Overview

Our short duration, high quality, nationally diversified portfolio has outperformed its Morningstar category on an annualized basis over the long-term.2

As of 03/31/2015.

  • Fund
  • Morningstar Muni Short Category Average

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV -0.18 -0.91 0.21 1.22 1.04 2.20 3.25
Fund w/Max Sales Charge -2.38 -3.16 -2.00 -1.02 0.27 1.73 3.02
Return After Taxes on Dist w/Max Sales Charge -1.06 0.13 1.55
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.05 0.44 1.52
Barclays 5 Year Municipal Bond Index3 -0.10 -0.85 0.65 2.26 2.07 3.28 4.04
03/31/2015
Fund at NAV -0.10 0.39 0.39 2.07 1.37 2.39 3.41
Fund w/Max Sales Charge -2.39 -1.82 -1.82 -0.20 0.59 1.92 3.18
Return After Taxes on Dist w/Max Sales Charge -0.23 0.45 1.74
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.41 0.68 1.66
Barclays 5 Year Municipal Bond Index3 -0.07 0.76 0.76 2.95 2.38 3.44 4.17
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 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 Facts as of Apr 30, 2015

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Investment Objective After-tax total return
Total Net Assets $549.1M
Minimum Investment $1000
Expense Ratio4 0.90%
CUSIP 27826M833

Top 10 Holdings (%)5,6 as of Mar 31, 2015

State of Florida Lottery Revenue
City of Houston TX Combined Utility System Revenue
County of Guilford NC
New York State Thruway Authority
County of Mecklenburg NC
State of Utah
City Public Service Board of San Antonio TX
County of Anne Arundel MD
Indiana University Health Obligated Group
Mecklenburg County Public Facilities Corp
Total 17.66


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

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV -0.18 -0.91 0.21 1.22 1.04 2.20 3.25
Fund w/Max Sales Charge -2.38 -3.16 -2.00 -1.02 0.27 1.73 3.02
Return After Taxes on Dist w/Max Sales Charge -1.06 0.13 1.55
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.05 0.44 1.52
Barclays 5 Year Municipal Bond Index3 -0.10 -0.85 0.65 2.26 2.07 3.28 4.04
Morningstar™ Muni National Short Category7 -0.06 -0.43 0.17 0.72 0.86 1.64 2.41
03/31/2015
Fund at NAV -0.10 0.39 0.39 2.07 1.37 2.39 3.41
Fund w/Max Sales Charge -2.39 -1.82 -1.82 -0.20 0.59 1.92 3.18
Return After Taxes on Dist w/Max Sales Charge -0.23 0.45 1.74
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.41 0.68 1.66
Barclays 5 Year Municipal Bond Index3 -0.07 0.76 0.76 2.95 2.38 3.44 4.17
Morningstar™ Muni National Short Category7 -0.10 0.23 0.23 1.14 1.03 1.75 2.45
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 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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 1.16 2.93 4.56 6.63 5.46 2.69 5.92 1.79 -0.70 2.52
Barclays 5 Year Municipal Bond Index3 0.95 3.34 5.15 5.78 7.40 3.40 6.93 2.96 0.81 3.19

Fund Facts

Expense Ratio4 0.90%
Class A Inception 03/27/2009
Performance Inception 12/31/1998
Distribution Frequency Monthly

Yield Information8 as of Apr 30, 2015

Distribution Rate at NAV 1.23%
SEC 30-day Yield 0.21%


Morningstar™ Ratings as of Apr 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Muni National Short
Category
Overall *** *** 179
3 Years ** *** 179
5 Years *** *** 155
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.

