Overview

Growth of $10,000

10-year period ended 09/30/2017

  • Class A at NAV

Historical Returns (%) as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2017
Fund at NAV -0.75 -1.46 1.56 2.03 0.71 0.66 2.67
Fund w/Max Sales Charge -2.97 -3.65 -0.75 -0.28 -0.06 0.21 2.44
Return After Taxes on Dist w/Max Sales Charge -0.46 -0.23 0.03
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.40 0.19 0.40
Bloomberg Barclays 5 Year Municipal Bond Index1 -1.13 -1.84 2.67 3.18 1.45 1.60 3.53
09/30/2017
Fund at NAV -0.64 0.25 2.40 -0.01 1.06 0.97 2.90
Fund w/Max Sales Charge -2.85 -2.00 0.08 -2.22 0.28 0.51 2.67
Return After Taxes on Dist w/Max Sales Charge -2.39 0.12 0.34
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.72 0.45 0.63
Bloomberg Barclays 5 Year Municipal Bond Index1 -0.69 0.68 3.87 1.14 1.98 1.93 3.80
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 historical individual federal income tax rates, 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 A shares is that of a private investment partnership (the Predecessor Account). The Fund is managed in a materially equivalent manner to the Predecessor Account. Performance shown prior to the inception of the A shares is adjusted to reflect any applicable sales charge, but not adjusted for other expenses. If adjusted, performance would have been lower. The Predecessor Account was not subject to certain investment restrictions, diversification requirements or other restrictions imposed by the 1940 Act or regulated under the Internal Revenue Code of 1986 (Account was not required to make annual income distributions to investors). If such requirements were applicable to the Predecessor Account, the performance shown may have been adversely affected. Max Sales Charge: 2.25%.
 

Fund Facts as of Nov 30, 2017

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Investment Objective After-tax total return
Total Net Assets $407.9M
Minimum Investment $1000
Expense Ratio2 0.90%
CUSIP 27826M833

Top 10 Holdings (%)3,4 as of Sep 30, 2017

State of Florida Lottery Revenue
County of Guilford NC
New York State Urban Development Corp
Bay Area Toll Authority
California State Public Works Board
State of Oregon
County of Mecklenburg NC
State of Utah
United States Treasury Note/Bond
State of California
Total 22.32
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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 income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2017
Fund at NAV -0.75 -1.46 1.56 2.03 0.71 0.66 2.67
Fund w/Max Sales Charge -2.97 -3.65 -0.75 -0.28 -0.06 0.21 2.44
Return After Taxes on Dist w/Max Sales Charge -0.46 -0.23 0.03
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.40 0.19 0.40
Bloomberg Barclays 5 Year Municipal Bond Index1 -1.13 -1.84 2.67 3.18 1.45 1.60 3.53
Morningstar Muni National Short Category5 -0.49 -0.71 1.47 1.74 0.69 0.66 1.86
09/30/2017
Fund at NAV -0.64 0.25 2.40 -0.01 1.06 0.97 2.90
Fund w/Max Sales Charge -2.85 -2.00 0.08 -2.22 0.28 0.51 2.67
Return After Taxes on Dist w/Max Sales Charge -2.39 0.12 0.34
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.72 0.45 0.63
Bloomberg Barclays 5 Year Municipal Bond Index1 -0.69 0.68 3.87 1.14 1.98 1.93 3.80
Morningstar Muni National Short Category5 -0.20 0.50 1.98 0.69 0.90 0.86 2.02
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 historical individual federal income tax rates, 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 A shares is that of a private investment partnership (the Predecessor Account). The Fund is managed in a materially equivalent manner to the Predecessor Account. Performance shown prior to the inception of the A shares is adjusted to reflect any applicable sales charge, but not adjusted for other expenses. If adjusted, performance would have been lower. The Predecessor Account was not subject to certain investment restrictions, diversification requirements or other restrictions imposed by the 1940 Act or regulated under the Internal Revenue Code of 1986 (Account was not required to make annual income distributions to investors). If such requirements were applicable to the Predecessor Account, the performance shown may have been adversely affected. Max Sales Charge: 2.25%.
 

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 4.56 6.63 5.46 2.69 5.92 1.79 -0.70 2.52 1.46 -0.73
Bloomberg Barclays 5 Year Municipal Bond Index1 5.15 5.78 7.40 3.40 6.93 2.96 0.81 3.19 2.43 -0.39
 

Fund Facts

Expense Ratio2 0.90%
Class A Inception 03/27/2009
Performance Inception 12/31/1998
Distribution Frequency Monthly

Yield Information6 as of Nov 30, 2017

Distribution Rate at NAV 1.44%
Taxable-Equivalent Distribution Rate at NAV7 2.54%
SEC 30-day Yield 0.77%
Taxable-Equivalent SEC 30-day Yield 1.37%
 

Morningstar Rating™ as of Nov 30, 2017

Time Period Rating Funds in
Muni National Short
Category
Overall *** 172
3 Years *** 172
5 Years *** 152
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.

