Overview

Our intermediate duration, high quality, nationally diversified portfolio has outperformed its Morningstar category on an annualized basis since the fund's inception.1

As of 12/31/2016

  • Fund
  • Morningstar Muni National Intermediate Category Average

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
01/31/2017
Fund at NAV 0.30 -2.75 0.30 -1.29 2.99 2.26 4.50
Fund w/Max Sales Charge -1.98 -4.95 -1.98 -3.54 2.20 1.79 4.16
Return After Taxes on Dist w/Max Sales Charge -3.56 2.20 1.67 4.04
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.32 2.07 1.66 3.54
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 0.69 -2.10 0.69 -1.05 2.93 2.29 3.67
12/31/2016
Fund at NAV 1.30 -4.07 -0.16 -0.16 3.57 2.69 4.52
Fund w/Max Sales Charge -0.95 -6.22 -2.39 -2.39 2.79 2.23 4.17
Return After Taxes on Dist w/Max Sales Charge -2.41 2.79 2.11 4.04
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.66 2.53 2.00 3.54
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 1.35 -3.83 -0.27 -0.27 3.28 2.52 3.61
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. 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. Max Sales Charge: 2.25%.

Fund Factsas of Jan 31, 2017

Class A Inception 02/01/2010
Investment Objective After-tax total return
Total Net Assets $526.3M
Minimum Investment $1000
Expense Ratio (Gross)3 0.99%
Expense Ratio (Net)3,4 0.90%
CUSIP 27826M726

Top 10 Holdings (%)5,6as of Jan 31, 2017

Arapahoe County School District No 5 Cherry Creek
State of Florida
Commonwealth of Massachusetts
State of Ohio
San Mateo County Community College District
State of California
State of Minnesota
New York State Urban Development Corp
Adams 12 Five Star Schools
County of Montgomery MD
Total 15.30

Portfolio Management

James H. Evans, CFA Managed Fund since inception
Brian C. Barney, CFA Managed Fund since 2010
Christopher J. Harshman, CFA Managed Fund since 2010

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 Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
01/31/2017
Fund at NAV 0.30 -2.75 0.30 -1.29 2.99 2.26 4.50
Fund w/Max Sales Charge -1.98 -4.95 -1.98 -3.54 2.20 1.79 4.16
Return After Taxes on Dist w/Max Sales Charge -3.56 2.20 1.67 4.04
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.32 2.07 1.66 3.54
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 0.69 -2.10 0.69 -1.05 2.93 2.29 3.67
Morningstar™ Muni National Interm Category7 0.49 -2.21 0.49 -0.76 2.79 2.25
12/31/2016
Fund at NAV 1.30 -4.07 -0.16 -0.16 3.57 2.69 4.52
Fund w/Max Sales Charge -0.95 -6.22 -2.39 -2.39 2.79 2.23 4.17
Return After Taxes on Dist w/Max Sales Charge -2.41 2.79 2.11 4.04
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.66 2.53 2.00 3.54
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 1.35 -3.83 -0.27 -0.27 3.28 2.52 3.61
Morningstar™ Muni National Interm Category7 0.88 -3.51 -0.20 -0.20 3.20 2.61
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. 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. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 12.86 4.97 -2.10 7.97 3.08 -0.16
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 4.51 3.33 8.92 2.71 10.51 4.76 -1.85 6.83 3.40 -0.27

Fund Facts

Expense Ratio (Gross)3 0.99%
Expense Ratio (Net)3,4 0.90%
Class A Inception 02/01/2010
Distribution Frequency Monthly

Yield Information8as of Jan 31, 2017

Distribution Rate at NAV 1.56%
Taxable-Equivalent Distribution Rate at NAV 2.76%
Subsidized SEC 30-day Yield 1.23%
Unsubsidized SEC 30-day Yield 1.11%
Taxable-Equivalent SEC 30-day Yield 2.17%

Morningstar™ Ratingsas of Jan 31, 2017

Time Period Rating Funds in
Muni National Interm
Category
Overall ** 254
3 Years *** 254
5 Years ** 223
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.

