Overview

 

Growth of $10,000

10-year period ended 3/31/14

  • Class A at NAV

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.35 3.25 3.25 1.13 6.05 6.59 3.54
Fund w/Max Sales Charge -4.38 -1.60 -1.60 -3.69 4.36 5.57 3.03
Barclays Municipal Bond Index2 0.17 3.32 3.32 0.39 5.79 5.71 4.45
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 Mar 31, 2014

Class A Inception 06/01/1994
Performance Inception 01/08/1991
Investment Objective Current income
Total Net Assets $216.9M
Minimum Investment $1000
Expense Ratio (Gross)3 0.81%
Expense Ratio (Net)4 0.76%
CUSIP 27826L280

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

Lehigh Valley Health Network Obligated Group
City of Philadelphia PA Airport Revenue
Delaware Valley Regional Finance Authority
Westmoreland County Municipal Authority
Westmoreland County Municipal Authority
Pennsylvania Turnpike Commission
Pinnacle Health Obligated Group
Pennsylvania Turnpike Commission
University of Pennsylvania
State Public School Building Authority
Total 23.10


Portfolio Management

Adam A. 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. 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 state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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.


Performance

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.35 3.25 3.25 1.13 6.05 6.59 3.54
Fund w/Max Sales Charge -4.38 -1.60 -1.60 -3.69 4.36 5.57 3.03
Barclays Municipal Bond Index2 0.17 3.32 3.32 0.39 5.79 5.71 4.45
Morningstar™ Muni Pennsylvania Category7 0.35 3.75 3.75 -1.26 5.35 5.64 3.56
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 (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 4.05 5.52 7.38 -0.28 -21.43 31.88 -1.77 8.26 8.47 -1.33
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 0.81%
Expense Ratio (Net)4 0.76%
Class A Inception 06/01/1994
Performance Inception 01/08/1991
Distribution Frequency Monthly

Yield Information8 as of Mar 31, 2014

Distribution Rate at NAV 4.15%
SEC 30 Day Yield 2.65%


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Muni Pennsylvania
Category
Overall *** **** 82
3 Years *** **** 82
5 Years **** ***** 78
10 Years *** *** 68
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
Apr 15, 2014 $8.96 $0.00
Apr 14, 2014 $8.96 $0.00
Apr 11, 2014 $8.96 $0.01
Apr 10, 2014 $8.95 $0.01
Apr 09, 2014 $8.94 $0.01
Apr 08, 2014 $8.93 $0.01
Apr 07, 2014 $8.92 $0.00
Apr 04, 2014 $8.92 $0.00
Apr 03, 2014 $8.92 $0.00
Apr 02, 2014 $8.92 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.03081 $8.91
Feb 28, 2014 $0.03061 $8.91
Jan 31, 2014 $0.03141 $8.81
Dec 31, 2013 $0.03232 $8.72
Nov 29, 2013 $0.03159 $8.74
Oct 31, 2013 $0.03213 $8.76
Sep 30, 2013 $0.03128 $8.75
Aug 30, 2013 $0.03149 $8.57
Jul 31, 2013 $0.03056 $8.75
Jun 28, 2013 $0.03036 $8.85
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
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 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 may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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.


Portfolio

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

Municipal Bonds 97.35
Cash & Other Assets 2.65
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Holdings 106
Average Coupon 4.48%
Average Maturity 15.62 yrs.
Average Effective Maturity 6.86 yrs.
Average Duration 3.40 yrs.
Average Call 6.38 yrs.
Average Price $102.79
Subject to AMT (% of bond holdings) 7.69%


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

Hospital 14.56
Insured-Escrowed/Prerefunded 13.83
Education 13.03
Insured-General Obligations 11.90
Transportation 7.04
Insured-Hospital 5.11
Insured-Education 4.71
Water and Sewer 4.51
General Obligations 4.30
Insured-Transportation 3.50
View All

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

AAA 0.74
AA 56.60
A 35.81
BBB 3.58
B 0.50
Not Rated 2.77
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

Less Than 1 Year 1.47
1 To 3 Years 3.43
3 To 5 Years 0.69
5 To 10 Years 18.05
10 To 20 Years 43.88
20 To 30 Years 32.37
More Than 30 Years 0.09
Total 100.00

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

Pennsylvania 95.82
Puerto Rico 3.77
Virgin Islands 0.42


Fund Holdings5,13 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
Lehigh Valley Health Network Obligated Group 5.00% 07/01/2035 3.31%
City of Philadelphia PA Airport Revenue 5.00% 06/15/2027 2.86%
Delaware Valley Regional Finance Authority 5.75% 07/01/2032 2.56%
Westmoreland County Municipal Authority 0.00% 08/15/2020 2.39%
Westmoreland County Municipal Authority 0.00% 08/15/2020 2.23%
Pennsylvania Turnpike Commission 5.25% 06/01/2036 2.19%
Pinnacle Health Obligated Group 6.00% 06/01/2029 2.16%
Pennsylvania Turnpike Commission 0.00% 12/01/2035 1.89%
University of Pennsylvania 4.75% 07/15/2035 1.82%
State Public School Building Authority 5.50% 06/01/2028 1.74%
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 may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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.


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 may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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 may invest significantly in a particular state, the Fund share value may fluctuate more than a fund with less exposure to such state. 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 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 2007

Fund Literature

Fund Literature

Annual Report

Fact Sheet

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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