Overview

 

Growth of $10,000

10-year period ended 3/31/13

  • Class A at NAV

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 1.31 0.55 1.46 5.40 5.65 4.77 4.11
Fund w/Max Sales Charge -3.55 -4.21 -3.37 0.41 3.94 3.75 3.60
Barclays Capital Municipal Bond Index2 1.10 0.96 1.39 5.19 6.18 6.08 5.05
3/31/2013
Fund at NAV -0.93 0.15 0.15 5.22 5.46 5.06 4.07
Fund w/Max Sales Charge -5.63 -4.62 -4.62 0.20 3.75 4.05 3.57
Barclays Capital Municipal Bond Index2 -0.43 0.29 0.29 5.25 6.22 6.10 5.00
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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Fund Facts as of Apr 30, 2013

Class A Inception 12/07/1993
Performance Inception 05/01/1992
Investment Objective Current income
Total Net Assets of Fund $92.1M
Minimum Investment $1000
Expense Ratio (Gross)3 0.75%
Expense Ratio (Net)4 0.73%
CUSIP 27826L520

Top 10 Holdings (%)5,6 as of Mar 31, 2013

MO Hlth & Ed-Lester Cox (NPFG)
MO Hlth & Ed-Lester Cox ETM PR 20 (NPFG)
Bi-State Dev St. Clair Cnty Metrolink Sales Tax (AGM)
MO Dev Fin Brd Kauffman Ctr
Springfield MO Pub Util (BHAC)
Curators University, MO Sys Facs
MO St Environmental-Union Electric
St Lukes Hlth Mo HEFA (AGM)
MO Hlth & Ed-Barnes-Jewish Christian
MO Dev Fin Procter & Gamble
Total 28.61


Portfolio Management

Cynthia J. Clemson Managed Fund since inception

 

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. 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. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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. A portion of the Fund's distributions generally will be subject to alternative minimum tax.
2. Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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.
3. Source: Fund prospectus.
4. Total annual operating expense ratios are as stated in the Fund's most recent prospectus. Net expense ratio excludes interest expense relating to the Fund's liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense.
5. Percent of total net assets.
6. 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 1.31 0.55 1.46 5.40 5.65 4.77 4.11
Fund w/Max Sales Charge -3.55 -4.21 -3.37 0.41 3.94 3.75 3.60
Barclays Capital Municipal Bond Index2 1.10 0.96 1.39 5.19 6.18 6.08 5.05
3/31/2013
Fund at NAV -0.93 0.15 0.15 5.22 5.46 5.06 4.07
Fund w/Max Sales Charge -5.63 -4.62 -4.62 0.20 3.75 4.05 3.57
Barclays Capital Municipal Bond Index2 -0.43 0.29 0.29 5.25 6.22 6.10 5.00
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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fund at NAV 5.39 5.11 3.93 6.14 -0.09 -14.17 21.46 -0.82 10.43 7.96
Barclays Capital Municipal Bond Index2 5.31 4.48 3.51 4.84 3.36 -2.47 12.91 2.38 10.70 6.78

Fund Facts

Expense Ratio (Gross)3 0.75%
Expense Ratio (Net)4 0.73%
Class A Inception 12/07/1993
Performance Inception 05/01/1992
Distribution Frequency Monthly

Yield Information7 as of Apr 30, 2013

Distribution Rate at NAV 3.39%
SEC 30 Day Yield 1.85%


Morningstar™ Ratings as of Apr 30, 2013

Time Period Rating Rating (Load Waived) Funds in
Muni Single State Long
Category
Overall ** *** 281
3 Years ** *** 281
5 Years * *** 270
10 Years ** *** 227
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 $9.79 $-0.01
May 17, 2013 $9.80 $0.00
May 16, 2013 $9.80 $0.01
May 15, 2013 $9.79 $0.00
May 14, 2013 $9.79 $-0.01
May 13, 2013 $9.80 $0.00
May 10, 2013 $9.80 $-0.02
May 09, 2013 $9.82 $0.01
May 08, 2013 $9.81 $0.00
May 07, 2013 $9.81 $-0.01

