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, 2018

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 Facts as of Jun 30, 2018

Class C Inception 05/04/2015
Investment Objective Current tax-exempt income
Total Net Assets $58.5M
Minimum Investment $1000
Expense Ratio (Gross)4 1.64%
Expense Ratio (Net)4,5 1.40%
CUSIP 27826M650

Top 10 Holdings (%)6,7 as of Mar 31, 2018

Brushy Creek Regional Utility Authority Inc
Brushy Creek Regional Utility Authority Inc
County of Douglas NE
Brushy Creek Regional Utility Authority Inc
Grosse Pointe Public School System
Grosse Pointe Public School System
WinnebagoBoone Etc Counties Community College District No 511 Rock Valley Clg
Lewisville Independent School District
City of Columbus OH
WinnebagoBoone Etc Counties Community College District No 511 Rock Valley Clg
Total 9.12
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. 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, 2018

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 (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -0.98 2.27
Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index3 4.76 6.62 3.03 6.76 3.07 0.02 3.85 2.20 -0.15 3.03
 

Fund Facts

Expense Ratio (Gross)4 1.64%
Expense Ratio (Net)4,5 1.40%
Class C Inception 05/04/2015
Distribution Frequency Monthly

Yield Information9 as of Jun 30, 2018

Distribution Rate at NAV 0.77%
Subsidized SEC 30-day Yield 0.73%
Unsubsidized SEC 30-day Yield 0.51%
 

NAV History

Date NAV NAV Change
Jul 13, 2018 $10.16 $0.00
Jul 12, 2018 $10.16 $0.00
Jul 11, 2018 $10.16 $0.01
Jul 10, 2018 $10.15 $0.00
Jul 09, 2018 $10.15 $0.00
Jul 06, 2018 $10.15 $0.01
Jul 05, 2018 $10.14 $0.00
Jul 03, 2018 $10.14 $0.00
Jul 02, 2018 $10.14 $0.00
Jun 29, 2018 $10.14 $0.00
 

Distribution History10

Ex-Date Distribution Reinvest NAV
Jun 29, 2018 $0.00642 $10.14
May 31, 2018 $0.00538 $10.14
Apr 30, 2018 $0.00673 $10.08
Mar 29, 2018 $0.00518 $10.12
Feb 28, 2018 $0.00713 $10.13
Jan 31, 2018 $0.00481 $10.17
Dec 29, 2017 $0.00434 $10.26
Nov 30, 2017 $0.00446 $10.22
Oct 31, 2017 $0.00393 $10.31
Sep 29, 2017 $0.00489 $10.32
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: 

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. 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 Mar 31, 2018

Portfolio Statistics as of Mar 31, 2018

Number of Holdings 320
Average Coupon 4.20%
Average Maturity 5.46 yrs.
Average Effective Maturity 4.61 yrs.
Average Duration 4.26 yrs.
Average Price $107.95
% Prerefunded (% of Bond Holdings) 0.93%
 

Sector Breakdown (%)7 as of Mar 31, 2018

General Obligations 22.62
Insured 14.25
Special Tax Revenue 6.60
Other Revenue 6.51
School District 4.57
Appropriation 3.65
Multi_Family Housing 3.62
Education 3.56
Water and Sewer 2.51
Hospital 2.27
View All

Credit Quality (%)11 as of Mar 31, 2018

AAA 10.13
AA 63.51
A 19.02
BBB 7.02
Not Rated 0.32
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 Mar 31, 2018

Less Than 1 Year 8.01
1 To 3 Years 20.53
3 To 5 Years 18.10
5 To 10 Years 48.43
10 To 20 Years 4.05
20 To 30 Years 0.88
More Than 30 Years 0.00
Total 100.00
 

Fund Holdings7,12 as of May 31, 2018

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 9.42%
Santa Clara Valley Transportation Authority 0.93% 04/01/2036 1.89%
Ballad Health Obligated Group 5.00% 07/01/2028 1.84%
Kentucky State Property Building Commission 5.00% 11/01/2027 1.80%
County of Troup GA 4.00% 05/01/2022 1.68%
County of Troup GA 3.00% 05/01/2021 1.61%
Duke University 1.03% 06/01/2027 1.57%
Ohio Water Development Authority Water Pollution Control Loan Fund 1.10% 12/01/2036 1.57%
Michigan State University 1.04% 08/15/2030 1.57%
City of New York NY 0.94% 09/01/2027 1.57%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. 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

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

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

 
Brian C. Barney, CFA

Brian C. Barney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

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

 
Christopher J. Harshman, CFA

Christopher J. Harshman, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

Biography

Christopher Harshman 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.

Christopher began his career in the investment management industry in 2003. Before joining Eaton Vance, Christopher 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 2018

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Annual Report

Download - Last updated: Jan 31, 2018

Municipal Market Chart book

Download - Last updated: Jul 6, 2018

Full Prospectus

Download - Last updated: Jun 1, 2018

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

Download

Eaton Vance municipal funds' holdings in Puerto Rico debt

Download - Last updated: Mar 6, 2018

Roll with the punches from rising interest rates

Download - Last updated: Jan 4, 2018

SAI

Download - Last updated: Jun 1, 2018

Semi-Annual Report

Download - Last updated: Jul 31, 2017

Summary Prospectus

Download - Last updated: Jun 1, 2018

XBRL

Download - Last updated: Jun 12, 2018