Overview

 

Our short duration, high quality, nationally diversified portfolio has outperformed its Morningstar category on an annualized basis over the long-term.1

As of 6/30/14.

  • Fund
  • Morningstar Muni Short Category Average

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 0.66 0.56 2.64 4.34 1.68 2.69 3.37
Fund w/Max Sales Charge -1.56 -1.74 0.35 1.97 0.90 2.23 3.14
Return After Taxes on Dist w/Max Sales Charge 1.97 0.73 2.03
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 1.55 0.90 1.90
Barclays 5 Year Municipal Bond Index2 0.71 0.90 3.15 5.02 2.73 3.89 4.06
06/30/2014
Fund at NAV -0.09 1.13 1.97 3.03 2.11 2.91 3.54
Fund w/Max Sales Charge -2.38 -1.12 -0.30 0.72 1.34 2.45 3.30
Return After Taxes on Dist w/Max Sales Charge 0.67 1.17 2.24
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.83 1.23 2.07
Barclays 5 Year Municipal Bond Index2 0.05 1.28 2.29 4.05 3.18 4.13 4.25
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%.

Fund Facts as of Aug 31, 2014

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Investment Objective After-tax total return
Total Net Assets $621.0M
Minimum Investment $1000
Expense Ratio3 0.90%
CUSIP 27826M833

Top 10 Holdings (%)4,5 as of Jun 30, 2014

State of Florida Lottery Revenue
City of Houston TX Utility System Revenue
County of Guilford NC
New York State Thruway Authority
County of Mecklenburg NC
State of Utah
Texas Transportation Commission State Highway Fund
City Public Service Board of San Antonio TX
County of Anne Arundel MD
Indiana University Health Obligated Group
Total 16.09


Portfolio Management

James H. Evans, CFA Managed Fund since inception
Brian C. Barney, CFA Managed Fund since 2010
Devin J. Cooch, CFA Managed Fund since 2013

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 Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 0.66 0.56 2.64 4.34 1.68 2.69 3.37
Fund w/Max Sales Charge -1.56 -1.74 0.35 1.97 0.90 2.23 3.14
Return After Taxes on Dist w/Max Sales Charge 1.97 0.73 2.03
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 1.55 0.90 1.90
Barclays 5 Year Municipal Bond Index2 0.71 0.90 3.15 5.02 2.73 3.89 4.06
Morningstar™ Muni National Short Category6 0.30 0.32 1.57 2.42 1.41 1.96 2.34
06/30/2014
Fund at NAV -0.09 1.13 1.97 3.03 2.11 2.91 3.54
Fund w/Max Sales Charge -2.38 -1.12 -0.30 0.72 1.34 2.45 3.30
Return After Taxes on Dist w/Max Sales Charge 0.67 1.17 2.24
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.83 1.23 2.07
Barclays 5 Year Municipal Bond Index2 0.05 1.28 2.29 4.05 3.18 4.13 4.25
Morningstar™ Muni National Short Category6 -0.02 0.65 1.24 1.82 1.63 2.16 2.44
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%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 3.01 1.16 2.93 4.56 6.63 5.46 2.69 5.92 1.79 -0.70
Barclays 5 Year Municipal Bond Index2 2.72 0.95 3.34 5.15 5.78 7.40 3.40 6.93 2.96 0.81

Fund Facts

Expense Ratio3 0.90%
Class A Inception 03/27/2009
Performance Inception 12/31/1998
Distribution Frequency Monthly

Yield Information7 as of Aug 29, 2014

Distribution Rate at NAV 1.08%
SEC 30-day Yield 0.20%


Morningstar™ Ratings as of Aug 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Muni National Short
Category
Overall *** *** 164
3 Years ** *** 164
5 Years *** *** 135
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.

