Portfolio Diversification
Investment IncomeOverview
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 2.72 | 4.38 | 22.25 | — | — | 14.17 |
| Barclays Capital U.S. Aggregate Local Authorities Index1 | 0.94 | 4.00 | 17.08 | 11.51 | 8.38 | 10.63 |
| 3/31/2012 | ||||||
| Fund at NAV | 2.14 | 2.14 | 22.70 | — | — | 13.65 |
| Barclays Capital U.S. Aggregate Local Authorities Index1 | 2.47 | 2.47 | 18.75 | 10.03 | 8.19 | 10.32 |
| 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. | ||||||
| Class I Inception | 11/17/2009 |
| Investment Objective | Current income |
| Total Net Assets of Fund | $75.0M |
| Minimum Investment | $250000 |
| Expense Ratio (Gross)2 | 1.11% |
| Expense Ratio (Net)2,3 | 0.70% |
| CUSIP | 277923454 |
| NC Turnpike Authority | |
| Dallas TX ISD PSF Unltd GO | |
| Detroit MI SD Unltd GO St Intcpt BAB | |
| NJ Tran BAB | |
| Columbus Ohio Ltd GO | |
| Univ TX PUF BAB (11/2/37) | |
| PA Tpk Com Oil Frnch Tax Jr Lien BAB | |
| NYC TFA Bldg Aid BAB | |
| Santa Monica CA CCD BAB | |
| California GO BAB | |
| Total | 31.51 |
| Cynthia J. Clemson | Managed Fund since inception | ||
| Craig R. Brandon, CFA | Managed Fund since inception | ||
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. 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. Because the Fund investments may be concentrated in a particular sector, the Fund share value may fluctuate more than that of a less concentrated fund. 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. The ability of municipalities to issue Build America Bonds expired on December 31, 2010 and there can be no certainty as to whether future legislation will be enacted that would again permit such issuance. Given the limited issuance of Build America Bonds they may not be actively traded. 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
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 2.72 | 4.38 | 22.25 | — | — | 14.17 |
| Barclays Capital U.S. Aggregate Local Authorities Index1 | 0.94 | 4.00 | 17.08 | 11.51 | 8.38 | 10.63 |
| 3/31/2012 | ||||||
| Fund at NAV | 2.14 | 2.14 | 22.70 | — | — | 13.65 |
| Barclays Capital U.S. Aggregate Local Authorities Index1 | 2.47 | 2.47 | 18.75 | 10.03 | 8.19 | 10.32 |
| 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. | ||||||
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund at NAV | — | — | — | — | — | — | — | — | 10.58 | 21.07 |
| Barclays Capital U.S. Aggregate Local Authorities Index1 | 15.91 | 4.33 | 5.91 | 4.16 | 3.18 | 7.62 | 6.97 | 0.72 | 7.22 | 18.10 |
| Expense Ratio (Gross)2 | 1.11% |
| Expense Ratio (Net)2,3 | 0.70% |
| Class I Inception | 11/17/2009 |
| Distribution Frequency | Monthly |
| Subsidized SEC 30 Day Yield | 3.43 |
| Unsubsidized SEC 30 Day Yield | 3.18 |
| Date | NAV | NAV Change |
| May 15, 2012 | $12.54 | $0.01 |
| May 14, 2012 | $12.53 | $0.07 |
| May 11, 2012 | $12.46 | $0.03 |
| May 10, 2012 | $12.43 | $-0.02 |
| May 09, 2012 | $12.45 | $0.01 |
| May 08, 2012 | $12.44 | $0.03 |
| May 07, 2012 | $12.41 | $-0.01 |
| May 04, 2012 | $12.42 | $0.05 |
| May 03, 2012 | $12.37 | $0.01 |
| May 02, 2012 | $12.36 | $0.03 |
| Ex-Date | Distribution | Reinvest NAV |
| Apr 30, 2012 | $0.04578 | $12.36 |
| Mar 30, 2012 | $0.04771 | $12.14 |
| Feb 29, 2012 | $0.04577 | $12.13 |
| Jan 31, 2012 | $0.04359 | $12.17 |
| Dec 30, 2011 | $0.04168 | $12.02 |
| Nov 30, 2011 | $0.04351 | $11.86 |
| Oct 31, 2011 | $0.04472 | $11.86 |
| Sep 30, 2011 | $0.04411 | $12.05 |
| Aug 31, 2011 | $0.04565 | $11.42 |
| Jul 29, 2011 | $0.04665 | $11.05 |
| 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 |
||
| Ex-Date | Short-Term | Long-Term | Reinvest NAV |
| Dec 22, 2010 | $0.00440 | $10.27 | |
|
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. 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. Because the Fund investments may be concentrated in a particular sector, the Fund share value may fluctuate more than that of a less concentrated fund. 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. The ability of municipalities to issue Build America Bonds expired on December 31, 2010 and there can be no certainty as to whether future legislation will be enacted that would again permit such issuance. Given the limited issuance of Build America Bonds they may not be actively traded. 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
| State & Muni Bonds | 97.65 |
| Cash & Equivalents | 2.35 |
| Total | 100.00 |
| Number of Holdings | 57 |
| Average Yield to Maturity | 4.40% |
| Average Coupon | 6.32% |
| Average Maturity | 23.22 yrs. |
| Average Effective Maturity | 13.33 yrs. |
| Average Duration | 8.30 yrs. |
| Average Call | 13.32 yrs. |
