas of Aug 31, 2017

Class I Inception 03/03/2008
Performance Inception 02/03/1992
Investment Objective Current income
Total Net Assets $64.9M
Minimum Investment $250000
Expense Ratio (Gross)3 0.56%
Expense Ratio (Net)3 0.54%
CUSIP 27826Y761

Top 10 Holdings (%)4,5as of Jun 30, 2017

MedStar Health Obligated Group
MedStar Health Obligated Group
Washington Metropolitan Area Transit Authority
Baltimore Washington International Airport
County of Prince George's MD
Johns Hopkins Health System Obligated Group
State of Maryland
County of Baltimore MD
Johns Hopkins University
County of Montgomery MD
Total 37.68

Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2004

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. 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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 0.58 0.89 3.82 0.93 2.87 2.60 3.86
Bloomberg Barclays Municipal Bond Index2 0.76 1.21 5.20 0.88 3.39 3.23 4.72
Morningstar Muni Single State Interm Category6 0.60 0.79 3.67 0.05 2.36 2.16 3.64
06/30/2017
Fund at NAV -0.28 1.43 2.62 -0.04 2.79 2.69 3.56
Bloomberg Barclays Municipal Bond Index2 -0.36 1.96 3.57 -0.49 3.33 3.26 4.59
Morningstar Muni Single State Interm Category6 -0.33 1.47 2.49 -1.15 2.24 2.09 3.44
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. 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 (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -0.14 -16.17 27.59 0.37 10.67 8.02 -3.43 7.88 3.04 0.51
Bloomberg Barclays Municipal Bond Index2 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)3 0.56%
Expense Ratio (Net)3 0.54%
Class I Inception 03/03/2008
Performance Inception 02/03/1992
Distribution Frequency Monthly

Yield Information7as of Aug 31, 2017

Distribution Rate at NAV 2.94%
Taxable-Equivalent Distribution Rate at NAV8 5.51%
SEC 30-day Yield 1.65%
Taxable-Equivalent SEC 30-day Yield 3.09%

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Muni Single State Interm
Category
Overall ***** 148
3 Years ***** 148
5 Years ***** 136
10 Years **** 119
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 $8.91 $0.00
Sep 20, 2017 $8.91 $0.00
Sep 19, 2017 $8.91 -$0.01
Sep 18, 2017 $8.92 $0.00
Sep 15, 2017 $8.92 $0.00
Sep 14, 2017 $8.92 -$0.01
Sep 13, 2017 $8.93 $0.00
Sep 12, 2017 $8.93 -$0.02
Sep 11, 2017 $8.95 -$0.01
Sep 08, 2017 $8.96 $0.01

Distribution History9

Ex-Date Distribution Reinvest NAV
Aug 31, 2017 $0.02192 $8.94
Jul 31, 2017 $0.02212 $8.91
Jun 30, 2017 $0.02523 $8.88
May 31, 2017 $0.02587 $8.93
Apr 28, 2017 $0.02485 $8.85
Mar 31, 2017 $0.02469 $8.83
Feb 28, 2017 $0.02455 $8.84
Jan 31, 2017 $0.02408 $8.82
Dec 30, 2016 $0.02393 $8.80
Nov 30, 2016 $0.02459 $8.75
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. 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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)4,10as of Jun 30, 2017

Municipal Bonds 99.76
Cash 0.24
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Number of Holdings 52
Average Coupon 4.86%
Average Maturity 11.59 yrs.
Average Effective Maturity 5.84 yrs.
Average Duration 4.05 yrs.
Average Call 5.84 yrs.
Average Price $110.28
% Subject to AMT 6.36%

Sector Breakdown (%)4as of Jun 30, 2017

General Obligations 16.99
Escrowed/Prerefunded 16.25
Hospital 15.01
Transportation 9.29
Education 7.85
Insured-Escrowed/Prerefunded 5.74
Insured-Hospital 5.52
Housing 4.11
Special Tax Revenue 3.60
Other Revenue 3.47
View All

Credit Quality (%)11as of Jun 30, 2017

AAA 23.40
AA 36.05
A 23.00
BBB 8.56
Not Rated 8.99
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 Jun 30, 2017

Less Than 1 Year 16.01
1 To 3 Years 7.44
3 To 5 Years 7.22
5 To 10 Years 11.75
10 To 20 Years 34.08
20 To 30 Years 20.49
More Than 30 Years 3.00
Total 100.00

Assets by State (%)11,12as of Jun 30, 2017

Maryland 93.67
District of Columbia 5.95
Puerto Rico 0.37

Fund Holdings4,13as of Jul 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
MedStar Health Obligated Group 5.00% 07/01/2027 5.83%
MedStar Health Obligated Group 5.25% 08/15/2038 5.74%
Washington Metropolitan Area Transit Authority 5.00% 07/01/2019 4.18%
Baltimore Washington International Airport 5.00% 03/01/2023 3.60%
Johns Hopkins Health System Obligated Group 5.00% 05/15/2020 3.46%
State of Maryland 5.00% 11/01/2019 3.41%
County of Baltimore MD 5.00% 02/01/2018 3.24%
Johns Hopkins University 5.00% 07/01/2037 2.95%
Trinity Health Corp Obligated Group 5.00% 12/01/2045 2.68%
University System of Maryland 5.00% 04/01/2021 2.56%
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. 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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

No commentary information is currently available.

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. 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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

No attribution information is currently available.

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. 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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 2004


Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Aug 31, 2016

Municipal Market Chart book

Download - Last updated: Jul 7, 2017

Full Prospectus

Download - Last updated: Jan 1, 2017

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

Download

SAI

Download - Last updated: Jan 1, 2017

Semi-Annual Report

Download - Last updated: Feb 28, 2017

Summary Prospectus

Download - Last updated: Apr 10, 2017

XBRL

Download - Last updated: Jan 6, 2017