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Hedging Rising Rates
Tax EfficiencyOverview
 Our short duration, high quality, nationally diversified portfolio has outperformed its Morningstar category on an annualized basis over the long-term.1 As of 3/31/12.
|
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | 10 Years | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 0.06 | 0.66 | 5.01 | 3.98 | 4.99 | 4.24 |
| Fund w/Max Sales Charge | -2.20 | -1.62 | 2.64 | 3.20 | 4.52 | 4.01 |
| Return After Taxes on Dist w/Max Sales Charge | — | — | 2.54 | 2.98 | — | — |
| Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge | — | — | 2.01 | 2.75 | — | — |
| Barclays Capital 5 Year Municipal Bond Index2 | 0.35 | 1.38 | 6.39 | 5.24 | 5.78 | 4.72 |
| 3/31/2012 | ||||||
| Fund at NAV | -0.13 | -0.13 | 5.47 | 3.98 | 4.85 | 4.41 |
| Fund w/Max Sales Charge | -2.40 | -2.40 | 3.06 | 3.20 | 4.38 | 4.17 |
| Return After Taxes on Dist w/Max Sales Charge | — | — | 2.96 | 2.97 | — | — |
| Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge | — | — | 2.30 | 2.75 | — | — |
| Barclays Capital 5 Year Municipal Bond Index2 | 0.58 | 0.58 | 6.90 | 5.34 | 5.64 | 4.88 |
| 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. Total return prior to the commencement of the A shares is that of a private investment partnership (the Predecessor Account). The Fund is managed in a materially equivalent manner to the Predecessor Account. Performance shown prior to the inception of the A shares is adjusted to reflect any applicable sales charge, but not adjusted for other expenses. If adjusted, performance would have been lower. The Predecessor Account was not subject to certain investment restrictions, diversification requirements or other restrictions imposed by the 1940 Act or regulated under the Internal Revenue Code of 1986 (Account was not required to make annual income distributions to investors). If such requirements were applicable to the Predecessor Account, the performance shown may have been adversely affected. Max Sales Charge: 2.25%. | ||||||
| Class A Inception | 03/27/2009 |
| Performance Inception | 12/31/1998 |
| Investment Objective | After-tax total return |
| Total Net Assets of Fund | $1.0B |
| Minimum Investment | $1000 |
| Expense Ratio3 | 0.90% |
| CUSIP | 27826M833 |
| New York City Transitional Fin. Rev. | |
| Maryland St. | |
| Texas St. | |
| Florida St. Brd. Ed. Lottery Rev. | |
| Washington St. | |
| Georgia St. | |
| Minnesota St. | |
| Orange Cnty. FL School Brd. | |
| Garland TX Indep. School Dist. | |
| Virginia St. Clg. Bldg. Auth. Educ. | |
| Total | 30.59 |
| James H. Evans, CFA | Managed Fund since inception | ||
| Brian C. Barney, CFA | Managed Fund since 2010 | ||
| Brian D. Clouser, CFA | Managed Fund since 2010 | ||
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
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | 10 Years | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 0.06 | 0.66 | 5.01 | 3.98 | 4.99 | 4.24 |
| Fund w/Max Sales Charge | -2.20 | -1.62 | 2.64 | 3.20 | 4.52 | 4.01 |
| Return After Taxes on Dist w/Max Sales Charge | — | — | 2.54 | 2.98 | — | — |
| Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge | — | — | 2.01 | 2.75 | — | — |
| Barclays Capital 5 Year Municipal Bond Index2 | 0.35 | 1.38 | 6.39 | 5.24 | 5.78 | 4.72 |
| 3/31/2012 | ||||||
| Fund at NAV | -0.13 | -0.13 | 5.47 | 3.98 | 4.85 | 4.41 |
| Fund w/Max Sales Charge | -2.40 | -2.40 | 3.06 | 3.20 | 4.38 | 4.17 |
| Return After Taxes on Dist w/Max Sales Charge | — | — | 2.96 | 2.97 | — | — |
| Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge | — | — | 2.30 | 2.75 | — | — |
| Barclays Capital 5 Year Municipal Bond Index2 | 0.58 | 0.58 | 6.90 | 5.34 | 5.64 | 4.88 |
| 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. Total return prior to the commencement of the A shares is that of a private investment partnership (the Predecessor Account). The Fund is managed in a materially equivalent manner to the Predecessor Account. Performance shown prior to the inception of the A shares is adjusted to reflect any applicable sales charge, but not adjusted for other expenses. If adjusted, performance would have been lower. The Predecessor Account was not subject to certain investment restrictions, diversification requirements or other restrictions imposed by the 1940 Act or regulated under the Internal Revenue Code of 1986 (Account was not required to make annual income distributions to investors). If such requirements were applicable to the Predecessor Account, the performance shown may have been adversely affected. Max Sales Charge: 2.25%. | ||||||
