Overview

Historical Returns (%) as of Sep 30, 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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 Sep 30, 2021

Class I Inception 03/03/2008
Investment Objective Current income
Total Net Assets $131.9M
Minimum Investment $250000
Expense Ratio2 0.47%
CUSIP 27826Y779

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

City of Smyrna GA 2.37
WellStar Health System Obligated Group 2.24
City of Savannah GA 2.16
University of Georgia Athletic Association IncGA 2.13
Procter Gamble CoThe 1.87
Children's Healthcare of Atlanta Obligated Group 1.68
Emory University 1.49
County of DeKalb GA Water Sewerage Revenue 1.48
Piedmont Healthcare Inc Obligated Group 1.36
Northeast Georgia Health System Obligated Group 1.35
Total 18.13
 

Morningstar Rating™ as of Sep 30, 2021

Time Period Rating Funds in
Muni Single State Interm
Category
Overall 148
3 Years 148
5 Years 138
10 Years 121
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.

©2021 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.
 

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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Sep 30, 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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV 7.12 8.24 -3.09 9.44 3.83 0.59 3.80 1.82 6.17 4.89
Bloomberg Municipal Bond Index1 10.70 6.78 -2.55 9.05 3.30 0.25 5.45 1.28 7.54 5.21
 

Fund Facts

Expense Ratio2 0.47%
Class I Inception 03/03/2008
Distribution Frequency Monthly

Yield Information6 as of Sep 30, 2021

Distribution Rate at NAV 1.73%
Taxable-Equivalent Distribution Rate at NAV7 3.23%
SEC 30-day Yield8 0.52%
Taxable-Equivalent SEC 30-day Yield 0.96%
 

Morningstar Rating™ as of Sep 30, 2021

Time Period Rating Funds in
Muni Single State Interm
Category
Overall 148
3 Years 148
5 Years 138
10 Years 121
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.

©2021 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 15, 2021 $8.81 $0.00
Oct 14, 2021 $8.81 $0.00
Oct 13, 2021 $8.81 $0.00
Oct 12, 2021 $8.81 $0.00
Oct 11, 2021 $8.81 $0.00
Oct 08, 2021 $8.81 $0.00
Oct 07, 2021 $8.81 -$0.01
Oct 06, 2021 $8.82 $0.00
Oct 05, 2021 $8.82 $0.00
Oct 04, 2021 $8.82 $0.00
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Sep 30, 2021 $0.01252 $8.82
Aug 31, 2021 $0.01228 $8.90
Jul 30, 2021 $0.01219 $8.93
Jun 30, 2021 $0.01215 $8.88
May 28, 2021 $0.01365 $8.88
Apr 30, 2021 $0.01421 $8.87
Mar 31, 2021 $0.01336 $8.82
Feb 26, 2021 $0.01411 $8.79
Jan 29, 2021 $0.01453 $8.93
Dec 31, 2020 $0.01474 $8.91
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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)3,10 as of Jun 30, 2021

Portfolio Statistics as of Jun 30, 2021

Number of Holdings 127
Average Coupon 4.34%
Average Maturity 10.45 yrs.
Average Effective Maturity 5.52 yrs.
Average Duration 4.63 yrs.
Average Call 5.52 yrs.
Average Price $117.54
% Subject to AMT 3.06%
 

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

General Obligations 21.27
Hospital 17.88
Education 9.87
Water and Sewer 8.28
Special Tax Revenue 6.48
Lease Revenue/Certificates of Participation 5.12
Escrowed/Prerefunded 4.18
Industrial Development Revenue 3.46
Insured-Electric Utilities 3.40
Transportation 3.14
View All

Credit Quality (%)11 as of Jun 30, 2021

AAA 10.85
AA 68.76
A 11.97
BBB 7.52
BB 0.10
CCC or Lower 0.10
Not Rated 0.71
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 (%)11 as of Jun 30, 2021

Less Than 1 Year 6.54
1 To 3 Years 3.48
3 To 5 Years 9.13
5 To 10 Years 31.14
10 To 20 Years 44.46
20 To 30 Years 5.25
More Than 30 Years 0.00
Total 100.00

Assets by State (%)11,12 as of Jun 30, 2021

Georgia 98.22
Puerto Rico 1.68
Other 0.10
 

Fund Holdings3,13 as of Aug 31, 2021

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 3.25%
City of Smyrna GA 5.00% 02/01/2028 2.41%
WellStar Health System Obligated Group 0.02% 04/01/2036 2.26%
University of Georgia Athletic Association IncGA 0.01% 07/01/2035 2.16%
City of Savannah GA 4.00% 08/01/2025 2.16%
Procter Gamble CoThe 5.20% 05/15/2028 1.91%
Children's Healthcare of Atlanta Obligated Group 4.00% 07/01/2039 1.68%
Emory University 0.44% 10/01/2039 1.51%
County of DeKalb GA Water Sewerage Revenue 5.25% 10/01/2032 1.50%
Piedmont Healthcare Inc Obligated Group 5.00% 07/01/2032 1.36%
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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Trevor G. Smith

Vice President, Eaton Vance Management
Joined Eaton Vance 2010

Biography

Trevor Smith is a vice president of Eaton Vance Management 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 2010.

Trevor began his career in the investment management industry in 2008. Before joining Eaton Vance, he was a municipal research analyst at Lord, Abbett & Co. He was also affiliated with Financial Security Assurance and the City of Aspen Finance Department.

Trevor earned a B.A. from Middlebury College and an MBA, with high honors, from Boston University. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

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

Experience
  • Managed Fund since 2019

 

Julie Callahan, CFA

Vice President, Portfolio Manager
Joined Morgan Stanley in 2020

Biography

Julie Callahan is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's municipal bond team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies. She joined Eaton Vance in 2021.

Julie began her career in the investment management industry in 1996. Prior to joining Eaton Vance, she was a senior portfolio manager on the municipal team at Morgan Stanley Investment Management. Previously, she worked for PIMCO as a senior member of the municipal bond portfolio management team, served as a portfolio manager for municipal separately managed accounts at Western Asset Management Company and was a director and portfolio manager for municipal money market funds with Citigroup Asset Management.

Julie earned a B.S. in accounting from Fairfield University. She is a CFA charterholder.

Education
  • B.S. in Accounting from Fairfield University
  • Holds the Chartered Financial Analyst designation

Experience
  • Managed Fund since 2021

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Jun 30, 2021

Keep the income. Cut the taxes.

Download Keep the income. Cut the taxes. - Last updated: Jun 30, 2021

Report of Organizational Actions Affecting Basis of Securities

Download Report of Organizational Actions Affecting Basis of Securities - Last updated: Aug 31, 2012

Annual Report

Download Annual Report - Last updated: Aug 31, 2020

Municipal Bond Market Monitor

Download Municipal Bond Market Monitor - Last updated: Oct 8, 2021

Full Prospectus

Download Full Prospectus - Last updated: Jan 1, 2021

Q1 Holdings

Download Q1 Holdings - Last updated: Nov 30, 2020

Q3 Holdings

Download Q3 Holdings - Last updated: May 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Jan 1, 2021

Semi-Annual Report

Download Semi-Annual Report - Last updated: Feb 28, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Jan 1, 2021