Overview

Strong Morningstar Ratings as of 06/30/2018.1

Historical Returns (%) as of Jun 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. After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. 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.
 

Fund Facts as of Jun 30, 2018

Class C Inception 08/18/2014
Performance Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $998.0M
Minimum Investment $1000
Expense Ratio3 1.71%
CUSIP 27826Y563

Top 10 Holdings (%)4,5 as of Jun 30, 2018

State of Illinois
Hartford HealthCare Obligated Group
Care New England Health System
Delta Air Lines Inc
State of Illinois
State of Illinois
Triborough Bridge Tunnel Authority
Metropolitan Transportation Authority
Nuveen AMT-Free Quality Municipal Income Fund
Ascension Health Credit Group
Total 11.35
 

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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 Jun 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. After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. 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.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV 9.18 -4.99 13.58 3.24 -0.38 5.03
Bloomberg Barclays Municipal Bond Index2 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30 0.25 5.45
 

Fund Facts

Expense Ratio3 1.71%
Class C Inception 08/18/2014
Performance Inception 05/31/2011
Distribution Frequency Monthly

Yield Information7 as of Jun 30, 2018

Distribution Rate at NAV 1.61%
Taxable-Equivalent Distribution Rate at NAV8 2.72%
SEC 30-day Yield 1.43%
Taxable-Equivalent SEC 30-day Yield 2.41%
 

Morningstar Rating™ as of Jun 30, 2018

Time Period Rating Funds in
Muni National Interm
Category
Overall ** 261
3 Years ** 261
5 Years *** 233
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
Jul 18, 2018 $11.89 $0.01
Jul 17, 2018 $11.88 $0.00
Jul 16, 2018 $11.88 -$0.01
Jul 13, 2018 $11.89 $0.01
Jul 12, 2018 $11.88 $0.01
Jul 11, 2018 $11.87 $0.01
Jul 10, 2018 $11.86 $0.00
Jul 09, 2018 $11.86 $0.00
Jul 06, 2018 $11.86 $0.01
Jul 05, 2018 $11.85 $0.00
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Jun 29, 2018 $0.01564 $11.85
May 31, 2018 $0.01418 $11.85
Apr 30, 2018 $0.01553 $11.74
Mar 29, 2018 $0.01390 $11.79
Feb 28, 2018 $0.01579 $11.78
Jan 31, 2018 $0.01308 $11.84
Dec 29, 2017 $0.01187 $11.98
Nov 30, 2017 $0.01092 $11.91
Oct 31, 2017 $0.00990 $11.97
Sep 29, 2017 $0.01055 $12.00
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
Dec 01, 2016 $0.05060 $11.42
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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 (%)4,10 as of Jun 30, 2018

Portfolio Statistics as of Jun 30, 2018

Number of Holdings 565
Average Coupon 4.45%
Average Maturity 9.12 yrs.
Average Effective Maturity 6.35 yrs.
Average Duration 4.56 yrs.
Average Call 6.06 yrs.
Average Price $107.93
% Subject to AMT 12.81%
 

Sector Breakdown (%)4 as of Jun 30, 2018

Hospital 22.12
General Obligations 20.73
Transportation 12.39
Senior Living/Life Care 6.79
Other Revenue 5.74
Education 4.90
Industrial Development Revenue 4.55
Insured-General Obligations 3.69
Insured-Transportation 2.94
Electric Utilities 2.77
View All

Credit Quality (%)11 as of Jun 30, 2018

AAA 5.69
AA 25.82
A 25.32
BBB 27.09
BB 5.44
B 1.62
CCC or Lower 1.52
Not Rated 7.49
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 (%)11 as of Jun 30, 2018

Less Than 1 Year 1.24
1 To 3 Years 8.86
3 To 5 Years 6.59
5 To 10 Years 50.73
10 To 20 Years 28.69
20 To 30 Years 3.89
More Than 30 Years 0.00
Total 100.00

Assets by State (%)11,12 as of Jun 30, 2018

New York 14.58
Illinois 14.52
California 7.16
New Jersey 6.97
Michigan 6.33
Texas 4.87
Pennsylvania 4.76
Puerto Rico 3.31
Florida 3.05
Massachusetts 3.00
View All
 

Fund Holdings4,13 as of May 31, 2018

Holding Coupon Rate Maturity Date % of Net Assets
State of Illinois 5.00% 02/01/2028 1.65%
United States Dollar 1.40%
Hartford HealthCare Obligated Group 2.25% 07/01/2049 1.39%
Care New England Health System 5.50% 09/01/2026 1.19%
Delta Air Lines Inc 5.00% 01/01/2028 1.17%
State of Illinois 5.00% 02/01/2025 1.10%
State of Illinois 5.00% 11/01/2028 1.09%
Triborough Bridge Tunnel Authority 1.98% 01/01/2032 1.01%
Metropolitan Transportation Authority 1.51% 11/01/2026 1.00%
Nuveen AMT-Free Quality Municipal Income Fund 0.00% 0.99%
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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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

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 inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Commentary

Download - Last updated: Jun 30, 2018

Attribution

Download - Last updated: Jun 30, 2018

Annual Report

Download - Last updated: Jul 31, 2017

Municipal Market Chart book

Download - Last updated: Jul 6, 2018

Full Prospectus

Download - Last updated: Dec 1, 2017

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: Dec 1, 2017

Semiannual Report

Download - Last updated: Jan 31, 2018

Summary Prospectus

Download - Last updated: Dec 1, 2017

XBRL

Download - Last updated: Dec 13, 2017