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 0.31 1.74 3.79 5.25 4.24 3.01 3.02
Fund w/Max Sales Charge -1.99 -0.52 1.46 2.88 3.44 2.54 2.79
Return After Taxes on Dist w/Max Sales Charge 2.88 3.44 2.54 2.78
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 2.79 3.31 2.63 2.89
Barclays Municipal Bond Index2 0.13 1.79 4.54 6.88 6.46 4.80 4.87
Barclays 7 Year Municipal Bond Index3 -0.03 1.37 3.44 5.68 4.96 3.76 4.91
06/30/2016
Fund at NAV 1.12 1.87 3.15 5.19 3.40 3.13 3.20
Fund w/Max Sales Charge -1.13 -0.40 0.84 2.82 2.62 2.67 2.97
Return After Taxes on Dist w/Max Sales Charge 2.82 2.62 2.67 2.97
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 2.76 2.68 2.74 3.04
Barclays Municipal Bond Index2 1.59 2.61 4.33 7.65 5.58 5.32 5.13
Barclays 7 Year Municipal Bond Index3 1.15 1.70 3.22 6.26 4.54 4.33 5.15
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 2.25%.

Fund Factsas of Aug 31, 2016

Class A Inception 06/27/1996
Performance Inception 05/29/1992
Investment Objective Maximize after-tax total return
Total Net Assets $96.8M
Minimum Investment $1000
Expense Ratio4 0.75%
CUSIP 27826H560

Top 10 Holdings (%)5,6as of Jun 30, 2016

New York State Thruway Authority
New York State Urban Development Corp
Museum of Modern Art/The
Covanta Babylon Inc
Puerto Rico Electric Power Authority (NPFG)
Laguardia Gateway Partners LLC
New York City Water & Sewer System
Triborough Bridge & Tunnel Authority
City of New Rochelle NY
St John's University/NY
Total 23.90

Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2016
Adam A. Weigold, CFA Managed Fund since 2014

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. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. 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 0.31 1.74 3.79 5.25 4.24 3.01 3.02
Fund w/Max Sales Charge -1.99 -0.52 1.46 2.88 3.44 2.54 2.79
Return After Taxes on Dist w/Max Sales Charge 2.88 3.44 2.54 2.78
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 2.79 3.31 2.63 2.89
Barclays Municipal Bond Index2 0.13 1.79 4.54 6.88 6.46 4.80 4.87
Barclays 7 Year Municipal Bond Index3 -0.03 1.37 3.44 5.68 4.96 3.76 4.91
Morningstar™ Muni New York Intermediate Category7 0.17 1.45 3.80 5.83 5.44 3.84 3.84
06/30/2016
Fund at NAV 1.12 1.87 3.15 5.19 3.40 3.13 3.20
Fund w/Max Sales Charge -1.13 -0.40 0.84 2.82 2.62 2.67 2.97
Return After Taxes on Dist w/Max Sales Charge 2.82 2.62 2.67 2.97
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 2.76 2.68 2.74 3.04
Barclays Municipal Bond Index2 1.59 2.61 4.33 7.65 5.58 5.32 5.13
Barclays 7 Year Municipal Bond Index3 1.15 1.70 3.22 6.26 4.54 4.33 5.15
Morningstar™ Muni New York Intermediate Category7 1.43 2.39 3.78 6.73 4.65 4.30 4.10
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 5.06 1.50 -7.78 14.94 1.92 6.65 4.11 -2.08 4.95 1.97
Barclays Municipal Bond Index2 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30
Barclays 7 Year Municipal Bond Index3 3.98 5.06 4.59 7.61 4.63 10.14 4.20 -0.97 6.09 3.26

Fund Facts

Expense Ratio4 0.75%
Class A Inception 06/27/1996
Performance Inception 05/29/1992
Distribution Frequency Monthly

Yield Information8as of Aug 31, 2016

Distribution Rate at NAV 2.59%
Taxable-Equivalent Distribution Rate at NAV 5.02%
SEC 30-day Yield 0.93%
Taxable-Equivalent SEC 30-day Yield 1.80%