©2017 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
Feb 21, 2017 $12.07 $0.00
Feb 17, 2017 $12.07 $0.02
Feb 16, 2017 $12.05 $0.02
Feb 15, 2017 $12.03 -$0.03
Feb 14, 2017 $12.06 -$0.03
Feb 13, 2017 $12.09
Feb 10, 2017 $12.11 $0.00
Feb 09, 2017 $12.11 -$0.02
Feb 08, 2017 $12.13 $0.02
Feb 07, 2017 $12.11 $0.01

Distribution History9

Ex-Date Distribution Reinvest NAV
Jan 31, 2017 $0.01597 $12.07
Dec 30, 2016 $0.01672 $12.05
Nov 30, 2016 $0.01700 $11.92
Oct 31, 2016 $0.01576 $12.47
Sep 30, 2016 $0.01625 $12.62
Aug 31, 2016 $0.01511 $12.70
Jul 29, 2016 $0.01619 $12.69
Jun 30, 2016 $0.01710 $12.73
May 31, 2016 $0.01536 $12.54
Apr 29, 2016 $0.01617 $12.54
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 01, 2016 $0.00760 $11.86
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 (%)6as of Jan 31, 2017

Municipal Bonds 91.22
Cash 8.78
Total 100.00

Portfolio Statisticsas of Jan 31, 2017

Number of Holdings 288
Average Coupon 4.12%
Average Maturity 10.29 yrs.
Average Effective Maturity 6.69 yrs.
Average Duration 5.51 yrs.
Average Price $106.73
% Prerefunded (% of Bond Holdings) 6.16%

Sector Breakdown (%)6as of Jan 31, 2017

General Obligations 36.33
Hospital 7.12
Other Revenue 6.81
Escrowed/Prerefunded 4.95
Airport 4.61
Water and Sewer 4.53
Insured 3.90
Dedicated Tax 3.51
Electric Utilities 3.25
School District 2.61
View All

Credit Quality (%)10as of Jan 31, 2017

AAA 28.59
AA 52.92
A 16.92
BBB 1.45
Not Rated 0.12
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 (%)10as of Jan 31, 2017

Less Than 1 Year 3.54
1 To 3 Years 4.28
3 To 5 Years 10.69
5 To 10 Years 27.52
10 To 20 Years 52.63
20 To 30 Years 0.23
More Than 30 Years 1.10
Total 100.00

Fund Holdings6,11as of Dec 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
US Dollars 5.27%
North Texas Tollway Authority 5.00% 01/01/2027 2.68%
State of Florida 5.00% 06/01/2025 2.23%
County of King WA Sewer Revenue 5.25% 01/01/2018 2.12%
J Paul Getty Trust/The 1.00% 10/01/2047 1.89%
Johns Hopkins Health System Obligated Group 0.96% 05/15/2048 1.53%
San Mateo County Community College District 0.00% 09/01/2030 1.39%
State of California 1.42% 12/01/2028 1.29%
New York State Urban Development Corp 5.00% 03/15/2024 1.20%
Adams 12 Five Star Schools 5.00% 12/15/2028 1.20%
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

A Word On The Markets as of Dec 31, 2016

The U.S. municipal bond market posted negative returns for the fourth quarter of 2016, with the Bloomberg Barclays Municipal Bond Index (the Index)12 returning -3.6% for the three-month period. Municipal yields rose modestly early in the quarter, however following Donald Trump's presidential election victory in November, the increase in rates accelerated in anticipation of fiscal stimulus, deregulation and tax reform.

As a result of the volatility and negative total return, municipal mutual fund flows, which had been gradually decreasing since June, turned decidedly negative and weekly outflows averaged over -$2 billion over the last six weeks of the year. Issuance during the quarter declined to $100 billion compared to $115 billion during the third quarter. The slowdown in issuance was largely related to a decline in refunding activity as interest rates rose significantly during the quarter. Despite the fourth quarter decline, 2016's total issuance of $445 billion broke the old record of $433 billion in 2010. The overall increase in new deal activity during 2016 was driven by a significant increase in both new money and refunding deals, as issuers sought to take advantage of record low rates during the middle of the year and demonstrated a renewed willingness take on new debt to fund infrastructure and other projects.

Early in the quarter, U.S. Treasury rates drifted higher as economic data, was generally mixed and investors took a wait-and-see attitude with the U.S. presidential election less than one month away. In contrast, November was an extremely volatile month in U.S. fixed-income markets after Donald Trump's surprise election as U.S. president on November 8. Overall, two-year Treasury yields increased 44bps during the quarter, while longer-term yields increased approximately 70bps-80bps. Though municipals underperformed Treasurys significantly in November, they outperformed in December. As a result, by quarter-end, the 10-year muni/Treasury ratio stood at 95%, compared to 94% at the beginning of the quarter. Meanwhile, the 30-year ratio ended at 100%, compared to 99% on September 30.

