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 12/31/2016

  • Class I at NAV
  • Morningstar Muni Short Category Average

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
02/28/2017
Fund at NAV 0.61 1.68 1.20 -0.77 0.94 0.95 2.99
Fund w/Max Sales Charge -1.66 -0.63 -1.10 -3.03 0.16 0.49 2.76
Return After Taxes on Dist w/Max Sales Charge -3.30 0.01 0.31
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.19 0.36 0.60
Bloomberg Barclays 5 Year Municipal Bond Index2 0.82 2.38 1.87 -0.06 1.73 1.87 3.86
12/31/2016
Fund at NAV 0.47 -2.36 -0.73 -0.73 1.07 0.86 2.93
Fund w/Max Sales Charge -1.82 -4.51 -2.93 -2.93 0.31 0.40 2.70
Return After Taxes on Dist w/Max Sales Charge -3.19 0.16 0.23
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.13 0.49 0.53
Bloomberg Barclays 5 Year Municipal Bond Index2 0.50 -2.63 -0.39 -0.39 1.73 1.79 3.74
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. 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 Factsas of Feb 28, 2017

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Investment Objective After-tax total return
Total Net Assets $466.0M
Minimum Investment $1000
Expense Ratio3 0.89%
CUSIP 27826M833

Top 10 Holdings (%)4,5as of Dec 31, 2016

State of Florida Lottery Revenue
County of Guilford NC
New York State Urban Development Corp
County of Mecklenburg NC
State of Utah
County of Anne Arundel MD
State of California
Indiana University Health Obligated Group
Katy Independent School District
New York State Urban Development Corp
Total 18.91

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. 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. 10 Yrs.
02/28/2017
Fund at NAV 0.61 1.68 1.20 -0.77 0.94 0.95 2.99
Fund w/Max Sales Charge -1.66 -0.63 -1.10 -3.03 0.16 0.49 2.76
Return After Taxes on Dist w/Max Sales Charge -3.30 0.01 0.31
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.19 0.36 0.60
Bloomberg Barclays 5 Year Municipal Bond Index2 0.82 2.38 1.87 -0.06 1.73 1.87 3.86
Morningstar™ Muni National Short Category6 0.39 1.11 0.84 0.06 0.73 0.82 2.03
12/31/2016
Fund at NAV 0.47 -2.36 -0.73 -0.73 1.07 0.86 2.93
Fund w/Max Sales Charge -1.82 -4.51 -2.93 -2.93 0.31 0.40 2.70
Return After Taxes on Dist w/Max Sales Charge -3.19 0.16 0.23
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.13 0.49 0.53
Bloomberg Barclays 5 Year Municipal Bond Index2 0.50 -2.63 -0.39 -0.39 1.73 1.79 3.74
Morningstar™ Muni National Short Category6 0.27 -1.32 -0.15 -0.15 0.76 0.82 2.00
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. 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 (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 4.56 6.63 5.46 2.69 5.92 1.79 -0.70 2.52 1.46 -0.73
Bloomberg Barclays 5 Year Municipal Bond Index2 5.15 5.78 7.40 3.40 6.93 2.96 0.81 3.19 2.43 -0.39

Fund Facts

Expense Ratio3 0.89%
Class A Inception 03/27/2009
Performance Inception 12/31/1998
Distribution Frequency Monthly

Yield Information7as of Feb 28, 2017

Distribution Rate at NAV 1.68%
Taxable-Equivalent Distribution Rate at NAV 2.97%
SEC 30-day Yield 0.60%
Taxable-Equivalent SEC 30-day Yield 1.06%

Morningstar™ Ratingsas of Feb 28, 2017

Time Period Rating Funds in
Muni National Short
Category
Overall *** 181
3 Years **** 181
5 Years *** 153
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
Mar 28, 2017 $10.41 $0.01
Mar 27, 2017 $10.40 $0.00
Mar 24, 2017 $10.40 $0.01
Mar 23, 2017 $10.39 $0.00
Mar 22, 2017 $10.39 $0.01
Mar 21, 2017 $10.38 $0.01
Mar 20, 2017 $10.37 $0.01
Mar 17, 2017 $10.36 $0.00
Mar 16, 2017 $10.36 $0.00
Mar 15, 2017 $10.36 $0.01

