Overview

Historical Returns (%) as of Jun 30, 2020

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 or equal to one year is cumulative. Prior to 4/15/15, Fund was called Eaton Vance Tax-Advantaged Bond Strategies Long Term Fund, had a different objective and employed a different investment strategy. Please see prospectus for more details. Max Sales Charge: 1%.
 

Fund Facts as of Aug 31, 2020

Class C Inception 02/01/2010
Investment Objective Current tax-exempt income
Total Net Assets $811.2M
Expense Ratio (Gross)4,5 1.42%
Expense Ratio (Net)4,5 1.40%
CUSIP 27826M742

Top 10 Holdings (%)6,7 as of Aug 31, 2020

Kentucky Public Energy Authority 2.71
Triborough Bridge Tunnel Authority 2.21
State of Illinois 1.70
City of New York NY 1.58
City of Seattle WA Municipal Light Power Revenue 1.51
CommonSpirit Health Obligated Group 1.51
Los Angeles County Metropolitan Transportation Authority 1.14
City of Richmond VA Public Utility Revenue 1.08
State of Washington 0.98
District of Columbia 0.95
Total 15.36
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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

Historical Returns (%) as of Jun 30, 2020

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 or equal to one year is cumulative. Prior to 4/15/15, Fund was called Eaton Vance Tax-Advantaged Bond Strategies Long Term Fund, had a different objective and employed a different investment strategy. Please see prospectus for more details. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV 16.19 9.96 -4.43 14.13 3.66 -0.76 4.97 -0.53 5.82
Bloomberg Barclays 10 Year Municipal Bond Index3 4.05 12.32 5.70 -2.17 8.72 3.76 -0.12 5.83 1.41 7.70
 

Fund Facts

Expense Ratio (Gross)4,5 1.42%
Expense Ratio (Net)4,5 1.40%
Class C Inception 02/01/2010
Distribution Frequency Monthly

Yield Information as of Aug 31, 2020

Distribution Rate at NAV 0.82%
Subsidized SEC 30-day Yield9 -0.28%
Unsubsidized SEC 30-day Yield -0.29%
 

Morningstar Rating™ as of Aug 31, 2020

Time Period Rating Funds in
Muni National Interm
Category
Overall 240
3 Years 240
5 Years 217
10 Years 160
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2020 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Sep 25, 2020 $12.99 -$0.01
Sep 24, 2020 $13.00 $0.00
Sep 23, 2020 $13.00 $0.00
Sep 22, 2020 $13.00 $0.00
Sep 21, 2020 $13.00 $0.00
Sep 18, 2020 $13.00 $0.00
Sep 17, 2020 $13.00 $0.00
Sep 16, 2020 $13.00 -$0.01
Sep 15, 2020 $13.01 $0.00
Sep 14, 2020 $13.01 $0.00
 

Distribution History10

Ex-Date Distribution Reinvest NAV
Aug 31, 2020 $0.00901 $13.01
Jul 31, 2020 $0.00960 $13.06
Jun 30, 2020 $0.01059 $12.88
May 29, 2020 $0.01002 $12.78
Apr 30, 2020 $0.01234 $12.39
Mar 31, 2020 $0.01042 $12.58
Feb 28, 2020 $0.01158 $13.03
Jan 31, 2020 $0.01029 $12.89
Dec 31, 2019 $0.01056 $12.69
Nov 29, 2019 $0.01114 $12.67
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 History10

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 (%)7 as of Aug 31, 2020

Portfolio Statistics as of Aug 31, 2020

Number of Holdings 539
Average Coupon 4.53%
Average Maturity 9.06 yrs.
Average Effective Maturity 5.92 yrs.
Average Duration 5.05 yrs.
Average Price $119.27
% Prerefunded (% of Bond Holdings) 0.55%
 

Sector Breakdown (%)7 as of Aug 31, 2020

General Obligations 42.54
Health Care 10.33
Transportation 9.31
Education 5.29
Other Revenue 4.48
Electric Utilities 4.15
Hospital 3.30
Water and Sewer 2.71
Housing 2.20
Airport 2.14
View All

Credit Quality (%)11 as of Aug 31, 2020

AAA 13.03
AA 51.29
A 25.19
BBB 10.40
Not Rated 0.09
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 highest 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 (%)7 as of Aug 31, 2020

