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 09/30/2016

  • Fund
  • Morningstar Muni Short Category Average

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV -2.35 -3.17 -1.18 -1.03 0.85 1.03 2.85
Fund w/Max Sales Charge -4.52 -5.38 -3.38 -3.21 0.09 0.57 2.63
Return After Taxes on Dist w/Max Sales Charge -3.44 0.00 0.41
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.18 0.34 0.68
Bloomberg Barclays 5 Year Municipal Bond Index2 -2.68 -3.49 -0.88 -0.69 1.51 1.96 3.66
09/30/2016
Fund at NAV -0.37 -0.27 1.67 2.05 2.05 1.63 3.22
Fund w/Max Sales Charge -2.64 -2.55 -0.58 -0.20 1.28 1.17 2.99
Return After Taxes on Dist w/Max Sales Charge -0.43 1.19 1.01
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.53 1.24 1.12
Bloomberg Barclays 5 Year Municipal Bond Index2 -0.39 -0.02 2.30 2.98 2.92 2.63 4.08
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 Oct 31, 2016

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Investment Objective After-tax total return
Total Net Assets $531.5M
Minimum Investment $1000
Expense Ratio3 0.89%
CUSIP 27826M833

Top 10 Holdings (%)4,5as of Sep 30, 2016

State of Florida Lottery Revenue
Virginia College Building Authority
Texas Transportation Commission State Highway Fund
State of Ohio
County of Guilford NC
Commonwealth of Massachusetts
State of Wisconsin
County of Mecklenburg NC
State of Utah
County of Anne Arundel MD
Total 20.45

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 Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2016
Fund at NAV -0.47 -0.93 1.20 1.27 1.61 1.68 3.14
Fund w/Max Sales Charge -2.67 -3.19 -1.05 -1.05 0.85 1.23 2.90
Return After Taxes on Dist w/Max Sales Charge -1.28 0.76 1.07
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.04 0.91 1.17
Bloomberg Barclays 5 Year Municipal Bond Index2 -0.45 -0.84 1.84 1.94 2.41 2.67 3.99
Morningstar™ Muni National Short Category6 -0.18 -0.35 1.03 1.10 1.10 1.31 2.20
09/30/2016
Fund at NAV -0.37 -0.27 1.67 2.05 2.05 1.63 3.22
Fund w/Max Sales Charge -2.64 -2.55 -0.58 -0.20 1.28 1.17 2.99
Return After Taxes on Dist w/Max Sales Charge -0.43 1.19 1.01
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.53 1.24 1.12
Bloomberg Barclays 5 Year Municipal Bond Index2 -0.39 -0.02 2.30 2.98 2.92 2.63 4.08
Morningstar™ Muni National Short Category6 -0.17 -0.03 1.21 1.56 1.30 1.30 2.26
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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 2.93 4.56 6.63 5.46 2.69 5.92 1.79 -0.70 2.52 1.46
Bloomberg Barclays 5 Year Municipal Bond Index2 3.34 5.15 5.78 7.40 3.40 6.93 2.96 0.81 3.19 2.43

Fund Facts

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

Yield Information7as of Oct 31, 2016

Distribution Rate at NAV 1.11%
Taxable-Equivalent Distribution Rate at NAV 1.96%
SEC 30-day Yield 0.29%
Taxable-Equivalent SEC 30-day Yield 0.52%

Morningstar™ Ratingsas of Oct 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Muni National Short
Category
Overall *** **** 193
3 Years *** **** 193
5 Years *** **** 175
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2016 Morningstar, Inc. 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 is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Dec 02, 2016 $10.27 $0.01
Dec 01, 2016 $10.26 -$0.06
Nov 30, 2016 $10.32 -$0.02
Nov 29, 2016 $10.34 -$0.02
Nov 28, 2016 $10.36 -$0.01
Nov 25, 2016 $10.37 $0.00
Nov 23, 2016 $10.37 -$0.02
Nov 22, 2016 $10.39 -$0.01
Nov 21, 2016 $10.40 -$0.02
Nov 18, 2016 $10.42 -$0.01

Distribution History8

Ex-Date Distribution Reinvest NAV
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
Apr 29, 2016 $0.01121 $10.69
Mar 31, 2016 $0.01016 $10.67
Feb 29, 2016 $0.01118 $10.70
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 Sep 30, 2016

Municipal Bonds 98.10
Cash 1.53
U.S. Corporate Bonds 0.37
Total 100.00

Portfolio Statisticsas of Sep 30, 2016

Number of Holdings 239
Average Coupon 4.26%
Average Maturity 4.45 yrs.
Average Effective Maturity 3.89 yrs.
Average Duration 3.47 yrs.
Average Price $111.24
% Prerefunded (% of Bond Holdings) 4.81%

Sector Breakdown (%)5as of Sep 30, 2016

General Obligations 54.56
Hospital 8.77
Other Revenue 5.09
Escrowed/Prerefunded 4.74
Dedicated Tax 4.58
Other Transportation 3.61
Electric Utilities 3.36
Tax Increment 2.89
Education 2.60
Toll Road 2.13
View All

Credit Quality (%)9as of Sep 30, 2016

AAA 41.15
AA 49.53
A 7.38
BBB 1.31
Not Rated 0.63
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 Sep 30, 2016

