Overview

Historical Returns (%) as of Jun 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. 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.
 

Fund Facts as of Aug 31, 2021

Class C Inception 08/18/2014
Investment Objective Maximize after-tax total return
Total Net Assets $1.4B
Minimum Investment $1000
Expense Ratio2 1.67%
CUSIP 27826Y563

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

Metropolitan Transportation Authority 1.27
State of Hawaii Airports System Revenue 0.94
District of Columbia 0.93
Metropolitan Transportation Authority Dedicated Tax Fund 0.89
Metropolitan Council 0.86
Care New England Health System 0.84
City of Columbus OH 0.84
State of California 0.75
Pratt Paper LLC 0.74
Haverland Carter Lifestyle Obligated Group 0.73
Total 8.81
 

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 Jun 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. 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.
 

Calendar Year Returns (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV 9.18 -4.99 13.58 3.24 -0.38 5.03 0.38 5.69 3.25
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 1.67%
Class C Inception 08/18/2014
Distribution Frequency Monthly

Yield Information as of Jul 31, 2021

Distribution Rate at NAV 0.58%
Taxable-Equivalent Distribution Rate at NAV6 0.98%
SEC 30-day Yield7 -0.29%
Taxable-Equivalent SEC 30-day Yield -0.47%
 

Morningstar Rating™ as of Aug 31, 2021

Time Period Rating Funds in
High Yield Muni
Category
Overall 183
3 Years 183
5 Years 152
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
Sep 17, 2021 $12.79 -$0.01
Sep 16, 2021 $12.80 $0.00
Sep 15, 2021 $12.80 $0.00
Sep 14, 2021 $12.80 $0.01
Sep 13, 2021 $12.79 $0.00
Sep 10, 2021 $12.79 $0.00
Sep 09, 2021 $12.79 $0.00
Sep 08, 2021 $12.79 $0.00
Sep 07, 2021 $12.79 $0.00
Sep 03, 2021 $12.79 -$0.01
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Aug 31, 2021 $0.00710
Jul 30, 2021 $0.00629 $12.87
Jun 30, 2021 $0.00748 $12.77
May 28, 2021 $0.00710 $12.72
Apr 30, 2021 $0.00804 $12.67
Mar 31, 2021 $0.01013 $12.58
Feb 26, 2021 $0.01241 $12.55
Jan 29, 2021 $0.01491 $12.72
Dec 31, 2020 $0.01305 $12.56
Nov 30, 2020 $0.01522 $12.42
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 Jul 31, 2021

Portfolio Statistics as of Jul 31, 2021

Number of Holdings 760
Average Coupon 4.43%
Average Maturity 10.76 yrs.
Average Effective Maturity 6.01 yrs.
Average Duration 5.23 yrs.
Average Call 5.96 yrs.
Average Price $117.53
% Subject to AMT 16.15%
 

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

Transportation 19.29
General Obligations 15.00
Hospital 14.75
Senior Living/Life Care 9.47
Education 7.05
Other Revenue 6.41
Electric Utilities 4.35
Industrial Development Revenue 3.41
Housing 3.39
Insured-General Obligations 3.27
View All

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

AAA 14.66
AA 24.87
A 27.59
BBB 15.56
BB 7.85
B 0.88
Not Rated 8.58
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 Jul 31, 2021

Less Than 1 Year 3.75
1 To 3 Years 5.17
3 To 5 Years 12.25
5 To 10 Years 31.81
10 To 20 Years 36.84
20 To 30 Years 8.02
More Than 30 Years 2.15
Total 100.00

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

New York 12.62
Pennsylvania 8.10
Illinois 7.79
California 7.64
New Jersey 6.38
Florida 5.35
Texas 3.27
Ohio 3.01
Washington 3.01
Michigan 2.87
View All
 

Fund Holdings3,12 as of Jul 31, 2021

Holding Coupon Rate Maturity Date % of Net Assets
Metropolitan Transportation Authority 4.00% 11/15/2042 1.32%
State of Hawaii Airports System Revenue 5.00% 07/01/2033 0.98%
District of Columbia 5.00% 10/15/2032 0.97%
Metropolitan Transportation Authority Dedicated Tax Fund 2.00% 11/01/2021 0.92%
Metropolitan Council 5.00% 12/01/2025 0.89%
Care New England Health System 5.50% 09/01/2026 0.87%
City of Columbus OH 4.00% 08/15/2021 0.87%
United States Dollar 0.82%
State of California 4.00% 12/01/2022 0.77%
Pratt Paper LLC 4.00% 01/01/2038 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

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 - Last updated: Jun 30, 2021

Commentary

Download - Last updated: Jun 30, 2021

Attribution

Download - Last updated: Jun 30, 2021

Keep the income. Cut the taxes.

Download - Last updated: Jun 30, 2021

Annual Report

Download - Last updated: Jul 31, 2021

Municipal Bond Market Monitor

Download - Last updated: Jul 12, 2021

Full Prospectus

Download - Last updated: Dec 1, 2020

Q1 Holdings

Download - Last updated: Oct 31, 2020

Q3 Holdings

Download - Last updated: Apr 30, 2021

Holdings - Form N-PORT

Download

SAI

Download - Last updated: Dec 1, 2020

Semiannual Report

Download - Last updated: Jan 31, 2021

Summary Prospectus

Download - Last updated: Dec 1, 2020