Overview

Strong Morningstar Ratings as of 03/31/2019.2

Historical Returns (%) as of Mar 31, 2019

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. The share class has no sales charge.
 

Fund Facts as of Mar 31, 2019

Class I Inception 07/01/1999
Performance Inception 12/19/1985
Investment Objective Current tax-exempt income
Total Net Assets $2.7B
Minimum Investment $250000
Expense Ratio4 0.63%
CUSIP 27826L249

Top 10 Holdings (%)5,6 as of Mar 31, 2019

Great Lakes Water Authority Water Supply System Revenue 2.20
University of Virginia 1.80
North Texas Tollway System 1.65
Loma Linda University Medical Center Obligated Group 1.34
Texas Municipal Gas Acquisition Supply Corp III 1.18
LBJ Infrastructure Group LLC 1.14
Trustees of Columbia University in the City of New YorkThe 1.13
Harris CountyHouston Sports Authority 1.13
State of Washington 1.10
San Francisco City County Airport CommSan Francisco International Airport 1.07
Total 13.74
 

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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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, 2019

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. The share class has no sales charge.
 

Calendar Year Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 40.27 -0.89 11.88 14.50 -7.13 14.99 4.56 1.97 4.93 2.03
Bloomberg Barclays Municipal Bond Index3 12.91 2.38 10.70 6.78 -2.55 9.05 3.30 0.25 5.45 1.28
 

Fund Facts

Expense Ratio4 0.63%
Class I Inception 07/01/1999
Performance Inception 12/19/1985
Distribution Frequency Monthly

Yield Information8 as of Mar 31, 2019

Distribution Rate at NAV 3.65%
Taxable-Equivalent Distribution Rate at NAV9 6.17%
SEC 30-day Yield10 2.42%
Taxable-Equivalent SEC 30-day Yield 4.09%
 

Morningstar Rating™ as of Mar 31, 2019

Time Period Rating Funds in
Muni National Long
Category
Overall ***** 147
3 Years ***** 147
5 Years ***** 132
10 Years ***** 111
 

NAV History

Date NAV NAV Change
Apr 17, 2019 $9.83 -$0.01
Apr 16, 2019 $9.84 -$0.01
Apr 15, 2019 $9.85 $0.00
Apr 12, 2019 $9.85 $0.00
Apr 11, 2019 $9.85 $0.00
Apr 10, 2019 $9.85 $0.01
Apr 09, 2019 $9.84 $0.00
Apr 08, 2019 $9.84 $0.00
Apr 05, 2019 $9.84 $0.00
Apr 04, 2019 $9.84 $0.00
 

Distribution History11

Ex-Date Distribution Reinvest NAV
Mar 29, 2019 $0.03004 $9.87
Feb 28, 2019 $0.03044 $9.74
Jan 31, 2019 $0.02978 $9.69
Dec 31, 2018 $0.02960 $9.67
Nov 30, 2018 $0.02980 $9.62
Oct 31, 2018 $0.02959 $9.57
Sep 28, 2018 $0.03094 $9.65
Aug 31, 2018 $0.03006 $9.73
Jul 31, 2018 $0.03311 $9.75
Jun 29, 2018 $0.03409 $9.74
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 History11

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: 

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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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 (%)5,12 as of Mar 31, 2019

Portfolio Statistics as of Mar 31, 2019

Number of Holdings 307
Average Coupon 4.98%
Average Maturity 15.33 yrs.
Average Effective Maturity 6.28 yrs.
Average Duration 5.61 yrs.
Average Call 6.27 yrs.
Average Price $111.04
% Subject to AMT 13.77%
 

Sector Breakdown (%)5 as of Mar 31, 2019

General Obligations 21.50
Transportation 19.75
Special Tax Revenue 8.90
Hospital 8.85
Education 7.90
Escrowed/Prerefunded 5.71
Water and Sewer 5.54
Insured-Transportation 3.69
Electric Utilities 3.44
Other Revenue 3.28
View All

Credit Quality (%)13 as of Mar 31, 2019

AAA 19.52
AA 39.39
A 23.64
BBB 8.96
BB 2.49
B 0.40
Not Rated 5.59
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 (%)13 as of Mar 31, 2019

Less Than 1 Year 2.16
1 To 3 Years 5.92
3 To 5 Years 1.95
5 To 10 Years 11.86
10 To 20 Years 46.78
20 To 30 Years 31.33
More Than 30 Years 0.00
Total 100.00

Assets by State (%)13,14 as of Mar 31, 2019

New York 19.37
California 16.27
Texas 11.85
Illinois 7.80
New Jersey 4.71
Massachusetts 4.68
Michigan 4.33
Pennsylvania 3.31
Washington 3.05
Florida 2.95
View All
 

Fund Holdings5,15 as of Feb 28, 2019

Holding Coupon Rate Maturity Date % of Net Assets
Great Lakes Water Authority Water Supply System Revenue 5.25% 07/01/2041 2.34%
University of Virginia 5.00% 04/01/2039 1.87%
North Texas Tollway System 6.20% 01/01/2042 1.74%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.41%
Texas Municipal Gas Acquisition Supply Corp III 5.00% 12/15/2032 1.24%
LBJ Infrastructure Group LLC 7.00% 06/30/2034 1.21%
State of Washington 5.00% 02/01/2040 1.19%
Trustees of Columbia University in the City of New YorkThe 5.00% 10/01/2038 1.18%
Harris CountyHouston Sports Authority 0.00% 11/15/2034 1.16%
New JerseyAmerican Water Co Inc 5.70% 10/01/2039 1.13%
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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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 2013

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2019

Commentary

Download - Last updated: Mar 31, 2019

Keep the income. Cut the taxes.

Download - Last updated: Dec 31, 2018

Annual Report

Download - Last updated: Sep 30, 2018

Municipal Market Chart book

Download - Last updated: Apr 9, 2019

Full Prospectus

Download - Last updated: Feb 1, 2019

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: Feb 1, 2019

Semi-Annual Report

Download - Last updated: Mar 31, 2018

Summary Prospectus

Download - Last updated: Feb 1, 2019

XBRL

Download - Last updated: Feb 19, 2019