Less Than 1 Year 4.76
1 To 3 Years 26.04
3 To 5 Years 30.37
5 To 10 Years 37.49
10 To 20 Years 1.34
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Fund Holdings5,10as of Oct 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 3.73%
State of Maryland Department of Transportation 4.00% 09/01/2026 3.36%
State of Florida Lottery Revenue 5.00% 07/01/2018 2.94%
Texas Transportation Commission State Highway Fund 5.00% 10/01/2021 2.23%
State of Ohio 5.00% 08/01/2023 2.19%
County of Guilford NC 5.00% 08/01/2019 2.15%
New York State Dormitory Authority 5.00% 02/15/2025 2.08%
County of Mecklenburg NC 5.00% 12/01/2023 1.64%
County of Mecklenburg NC 5.00% 12/01/2019 1.64%
State of Utah 5.00% 07/01/2019 1.59%
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 Sep 30, 2016

The U.S. municipal bond market posted modestly negative returns for the third quarter of 2016, with the Bloomberg Barclays Municipal Bond Index (the Index)11 returning -0.30% for the three-month period. Following 14 consecutive months of positive performance, the Index returned -0.50% in September.

Despite the negative total return, municipal mutual fund flows were consistently positive throughout the quarter, as investors sought the tax-free income, less risk and diversification benefits of the municipal asset class. In August and September, this strong demand was met with elevated supply, resulting in a somewhat weaker technical environment at quarter-end. As of the end of the quarter, year-to-date muni bond issuance hit approximately $335 billion, up 4% compared to the same period last year, according to Thomson Reuters. The year-to-date increase in supply was due to a 15% increase in new money deals compared to the same period in 2015, an indication of renewed willingness for issuers to take on new debt to fund infrastructure and other projects.

Due to the unexpected "leave" result of the U.K. Brexit referendum in late June, U.S. Treasury yields began the third quarter near record lows. As the quarter progressed and economic data improved, Treasury market volatility increased amid fresh uncertainty surrounding central bank policies. Short-term Treasury yields rose significantly, while the 30-year yield remained flat. Short- and intermediate-term municipal yields rose in line with Treasurys. However, the 30-year AAA municipal yield rose 29 basis points (bps), significantly underperforming its Treasury counterpart. At quarter-end, the 10-year muni/Treasury ratio stood at 94%, compared to 91% at the beginning of the quarter. Meanwhile, the 30-year ratio ended at 99%, compared to 87% on June 30.

Overall, the municipal yield curve steepened slightly during the quarter, with the two-year AAA muni yield increasing 24bps and the 30-year AAA yield increasing 29bps. Longer-duration muni bonds generally underperformed shorter-duration municipals. In terms of credit quality, below-investment-grade bonds continued to outperform higher-quality, primarily due to strength in Puerto Rico bonds. Surprisingly, Puerto Rico bonds were among the best-performing areas of the muni market despite the default on just over $1.0 billion in debt service on July 1.

Performance Summary 

TABS Short Term Municipal Bond Fund (the Fund) underperformed its benchmark, the Bloomberg 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 credit quality positioning was the primary detractor from performance.
  • The Fund's yield curve positioning also detracted from performance.12

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.37 -0.27 1.67 2.05 2.05 1.63 3.22
Fund w/Max Sales Charge -2.64 -2.55 -0.58 -0.20 1.28 1.17 2.99
Return After Taxes on Dist w/Max Sales Charge -0.43 1.19 1.01
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.53 1.24 1.12
Bloomberg Barclays 5 Year Municipal Bond Index2 -0.39 -0.02 2.30 2.98 2.92 2.63 4.08
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 Sep 30, 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. Bonds in the Fund 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 credit quality positioning was the main detractor from performance. The Fund maintained a higher credit quality profile versus the index. The Fund's underweight in A-rated bonds hurt performance as they underperformed their higher quality counterparts.
  • The Fund's yield curve positioning also detracted from performance relative to the Index. The Fund's meaningful exposure to bonds shorter with shorter durations than the Index detracted from performance as one-to four-year bonds underperformed four-to six-year bonds.

Investment Outlook And Fund Positioning 

Despite the recent volatility in Treasurys, the municipal market is likely to remain well-supported in the near term, as the intermediate and long end of the curve will likely remain anchored by slow growth, contained inflation and the expectation for low rates worldwide.

Given this outlook, we believe tax-sensitive investors will continue to seek munis as a source of yield and portfolio diversification. Attractive valuations may be another lure, as municipals ended the period cheap relative to Treasurys.

Over the next several months, we will remain highly focused on money market reform, the presidential election and Puerto Rico. Money market reform, which goes into effect in October, has driven short rates higher and we will continue to watch this development for its potential impact on longer-maturity bonds.

In addition, we will monitor the presidential election and the potential for tax reform. And finally, we will closely monitor events in Puerto Rico. With the PROMESA bill signed and the federal oversight board in place, a clearer path toward bankruptcy now exists. However, cash reserves remain very tight and additional defaults in the Commonwealth may be inevitable. If future defaults in Puerto Rico disrupt the broader market, we may consider any price volatility a buying opportunity.13

Credit Quality (%)9as of Sep 30, 2016

AAA 41.15
AA 49.53
A 7.38
BBB 1.31
Not Rated 0.63
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 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: Sep 30, 2016

Commentary

Download - Last updated: Sep 30, 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

Think Performance Think Eaton Vance

Download - Last updated: Sep 30, 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