Fund Evaluator:
Eaton Vance Municipal Opportunities A (EMOAX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
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| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Eaton Vance Municipal Opportunities A Overview
Eaton Vance Municipal Opportunities A (EMOAX) is an actively managed Municipal Bond Muni National Interm fund. Eaton Vance launched the fund in 2011.
The investment seeks to maximize after-tax total return. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax. The fund also may invest up to 50% of its net assets in obligations rated below investment grade ("junk bonds"). It may invest up to 20% of its net assets in other debt obligations, including taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. government, its agencies and instrumentalities.
About Eaton Vance Municipal Opportunities A (EMOAX)
There are 2 members of the management team with an average tenure of 4.96 years: Trevor Smith (2021), Craig Brandon (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Eaton Vance Municipal Opportunities A has 604 securities in its portfolio. The top 10 holdings constitute 7.8% 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 Municipal Opportunities A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Eaton Vance Municipal Opportunities A has 0.3% 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 99.6% (99.3% domestic bond, 0.3% foreign bond and 0.0% convertible bond). Eaton Vance Municipal Opportunities A has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $74 million in total assets, which is below the $1 billion average for the Muni National 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.
EMOAX 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 Municipal Opportunities A expense ratio is high compared to funds in the Muni National Interm category. Eaton Vance Municipal Opportunities A has an expense ratio of 0.92%, which is 36% 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 Municipal Opportunities A has a portfolio turnover rate of 152%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Eaton Vance Municipal Opportunities A returned -1.9%, which earned it a grade of F, as the Muni National Interm category had an average return of -1.6%. 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 Municipal Opportunities A has a trailing yield of 3.33%, which is above the 3.27% 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 Municipal Opportunities A Grades
Year to date, the fund has returned 0.9%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 6.8% over the past year (grade of A), 4.0% over the past three years (grade of A) and 0.7% per year over the past five years (grade of C) and 1.9% per year over the past 10 years (grade of B).
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EMOAX 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 |
|
| EMOAX Return (NAV) | -1.9% | -0.4% | 6.8% | 4.0% | 0.7% | 1.9% |
| EMOAX Grade | F | B | A | A | C | B |
| +/- Category | -0.3% | 0.1% | 2.2% | 0.8% | 0.1% | 0.2% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| EMOAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | 0.1% |
EMOAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EMOAX Return (NAV) | 0.9% | 4.7% | 3.4% | 6.0% | -9.8% | 2.6% | 4.0% | 6.6% | 1.0% | 5.8% | 0.4% |
| EMOAX Grade | A | B | A | B | F | A | D | C | B | A | A |
| +/- Category | 0.5% | 0.5% | 1.4% | 0.3% | -1.6% | 0.9% | -0.3% | -0.1% | 0.3% | 1.1% | 0.6% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 5.7% |
| Total Risk Index: | 0.47 - Below Average |
| Category Risk Index: | 1.21 - High |
| Category Risk Grade: | F (90% Rank) |
| Beta: | 0.99 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $778 Mil |
| Fund Total Assets: | $ 75 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 152% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.0 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Smith Trevor (2021), Brandon Craig (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 604 |
| % in Top 10 Holdings: | 7.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.3% |
| Foreign Bond: | 0.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-262-1122 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | May 31, 2011 |
| 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 (%): | 0.92% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Eaton Vance Municipal Opportunities I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
