Build America Bond Fund (A)

Overview

Average Annual Returns (%) as of Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	3.65	1.59	24.42	—	—	14.23
Fund w/Max Sales Charge	-1.26	-3.24	18.52	—	—	11.73
Barclays Capital U.S. Aggregate Local Authorities Index¹	5.22	3.03	21.57	10.57	8.71	11.41
12/31/2011	as of Dec 31, 2011
Fund at NAV	0.86	20.77	20.77	—	—	13.99
Fund w/Max Sales Charge	-3.93	15.03	15.03	—	—	11.39
Barclays Capital U.S. Aggregate Local Authorities Index¹	0.76	18.10	18.10	8.45	7.98	10.33
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. Max Sales Charge: 4.75%.

Fund Facts as of Jan 31, 2012
Class A Inception	11/17/2009
Investment Objective	Current income
Total Net Assets of Fund	$71.8M
Minimum Investment	$1000
Expense Ratio (Gross)²	1.36%
Expense Ratio (Net)^2,3	0.95%
CUSIP	277923470

Top 10 Holdings (%)^4,5 as of Dec 31, 2011
Dallas TX ISD PSF Unltd GO
Hamilton Cnty OH Swr BAB
NC Turnpike Authority
PA Tpk Sub BAB (AL 9/1/37)
Columbus Ohio Ltd GO Bab-Taxable-Ltd Tax-Var Purp-3B
Univ TX PUF BAB (11/2/37)
NYC TFA Bldg Aid BAB
New York City, NY Unltd GO BAB (AL 6/18/29)
Santa Monica CA CCD BAB (AL 3/4/33)
Met Wtr Dist Southern CA
Total	30.89

Portfolio Management
Cynthia J. Clemson			Managed Fund since inception
Craig R. Brandon, CFA			Managed Fund since inception

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. Because the Fund investments may be concentrated in a particular sector, the Fund share value may fluctuate more than that of a less concentrated fund. 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. The ability of municipalities to issue Build America Bonds expired on December 31, 2010 and there can be no certainty as to whether future legislation will be enacted that would again permit such issuance. Given the limited issuance of Build America Bonds they may not be actively traded. 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 Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	3.65	1.59	24.42	—	—	14.23
Fund w/Max Sales Charge	-1.26	-3.24	18.52	—	—	11.73
Barclays Capital U.S. Aggregate Local Authorities Index¹	5.22	3.03	21.57	10.57	8.71	11.41
12/31/2011	as of Dec 31, 2011
Fund at NAV	0.86	20.77	20.77	—	—	13.99
Fund w/Max Sales Charge	-3.93	15.03	15.03	—	—	11.39
Barclays Capital U.S. Aggregate Local Authorities Index¹	0.76	18.10	18.10	8.45	7.98	10.33
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. Max Sales Charge: 4.75%.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	—	—	—	—	—	—	—	—	10.36	20.77
Barclays Capital U.S. Aggregate Local Authorities Index¹	15.91	4.33	5.91	4.16	3.18	7.62	6.97	0.72	7.22	18.10

Fund Facts
Expense Ratio (Gross)²	2.11%
Expense Ratio (Net)^2,3	0.95%
Class A Inception	11/17/2009
Distribution Frequency	Monthly

Yield Information⁶ as of Jan 31, 2012
Subsidized SEC 30 Day Yield	3.17
Unsubsidized SEC 30 Day Yield	3.14

NAV History
Date	NAV	NAV Change
Feb 17, 2012	$12.08	$0.01
Feb 16, 2012	$12.07	$-0.04
Feb 15, 2012	$12.11	$0.01
Feb 14, 2012	$12.10	$0.03
Feb 13, 2012	$12.07	$0.00
Feb 10, 2012	$12.07	$0.07
Feb 09, 2012	$12.00	$-0.05
Feb 08, 2012	$12.05	$0.01
Feb 07, 2012	$12.04	$-0.07

