Fund Evaluator:
Eaton Vance AZ Municipal Income C (ECAZX)
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Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
Eaton Vance AZ Municipal Income C Overview
Eaton Vance AZ Municipal Income C (ECAZX) is an actively managed Municipal Bond Muni Single State Interm fund. Eaton Vance launched the fund in 2005.
The investment seeks current income exempt from regular federal income tax and Arizona state personal income tax. 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 the state taxes specified in its investment objective. At least 75% of net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment or, if unrated, determined by the investment adviser to be of at least investment grade quality.
About Eaton Vance AZ Municipal Income C (ECAZX)
There are 2 members of the management team with an average tenure of 4.78 years: Trevor Smith (2019), Carl Thompson (2023). 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 Arizona TR USD index with a weighting of 100%. Eaton Vance AZ Municipal Income C has 151 securities in its portfolio. The top 10 holdings constitute 18.8% 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 AZ Municipal Income C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Eaton Vance AZ Municipal Income C has 3.8% 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 99.1% (95.3% domestic bond, 3.8% foreign bond and 0.0% convertible bond). Eaton Vance AZ Municipal Income C has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $85 million average for the Muni Single State Interm 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.
ECAZX 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 AZ Municipal Income C expense ratio is high compared to funds in the Muni Single State Interm category. Eaton Vance AZ Municipal Income C has an expense ratio of 1.48%, which is 77% higher than its category average, making the fund expense ratio grade a F. 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 AZ Municipal Income C has a portfolio turnover rate of 68%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, Eaton Vance AZ Municipal Income C returned -2.3%, which earned it a grade of F, as the Muni Single State Interm category had an average return of -1.7%. 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 AZ Municipal Income C has a trailing yield of 2.58%, which is below the 3.00% 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 AZ Municipal Income C Grades
Year to date, the fund has returned 0.1%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.8% over the past year (grade of B), 2.6% over the past three years (grade of C) and -0.1% per year over the past five years (grade of D) and 1.0% per year over the past 10 years (grade of D).
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ECAZX 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 |
|
| ECAZX Return (NAV) | -2.3% | -0.9% | 5.8% | 2.6% | -0.1% | 1.0% |
| ECAZX Grade | F | F | B | C | D | D |
| +/- Category | -0.6% | -0.2% | 0.8% | -0.0% | -0.3% | -0.2% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| ECAZX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
ECAZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ECAZX Return (NAV) | 0.1% | 3.5% | 1.0% | 5.1% | -8.6% | -0.1% | 4.0% | 5.5% | 0.2% | 4.0% | -0.1% |
| ECAZX Grade | D | F | C | B | D | D | D | D | F | B | C |
| +/- Category | -0.2% | -0.5% | 0.1% | 0.6% | -0.9% | -0.7% | -0.2% | -0.3% | -0.6% | 0.5% | -0.2% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 5.8% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 1.01 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 2.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $132 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 68% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Smith Trevor (2019), Thompson Carl (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 151 |
| % in Top 10 Holdings: | 18.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.3% |
| Foreign Bond: | 3.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-262-1122 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | December 16, 2005 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.95% |
Expenses and Fees | |
| Expense Ratio (%): | 1.48% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Eaton Vance AZ Municipal Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
