Overview

Our intermediate duration, high quality, nationally diversified portfolio has outperformed its Morningstar category on an annualized basis since the fund's inception.1

As of 09/30/2016

  • Fund
  • Morningstar Muni National Intermediate Category Average

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
11/30/2016
Fund at NAV -4.28 -5.77 -1.44 -0.65 3.03 2.98 4.38
Fund w/Max Sales Charge -6.45 -7.87 -3.64 -2.88 2.26 2.51 4.03
Return After Taxes on Dist w/Max Sales Charge -2.88 2.26 2.36 3.90
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.94 2.12 2.21 3.43
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 -4.06 -5.51 -1.59 -0.91 2.72 2.68 3.45
09/30/2016
Fund at NAV -0.50 -0.49 4.07 5.90 5.13 4.27 5.34
Fund w/Max Sales Charge -2.72 -2.71 1.74 3.50 4.34 3.80 4.98
Return After Taxes on Dist w/Max Sales Charge 3.50 4.34 3.64 4.85
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 2.69 3.72 3.20 4.17
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 -0.42 -0.34 3.70 5.15 4.71 3.83 4.36
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. Max Sales Charge: 2.25%.

Fund Factsas of Nov 30, 2016

Class A Inception 02/01/2010
Investment Objective After-tax total return
Total Net Assets $521.6M
Minimum Investment $1000
Expense Ratio (Gross)3 0.99%
Expense Ratio (Net)3,4 0.90%
CUSIP 27826M726

Top 10 Holdings (%)5,6as of Oct 31, 2016

North Texas Tollway Authority
State of Florida
County of King WA Sewer Revenue
J Paul Getty Trust/The
Chicago O'Hare International Airport
State of Maryland Department of Transportation
Johns Hopkins Health System Obligated Group
State of Wisconsin
State of California
Metropolitan Transportation Authority
Total 16.41

Portfolio Management

James H. Evans, CFA Managed Fund since inception
Brian C. Barney, CFA Managed Fund since 2010
Christopher J. Harshman, CFA Managed Fund since 2010

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. Life of Fund
11/30/2016
Fund at NAV -4.28 -5.77 -1.44 -0.65 3.03 2.98 4.38
Fund w/Max Sales Charge -6.45 -7.87 -3.64 -2.88 2.26 2.51 4.03
Return After Taxes on Dist w/Max Sales Charge -2.88 2.26 2.36 3.90
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -0.94 2.12 2.21 3.43
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 -4.06 -5.51 -1.59 -0.91 2.72 2.68 3.45
Morningstar™ Muni National Interm Category7 -3.50 -4.65 -1.05 -0.43 2.82 2.83
09/30/2016
Fund at NAV -0.50 -0.49 4.07 5.90 5.13 4.27 5.34
Fund w/Max Sales Charge -2.72 -2.71 1.74 3.50 4.34 3.80 4.98
Return After Taxes on Dist w/Max Sales Charge 3.50 4.34 3.64 4.85
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 2.69 3.72 3.20 4.17
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 -0.42 -0.34 3.70 5.15 4.71 3.83 4.36
Morningstar™ Muni National Interm Category7 -0.36 -0.24 3.37 4.80 4.47 3.80
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. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 12.86 4.97 -2.10 7.97 3.08
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 4.31 4.51 3.33 8.92 2.71 10.51 4.76 -1.85 6.83 3.40

Fund Facts

Expense Ratio (Gross)3 0.99%
Expense Ratio (Net)3,4 0.90%
Class A Inception 02/01/2010
Distribution Frequency Monthly

Yield Information8as of Nov 30, 2016

Distribution Rate at NAV 1.74%
Taxable-Equivalent Distribution Rate at NAV 3.07%
Subsidized SEC 30-day Yield 1.22%
Unsubsidized SEC 30-day Yield 1.16%
Taxable-Equivalent SEC 30-day Yield 2.15%

Morningstar™ Ratingsas of Nov 30, 2016

Time Period Rating Funds in
Muni National Interm
Category
Overall ** 255
3 Years *** 255
5 Years ** 225
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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.

©2016 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. Past performance is no guarantee of future results.

