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Eaton Vance seeks maximum after-tax returns with new municipal fund
By Toni Weeks
San Diego, June 15 - Eaton Vance Management has launched the Eaton Vance Municipal Opportunities fund, according to a press release.
The new mutual fund, which seeks to maximize after-tax total return while investing in municipal obligations, has the following features:
• It invests at least 80% of its net assets in municipal obligations whose interest is exempt from federal income tax;
• It may invest without limit in obligations whose interest is subject to the federal alternative minimum tax;
• It may invest in obligations of any duration and may invest up to 50% of its net assets in obligations rated below investment grade; and
• Up to 20% of the fund's net assets may be invested in taxable debt obligations, including taxable municipal obligations and obligations of the U.S. government, its agencies and instrumentalities.
The company intends to limit the fund's asset size to about $1 billion so as to maximize investment flexibility.
"This fund seeks to provide municipal investors with the opportunity to maximize after-tax total return by investing across the entire municipal market with limited duration, sector or credit quality constraints," Cynthia J. Clemson, co-director of municipal investments, commented in the release.
"By enhancing investment flexibility and limiting the size of the fund, we hope to deliver a performance advantage over competing municipal funds."
Along with Clemson, the fund's portfolio management team consists of Thomas M. Metzold, William H. Ahern, Craig R. Brandon and Adam A. Weigold.
Eaton Vance is an investment management firm based in Boston.
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