Less Than 1 Year 1.70
1 To 3 Years 0.40
3 To 5 Years 9.46
5 To 10 Years 45.58
10 To 20 Years 42.54
20 To 30 Years 0.31
More Than 30 Years 0.00
Total 100.00
 

Fund Holdings7,12 as of Jul 31, 2020

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 5.09%
Kentucky Public Energy Authority 4.00% 02/01/2050 2.82%
Triborough Bridge Tunnel Authority 5.00% 11/15/2029 2.26%
State of Illinois 5.00% 09/01/2027 1.74%
City of Seattle WA Municipal Light Power Revenue 4.00% 07/01/2034 1.56%
CommonSpirit Health Obligated Group 1.56% 02/01/2046 1.53%
City of Richmond VA Public Utility Revenue 4.00% 01/15/2036 1.11%
State of Washington 5.00% 08/01/2035 1.01%
Geisinger Health System Obligated Group 5.00% 04/01/2035 0.96%
District of Columbia 5.00% 06/01/2033 0.96%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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

James H. Evans, CFA

James H. Evans, CFA

Chief Investment Officer, Fixed Income of Parametric
Joined Eaton Vance 2008
Joined Parametric 2019

Biography

James Evans is chief investment officer, fixed income at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He directs all aspects of Parametric's fixed income strategies. He joined Parametric in 2019 from Eaton Vance when Eaton Vance's tax-advantaged bond strategies (TABS) business shifted to Parametric.

Jim began his career in the investment management industry in 1983. Before joining Parametric, he was director of tax-advantaged bond strategies (TABS) and a portfolio manager at Eaton Vance. He joined Eaton Vance in 2008 when it acquired the Tax Advantaged Bond Strategies (TABS) business of M.D. Sass, where he managed municipal bond portfolios. Previously, he was vice president of municipal arbitrage at Kidder, Peabody & Company and a municipal bond trader and underwriter at Continental Bank and Mellon Bank.

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

 
Christopher J. Harshman, CFA

Christopher J. Harshman, CFA

Director, Portfolio Management of Parametric
Joined Eaton Vance 2009
Joined Parametric 2019

Biography

Christopher Harshman is director, portfolio management at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is on Parametric's fixed-income team where he is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies (TABS). He joined Parametric in 2019 from Eaton Vance when Eaton Vance's TABS business shifted to Parametric.

Christopher began his career in the investment management industry in 2003. Before joining Parametric, he was a municipal portfolio manager at Eaton Vance. Previously, he was a vice president and senior bond and derivatives trader at Wachovia Bank and Wells Fargo.

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

Education
  • B.S.B.A. University of Florida
  • M.B.A. Simon School of Business, University of Rochester

Experience
  • Managed Fund since 2010

 
Brian C. Barney, CFA

Brian C. Barney, CFA

Managing Director, Institutional Portfolio Management of Parametric
Joined Eaton Vance 2008
Joined Parametric 2019

Biography

Brian Barney is managing director - institutional portfolio management at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He directs institutional portfolio strategies and is a municipal portfolio manager on Parametric's fixed-income team where he is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies (TABS). He joined Parametric in 2019 from Eaton Vance when Eaton Vance's TABS business shifted to Parametric.

Brian began his career in the investment management industry in 2001. Before joining Parametric, he was director of institutional portfolio strategies and a municipal portfolio manager at Eaton Vance. Previously, he was vice president and municipal portfolio manager at M.D. Sass.

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

Education
  • B.S. University of Virginia

Experience
  • Managed Fund since 2012

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2020

Commentary

Download - Last updated: Jun 30, 2020

Keep the income. Cut the taxes.

Download - Last updated: Jun 30, 2020

Annual Report

Download - Last updated: Jan 31, 2020

Municipal Bond Market Monitor

Download - Last updated: Jul 9, 2020

Full Prospectus

Download - Last updated: Jun 1, 2020

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

SAI

Download - Last updated: Jun 1, 2020

Semi-Annual Report

Download - Last updated: Jul 31, 2020

Summary Prospectus

Download - Last updated: Jun 1, 2020

XBRL

Download - Last updated: Jun 15, 2020