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.

Class W shares are available for purchase only at the direction of the Fund's investment adviser or one of its affiliates on behalf of investors that are eligible clients of the investment adviser or its affiliates that have entered into a separate investment management or advisory agreement pursuant to which such clients pay an investment management or advisory fee, including investment vehicles that are sponsored, managed, advised or sub-advised by the investment adviser or its affiliates.
 

Fund Facts as of Aug 31, 2022

Class W Inception 10/01/2021
Investment Objective High current tax-exempt income
Total Net Assets $1.2B
Minimum Investment
2
Adjusted Expense Ratio (Gross) 0.45%
Adjusted Expense Ratio (Net) 0.06%
CUSIP 27826M627
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 Aug 31, 2022

County of MiamiDade FL 1.48
Central Texas Turnpike System 1.34
Outlook at Windhaven Forefront Living Obligated Group 1.21
Oglethorpe Power Corp 1.16
Buckeye Tobacco Settlement Financing Authority 1.14
Delta Air Lines Inc 1.11
WestRock Coated Board LLC 1.10
Loma Linda University Medical Center Obligated Group 1.07
Metropolitan Transportation Authority 0.97
NTE Mobility Partners Segments 3 LLC 0.97
Total 11.54
 

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.

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. 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 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.

Class W shares are available for purchase only at the direction of the Fund's investment adviser or one of its affiliates on behalf of investors that are eligible clients of the investment adviser or its affiliates that have entered into a separate investment management or advisory agreement pursuant to which such clients pay an investment management or advisory fee, including investment vehicles that are sponsored, managed, advised or sub-advised by the investment adviser or its affiliates.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV
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

2
Adjusted Expense Ratio (Gross) 0.45%
Adjusted Expense Ratio (Net) 0.06%
Class W Inception 10/01/2021
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 Aug 31, 2022

7
8
Taxable-Equivalent SEC 30-day Yield 6.79%
 

NAV History

Date NAV NAV Change
Oct 05, 2022 $7.81 -$0.01
Oct 04, 2022 $7.82 $0.06
Oct 03, 2022 $7.76 $0.02
Sep 30, 2022 $7.74 $0.00
Sep 29, 2022 $7.74 -$0.01
Sep 28, 2022 $7.75 -$0.03
Sep 27, 2022 $7.78 -$0.04
Sep 26, 2022 $7.82 -$0.05
Sep 23, 2022 $7.87 -$0.02
Sep 22, 2022 $7.89 -$0.03
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Sep 30, 2022 $0.03097 $7.74
Aug 31, 2022 $0.03041 $8.18
Jul 29, 2022 $0.03083 $8.38
Jun 30, 2022 $0.03043 $8.19
May 31, 2022 $0.03058 $8.42
Apr 29, 2022 $0.03011 $8.40
Mar 31, 2022 $0.02887 $8.69
Feb 28, 2022 $0.02856 $8.99
Jan 31, 2022 $0.02790 $9.09
Dec 31, 2021 $0.02901 $9.34
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.

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. 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 Aug 31, 2022

Portfolio Statistics as of Aug 31, 2022

Number of Holdings 441
Average Coupon 4.82%
Average Maturity 16.84 yrs.
Average Effective Maturity 10.21 yrs.
Average Duration 6.60 yrs.
Average Call 4.85 yrs.
Average Price $98.55
% Subject to AMT 24.27%
 

Sector Breakdown (%)3 as of Aug 31, 2022

Transportation 21.67
Industrial Development Revenue 13.07
Senior Living/Life Care 12.37
Hospital 9.99
General Obligations 8.12
Special Tax Revenue 5.20
Escrowed/Prerefunded 4.94
Other Revenue 4.06
Education 3.81
Electric Utilities 3.19
View All

Credit Quality (%)11 as of Aug 31, 2022

AAA 1.86
AA 12.56
A 19.75
BBB 31.75
BB 10.75
B 3.98
Not Rated 19.34
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 Aug 31, 2022

Less Than 1 Year 2.50
1 To 3 Years 8.16
3 To 5 Years 2.43
5 To 10 Years 12.66
10 To 20 Years 36.02
20 To 30 Years 29.38
More Than 30 Years 8.86
Total 100.00

Assets by State (%)11,12 as of Aug 31, 2022

Texas 14.49
Illinois 12.55
New York 10.85
Florida 7.93
New Jersey 6.91
California 6.03
Ohio 4.19
Colorado 3.95
Pennsylvania 2.90
Georgia 2.50
View All
 

Fund Holdings3,13 as of Aug 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
County of MiamiDade FL 7.00% 10/01/2039 1.51%
Central Texas Turnpike System 5.00% 08/15/2042 1.37%
Outlook at Windhaven Forefront Living Obligated Group 6.75% 10/01/2052 1.24%
Oglethorpe Power Corp 4.13% 11/01/2045 1.18%
Buckeye Tobacco Settlement Financing Authority 5.00% 06/01/2055 1.16%
Delta Air Lines Inc 4.38% 10/01/2045 1.13%
WestRock Coated Board LLC 4.13% 05/15/2035 1.12%
Loma Linda University Medical Center Obligated Group 6.00% 12/01/2024 1.10%
Metropolitan Transportation Authority 5.25% 11/15/2055 0.99%
NTE Mobility Partners Segments 3 LLC 5.00% 06/30/2058 0.98%
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.

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. 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

William J. Delahunty, CFA

William J. Delahunty, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance in 1998

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. in economics from the University of Vermont

Experience
  • Managed Fund since 2021

 
Cynthia J. Clemson

Cynthia J. Clemson

Managing Director, Co-Head of Municipals
Joined Eaton Vance 1985

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 2004

 

Literature

Literature

Annual Report

Download Annual Report - Last updated: Jan 31, 2022

Full Prospectus

Download Full Prospectus - Last updated: Jun 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Apr 30, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Oct 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Jun 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jul 31, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Jun 1, 2022