Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.13 0.24 3.61 0.99 1.67 1.62 2.78
Fund w/Max Sales Charge -0.87 -0.76 2.61 0.00 1.67 1.62 2.78
Bloomberg Barclays Municipal Bond Index2 0.24 0.49 4.92 2.19 3.03 3.00 4.50
09/30/2017
Fund at NAV -0.42 0.58 3.48 -0.23 1.72 1.72 2.80
Fund w/Max Sales Charge -1.41 -0.42 2.48 -1.21 1.72 1.72 2.80
Bloomberg Barclays Municipal Bond Index2 -0.51 1.06 4.66 0.87 3.18 3.00 4.52
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. 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. Max Sales Charge: 1%.

Fund Factsas of Oct 31, 2017

Class C Inception 07/15/2015
Performance Inception 08/23/1983
Investment Objective Current tax-exempt income
Total Net Assets $144.0M
Minimum Investment $1000
Expense Ratio (Gross)3 3.08%
Expense Ratio (Net)3,4 1.55%
CUSIP 13161X501

Top 10 Holdings (%)5,6as of Sep 30, 2017

North East Independent School DistrictTX
Presbyterian Healthcare Services Obligated Group
Duke University Health System Inc
Harris County Flood Control District
American Airlines Inc
County of Bexar TX
Hidalgo County Drain District No 1
Metropolitan Transportation Authority
Snohomish County School District No 4 Lake Stevens
Cleveland Clinic Health System Obligated Group
Total 23.41

Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2016
Cynthia J. Clemson Managed Fund since 2016

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. The prices of long-term bonds are more sensitive to changes in interest rates than the prices of short-term bonds. Therefore, in general, long-term bonds have more interest rate risk than short-term bonds. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance. The Fund is non-diversified and may be more volatile than a diversified fund. Some income may be subject to state and local taxes and to the federal alternative minimum tax.


Performance

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.13 0.24 3.61 0.99 1.67 1.62 2.78
Fund w/Max Sales Charge -0.87 -0.76 2.61 0.00 1.67 1.62 2.78
Bloomberg Barclays Municipal Bond Index2 0.24 0.49 4.92 2.19 3.03 3.00 4.50
Morningstar Muni National Interm Category7 0.09 0.44 4.25 1.45 2.38 2.36 3.70
09/30/2017
Fund at NAV -0.42 0.58 3.48 -0.23 1.72 1.72 2.80
Fund w/Max Sales Charge -1.41 -0.42 2.48 -1.21 1.72 1.72 2.80
Bloomberg Barclays Municipal Bond Index2 -0.51 1.06 4.66 0.87 3.18 3.00 4.52
Morningstar Muni National Interm Category7 -0.40 0.99 4.16 0.45 2.53 2.36 3.72
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. 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. Max Sales Charge: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 1.80 -5.19 9.50 -0.19 8.54 7.51 -4.17 7.47 2.63 -1.25
Bloomberg Barclays Municipal Bond Index2 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30 0.25

Fund Facts

Expense Ratio (Gross)3 3.08%
Expense Ratio (Net)3,4 1.55%
Class C Inception 07/15/2015
Performance Inception 08/23/1983
Distribution Frequency Monthly

Yield Information8as of Oct 31, 2017

Distribution Rate at NAV 1.54%
SEC 30-day Yield 0.81%
Medium Quality / Moderate Duration
Morningstar Fixed Income Style Box
The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

©2017 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.

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
Muni National Interm
Category
Overall ** 257
3 Years ** 257
5 Years ** 224
10 Years * 156
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.

©2017 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
Nov 21, 2017 $15.87 -$0.02
Nov 20, 2017 $15.89 -$0.01
Nov 17, 2017 $15.90 $0.00
Nov 16, 2017 $15.90 -$0.01
Nov 15, 2017 $15.91 $0.01
Nov 14, 2017 $15.90 -$0.01
Nov 13, 2017 $15.91 -$0.01
Nov 10, 2017 $15.92 -$0.03
Nov 09, 2017 $15.95 -$0.03
Nov 08, 2017 $15.98 $0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
Oct 26, 2017 $0.02030 $15.86
Sep 27, 2017 $0.02375 $15.87
Aug 30, 2017 $0.02332 $15.95
Jul 27, 2017 $0.02430 $15.89
Jun 28, 2017 $0.02553 $15.88
May 25, 2017 $0.02559 $15.84
Apr 27, 2017 $0.02608 $15.69
Mar 29, 2017 $0.02721 $15.63
Feb 23, 2017 $0.02682 $15.55
Jan 26, 2017 $0.02594 $15.53
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: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. The prices of long-term bonds are more sensitive to changes in interest rates than the prices of short-term bonds. Therefore, in general, long-term bonds have more interest rate risk than short-term bonds. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance. The Fund is non-diversified and may be more volatile than a diversified fund. Some income may be subject to state and local taxes and to the federal alternative minimum tax.


