Fund Evaluator:
Eaton Vance CA Municipal Opportunities A (EACAX)
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Best Performing in Muni California Intermediate Over the Last Year
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Fund Details
Eaton Vance CA Municipal Opportunities A Overview
Eaton Vance CA Municipal Opportunities A (EACAX) is an actively managed Municipal Bond Muni California Intermediate fund. Eaton Vance launched the fund in 1994.
The investment seeks to maximize after-tax total return. Under normal market circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax and California state personal income taxes. It may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities).
About Eaton Vance CA Municipal Opportunities A (EACAX)
There are 2 members of the management team with an average tenure of 8.78 years: Trevor Smith (2021), Craig Brandon (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal California Exempt TR index with a weighting of 100%. Eaton Vance CA Municipal Opportunities A has 478 securities in its portfolio. The top 10 holdings constitute 12.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Eaton Vance CA Municipal Opportunities A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Eaton Vance CA Municipal Opportunities A has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.5% (98.9% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Eaton Vance CA Municipal Opportunities A has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $157 million in total assets, which is below the $621 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EACAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Eaton Vance CA Municipal Opportunities A expense ratio is above average compared to funds in the Muni California Intermediate category. Eaton Vance CA Municipal Opportunities A has an expense ratio of 0.77%, which is 14% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Eaton Vance CA Municipal Opportunities A has a portfolio turnover rate of 171%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Muni California Intermediate category.
Recently, in the month of July 2026, Eaton Vance CA Municipal Opportunities A returned -1.9%, which earned it a grade of F, as the Muni California Intermediate category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Eaton Vance CA Municipal Opportunities A has a trailing yield of 3.51%, which is above the 3.02% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Eaton Vance CA Municipal Opportunities A Grades
Year to date, the fund has returned 0.8%, 0.7 percentage points better than the category, which translates into a grade of A. The fund has returned 6.3% over the past year (grade of A), 3.2% over the past three years (grade of B) and 0.8% per year over the past five years (grade of B) and 1.9% per year over the past 10 years (grade of A).
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EACAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EACAX Return (NAV) | -1.9% | -0.3% | 6.3% | 3.2% | 0.8% | 1.9% |
| EACAX Grade | F | B | A | B | B | A |
| +/- Category | -0.4% | 0.1% | 2.0% | 0.4% | 0.3% | 0.4% |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.3% | 2.9% | 0.5% | 1.5% |
| EACAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
EACAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EACAX Return (NAV) | 0.8% | 3.0% | 2.7% | 6.4% | -7.8% | 0.5% | 5.3% | 7.9% | 1.1% | 4.6% | 0.7% |
| EACAX Grade | A | F | A | A | D | D | A | A | B | C | A |
| +/- Category | 0.7% | -1.0% | 0.9% | 1.5% | -0.6% | -0.4% | 1.6% | 1.7% | 0.3% | 0.1% | 1.1% |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 5.4% |
| Total Risk Index: | 0.44 - Low |
| Category Risk Index: | 1.27 - High |
| Category Risk Grade: | F (102% Rank) |
| Beta: | 0.93 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1083 Mil |
| Fund Total Assets: | $ 157 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 171% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.6 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Brandon Craig (2014), Smith Trevor (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 478 |
| % in Top 10 Holdings: | 12.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.9% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-262-1122 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | May 27, 1994 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.77% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Eaton Vance CA Municipal Opportunities A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