© 2014 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
Sep 18, 2014 $10.66 $0.00
Sep 17, 2014 $10.66 $0.00
Sep 16, 2014 $10.66 $0.00
Sep 15, 2014 $10.66 $0.00
Sep 12, 2014 $10.66 $-0.01
Sep 11, 2014 $10.67 $0.00
Sep 10, 2014 $10.67 $-0.01
Sep 09, 2014 $10.68 $0.00
Sep 08, 2014 $10.68 $0.00
Sep 05, 2014 $10.68 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Aug 29, 2014 $0.00981 $10.70
Jul 31, 2014 $0.00973 $10.64
Jun 30, 2014 $0.01023 $10.65
May 30, 2014 $0.00947 $10.67
Apr 30, 2014 $0.00973 $10.62
Mar 31, 2014 $0.00823 $10.56
Feb 28, 2014 $0.01073 $10.65
Jan 31, 2014 $0.00878 $10.58
Dec 31, 2013 $0.00740 $10.50
Nov 29, 2013 $0.00858 $10.53
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Aug 01, 2013 $0.00720 $0.00780 $10.45
Dec 13, 2012 $0.02180 $0.20360 $10.68
Dec 21, 2011 $0.01490 $0.03130 $10.72
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 (%)4 as of Jun 30, 2014

Municipal Bonds 96.94
US Agencies 0.00
US Treasury 0.00
Cash & Other Assets 3.06
Total 100.00

Portfolio Statistics as of Jun 30, 2014

Number of Holdings 290
Average Coupon 4.62%
Average Maturity 5.19 yrs.
Average Effective Maturity 4.13 yrs.
Average Duration 3.68 yrs.
Average Price $113.10
% Prerefunded (% of Bond Holdings) 2.02%


Sector Breakdown (%)4 as of Jun 30, 2014

General Obligations 38.92
Hospital 8.84
Insured 8.51
Other Revenue 6.21
Appropriation 5.68
Dedicated Tax 5.20
Tax Increment 3.97
Other Utilities 3.76
Education 3.55
Other Transportation 3.33
View All

Credit Quality (%)9 as of Jun 30, 2014

AAA 37.49
AA 55.65
A 6.86
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 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 (%)4 as of Jun 30, 2014

Less Than 1 Year 7.08
1 To 3 Years 10.80
3 To 5 Years 21.03
5 To 10 Years 59.98
10 To 20 Years 1.10
Total 100.00


Fund Holdings4,10 as of Jul 31, 2014

Holding Coupon Rate Maturity Date % of Net Assets
State of Florida Lottery Revenue 5.00% 07/01/2018 2.67%
City of Houston TX Utility System Revenue 5.00% 05/15/2020 1.98%
County of Guilford NC 5.00% 08/01/2019 1.93%
US DOLLARS 1.80%
New York State Thruway Authority 5.00% 05/01/2019 1.67%
County of Mecklenburg NC 5.00% 12/01/2019 1.45%
State of Utah 5.00% 07/01/2019 1.42%
Texas Transportation Commission State Highway Fund 5.00% 04/01/2020 1.41%
City Public Service Board of San Antonio TX 5.00% 02/01/2019 1.32%
County of Anne Arundel MD 5.00% 04/01/2021 1.28%
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 Jun 30, 2014

The municipal (muni) bond market continued to rally through the second quarter of 2014, with the Barclays Municipal Bond Index11 rising 2.59% during the three-month period and returning 6.00% in the first half of 2014, putting it near the top of all fixed-income classes.

Munis enjoyed gains in both April (+1.20%) and May (+1.29%), buoyed by a wide range of factors. A rallying Treasury market was a key force behind the muni bond market’s advance. Treasury bond prices rose (and yields fell), as economic data pointed to slow but steady growth and calmed concerns that the Federal Reserve (the Fed) would begin raising short-term interest rates sooner than mid-2015. Muni bond market supply and demand factors also played a role. Demand continued to strengthen from weak 2013 levels, reflecting, in part, investors’ growing recognition of improving muni credit fundamentals and attractive yields. In addition, the April 15 tax-filing deadline seemed to bolster demand among high-income earners who may have been surprised when their 2013 tax bill came due, as the highest marginal tax rate jumped from 35% to 43.4%, including the new Medicare surtax. Meanwhile, there was a dramatic decline in supply, as fiscally conservative issuers refrained from more borrowing and refinancing activity was down sharply. In June, the muni market was virtually flat (+0.09%), with mixed economic data curtailing the progress of U.S. bonds. A notable increase in the supply of new muni issues and refinancings also weighed on the tax-exempt market.