Distribution History8

Ex-Date Distribution Reinvest NAV
Apr 30, 2013 $0.02777 $9.83
Mar 28, 2013 $0.02796 $9.73
Feb 28, 2013 $0.02809 $9.85
Jan 31, 2013 $0.02866 $9.86
Dec 31, 2012 $0.02906 $9.80
Nov 30, 2012 $0.02919 $10.03
Oct 31, 2012 $0.02907 $9.86
Sep 28, 2012 $0.02911 $9.85
Aug 31, 2012 $0.02866 $9.83
Jul 31, 2012 $0.02891 $9.85
View All
Fund prospectus
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Fund prospectus
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. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.


2. Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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.
3. Source: Fund prospectus.
4. Total annual operating expense ratios are as stated in the Fund's most recent prospectus. Net expense ratio excludes interest expense relating to the Fund's liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense.
7. 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.
8. 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 (%)5 as of Mar 31, 2013

State & Muni Bonds 94.53
Cash & Equivalents 5.47
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Number of Holdings 75
Average Yield to Maturity 2.91%
Average Coupon 4.50%
Average Maturity 16.72 yrs.
Average Effective Maturity 7.01 yrs.
Average Duration 5.30 yrs.
Average Call 7.00 yrs.
Average Price $106.36
Total Insured (% of bond holdings) 35.96%
Subject to AMT (% of bond holdings): 8.30%


Sector Breakdown (%)5,9 as of Mar 31, 2013

Local GO 14.14
Insured Local GO 7.98
HealthCare:Acute 7.88
Water & Sewer 6.74
Insured Lease 6.51
Insured HealthCare:Acute 6.13
Insured Public Power 6.13
Education 5.33
Insured Special Tax 3.95
HealthCare:Lifecare 3.80

Credit Quality (%)10 as of Mar 31, 2013

AAA 14.35
AA 58.09
A 8.89
BBB 8.04
BB 0.00
B 0.00
CCC 0.00
Not Rated 10.63
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 (%)10 as of Mar 31, 2013

Less Than 1 Year 0.30
1 To 3 Years 4.54
3 To 5 Years 0.75
5 To 10 Years 10.93
10 To 20 Years 54.79
20 To 30 Years 25.25
More Than 30 Years 3.45
Total 100.01

Portfolio Composition - Muni Bonds10 as of Mar 31, 2013

GENERAL OBLIGATION BONDS 22.12
LEASE RENTAL BONDS/ MUNICIPAL LEASES 0.00
REVENUE BONDS 38.43
Education 5.33
Hospitals/Nursing Homes/ Healthcare 11.68
Housing 2.42
Industrial Dev./Pollution Control/Resource Recovery 2.06
Public Facilities 0.00
Special Tax 4.37
Transportation 2.60
Utility 6.74
Other 3.23
INSURED BONDS 35.97
ESCROWED BONDS 0.30
OTHER 3.19
Total 100.00


Fund Holdings5,11 as of Mar 31, 2013

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 3.71%
Missouri State Health & Educational Facilities Authority 0.00% 09/01/2020 3.51%
Missouri State Health & Educational Facilities Authority 0.00% 09/01/2020 3.38%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District 5.25% 07/01/2028 3.21%
Missouri Development Finance Board 4.75% 06/01/2037 3.03%
City of Springfield MO 4.50% 08/01/2036 2.65%
University of Missouri 5.00% 11/01/2033 2.47%
Missouri State Environmental Improvement & Energy Resources Authority 5.45% 10/01/2028 2.46%
Missouri State Health & Educational Facilities Authority 5.50% 11/15/2028 2.32%
Missouri State Health & Educational Facilities Authority 5.25% 05/15/2014 2.19%
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. 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. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.


5. Percent of total net assets.
9. Private insurance does not reduce the risk of principal fluctuations associated with this investment.
10. Percent of bond holdings.
11. 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. 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. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

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
 

Fund Literature

Fund Literature

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