©2017 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
Dec 11, 2017 $10.39 -$0.02
Dec 08, 2017 $10.41 -$0.01
Dec 07, 2017 $10.42 $0.00
Dec 06, 2017 $10.42 $0.03
Dec 05, 2017 $10.39 $0.01
Dec 04, 2017 $10.38 $0.01
Dec 01, 2017 $10.37 $0.02
Nov 30, 2017 $10.35 $0.01
Nov 29, 2017 $10.34 -$0.02
Nov 28, 2017 $10.36 -$0.02
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Nov 30, 2017 $0.01222 $10.35
Oct 31, 2017 $0.01191 $10.44
Sep 29, 2017 $0.01253 $10.46
Aug 31, 2017 $0.01166 $10.54
Jul 31, 2017 $0.01196 $10.50
Jun 30, 2017 $0.01235 $10.47
May 31, 2017 $0.01160 $10.52
Apr 28, 2017 $0.01182 $10.45
Mar 31, 2017 $0.01144 $10.40
Feb 28, 2017 $0.01342 $10.42
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
Dec 01, 2016 $0.02380 $0.01290 $10.26
Jun 15, 2016 $0.01820 $0.01290 $10.67
Dec 10, 2015 $0.05540 $10.59
May 21, 2015 $0.00640 $10.54
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: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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 income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. 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 (%)4 as of Sep 30, 2017

Municipal Bonds 93.16
U.S. Treasuries 6.55
Cash 0.28
Total 100.00

Portfolio Statistics as of Sep 30, 2017

Number of Holdings 172
Average Coupon 4.06%
Average Maturity 6.25 yrs.
Average Effective Maturity 4.20 yrs.
Average Duration 4.08 yrs.
Average Price $108.41
% Prerefunded (% of Bond Holdings) 5.60%

Sector Breakdown (%)4 as of Sep 30, 2017

General Obligations 44.14
Hospital 9.11
Special Tax Revenue 7.37
U.S. Treasuries 6.55
Transportation 4.35
Dedicated Tax 3.67
Tax Increment 3.53
Escrowed/Prerefunded 3.39
Education 3.30
Electric Utilities 3.06
View All
 

Credit Quality (%)9 as of Sep 30, 2017

AAA 50.66
AA 40.82
A 7.30
Not Rated 1.22
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 higher 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 (%)4 as of Sep 30, 2017

Less Than 1 Year 8.41
1 To 3 Years 26.59
3 To 5 Years 10.49
5 To 10 Years 44.11
10 To 20 Years 5.97
20 To 30 Years 4.43
More Than 30 Years 0.00
Total 100.00
 

Fund Holdings4,10 as of Oct 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
State of Florida Lottery Revenue 5.00% 07/01/2018 3.56%
United States Dollar 3.45%
County of Guilford NC 5.00% 08/01/2019 2.61%
New York State Urban Development Corp 5.00% 03/15/2024 2.51%
Bay Area Toll Authority 1.49% 04/01/2045 2.39%
California State Public Works Board 5.00% 10/01/2025 2.18%
State of Oregon 5.00% 08/01/2026 2.07%
County of Mecklenburg NC 5.00% 12/01/2019 1.98%
United States Treasury Note/Bond 2.13% 06/30/2021 1.81%
State of California 1.57% 12/01/2028 1.80%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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 income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. 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

James H. Evans, CFA

James H. Evans, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

James Evans is a vice president of Eaton Vance Management, director of the tax-advantaged bond strategies (TABS) division and portfolio manager on Eaton Vance's TABS team. Jim joined Eaton Vance in December 2008 when it acquired M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was senior portfolio manager and manager of the TABS team.

Jim joined M.D. Sass in 1990 to manage its clients' municipal bond portfolios. He has over 30 years of investment experience. Previously, he was affiliated with Kidder, Peabody & Company as vice president in charge of its municipal arbitrage account, and with Continental Bank and Mellon Bank, where he was a municipal bond trader/underwriter.

Jim earned a B.S. in engineering from Cornell University. He is a CFA charterholder. Jim's commentary has appeared in Bloomberg, The Bond Buyer and Barron's, among other publications.

Education
  • B.S. Cornell University

Experience
  • Managed Fund since inception

 
Brian C. Barney, CFA

Brian C. Barney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

Brian Barney is a vice president of Eaton Vance Management, director of institutional portfolio strategies and municipal portfolio manager on Eaton Vance’s tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s tax-advantaged bond strategies. He joined Eaton Vance in 2009.

Brian began his career in the investment management industry in 2001. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was vice president and municipal portfolio manager.

Brian earned a B.S. in systems engineering from the University of Virginia. He is a CFA charterholder.

Education
  • B.S. University of Virginia

Experience
  • Managed Fund since 2010

 
Devin J. Cooch, CFA

Devin J. Cooch, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

Biography

Devin Cooch is a vice president of Eaton Vance Management and municipal portfolio manager and trader on Eaton Vance's tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies. He joined Eaton Vance in 2008.

Devin began his career in the investment management industry in 2008. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was a trading assistant and accountant. He was previously affiliated with KPMG, LLP.

Devin earned a B.A. in economics, magna cum laude, from Bucknell University. He is a CFA charterholder.

Education
  • B.A. Bucknell University

Experience
  • Managed Fund since 2013

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Jan 31, 2017

Municipal Market Chart book

Download - Last updated: Oct 5, 2017

Full Prospectus

Download - Last updated: Jun 1, 2017

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

Eaton Vance and Calvert municipal funds' holdings in Puerto Rico debt

Download - Last updated: Oct 1, 2017

SAI

Download - Last updated: Jun 1, 2017

Semi-Annual Report

Download - Last updated: Jul 31, 2017

Summary Prospectus

Download - Last updated: Jun 1, 2017

XBRL

Download - Last updated: Jun 7, 2017