Distribution History8

Ex-Date Distribution Reinvest NAV
Feb 28, 2017 $0.01342 $10.42
Jan 31, 2017 $0.01083 $10.37
Dec 30, 2016 $0.01109 $10.32
Nov 30, 2016 $0.01110 $10.32
Oct 31, 2016 $0.00996 $10.58
Sep 30, 2016 $0.01086 $10.64
Aug 31, 2016 $0.01002 $10.69
Jul 29, 2016 $0.00973 $10.71
Jun 30, 2016 $0.01099 $10.70
May 31, 2016 $0.01087 $10.65
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
Dec 01, 2016 $0.02380 $0.01290 $10.26
Jun 15, 2016 $0.01820 $0.01290 $10.67
Dec 10, 2015 $0.05540 $10.59
May 21, 2015 $0.00640 $10.54
Dec 11, 2014 $0.01550 $10.65
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 (%)5as of Dec 31, 2016

Municipal Bonds 100.00
Cash 0.00
Total 100.00

Portfolio Statisticsas of Dec 31, 2016

Number of Holdings 218
Average Coupon 4.39%
Average Maturity 5.27 yrs.
Average Effective Maturity 3.86 yrs.
Average Duration 3.52 yrs.
Average Price $108.72
% Prerefunded (% of Bond Holdings) 6.95%

Sector Breakdown (%)5as of Dec 31, 2016

General Obligations 52.39
Hospital 10.08
Dedicated Tax 7.81
Escrowed/Prerefunded 5.84
Electric Utilities 4.84
Tax Increment 3.33
Other Revenue 3.31
Education 2.49
Toll Road 2.42
Insured 1.87
View All

Credit Quality (%)9as of Dec 31, 2016

AAA 43.37
AA 45.42
A 9.11
BBB 1.38
Not Rated 0.72
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 (%)5as of Dec 31, 2016

Less Than 1 Year 2.31
1 To 3 Years 28.68
3 To 5 Years 29.86
5 To 10 Years 30.93
10 To 20 Years 6.14
20 To 30 Years 1.55
More Than 30 Years 0.53
Total 100.00

Fund Holdings5,10as of Jan 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
State of Florida Lottery Revenue 5.00% 07/01/2018 3.24%
County of Guilford NC 5.00% 08/01/2019 2.41%
New York State Urban Development Corp 5.00% 03/15/2024 2.25%
County of Mecklenburg NC 5.00% 12/01/2019 1.79%
State of Utah 5.00% 07/01/2019 1.74%
County of Anne Arundel MD 5.00% 04/01/2021 1.62%
State of California 1.24% 12/01/2028 1.58%
Indiana University Health Obligated Group 5.00% 03/01/2020 1.53%
Katy Independent School District 1.07% 08/15/2036 1.44%
New York State Urban Development Corp 5.00% 03/15/2021 1.41%
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)11 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 Short Term Municipal Bond Fund (the Fund) outperformed its benchmark, the Barclays 5 Year Municipal Bond Index (the Index),2 at net asset value during the quarter.

  • Security selection and relative value trading were the two primary contributors to performance.
  • The Fund's overweight exposure to securities beyond the 6 year part of the yield curve detracted from performance relative to the Index.12

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.47 -2.36 -0.73 -0.73 1.07 0.86 2.93
Fund w/Max Sales Charge -1.82 -4.51 -2.93 -2.93 0.31 0.40 2.70
Return After Taxes on Dist w/Max Sales Charge -3.19 0.16 0.23
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.13 0.49 0.53
Bloomberg Barclays 5 Year Municipal Bond Index2 0.50 -2.63 -0.39 -0.39 1.73 1.79 3.74
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. 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 Factsas of Dec 31, 2016

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Expense Ratio3 0.89%

Contributors 

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

  • Security selection aided Fund performance relative to the Index. The Fund's bond holdings generally outpaced similar bonds in the Index.
  • Favorable relative trading activity bolstered Fund performance through buying wholesale from issuers and selling into strong demand from retail channels.

Detractors 

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

  • The Fund's overweight exposure to securities beyond the 6 year part of the yield curve detracted from performance. 7-year and 10-year AAA yields increased more than the 5-year part of the curve which drove longer dated maturity bonds down in price.

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.13

Credit Quality (%)9as of Dec 31, 2016

AAA 43.37
AA 45.42
A 9.11
BBB 1.38
Not Rated 0.72
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
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 2013


Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2016

Commentary

Download - Last updated: Dec 31, 2016

Annual Report

Download - Last updated: Jan 31, 2017

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

Performance Always Matters

Download - Last updated: Dec 31, 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