Overview

 

Our long duration, high quality, nationally diversified portfolio has outperformed its Morningstar category on an annualized basis since the fund's inception.1

As of 3/31/14.

  • Fund
  • Morningstar Muni National Intermediate Category Average

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.59 5.14 5.14 1.09 8.56 7.62
Fund w/Max Sales Charge -4.23 0.18 0.18 -3.68 6.82 6.37
Return After Taxes on Dist w/Max Sales Charge -4.78 5.66 5.32
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.90 5.37 5.08
Barclays Municipal Managed Money Long (10+) Year Bond Index2 0.56 5.05 5.05 0.26 7.45 6.52 5.60
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 02/01/2010
Investment Objective After-tax total return
Total Net Assets $18.5M
Minimum Investment $1000
Expense Ratio (Gross)3 1.31%
Expense Ratio (Net)3,4 0.95%
CUSIP 27826M759

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

Leander Tex Indpt Sch Dist PSF GO
NC Med Care Commn Hlth Care Facs Rev - Duke Univ Hlth Sys
California St GO
Metropolitan Transn Auth NY Revenue
Ascension Health, WI Health & Edl Auth Rev
Umatilla Cnty Ore Sch Dist No 016R Pendleton GO
Mountain View Los Altos Calif Un High Sch Dist GO
Newton Mass GO
Riverside Cnty Calif Transn Commn Sales Tax Rev
Edgewood Ohio City Sch Dist GO
Total 40.29


Portfolio Management

James H. Evans, CFA Managed Fund since inception
Christopher J. Harshman, CFA Managed Fund since 2010
Brian C. Barney, CFA Managed Fund since 2012

 

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. 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

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.59 5.14 5.14 1.09 8.56 7.62
Fund w/Max Sales Charge -4.23 0.18 0.18 -3.68 6.82 6.37
Return After Taxes on Dist w/Max Sales Charge -4.78 5.66 5.32
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.90 5.37 5.08
Barclays Municipal Managed Money Long (10+) Year Bond Index2 0.56 5.05 5.05 0.26 7.45 6.52 5.60
Morningstar™ Muni National Long Category7 0.34 3.98 3.98 -1.10 6.17 6.33
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 17.19 10.74 -3.62
Barclays Municipal Managed Money Long (10+) Year Bond Index2 5.69 4.74 5.95 2.70 -3.66 14.47 0.60 14.46 9.53 -4.97

Fund Facts

Expense Ratio (Gross)3 1.31%
Expense Ratio (Net)3,4 0.95%
Class A Inception 02/01/2010
Distribution Frequency Monthly

Yield Information8 as of Mar 31, 2014

Distribution Rate at NAV 2.67%
Subsidized SEC 30 Day Yield 2.26%
Unsubsidized SEC 30 Day Yield 1.75%


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Muni National Long
Category
Overall *** **** 227
3 Years *** **** 227
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 16, 2014 $11.12 $0.01
Apr 15, 2014 $11.11 $0.01
Apr 14, 2014 $11.10 $0.00
Apr 11, 2014 $11.10 $0.02
Apr 10, 2014 $11.08 $0.04
Apr 09, 2014 $11.04 $0.01
Apr 08, 2014 $11.03 $0.02
Apr 07, 2014 $11.01 $0.02
Apr 04, 2014 $10.99 $0.02
Apr 03, 2014 $10.97 $0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.02485 $10.97
Feb 28, 2014 $0.02800 $10.93
Jan 31, 2014 $0.02679 $10.80
Dec 31, 2013 $0.02773 $10.51
Nov 29, 2013 $0.02698 $10.57
Oct 31, 2013 $0.02687 $10.60
Sep 30, 2013 $0.02585 $10.52
Aug 30, 2013 $0.02109 $10.14
Jul 31, 2013 $0.02033 $10.70
Jun 28, 2013 $0.01352 $10.88
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
Aug 01, 2013 $0.19860 $0.15440 $10.33
Dec 13, 2012 $0.69240 $0.03990 $11.64
Dec 21, 2011 $0.02750 $0.00180 $11.16
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. 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

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

State & Muni Bonds 99.39
Cash & Equivalents 0.61
U.S. Agencies 0.00
U.S. Treasury 0.00
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Holdings 42
Average Yield to Maturity 3.60%
Average Coupon 4.22%
Average Maturity 19.88 yrs.
Average Effective Maturity 8.59 yrs.
Average Duration 7.26 yrs.
Average Call 8.23 yrs.
Average Price $99.76
Prerefunded (% of Bond Holdings) 1.90%


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

Revenue Bonds 63.76
General Obligation Bonds 33.73
Escrowed Bonds 1.90
Short-Term 0.61

