Overview

Historical Returns (%) as of Mar 31, 2021

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. Prior to 8/19/13, Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years.
 

Fund Facts as of Apr 30, 2021

Class A Inception 11/20/2020
Investment Objective Current tax-exempt income
Total Net Assets $483.5M
Minimum Investment
Expense Ratio2
CUSIP 27826H420

Top 10 Holdings (%)3,4 as of Apr 30, 2021

OBH LLC 5.24
New York City Water Sewer System 5.24
Black Belt Energy Gas District 4.22
Colburn SchoolThe 4.21
Metropolitan Transportation Authority 4.14
Cleveland Clinic Health System Obligated Group 3.87
Patriots Energy Group Financing Agency 3.72
State of Arkansas 3.32
Fred Hutchinson Cancer Research Center 2.54
Iowa Health System Obligated Group 2.23
Total 38.73
 

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. 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 Mar 31, 2021

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. Prior to 8/19/13, Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years.
 

Calendar Year Returns (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV 1.83 0.13
Bloomberg Barclays 1 Year Municipal Bond Index1 1.58 0.84 0.80 0.58 0.61 0.30 0.92 1.74 2.46 1.76
 

Fund Facts

Expense Ratio2
Class A Inception 11/20/2020
Distribution Frequency

Yield Information as of Mar 31, 2021

Distribution Rate at NAV 3.08%
Taxable-Equivalent Distribution Rate at NAV6 5.20%
SEC 30-day Yield7 -0.14%
Taxable-Equivalent SEC 30-day Yield -0.24%
 

NAV History

Date NAV NAV Change
May 14, 2021 $9.84 $0.00
May 13, 2021 $9.84 $0.00
May 12, 2021 $9.84 $0.00
May 11, 2021 $9.84 $0.00
May 10, 2021 $9.84 $0.00
May 07, 2021 $9.84 $0.00
May 06, 2021 $9.84 $0.00
May 05, 2021 $9.84 $0.00
May 04, 2021 $9.84 $0.00
May 03, 2021 $9.84 $0.00
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Mar 31, 2021 $0.00083 $9.84
Feb 26, 2021 $0.00093 $9.83
Jan 29, 2021 $0.00123 $9.82
Dec 31, 2020 $0.00119 $9.80
Nov 30, 2020 $0.00034 $9.79
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.

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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. 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 (%)3 as of Apr 30, 2021

Portfolio Statistics as of Apr 30, 2021

Number of Holdings 72
Average Coupon 0.86%
Average Maturity 5.93 yrs.
Average Effective Maturity 1.31 yrs.
Average Duration 0.40 yrs.
Average Call 1.21 yrs.
Average Price $100.51
% Subject to AMT 8.59%
 

Sector Breakdown (%)3 as of Apr 30, 2021

Hospital 23.32
Other Revenue 15.31
Transportation 11.37
General Obligations 8.63
Education 7.80
Industrial Development Revenue 7.71
Housing 6.35
Water and Sewer 6.23
Electric Utilities 3.84
Bond Bank 2.10
View All

Credit Quality (%)9 as of Apr 30, 2021

AAA 3.30
AA 51.27
A 42.95
BBB 2.45
Not Rated 0.03
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 Apr 30, 2021

Less Than 1 Year 22.44
1 To 3 Years 38.94
3 To 5 Years 10.66
5 To 10 Years 4.06
10 To 20 Years 13.56
20 To 30 Years 10.34
More Than 30 Years 0.00
Total 100.00

Assets by State (%)9,10 as of Apr 30, 2021

Pennsylvania 15.08
New York 11.46
California 9.73
Texas 8.73
Washington 6.04
Alabama 5.91
South Carolina 5.71
Ohio 5.60
Arkansas 3.52
Massachusetts 3.14
View All
 

Fund Holdings3,11 as of Mar 31, 2021

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 14.53%
Colburn SchoolThe 1.25% 08/01/2037 4.50%
Black Belt Energy Gas District 0.67% 12/01/2048 4.48%
Metropolitan Transportation Authority 0.48% 11/01/2031 4.38%
Cleveland Clinic Health System Obligated Group 0.45% 01/01/2052 4.13%
Patriots Energy Group Financing Agency 0.94% 10/01/2048 3.95%
State of Arkansas 5.00% 06/15/2022 3.55%
Fred Hutchinson Cancer Research Center 1.10% 01/01/2042 2.71%
Iowa Health System Obligated Group 0.63% 02/15/2035 2.38%
Thomas Jefferson University Obligated Group 0.77% 09/01/2051 2.35%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. 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

Craig R. Brandon, CFA

Craig R. Brandon, CFA

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1998

Biography

Craig Brandon is a vice president of Eaton Vance Management, co-director of municipal investments and portfolio manager on Eaton Vance’s municipal bond 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.

Craig began his career in the investment management industry in 1995. He has experience with Eaton Vance across a variety of research roles. Before joining Eaton Vance, 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 2004

 
Adam A. Weigold, CFA

Adam A. Weigold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Biography

Adam Weigold is a vice president of Eaton Vance Management and senior portfolio manager on Eaton Vance’s municipal bond team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s municipal bond strategies. He began his career in the investment management industry with Eaton Vance in 1998.

Adam earned a B.A. from Dartmouth College and an MBA from Boston University. He is a member of the CFA Society of Boston and the National Federation of Municipal Analysts. He is a CFA charterholder.

Education
  • B.A. Dartmouth College
  • M.B.A. Boston University

Experience
  • Managed Fund since 2014

 

Literature

Literature

Annual Report

Download - Last updated: Mar 31, 2020

Full Prospectus

Download - Last updated: Aug 1, 2020

Q1 Holdings

Download - Last updated: Jun 30, 2020

Q3 Holdings

Download - Last updated: Dec 31, 2020

SAI

Download - Last updated: Aug 1, 2020

Semi-Annual Report

Download - Last updated: Sep 30, 2020

Summary Prospectus

Download - Last updated: Aug 1, 2020