© 2014 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
May 27, 2015 $10.55 $0.00
May 26, 2015 $10.55 $0.00
May 22, 2015 $10.55 $0.01
May 21, 2015 $10.54 $-0.01
May 20, 2015 $10.55 $0.00
May 19, 2015 $10.55 $-0.01
May 18, 2015 $10.56 $-0.01
May 15, 2015 $10.57 $0.00
May 14, 2015 $10.57 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Apr 30, 2015 $0.01074 $10.61
Mar 31, 2015 $0.00973 $10.64
Feb 27, 2015 $0.01234 $10.66
Jan 30, 2015 $0.00973 $10.74
Dec 31, 2014 $0.00994 $10.63
Nov 28, 2014 $0.01131 $10.67
Oct 31, 2014 $0.00988 $10.69
Sep 30, 2014 $0.01060 $10.67
Aug 29, 2014 $0.00981 $10.70
Jul 31, 2014 $0.00973 $10.64
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
May 21, 2015 $0.00640 $10.54
Dec 11, 2014 $0.01550 $10.65
Aug 01, 2013 $0.00720 $0.00780 $10.45
Dec 13, 2012 $0.02180 $0.20360 $10.68
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

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 (%)6 as of Mar 31, 2015

Municipal Bonds 100.06
US Treasury 0.00
US Agencies 0.00
Cash & Other Assets -0.06
Total 100.00

Portfolio Statistics as of Mar 31, 2015

Number of Holdings 265
Average Coupon 4.57%
Average Maturity 4.73 yrs.
Average Effective Maturity 3.95 yrs.
Average Duration 3.54 yrs.
Average Price $112.19
% Prerefunded (% of Bond Holdings) 6.01%


Sector Breakdown (%)6 as of Mar 31, 2015

General Obligations 40.92
Hospital 9.81
Other Revenue 6.39
Insured 5.33
Dedicated Tax 5.20
Escrowed/Prerefunded 4.84
Appropriation 4.62
Toll Road 4.35
Other Utilities 4.02
Tax Increment 3.52
View All

Credit Quality (%)10 as of Mar 31, 2015

AAA 35.39
AA 55.32
A 8.70
Not Rated 0.58
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 (%)6 as of Mar 31, 2015

Less Than 1 Year 6.56
1 To 3 Years 9.42
3 To 5 Years 40.14
5 To 10 Years 43.15
10 To 20 Years 0.73
Total 100.00


Fund Holdings6,11 as of Mar 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
State of Florida Lottery Revenue 5.00% 07/01/2018 2.92%
US DOLLARS 2.41%
City of Houston TX Combined Utility System Revenue 5.00% 05/15/2020 2.21%
County of Guilford NC 5.00% 08/01/2019 2.12%
New York State Thruway Authority 5.00% 05/01/2019 1.85%
County of Mecklenburg NC 5.00% 12/01/2019 1.60%
State of Utah 5.00% 07/01/2019 1.56%
City Public Service Board of San Antonio TX 5.00% 02/01/2019 1.45%
County of Anne Arundel MD 5.00% 04/01/2021 1.44%
Indiana University Health Obligated Group 5.00% 03/01/2020 1.32%
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

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2015

Amid heightened interest rate volatility, the U.S. municipal bond market posted a modestly positive return during the first quarter of 2015, marking its fifth consecutive quarterly gain. The Barclays Municipal Bond Index (the Index)12 returned 1.01% during the three-month period, but lagged both the 1.64% return of the U.S. Treasury bonds (as measured by the Barclays U.S. Treasury Index) and the 2.32% return of investment-grade corporate debt (as measured by the Barclays U.S. Corporate Bond Index).

Municipal bonds rallied in January (+1.77%), as their yields declined in concert with falling U.S. Treasury yields. U.S. high-quality bonds were in strong demand amid uneven global economic growth, subdued inflation, mixed economic data in the U.S. and growing complacency that the U.S. Federal Reserve would raise interest rates in the near term. Treasurys and munis also lured investors as Japanese bond yields were near zero and some European bond yields turned negative. Investors’ appetite for munis was further enhanced by higher tax rates, which helped increase the relative attractiveness of municipal debt, and munis’ attractive valuations relative to many taxable alternatives. But the muni market struggled in February (-1.03%), as better-than-expected U.S. economic data pushed Treasury and muni bond yields higher. Heavier-than-expected issuance also weighed on the muni market, as cities, states and other government entities took advantage of low yields to refinance outstanding debt. Munis were only slightly positive in March (+0.29), as conflicting signals from economic data raised doubts that the economic recovery had been strong enough to justify an interest rate hike.

