Overview

Growth of $10,000

10-year period ended 06/30/2016

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.50 1.83 4.34 7.22 6.50 5.51 3.33
Fund w/Max Sales Charge -4.23 -2.99 -0.65 2.13 4.79 4.49 2.83
Barclays Municipal Bond Index2 0.13 1.79 4.54 6.88 6.46 4.80 4.87
06/30/2016
Fund at NAV 1.35 2.26 3.85 7.60 5.30 5.62 3.68
Fund w/Max Sales Charge -3.45 -2.60 -1.12 2.47 3.59 4.60 3.18
Barclays Municipal Bond Index2 1.59 2.61 4.33 7.65 5.58 5.32 5.13
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. Max Sales Charge: 4.75%.

Fund Factsas of Aug 31, 2016

Class A Inception 04/13/1994
Performance Inception 01/08/1991
Investment Objective Current income
Total Net Assets $170.9M
Minimum Investment $1000
Expense Ratio (Gross)3 0.75%
Expense Ratio (Net)3 0.73%
CUSIP 27826L298

Top 10 Holdings (%)4,5as of Jun 30, 2016

New Jersey Economic Development Authority
Garden State Preservation Trust
Port Authority of New York & New Jersey
SUEZ Water New Jersey Inc
New Jersey-American Water Co Inc
Princeton University
New Jersey Health Care Facilities Financing Authority
AHS Hospital Corp
AtlantiCare Regional Medical Center Inc
Township of Irvington NJ
Total 32.15

Portfolio Management

Adam A. Weigold, CFA Managed Fund since 2010

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 magnify losses), 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, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.50 1.83 4.34 7.22 6.50 5.51 3.33
Fund w/Max Sales Charge -4.23 -2.99 -0.65 2.13 4.79 4.49 2.83
Barclays Municipal Bond Index2 0.13 1.79 4.54 6.88 6.46 4.80 4.87
Morningstar™ Muni New Jersey Category6 0.30 2.06 5.00 7.90 6.45 4.75 4.02
06/30/2016
Fund at NAV 1.35 2.26 3.85 7.60 5.30 5.62 3.68
Fund w/Max Sales Charge -3.45 -2.60 -1.12 2.47 3.59 4.60 3.18
Barclays Municipal Bond Index2 1.59 2.61 4.33 7.65 5.58 5.32 5.13
Morningstar™ Muni New Jersey Category6 1.78 3.02 4.71 8.02 4.97 5.17 4.26
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. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 8.48 -1.76 -24.26 32.18 -0.82 9.47 11.75 -3.06 8.19 3.48
Barclays Municipal Bond Index2 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30

Fund Facts

Expense Ratio (Gross)3 0.75%
Expense Ratio (Net)3 0.73%
Class A Inception 04/13/1994
Performance Inception 01/08/1991
Distribution Frequency Monthly

Yield Information7as of Aug 31, 2016

Distribution Rate at NAV 3.42%
Taxable-Equivalent Distribution Rate at NAV 6.64%
SEC 30-day Yield 1.41%
Taxable-Equivalent SEC 30-day Yield 2.73%

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni New Jersey
Category
Overall ** *** 58
3 Years ** *** 58
5 Years *** **** 55
10 Years * ** 41
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2016 Morningstar, Inc. 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 is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Sep 29, 2016 $9.49 -$0.01
Sep 28, 2016 $9.50 $0.00
Sep 27, 2016 $9.50 $0.01
Sep 26, 2016 $9.49 $0.00
Sep 23, 2016 $9.49 $0.01
Sep 22, 2016 $9.48 $0.00
Sep 21, 2016 $9.48 $0.00
Sep 20, 2016 $9.48 $0.00
Sep 19, 2016 $9.48 $0.00
Sep 16, 2016 $9.48 $0.00
View All

Distribution History8

Ex-Date Distribution Reinvest NAV
Aug 31, 2016 $0.02721 $9.54
Jul 29, 2016 $0.02793 $9.52
Jun 30, 2016 $0.02785 $9.55
May 31, 2016 $0.02682 $9.45
Apr 29, 2016 $0.02749 $9.45
Mar 31, 2016 $0.02790 $9.42
Feb 29, 2016 $0.02834 $9.39
Jan 29, 2016 $0.02854 $9.43
Dec 31, 2015 $0.02824 $9.36
Nov 30, 2015 $0.02849 $9.30
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
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 magnify losses), 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 (%)4,9as of Jun 30, 2016

Municipal Bonds 99.91
Cash 0.09
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Number of Holdings 76
Average Coupon 4.26%
Average Maturity 12.87 yrs.
Average Effective Maturity 5.65 yrs.
Average Duration 4.95 yrs.
Average Call 5.65 yrs.
Average Price $107.36
% Subject to AMT 22.08%

Sector Breakdown (%)4as of Jun 30, 2016

Insured-Special Tax Revenue 11.99
Insured-General Obligations 11.43
Transportation 10.20
Education 9.46
Hospital 9.38
Escrowed/Prerefunded 5.24
Lease Revenue/Certificates of Participation 4.86
Senior Living/Life Care 4.71
Industrial Development Revenue 4.64
Insured-Electric Utilities 4.50
View All

Credit Quality (%)10as of Jun 30, 2016

AAA 5.70
AA 33.49
A 38.01
BBB 11.31
BB 1.72
Not Rated 9.76
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 (%)10as of Jun 30, 2016

Less Than 1 Year 1.15
1 To 3 Years 7.99
3 To 5 Years 2.21
5 To 10 Years 17.42
10 To 20 Years 56.88
20 To 30 Years 14.35
More Than 30 Years 0.00
Total 100.00

Assets by State (%)10,11as of Jun 30, 2016

New Jersey 91.48
New York 3.61
Puerto Rico 2.59
Pennsylvania 1.46
Virgin Islands 0.86

Fund Holdings4,12as of Jul 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
New Jersey Economic Development Authority 0.00% 07/01/2026 5.05%
Garden State Preservation Trust 0.00% 11/01/2024 3.90%
Port Authority of New York & New Jersey 5.00% 10/15/2034 3.63%
SUEZ Water New Jersey Inc 4.88% 11/01/2025 3.56%
New Jersey-American Water Co Inc 5.70% 10/01/2039 2.96%
New Jersey Transportation Trust Fund Authority 5.75% 12/15/2028 2.82%
New Jersey Health Care Facilities Financing Authority 5.25% 10/01/2038 2.63%
AHS Hospital Corp 5.00% 07/01/2027 2.54%
Township of Irvington NJ 0.00% 07/15/2023 2.53%
Princeton University 5.00% 07/01/2026 2.44%
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 magnify losses), 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 magnify losses), 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 magnify losses), 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
Adam A. Weigold, CFA

Adam A. Weigold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

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 Boston Security Analysts Society 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: Jun 30, 2016

Annual Report

Download - Last updated: Jul 31, 2016

Full Prospectus

Download - Last updated: Dec 1, 2015

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: Jul 1, 2016

SAI

Download - Last updated: Dec 1, 2015

Think Performance Think Eaton Vance

Download - Last updated: Jun 30, 2016

Semi-Annual Report

Download - Last updated: Jan 31, 2016

Summary Prospectus

Download - Last updated: Dec 1, 2015

XBRL

Download - Last updated: Dec 1, 2015