Overview

Growth of $10,000

10-year period ended 09/30/2016

  • Class A at NAV

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV -3.03 -4.07 0.54 1.38 4.62 3.96 3.06
Fund w/Max Sales Charge -7.62 -8.63 -4.25 -3.48 2.95 2.95 2.56
Bloomberg Barclays Municipal Bond Index2 -3.73 -5.21 -0.92 -0.22 3.64 3.42 4.09
09/30/2016
Fund at NAV -0.33 0.24 4.46 6.19 6.26 4.79 3.62
Fund w/Max Sales Charge -5.07 -4.53 -0.52 1.19 4.56 3.78 3.11
Bloomberg Barclays Municipal Bond Index2 -0.50 -0.30 4.01 5.58 5.53 4.48 4.74
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 Nov 30, 2016

Class A Inception 12/07/1993
Performance Inception 05/01/1992
Investment Objective Current income
Total Net Assets $72.6M
Minimum Investment $1000
Expense Ratio (Gross)3 0.71%
Expense Ratio (Net)3 0.70%
CUSIP 27826L520

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

Lester E Cox Obligated Group
Bi-State Development Agency of the Missouri-Illinois Metropolitan District
St Luke's Health System Obligated Group/MO
University of Missouri
Lester E Cox Obligated Group
St Luke's Health System Obligated Group/MO
Procter & Gamble Co/The
Kansas City Municipal Assistance Corp
City of Kansas City MO Water Revenue
Washington University in St Louis
Total 29.16

Portfolio Management

Cynthia J. Clemson Managed Fund since inception

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 Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV -3.03 -4.07 0.54 1.38 4.62 3.96 3.06
Fund w/Max Sales Charge -7.62 -8.63 -4.25 -3.48 2.95 2.95 2.56
Bloomberg Barclays Municipal Bond Index2 -3.73 -5.21 -0.92 -0.22 3.64 3.42 4.09
Morningstar™ Muni Single State Long Category6 -3.12 -4.26 -0.17 0.45 3.85 3.10 3.08
09/30/2016
Fund at NAV -0.33 0.24 4.46 6.19 6.26 4.79 3.62
Fund w/Max Sales Charge -5.07 -4.53 -0.52 1.19 4.56 3.78 3.11
Bloomberg Barclays Municipal Bond Index2 -0.50 -0.30 4.01 5.58 5.53 4.48 4.74
Morningstar™ Muni Single State Long Category6 -0.35 -0.24 3.94 5.31 5.38 3.96 3.80
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 6.14 -0.09 -14.17 21.46 -0.82 10.43 7.96 -4.49 11.05 3.03
Bloomberg 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 0.71%
Expense Ratio (Net)3 0.70%
Class A Inception 12/07/1993
Performance Inception 05/01/1992
Distribution Frequency Monthly

Yield Information7as of Nov 30, 2016

Distribution Rate at NAV 3.56%
Taxable-Equivalent Distribution Rate at NAV 6.69%
SEC 30-day Yield 1.70%
Taxable-Equivalent SEC 30-day Yield 3.19%

Morningstar™ Ratingsas of Nov 30, 2016

Time Period Rating Funds in
Muni Single State Long
Category
Overall **** 211
3 Years **** 211
5 Years **** 200
10 Years *** 172
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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.

©2016 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. Past performance is no guarantee of future results.

NAV History

Date NAV NAV Change
Dec 09, 2016 $9.39 $0.00
Dec 08, 2016 $9.39 -$0.01
Dec 07, 2016 $9.40 $0.07
Dec 06, 2016 $9.33 $0.03
Dec 05, 2016 $9.30 $0.01
Dec 02, 2016 $9.29 $0.00
Dec 01, 2016 $9.29 -$0.05
Nov 30, 2016 $9.34 -$0.03
Nov 29, 2016 $9.37 -$0.02
Nov 28, 2016 $9.39 -$0.01
View All

Distribution History8

Ex-Date Distribution Reinvest NAV
Nov 30, 2016 $0.02773 $9.34
Oct 31, 2016 $0.02734 $9.66
Sep 30, 2016 $0.02750 $9.76
Aug 31, 2016 $0.02750 $9.82
Jul 29, 2016 $0.02809 $9.79
Jun 30, 2016 $0.02814 $9.82
May 31, 2016 $0.02828 $9.68
Apr 29, 2016 $0.02825 $9.68
Mar 31, 2016 $0.02819 $9.65
Feb 29, 2016 $0.02862 $9.64
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 Sep 30, 2016

Municipal Bonds 98.19
Cash 1.81
Total 100.00

Portfolio Statisticsas of Sep 30, 2016

Number of Holdings 68
Average Coupon 4.02%
Average Maturity 11.76 yrs.
Average Effective Maturity 6.57 yrs.
Average Duration 5.08 yrs.
Average Call 6.45 yrs.
Average Price $105.22
% Subject to AMT 3.65%

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

General Obligations 17.01
Hospital 15.33
Escrowed/Prerefunded 11.79
Insured-Escrowed/Prerefunded 8.49
Insured-Special Tax Revenue 5.89
Senior Living/Life Care 5.50
Insured-Lease Revenue/Certificates of Participation 5.28
Water and Sewer 5.28
Insured-General Obligations 4.30
Education 3.66
View All

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

AAA 7.93
AA 65.04
A 13.60
BBB 6.51
CCC or Lower 0.54
Not Rated 6.38
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 Sep 30, 2016

Less Than 1 Year 6.15
1 To 3 Years 13.10
3 To 5 Years 13.98
5 To 10 Years 3.65
10 To 20 Years 49.12
20 To 30 Years 14.00
More Than 30 Years 0.00
Total 100.00

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

Missouri 91.81
Puerto Rico 7.31
Guam 0.87

Fund Holdings4,12as of Oct 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
Lester E Cox Obligated Group 0.00% 09/01/2020 4.53%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District 5.25% 07/01/2028 4.12%
St Luke's Health System Obligated Group/MO 4.00% 11/15/2033 2.94%
University of Missouri 5.00% 11/01/2017 2.85%
Lester E Cox Obligated Group 0.00% 09/01/2020 2.78%
St Luke's Health System Obligated Group/MO 5.50% 11/15/2018 2.77%
Procter & Gamble Co/The 5.20% 03/15/2029 2.60%
US DOLLARS 2.45%
Kansas City Municipal Assistance Corp 0.00% 04/15/2026 2.23%
City of Kansas City MO Water Revenue 5.25% 12/01/2032 2.16%
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
Cynthia J. Clemson

Cynthia J. Clemson

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

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 Boston Security Analysts Society, 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: Sep 30, 2016

Annual Report

Download - Last updated: Aug 31, 2016

Full Prospectus

Download - Last updated: Jan 1, 2016

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

Download

SAI

Download - Last updated: Jan 1, 2016

Think Performance Think Eaton Vance

Download - Last updated: Sep 30, 2016

Semi-Annual Report

Download - Last updated: Feb 29, 2016

Summary Prospectus

Download - Last updated: Jan 1, 2016

XBRL

Download - Last updated: Jan 1, 2016