Overview

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. Prior to 8/19/13, Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years.
 

Fund Facts as of Jul 31, 2022

ADV Class Inception 11/20/2020
Investment Objective Current tax-exempt income
Total Net Assets $461.6M
Minimum Investment $1000
Expense Ratio (Gross)3,4 0.54%
Expense Ratio (Net)3,4 0.50%
CUSIP 27826H420

Top 10 Holdings (%)5,6 as of Jun 30, 2022

OBH LLC 4.06
Metropolitan Transportation Authority 3.24
Black Belt Energy Gas District 3.22
Cleveland Clinic Health System Obligated Group 2.99
Patriots Energy Group Financing Agency 2.81
Fred Hutchinson Cancer Center 1.95
State of Washington 1.68
City of Seattle WA 1.68
County of Los Angeles CA 1.66
City of Los Angeles CA 1.65
Total 24.95
 

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. Prior to 8/19/13, Fund employed a strategy of investing in fixed-rate bonds with a dollar-weighted average portfolio duration of between three and nine years.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 0.00 0.44
Bloomberg 1 Year Municipal Bond Index2 0.84 0.80 0.58 0.61 0.30 0.92 1.74 2.46 1.76 0.31
 

Fund Facts

Expense Ratio (Gross)3,4 0.54%
Expense Ratio (Net)3,4 0.50%
ADV Class Inception 11/20/2020
Distribution Frequency

Yield Information as of Jul 31, 2022

Distribution Rate at NAV 1.13%
Taxable-Equivalent Distribution Rate at NAV8 1.90%
Subsidized SEC 30-day Yield9 1.03%
Unsubsidized SEC 30-day Yield 0.96%
Taxable-Equivalent SEC 30-day Yield 1.74%
 

Morningstar Rating™ as of Jul 31, 2022

Time Period Rating Funds in
Muni National Short
Category
Overall 209
3 Years 209
5 Years 180
10 Years 135
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.

©2022 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
Aug 10, 2022 $9.77 $0.00
Aug 09, 2022 $9.77 $0.00
Aug 08, 2022 $9.77 $0.00
Aug 05, 2022 $9.77 -$0.01
Aug 04, 2022 $9.78 $0.00
Aug 03, 2022 $9.78 $0.00
Aug 02, 2022 $9.78 $0.00
Aug 01, 2022 $9.78 $0.00
Jul 31, 2022 $9.78 $0.00
Jul 29, 2022 $9.78 $0.00
 

Distribution History10

Ex-Date Distribution Reinvest NAV
Jul 29, 2022 $0.00935 $9.78
Jun 30, 2022 $0.00809 $9.77
May 31, 2022 $0.00650 $9.78
Apr 29, 2022 $0.00367 $9.77
Mar 31, 2022 $0.00251 $9.80
Feb 28, 2022 $0.00051 $9.82
Mar 31, 2021 $0.00083 $9.84
Feb 26, 2021 $0.00093 $9.83
Jan 29, 2021 $0.00123 $9.82
Dec 31, 2020 $0.00119 $9.80
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 History10

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 (%)5 as of Jun 30, 2022

Portfolio Statistics as of Jun 30, 2022

Number of Holdings 144
Average Coupon 2.60%
Average Maturity 2.78 yrs.
Average Effective Maturity 1.08 yrs.
Average Duration 0.42 yrs.
Average Call 0.89 yrs.
Average Price $100.82
% Subject to AMT 9.41%
 

Sector Breakdown (%)5 as of Jun 30, 2022

General Obligations 21.64
Hospital 16.42
Other Revenue 13.92
Transportation 9.48
Electric Utilities 7.99
Industrial Development Revenue 6.83
Education 5.12
Housing 4.41
Water and Sewer 3.73
Bond Bank 1.62
View All

Credit Quality (%)11 as of Jun 30, 2022

AAA 15.52
AA 49.26
A 29.78
BBB 3.88
BB 1.53
B 0.00
Not Rated 0.04
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 Jun 30, 2022

Less Than 1 Year 37.91
1 To 3 Years 48.81
3 To 5 Years 2.83
5 To 10 Years 4.13
10 To 20 Years 3.27
20 To 30 Years 3.06
More Than 30 Years 0.00
Total 100.00

Assets by State (%)11,12 as of Jun 30, 2022

California 12.13
Pennsylvania 11.73
Texas 10.77
Washington 8.36
New York 6.24
Alabama 4.36
Ohio 3.73
Illinois 3.56
New Jersey 3.12
Minnesota 3.06
View All
 

Fund Holdings5,13 as of Jun 30, 2022

Holding Coupon Rate Maturity Date % of Net Assets
OBH LLC 1.00% 07/01/2032 4.25%
Metropolitan Transportation Authority 1.34% 11/01/2031 3.40%
Black Belt Energy Gas District 1.53% 12/01/2048 3.38%
Cleveland Clinic Health System Obligated Group 1.31% 01/01/2052 3.13%
Patriots Energy Group Financing Agency 1.57% 10/01/2048 2.95%
United States Dollar 2.48%
Fred Hutchinson Cancer Center 1.96% 01/03/2023 2.05%
State of Washington 5.00% 07/01/2023 1.77%
City of Seattle WA 5.00% 09/01/2023 1.76%
County of Los Angeles CA 4.00% 06/30/2023 1.74%
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

Craig R. Brandon, CFA

Craig R. Brandon, CFA

Managing Director, Co-Head of Municipals
Joined Eaton Vance 1998

Biography

Craig Brandon is Co-Head of Municipals and portfolio manager on the 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. Morgan Stanley acquired Eaton Vance in March 2021.

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 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 2004

 

Julie Callahan, CFA

Managing Director, Portfolio Manager
Joined Morgan Stanley in 2020

Biography

Julie is a Portfolio Manager on the Municipals team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's municipal bond strategies. She joined Eaton Vance in 2021. Morgan Stanley acquired Eaton Vance in March 2021.

Prior to joining the firm, she worked Morgan Stanley Investment Management as a Portfolio Manager, and PIMCO as a senior member of the municipal bond portfolio management team. Previously, she served as a portfolio manager for municipal separately managed accounts at Western Asset Management Company, and was a Director and portfolio manager for municipal money market funds with Citigroup Asset Management.

Julie received a B.S. in Accounting from Fairfield University, and holds the Chartered Financial Analyst designation.

Education
  • B.S. in Accounting from Fairfield University
  • Holds the Chartered Financial Analyst designation

Experience
  • Managed Fund since 2021

 

Literature

Literature

Annual Report

Download Annual Report - Last updated: Mar 31, 2022

Full Prospectus

Download Full Prospectus - Last updated: Aug 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Jun 30, 2021

Q3 Holdings

Download Q3 Holdings - Last updated: Dec 31, 2021

SAI

Download SAI - Last updated: Aug 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Sep 30, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Aug 1, 2022