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. Max Sales Charge: 4.75%.
 

Fund Facts as of Sep 30, 2021

Class A Inception 12/30/2020
Investment Objective Total return
Total Net Assets $15.2M
Minimum Investment $1000
Expense Ratio (Gross)1 0.92%
Expense Ratio (Net)1,2 0.80%
CUSIP 27826A599
 

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. 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. Max Sales Charge: 4.75%.
 

Fund Facts

Expense Ratio (Gross)1 0.92%
Expense Ratio (Net)1,2 0.80%
Class A Inception 12/30/2020
Distribution Frequency Monthly

Yield Information as of Sep 30, 2021

SEC 30-day Yield3 0.90%
 

NAV History

Date NAV NAV Change
Oct 22, 2021 $10.02 $0.01
Oct 21, 2021 $10.01 -$0.02
Oct 20, 2021 $10.03 $0.00
Oct 19, 2021 $10.03 -$0.02
Oct 18, 2021 $10.05 -$0.01
Oct 15, 2021 $10.06 -$0.04
Oct 14, 2021 $10.10 $0.02
Oct 13, 2021 $10.08 $0.02
Oct 12, 2021 $10.06 $0.03
Oct 11, 2021 $10.03 -$0.02
 

Distribution History4

Ex-Date Distribution Reinvest NAV
Sep 30, 2021 $0.00925 $10.09
Aug 31, 2021 $0.00963 $10.21
Jul 30, 2021 $0.00773 $10.26
Jun 30, 2021 $0.00688 $10.13
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 History4

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. 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 Sep 30, 2021

Portfolio Statistics as of Sep 30, 2021

Average Maturity 6.89 yrs.
Average Effective Maturity 6.70 yrs.
Average Duration 6.23 yrs.
Average Call 6.65 yrs.
Average Price $101.34
 

Sector Breakdown (%)5 as of Sep 30, 2021

General Obligations 23.14
Insured-Special Tax Revenue 11.87
Transportation 11.58
Hospital 11.27
Special Tax Revenue 7.97
Senior Living/Life Care 6.92
Water and Sewer 6.82
Student Loan 5.86
Insured-General Obligations 3.39
Insured-Hospital 3.27
View All

Credit Quality (%)6 as of Sep 30, 2021

AAA 3.16
AA 53.38
A 22.38
BBB 15.34
BB 3.44
Not Rated 2.29
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.
 

Fund Holdings5,7 as of Aug 31, 2021

Holding Coupon Rate Maturity Date % of Net Assets
Douglas County School District No 17NE 2.10% 06/15/2034 4.10%
County of Kauai HI 1.50% 08/01/2027 4.01%
St Joseph's University Medical Center Inc 4.58% 07/01/2027 3.69%
City of Detroit MI 2.51% 04/01/2025 3.52%
County of Broward FL Airport System Revenue 2.73% 10/01/2030 3.49%
Providence St Joseph Health Obligated Group 2.53% 10/01/2029 3.46%
Valley View School DistrictPA 2.20% 05/15/2026 3.44%
County of MiamiDade FL Aviation Revenue 2.45% 10/01/2029 3.44%
County of Collin TX 1.88% 02/15/2032 3.39%
Long Beach Community College District 1.88% 05/01/2029 3.38%
View All

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. 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

Cynthia J. Clemson

Cynthia J. Clemson

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985

Biography

Cynthia Clemson is a vice president of Eaton Vance Management, co-director of municipal investments and portfolio manager on Eaton Vance's 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.

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 of 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 inception

 
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 inception

 

Literature

Literature

Full Prospectus

Download Full Prospectus - Last updated: Dec 30, 2020

Q1 Holdings

Download Q1 Holdings - Last updated: Feb 28, 2021

Q3 Holdings

Download Q3 Holdings - Last updated: Aug 31, 2021

SAI

Download SAI - Last updated: Dec 30, 2020

Semi-Annual Report

Download Semi-Annual Report - Last updated: May 31, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Dec 30, 2020