Overview

Growth of $10,000

10-year period ended 06/30/2018

  • Class A at NAV

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. 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 Jul 31, 2018

Class I Inception 08/03/2010
Performance Inception 05/01/1992
Investment Objective Current income
Total Net Assets $66.0M
Minimum Investment $250000
Expense Ratio (Gross)3 0.53%
Expense Ratio (Net)3 0.51%
CUSIP 27826Y639

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

Lester E Cox Obligated Group
BiState Development Agency of the MissouriIllinois Metropolitan District
Lester E Cox Obligated Group
Procter Gamble CoThe
Kansas City Municipal Assistance Corp
St Luke's Health System Obligated GroupMO
Kansas City Municipal Assistance Corp
City of St Louis MO Airport Revenue
Independence School DistrictMO
Puerto Rico Highway Transportation Authority
Total 28.31
 

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. 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. 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 (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -14.17 21.46 -0.64 10.65 8.28 -4.39 11.38 3.13 1.58 3.31
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 Ratio (Gross)3 0.53%
Expense Ratio (Net)3 0.51%
Class I Inception 08/03/2010
Performance Inception 05/01/1992
Distribution Frequency Monthly

Yield Information7 as of Jul 31, 2018

Distribution Rate at NAV 3.35%
Taxable-Equivalent Distribution Rate at NAV8 6.02%
SEC 30-day Yield 2.21%
Taxable-Equivalent SEC 30-day Yield 3.97%
 

Morningstar Rating™ as of Jul 31, 2018

Time Period Rating Funds in
Muni Single State Long
Category
Overall ***** 193
3 Years ***** 193
5 Years ***** 174
10 Years **** 150
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
Aug 16, 2018 $9.29 $0.00
Aug 15, 2018 $9.29 $0.01
Aug 14, 2018 $9.28 $0.00
Aug 13, 2018 $9.28 $0.00
Aug 10, 2018 $9.28 $0.01
Aug 09, 2018 $9.27 $0.00
Aug 08, 2018 $9.27 $0.00
Aug 07, 2018 $9.27 -$0.01
Aug 06, 2018 $9.28 $0.00
Aug 03, 2018 $9.28 $0.00
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Jul 31, 2018 $0.02588 $9.28
Jun 29, 2018 $0.02692 $9.27
May 31, 2018 $0.02658 $9.28
Apr 30, 2018 $0.02676 $9.21
Mar 29, 2018 $0.02682 $9.25
Feb 28, 2018 $0.02700 $9.24
Jan 31, 2018 $0.02770 $9.26
Dec 29, 2017 $0.02778 $9.36
Nov 30, 2017 $0.02810 $9.32
Oct 31, 2017 $0.02959 $9.39
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
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. 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 64
Average Coupon 3.81%
Average Maturity 12.05 yrs.
Average Effective Maturity 6.99 yrs.
Average Duration 5.43 yrs.
Average Call 6.84 yrs.
Average Price $102.56
% Subject to AMT 2.83%
 

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

General Obligations 25.62
Hospital 14.78
Water and Sewer 7.37
Insured-Special Tax Revenue 6.79
Insured-Lease Revenue/Certificates of Participation 6.12
Escrowed/Prerefunded 5.55
Education 5.29
Insured-Escrowed/Prerefunded 5.20
Senior Living/Life Care 4.14
Insured-Transportation 3.78
View All

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

AAA 3.90
AA 55.98
A 19.10
BBB 7.58
BB 0.81
Not Rated 12.63
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 4.94
1 To 3 Years 18.00
3 To 5 Years 1.75
5 To 10 Years 9.87
10 To 20 Years 55.22
20 To 30 Years 10.23
More Than 30 Years 0.00
Total 100.00

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

Missouri 92.80
Puerto Rico 6.27
Guam 0.92
 

Fund Holdings4,13 as of Jun 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
Lester E Cox Obligated Group 0.00% 09/01/2020 5.22%
BiState Development Agency of the MissouriIllinois Metropolitan District 5.25% 07/01/2028 4.45%
Lester E Cox Obligated Group 0.00% 09/01/2020 3.25%
Procter Gamble CoThe 5.20% 03/15/2029 2.79%
Kansas City Municipal Assistance Corp 0.00% 04/15/2026 2.58%
St Luke's Health System Obligated GroupMO 4.00% 11/15/2033 2.35%
Kansas City Municipal Assistance Corp 0.00% 04/15/2030 2.14%
City of St Louis MO Airport Revenue 5.50% 07/01/2030 1.95%
Independence School DistrictMO 5.50% 03/01/2034 1.87%
United States Dollar 1.86%
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. 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

Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985

Biography

Cynthia Clemson is a vice president of Eaton Vance Management, co-director of municipal investments and portfolio manager on Eaton Vance’s municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. Cindy began her career in the investment management industry with Eaton Vance in 1985.

Cindy earned a B.A. from Mount Holyoke College and an MBA from Boston University. She is a member of the Boston Municipal Analysts Forum, the CFA Society of Boston, the Municipal Bond Buyer Conference and the National Federation of Municipal Analysts.

Education
  • B.A. Mount Holyoke College
  • M.B.A. Graduate School of Management, Boston University

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Annual Report

Download - Last updated: Aug 31, 2017

Municipal Market Chart book

Download - Last updated: Jul 6, 2018

Full Prospectus

Download - Last updated: Jan 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

Proxy Statement

Download - Last updated: Aug 2, 2018

SAI

Download - Last updated: Jan 1, 2018

Semi-Annual Report

Download - Last updated: Feb 28, 2018

Summary Prospectus

Download - Last updated: Jan 1, 2018

XBRL

Download - Last updated: Jan 12, 2018