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. The share class has no sales charge.
 

Fund Facts as of Apr 30, 2021

Class I Inception 05/09/2007
Investment Objective High current tax-exempt income
Total Net Assets $1.5B
Minimum Investment $250000
Expense Ratio2 0.64%
Adjusted Expense Ratio 0.51%
CUSIP 27826M841
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.

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

County of MiamiDade FL 1.39
Central Texas Turnpike System 1.21
OU Medicine Obligated Group 1.20
Oglethorpe Power Corp 1.17
Delta Air Lines Inc 1.13
Loma Linda University Medical Center Obligated Group 0.96
Metropolitan Transportation Authority 0.95
NTE Mobility Partners Segments 3 LLC 0.95
WestRock Coated Board LLC 0.94
Great Lakes Water Authority Water Supply System Revenue 0.88
Total 10.77
 

Morningstar Rating™ as of Apr 30, 2021

Time Period Rating Funds in
High Yield Muni
Category
Overall 180
3 Years 180
5 Years 152
10 Years 101
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. 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. The share class has no sales charge.
 

Calendar Year Returns (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV 12.04 15.65 -5.44 18.51 5.07 1.40 8.22 1.70 9.58 4.14
Bloomberg Barclays 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 0.64%
Adjusted Expense Ratio 0.51%
Class I Inception 05/09/2007
Distribution Frequency Monthly
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.

Yield Information6 as of Mar 31, 2021

Distribution Rate at NAV 3.39%
Taxable-Equivalent Distribution Rate at NAV7 5.73%
SEC 30-day Yield8 1.79%
Taxable-Equivalent SEC 30-day Yield 3.02%
 

Morningstar Rating™ as of Apr 30, 2021

Time Period Rating Funds in
High Yield Muni
Category
Overall 180
3 Years 180
5 Years 152
10 Years 101
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
May 14, 2021 $9.35 $0.00
May 13, 2021 $9.35 $0.00
May 12, 2021 $9.35 $0.00
May 11, 2021 $9.35 $0.00
May 10, 2021 $9.35 $0.00
May 07, 2021 $9.35 $0.01
May 06, 2021 $9.34 -$0.01
May 05, 2021 $9.35 $0.01
May 04, 2021 $9.34 $0.01
May 03, 2021 $9.33 -$0.01
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Apr 30, 2021 $0.02516 $9.34
Mar 31, 2021 $0.02616 $9.25
Feb 26, 2021 $0.02711 $9.23
Jan 29, 2021 $0.02746 $9.37
Dec 31, 2020 $0.02872 $9.27
Nov 30, 2020 $0.02809 $9.18
Oct 30, 2020 $0.02790 $9.02
Sep 30, 2020 $0.02797 $9.05
Aug 31, 2020 $0.02817 $9.09
Jul 31, 2020 $0.02845 $9.13
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. 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 (%)3,10 as of Apr 30, 2021

Portfolio Statistics as of Apr 30, 2021

Number of Holdings 451
Average Coupon 5.12%
Average Maturity 17.57 yrs.
Average Effective Maturity 5.94 yrs.
Average Duration 4.48 yrs.
Average Call 5.79 yrs.
Average Price $112.66
% Subject to AMT 21.95%
 

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

Transportation 21.97
Hospital 13.87
Senior Living/Life Care 10.50
Industrial Development Revenue 10.45
General Obligations 6.28
Escrowed/Prerefunded 5.08
Education 3.94
Special Tax Revenue 3.20
Electric Utilities 2.97
Insured-Transportation 2.15
View All

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

AAA 2.56
AA 13.61
A 18.41
BBB 37.97
BB 9.15
B 3.74
Not Rated 14.56
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 Apr 30, 2021

Less Than 1 Year 1.92
1 To 3 Years 3.71
3 To 5 Years 4.79
5 To 10 Years 11.58
10 To 20 Years 36.59
20 To 30 Years 36.83
More Than 30 Years 4.58
Total 100.00

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

Texas 13.96
Illinois 11.82
New York 11.39
Florida 10.20
New Jersey 8.82
California 4.76
Michigan 3.61
Pennsylvania 3.29
Colorado 3.27
Ohio 2.79
View All
 

Fund Holdings3,13 as of Mar 31, 2021

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 8.50%
County of MiamiDade FL 7.00% 10/01/2039 1.44%
Central Texas Turnpike System 5.00% 08/15/2042 1.23%
OU Medicine Obligated Group 5.25% 08/15/2043 1.21%
Oglethorpe Power Corp 4.13% 11/01/2045 1.19%
Delta Air Lines Inc 4.38% 10/01/2045 1.15%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 0.97%
NTE Mobility Partners Segments 3 LLC 5.00% 06/30/2058 0.96%
WestRock Coated Board LLC 4.13% 05/15/2035 0.96%
Metropolitan Transportation Authority 5.25% 11/15/2055 0.95%
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

Cynthia J. Clemson

Cynthia J. Clemson

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

Biography

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 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 2004

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2021

Commentary

Download - Last updated: Mar 31, 2021

Attribution

Download - Last updated: Mar 31, 2021

Keep the income. Cut the taxes.

Download - Last updated: Mar 31, 2021

Annual Report

Download - Last updated: Jan 31, 2021

Municipal Bond Market Monitor

Download - Last updated: Apr 12, 2021

Full Prospectus

Download - Last updated: Jun 1, 2020

Q1 Holdings

Download - Last updated: Apr 30, 2020

Q3 Holdings

Download - Last updated: Oct 31, 2020

Holdings - Form N-PORT

Download

SAI

Download - Last updated: Jun 1, 2020

Semi-Annual Report

Download - Last updated: Jul 31, 2020

Summary Prospectus

Download - Last updated: Jun 1, 2020