Overview

 

Growth of $10,000

10-year period ended 3/31/13

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 1.10 1.19 1.54 4.65 4.87 4.68 3.61
Fund w/Max Sales Charge -1.17 -1.08 -0.74 2.28 4.09 4.20 3.37
Barclays Capital 7 Year Municipal Bond Index1 0.89 1.22 1.36 4.01 5.98 6.17 4.98
3/31/2013
Fund at NAV -0.44 0.43 0.43 4.49 4.91 4.55 3.58
Fund w/Max Sales Charge -2.67 -1.83 -1.83 2.10 4.11 4.08 3.35
Barclays Capital 7 Year Municipal Bond Index1 -0.14 0.46 0.46 4.41 6.01 6.01 4.95
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 one year is cumulative. Max Sales Charge: 2.25%.

Fund Facts as of Apr 30, 2013

Class A Inception 06/27/1996
Performance Inception 05/29/1992
Investment Objective Current income
Total Net Assets of Fund $72.9M
Minimum Investment $1000
Expense Ratio2 0.89%
CUSIP 27826H636

Top 10 Holdings (%)3,4 as of Mar 31, 2013

BE VA GO
California GO
New York State GO
Pasadena TX ISD PSF Unltd GO
Maryland GO
NJ St Higher Ed Student Loan
Scottsdale AZ Mun Ppty Corp Excise Tax
North Tex Twy Auth Dallas North Twy
MA Hefa Baystate Med Ctr (7/1/15 Put)
Massachusetts GO FRN
Total 22.58


Portfolio Management

Craig R. Brandon, CFA Managed Fund since 2004

 

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.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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.


1. Barclays Capital 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 6-8 years. 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. Represents the largest holdings by CUSIP.

Performance

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 1.10 1.19 1.54 4.65 4.87 4.68 3.61
Fund w/Max Sales Charge -1.17 -1.08 -0.74 2.28 4.09 4.20 3.37
Barclays Capital 7 Year Municipal Bond Index1 0.89 1.22 1.36 4.01 5.98 6.17 4.98
3/31/2013
Fund at NAV -0.44 0.43 0.43 4.49 4.91 4.55 3.58
Fund w/Max Sales Charge -2.67 -1.83 -1.83 2.10 4.11 4.08 3.35
Barclays Capital 7 Year Municipal Bond Index1 -0.14 0.46 0.46 4.41 6.01 6.01 4.95
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 one year is cumulative. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fund at NAV 4.91 2.07 2.05 4.61 1.83 -4.97 12.03 0.99 9.53 4.46
Barclays Capital 7 Year Municipal Bond Index1 5.45 3.15 1.72 3.98 5.06 4.59 7.61 4.63 10.14 4.20

Fund Facts

Expense Ratio2 0.89%
Class A Inception 06/27/1996
Performance Inception 05/29/1992
Distribution Frequency Monthly

Yield Information5 as of Apr 30, 2013

Distribution Rate at NAV 2.86%
SEC 30 Day Yield 1.09%


Morningstar™ Ratings as of Apr 30, 2013

Time Period Rating Rating (Load Waived) Funds in
Muni National Interm
Category
Overall ** ** 228
3 Years ** *** 228
5 Years ** ** 197
10 Years ** ** 146
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2013 Morningstar, Inc. 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 is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
May 20, 2013 $10.47 $-0.01
May 17, 2013 $10.48 $0.01
May 16, 2013 $10.47 $0.00
May 15, 2013 $10.47 $0.00
May 14, 2013 $10.47 $-0.01
May 13, 2013 $10.48 $0.00
May 10, 2013 $10.48 $-0.02
May 09, 2013 $10.50 $0.01
May 08, 2013 $10.49 $0.00
May 07, 2013 $10.49 $-0.01

Distribution History6

Ex-Date Distribution Reinvest NAV
May 15, 2013 $0.02459 $10.47
Apr 15, 2013 $0.02507 $10.49
Mar 15, 2013 $0.02332 $10.40
Feb 15, 2013 $0.02581 $10.47
Jan 15, 2013 $0.02420 $10.50
Dec 17, 2012 $0.02559 $10.46
Nov 15, 2012 $0.02561 $10.58
Oct 15, 2012 $0.02301 $10.48
Sep 17, 2012 $0.02779 $10.36
Aug 15, 2012 $0.02506 $10.38
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 History6

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

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to www.eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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.