Credit Quality (%)10 as of Mar 31, 2014

AAA 29.81
AA 55.74
A 14.45
BBB 0.00
BB 0.00
B 0.00
CCC or Lower 0.00
Not Rated 0.00
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 (%)5 as of Mar 31, 2014

Less Than 1 Year 0.61
1 To 3 Years 0.00
3 To 5 Years 0.00
5 To 10 Years 3.40
10 To 20 Years 43.30
20 To 30 Years 45.47
More Than 30 Years 7.22
Total 100.00

Portfolio Composition - Muni Bonds5 as of Mar 31, 2014

GENERAL OBLIGATION BONDS 33.73
LEASE RENTAL BONDS/ MUNICIPAL LEASES 0.00
REVENUE BONDS 63.76
Education 0.89
Hospitals/Nursing Homes/ Healthcare 24.85
Housing 0.00
Industrial Dev./Pollution Control/Resource Recovery 0.00
Public Facilities 0.00
Special Tax 0.00
Transportation 11.88
Utility 20.11
Other 6.02
INSURED BONDS 0.00
ESCROWED BONDS 1.90
OTHER 0.00
SHORT-TERM (less than 1 Year) 0.61
Cash Plus Receivables less Payables 0.61
Total 100.00


Fund Holdings5,11 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 7.97%
Leander Independent School District 0.00% 08/15/2039 7.05%
West Valley-Mission Community College District 5.00% 08/01/2034 4.61%
Duke University Health System Inc 5.00% 06/01/2035 4.48%
Metropolitan Transportation Authority 5.00% 11/15/2041 4.40%
City of Newton MA 5.00% 03/01/2021 4.29%
Ascension Health Credit Group 5.00% 11/15/2033 3.91%
Umatilla County School District No 16R Pendleton 0.00% 06/15/2027 3.60%
Mountain View Los Altos Union High School District/CA 0.00% 08/01/2027 3.54%
Princeton University 5.00% 07/01/2026 3.39%
View All

 

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. 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

A Word On The Markets  as of Mar 31, 2014

Following a challenging 2013, the municipal (muni) bond market (as measured by the Barclays Municipal Bond Index12) began the year strong, returning 3.32% for the first quarter of 2014.

Munis rallied in January, as Treasury yields fell due in part to weak U.S. economic data and a “flight-to-quality” trade triggered by a sell-off in emerging-market assets. In addition to the decline in rates, the muni market benefited from favorable technical factors, as demand turned positive and new issue supply remained low. The rebound in demand from weak levels in 2013 appeared to reflect the growing recognition among investors of improving muni credit fundamentals and the attractive yields that emerged due to last year’s market decline. In addition, the looming April 15 tax filing deadline also seemed to play a role, as investors focused their attention on the reality of the increase in the top federal tax bracket and the new health care surtax. Supply, meanwhile, remained low, as austere-minded issuers refrained from bringing new debt to the marketplace. Even with the decline in muni yields, refinancing activity, another source of supply, was tepid. Munis built on this momentum in February, as Treasury yields stabilized and supply-demand dynamics remained constructive for the market. Although interest-rate volatility increased in March, munis in general ended the month with a gain. During the final month of the quarter, late-winter strength periodically faded, as investors were surprised by higher interest-rate forecasts by Federal Reserve (Fed) officials for 2015.

For the quarter overall, yields on longer-term bonds fell, while shorter-term bond yields rose, resulting in a flattening of the yield curve13 and the outperformance of long-term securities. On a total return basis, lower-quality, higher-yielding bonds outperformed their high-quality counterparts, reflecting, in part, a growing confidence in the improving credit quality for most municipal bond issuers.

Performance Summary 

Eaton Vance Tax-Advantaged Bond Strategies Long Term Fund (the Fund) outperformed its benchmark, the Barclays Municipal Managed Money Long (10+) Year Index (the Index),2 at net asset value for the quarter.

  • The Fund’s yield-curve positioning — how its investments were allocated among securities with various maturities — bolstered its performance relative to the Index.
  • Favorable trading also worked to the Fund’s advantage relative to the Index.
  • Credit quality positioning detracted, with the Fund’s high-quality bias putting it at a disadvantage during the quarter.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.59 5.14 5.14 1.09 8.56 7.62
Fund w/Max Sales Charge -4.23 0.18 0.18 -3.68 6.82 6.37
Return After Taxes on Dist w/Max Sales Charge -4.78 5.66 5.32
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.90 5.37 5.08
Barclays Municipal Managed Money Long (10+) Year Bond Index2 0.56 5.05 5.05 0.26 7.45 6.52 5.60
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 02/01/2010
Expense Ratio (Gross)3 1.31%
Expense Ratio (Net)3,4 0.95%


