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 06/30/2017

  • Class A at NAV
  • Morningstar Muni Short Category Average

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.42 0.60 3.23 0.52 1.46 1.46 3.27
Return After Taxes on Dist 0.33 1.30 1.27
Return After Taxes on Dist & Sales of Fund Shares 0.93 1.41 1.40
Bloomberg Barclays 5 Year Municipal Bond Index2 0.64 0.94 4.60 1.44 2.20 2.18 3.97
06/30/2017
Fund at NAV -0.34 0.98 2.28 -0.28 1.38 1.41 3.32
Return After Taxes on Dist -0.47 1.22 1.22
Return After Taxes on Dist & Sales of Fund Shares 0.46 1.35 1.36
Bloomberg Barclays 5 Year Municipal Bond Index2 -0.43 1.25 3.17 0.44 2.02 2.06 4.00
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. The share class has no sales charge.

Fund Factsas of Aug 31, 2017

Class I Inception 03/27/2009
Performance Inception 12/31/1998
Investment Objective After-tax total return
Total Net Assets $436.3M
Minimum Investment $250000
Expense Ratio3 0.65%
CUSIP 27826M767

Top 10 Holdings (%)4,5as of Jun 30, 2017

State of Florida Lottery Revenue
County of Guilford NC
New York State Urban Development Corp
Bay Area Toll Authority
California State Public Works Board
State of Oregon
County of Mecklenburg NC
State of Utah
County of Anne Arundel MD
State of California
Total 22.52

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 Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.42 0.60 3.23 0.52 1.46 1.46 3.27
Return After Taxes on Dist 0.33 1.30 1.27
Return After Taxes on Dist & Sales of Fund Shares 0.93 1.41 1.40
Bloomberg Barclays 5 Year Municipal Bond Index2 0.64 0.94 4.60 1.44 2.20 2.18 3.97
Morningstar Muni National Short Category6 0.34 0.51 2.16 0.68 0.93 0.95 2.12
06/30/2017
Fund at NAV -0.34 0.98 2.28 -0.28 1.38 1.41 3.32
Return After Taxes on Dist -0.47 1.22 1.22
Return After Taxes on Dist & Sales of Fund Shares 0.46 1.35 1.36
Bloomberg Barclays 5 Year Municipal Bond Index2 -0.43 1.25 3.17 0.44 2.02 2.06 4.00
Morningstar Muni National Short Category6 -0.19 0.61 1.50 0.09 0.79 0.93 2.06
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. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 4.56 6.63 5.66 3.05 6.09 2.14 -0.55 2.77 1.71 -0.48
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 0.65%
Class I Inception 03/27/2009
Performance Inception 12/31/1998
Distribution Frequency Monthly

Yield Information7as of Aug 31, 2017

Distribution Rate at NAV 1.55%
Taxable-Equivalent Distribution Rate at NAV8 2.74%
SEC 30-day Yield 0.66%
Taxable-Equivalent SEC 30-day Yield 1.16%

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Muni National Short
Category
Overall **** 172
3 Years **** 172
5 Years **** 150
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
Sep 21, 2017 $10.50 $0.00
Sep 20, 2017 $10.50 -$0.01
Sep 19, 2017 $10.51 $0.00
Sep 18, 2017 $10.51 -$0.01
Sep 15, 2017 $10.52 $0.00
Sep 14, 2017 $10.52 -$0.01
Sep 13, 2017 $10.53 $0.00
Sep 12, 2017 $10.53 -$0.01
Sep 11, 2017 $10.54 -$0.01
Sep 08, 2017 $10.55 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Aug 31, 2017 $0.01390 $10.54
Jul 31, 2017 $0.01420 $10.51
Jun 30, 2017 $0.01451 $10.47
May 31, 2017 $0.01382 $10.52
Apr 28, 2017 $0.01396 $10.45
Mar 31, 2017 $0.01364 $10.41
Feb 28, 2017 $0.01541 $10.42
Jan 31, 2017 $0.01304 $10.37
Dec 30, 2016 $0.01327 $10.32
Nov 30, 2016 $0.01326 $10.32
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History9

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 $10.55
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 Jun 30, 2017

Municipal Bonds 99.58
Cash 0.42
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Number of Holdings 174
Average Coupon 4.29%
Average Maturity 6.39 yrs.
Average Effective Maturity 4.13 yrs.
Average Duration 3.85 yrs.
Average Price $109.86
% Prerefunded (% of Bond Holdings) 6.58%

Sector Breakdown (%)5as of Jun 30, 2017

General Obligations 47.71
Hospital 10.63
Special Tax Revenue 5.31
Dedicated Tax 5.08
Escrowed/Prerefunded 4.57
Tax Increment 3.62
Education 3.37
Other Revenue 3.30
Transportation 3.16
Toll Road 3.15
View All

Credit Quality (%)10as of Jun 30, 2017

AAA 48.25
AA 42.68
A 8.12
Not Rated 0.95
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 Jun 30, 2017

Less Than 1 Year 4.21
1 To 3 Years 30.39
3 To 5 Years 12.37
5 To 10 Years 40.91
10 To 20 Years 6.49
20 To 30 Years 5.63
More Than 30 Years 0.00
Total 100.00

Fund Holdings5,11as of Jul 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
State of Florida Lottery Revenue 5.00% 07/01/2018 3.43%
County of Guilford NC 5.00% 08/01/2019 2.57%
New York State Urban Development Corp 5.00% 03/15/2024 2.47%
US Dollars 2.32%
Bay Area Toll Authority 1.46% 04/01/2045 2.29%
California State Public Works Board 5.00% 10/01/2025 2.15%
State of Oregon 5.00% 08/01/2026 2.02%
County of Mecklenburg NC 5.00% 12/01/2019 1.91%
State of Utah 5.00% 07/01/2019 1.85%
United States Treasury Note/Bond 2.13% 06/30/2021 1.74%
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 Jun 30, 2017

The U.S. municipal bond market posted positive returns for the second quarter of 2017, with the Bloomberg Barclays Municipal Bond Index (the Index)12 returning 1.96% for the three-month period. After stabilizing during the first quarter, the municipal market rallied as confidence in the Trump administration’s ability to deliver fiscal stimulus faded. This loss in confidence also resulted in a shift in performance leadership during the quarter, as longer-term municipals outperformed significantly after lagging throughout the first three months of the year.

