Overview

TABS 10 to 20 Year Laddered Muni Bond Fund Hero Chart

Approximately equal-weighted across the target 10- to 20-year range.

Source: Eaton Vance. This table is for illustrative purposes only.

Historical Returns (%) as of Jun 30, 2019

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. The share class has no sales charge.
 

Fund Facts as of Jul 31, 2019

Class I Inception 05/04/2015
Investment Objective Current tax-exempt income
Total Net Assets $10.8M
Minimum Investment $250000
Expense Ratio (Gross)3 1.65%
Expense Ratio (Net)3,4 0.40%
CUSIP 27826M643

Top 10 Holdings (%)5,6 as of Jul 31, 2019

Colorado School of Mines 3.02
Chicago O'Hare International Airport 2.66
City of Fort Myers FL 2.64
Goodwin House Inc 2.59
Oklahoma Turnpike Authority 2.48
Catholic Health System Obligated Group 2.46
County of Will IL 2.46
Atlanta Development Authority 2.37
State of California 2.32
Beverly Hills Unified School District CA 2.30
Total 25.32
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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, 2019

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. The share class has no sales charge.
 

Calendar Year Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 1.04 7.71 0.56
Bloomberg Barclays 15 Year Municipal Bond Index2 14.68 2.39 12.64 8.48 -3.32 11.73 4.00 0.34 6.94 1.38
 

Fund Facts

Expense Ratio (Gross)3 1.65%
Expense Ratio (Net)3,4 0.40%
Class I Inception 05/04/2015
Distribution Frequency Monthly

Yield Information as of Jul 31, 2019

Distribution Rate at NAV 2.78%
Subsidized SEC 30-day Yield8 1.99%
Unsubsidized SEC 30-day Yield -0.27%
 

NAV History

Date NAV NAV Change
Aug 20, 2019 $11.34 $0.00
Aug 19, 2019 $11.34 -$0.01
Aug 16, 2019 $11.35 $0.01
Aug 15, 2019 $11.34 $0.00
Aug 14, 2019 $11.34 $0.05
Aug 13, 2019 $11.29 $0.01
Aug 12, 2019 $11.28 $0.01
Aug 09, 2019 $11.27 $0.00
Aug 08, 2019 $11.27 -$0.01
Aug 07, 2019 $11.28 $0.05
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Jul 31, 2019 $0.02621 $11.12
Jun 28, 2019 $0.02573 $11.05
May 31, 2019 $0.02597 $11.02
Apr 30, 2019 $0.02625 $10.85
Mar 29, 2019 $0.02611 $10.81
Feb 28, 2019 $0.02643 $10.61
Jan 31, 2019 $0.02599 $10.56
Dec 31, 2018 $0.02577 $10.48
Nov 30, 2018 $0.02647 $10.36
Oct 31, 2018 $0.02429 $10.25
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
Aug 09, 2018 $0.03850 $10.43
Dec 01, 2016 $0.01480 $10.01
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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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 Jul 31, 2019

Portfolio Statistics as of Jul 31, 2019

Number of Holdings 63
Average Coupon 4.10%
Average Maturity 14.55 yrs.
Average Effective Maturity 6.95 yrs.
Average Duration 5.99 yrs.
Average Price $109.18
 

Sector Breakdown (%)6 as of Jul 31, 2019

General Obligations 34.25
Transportation 20.25
Other Revenue 8.66
Education 6.00
Health Care 5.36
Senior Living/Life Care 4.59
Water and Sewer 4.14
Insured 2.47
Hospital 2.46
Dedicated Tax 2.37
View All

Credit Quality (%)10 as of Jul 31, 2019

AAA 13.19
AA 47.88
A 20.82
BBB 18.11
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 highest 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 Jul 31, 2019

Less Than 1 Year 0.00
1 To 3 Years 0.00
3 To 5 Years 1.45
5 To 10 Years 3.24
10 To 20 Years 90.77
20 To 30 Years 4.54
More Than 30 Years 0.00
Total 100.00
 

Fund Holdings6,11 as of Jun 30, 2019

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 5.36%
Colorado School of Mines 4.00% 12/01/2034 3.11%
Chicago O'Hare International Airport 5.00% 01/01/2037 2.79%
City of Fort Myers FL 5.00% 12/01/2036 2.72%
Goodwin House Inc 5.00% 10/01/2030 2.67%
Oklahoma Turnpike Authority 4.00% 01/01/2038 2.61%
Catholic Health System Obligated Group 4.00% 07/01/2039 2.54%
Atlanta Development Authority 5.00% 07/01/2034 2.50%
Broadmead Inc 5.00% 07/01/2032 2.43%
State of California 4.00% 09/01/2032 2.39%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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

James H. Evans, CFA

James H. Evans, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

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 the Tax Advantaged Bond Strategies (TABS) business of M.D. Sass Investors Services, where he was senior portfolio manager and manager of the TABS team.

Jim began his career in the investment management industry in 1983 and joined M.D. Sass in 1990 to manage its clients' municipal bond portfolios. 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

 
Brian C. Barney, CFA

Brian C. Barney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

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 Investors Services, 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 inception

 
Christopher J. Harshman, CFA

Christopher J. Harshman, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

Biography

Christopher Harshman is a vice president of Eaton Vance Management and municipal portfolio manager on Eaton Vance’s tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s tax-advantaged bond strategies. He joined Eaton Vance in 2009.

Christopher began his career in the investment management industry in 2003. Before joining Eaton Vance, Christopher was a vice president and senior bond and derivatives trader at Wachovia Bank and Wells Fargo.

Christopher earned a B.S.B.A. from the University of Florida and an MBA from the Simon School of Business at the University of Rochester. He is a CFA charterholder.

Education
  • B.S.B.A. University of Florida
  • M.B.A. Simon School of Business, University of Rochester

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2019

Annual Report

Download - Last updated: Jan 31, 2019

Municipal Market Chart book

Download - Last updated: Jun 30, 2019

Full Prospectus

Download - Last updated: Jun 1, 2019

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 3/31/2019)

Download

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

Download

Roll with the punches from rising interest rates

Download - Last updated: Jan 22, 2018

SAI

Download - Last updated: Jun 1, 2019

Semi-Annual Report

Download - Last updated: Jul 31, 2018

Summary Prospectus

Download - Last updated: Jun 1, 2019

XBRL

Download - Last updated: Jun 11, 2019