During the first quarter overall, yields on longer-term bonds fell while yields on shorter-term securities rose, resulting in a flattening of the yield curve and the outperformance of long-dated munis. On a total return basis, below-investment-grade munis outperformed their investment-grade counterparts.

Performance Summary 

Eaton Vance TABS Short-Term Municipal Bond Fund (the Fund) underperformed its benchmark, the Barclays 5 Year Municipal Bond Index (the Index)3, at net asset value for the quarter.

  • Credit quality positioning detracted from the Fund’s performance relative to the Index, with the Fund’s emphasis on higher-quality securities hurting relative results.
  • The Fund’s duration13 positioning also proved detrimental.
  • Yield curve positioning14 – how the Fund’s investments were allocated among securities with various maturities – modestly bolstered performance relative to the Index.
  • Security selection was slightly positive for the Fund.

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.10 0.39 0.39 2.07 1.37 2.39 3.41
Fund w/Max Sales Charge -2.39 -1.82 -1.82 -0.20 0.59 1.92 3.18
Return After Taxes on Dist w/Max Sales Charge -0.27 0.43 1.73
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.37 0.67 1.66
Barclays 5 Year Municipal Bond Index3 -0.07 0.76 0.76 2.95 2.38 3.44 4.17
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 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 Facts as of Mar 31, 2015

Class A Inception 03/27/2009
Performance Inception 12/31/1998
Expense Ratio4 0.90%


Contributors 

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

  • The Fund’s yield curve positioning contributed to its outperformance relative to the Index. Specifically, the Fund had an overweight in bonds with maturities of seven to eight years and a related underweight in one- to three-year bonds. This positioning proved advantageous as the yield curve flattened. Yields on seven- to eight-year bonds generally declined, helping them outpace one- to three-year bonds.
  • Security selection aided the Fund’s performance relative to the Index, as the Fund’s individual holdings generally performed better than comparable securities in the Index.

Detractors 

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

  • The Fund’s credit quality positioning detracted from performance relative to the Index. The Fund maintained a higher-quality credit mix, with a material underweight in A-rated and BBB-rated holdings and a similar overweighting in AAA-rated bonds. The lower-quality A-rated and BBB-rated bonds outpaced the highest quality AAA-rated bonds, as investors favored securities that produced more income given the absolute low level of interest rates.
  • The Fund’s somewhat shorter duration positioning – which was roughly three tenths of a year shorter than the Index – also detracted, as the muni market rallied during the quarter.

Investment Outlook And Fund Positioning 

Seasonal factors could affect the near-term performance of municipal bonds. Demand for them tends to slump in the spring when investors sell securities to raise money for tax payments. Furthermore, continued low interest rates could mean elevated levels of supply. However, we remain optimistic about munis over the longer-term, in part because the value of the tax exemption they offer has increased. For investors in the highest tax brackets, munis currently offer a substantial after-tax-yield advantage compared with taxable alternatives with similar risk characteristics. At the end of the quarter, AAA-rated municipals with maturities across the yield curve offered compelling values relative to U.S. Treasurys. For example, AAA-rated 10-year municipal bonds yielded more than 100% of similar- maturity Treasury securities. Historically speaking, munis tend to outperform when their yields exceed those of Treasurys.15

Credit Quality (%)10 as of Mar 31, 2015

AAA 35.39
AA 55.32
A 8.70
Not Rated 0.58
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

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

Fund Literature

Fund Literature

Annual Report

Income, Volatility and Taxes Guide

Commentary

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Review

Income Markets Snapshot

Fact Sheet

Taxes: Seeking tax-efficient income and equity

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

EXCLUSIVE CONTENT

Interested in a Leading Lineup of Municipal Bond Funds?

Semi-Annual Report

Summary Prospectus

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