Overview

Growth of $10,000

10-year period ended 03/31/2017

  • Class A at NAV

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 0.60 1.43 1.53 -1.11 2.84 2.89 2.83
Fund w/Max Sales Charge -0.41 0.43 0.53 -2.08 2.84 2.89 2.83
Bloomberg Barclays Municipal Bond Index2 0.73 1.65 2.32 0.14 3.38 3.16 4.37
03/31/2017
Fund at NAV 0.29 0.93 0.93 -0.84 3.19 2.99 2.80
Fund w/Max Sales Charge -0.71 -0.07 -0.07 -1.81 3.19 2.99 2.80
Bloomberg Barclays Municipal Bond Index2 0.22 1.58 1.58 0.15 3.55 3.24 4.32
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: 1%.

Fund Factsas of Apr 30, 2017

Class C Inception 09/30/2003
Performance Inception 08/30/1990
Investment Objective Current income
Total Net Assets $434.1M
Minimum Investment $1000
Expense Ratio (Gross)3 1.49%
Expense Ratio (Net)3 1.44%
CUSIP 27826L223

Top 10 Holdings (%)4,5as of Mar 31, 2017

Memorial Sloan-Kettering Cancer Center
Rochester Institute of Technology
Educational Housing Services Inc
Trustees of Columbia University in the City of New York/The
New York State Urban Development Corp
New York State Environmental Facilities Corp
Rockefeller University/The
New York City Industrial Development Agency
New School/The
New York State Dormitory Authority
Total 17.81

Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2005

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 Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 0.60 1.43 1.53 -1.11 2.84 2.89 2.83
Fund w/Max Sales Charge -0.41 0.43 0.53 -2.08 2.84 2.89 2.83
Bloomberg Barclays Municipal Bond Index2 0.73 1.65 2.32 0.14 3.38 3.16 4.37
Morningstar™ Muni New York Long Category6 0.78 1.75 2.23 0.52 3.69 2.94 3.61
03/31/2017
Fund at NAV 0.29 0.93 0.93 -0.84 3.19 2.99 2.80
Fund w/Max Sales Charge -0.71 -0.07 -0.07 -1.81 3.19 2.99 2.80
Bloomberg Barclays Municipal Bond Index2 0.22 1.58 1.58 0.15 3.55 3.24 4.32
Morningstar™ Muni New York Long Category6 0.33 1.45 1.45 0.46 3.85 3.00 3.56
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: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -1.76 -23.84 32.42 -0.36 11.77 9.96 -4.52 10.02 3.23 -0.38
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 1.49%
Expense Ratio (Net)3 1.44%
Class C Inception 09/30/2003
Performance Inception 08/30/1990
Distribution Frequency Monthly

Yield Information7as of Apr 30, 2017

Distribution Rate at NAV 2.31%
Taxable-Equivalent Distribution Rate at NAV 4.48%
SEC 30-day Yield 1.19%
Taxable-Equivalent SEC 30-day Yield 2.31%

Morningstar™ Ratingsas of Apr 30, 2017

Time Period Rating Funds in
Muni New York Long
Category
Overall ** 72
3 Years ** 72
5 Years ** 62
10 Years * 48
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
May 24, 2017 $10.10 $0.00
May 23, 2017 $10.10 $0.01
May 22, 2017 $10.09 $0.01
May 19, 2017 $10.08 $0.00
May 18, 2017 $10.08 $0.02
May 17, 2017 $10.06 $0.02
May 16, 2017 $10.04 $0.02
May 15, 2017 $10.02 $0.00
May 12, 2017 $10.02 $0.02
May 11, 2017 $10.00 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Apr 28, 2017 $0.01925 $10.00
Mar 31, 2017 $0.01896 $9.96
Feb 28, 2017 $0.02360 $9.95
Jan 31, 2017 $0.01988 $9.92
Dec 30, 2016 $0.01947 $9.93
Nov 30, 2016 $0.02024 $9.83
Oct 31, 2016 $0.01812 $10.26
Sep 30, 2016 $0.01844 $10.39
Aug 31, 2016 $0.01885 $10.49
Jul 29, 2016 $0.01924 $10.48
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 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 (%)4as of Mar 31, 2017

Municipal Bonds 99.62
U.S. Corporate Bonds 0.25
Cash 0.13
Total 100.00

Portfolio Statisticsas of Mar 31, 2017

Number of Holdings 177
Average Coupon 4.73%
Average Maturity 13.75 yrs.
Average Effective Maturity 6.39 yrs.
Average Duration 4.85 yrs.
Average Call 6.32 yrs.
Average Price $108.03
% Subject to AMT 5.79%

Sector Breakdown (%)4as of Mar 31, 2017

Education 20.27
Special Tax Revenue 16.40
Transportation 12.28
Hospital 6.83
Other Revenue 5.77
Water and Sewer 4.02
Insured-Escrowed/Prerefunded 3.90
Escrowed/Prerefunded 3.50
General Obligations 3.33
Electric Utilities 3.30
View All

Credit Quality (%)9as of Mar 31, 2017

AAA 25.66
AA 40.36
A 17.83
BBB 9.73
BB 0.60
CCC or Lower 0.86
Not Rated 4.96
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 (%)9as of Mar 31, 2017

Less Than 1 Year 4.95
1 To 3 Years 9.49
3 To 5 Years 6.74
5 To 10 Years 7.71
10 To 20 Years 49.96
20 To 30 Years 20.45
More Than 30 Years 0.70
Total 100.00

Assets by State (%)9,10as of Mar 31, 2017

New York 99.75
Other 0.25

Fund Holdings4,11as of Mar 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
Memorial Sloan-Kettering Cancer Center 0.00% 07/01/2030 2.73%
Rochester Institute of Technology 6.00% 07/01/2018 2.10%
Educational Housing Services Inc 5.50% 07/01/2035 1.95%
Trustees of Columbia University in the City of New York/The 4.00% 10/01/2026 1.86%
New York State Urban Development Corp 5.70% 04/01/2020 1.76%
New York State Environmental Facilities Corp 5.00% 10/15/2039 1.52%
Rockefeller University/The 0.91% 07/01/2039 1.49%
New York City Industrial Development Agency 0.00% 03/01/2030 1.49%
New School/The 5.50% 07/01/2020 1.45%
New York State Dormitory Authority 5.00% 03/15/2034 1.44%
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 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 2005


Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2017

Annual Report

Download - Last updated: Sep 30, 2016

Municipal Market Chart book

Download - Last updated: Mar 31, 2017

Full Prospectus

Download - Last updated: Feb 1, 2017

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: May 5, 2017

SAI

Download - Last updated: Feb 1, 2017

Semi-Annual Report

Download - Last updated: Mar 31, 2017

Summary Prospectus

Download - Last updated: Apr 10, 2017

XBRL

Download - Last updated: Feb 15, 2017