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Trending ETFs

Name

As of 03/27/2024

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

$8.74

$490 M

2.52%

$0.22

1.41%

Vitals

YTD Return

0.3%

1 yr return

2.2%

3 Yr Avg Return

-0.5%

5 Yr Avg Return

0.6%

Net Assets

$490 M

Holdings in Top 10

12.9%

52 WEEK LOW AND HIGH

$8.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.41%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 70.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$8.74

$490 M

2.52%

$0.22

1.41%

EZNAX - Profile

Distributions

  • YTD Total Return 0.3%
  • 3 Yr Annualized Total Return -0.5%
  • 5 Yr Annualized Total Return 0.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.75%
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Eaton Vance National Limited Maturity Municipal Income Fund
  • Fund Family Name
    EATONVANCE
  • Inception Date
    Jun 17, 1994
  • Shares Outstanding
    1557491
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Trevor Smith

Fund Description

Under normal market circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 65% 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. 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 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.

Although the Fund invests in obligations to seek to maintain a dollar-weighted average portfolio duration of less than five years, the Fund may invest in individual municipal obligations of any maturity. Duration represents the dollar-weighted average maturity of expected cash flows (i.e., interest and principal payments) on one or more municipal obligations, discounted to their present values. The Fund may use various techniques to shorten or lengthen its dollar-weighted average duration, including the acquisition of municipal obligations at a premium or discount, and transactions in futures contracts and options on futures. 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 housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded funds (“ETFs”), 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 Fund may engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses.  The portfolio managers also may trade securities to minimize taxable capital gains to shareholders.  A portion of the Fund’s distributions generally will 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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EZNAX - Performance

Return Ranking - Trailing

Period EZNAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -2.7% 12.2% 29.07%
1 Yr 2.2% -3.0% 38.5% 83.19%
3 Yr -0.5%* -10.3% 3.3% 41.57%
5 Yr 0.6%* -5.7% 1102.9% 73.06%
10 Yr 1.1%* -0.2% 248.3% 83.69%

* Annualized

Return Ranking - Calendar

Period EZNAX Return Category Return Low Category Return High Rank in Category (%)
2023 0.9% -1.4% 41.0% 95.60%
2022 -6.1% -39.7% 0.3% 12.16%
2021 -1.0% -5.6% 6.9% 73.02%
2020 0.8% -2.6% 310.0% 86.34%
2019 2.1% 0.0% 26.0% 89.18%

Total Return Ranking - Trailing

Period EZNAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -2.7% 12.2% 29.07%
1 Yr 2.2% -3.0% 38.5% 83.19%
3 Yr -0.5%* -10.3% 3.3% 41.57%
5 Yr 0.6%* -5.7% 1102.9% 73.06%
10 Yr 1.1%* -0.2% 248.3% 83.69%

* Annualized

Total Return Ranking - Calendar

Period EZNAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -1.3% 41.0% 92.81%
2022 -4.8% -39.7% 1.1% 12.55%
2021 0.0% -4.8% 23761504.0% 87.57%
2020 2.6% -1.5% 17057.9% 82.89%
2019 4.1% 0.2% 3514.6% 86.96%

NAV & Total Return History


EZNAX - Holdings

Concentration Analysis

EZNAX Category Low Category High EZNAX % Rank
Net Assets 490 M 3.48 M 68.1 B 46.42%
Number of Holdings 216 2 12848 53.74%
Net Assets in Top 10 63.6 M -317 M 3.4 B 56.31%
Weighting of Top 10 12.86% 1.9% 100.4% 73.89%

Top 10 Holdings

  1. GEISINGER PA AUTH HLTH SYS REVENUE 1.58%
  2. MINNESOTA MUNI GAS AGY COMMODITY SPLY REVENUE 1.50%
  3. LUBBOCK TX 1.34%
  4. MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE 1.33%
  5. PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU 1.29%
  6. UNIV OF NORTH CAROLINA NC AT CHAPEL HILL REVENUE 1.28%
  7. MET TRANSPRTN AUTH NY DEDICATED TAX FUND 1.17%
  8. CONNECTICUT ST SPL TAX OBLIG REVENUE 1.17%
  9. CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 1.12%
  10. DENVER CITY CNTY CO ARPT REVENUE 1.08%

Asset Allocation

Weighting Return Low Return High EZNAX % Rank
Bonds
99.06% 0.00% 150.86% 35.87%
Cash
0.94% -50.86% 50.09% 63.02%
Stocks
0.00% 0.00% 99.80% 28.33%
Preferred Stocks
0.00% 0.00% 0.52% 18.43%
Other
0.00% -8.54% 33.35% 26.03%
Convertible Bonds
0.00% 0.00% 0.93% 18.50%

Bond Sector Breakdown

Weighting Return Low Return High EZNAX % Rank
Municipal
92.72% 44.39% 100.00% 89.20%
Corporate
0.62% 0.00% 9.41% 4.40%
Derivative
0.00% -8.54% 23.38% 22.94%
Cash & Equivalents
0.00% 0.00% 48.02% 64.82%
Securitized
0.00% 0.00% 5.93% 19.60%
Government
0.00% 0.00% 52.02% 24.90%

Bond Geographic Breakdown

Weighting Return Low Return High EZNAX % Rank
US
99.06% 0.00% 142.23% 33.70%
Non US
0.00% 0.00% 23.89% 26.61%

EZNAX - Expenses

Operational Fees

EZNAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.41% 0.01% 20.65% 20.00%
Management Fee 0.38% 0.00% 1.20% 32.84%
12b-1 Fee 0.90% 0.00% 1.00% 77.04%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

EZNAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load 1.00% 0.25% 5.00% 25.73%

Trading Fees

EZNAX 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.

EZNAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 70.00% 0.00% 283.00% 96.78%

EZNAX - Distributions

Dividend Yield Analysis

EZNAX Category Low Category High EZNAX % Rank
Dividend Yield 2.52% 0.00% 14.36% 74.24%

Dividend Distribution Analysis

EZNAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

EZNAX Category Low Category High EZNAX % Rank
Net Income Ratio 0.75% -0.53% 5.33% 92.56%

Capital Gain Distribution Analysis

EZNAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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EZNAX - Fund Manager Analysis

Managers

Trevor Smith


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Christopher Eustance


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Tenure Analysis

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