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 0.24 1.36 5.93 2.18 3.89 4.09 3.17
Fund w/Max Sales Charge -0.76 0.36 4.93 1.19 3.89 4.09 3.17
Bloomberg Barclays Municipal Bond Index1 0.24 0.49 4.92 2.19 3.03 3.00 4.50
09/30/2017
Fund at NAV 0.13 1.87 5.68 0.49 4.24 4.19 3.12
Fund w/Max Sales Charge -0.87 0.87 4.68 -0.48 4.24 4.19 3.12
Bloomberg Barclays Municipal Bond Index1 -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. 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. Max Sales Charge: 1%.

Fund Factsas of Oct 31, 2017

Class C Inception 06/18/1997
Performance Inception 08/07/1995
Investment Objective High current tax-exempt income
Total Net Assets $1.2B
Minimum Investment $1000
Expense Ratio (Gross)2 1.64%
Expense Ratio (Net)2 1.54%
CUSIP 27826M874

Top 10 Holdings (%)3,4as of Oct 31, 2017

State of Illinois
Salt Verde Financial Corp
County of MiamiDade FL
State of California
Central Texas Regional Mobility Authority
Great Lakes Water Authority Water Supply System Revenue
WestRock Coated Board LLC
City of Chicago IL
NonProfit Preferred Funding Trust I
Central Texas Turnpike System
Total 12.70

Portfolio Management

Cynthia J. Clemson Managed Fund since 2004

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: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.24 1.36 5.93 2.18 3.89 4.09 3.17
Fund w/Max Sales Charge -0.76 0.36 4.93 1.19 3.89 4.09 3.17
Bloomberg Barclays Municipal Bond Index1 0.24 0.49 4.92 2.19 3.03 3.00 4.50
Morningstar High Yield Muni Category5 -0.09 0.82 6.15 1.98 4.12 3.82 3.97
09/30/2017
Fund at NAV 0.13 1.87 5.68 0.49 4.24 4.19 3.12
Fund w/Max Sales Charge -0.87 0.87 4.68 -0.48 4.24 4.19 3.12
Bloomberg Barclays Municipal Bond Index1 -0.51 1.06 4.66 0.87 3.18 3.00 4.52
Morningstar High Yield Muni Category5 -0.17 1.48 6.22 0.88 4.41 4.04 4.00
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. Max Sales Charge: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -5.51 -37.48 44.04 1.51 10.95 14.35 -6.25 17.28 3.96 0.41
Bloomberg Barclays Municipal Bond Index1 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)2 1.64%
Expense Ratio (Net)2 1.54%
Class C Inception 06/18/1997
Performance Inception 08/07/1995
Distribution Frequency Monthly

Yield Information6as of Oct 31, 2017

Distribution Rate at NAV 2.90%
Taxable-Equivalent Distribution Rate at NAV7 5.12%
SEC 30-day Yield 1.80%
Taxable-Equivalent SEC 30-day Yield 3.18%

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
High Yield Muni
Category
Overall ** 146
3 Years ** 146
5 Years *** 118
10 Years * 85
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 17, 2017 $8.31 $0.00
Nov 16, 2017 $8.31 $0.00
Nov 15, 2017 $8.31 $0.00
Nov 14, 2017 $8.31 $0.00
Nov 13, 2017 $8.31 $0.00
Nov 10, 2017 $8.31 -$0.02
Nov 09, 2017 $8.33 -$0.01
Nov 08, 2017 $8.34 $0.01
Nov 07, 2017 $8.33 $0.02
Nov 06, 2017 $8.31 $0.02

Distribution History8

Ex-Date Distribution Reinvest NAV
Oct 31, 2017 $0.01996 $8.27
Sep 29, 2017 $0.02095 $8.27
Aug 31, 2017 $0.02068 $8.28
Jul 31, 2017 $0.02076 $8.22
Jun 30, 2017 $0.02117 $8.18
May 31, 2017 $0.02067 $8.21
Apr 28, 2017 $0.02111 $8.08
Mar 31, 2017 $0.02089 $8.05
Feb 28, 2017 $0.02210 $8.03
Jan 31, 2017 $0.02178 $8.01
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.

About Risk: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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 (%)3,9as of Oct 31, 2017

Municipal Bonds 97.62
Cash 1.88
U.S. Corporate Bonds 0.50
Total 100.00

Portfolio Statisticsas of Oct 31, 2017

Number of Holdings 357
Average Coupon 5.01%
Average Maturity 17.30 yrs.
Average Effective Maturity 7.42 yrs.
Average Duration 5.93 yrs.
Average Call 6.67 yrs.
Average Price $107.00
% Subject to AMT 17.34%

Sector Breakdown (%)3as of Oct 31, 2017

Transportation 17.04
Hospital 14.37
General Obligations 12.92
Industrial Development Revenue 10.09
Senior Living/Life Care 7.47
Other Revenue 4.58
Special Tax Revenue 4.56
Insured-Transportation 4.21
Education 3.30
Electric Utilities 2.83
View All

Credit Quality (%)10as of Oct 31, 2017

AAA 3.54
AA 20.05
A 22.67
BBB 34.67
BB 7.36
B 0.93
CCC or Lower 1.76
Not Rated 9.02
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.

Maturity Distribution (%)10as of Oct 31, 2017

Less Than 1 Year 2.02
1 To 3 Years 2.20
3 To 5 Years 0.82
5 To 10 Years 7.70
10 To 20 Years 50.42
20 To 30 Years 35.47
More Than 30 Years 1.37
Total 100.00

Assets by State (%)10,11as of Oct 31, 2017

Texas 18.01
Illinois 11.69
New York 10.68
New Jersey 8.63
California 8.04
Florida 6.60
Colorado 4.06
Massachusetts 3.95
Michigan 3.50
Arizona 3.05
View All

Fund Holdings3,12as of Sep 30, 2017

Holding Coupon Rate Maturity Date % of Net Assets
County of MiamiDade FL 0.00% 10/01/2039 1.50%
State of California 5.00% 09/01/2032 1.44%
Central Texas Regional Mobility Authority 5.00% 01/01/2040 1.27%
Great Lakes Water Authority Water Supply System Revenue 5.25% 07/01/2041 1.23%
WestRock Coated Board LLC 4.13% 05/15/2035 1.20%
City of Chicago IL 7.52% 01/01/2040 1.14%
North Texas Tollway Authority 6.20% 01/01/2042 1.10%
Central Texas Turnpike System 5.00% 08/15/2042 1.09%
NonProfit Preferred Funding Trust I 5.17% 09/15/2037 1.08%
City of Chicago IL 7.75% 01/01/2042 1.06%
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: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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.


Insights & Analysis

Commentary

No commentary information is currently available.

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

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

About Risk: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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.

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: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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

Biography
Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985

Cynthia Clemson is a vice president of Eaton Vance Management, co-director of municipal investments 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. Cindy began her career in the investment management industry with Eaton Vance in 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 2004


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: Jan 31, 2017

Municipal Market Chart book

Download - Last updated: Oct 5, 2017

Full Prospectus

Download - Last updated: Jun 1, 2017

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

Download

Eaton Vance and Calvert municipal funds' holdings in Puerto Rico debt

Download - Last updated: Oct 1, 2017

SAI

Download - Last updated: Jun 1, 2017

Semi-Annual Report

Download - Last updated: Jul 31, 2017

Summary Prospectus

Download - Last updated: Jun 1, 2017

XBRL

Download - Last updated: Jun 7, 2017