After trending steeper for three consecutive quarters, the municipal yield curve flattened as two-year yields increased four basis points (bps) and 30-year yields decreased 26bps. In comparison, short-term Treasury yields increased more (13bps increase in two-year yields) and longer-term yields decreased less (18bps decrease in 30-year yields). As a result, muni-to-Treasury ratios richened significantly in the two-, five- and 10-year part of the curve, and to a lesser extent the 30-year portion as well.

In terms of credit quality, municipals rated BBB and A outperformed their higher-quality counterparts for the three-month period. Single A credits were the best-performing credit quality in the Index, returning 2.2%, followed closely by a 2.1% return for BBB-rated securities. The Bloomberg Barclays High Yield Municipal Bond Index13 returned 2.0% after a 4.1% return during the first three months of the year. Within the high-yield universe, the tobacco sector continued its dramatic outperformance, returning 4.8% during the quarter. In contrast, the high-yield muni index was hampered by Puerto Rico credits, which were down 7.33%.

The weakness in Puerto Rico was driven by the Commonwealth’s decision to file for Title III bankruptcy protection on May 1, which is similar to Chapter 9 municipal bankruptcy. Through June, nine unique Puerto Rico issuers had defaulted on their debt, with the total amount of missed payments totaling approximately $2.4 billion. Additional defaults will likely occur, and the oversight board process is likely to be very long, with initial debt restructuring decisions likely not made until late 2017. By some estimates, the board could be in place for at least a decade.

Finally, from a supply and demand standpoint, municipal technicals improved throughout the quarter. Demand for municipals generally increased and mutual fund inflows accelerated during the quarter, as interest rates declined and investors became more comfortable increasing exposure further out on the yield curve. Following the record new deal activity during 2016, issuance during the first half of 2017 declined approximately 14%. Year-to-date issuance stands at $195 billion, compared to $227 billion during the first six months of 2016.

Performance Summary 

TABS Short Term Municipal Bond Fund (the Fund) underperformed its benchmark, the Bloomberg Barclays 5 Year Municipal Bond Index (the Index), at net asset value during the quarter.

  • Security selection was the primary contributor to performance.
  • The Fund's yield curve14 positioning and interest rate sensitivity were the two main detractors to relative performance.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.34 0.98 2.28 -0.28 1.38 1.41 3.32
Return After Taxes on Dist -0.47 1.22 1.22
Return After Taxes on Dist & Sales of Fund Shares 0.46 1.35 1.36
Bloomberg Barclays 5 Year Municipal Bond Index2 -0.43 1.25 3.17 0.44 2.02 2.06 4.00
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. The share class has no sales charge.

Fund Factsas of Jun 30, 2017

Class I Inception 03/27/2009
Performance Inception 12/31/1998
Expense Ratio3 0.65%

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.

Detractors 

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

  • The Fund maintained a duration that was between 2/10ths and 3/10ths shorter than the Index. This detracted from performance as 5-year yields fell during the quarter.
  • The Fund's credit quality positioning also hindered relative performance. The Fund maintains a higher quality bias than the Index, and A rated securities on average outperformed their higher quality counterparts.

Investment Outlook And Fund Positioning 

The historic move higher in rates during the fourth quarter of 2016 created an opportunity to lock in higher yields and potentially generate higher future returns. With municipal yields still significantly higher than their post-Brexit lows 12 months ago, we believe this opportunity remains in place.

Municipal demand should increase significantly during the summer months due to elevated levels of coupon payments and redemptions, while issuance is expected to be lower due to a drop in refunding deals. As a result of the favorable technical environment, it is our view that municipals are poised to perform well despite lower ratios relative to Treasurys.

Though additional details will likely be forthcoming, the municipal market’s initial reaction to details of President Trump’s tax cut proposal was fairly muted and coincided with the pickup in demand during the quarter. We believe this reflects the view that munis will still play a key role in long-term portfolios even if the proposed changes to the tax code are enacted.

Finally, from an overall portfolio perspective, municipals continue to offer tax-free yield with lower risk, given the lack of correlation to other asset classes. With equity markets near all-time highs, munis may offer an attractive opportunity for core capital with a focus on principal preservation.15

Credit Quality (%)10as of Jun 30, 2017

AAA 48.25
AA 42.68
A 8.12
Not Rated 0.95
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: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Jan 31, 2017

Municipal Market Chart book

Download - Last updated: Jul 7, 2017

Full Prospectus

Download - Last updated: Jun 1, 2017

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

Download

SAI

Download - Last updated: Jun 1, 2017

Semi-Annual Report

Download - Last updated: Jul 31, 2017

Summary Prospectus

Download - Last updated: Jun 1, 2017

XBRL

Download - Last updated: Jun 7, 2017