Overview

Historical Returns (%) as of Mar 31, 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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. Max Sales Charge: 3.25%.
 

Fund Facts as of Apr 30, 2024

Class A Inception 08/23/1983
Investment Objective Current tax-exempt income
Total Net Assets $430.4M
Minimum Investment $1000
Expense Ratio (Gross)2 0.89%
Expense Ratio (Net)2,3 0.75%
CUSIP 131620304

Top 10 Holdings (%)4,5 as of Apr 30, 2024

San Diego Unified School District/CA 1.54
University of California 1.34
State of Connecticut 1.33
Los Angeles Unified School District/CA 1.30
California Community Choice Financing Authority 1.27
Health Care Authority of the City of Huntsville Obligated Group 1.26
Salem-Keizer School District No 24J 1.19
Kaiser Obligated Group 1.19
EP Tuscany Zaragosa PFC Tuscany at Mesa Hills & Villas at Zaragosa 1.11
Sacramento Municipal Utility District 1.10
Total 12.64
 

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Because the Fund investments may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. 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 Mar 31, 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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. Max Sales Charge: 3.25%.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 7.47 2.93 -0.42 5.00 0.54 7.10 4.38 0.19 -8.20 5.50
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 08/23/1983
Expense Ratio (Gross)2 0.89%
Expense Ratio (Net)2,3 0.75%
Distribution Frequency Monthly

Yield Information7 as of Apr 30, 2024

Distribution Rate at NAV 3.06%
Subsidized SEC 30-day Yield 2.97%
Unsubsidized SEC 30-day Yield 2.84%
 

Morningstar Rating™ as of Apr 30, 2024

Time Period Rating Funds in
Muni National Interm
Category
Overall 261
3 Years 261
5 Years 238
10 Years 179
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
May 28, 2024 $15.09 -$0.02
May 24, 2024 $15.11 $0.00
May 23, 2024 $15.11 -$0.05
May 22, 2024 $15.16 -$0.04
May 21, 2024 $15.20 -$0.02
May 20, 2024 $15.22 -$0.03
May 17, 2024 $15.25 -$0.02
May 16, 2024 $15.27 -$0.01
May 15, 2024 $15.28 $0.02
May 14, 2024 $15.26 $0.00
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Apr 30, 2024 $0.03793 $15.13
Mar 28, 2024 $0.03727 $15.32
Feb 29, 2024 $0.03812 $15.37
Jan 31, 2024 $0.03700 $15.40
Dec 29, 2023 $0.03685 $15.46
Nov 30, 2023 $0.03692 $15.15
Oct 31, 2023 $0.03595 $14.32
Sep 29, 2023 $0.03551 $14.53
Aug 31, 2023 $0.03466 $14.95
Jul 31, 2023 $0.03254 $15.16
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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Because the Fund investments may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. 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 Apr 30, 2024

Portfolio Statistics as of Apr 30, 2024

Number of Holdings 239
Average Coupon 4.42%
Average Maturity 12.71 yrs
Average Effective Maturity 7.68yrs
Average Duration 6.64 yrs
Average Call 5.73yrs
Average Price $102.63
% Subject to AMT 7.70
 

Sector Breakdown (%)5 as of Apr 30, 2024

General Obligations 20.13
Housing 19.73
Hospital 11.25
Education 8.06
Other Revenue 7.53
Water and Sewer 5.50
Electric Utilities 5.32
Special Tax Revenue 4.41
Lease Revenue/Certificates of Participation 4.24
Transportation 4.14
View All

Credit Quality (%)9 as of Apr 30, 2024

AAA 13.96
AA 57.94
A 15.88
BBB 7.81
BB 2.84
B 0.42
CCC or Lower 0.00
Not Rated 1.14
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 (%)9 as of Apr 30, 2024

Less Than 1 Year 2.76
1 To 3 Years 12.53
3 To 5 Years 4.54
5 To 10 Years 16.99
10 To 20 Years 43.17
20 To 30 Years 20.00
More Than 30 Years 0.00
Total 100.00

Assets by State (%)9,10 as of Apr 30, 2024

California 21.20
New York 10.51
Massachusetts 6.69
Pennsylvania 4.90
Illinois 4.64
Indiana 4.34
Washington 4.05
Connecticut 3.05
Virginia 2.92
Texas 2.91
View All
 

Fund Holdings5,11 as of Mar 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
San Diego Unified School District/CA 5.00% 07/01/2048 1.55%
University of California 5.00% 05/15/2038 1.35%
State of Connecticut 5.00% 11/15/2036 1.34%
Los Angeles Unified School District/CA 5.25% 07/01/2047 1.31%
California Community Choice Financing Authority 5.50% 10/01/2054 1.27%
Health Care Authority of the City of Huntsville Obligated Group 5.00% 06/01/2053 1.26%
Geisinger Health System Obligated Group 5.00% 04/01/2043 1.21%
Salem-Keizer School District No 24J 4.00% 06/15/2037 1.19%
EP Tuscany Zaragosa PFC Tuscany at Mesa Hills & Villas at Zaragosa 4.00% 12/01/2033 1.12%
Cedars-Sinai Medical Center Obligated Group 4.00% 08/15/2036 1.03%
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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Because the Fund investments may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. 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

William J. Delahunty, CFA

William J. Delahunty, CFA

Managing Director, Portfolio Manager
Joined Calvert Research and Management 2016

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. University of Vermont

Experience
  • Managed Fund since 2021

 
Cynthia J. Clemson

Cynthia J. Clemson

Managing Director, Co-Head of Municipals

Biography

Cynthia is Co-Head of Municipals and portfolio manager on the 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. Morgan Stanley acquired Eaton Vance in March 2021.

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 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 2016

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Mar 31, 2024

Commentary

Download Commentary - Last updated: Mar 31, 2024

Municipal Bond Market Monitor

Download Municipal Bond Market Monitor - Last updated: Mar 31, 2024

Annual Report

Download Annual Report - Last updated: Dec 31, 2023

Full Prospectus

Download Full Prospectus - Last updated: May 1, 2024

Q1 Holdings

Download Q1 Holdings - Last updated: Mar 31, 2023

Q3 Holdings

Download Q3 Holdings - Last updated: Sep 30, 2023

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: May 1, 2024

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jun 30, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: May 1, 2024