Contributors 

Factors contributing to the Fund’s relative performance compared to the Index during the quarter:

  • Yield curve positioning bolstered the Fund’s performance relative to the Index. For the quarter, longer-term bonds outperformed shorter-term bonds, as yields on the longer end of the yield curve fell more than yields on the shorter end. Against this flattening of the yield curve, the Fund’s barbell positioning, with heavier exposure to bonds with maturities of 20 to 25 years, was a plus because these securities outpaced bonds with maturities of 10 to 15 years, in which the Fund was underweight.
  • Low issuance in the primary market led to attractive secondary market relative value trading opportunities for the Fund. Management’s ability to capitalize on these opportunities contributed to the Fund’s performance relative to the Index.

Detractors 

Factors detracting from the Fund’s relative performance compared to the Index during the quarter:

  • Detracting from performance was the Fund’s high-quality focus. Its significant overweight in AAA-rated securities and underweight to AA-rated bonds proved detrimental. Lower-rated securities generally outperformed, as investors’ growing comfort for risk and appetite for yield prompted them to seek out higher-yielding bonds.

Investment Outlook And Fund Positioning 

The interest-rate backdrop may likely be uncertain in coming months, as investors assess the impact of the ongoing reduction of the Fed’s purchasing program with the timing of potential interest-rate hikes in the future. However, we remain optimistic about the credit outlook for the vast majority of municipal issuers. Improved economic conditions and recovering housing markets have boosted revenues at both the state and local level. Rising revenues, coupled with ongoing austerity measures, have allowed issuers to significantly improve their balance sheets. Technical factors may remain favorable as well. We believe flows into the muni market could rise after the April 15 tax filing deadline, as investors confront the “tax drag” of higher federal tax rates and a new 3.8% health care reform surtax on taxable bond investment income. Furthermore, we continue to believe munis are attractively valued, with yields in excess of comparative-duration Treasurys as of 3/31/2014.14

Credit Quality (%)10 as of Mar 31, 2014

AAA 29.81
AA 55.74
A 14.45
BBB 0.00
BB 0.00
B 0.00
CCC or Lower 0.00
Not Rated 0.00
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.


 

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. 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. 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
James H. Evans, CFA

James H. Evans, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Jim Evans is a vice president of Eaton Vance Management, director of the Tax-Advantaged Bond Strategies Division and portfolio manager on Eaton Vance's tax-advantaged bond strategies team.

Jim joined Eaton Vance in December 2008 when it acquired M.D. Sass Tax Advantaged Bond Strategies, LLC (TABS), where he was senior portfolio manager and managed TABS. Jim joined the M.D. Sass Group in 1990 to manage its clients' municipal bond portfolios. Previously, he was affiliated with Kidder, Peabody & Company, where he was vice president in charge of its municipal arbitrage account, and with Continental Bank and Mellon Bank, where he was a municipal bond trader/underwriter.

Jim earned a B.S. in engineering from Cornell University. He is a CFA charterholder and has over 25 years of investment experience.

Jim's commentary has appeared in Bloomberg,, The Bond Buyer, and Barron's, among other publications.

Education
  • B.S. Cornell University
Experience
  • Managed Fund since inception
Biography
Christopher J. Harshman, CFA

Christopher J. Harshman, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

Christopher Harshman is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's tax-advantaged bond strategies team.

Prior to joining Eaton Vance in April 2009, Christopher was a vice president and senior bond and derivatives trader at Wachovia Bank, which he joined in 2004.

Christopher earned a B.S.B.A. in finance from the University of Florida and an MBA in finance and corporate accounting from the Simon School of Business at the University of Rochester. He is a CFA charterholder.

Education
  • B.S.B.A. University of Florida
  • M.B.A. Simon School of Business, University of Rochester
Experience
  • Managed Fund since 2010
Biography
Brian C. Barney, CFA

Brian C. Barney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Brian Barney is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's tax-advantaged bond strategies team.

Prior to joining Eaton Vance in January 2009, Brian was affiliated with M.D. Sass from 2001-2008, where he held various positions, including portfolio manager assistant, trader and, most recently, vice president/municipal portfolio manager.

Brian earned a B.S. in systems engineering from the University of Virginia. He is a CFA charterholder.

Education
  • B.S. University of Virginia
Experience
  • Managed Fund since 2012

Fund Literature

Fund Literature

Annual Report

Income, Volatility and Taxes Guide

Commentary

Income Markets Review

Income Markets Snapshot

Discover Opportunities in the Income Markets with Eaton Vance

Fact Sheet

Taxes: Seeking tax-efficient income and equity

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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