Overview

Historical Returns (%) as of Sep 30, 2022

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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. 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 Aug 31, 2022

Class I Inception 07/15/2015
Performance Inception 08/23/1983
Investment Objective Current tax-exempt income
Total Net Assets $462.2M
Minimum Investment $1000000
Expense Ratio (Gross)2 0.62%
Expense Ratio (Net)2,3 0.50%
CUSIP 13161X600

Top 10 Holdings (%)4,5 as of Aug 31, 2022

City of Seattle WA Water System Revenue 1.25
School District of Broward CountyFL 1.23
City of Boston MA 1.22
Intermountain Healthcare Obligated Group 1.18
City of Los Angeles Department of Airports 1.16
SalemKeizer School District No 24J 1.09
Cooper Health System Obligated Group 1.06
University of Maryland Medical System Obligated Group 1.06
Yale University 1.06
State of Texas 1.02
Total 11.34
 

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

RISK CONSIDERATIONS 

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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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, 2022

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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. 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 (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 3.15 -0.14 5.35 0.92 7.38 4.69 0.38
Bloomberg Municipal Bond Index1 6.78 -2.55 9.05 3.30 0.25 5.45 1.28 7.54 5.21 1.52
 

Fund Facts

Expense Ratio (Gross)2 0.62%
Expense Ratio (Net)2,3 0.50%
Class I Inception 07/15/2015
Performance Inception 08/23/1983
Distribution Frequency Monthly

Yield Information as of Aug 31, 2022

Distribution Rate at NAV 2.04%
Subsidized SEC 30-day Yield7 2.25%
Unsubsidized SEC 30-day Yield 2.15%
 

Morningstar Rating™ as of Aug 31, 2022

Time Period Rating Funds in
Muni National Interm
Category
Overall 277
3 Years 277
5 Years 241
10 Years 177
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2022 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
Oct 05, 2022 $14.73 $0.01
Oct 04, 2022 $14.72 $0.06
Oct 03, 2022 $14.66 $0.04
Sep 30, 2022 $14.62 $0.00
Sep 29, 2022 $14.62 $0.00
Sep 28, 2022 $14.62 -$0.03
Sep 27, 2022 $14.65 -$0.04
Sep 26, 2022 $14.69 -$0.08
Sep 23, 2022 $14.77 -$0.05
Sep 22, 2022 $14.82 -$0.04
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Sep 30, 2022 $0.02833 $14.62
Aug 31, 2022 $0.02630 $15.16
Jul 29, 2022 $0.02531 $15.50
Jun 30, 2022 $0.02400 $15.16
May 31, 2022 $0.02153 $15.37
Apr 29, 2022 $0.02000 $15.23
Mar 31, 2022 $0.01804 $15.67
Feb 28, 2022 $0.02017 $16.17
Jan 31, 2022 $0.01707 $16.27
Dec 31, 2021 $0.01758 $16.73
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 History8

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.

RISK CONSIDERATIONS 

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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 (%)5 as of Aug 31, 2022

Portfolio Statistics as of Aug 31, 2022

Number of Holdings 317
Average Coupon 4.15%
Average Maturity 8.52 yrs.
Average Effective Maturity 5.98 yrs.
Average Duration 4.84 yrs.
Average Call 5.21 yrs.
Average Price $104.60
% Subject to AMT 6.96%
 

Sector Breakdown (%)5 as of Aug 31, 2022

General Obligations 26.51
Education 12.42
Housing 10.57
Water and Sewer 10.39
Hospital 8.31
Other Revenue 7.56
Bond Bank 4.95
Special Tax Revenue 4.13
Transportation 2.67
Electric Utilities 2.20
View All

Credit Quality (%)9 as of Aug 31, 2022

AAA 24.10
AA 53.31
A 13.37
BBB 6.30
BB 1.32
B 0.36
Not Rated 1.24
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 (%)9 as of Aug 31, 2022

Less Than 1 Year 5.09
1 To 3 Years 12.60
3 To 5 Years 16.39
5 To 10 Years 29.63
10 To 20 Years 31.51
20 To 30 Years 4.78
More Than 30 Years 0.00
Total 100.00

Assets by State (%)9,10 as of Aug 31, 2022

California 15.19
Texas 8.93
Massachusetts 8.29
New York 8.11
Washington 5.63
District of Columbia 4.03
Indiana 3.93
Oregon 3.79
Pennsylvania 3.53
Connecticut 3.20
View All
 

Fund Holdings5,11 as of Aug 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
City of Seattle WA Water System Revenue 5.00% 09/01/2030 1.27%
School District of Broward CountyFL 5.00% 07/01/2027 1.26%
City of Boston MA 5.00% 11/01/2027 1.24%
Intermountain Healthcare Obligated Group 5.00% 05/15/2062 1.20%
City of Los Angeles Department of Airports 5.00% 05/15/2034 1.18%
SalemKeizer School District No 24J 4.00% 06/15/2037 1.11%
Cooper Health System Obligated Group 1.65% 11/01/2038 1.08%
University of Maryland Medical System Obligated Group 1.02% 07/01/2041 1.08%
Yale University 0.80% 07/01/2042 1.08%
State of Texas 5.00% 08/01/2034 1.04%
View All

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

RISK CONSIDERATIONS 

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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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

William J. Delahunty, CFA

William J. Delahunty, CFA

Managing Director, Portfolio Manager
Joined Calvert Research and Management 2016

Biography

William Delahunty is a portfolio manager on the Municipals team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. He joined Eaton Vance in 1998. Morgan Stanley acquired Eaton Vance in March 2021.

Bill began his career in the investment management industry in 1994. Before joining Eaton Vance, he was a financial analyst with Grubb & Ellis.

Bill earned a B.A. in economics from the University of Vermont. He has served on the board of the National Federation of Municipal Analysts and is a past president of the Boston Municipal Analyst Forum. He is a CFA charterholder.

Education
  • B.A. University of Vermont

Experience
  • Managed Fund since 2021

 
Cynthia J. Clemson

Cynthia J. Clemson

Managing Director, Co-Head of Municipals

Biography

Cynthia is Co-Head of Municipals and portfolio manager on the municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies.

Cindy began her career in the investment management industry with Eaton Vance in 1985. Morgan Stanley acquired Eaton Vance in March 2021.

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 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 Fact Sheet - Last updated: Jun 30, 2022

Commentary

Download Commentary - Last updated: Jun 30, 2022

Annual Report

Download Annual Report - Last updated: Dec 31, 2021

Full Prospectus

Download Full Prospectus - Last updated: May 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Mar 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Sep 30, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

Results of Joint Special Meeting of Shareholders of Calvert Funds

Download Results of Joint Special Meeting of Shareholders of Calvert Funds - Last updated: Feb 23, 2021

Joint Special Meeting of Shareholders of Calvert Funds on February 19, 2021 Will Be A Virtual Meeting

Download Joint Special Meeting of Shareholders of Calvert Funds on February 19, 2021 Will Be A Virtual Meeting - Last updated: Feb 8, 2021

SAI

Download SAI - Last updated: May 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jun 30, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: May 1, 2022