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 9/30/14.

  • Fund
  • Morningstar Muni Short Category Average

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.18 0.47 2.46 2.97 1.66 2.41 3.34
Fund w/Max Sales Charge -2.46 -1.83 0.17 0.67 0.88 1.94 3.11
Return After Taxes on Dist w/Max Sales Charge 0.66 0.71 1.74
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.82 0.88 1.67
Barclays 5 Year Municipal Bond Index2 -0.05 0.79 3.10 3.96 2.78 3.53 4.04
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 Sep 30, 2014

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Investment Objective After-tax total return
Total Net Assets $613.9M
Minimum Investment $1000
Expense Ratio3 0.90%
CUSIP 27826M833

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

State of Florida Lottery Revenue
City of Houston TX Combined Utility System Revenue
County of Guilford NC
New York State Thruway Authority
County of Mecklenburg NC
State of Utah
City Public Service Board of San Antonio TX
Essex County Improvement Authority
County of Anne Arundel MD
Indiana University Health Obligated Group
Total 16.49


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 nonpayment 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 Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.18 0.47 2.46 2.97 1.66 2.41 3.34
Fund w/Max Sales Charge -2.46 -1.83 0.17 0.67 0.88 1.94 3.11
Return After Taxes on Dist w/Max Sales Charge 0.66 0.71 1.74
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.82 0.88 1.67
Barclays 5 Year Municipal Bond Index2 -0.05 0.79 3.10 3.96 2.78 3.53 4.04
Morningstar™ Muni National Short Category6 -0.05 0.29 1.51 1.86 1.38 1.72 2.33
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. 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 Sep 30, 2014

Distribution Rate at NAV 1.21%
SEC 30-day Yield 0.19%


Morningstar™ Ratings as of Sep 30, 2014

Time Period Rating Rating (Load Waived) Funds in
Muni National Short
Category
Overall *** *** 164
3 Years ** *** 164
5 Years *** *** 137
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
Oct 22, 2014 $10.70 $-0.01
Oct 21, 2014 $10.71 $-0.02
Oct 20, 2014 $10.73 $-0.01
Oct 17, 2014 $10.74 $-0.01
Oct 16, 2014 $10.75 $0.00
Oct 15, 2014 $10.75 $0.02
Oct 14, 2014 $10.73 $0.02
Oct 13, 2014 $10.71 $0.00
Oct 10, 2014 $10.71 $0.00
Oct 09, 2014 $10.71 $0.02

Distribution History8

Ex-Date Distribution Reinvest NAV
Sep 30, 2014 $0.01060 $10.67
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
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 nonpayment 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 Sep 30, 2014

Municipal Bonds 98.27
US Agencies 0.00
US Treasury 0.00
Cash & Other Assets 1.73
Total 100.00

Portfolio Statistics as of Sep 30, 2014

Number of Holdings 266
Average Coupon 4.65%
Average Maturity 5.14 yrs.
Average Effective Maturity 4.02 yrs.
Average Duration 3.59 yrs.
Average Price $113.13
% Prerefunded (% of Bond Holdings) 1.86%


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

General Obligations 38.91
Hospital 9.18
Insured 8.75
Other Revenue 6.33
Appropriation 5.55
Dedicated Tax 5.23
Toll Road 4.55
Other Utilities 3.89
Education 3.53
Tax Increment 3.26
View All

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

AAA 33.46
AA 58.92
A 7.61
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings 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 ratings 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 ratings agencies stated above.


Maturity Distribution (%)4 as of Sep 30, 2014

Less Than 1 Year 7.27
1 To 3 Years 8.81
3 To 5 Years 30.66
5 To 10 Years 52.14
10 To 20 Years 1.13
Total 100.00


Fund Holdings4,10 as of Aug 31, 2014

Holding Coupon Rate Maturity Date % of Net Assets
State of Florida Lottery Revenue 5.00% 07/01/2018 2.69%
City of Houston TX Utility System Revenue 5.00% 05/15/2020 2.01%
County of Guilford NC 5.00% 08/01/2019 1.95%
US DOLLARS 1.77%
New York State Thruway Authority 5.00% 05/01/2019 1.69%
County of Mecklenburg NC 5.00% 12/01/2019 1.47%
State of Utah 5.00% 07/01/2019 1.43%
Texas Transportation Commission State Highway Fund 5.00% 04/01/2020 1.43%
City Public Service Board of San Antonio TX 5.00% 02/01/2019 1.34%
County of Anne Arundel MD 5.00% 04/01/2021 1.29%
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 nonpayment 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 Sep 30, 2014

After a positive first half of 2014, the municipal (muni) bond market continued to rise modestly during the third quarter of 2014. The Barclays Municipal Bond Index (Index)11 returned 1.49% during the three-month period and finished the quarter ahead of the broader U.S. bond market. Year-to-date, the Index has returned 7.58%, making munis one of the best-performing global fixed-income asset classes so far this year.

