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Trending ETFs

Eaton Vance National Ultra-Short Municipal Income Fund

mutual fund
EILMX
Payout Change
Pending
Price as of:
$9.74 +0.0 +0.0%
primary theme
Municipal Bond
EILMX (Mutual Fund)

Eaton Vance National Ultra-Short Municipal Income Fund

Payout Change
Pending
Price as of:
$9.74 +0.0 +0.0%
primary theme
Municipal Bond
EILMX (Mutual Fund)

Eaton Vance National Ultra-Short Municipal Income Fund

Payout Change
Pending
Price as of:
$9.74 +0.0 +0.0%
primary theme
Municipal Bond

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.74

$406 M

3.45%

$0.34

0.41%

Vitals

YTD Return

1.5%

1 yr return

3.6%

3 Yr Avg Return

1.6%

5 Yr Avg Return

1.2%

Net Assets

$406 M

Holdings in Top 10

16.8%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 47.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.74

$406 M

3.45%

$0.34

0.41%

EILMX - Profile

Distributions

  • YTD Total Return 1.5%
  • 3 Yr Annualized Total Return 1.6%
  • 5 Yr Annualized Total Return 1.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.15%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Eaton Vance National Ultra-Short Municipal Income Fund
  • Fund Family Name
    EATONVANCE
  • Inception Date
    Aug 03, 2010
  • Shares Outstanding
    44896331
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Craig Brandon

Fund Description

Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “Tax-Exempt 80% Policy”). At least 75% of the Fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used.

Under normal circumstances, the Fund’s dollar-weighted average maturity will be less than two years. The Fund is not a money market fund and does not seek to maintain a stable net asset value.

The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities.  The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps, total return swaps and forward rate agreements) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes.  The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as education, transportation, housing, hospitals, healthcare facilities or utilities).  The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors.  The Fund may invest in restricted securities.

The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market.  In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio managers also may trade securities to minimize taxable capital gains to shareholders.  The Fund expects up to 25% of its annual distributions to be subject to the federal alternative minimum tax.  The Fund may not be suitable for investors subject to the federal alternative minimum tax.

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EILMX - Performance

Return Ranking - Trailing

Period EILMX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -2.9% 17.0% 15.14%
1 Yr 3.6% -1.4% 29.0% 65.34%
3 Yr 1.6%* -11.1% 2.9% 1.32%
5 Yr 1.2%* -6.3% 1102.2% 19.71%
10 Yr 1.0%* -0.5% 248.4% 82.38%

* Annualized

Return Ranking - Calendar

Period EILMX Return Category Return Low Category Return High Rank in Category (%)
2023 0.2% -1.4% 41.0% 98.96%
2022 -1.1% -39.7% 0.3% 1.32%
2021 0.5% -5.6% 6.9% 15.16%
2020 -0.5% -2.6% 310.0% 97.89%
2019 0.2% 0.0% 26.0% 99.23%

Total Return Ranking - Trailing

Period EILMX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -2.9% 17.0% 15.14%
1 Yr 3.6% -1.4% 29.0% 65.34%
3 Yr 1.6%* -11.1% 2.9% 1.32%
5 Yr 1.2%* -6.3% 1102.2% 19.71%
10 Yr 1.0%* -0.5% 248.4% 82.38%

* Annualized

Total Return Ranking - Calendar

Period EILMX Return Category Return Low Category Return High Rank in Category (%)
2023 3.7% -1.3% 41.0% 89.45%
2022 0.2% -39.7% 1.1% 0.73%
2021 0.7% -4.8% 23761504.0% 73.01%
2020 -0.1% -1.5% 17057.9% 99.32%
2019 1.8% 0.2% 3514.6% 98.25%

NAV & Total Return History


EILMX - Holdings

Concentration Analysis

EILMX Category Low Category High EILMX % Rank
Net Assets 406 M 3.22 M 71.9 B 52.34%
Number of Holdings 140 2 13067 73.62%
Net Assets in Top 10 58.9 M -317 M 3.56 B 59.91%
Weighting of Top 10 16.81% 2.0% 100.2% 56.24%