| Average Price | $115.99 |
| Local GO | 31.20 |
| Special Tax | 14.61 |
| Water & Sewer | 10.61 |
| Public Power | 10.56 |
| State GO | 10.07 |
| Toll Road | 7.16 |
| Education | 5.13 |
| Other Revenue | 4.79 |
| Lease | 4.08 |
| HealthCare:Acute | 1.29 |
| AAA | 32.32 |
| AA | 49.59 |
| A | 18.10 |
| Total | 100.00 |
| Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency 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. | |
| 10 To 20 Years | 35.89 |
| 20 To 30 Years | 59.52 |
| More Than 30 Years | 4.59 |
| Total | 100.00 |
| GENERAL OBLIGATION BONDS | 41.27 |
| LEASE RENTAL BONDS/ MUNICIPAL LEASES | 4.08 |
| Education | 5.13 |
| Hospitals/Nursing Homes/ Healthcare | 1.29 |
| Special Tax | 14.61 |
| Transportation | 7.16 |
| Utility | 21.17 |
| Other | 0.49 |
| OTHER | 4.79 |
| Total | 100.00 |
| Holding | Coupon Rate | Maturity Date | Weighting |
| North Carolina Turnpike Authority | 6.70% | 01/01/2039 | 3.7628% |
| Dallas Independent School District | 6.45% | 02/15/2035 | 3.7002% |
| Detroit City School District | 7.75% | 05/01/2039 | 3.1951% |
| New Jersey Transportation Trust Fund Authority | 6.10% | 12/15/2028 | 3.1812% |
| City of Columbus OH | 5.85% | 06/01/2027 | 3.1418% |
| University of Texas System | 6.28% | 08/15/2041 | 2.9543% |
| Pennsylvania Turnpike Commission | 6.38% | 12/01/2037 | 2.8316% |
| New York City Transitional Finance Authority Building Aid Revenue | 7.13% | 07/15/2030 | 2.7741% |
| Santa Monica Community College District | 6.76% | 08/01/2034 | 2.7199% |
| State of California | 7.70% | 11/01/2030 | 2.6954% |
| View All | |||
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. 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. Because the Fund investments may be concentrated in a particular sector, the Fund share value may fluctuate more than that of a less concentrated fund. 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. The ability of municipalities to issue Build America Bonds expired on December 31, 2010 and there can be no certainty as to whether future legislation will be enacted that would again permit such issuance. Given the limited issuance of Build America Bonds they may not be actively traded. 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.
Insights & Analysis
Quarterly Commentary
No commentary information is available.
The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.
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. 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. Because the Fund investments may be concentrated in a particular sector, the Fund share value may fluctuate more than that of a less concentrated fund. 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. The ability of municipalities to issue Build America Bonds expired on December 31, 2010 and there can be no certainty as to whether future legislation will be enacted that would again permit such issuance. Given the limited issuance of Build America Bonds they may not be actively traded. 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. 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. Because the Fund investments may be concentrated in a particular sector, the Fund share value may fluctuate more than that of a less concentrated fund. 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. The ability of municipalities to issue Build America Bonds expired on December 31, 2010 and there can be no certainty as to whether future legislation will be enacted that would again permit such issuance. Given the limited issuance of Build America Bonds they may not be actively traded. 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
Cynthia J. Clemson
Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1985
Cindy Clemson is a vice president of Eaton Vance Management,co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.
Cindy has been in the investment management industry since 1985, when she joined Eaton Vance as a client service representative. She became a research assistant in the fixed-income department in 1987. In 1988, she became an investment analyst responsible for lower- and nonrated municipal issues and, in 1991, was named a portfolio manager.
Cindy earned a B.A. in 1985 from Mount Holyoke College and an M.B.A., cum laude, from Boston University in 1990. She is a member of the Boston Municipal Analysts Forum, the Boston Security Analysts Society, the Fixed Income Management Society, 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 inception
Biography
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 inception
Fund Literature
Fund Literature
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