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. |
| Class A Inception | 05/31/2011 |
| Investment Objective | Maximize after-tax total return |
| Total Net Assets of Fund | $17.0M |
| Minimum Investment | $1000 |
| Expense Ratio (Gross)2 | 1.32% |
| Expense Ratio (Net)2,3 | 1.10% |
| CUSIP | 27826Y571 |
| NYS Environ Facs Corp SRF Sub Lien | |
| Virginia Tran Fed Grant Antic | |
| California GO | |
| Ferndale MI SD Unltd GO St Int | |
| Baltimore MD Wstwtr Rev | |
| San Francisco CA Apt | |
| NJ Hghr Ed Student Loan Sr 2011-1 | |
| Utah GO | |
| Tualatin Valley OR UnLtd GO | |
| Seattle WA Muni Light & Power | |
| Total | 27.54 |
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. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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
| Expense Ratio (Gross)2 | 1.32% |
| Expense Ratio (Net)2,3 | 1.10% |
| Class A Inception | 05/31/2011 |
| Distribution Frequency | Monthly |
| Subsidized SEC 30 Day Yield | 2.02 |
| Unsubsidized SEC 30 Day Yield | 1.67 |
| Date | NAV | NAV Change |
| May 15, 2012 | $11.08 | $-0.01 |
| May 14, 2012 | $11.09 | $0.02 |
| May 11, 2012 | $11.07 | $0.01 |
| May 10, 2012 | $11.06 | $0.00 |
| May 09, 2012 | $11.06 | $0.01 |
| May 08, 2012 | $11.05 | $0.03 |
| May 07, 2012 | $11.02 | $0.02 |
| May 04, 2012 | $11.00 | $0.02 |
| May 03, 2012 | $10.98 | $0.01 |
| May 02, 2012 | $10.97 | $0.02 |
| Ex-Date | Distribution | Reinvest NAV |
| Apr 30, 2012 | $0.02286 | $10.94 |
| Mar 30, 2012 | $0.02061 | $10.76 |
| Feb 29, 2012 | $0.02122 | $10.94 |
| Jan 31, 2012 | $0.02087 | $11.00 |
| Dec 30, 2011 | $0.02116 | $10.63 |
| Nov 30, 2011 | $0.02144 | $10.40 |
| Oct 31, 2011 | $0.02034 | $10.34 |
| Sep 30, 2011 | $0.02235 | $10.40 |
| Aug 31, 2011 | $0.02180 | $10.29 |
| Jul 29, 2011 | $0.01489 | $10.09 |
| 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 |
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| Ex-Date | Short-Term | Long-Term | Reinvest NAV |
| Dec 21, 2011 | $0.05540 | $10.56 | |
| 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 |
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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. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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 | 95.74 |
| Cash & Equivalents | 4.26 |
| Total | 100.00 |
| Average Yield to Maturity | 3.35% |
| Average Coupon | 4.87% |
| Average Maturity | 15.44 yrs. |
| Average Effective Maturity | 9.24 yrs. |
| Average Duration | 7.60 yrs. |
| Average Call | 9.14 yrs. |
| Average Price | $111.20 |
| Total Insured (% of bond holdings) | 0.00% |
| Education | 13.79 |
| State GO | 12.94 |
| Health Care:Acute | 10.51 |
| Airport | 10.17 |
| Local GO | 7.79 |
| Bond Bank | 6.42 |
| Industrial Development Bonds | 5.82 |
| Public Power | 5.42 |
| Transportation | 4.65 |
| Water & Sewer | 4.33 |
| AAA | 16.64 |
| AA | 51.00 |
| A | 24.90 |
| BBB | 6.56 |
| BB | 0.91 |
| 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. | |
| 5 To 10 Years | 17.33 |
| 10 To 20 Years | 63.11 |
| 20 To 30 Years | 19.56 |
| Total | 100.00 |
| GENERAL OBLIGATION BONDS | 25.24 |
| Education | 17.46 |
| Hospitals/Nursing Homes/ Healthcare | 11.42 |
| Housing | 1.29 |
| Industrial Dev./Pollution Control/Resource Recovery | 5.82 |
| Special Tax | 3.66 |
| Transportation | 17.95 |
| Utility | 9.75 |
| Other | 7.07 |
| Total | 100.00 |
| Holding | Coupon Rate | Maturity Date | Weighting |
| New York State Environmental Facilities Corp | 5.00% | 06/15/2031 | 3.4994% |
| Virginia Commonwealth Transportation Board | 4.00% | 03/15/2025 | 3.3671% |
| State of California | 5.00% | 02/01/2038 | 3.2482% |
| Ferndale Public Schools | 4.00% | 05/01/2023 | 3.2407% |
| City of Baltimore MD | 5.00% | 07/01/2026 | 2.8880% |
| San Francisco City & County Airports Commission | 5.00% | 05/01/2024 | 2.7181% |
| New Jersey Higher Education Student Assistance Authority | 5.00% | 12/01/2027 | 2.6193% |
| State of Utah | 5.00% | 07/01/2025 | 2.5950% |
| Tualatin Valley Fire & Rescue Rural Fire Protection District | 5.00% | 06/01/2025 | 2.5725% |
| City of Seattle WA Municipal Light & Power Revenue | 5.00% | 02/01/2022 | 2.5591% |
| 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. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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
Thomas M. Metzold, CFA
Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1987
Tom Metzold is a vice president of Eaton Vance Management,co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.
Tom has been in the investment management industry since 1986. He joined Eaton Vance in 1987 as a high yield municipal bond analyst covering the health care and hospital sectors, and became a portfolio manager in 1991. He was formerly a financial analyst at General Electric Company from 1981 to 1986.
Tom earned a B.S. in finance from Siena College in 1980 and an M.B.A. with a concentration in finance from the State University of New York at Albany in 1987. 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.
Tom's commentary has appeared in Barron's, Bloomberg, The Bond Buyer, The Boston Globe, The New York Times, Reuters Financial Report, and The Wall Street Journal, among other publications.
Education
- B.S. Siena College
- M.B.A. State University of New York at Albany
Experience
- Managed Fund since inception
Biography
William H. Ahern, Jr., CFA
Vice President, Eaton Vance Management
Joined Eaton Vance 1989
Bill Ahern is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's municipal bond team.
Bill has been in the investment management industry since 1988. He joined Eaton Vance in 1989 as an analyst in the fixed-income department and was named a portfolio manager in 1993. He was previously associated with Investors Bank & Trust from 1988 to 1989.
Bill earned a B.A. in economics from Boston College in 1981, an M.B.A. from Babson College in 1987 and an M.S. with a concentration in finance from Boston College in 1997. Bill is a CFA charterholder and is a member of the CFA Institute, the Market Technicians Association, the Boston Security Analysts Society, and the Boston Municipal Analysts Forum.
His commentary has appeared in Bloomberg,, The Bond Buyer, The Hartford Courant and Reuters Financial Report, among other publications.
Education
- B.A. and M.S. Boston College
- M.B.A. F.W. Olin Graduate School of Business, Babson College
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
Biography
Adam 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
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