Overview

 

Seeking to add value through sector selection1

Municipal returns can come from a number of different areas. Our team-managed approach seeks to maximize total return through credit research, trading and technical analysis, such as sector selection.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 1.01 5.37 5.37 -0.06 6.07
Fund w/Max Sales Charge -3.75 0.40 0.40 -4.80 4.26
Return After Taxes on Dist w/Max Sales Charge -4.83 3.88
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.83 3.65
Barclays Municipal Bond Index2 0.17 3.32 3.32 0.39 5.79 5.71 4.85
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 05/31/2011
Investment Objective Maximize after-tax total return
Total Net Assets $30.6M
Minimum Investment $1000
Expense Ratio (Gross)3 1.34%
Expense Ratio (Net)3,4 1.10%
CUSIP 27826Y571

Top 10 Holdings (%)5,6 as of Mar 31, 2014

City of Chicago IL
New York State Thruway Authority
New York State Dormitory Authority
Association of American Medical Colleges
PeaceHealth Obligated Group
Rhode Island Clean Water Finance Agency
International Paper Co
St John Health Syystem Obligated Group
FirstEnergy Nuclear Generation LLC
Houston Higher Education Finance Corp
Total 33.45


Portfolio Management

Adam A. Weigold, CFA 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. 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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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.


Performance

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 1.01 5.37 5.37 -0.06 6.07
Fund w/Max Sales Charge -3.75 0.40 0.40 -4.80 4.26
Return After Taxes on Dist w/Max Sales Charge -4.83 3.88
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.83 3.65
Barclays Municipal Bond Index2 0.17 3.32 3.32 0.39 5.79 5.71 4.85
Morningstar™ Muni National Long Category7 0.34 3.98 3.98 -1.10 6.17 6.33
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 9.17 -4.99
Barclays Municipal Bond Index2 4.48 3.51 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55

Fund Facts

Expense Ratio (Gross)3 1.34%
Expense Ratio (Net)3,4 1.10%
Class A Inception 05/31/2011
Distribution Frequency Monthly

Yield Information8 as of Mar 31, 2014

Distribution Rate at NAV 2.02%
Subsidized SEC 30 Day Yield 1.86%
Unsubsidized SEC 30 Day Yield 1.68%


NAV History

Date NAV NAV Change
Apr 15, 2014 $10.96 $0.01
Apr 14, 2014 $10.95 $0.00
Apr 11, 2014 $10.95 $0.03
Apr 10, 2014 $10.92 $0.05
Apr 09, 2014 $10.87 $0.01
Apr 08, 2014 $10.86 $0.02
Apr 07, 2014 $10.84 $0.01
Apr 04, 2014 $10.83 $0.05
Apr 03, 2014 $10.78 $0.00
Apr 02, 2014 $10.78 $-0.01

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.01850 $10.80
Feb 28, 2014 $0.02206 $10.71
Jan 31, 2014 $0.02206 $10.57
Dec 31, 2013 $0.02286 $10.31
Nov 29, 2013 $0.02138 $10.36
Oct 31, 2013 $0.02124 $10.41
Sep 30, 2013 $0.01937 $10.33
Aug 30, 2013 $0.02079 $10.04
Jul 31, 2013 $0.02018 $10.24
Jun 28, 2013 $0.01989 $10.45
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 13, 2012 $0.25030 $0.01020 $11.21
Dec 21, 2011 $0.05540 $10.56
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

 

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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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.


Portfolio

Asset Mix (%)5,10 as of Mar 31, 2014

Municipal Bonds 86.39
Cash & Other Assets 13.61
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Holdings 61
Average Coupon 4.76%
Average Maturity 14.35 yrs.
Average Effective Maturity 9.11 yrs.
Average Duration 6.30 yrs.
Average Call 8.48 yrs.
Average Price $106.98
Subject to AMT (% of bond holdings) 12.39%


Sector Breakdown (%)5 as of Mar 31, 2014

Hospital 16.44
Transportation 12.12
General Obligations 11.81
Education 9.97
Industrial Development Revenue 6.80
Special Tax Revenue 6.13
Bond Bank 5.84
Other Revenue 4.93
Electric Utilities 3.47
Cash & Other Assets 13.61
View All

Credit Quality (%)11 as of Mar 31, 2014

AAA 13.25
AA 22.28
A 43.66
BBB 14.07
BB 3.98
B 2.76
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating agencies, the higher rating is applied. 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 S&P'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. Holdings designated as "Not Rated" are not rated by the national rating agencies stated above.


Maturity Distribution (%)11 as of Mar 31, 2014

5 To 10 Years 22.69
10 To 20 Years 68.45
20 To 30 Years 6.04
More Than 30 Years 2.82
Total 100.00

Assets by State (%)11,12 as of Mar 31, 2014

New York 28.71
California 7.45
Illinois 6.77
Texas 6.16
South Carolina 5.68
New Jersey 4.99
Virginia 4.64
District of Columbia 4.35
Washington 4.20
Rhode Island 3.92
View All


Fund Holdings5,13 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 19.43%
New York State Thruway Authority 5.00% 01/01/2024 3.82%
Association of American Medical Colleges 5.00% 10/01/2030 3.75%
City of Myrtle Beach SC 5.00% 06/01/2028 3.64%
PeaceHealth Obligated Group 5.00% 11/15/2026 3.55%
Rhode Island Clean Water Finance Agency 4.00% 10/01/2031 3.38%
St John Health Syystem Obligated Group 5.00% 02/15/2026 2.70%
Yuma Regional Medical Center 5.00% 08/01/2027 2.57%
Houston Higher Education Finance Corp 5.00% 09/01/2026 2.16%
City of San Jose CA Airport Revenue 5.00% 03/01/2024 2.07%
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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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.


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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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
Adam A. Weigold, CFA

Adam A. Weigold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Adam Weigold is a vice president of Eaton Vance Management and senior portfolio manager on Eaton Vance's municipal bond team.

Adam joined Eaton Vance in 1998. He became a credit analyst in July 1999 and was named a portfolio manager in October 2007.

Adam earned a B.A. in history from Dartmouth College in 1998 and an M.B.A. from Boston University. He is a CFA charterholder (2003) and is a member of the Boston Security Analysts Society, the CFA Institute and the National Federation of Municipal Analysts.

Education
  • B.A. Dartmouth College
  • M.B.A. Boston University
Experience
  • Managed Fund since inception

Fund Literature

Fund Literature

Annual Report

Income Markets Review

Income Markets Snapshot

Discover Opportunities in the Income Markets with Eaton Vance

Fact Sheet

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semiannual Report

Summary Prospectus

XBRL


 

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