Top 10 Holdings

  1. DELAWARE VLY PA REGL FIN AUTH 2.86%
  2. MET TRANSPRTN AUTH NY REVENUE 2.12%
  3. LOWER AL GAS DIST GAS PROJ REVENUE 1.58%
  4. HARRIS CNTY TX HLTH FACS DEV CORP REVENUE 1.51%
  5. CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE 1.47%
  6. CALIFORNIA ST 1.46%
  7. IOWA ST FIN AUTH REVENUE 1.46%
  8. PUERTO RICO CMWLTH 1.46%
  9. CHICAGO IL BRD OF EDU 1.45%
  10. GREENVILLE CNTY SC SCH DIST INSTALLMENT PURCHASE REVENUE 1.44%

Asset Allocation

Weighting Return Low Return High EILMX % Rank
Bonds
100.67% 0.00% 150.86% 9.81%
Stocks
0.00% 0.00% 99.81% 12.27%
Preferred Stocks
0.00% 0.00% 0.56% 0.58%
Other
0.00% -3.18% 33.35% 14.55%
Convertible Bonds
0.00% 0.00% 0.93% 0.59%
Cash
0.00% -50.86% 46.80% 88.82%

Bond Sector Breakdown

Weighting Return Low Return High EILMX % Rank
Municipal
93.46% 44.39% 100.00% 87.02%
Corporate
0.48% 0.00% 9.41% 5.41%
Derivative
0.00% -3.18% 19.67% 9.42%
Cash & Equivalents
0.00% 0.00% 46.24% 57.57%
Securitized
0.00% 0.00% 5.93% 2.41%
Government
0.00% 0.00% 52.02% 8.35%

Bond Geographic Breakdown

Weighting Return Low Return High EILMX % Rank
US
100.67% 0.00% 142.23% 9.36%
Non US
0.00% 0.00% 23.89% 5.00%

EILMX - Expenses

Operational Fees

EILMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.41% 0.01% 20.65% 90.12%
Management Fee 0.30% 0.00% 1.20% 15.00%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

EILMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

EILMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

EILMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 47.00% 0.00% 283.00% 91.52%

EILMX - Distributions

Dividend Yield Analysis

EILMX Category Low Category High EILMX % Rank
Dividend Yield 3.45% 0.00% 14.51% 17.27%

Dividend Distribution Analysis

EILMX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Monthly Monthly

Net Income Ratio Analysis

EILMX Category Low Category High EILMX % Rank
Net Income Ratio 0.15% -0.53% 5.33% 98.49%

Capital Gain Distribution Analysis

EILMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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EILMX - Fund Manager Analysis

Managers

Craig Brandon


Start Date

Tenure

Tenure Rank

Sep 30, 2004

17.68

17.7%

Craig Brandon is a vice president and portfolio manager for Calvert Research and Management, a wholly owned subsidiary of Eaton Vance Management specializing in responsible and sustainable investing across global capital markets. He joined Calvert Research and Management in 2016. Craig began his career in the investment management industry in 1995. He has been affiliated with the Eaton Vance organization since 1998. He has experience with Eaton Vance across a variety of research roles. Before joining the Eaton Vance organization, 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 CFA Society of Boston, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts. He is a CFA charterholder.

Julie Callahan


Start Date

Tenure

Tenure Rank

Oct 01, 2021

0.66

0.7%

Ms. Callahan is a senior vice president and municipal bond portfolio manager in the New York office. Prior to joining PIMCO in 2011, she was a portfolio manager for municipal separately managed accounts at Western Asset (WAMCO). She previously managed the firm's municipal money market funds. Before that, Ms. Callahan was director and portfolio manager for municipal money market funds with Citigroup Asset Management. She has 22 years of investment experience and holds a bachelor's degree from Fairfield University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58