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni New York Intermediate
Category
Overall ** *** 59
3 Years ** *** 59
5 Years ** *** 56
10 Years * ** 46
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 23, 2016 $10.16 $0.00
Sep 22, 2016 $10.16 $0.01
Sep 21, 2016 $10.15 $0.01
Sep 20, 2016 $10.14 $0.00
Sep 19, 2016 $10.14 -$0.01
Sep 16, 2016 $10.15 $0.02
Sep 15, 2016 $10.13 -$0.01
Sep 14, 2016 $10.14 $0.00
Sep 13, 2016 $10.14 -$0.02
Sep 12, 2016 $10.16 -$0.02
View All

Distribution History9

Ex-Date Distribution Reinvest NAV
Aug 31, 2016 $0.02206 $10.23
Jul 29, 2016 $0.02130 $10.22
Jun 30, 2016 $0.02295 $10.21
May 31, 2016 $0.02206 $10.12
Apr 29, 2016 $0.02265 $10.11
Mar 31, 2016 $0.02221 $10.09
Feb 29, 2016 $0.02284 $10.12
Jan 29, 2016 $0.02141 $10.12
Dec 31, 2015 $0.02220 $10.03
Nov 30, 2015 $0.02253 $10.02
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 

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. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. 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 (%)5as of Jun 30, 2016

Municipal Bonds 98.45
Cash 1.09
U.S. Corporate Bonds 0.45
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Number of Holdings 89
Average Coupon 4.83%
Average Maturity 7.20 yrs.
Average Effective Maturity 4.92 yrs.
Average Duration 4.26 yrs.
Average Call 4.92 yrs.
Average Price $112.37
% Subject to AMT 10.63%

Sector Breakdown (%)5as of Jun 30, 2016

Transportation 14.19
Education 9.90
General Obligations 8.52
Hospital 8.19
Insured-Education 6.78
Other Revenue 6.73
Insured-Special Tax Revenue 5.40
Senior Living/Life Care 4.89
Water and Sewer 4.35
Special Tax Revenue 4.14
View All

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

AAA 9.09
AA 55.29
A 11.67
BBB 14.63
BB 3.64
Not Rated 5.69
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 3.03
1 To 3 Years 19.51
3 To 5 Years 16.96
5 To 10 Years 42.60
10 To 20 Years 13.28
20 To 30 Years 4.62
More Than 30 Years 0.00
Total 100.00

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

New York 94.71
Puerto Rico 2.42
Nebraska 1.62
New Jersey 0.80
Other 0.46

Fund Holdings5,12as of Jul 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
Presence Health Network Obligated Group 3.75% 02/15/2034 3.81%
Metropolitan Transportation Authority 5.00% 11/15/2056 3.12%
Museum of Modern Art/The 4.00% 04/01/2031 3.05%
New York State Thruway Authority 5.50% 04/01/2020 2.77%
New York State Urban Development Corp 5.50% 03/15/2019 2.39%
Museum of Modern Art/The 5.00% 10/01/2018 2.34%
New York and Presbyterian Hospital 4.76% 08/01/2116 2.33%
Covanta Babylon Inc 5.00% 01/01/2019 2.29%
Laguardia Gateway Partners LLC 4.00% 07/01/2031 2.26%
Puerto Rico Electric Power Authority 5.25% 07/01/2029 2.24%
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. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. 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. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. 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. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. 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
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.

Craig joined Eaton Vance in 1998 as a research analyst covering both high-yield and high–grade bonds. He was responsible for state and local government obligation, hospital, industrial development and tobacco-backed sectors. Prior to joining Eaton Vance, he was a senior budget and capital finance analyst with the New York State Assembly Ways and Means Committee responsible for negotiating that state's debt service budget and its various capital financing programs.

Craig earned a B.S. in finance in 1989 from Canisius College and an M.B.A. from the University of Pittsburgh in 1991. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Education
  • B.A. Canisius College
  • M.B.A. Joseph M. Katz Graduate School of Business, University of Pittsburgh
Experience
  • Managed Fund since 2016
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 2014

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2016

Annual Report

Download - Last updated: Mar 31, 2016

Full Prospectus

Download - Last updated: Aug 1, 2016

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: Aug 1, 2016

Semi-Annual Report

Download - Last updated: Sep 30, 2015

Summary Prospectus

Download - Last updated: Aug 1, 2016

XBRL

Download - Last updated: Aug 12, 2016