Overall, the municipal yield curve, which began the quarter near its flattest level since the financial crisis, steepened significantly during the quarter, with the two-year AAA muni yield increasing 39bps and the 30-year AAA yield increasing 73bps. As a result, longer-duration muni bonds generally underperformed shorter-duration municipals. In terms of credit quality, below-investment-grade bonds underperformed higher-quality, primarily due to weakness in the tobacco sector and industrial development revenue bonds.

Performance Summary 

TABS Intermediate-Term Municipal Bond Fund (the Fund) underperformed its benchmark, the Barclays Municipal Managed Money Intermediate 1-17 Year Index (the Index),2 at net asset value for the quarter.

  • The Fund's security selection aided its performance relative to the Index.
  • The Fund's yield curve and credit quality positioning detracted from performance relative to the Index.13

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.30 -4.07 -0.16 -0.16 3.57 2.69 4.52
Fund w/Max Sales Charge -0.95 -6.22 -2.39 -2.39 2.79 2.23 4.17
Return After Taxes on Dist w/Max Sales Charge -2.41 2.79 2.11 4.04
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.66 2.53 2.00 3.54
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 1.35 -3.83 -0.27 -0.27 3.28 2.52 3.61
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. 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. Max Sales Charge: 2.25%.

Fund Factsas of Dec 31, 2016

Class A Inception 02/01/2010
Expense Ratio (Gross)3 0.99%
Expense Ratio (Net)3,4 0.90%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • Security selection and relative value trading were positive factors on performance relative to the Index. The large change in interest rates over the quarter created opportunities to capitalize on market inefficiencies.
  • The Fund's active trading style contributed to relative performance as municipal bond supply was abundant, creating value opportunities.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • The yield curve positioning of the Fund relative to the Index was a detractor for the quarter. Specifically, the Fund's overweighting in bonds with maturities 15 years and greater and its related underweighting in bonds with maturities 7 years and shorter. Longer-term bond yields rose more than yields on shorter-term securities, resulting in underperformance of longer maturities for the quarter.
  • The Fund's exposure to A-rated municipal debt also detracted from performance. The Index does not allocate to A-rated securities.

Investment Outlook And Fund Positioning 

Following the significant move higher in rates, we believe munis are attractive on both an absolute and relative level. Large municipal fund outflows and the expectation of lower taxes under the Trump administration have already impacted the valuations of munis in our view. In addition, little detail has been provided on the specifics of Trump's policies, what will get through Congress and when. As a result, there are a wide range of potential outcomes.

In our view, this historic move has created an emerging opportunity to lock in higher yields and potentially generate higher future returns. In recent history, the municipal market has proven to be resilient and sharp increases in municipal yields have resulted in buying opportunities and rewarded investors with strong returns in subsequent months. Therefore, in our view, we could see rates move back down a bit in 2017. There are other factors that could cause rates to retrace a bit, especially on the longer end of the Treasury curve. First, U.S. Treasury yields are still historically low, but very attractive when compared with other developed markets such as Europe, where rates are negative in some cases. Second, the dollar has strengthened meaningfully, which may be a drag on growth and contain inflation in 2017. And finally, the Federal Reserve is forecasting three rate hikes in 2017, demonstrating a willingness to squeeze off inflationary pressures, if necessary.

Given this outlook, we believe the extreme short-term reaction after the U.S. election provides tax-sensitive investors a chance to scale into munis at higher yields and cheaper valuations. In addition, municipals will continue to act as an anchor to provide diversification in the context of an overall portfolio.14

Credit Quality (%)10as of Dec 31, 2016

AAA 27.02
AA 51.64
A 19.75
BBB 1.46
Not Rated 0.13
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. 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 2010

Biography
Christopher J. Harshman, CFA

Christopher J. Harshman, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

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 2010


Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2016

Commentary

Download - Last updated: Dec 31, 2016

Annual Report

Download - Last updated: Jan 31, 2016

Full Prospectus

Download - Last updated: Jun 1, 2016

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

Download

SAI

Download - Last updated: Jun 1, 2016

Semi-Annual Report

Download - Last updated: Jul 31, 2016

Summary Prospectus

Download - Last updated: Jun 1, 2016

XBRL

Download - Last updated: Jun 16, 2016