Munis posted gains in July (0.18%), August (1.21%) and September (0.10%). Throughout the quarter, munis continued to benefit from the same trends that helped them in the first half of 2014. With the notable exceptions of New Jersey and Puerto Rico, credit quality in the municipal bond market remained stable and defaults low. Munis were further bolstered by favorable technical market factors. During the quarter, new money supply of munis was muted, while refunding supply remained low. On the other side of the equation, higher taxes helped fuel strong demand for munis among individual investors.

For the quarter overall, yields on most bonds across the municipal bond yield curve12 fell, while yields on two-year muni securities rose. This resulted in a continued flattening of the yield curve and the outperformance of long-dated munis. On a total return basis, lower-quality, higher-yielding bonds outpaced their investment-grade counterparts, reflecting investors’ ongoing demand for yield.

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 focus detracted from its performance relative to the Index.
  • Favorable trading and security selection bolstered the Fund’s performance.
  • The Fund’s yield curve positioning – how its investments were allocated among bonds with various maturities – aided its performance relative to the Index.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.18 0.47 2.46 2.97 1.66 2.41 3.34
Fund w/Max Sales Charge -2.46 -1.83 0.17 0.67 0.88 1.94 3.11
Return After Taxes on Dist w/Max Sales Charge 0.66 0.71 1.74
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.82 0.88 1.67
Barclays 5 Year Municipal Bond Index2 -0.05 0.79 3.10 3.96 2.78 3.53 4.04
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 Sep 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 boosted the Fund’s performance relative to the Index. The Fund benefited from its barbell positioning, which was advantageous as the yield curve flattened during the quarter. Specifically, the Fund’s overweighting in seven-year bonds was a plus, because their yields fell more (and their prices rose more) than those of three-year bonds, in which the Fund was underweighted.
  • 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. Security selection generally was favorable, as the Fund’s holdings typically outpaced similar securities in 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 demand for income prompted them to seek out higher-yielding, lower-quality securities.

Investment Outlook And Fund Positioning 

Looking forward, we think 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).

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 believe munis could remain supported by modest supply and positive flows into muni mutual funds. That said, with 10-year AAA-rated munis yielding 87% of an equivalent Treasury, we believe munis ended the third quarter more fully priced relative to U.S. Treasurys. Richer valuations, in turn, could make munis more susceptible to a possible increase in U.S. Treasury yields.13

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

AAA 33.46
AA 58.92
A 7.61
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings 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 ratings 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 ratings 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 nonpayment 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 nonpayment 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

James Evans is a vice president of Eaton Vance Management, director of the tax-advantaged bond strategies (TABS) division and portfolio manager on Eaton Vance’s TABS team. Jim joined Eaton Vance in December 2008 when it acquired M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was senior portfolio manager and manager of the TABS team.

Jim joined M.D. Sass in 1990 to manage its clients’ municipal bond portfolios. He has over 30 years of investment experience. Previously, he was affiliated with Kidder, Peabody & Company as 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. 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 municipal portfolio manager on Eaton Vance’s tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s tax-advantaged bond strategies. He joined Eaton Vance in 2009.

Brian began his career in the investment management industry in 2001. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was vice president and 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 and municipal portfolio manager and trader on Eaton Vance’s tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s tax-advantaged bond strategies. He joined Eaton Vance in 2008.

Devin began his career in the investment management industry in 2008. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was a trading assistant and accountant. He was previously affiliated with KPMG, LLP.

Devin earned a B.A. in economics, magna cum laude, from Bucknell University. 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?

Think Performance Think Eaton Vance

How may rising taxes impact your investment income?

Semi-Annual Report

Summary Prospectus

XBRL


 

loading

We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:
1-800-836-2414.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .



    Don't have an account? Register.

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character: ! @ # $ % ^ & * ( ) - _ = + , < . > ?

    Cancel

    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Congratulations!

    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.


    If you need further assistance, please call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to EatonVance.com

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Don't have an account? Register.

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game!

    Receive email notifications when the  is updated by clicking the subscribe button.

    Close

    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Financial Advisors, stay on top of your game.

    Receive email notifications of updates to  by entering your email address to subscribe.

    Cancel

    Don't have an account? Register.

    Enter your e-mail address to reset your password.

    Already have an account?
    Don't have an account? Register.

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    If you are an individual investor and have a Mutual Fund account with Eaton Vance, sign into your account here.

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    loading
    This message will automatically close when your file is ready.

    Financial Advisors

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of