For the quarter overall, yields on longer-term bonds fell more than those on shorter-term bonds, resulting in a flattening of the yield curve and the outperformance of longer-term securities. On a total return basis, lower-quality, higher-yielding bonds outpaced their high-quality counterparts, reflecting investors’ search for yield in a low rate environment.

Performance Summary 

Eaton Vance Tax-Advantaged Bond Strategies Short Term Fund (the Fund) underperformed its benchmark, the Barclays 5 Year Municipal Bond Index (the Index),2 at net asset value for the quarter.

  • The Fund’s high-quality credit positioning detracted from its performance relative to the Index.
  • Favorable trading bolstered the Fund’s performance relative to the Index.
  • The Fund’s yield curve positioning aided its relative performance.

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.09 1.13 1.97 3.03 2.11 2.91 3.54
Fund w/Max Sales Charge -2.38 -1.12 -0.30 0.72 1.34 2.45 3.30
Return After Taxes on Dist w/Max Sales Charge 0.67 1.17 2.24
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.83 1.23 2.07
Barclays 5 Year Municipal Bond Index2 0.05 1.28 2.29 4.05 3.18 4.13 4.25
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%.

Fund Facts as of Jun 30, 2014

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Expense Ratio3 0.90%


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. During the quarter, yields on longer-term bonds fell more (and their prices rose more) than yields on shorter-term securities. This Fund benefited from this flattening of the yield curve because it owned more longer-term securities than the Index, specifically those with maturities in the 7- to 10-year range.
  • Management’s ability to capitalize on muni market inefficiencies and heightened volatility by actively seeking the market’s strong demand for high-quality bonds and buying attractively valued deals 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:

  • The Fund’s high-quality focus — with its significant overweight in AAA-rated securities — detracted from its performance during the quarter. AAA-rated bonds underperformed A-rated securities, in which the Fund was underweight, as investors’ growing comfort with risk and appetite for yield prompted them to seek out higher-yielding bonds.

Investment Outlook And Fund Positioning 

Looking forward, the biggest potential risk to the muni market is a significant increase in U.S. Treasury yields. In our view, it will be difficult for the Fed to raise rates given the current subpar nature of this economic recovery. Should economic data come in at a better-than-expected level, however, bond yields could rise (and prices fall) if investors begin to anticipate a rate hike.

Though credit risk in Puerto Rico increased at the end of the second quarter, we remain optimistic about the credit outlook for the vast majority of municipal issuers, given our belief that they will continue to enjoy better revenues as the economy heals. Additionally, we believe that technical factors in the muni market will remain strong. We don’t foresee a meaningful spike in issuance in the near term and we think flows into munis will likely remain positive. Finally, with longer-term munis attractively valued to U.S. Treasurys, we believe munis could outperform Treasurys if technicals remain intact.12

Credit Quality (%)9 as of Jun 30, 2014

AAA 37.49
AA 55.65
A 6.86
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 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
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 2010
Biography

Devin J. Cooch, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

Devin Cooch is a vice president of Eaton Vance Management, portfolio manager and trader on Eaton Vance’s tax-advantaged bond strategies team.

Devin joined Eaton Vance in December 2008 when it acquired M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was a trading assistant and accountant. Previously, he was affiliated with KPMG LLP, where he was an audit associate.

Devin earned a B.A. in economics from Bucknell University, where he graduated magna cum laude in 2005. He is a CFA charterholder.

Education
  • B.A. Bucknell University
Experience
  • Managed Fund since 2013
 

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

EXCLUSIVE CONTENT

Interested in a Leading Lineup of Municipal Bond Funds?

How may rising taxes impact your investment income?

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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