Overview

Historical Returns (%) as of Sep 30, 2018

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. The share class has no sales charge.
 

Fund Facts as of Oct 31, 2018

Class I Inception 07/15/2015
Performance Inception 08/23/1983
Investment Objective Current tax-exempt income
Total Net Assets $145.3M
Minimum Investment $250000
Expense Ratio (Gross)3 0.76%
Expense Ratio (Net)3,4 0.45%
CUSIP 13161X600

Top 10 Holdings (%)5,6 as of Oct 31, 2018

Presbyterian Healthcare Services Obligated Group
Duke University Health System Inc
Harris County Flood Control District
American Airlines Inc
County of Bexar TX
Metropolitan Transportation Authority
Snohomish County School District No 4 Lake Stevens
San Diego Unified School DistrictCA
Cleveland Clinic Health System Obligated Group
Indiana Finance Authority
Total 20.22
 

Morningstar Rating™ as of Oct 31, 2018

Time Period Rating Funds in
Muni National Interm
Category
Overall **** 260
3 Years **** 260
5 Years **** 227
10 Years *** 151
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.

©2018 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.
 

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

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Because the Fund investments may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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. 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, 2018

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. The share class has no sales charge.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -5.19 9.50 -0.19 8.54 7.51 -4.17 7.47 3.15 -0.14 5.35
Bloomberg Barclays Municipal Bond Index2 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05 3.30 0.25 5.45
 

Fund Facts

Expense Ratio (Gross)3 0.76%
Expense Ratio (Net)3,4 0.45%
Class I Inception 07/15/2015
Performance Inception 08/23/1983
Distribution Frequency Monthly

Yield Information8 as of Oct 31, 2018

Distribution Rate at NAV 2.78%
Subsidized SEC 30-day Yield 2.44%
Unsubsidized SEC 30-day Yield 2.17%
Medium Quality / Limited 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.

©2018 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, 2018

Time Period Rating Funds in
Muni National Interm
Category
Overall **** 260
3 Years **** 260
5 Years **** 227
10 Years *** 151
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.

©2018 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 15, 2018 $15.45 $0.02
Nov 14, 2018 $15.43 $0.00
Nov 13, 2018 $15.43 -$0.01
Nov 12, 2018 $15.44 $0.03
Nov 09, 2018 $15.41 $0.01
Nov 08, 2018 $15.40 $0.01
Nov 07, 2018 $15.39 $0.02
Nov 06, 2018 $15.37 -$0.01
Nov 05, 2018 $15.38 $0.00
Nov 02, 2018 $15.38 -$0.01
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Oct 29, 2018 $0.03570 $15.44
Sep 25, 2018 $0.02990 $15.50
Aug 29, 2018 $0.03800 $15.64
Jul 27, 2018 $0.03780 $15.66
Jun 26, 2018 $0.03090 $15.64
May 29, 2018 $0.03960 $15.69
Apr 26, 2018 $0.03480 $15.56
Mar 26, 2018 $0.03640 $15.64
Feb 26, 2018 $0.03100 $15.65
Jan 29, 2018 $0.03350 $15.75
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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Because the Fund investments may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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. 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 (%)6 as of Oct 31, 2018

Portfolio Statistics as of Oct 31, 2018

Number of Holdings 103
Average Coupon 4.67%
Average Maturity 11.87 yrs.
Average Effective Maturity 6.81 yrs.
Average Duration 4.73 yrs.
Average Call 6.15 yrs.
Average Price $107.41
% Subject to AMT 5.86%
 

Sector Breakdown (%)6 as of Oct 31, 2018

General Obligations 22.43
Water and Sewer 9.51
Escrowed/Prerefunded 8.19
Special Tax Revenue 8.06
Other Revenue 7.83
Industrial Development Revenue 7.77
Education 7.53
Housing 5.99
Bond Bank 5.89
Hospital 5.85
View All

Credit Quality (%)10 as of Oct 31, 2018

AAA 22.04
AA 51.92
A 17.15
BBB 2.83
BB 2.19
B 1.46
Not Rated 2.40
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 highest 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 (%)10 as of Oct 31, 2018

Less Than 1 Year 12.03
1 To 3 Years 9.04
3 To 5 Years 2.10
5 To 10 Years 10.50
10 To 20 Years 58.09
20 To 30 Years 7.53
More Than 30 Years 0.71
Total 100.00

Assets by State (%)10,11 as of Oct 31, 2018

California 16.71
New York 9.84
Texas 8.63
Ohio 6.65
Massachusetts 6.05
Pennsylvania 4.94
Washington 4.80
Indiana 4.05
Arizona 3.21
Michigan 2.93
View All
 

Fund Holdings6,12 as of Sep 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
Presbyterian Healthcare Services Obligated Group 5.13% 08/01/2019 2.84%
United States Dollar 2.65%
Duke University Health System Inc 5.00% 06/01/2019 2.63%
Harris County Flood Control District 5.00% 10/01/2020 2.56%
American Airlines Inc 5.00% 08/01/2020 2.15%
County of Bexar TX 5.00% 06/15/2019 2.13%
Metropolitan Transportation Authority 5.00% 11/15/2035 1.82%
Snohomish County School District No 4 Lake Stevens 4.00% 12/01/2035 1.77%
San Diego Unified School DistrictCA 5.00% 07/01/2030 1.65%
Cleveland Clinic Health System Obligated Group 5.00% 01/01/2027 1.62%
View All

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

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Because the Fund investments may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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. 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

Craig R. Brandon, CFA

Craig R. Brandon, CFA

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

Biography

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.

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

Experience
  • Managed Fund since 2016

 
Cynthia J. Clemson

Cynthia J. Clemson

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

Biography

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 her 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 CFA Society of Boston, 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, 2018

Commentary

Download - Last updated: Sep 30, 2018

Annual Report

Download - Last updated: Dec 31, 2017

Full Prospectus

Download - Last updated: May 1, 2018

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

Download

SAI

Download - Last updated: May 1, 2018

Semi-Annual Report

Download - Last updated: Jun 30, 2018

Summary Prospectus

Download - Last updated: May 1, 2018

XBRL

Download - Last updated: May 11, 2018