Overview

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. 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 Mar 31, 2019

Class I Inception 03/03/2008
Performance Inception 01/08/1991
Investment Objective Current income
Total Net Assets $158.2M
Minimum Investment $250000
Expense Ratio3 0.53%
CUSIP 27826Y753

Top 10 Holdings (%)4,5 as of Mar 31, 2019

Port Authority of New York New Jersey 3.38
Garden State Preservation Trust 3.33
New Jersey Economic Development Authority 3.31
New Jersey Transportation Trust Fund Authority 3.03
Gloucester County Improvement AuthorityThe 2.98
New JerseyAmerican Water Co Inc 2.87
State of New Jersey 2.68
Puerto Rico Electric Power Authority 2.68
Township of Irvington NJ 2.36
New Jersey Transportation Trust Fund Authority 2.25
Total 28.89
 

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

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 32.43 -0.63 9.81 11.85 -2.87 8.40 3.68 0.78 5.09 2.08
Bloomberg Barclays Municipal Bond Index2 12.91 2.38 10.70 6.78 -2.55 9.05 3.30 0.25 5.45 1.28
 

Fund Facts

Expense Ratio3 0.53%
Class I Inception 03/03/2008
Performance Inception 01/08/1991
Distribution Frequency Monthly

Yield Information7 as of Mar 31, 2019

Distribution Rate at NAV 3.17%
Taxable-Equivalent Distribution Rate at NAV8 5.88%
SEC 30-day Yield9 2.26%
Taxable-Equivalent SEC 30-day Yield 4.19%
 

Morningstar Rating™ as of Mar 31, 2019

Time Period Rating Funds in
Muni New Jersey
Category
Overall ***** 48
3 Years **** 48
5 Years **** 47
10 Years ***** 41
 

NAV History

Date NAV NAV Change
Apr 17, 2019 $9.23 -$0.01
Apr 16, 2019 $9.24 $0.00
Apr 15, 2019 $9.24 $0.00
Apr 12, 2019 $9.24 -$0.01
Apr 11, 2019 $9.25 $0.00
Apr 10, 2019 $9.25 $0.01
Apr 09, 2019 $9.24 $0.00
Apr 08, 2019 $9.24 $0.00
Apr 05, 2019 $9.24 $0.00
Apr 04, 2019 $9.24 $0.00
 

Distribution History10

Ex-Date Distribution Reinvest NAV
Mar 29, 2019 $0.02452 $9.27
Feb 28, 2019 $0.02523 $9.14
Jan 31, 2019 $0.02425 $9.12
Dec 31, 2018 $0.02646 $9.06
Nov 30, 2018 $0.02675 $8.99
Oct 31, 2018 $0.02617 $8.93
Sep 28, 2018 $0.02644 $9.01
Aug 31, 2018 $0.02676 $9.08
Jul 31, 2018 $0.02734 $9.08
Jun 29, 2018 $0.02722 $9.06
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 History10

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. 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 (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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)4,11 as of Mar 31, 2019

Portfolio Statistics as of Mar 31, 2019

Number of Holdings 92
Average Coupon 4.35%
Average Maturity 13.68 yrs.
Average Effective Maturity 6.73 yrs.
Average Duration 5.33 yrs.
Average Call 7.40 yrs.
Average Price $107.79
% Subject to AMT 16.77%
 

Sector Breakdown (%)4 as of Mar 31, 2019

Transportation 22.32
Hospital 15.76
General Obligations 11.40
Insured-Special Tax Revenue 9.86
Education 8.20
Insured-General Obligations 6.23
Industrial Development Revenue 4.70
Escrowed/Prerefunded 4.31
Student Loan 3.70
Insured-Electric Utilities 2.68
View All

Credit Quality (%)12 as of Mar 31, 2019

AAA 10.44
AA 35.67
A 26.43
BBB 18.60
BB 2.95
Not Rated 5.91
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 (%)12 as of Mar 31, 2019

Less Than 1 Year 3.84
1 To 3 Years 0.00
3 To 5 Years 5.24
5 To 10 Years 21.89
10 To 20 Years 51.11
20 To 30 Years 17.93
More Than 30 Years 0.00
Total 100.00

Assets by State (%)12,13 as of Mar 31, 2019

New Jersey 86.55
New York 5.42
Pennsylvania 5.04
Puerto Rico 2.99
 

Fund Holdings4,14 as of Feb 28, 2019

Holding Coupon Rate Maturity Date % of Net Assets
Port Authority of New York New Jersey 5.00% 10/15/2034 3.51%
Garden State Preservation Trust 0.00% 11/01/2024 3.38%
New Jersey Economic Development Authority 0.00% 07/01/2026 3.34%
New Jersey Transportation Trust Fund Authority 5.75% 12/15/2028 3.00%
Gloucester County Improvement AuthorityThe 4.00% 04/01/2035 2.98%
New JerseyAmerican Water Co Inc 5.70% 10/01/2039 2.93%
State of New Jersey 4.00% 06/01/2030 2.71%
Puerto Rico Electric Power Authority 5.25% 07/01/2034 2.70%
Township of Irvington NJ 0.00% 07/15/2023 2.52%
New Jersey Transportation Trust Fund Authority 5.00% 06/15/2038 2.23%
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 state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

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 2010

 

Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2018

Keep the income. Cut the taxes.

Download - Last updated: Dec 31, 2018

Annual Report

Download - Last updated: Jul 31, 2018

Municipal Market Chart book

Download - Last updated: Apr 9, 2019

Full Prospectus

Download - Last updated: Dec 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: Dec 1, 2018

Semi-Annual Report

Download - Last updated: Jan 31, 2019

Summary Prospectus

Download - Last updated: Dec 1, 2018

XBRL

Download - Last updated: Dec 12, 2018