1. Barclays Capital 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 6-8 years. 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. SEC Yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the fund, which may differ. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
6. 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 as of Mar 31, 2013

State & Muni Bonds 95.56
Cash & Equivalents 4.44
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Number of Holdings 96
Average Yield to Maturity 2.13%
Average Coupon 4.73%
Average Maturity 10.86 yrs.
Average Effective Maturity 7.03 yrs.
Average Duration 4.80 yrs.
Average Call 6.65 yrs.
Average Price $114.22
Total Insured (% of bond holdings) 19.54%


Sector Breakdown (%)3,7 as of Mar 31, 2013

State GO 11.60
Local GO 11.15
HealthCare:Acute 10.41
Education 6.94
Public Power 4.99
Insured Special Tax 4.59
Toll Road 4.58
Airport 4.08
Student Loan 3.80
Water & Sewer 3.77

Credit Quality (%)8 as of Mar 31, 2013

AAA 18.85
AA 53.49
A 19.69
BBB 5.76
BB 0.85
B 0.00
CCC 0.00
Not Rated 1.36
Total 100.00
Ratings are based on Moody’s, S&P or Fitch, as applicable. 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 Standard and Poor's or Fitch (Baa or higher by Moody's) are considered to be investment grade quality. Credit ratings are based largely on the rating 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. If securities are rated differently by the rating agencies, the higher rating is applied. Holdings designated as “Not Rated” are not rated by the national rating agencies stated above.


Maturity Distribution (%)8 as of Mar 31, 2013

Less Than 1 Year 0.00
1 To 3 Years 3.50
3 To 5 Years 4.21
5 To 10 Years 51.96
10 To 20 Years 39.86
20 To 30 Years 0.47
More Than 30 Years 0.00
Total 100.00

Portfolio Composition - Muni Bonds8 as of Mar 31, 2013

GENERAL OBLIGATION BONDS 25.09
LEASE RENTAL BONDS/ MUNICIPAL LEASES 0.87
REVENUE BONDS 52.05
Education 10.74
Hospitals/Nursing Homes/ Healthcare 11.94
Housing 0.00
Industrial Dev./Pollution Control/Resource Recovery 0.88
Public Facilities 0.00
Special Tax 3.69
Transportation 10.28
Utility 11.30
Other 3.22
INSURED BONDS 19.53
OTHER 2.44
Total 100.00


Fund Holdings3,9 as of Mar 31, 2013

Holding Coupon Rate Maturity Date % of Net Assets
Commonwealth of Virginia 5.00% 06/01/2028 2.49%
State of California 5.00% 02/01/2026 2.44%
State of New York 4.00% 03/01/2023 2.42%
Pasadena Independent School District 5.00% 02/15/2028 2.42%
State of Maryland 4.00% 03/01/2026 2.32%
New Jersey Higher Education Student Assistance Authority 5.00% 06/01/2016 2.30%
Scottsdale Municipal Property Corp 5.00% 07/01/2026 2.21%
North Texas Tollway Authority 6.00% 01/01/2023 2.10%
Massachusetts Health & Educational Facilities Authority 5.00% 07/01/2039 2.05%
Commonwealth of Massachusetts 0.75% 11/01/2025 2.04%
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.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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.


3. Percent of total net assets.
7. Private insurance does not reduce the risk of principal fluctuations associated with this investment.
8. Percent of bond holdings.
9. 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.

Insights & Analysis

Quarterly Commentary

 

No commentary information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

 

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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.


Attribution

 

No attribution information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities 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 (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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

Biography
Craig R. Brandon, CFA

Craig R. Brandon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Craig Brandon is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's municipal bond team.

Craig joined Eaton Vance in 1998 as a research analyst covering both high-yield and high–grade bonds. He was responsible for state and local government obligation, hospital, industrial development and tobacco-backed sectors. Prior to joining Eaton Vance, he was a senior budget and capital finance analyst with the New York State Assembly Ways and Means Committee responsible for negotiating that state's debt service budget and its various capital financing programs.

Craig earned a B.S. in finance in 1989 from Canisius College and an M.B.A. from the University of Pittsburgh in 1991. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Education
  • B.A. Canisius College
  • M.B.A. Joseph M. Katz Graduate School of Business, University of Pittsburgh
Experience
  • Managed Fund since 2004
 

Fund Literature

Fund Literature

Discover Opportunities in the Income Markets with Eaton Vance.pdf

Income Markets Review.pdf

Income Markets Snapshot.pdf

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Fact Sheet

Think Performance Think Eaton Vance.pdf

Summary Prospectus

Full Prospectus

XBRL

Annual Report

Semi-Annual Report

SAI

Research Brief: Municipal Bond Research: Putting Together the Mosaic


 

Symbol:  

NAV as of  
  0.00%

Consider for:
Portfolio Diversification
All Weather
Hedging Rising Rates
Tax Efficiency
Inflation Protection
Investment Income