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.

After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.
 

Fund Facts as of Oct 31, 2021

Class A Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $1.3B
Minimum Investment $1000
Expense Ratio2 0.92%
CUSIP 27826Y571

Top 10 Holdings (%)3,4 as of Oct 31, 2021

City of Salt Lake City UT Airport Revenue 1.14
District of Columbia 0.96
Metropolitan Council 0.92
Care New England Health System 0.88
State of California 0.80
Haverland Carter Lifestyle Obligated Group 0.78
Pratt Paper LLC 0.78
State of Florida 0.78
State of Illinois Water Revolving Fund Clean Water Program 0.77
Indiana Finance Authority State Revolving Fund 0.75
Total 8.56
 

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 sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 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.

After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.
 

Calendar Year Returns (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV 9.17 -4.99 14.15 4.03 0.38 5.82 1.05 6.57 4.02
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 0.92%
Class A Inception 05/31/2011
Distribution Frequency Monthly

Yield Information as of Oct 31, 2021

Distribution Rate at NAV 1.48%
Taxable-Equivalent Distribution Rate at NAV6 2.50%
SEC 30-day Yield7 0.69%
Taxable-Equivalent SEC 30-day Yield 1.16%
 

Morningstar Rating™ as of Oct 31, 2021

Time Period Rating Funds in
High Yield Muni
Category
Overall 185
3 Years 185
5 Years 153
10 Years 104
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
Nov 24, 2021 $12.66 $0.00
Nov 23, 2021 $12.66 -$0.01
Nov 22, 2021 $12.67 -$0.01
Nov 19, 2021 $12.68 $0.02
Nov 18, 2021 $12.66 $0.00
Nov 17, 2021 $12.66 $0.00
Nov 16, 2021 $12.66 -$0.01
Nov 15, 2021 $12.67 -$0.01
Nov 12, 2021 $12.68 $0.00
Nov 11, 2021 $12.68 $0.00
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Oct 29, 2021 $0.01583 $12.62
Sep 30, 2021 $0.01623 $12.68
Aug 31, 2021 $0.01528 $12.81
Jul 30, 2021 $0.01450 $12.87
Jun 30, 2021 $0.01536 $12.78
May 28, 2021 $0.01519 $12.73
Apr 30, 2021 $0.01584 $12.67
Mar 31, 2021 $0.01815 $12.58
Feb 26, 2021 $0.01973 $12.56
Jan 29, 2021 $0.02295 $12.73
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: 

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 sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 (%)3,9 as of Oct 31, 2021

Portfolio Statistics as of Oct 31, 2021

Number of Holdings 757
Average Coupon 4.47%
Average Maturity 11.00 yrs.
Average Effective Maturity 6.04 yrs.
Average Duration 5.07 yrs.
Average Call 5.86 yrs.
Average Price $114.93
% Subject to AMT 17.79%
 

Sector Breakdown (%)3 as of Oct 31, 2021

Transportation 17.94
Hospital 16.45
General Obligations 14.15
Senior Living/Life Care 10.03
Other Revenue 6.55
Education 5.26
Electric Utilities 4.20
Industrial Development Revenue 3.60
Housing 3.51
Insured-General Obligations 3.51
View All

Credit Quality (%)10 as of Oct 31, 2021

AAA 12.54
AA 24.95
A 27.54
BBB 14.92
BB 9.53
B 1.24
CCC or Lower 0.23
Not Rated 9.05
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 (%)10 as of Oct 31, 2021

Less Than 1 Year 2.27
1 To 3 Years 6.21
3 To 5 Years 11.63
5 To 10 Years 31.60
10 To 20 Years 37.66
20 To 30 Years 8.55
More Than 30 Years 2.07
Total 100.00

Assets by State (%)10,11 as of Oct 31, 2021

New York 9.99
Pennsylvania 8.98
California 8.42
Illinois 8.26
Florida 6.17
New Jersey 4.84
Texas 4.43
Washington 3.17
Georgia 3.10
Nebraska 2.77
View All
 

Fund Holdings3,12 as of Sep 30, 2021

Holding Coupon Rate Maturity Date % of Net Assets
State of Maryland 4.00% 08/01/2035 1.38%
State of Hawaii Airports System Revenue 5.00% 07/01/2033 0.97%
District of Columbia 5.00% 10/15/2032 0.97%
Metropolitan Transportation Authority Dedicated Tax Fund 2.00% 11/01/2021 0.94%
United States Dollar 0.92%
Metropolitan Council 5.00% 12/01/2025 0.90%
Care New England Health System 5.50% 09/01/2026 0.86%
State of California 4.00% 12/01/2022 0.79%
Pratt Paper LLC 4.00% 01/01/2038 0.77%
State of Florida 5.00% 07/01/2022 0.76%
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 sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 2021

 
Trevor G. Smith

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 2021

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2021

Commentary

Download Commentary - Last updated: Sep 30, 2021

Attribution

Download Attribution - Last updated: Sep 30, 2021

Keep the income. Cut the taxes.

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

Annual Report

Download Annual Report - Last updated: Jul 31, 2021

Municipal Bond Market Monitor

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

Full Prospectus

Download Full Prospectus - Last updated: Dec 1, 2020

Q1 Holdings

Download Q1 Holdings - Last updated: Oct 31, 2020

Q3 Holdings

Download Q3 Holdings - Last updated: Apr 30, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Dec 1, 2020

Semiannual Report

Download Semiannual Report - Last updated: Jan 31, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Dec 1, 2020