Overview

Historical Returns (%) as of Sep 30, 2024

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: 1%.
 

Fund Facts as of Sep 30, 2024

Class C Inception 01/29/2010
Performance Inception 02/01/2010
Investment Objective After-tax total return
Total Net Assets $458.0M
Minimum Investment $1000
Expense Ratio (Gross)2 1.75%
Expense Ratio (Net)2,3 1.60%
CUSIP 27826M718

Top 10 Holdings (%)4,5 as of Aug 31, 2024

United States Treasury Note/Bond 10.63
United States Treasury Note/Bond 4.55
Southeast Energy Authority A Cooperative District 3.80
State of Michigan Trunk Line Revenue 3.54
Texas Children's Hospital Obligated Group 2.10
City of New York NY 1.88
University of California 1.57
Municipal Electric Authority of Georgia 1.54
City of New York NY 1.51
City of Burleson TX 1.45
Total 32.58
 

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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


Performance

Historical Returns (%) as of Sep 30, 2024

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: 1%.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 7.26 2.31 -0.91 3.67 -0.68 5.32 5.15 -0.88 -7.57 6.45
Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index1 6.83 3.40 -0.27 4.88 1.22 7.10 5.70 0.38 -7.22 5.69
 

Fund Facts

Class C Inception 01/29/2010
Performance Inception 02/01/2010
Expense Ratio (Gross)2 1.75%
Expense Ratio (Net)2,3 1.60%
Distribution Frequency Monthly

Yield Information7 as of Sep 30, 2024

Distribution Rate at NAV 2.40%
Taxable-Equivalent Distribution Rate at NAV8 4.06%
Subsidized SEC 30-day Yield 1.93%
Unsubsidized SEC 30-day Yield 1.93%
Taxable-Equivalent SEC 30-day Yield 3.25%
 

Morningstar Rating™ as of Sep 30, 2024

Time Period Rating Funds in
Muni National Interm
Category
Overall 262
3 Years 262
5 Years 240
10 Years 176
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.

©2024 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
Oct 08, 2024 $12.12 -$0.02
Oct 07, 2024 $12.14 -$0.03
Oct 04, 2024 $12.17 -$0.07
Oct 03, 2024 $12.24 $0.00
Oct 02, 2024 $12.24 -$0.01
Oct 01, 2024 $12.25 $0.04
Sep 30, 2024 $12.21 -$0.01
Sep 27, 2024 $12.22 $0.02
Sep 26, 2024 $12.20 $0.02
Sep 25, 2024 $12.18 -$0.01
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Sep 30, 2024 $0.02406 $12.21
Aug 30, 2024 $0.02285 $12.09
Jul 31, 2024 $0.02351 $12.01
Jun 28, 2024 $0.02393 $11.91
May 31, 2024 $0.02333 $11.75
Apr 30, 2024 $0.02311 $11.81
Mar 28, 2024 $0.02235 $12.00
Feb 29, 2024 $0.02306 $12.04
Jan 31, 2024 $0.02257 $12.09
Dec 29, 2023 $0.02232 $12.20
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 01, 2021 $0.02760 $0.02000 $12.85
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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


Portfolio

Asset Mix (%)5 as of Aug 31, 2024

Portfolio Statistics as of Aug 31, 2024

Number of Holdings 140
Average Coupon 4.17%
Average Maturity 11.07 yrs.
Average Effective Maturity 6.98 yrs.
Average Duration 5.84 yrs.
Average Price $102.34
% Prerefunded (% of Bond Holdings) 0.95%
 

Sector Breakdown (%)5 as of Aug 31, 2024

General Obligations 18.22
Education 16.75
U.S. Treasuries 15.18
General Revenue 11.92
Housing 9.59
Water and Sewer 7.97
Transportation 6.99
Health Care 3.87
Electric Utilities 1.54
Bond Bank 1.14
View All

Credit Quality (%)10 as of Aug 31, 2024

AAA 45.69
AA 42.70
A 11.13
BBB 0.48
Not Rated 0.01
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 Aug 31, 2024

Less Than 1 Year 2.69
1 To 3 Years 5.27
3 To 5 Years 3.10
5 To 10 Years 28.92
10 To 20 Years 45.38
20 To 30 Years 12.79
More Than 30 Years 1.87
Total 100.00
 

Fund Holdings5,11 as of Aug 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 4.63% 04/30/2031 10.70%
United States Treasury Note/Bond 4.13% 11/15/2032 4.58%
Southeast Energy Authority A Cooperative District 4.00% 12/01/2051 3.82%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 5.17% 12/31/2030 3.58%
State of Michigan Trunk Line Revenue 4.00% 11/15/2039 3.57%
Texas Children's Hospital Obligated Group 2.95% 10/01/2045 2.12%
City of New York NY 5.25% 04/01/2047 1.89%
University of California 5.00% 05/15/2035 1.58%
Municipal Electric Authority of Georgia 5.25% 07/01/2064 1.55%
City of New York NY 5.25% 10/01/2042 1.52%
View All

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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


Management

Brian C. Barney, CFA

Brian C. Barney, CFA

Managing Director, Institutional Portfolio Management of Parametric
Joined Eaton Vance 2008
Joined Parametric Portfolio Associates 2019

Biography

Brian Barney is managing director - institutional portfolio management at Parametric Portfolio Associates LLC. He directs institutional portfolio strategies and is a municipal portfolio manager on Parametric's fixed-income team where he is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies (TABS). He joined Parametric in 2019 from Eaton Vance when Eaton Vance's TABS business shifted to Parametric.

Brian began his career in the investment management industry in 2001. Before joining Parametric, he was director of institutional portfolio strategies and a municipal portfolio manager at Eaton Vance. Previously, he was vice president and municipal portfolio manager at M.D. Sass.

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

Director, Portfolio Management of Parametric
Joined Eaton Vance 2009
Joined Parametric Portfolio Associates 2019

Biography

Devin Cooch is director, portfolio management at Parametric Portfolio Associates LLC. He is on Parametric's fixed-income team where he is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies (TABS). He joined Parametric in 2019 from Eaton Vance when Eaton Vance's TABS business shifted to Parametric.

Devin began his career in the investment management industry in 2008. Before joining Parametric, he was a municipal portfolio manager at Eaton Vance. Previously, he was affiliated with M.D. Sass, where he was a trading assistant and accountant, and 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 2021

 

Alison Wagner, CFA

Portfolio Manager
Joined Parametric Portfolio Associates in 2015

Biography

Alison Wagner is a portfolio manager and trader on Parametric's Fixed Income Investment team. She is responsible for buy and sell decisions, portfolio construction, and risk management for the firm's tax-advantaged bond strategies.

She joined the firm in 2015 (originally as an employee of Parametric's parent company, Eaton Vance). Before joining Eaton Vance, she worked at Bloomberg, LP.

Alison earned a BS in management with a concentration in finance from Boston College. She is a CFA charterholder.

Education
  • B.S. Boston College

Experience
  • Managed Fund since 2022

 

Literature

Literature

Fact Sheet

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Commentary

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Keep the income. Cut the taxes.

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Municipal Bond Market Monitor

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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Holdings - Form N-PORT

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Semi-Annual Report

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Summary Prospectus

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