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund at NAV | 9.24 | 3.63 | 3.01 | 1.16 | 2.93 | 4.56 | 6.63 | 5.46 | 2.69 | 5.92 |
| Barclays Capital 5 Year Municipal Bond Index2 | 9.27 | 4.13 | 2.72 | 0.95 | 3.34 | 5.15 | 5.78 | 7.40 | 3.40 | 6.93 |
| Expense Ratio3 | 0.90% |
| Class A Inception | 03/27/2009 |
| Performance Inception | 12/31/1998 |
| Distribution Frequency | Monthly |
| SEC 30 Day Yield | 0.10% |
| Time Period | Rating | Rating (Load Waived) | Funds in Muni National Short Category |
| Overall |  |
|
128 |
| 3 Years | |
|
128 |
|
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. © 2011 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. |
|||
| Date | NAV | NAV Change |
| May 15, 2012 | $10.84 | $0.00 |
| May 14, 2012 | $10.84 | $0.01 |
| May 11, 2012 | $10.83 | $0.00 |
| May 10, 2012 | $10.83 | $0.00 |
| May 09, 2012 | $10.83 | $0.00 |
| May 08, 2012 | $10.83 | $0.01 |
| May 07, 2012 | $10.82 | $0.00 |
| May 04, 2012 | $10.82 | $0.01 |
| May 03, 2012 | $10.81 | $0.01 |
| May 02, 2012 | $10.80 | $0.00 |
| Ex-Date | Distribution | Reinvest NAV |
| Apr 30, 2012 | $0.00513 | $10.80 |
| Mar 30, 2012 | $0.00449 | $10.72 |
| Feb 29, 2012 | $0.00667 | $10.82 |
| Jan 31, 2012 | $0.00519 | $10.81 |
| Dec 30, 2011 | $0.00642 | $10.75 |
| Nov 30, 2011 | $0.00704 | $10.66 |
| Oct 31, 2011 | $0.00612 | $10.58 |
| Sep 30, 2011 | $0.00643 | $10.66 |
| Aug 31, 2011 | $0.00621 | $10.68 |
| Jul 29, 2011 | $0.00640 | $10.54 |
| 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 |
||
| Ex-Date | Short-Term | Long-Term | Reinvest NAV |
| Dec 21, 2011 | $0.01490 | $0.03130 | $10.72 |
| Dec 22, 2010 | $0.09220 | $0.02150 | $10.28 |
| Dec 23, 2009 | $0.04530 | $10.21 | |
|
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. 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
| State & Muni Bonds | 86.37 |
| Cash & Equivalents | 13.63 |
| U.S. Govt Agency Bonds | 0.00 |
| U.S. Treasuries | 0.00 |
| Total | 100.00 |
| Number of Holdings | 307 |
| Average Yield to Maturity | 1.14% |
| Average Coupon | 3.83% |
| Average Maturity | 4.46 yrs. |
| Average Effective Maturity | 4.33 yrs. |
| Average Duration | 3.77 yrs. |
| Average Call | 5.04 yrs. |
| Average Price | $113.01 |
| Total Insured (% of bond holdings) | 4.97% |
| % Prerefunded (% of Bond Holdings) | 5.75% |
| State & Muni Bonds | 86.37 |
| Cash | 13.63 |
| U.S. Agencies | 0.00 |
| U.S. Treasury | 0.00 |
| AAA | 56.05 |
| AA | 43.57 |
| A | 0.38 |
| BBB | 0.00 |
| BB | 0.00 |
| B | 0.00 |
| CCC | 0.00 |
| Equity/Other | 0.00 |
| Not Rated | 0.00 |
| 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. | |
| Less Than 1 Year | 24.76 |
| 1 To 3 Years | 11.84 |
| 3 To 5 Years | 12.67 |
| 5 To 10 Years | 50.47 |
| 10 To 20 Years | 0.26 |
| 20 To 30 Years | 0.00 |
| More Than 30 Years | 0.00 |
| Total | 100.00 |
| GENERAL OBLIGATION BONDS | 41.30 |
| State | 15.22 |
| County/City/Special District/ School District | 26.08 |
| Other | 0.00 |
| LEASE RENTAL BONDS/ MUNICIPAL LEASES | 0.00 |
| REVENUE BONDS | 33.62 |
| Education | 10.98 |
| Hospitals/Nursing Homes/ Healthcare | 3.92 |
| Housing | 0.00 |
| Industrial Dev./Pollution Control/Resource Recovery | 0.03 |
| Public Facilities | 1.09 |
| Special Tax | 0.00 |
| Transportation | 1.82 |
| Utility | 5.07 |
| Other | 10.71 |
| INSURED BONDS | 4.97 |
| ESCROWED BONDS | 6.48 |
| OTHER | 0.00 |
| SHORT-TERM (less than 1 Year) | 13.63 |
| Cash Plus Receivables less Payables | 11.68 |
| Tax Exempt | 0.00 |
| Taxable | 1.95 |
| Total | 100.00 |
| Holding | Coupon Rate | Maturity Date | Weighting |
| US DOLLARS | 15.8420% | ||
| State of Texas | 2.50% | 08/30/2012 | 3.9483% |
| State of Florida Lottery Revenue | 5.00% | 07/01/2018 | 2.2708% |
| State of Maryland | 5.00% | 08/01/2018 | 2.0509% |
| United States Treasury Bill | 0.00% | 04/05/2012 | 1.9549% |
| State of Washington | 5.00% | 07/01/2018 | 1.7709% |
| State of Illinois | 5.00% | 01/01/2017 | 1.6529% |
| State of Florida Lottery Revenue | 4.00% | 07/01/2014 | 1.6323% |
| State of Washington | 5.00% | 07/01/2020 | 1.5544% |
| Virginia College Building Authority | 5.00% | 09/01/2020 | 1.5009% |
| 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, 2012
The municipal bond market, as measured by the Barclays Capital Municipal Bond Index9, gained 1.75% in the first quarter of 2012. The bulk of that advance came in the first six weeks of the period when an extended "January effect" bolstered the market. Low new bond issuance was met with robust demand, as investors appeared to reinvest both coupons and the proceeds from munis maturing at the end of 2011.
