Overview

Historical Returns (%) as of Sep 30, 2024

10/31/202409/30/2024
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: 3.25%.
 

Fund Facts as of Oct 31, 2024

Class A Inception 01/29/2010
Performance Inception 02/01/2010
Investment Objective After-tax total return
Total Net Assets $451.1M
Minimum Investment $1000
Expense Ratio (Gross)2 1.00%
Expense Ratio (Net)2,3 0.85%
CUSIP 27826M726

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

United States Treasury Note/Bond 10.14
United States Treasury Note/Bond 4.43
Southeast Energy Authority A Cooperative District 3.78
State of Michigan Trunk Line Revenue 3.49
Texas Children's Hospital Obligated Group 2.08
City of New York NY 1.81
University of California 1.55
Municipal Electric Authority of Georgia 1.53
City of New York NY 1.45
Texas State Technical College 1.42
Total 31.69
 

Portfolio Management

Brian C. Barney, CFA Managed Fund since 2010
Devin J. Cooch, CFA Managed Fund since 2021
Alison Wagner, CFA Managed Fund since 2022

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.


1. Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index is an unmanaged, tax-exempt bond market index that measures the 1-17 year maturity component of the Bloomberg Barclays Municipal Managed Money Bond Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 6/1/25. Without the reimbursement, if applicable, performance would have been lower.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

10/31/202409/30/2024
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: 3.25%.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 7.97 3.08 -0.16 4.45 0.06 6.11 6.03 -0.13 -6.86 7.16
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 A Inception 01/29/2010
Performance Inception 02/01/2010
Expense Ratio (Gross)2 1.00%
Expense Ratio (Net)2,3 0.85%
Distribution Frequency Monthly

Yield Information as of Oct 31, 2024

Distribution Rate at NAV 3.02%
Taxable-Equivalent Distribution Rate at NAV7 5.09%
SEC 30-day Yield8 2.72%
Taxable-Equivalent SEC 30-day Yield 4.59%
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Muni National Interm
Category
Overall 257
3 Years 257
5 Years 240
10 Years 175
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
Nov 20, 2024 $11.99 -$0.01
Nov 19, 2024 $12.00 $0.03
Nov 18, 2024 $11.97 $0.00
Nov 15, 2024 $11.97 $0.00
Nov 14, 2024 $11.97 $0.01
Nov 13, 2024 $11.96 $0.00
Nov 12, 2024 $11.96 -$0.01
Nov 11, 2024 $11.97 -$0.01
Nov 08, 2024 $11.98 $0.08
Nov 07, 2024 $11.90 $0.05
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Oct 31, 2024 $0.03050 $11.94
Sep 30, 2024 $0.03158 $12.22
Aug 30, 2024 $0.03055 $12.09
Jul 31, 2024 $0.03112 $12.02
Jun 28, 2024 $0.03125 $11.92
May 31, 2024 $0.03088 $11.76
Apr 30, 2024 $0.03043 $11.81
Mar 28, 2024 $0.03002 $12.01
Feb 29, 2024 $0.03026 $12.05
Jan 31, 2024 $0.03036 $12.09
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 $12.86
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.


1. Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index is an unmanaged, tax-exempt bond market index that measures the 1-17 year maturity component of the Bloomberg Barclays Municipal Managed Money Bond Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 6/1/25. Without the reimbursement, if applicable, performance would have been lower.
6. The Morningstar Muni National Interm Category includes funds that invest in bonds issued by state and local governments that are free from federal taxes and typically have a duration between 4.5 and 7.0 years.
7. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. For National Municipal Funds, Taxable-Equivalent Distribution Rate at NAV and Market Price is calculated using a 40.8% tax rate (equals maximum individual federal tax rate adjusted for the Medicare surtax). For Single-State Municipal Funds, Taxable-Equivalent Distribution Rates also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered.
8. SEC 30-day yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC 30-day yield is not based on the distributions made by the fund, which may differ. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
9. The Fund's distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and return of capital. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

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

Portfolio Statistics as of Oct 31, 2024

Number of Holdings 146
Average Coupon 4.20%
Average Maturity 11.13 yrs.
Average Effective Maturity 7.08 yrs.
Average Duration 593 yrs.
Average Price $101.29
% Prerefunded (% of Bond Holdings) 1.44%
 

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

General Obligations 17.15
Education 16.37
U.S. Treasuries 14.56
General Revenue 13.77
Housing 9.74
Water and Sewer 7.78
Transportation 7.61
Health Care 4.47
Electric Utilities 1.53
Bond Bank 1.12
View All

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

AAA 43.18
AA 45.10
A 10.58
BBB 1.13
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 Oct 31, 2024

Less Than 1 Year 4.64
1 To 3 Years 3.34
3 To 5 Years 3.04
5 To 10 Years 28.69
10 To 20 Years 46.52
20 To 30 Years 12.20
More Than 30 Years 1.57
Total 100.00
 

Fund Holdings5,11 as of Sep 30, 2024

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 4.63% 04/30/2031 10.64%
United States Treasury Note/Bond 4.13% 11/15/2032 4.56%
Southeast Energy Authority A Cooperative District 4.00% 12/01/2051 3.83%
State of Michigan Trunk Line Revenue 4.00% 11/15/2039 3.55%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 4.80% 12/31/2030 3.02%
Texas Children's Hospital Obligated Group 3.05% 10/01/2045 2.08%
City of New York NY 5.25% 04/01/2047 1.89%
University of California 5.00% 05/15/2035 1.59%
Municipal Electric Authority of Georgia 5.25% 07/01/2064 1.55%
City of New York NY 5.25% 10/01/2042 1.51%
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.


5. Percent of total net assets.
10. Percent of bond holdings.
11. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

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

Other funds managed
 
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

Other funds managed
 

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

Other funds managed
 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2024

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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SAI

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Semi-Annual Report

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Summary Prospectus

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