Overview

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 3.25%.
 

Fund Facts as of Nov 30, 2024

Class A Inception 02/14/1994
Investment Objective Current income
Total Net Assets $193.7M
Minimum Investment $1000
Expense Ratio2 0.73%
Adjusted Expense Ratio 0.66%
CUSIP 27826L355
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.

Top 10 Holdings (%)3,4 as of Sep 30, 2024

City of Columbia SC Waterworks & Sewer System Revenue 3.03
South Carolina Ports Authority 3.02
State of South Carolina 2.95
Renewable Water Resources 2.80
Spartanburg County School District No 4/SC 2.67
Lexington Health Obligated Group 2.61
City of Rock Hill SC Combined Utility System Revenue 2.58
State of South Carolina 2.15
City of Charleston SC Waterworks & Sewer System Revenue 2.14
International Paper Co 2.08
Total 26.02
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Muni Single State Interm
Category
Overall 110
3 Years 110
5 Years 108
10 Years 96
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.
 

Portfolio Management

Chris J. Eustance, CFA Managed Fund since 2019
William J. Delahunty, CFA Managed Fund since 2021

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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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.

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 Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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. Percent of total net assets.
4. Top 10 holdings represents the largest holdings by CUSIP.

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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 3.25%.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 12.63 3.25 1.32 2.88 2.02 5.65 4.60 0.82 -7.16 4.46
Bloomberg Municipal Bond Index1 9.05 3.30 0.25 5.45 1.28 7.54 5.21 1.52 -8.53 6.40
 

Fund Facts

Class A Inception 02/14/1994
Expense Ratio2 0.73%
Adjusted Expense Ratio 0.66%
Distribution Frequency Monthly
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.

Yield Information as of Oct 31, 2024

Distribution Rate at NAV 3.49%
Taxable-Equivalent Distribution Rate at NAV6 6.59%
SEC 30-day Yield7 3.23%
Taxable-Equivalent SEC 30-day Yield 6.11%
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Muni Single State Interm
Category
Overall 110
3 Years 110
5 Years 108
10 Years 96
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
Dec 02, 2024 $8.77 $0.01
Nov 29, 2024 $8.76 $0.02
Nov 27, 2024 $8.74 $0.02
Nov 26, 2024 $8.72 $0.01
Nov 25, 2024 $8.71 $0.04
Nov 22, 2024 $8.67 $0.00
Nov 21, 2024 $8.67 $0.00
Nov 20, 2024 $8.67 $0.00
Nov 19, 2024 $8.67 $0.02
Nov 18, 2024 $8.65 $0.00
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Nov 29, 2024 $0.02548 $8.76
Oct 31, 2024 $0.02546 $8.62
Sep 30, 2024 $0.02546 $8.77
Aug 30, 2024 $0.02587 $8.71
Jul 31, 2024 $0.02480 $8.69
Jun 28, 2024 $0.02502 $8.65
May 31, 2024 $0.02463 $8.55
Apr 30, 2024 $0.02448 $8.57
Mar 28, 2024 $0.02405 $8.67
Feb 29, 2024 $0.02404 $8.69
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
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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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.

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 Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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.
5. The Morningstar Muni Single State Long Category includes funds that invest in individual state and local government bonds free from both federal and state taxes with a duration greater than 7.0 years.
6. 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.
7. For National Municipal Funds, taxable-equivalent performance 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 performance also reflect maximum effective individual state income tax rates. Local income taxes that may apply are not considered. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
8. 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 (%)3,9 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Number of Holdings 100
Average Coupon 4.61%
Average Maturity 18.46 yrs.
Average Effective Maturity 8.03 yrs.
Average Duration 6.60 yrs.
Average Call 6.15 yrs.
Average Price $104.97
% Subject to AMT 6.27%
 

Sector Breakdown (%)3 as of Sep 30, 2024

Water and Sewer 22.28
General Obligations 21.14
Hospital 17.75
Electric Utilities 8.51
Transportation 7.02
Senior Living/Life Care 4.52
Lease Revenue/Certificates of Participation 4.33
Insured-Electric Utilities 3.78
Housing 3.05
Special Tax Revenue 2.56
View All

Credit Quality (%)10 as of Sep 30, 2024

AAA 14.73
AA 49.33
A 24.65
BBB 3.88
BB 1.49
Not Rated 5.92
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 Sep 30, 2024

Less Than 1 Year 4.91
1 To 3 Years 3.39
3 To 5 Years 1.16
5 To 10 Years 4.48
10 To 20 Years 41.27
20 To 30 Years 39.68
More Than 30 Years 5.11
Total 100.00

Assets by State (%)10,11 as of Sep 30, 2024

South Carolina 95.09
Puerto Rico 4.80
American Samoa 0.10
 

Fund Holdings3,12 as of Oct 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
South Carolina Ports Authority 5.00% 07/01/2044 3.20%
City of Columbia SC Waterworks & Sewer System Revenue 5.00% 02/01/2047 3.16%
State of South Carolina 5.00% 04/01/2038 3.02%
Renewable Water Resources 4.00% 04/01/2044 2.93%
Spartanburg County School District No 4/SC 5.25% 03/01/2052 2.80%
Lexington Health Obligated Group 5.00% 11/01/2041 2.79%
City of Rock Hill SC Combined Utility System Revenue 5.00% 01/01/2047 2.76%
State of South Carolina 1.00% 04/01/2025 2.28%
City of Charleston SC Waterworks & Sewer System Revenue 5.00% 01/01/2045 2.23%
International Paper Co 4.00% 04/01/2033 2.18%
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. Because the Fund may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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.

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.


3. Percent of total net assets.
9. A delay in transaction settlement may result in a negative cash position.
10. Percent of bond holdings.
11. In the event a municipal bond has dual exemption in more than one state, the primary state as classified by Bloomberg will be shown.
12. 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

Chris J. Eustance, CFA

Chris J. Eustance, CFA

Executive Director, Portfolio Manager
Joined Eaton Vance 2007

Biography

Christopher Eustance is a portfolio manager on the Municipals 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 2007. Morgan Stanley acquired Eaton Vance in March 2021.

Chris began his career in the investment management industry in 2005. Before joining Eaton Vance, he was a senior associate at State Street Bank and Trust.

Chris earned a B.S. from Boston College. He is a member of the CFA Society Boston and is a CFA charterholder.

Education
  • B.S. Boston College

Experience
  • Managed Fund since 2019

Other funds managed
 
William J. Delahunty, CFA

William J. Delahunty, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance in 1998

Biography

William Delahunty is a portfolio manager on the Municipals 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.

Bill began his career in the investment management industry in 1994. Before joining Eaton Vance, he was a financial analyst with Grubb & Ellis.

Bill earned a B.A. in economics from the University of Vermont. He has served on the board of the National Federation of Municipal Analysts and is a past president of the Boston Municipal Analyst Forum. He is a CFA charterholder.

Education
  • B.A. in economics from the University of Vermont

Experience
  • Managed Fund since 2021

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

Download Semi-Annual Financial Statements and Add'l Information

Keep the income. Cut the taxes.

Download Keep the income. Cut the taxes. - Last updated: Sep 30, 2024

Municipal Bond Market Monitor

Download Municipal Bond Market Monitor - Last updated: Sep 30, 2024

Annual Report

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Full Prospectus

Download Full Prospectus

Q1 Holdings

Download Q1 Holdings

Q3 Holdings

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Holdings - Form N-PORT

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SAI

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Semi-Annual Report

Download Semi-Annual Report

Summary Prospectus

Download Summary Prospectus