Distribution History⁷
Ex-Date	Distribution	Reinvest NAV
Jan 31, 2012	$0.04075	$12.17
Dec 30, 2011	$0.03913	$12.02
Nov 30, 2011	$0.04081	$11.87
Oct 31, 2011	$0.04237	$11.86
Sep 30, 2011	$0.04138	$12.04
Aug 31, 2011	$0.04319	$11.42
Jul 29, 2011	$0.04431	$11.05
Jun 30, 2011	$0.04447	$10.72
May 31, 2011	$0.04435	$10.87
Apr 29, 2011	$0.04454	$10.59
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
Dec 22, 2010	$0.00440		$10.27
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

1. Barclays Capital U.S. Aggregate Local Authorities Index is an unmanaged index that measures the performance of U.S. investment-grade fixed-rate debt issued directly or indirectly by local government authorities. 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.
2. Source: Fund prospectus.
3. Net expense ratio reflects a contractual expense reimbursement that continues through 2/28/13. Without the reimbursement, performance would have been lower.
6. SEC 30-Day Yield is calculated by dividing the net investment income per share for the 30-day period by the maximum offering price at the end of the period and annualizing the result. Subsidized yield reflects the effect of fee waivers and expense reimbursements.
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 (%)^4,5 as of Dec 31, 2011
State & Muni Bonds	93.31
Cash & Equivalents	6.69
Total	100.00

Portfolio Statistics as of Dec 31, 2011
Number of Holdings:	61
Average Yield to Maturity:	4.56%
Average Coupon:	6.28%
Average Maturity:	24.09 yrs.
Average Effective Maturity:	14.99 yrs.
Average Duration:	8.60 yrs.
Average Call:	14.97 yrs.
Average Price:	$115.53

Sector Breakdown (%)⁴ as of Dec 31, 2011
Local GO	28.19
Water & Sewer	14.26
Public Power	12.07
Special Tax	10.66
State GO	10.20
Toll Road	8.75
Lease	5.10
Education	4.72
Other Revenue	4.70
Health Care:Acute	1.34

Credit Quality (%)⁸ as of Dec 31, 2011
AAA	32.99
AA	47.04
A	19.98
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.

Maturity Distribution (%)⁴ as of Dec 31, 2011
10 To 20 Years	30.90
20 To 30 Years	63.73
More Than 30 Years	5.37
Total	100.00

Portfolio Composition - Muni Bonds⁴ as of Dec 31, 2011
GENERAL OBLIGATION BONDS	38.39
LEASE RENTAL BONDS/ MUNICIPAL LEASES	5.10
Education	4.72
Hospitals/Nursing Homes/ Healthcare	1.34
Special Tax	10.66
Transportation	8.75
Utility	26.33
OTHER	4.70
Total	100.00

Fund Holdings^4,9 as of Dec 31, 2011
Holding	Coupon Rate	Maturity Date	Weighting
EV CASH RESERVES FUND	0.00%	01/18/2012	4.3896%
Dallas Independent School District	6.45%	02/15/2035	3.5055%
County of Hamilton OH Sewer System Revenue	6.50%	12/01/2034	3.4110%
North Carolina Turnkpike Authority	6.70%	01/01/2039	3.0926%
Pennsylvania Turnpike Commission	6.38%	12/01/2037	2.8722%
City of Columbus OH	5.85%	06/01/2027	2.8596%
University of Texas System	6.28%	08/15/2041	2.8533%
New York City Transitional Finance Authority Building Aid Revenue	7.13%	07/15/2030	2.6444%
City of New York NY	6.65%	12/01/2031	2.6012%
Santa Monica Community College District	6.76%	08/01/2034	2.5672%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

4. Percent of total net assets.
5. Top 10 holdings exclude cash and equivalents.
8. Percent of bond holdings.
9. Includes unaudited securities holdings (which exclude any derivatives positions.) Portfolio characteristic information (such as sector weightings, top ten holdings, etc.) presented for the Fund or Portfolio (if applicable) may differ slightly from the information listed if presented as of trade date. Due to rounding, holdings of less than 0.00005% may show as 0.0000%. Portfolio profile subject to change due to active management.

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

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

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

Other funds managed

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.