Overview

Approximately equal-weighted across the target 1- to 10-year range.

Source: Eaton Vance. This table is for illustrative purposes only.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.44 1.21 2.31 -1.13 1.69
Fund w/Max Sales Charge -1.43 0.21 1.31 -2.11 1.69
Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index3 -0.34 1.21 2.76 0.27 1.97 2.02 1.98
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. Max Sales Charge: 1%.

Fund Factsas of Jun 30, 2017

Class C Inception 05/04/2015
Investment Objective Current tax-exempt income
Total Net Assets $50.0M
Minimum Investment $1000
Expense Ratio (Gross)4 1.71%
Expense Ratio (Net)4,5 1.40%
CUSIP 27826M650

Top 10 Holdings (%)6,7as of Jun 30, 2017

Brushy Creek Regional Utility Authority Inc
Brushy Creek Regional Utility Authority Inc
Brushy Creek Regional Utility Authority Inc
County of Douglas NE
Grosse Pointe Public School System
Grosse Pointe Public School System
City of Columbus OH
WinnebagoBoone Etc Counties Community College District No 511 Rock Valley Clg
WinnebagoBoone Etc Counties Community College District No 511 Rock Valley Clg
City of Mobile AL
Total 11.69

Portfolio Management

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

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. 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.44 1.21 2.31 -1.13 1.69
Fund w/Max Sales Charge -1.43 0.21 1.31 -2.11 1.69
Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index3 -0.34 1.21 2.76 0.27 1.97 2.02 1.98
Morningstar Muni National Short Category8 -0.19 0.61 1.50 0.09 0.79 0.93
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. Max Sales Charge: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -0.98
Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index3 4.87 4.76 6.62 3.03 6.76 3.07 0.02 3.85 2.20 -0.15

Fund Facts

Expense Ratio (Gross)4 1.71%
Expense Ratio (Net)4,5 1.40%
Class C Inception 05/04/2015
Distribution Frequency Monthly

Yield Information9as of Jun 30, 2017

Distribution Rate at NAV 0.57%
Subsidized SEC 30-day Yield 0.21%
Unsubsidized SEC 30-day Yield 0.00%

NAV History

Date NAV NAV Change
Jul 25, 2017 $10.34 -$0.01
Jul 24, 2017 $10.35 $0.00
Jul 21, 2017 $10.35 $0.01
Jul 20, 2017 $10.34 $0.01
Jul 19, 2017 $10.33 $0.01
Jul 18, 2017 $10.32 $0.01
Jul 17, 2017 $10.31 $0.00
Jul 14, 2017 $10.31 $0.02
Jul 13, 2017 $10.29 $0.00
Jul 12, 2017 $10.29 $0.01

Distribution History10

Ex-Date Distribution Reinvest NAV
Jun 30, 2017 $0.00483 $10.29
May 31, 2017 $0.00381 $10.34
Apr 28, 2017 $0.00465 $10.24
Mar 31, 2017 $0.00339 $10.18
Feb 28, 2017 $0.00448 $10.17
Jan 31, 2017 $0.00189 $10.12
Dec 30, 2016 $0.00304 $10.08
Nov 30, 2016 $0.00381 $10.02
Oct 31, 2016 $0.00276 $10.34
Sep 30, 2016 $0.00379 $10.41
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.

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. 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 (%)7as of Jun 30, 2017

Municipal Bonds 94.64
Cash 5.36
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Number of Holdings 309
Average Coupon 4.37%
Average Maturity 5.73 yrs.
Average Effective Maturity 4.84 yrs.
Average Duration 4.44 yrs.
Average Price $111.58
% Prerefunded (% of Bond Holdings) 0.29%

Sector Breakdown (%)7as of Jun 30, 2017

General Obligations 25.46
Insured 13.70
Other Revenue 9.25
School District 5.55
Education 5.15
Appropriation 4.90
Water and Sewer 3.72
Hospital 3.06
Water 2.83
Other Utilities 2.72
View All

Credit Quality (%)11as of Jun 30, 2017

AAA 12.46
AA 61.14
A 20.70
BBB 5.70
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 (%)7as of Jun 30, 2017

Less Than 1 Year 5.88
1 To 3 Years 18.67
3 To 5 Years 19.92
5 To 10 Years 46.80
10 To 20 Years 7.69
20 To 30 Years 1.04
More Than 30 Years 0.00
Total 100.00

Fund Holdings7,12as of May 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 4.53%
Brushy Creek Regional Utility Authority Inc 5.00% 08/01/2026 1.26%
Brushy Creek Regional Utility Authority Inc 5.00% 08/01/2027 1.26%
Brushy Creek Regional Utility Authority Inc 5.00% 08/01/2024 1.24%
County of Douglas NE 3.75% 12/15/2027 1.23%
Grosse Pointe Public School System 5.00% 05/01/2023 1.22%
Grosse Pointe Public School System 5.00% 05/01/2022 1.20%
City of Columbus OH 4.00% 08/15/2027 1.18%
Winnebago-Boone Etc Counties Community College District No 511 Rock Valley Clg 5.00% 01/01/2022 1.18%
Winnebago-Boone Etc Counties Community College District No 511 Rock Valley Clg 5.00% 01/01/2021 1.15%
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. 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

Commentary

No commentary information is currently 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. 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 currently 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. 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, director of institutional portfolio strategies 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 inception

Biography
Devin J. Cooch, CFA

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 inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Jan 31, 2017

Municipal Market Chart book

Download - Last updated: Jul 7, 2017

Full Prospectus

Download - Last updated: Jun 1, 2017

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: May 5, 2017

Roll with the punches from rising interest rates

Download - Last updated: Jan 24, 2017

SAI

Download - Last updated: Jun 1, 2017

Semi-Annual Report

Download - Last updated: Jul 31, 2016

Summary Prospectus

Download - Last updated: Jun 1, 2017

XBRL

Download - Last updated: Jun 7, 2017