Portfolio

Portfolio Statisticsas of Sep 30, 2017

Number of Holdings 97
Effective Duration 4.87 yrs.
Average Effective Maturity 6.89 yrs.

Sector Breakdown (%)6as of Sep 30, 2017

General Obligations 28.19
Industrial Development Revenue 9.42
Special Tax Revenue 8.72
Water and Sewer 8.14
Other Revenue 8.03
Housing 7.67
Hospital 7.21
Escrowed/Prerefunded 7.15
Education 7.07
Insured-General Obligations 4.22
View All

Credit Quality (%)10as of Sep 30, 2017

AAA 24.05
AA 55.61
A 12.34
BBB 1.18
BB 2.92
CCC or Lower 1.45
Not Rated 2.45
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.

Fund Holdings6,11as of Sep 30, 2017

Holding Coupon Rate Maturity Date % of Net Assets
North East Independent School DistrictTX 5.25% 02/01/2035 3.02%
Presbyterian Healthcare Services Obligated Group 5.13% 08/01/2019 2.97%
Duke University Health System Inc 5.00% 06/01/2019 2.74%
Harris County Flood Control District 5.00% 10/01/2027 2.68%
American Airlines Inc 5.00% 08/01/2020 2.22%
County of Bexar TX 5.00% 06/15/2019 2.22%
Hidalgo County Drain District No 1 5.00% 09/01/2018 2.14%
Metropolitan Transportation Authority 5.00% 11/15/2035 1.90%
Snohomish County School District No 4 Lake Stevens 4.00% 12/01/2035 1.83%
Cleveland Clinic Health System Obligated Group 5.00% 01/01/2028 1.71%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. The prices of long-term bonds are more sensitive to changes in interest rates than the prices of short-term bonds. Therefore, in general, long-term bonds have more interest rate risk than short-term bonds. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance. The Fund is non-diversified and may be more volatile than a diversified fund. Some income may be subject to state and local taxes and to the federal alternative minimum tax.


Insights & Analysis

Commentary

Commentary available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. The prices of long-term bonds are more sensitive to changes in interest rates than the prices of short-term bonds. Therefore, in general, long-term bonds have more interest rate risk than short-term bonds. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance. The Fund is non-diversified and may be more volatile than a diversified fund. Some income may be subject to state and local taxes and to the federal alternative minimum tax.

Attribution

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. The prices of long-term bonds are more sensitive to changes in interest rates than the prices of short-term bonds. Therefore, in general, long-term bonds have more interest rate risk than short-term bonds. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance. The Fund is non-diversified and may be more volatile than a diversified fund. Some income may be subject to state and local taxes and to the federal alternative minimum tax.


Management

Biography
Craig R. Brandon, CFA

Craig R. Brandon, CFA

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2016

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 Boston Security Analysts Society, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts. He is a CFA charterholder.

Education
  • B.A. Canisius College
  • M.B.A. Joseph M. Katz Graduate School of Business, University of Pittsburgh

Experience
  • Managed Fund since 2016

 
Biography
Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2016

Cindy Clemson 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. She joined Calvert Research and Management in 2016.

Cindy began his career in the investment management industry in 1985. She has been affiliated with the Eaton Vance organization since 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 2016

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Attribution

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Dec 31, 2016

Full Prospectus

Download - Last updated: May 1, 2017

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

Download

SAI

Download - Last updated: May 1, 2017

Semi-Annual Report

Download - Last updated: Jun 30, 2017

Summary Prospectus

Download - Last updated: May 1, 2017

XBRL

Download - Last updated: May 1, 2017