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 0.73 0.52 1.03 3.78 4.09 4.10 3.53
Fund w/Max Sales Charge -1.57 -1.76 -1.27 1.40 3.32 3.63 3.30
Barclays Capital 7 Year Municipal Bond Index2 0.89 1.22 1.36 4.01 5.98 6.17 4.98
3/31/2013
Fund at NAV -0.55 0.31 0.31 4.11 4.12 4.12 3.57
Fund w/Max Sales Charge -2.80 -1.97 -1.97 1.81 3.34 3.64 3.34
Barclays Capital 7 Year Municipal Bond Index2 -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 06/01/1992
Investment Objective Current income
Total Net Assets of Fund $62.8M
Minimum Investment $1000
Expense Ratio3 0.83%
CUSIP 27826H578

Top 10 Holdings (%)4,5 as of Mar 31, 2013

Altoona PA Wtr & Swr Auth Wtr (AGM)
BE Mount Lebanon PA SD Ltd GO St Int
SEPTA Fed Grant Receipts
Chester Cnty PA Unltd GO
Westmoreland Cnty PA Mun Auth PR (FGIC)
Delaware Cnty PA (Villanova Univ) (AMBAC)
Bethlehem Asd PA Ltd GO St Int (AGM)
Allegheny Cnty PA SFM GNMA/FNMA
Carnegie Mellon University, PA HEFA
PA EDFA - Colver Proj (AMBAC)
Total 28.24


Portfolio Management

Adam Weigold, CFA Managed Fund since 2007

 

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 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 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.
3. Source: Fund prospectus.
4. Percent of total net assets.
5. 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 0.73 0.52 1.03 3.78 4.09 4.10 3.53
Fund w/Max Sales Charge -1.57 -1.76 -1.27 1.40 3.32 3.63 3.30
Barclays Capital 7 Year Municipal Bond Index2 0.89 1.22 1.36 4.01 5.98 6.17 4.98
3/31/2013
Fund at NAV -0.55 0.31 0.31 4.11 4.12 4.12 3.57
Fund w/Max Sales Charge -2.80 -1.97 -1.97 1.81 3.34 3.64 3.34
Barclays Capital 7 Year Municipal Bond Index2 -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 5.23 2.53 2.25 5.11 2.33 -4.41 11.76 0.74 6.91 4.82
Barclays Capital 7 Year Municipal Bond Index2 5.45 3.15 1.72 3.98 5.06 4.59 7.61 4.63 10.14 4.20

Fund Facts

Expense Ratio3 0.83%
Class A Inception 06/27/1996
Performance Inception 06/01/1992
Distribution Frequency Monthly

Yield Information6 as of Apr 30, 2013

Distribution Rate at NAV 2.88%
SEC 30 Day Yield 1.29%


Morningstar™ Ratings as of Apr 30, 2013

Time Period Rating Rating (Load Waived) Funds in
Muni Pennsylvania
Category
Overall * ** 83
3 Years * ** 83
5 Years * ** 82
10 Years * ** 71
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 16, 2013 $10.29 $0.00
May 15, 2013 $10.29 $-0.01
May 14, 2013 $10.30 $0.00
May 13, 2013 $10.30 $0.00
May 10, 2013 $10.30 $-0.01
May 09, 2013 $10.31 $0.00
May 08, 2013 $10.31 $0.00
May 07, 2013 $10.31 $-0.01
May 06, 2013 $10.32 $-0.02
May 03, 2013 $10.34 $0.01

Distribution History7

Ex-Date Distribution Reinvest NAV
May 15, 2013 $0.02400 $10.29
Apr 15, 2013 $0.02473 $10.31
Mar 15, 2013 $0.02343 $10.26
Feb 15, 2013 $0.02475 $10.33
Jan 15, 2013 $0.02229 $10.36
Dec 17, 2012 $0.02648 $10.33
Nov 15, 2012 $0.02587 $10.43
Oct 15, 2012 $0.02296 $10.35
Sep 17, 2012 $0.02860 $10.24
Aug 15, 2012 $0.02501 $10.26
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 History7

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. 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 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.
3. Source: Fund prospectus.
6. 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.
7. 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 (%)4 as of Mar 31, 2013

State & Muni Bonds 95.46
Cash & Equivalents 4.54
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Number of Holdings 67
Average Yield to Maturity 2.30%
Average Coupon 4.79%
Average Maturity 10.02 yrs.
Average Effective Maturity 6.16 yrs.
Average Duration 3.90 yrs.
Average Call 6.13 yrs.
Average Price $113.45
Total Insured (% of bond holdings) 22.81%
Subject to AMT (% of bond holdings): 11.40%


Sector Breakdown (%)4,8 as of Mar 31, 2013

Education 14.82
Local GO 14.72
Insured Local GO 11.19
HealthCare:Acute 10.73
Insured Water & Sewer 5.82
Insured Education 5.06
Other Revenue 4.64
Insured Escrowed 4.54
Airport 4.36
Toll Road 3.40

Credit Quality (%)9 as of Mar 31, 2013

AAA 7.56
AA 46.82
A 38.63
BBB 6.07
BB 0.33
B 0.00
CCC 0.00
Not Rated 0.59
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 (%)9 as of Mar 31, 2013

Less Than 1 Year 1.67
1 To 3 Years 4.02
3 To 5 Years 3.63
5 To 10 Years 43.60
10 To 20 Years 47.08
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Portfolio Composition - Muni Bonds9 as of Mar 31, 2013

GENERAL OBLIGATION BONDS 27.96
LEASE RENTAL BONDS/ MUNICIPAL LEASES 0.98
REVENUE BONDS 43.62
Education 14.82
Hospitals/Nursing Homes/ Healthcare 11.07
Housing 3.18
Industrial Dev./Pollution Control/Resource Recovery 2.55
Public Facilities 0.00
Special Tax 2.48
Transportation 7.76
Utility 1.76
Other 0.00
INSURED BONDS 22.81
ESCROWED BONDS 0.00
OTHER 4.64
Total 100.00


Fund Holdings4,10 as of Mar 31, 2013

Holding Coupon Rate Maturity Date % of Net Assets
Altoona City Authority 5.25% 11/01/2019 3.82%
US DOLLARS 3.51%
Mount Lebanon School District 5.00% 02/15/2028 3.35%
Southeastern Pennsylvania Transportation Authority 5.00% 06/01/2027 3.11%
County of Chester PA 5.00% 07/15/2028 2.81%
Westmoreland County Municipal Authority 0.00% 08/15/2019 2.78%
Delaware County Authority 5.00% 08/01/2020 2.70%
Bethlehem Area School District 5.25% 01/15/2025 2.27%
Allegheny County Residential Finance Authority 4.80% 11/01/2022 2.24%
Pennsylvania Higher Educational Facilities Authority 5.00% 08/01/2019 2.21%
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 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.


4. Percent of total net assets.
8. Private insurance does not reduce the risk of principal fluctuations associated with this investment.
9. Percent of bond holdings.
10. 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. 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. 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 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
Adam Weigold, CFA

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 2007
 

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


 

Symbol:  

NAV as of  
  0.00%

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