From about mid-February through the end of the quarter, muni returns were muted. Muni yields rose, mirroring similar action in the Treasury market after the Federal Reserve slightly upgraded its view of the economy and Greece's debt restructuring came to an orderly conclusion. These developments, among others, seemed to encourage investors to take on more risk and seek higher-yielding investments outside munis. Demand was further curtailed in March, a historically weaker period for munis, as investors pulled money out of the market ahead of the April tax deadline. An increase in supply also acted as a drag, as new issuance rebounded from relatively anemic levels in March 2011 and refunding (the issuance of new bonds for the purpose of retiring outstanding bond issues) boomed as issuers took advantage of historically low yields to cut their debt costs.
The yield curve, a graphical representation of the yields offered by bonds of various maturities, flattened during the quarter. As such, longer-term bonds slightly outpaced shorter-maturity securities as investors moved out the yield curve - particularly during the "January effect" to capture higher yields. On a total return basis, lower-quality bonds also benefited from demand from yield-hungry investors and outpaced higher-quality bonds as a result.
Performance Summary
Eaton Vance Tax-Advantaged Bond Strategies Short Term Fund slightly underperformed its benchmark, the Barclays Capital 5 Year Municipal Bond Index2, at net asset value, during the quarter.
- Advantageous trading bolstered the Fund's performance relative to the benchmark.
- The Fund's credit-quality positioning detracted.
- Yield-curve positioning also was a detractor.
- The credit quality of the Fund's underlying investments and the Fund's yield curve positioning detracted from performance and had a slight negative impact on performance relative to the benchmark. Furthermore, the Fund remained fully invested in municipals.
Contributors
With interest rates and spreads so compressed in the short maturity segment of the municipal market, the Fund benefited from management's ability to take advantage of limited trading opportunities.
Detractors
In terms of credit-quality positioning, the Fund's overweighting in high-quality bonds detracted as lower-quality investment-grade securities outperformed.
- As for yield curve positioning, the Fund's barbell positioning also detracted. Specifically, an overweight in bonds with maturities of 8 to 10 years and underweighting in bonds with maturities of 4 to 6 years hurt as the yield curve steepened from 4 to 10 years. This resulted in the underperformance of 8 to 10 year bonds and outperformance of 4 to 10 year securities.
Investment Outlook And Fund Positioning
Our outlook for the muni bond market is cautiously optimistic. Credit trends appear to be stabilizing. State and local governments seemed to have gained traction against their structural problems, shedding jobs and enjoying the benefits of rising revenues. Although much more sustained progress on pension reform is needed to address the massive future obligations for pensions and other unfunded liabilities, we believe the municipal market is fundamentally sound. From a technical perspective, we think demand may continue to remain firm, as top earners take steps now to blunt some of the effects of the expected end of the Bush-era tax cuts and the imposition of new taxes, which together will result in sizable tax hikes in 2013. Furthermore, demand likely will be bolstered by reinvestment activity, which tends to be particularly strong during mid-year, as issuers pay coupons, call bonds and pay off maturing bonds along with other factors. Although new issue supply in 2012 may exceed the level of 2011, we do not believe the new issue supply will keep pace with bond redemptions, resulting in net negative supply this year.
| AAA | 56.05 |
| AA | 43.57 |
| A | 0.38 |
| BBB | 0.00 |
| BB | 0.00 |
| B | 0.00 |
| CCC | 0.00 |
| Equity/Other | 0.00 |
| Not Rated | 0.00 |
| 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. | |
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
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 BondStrategies, LLC (TABS), where he was senior portfolio manager and managed TABS. Jim joinedthe M.D. Sass Group in 1990 to manage its clients' municipal bond portfolios. Previously, he wasaffiliated 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
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 2010
Biography
Brian D. Clouser, CFA
Vice President, Eaton Vance Management
Joined Eaton Vance 2008
Brian Clouser 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 vice president and portfolio manager in the tax-advantaged bond strategies area of M.D. Sass Investor Services in New York from 2006-2009. Previously, he was affiliated with Bloomberg LP.
Brian earned a B.S. in engineering from Cornell University in 2005. He is a CFA charterholder.
Education
- B.S. Cornell University
Experience
- Managed Fund since 2010
Fund Literature
Fund Literature
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