NAV History

Date NAV NAV Change
Dec 09, 2016 $12.05 $0.00
Dec 08, 2016 $12.05 $0.00
Dec 07, 2016 $12.05 $0.09
Dec 06, 2016 $11.96 $0.06
Dec 05, 2016 $11.90 $0.02
Dec 02, 2016 $11.88 $0.02
Dec 01, 2016 $11.86 -$0.06
Nov 30, 2016 $11.92 -$0.05
Nov 29, 2016 $11.97 -$0.03
Nov 28, 2016 $12.00 -$0.02
View All

Distribution History9

Ex-Date Distribution Reinvest NAV
Nov 30, 2016 $0.01700 $11.92
Oct 31, 2016 $0.01576 $12.47
Sep 30, 2016 $0.01625 $12.62
Aug 31, 2016 $0.01511 $12.70
Jul 29, 2016 $0.01619 $12.69
Jun 30, 2016 $0.01710 $12.73
May 31, 2016 $0.01536 $12.54
Apr 29, 2016 $0.01617 $12.54
Mar 31, 2016 $0.01612 $12.46
Feb 29, 2016 $0.01806 $12.41
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 $0.00760 $11.86
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 (%)6as of Oct 31, 2016

Municipal Bonds 95.64
Cash 4.36
Total 100.00

Portfolio Statisticsas of Oct 31, 2016

Number of Holdings 306
Average Coupon 4.29%
Average Maturity 11.63 yrs.
Average Effective Maturity 7.27 yrs.
Average Duration 5.42 yrs.
Average Price $113.15
% Prerefunded (% of Bond Holdings) 5.25%

Sector Breakdown (%)6as of Oct 31, 2016

General Obligations 31.66
Hospital 9.32
Other Revenue 8.54
Other Transportation 5.60
Escrowed/Prerefunded 5.02
Water and Sewer 4.78
Toll Road 4.35
Airport 4.13
Dedicated Tax 3.74
Education 3.26
View All

Credit Quality (%)10as of Oct 31, 2016

AAA 25.67
AA 53.73
A 19.07
BBB 1.42
Not Rated 0.12
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 (%)10as of Oct 31, 2016

Less Than 1 Year 1.63
1 To 3 Years 5.13
3 To 5 Years 6.59
5 To 10 Years 26.03
10 To 20 Years 54.71
20 To 30 Years 1.70
More Than 30 Years 4.22
Total 100.00

Fund Holdings6,11as of Oct 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
US DOLLARS 4.52%
North Texas Tollway Authority 5.00% 01/01/2027 2.58%
State of Florida 5.00% 06/01/2025 2.15%
County of King WA Sewer Revenue 5.25% 01/01/2018 1.96%
J Paul Getty Trust/The 0.91% 10/01/2047 1.75%
Chicago O'Hare International Airport 5.00% 01/01/2032 1.53%
State of Maryland Department of Transportation 5.00% 11/01/2026 1.44%
Johns Hopkins Health System Obligated Group 0.90% 05/15/2048 1.42%
State of Wisconsin 5.00% 05/01/2032 1.21%
State of California 1.07% 12/01/2028 1.19%
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)12 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 Intermediate-Term Municipal Bond Fund (the Fund) underperformed its benchmark, the Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Index (the Index)2, at net asset value for the quarter.

  • The Fund's credit quality and security selection aided its performance relative to the Index.
  • The Fund's yield curve positioning relative to the index detracted from performance.13

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.50 -0.49 4.07 5.90 5.13 4.27 5.34
Fund w/Max Sales Charge -2.72 -2.71 1.74 3.50 4.34 3.80 4.98
Return After Taxes on Dist w/Max Sales Charge 3.50 4.34 3.64 4.85
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 2.69 3.72 3.20 4.17
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index2 -0.42 -0.34 3.70 5.15 4.71 3.83 4.36
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. Max Sales Charge: 2.25%.

Fund Factsas of Sep 30, 2016

Class A Inception 02/01/2010
Expense Ratio (Gross)3 0.99%
Expense Ratio (Net)3,4 0.90%

Contributors 

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

  • The Fund's credit quality was the biggest positive driver of performance relative to the Index. The Fund had material exposure to A-rated bonds, which are not included in the Index. These securities outperformed their higher-quality counterparts for the quarter.
  • The Fund's security selection also aided performance versus the Index. Bonds held by 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 yield curve positioning of the Fund relative to the Index was a detractor for the quarter. Specifically, the Fund's overweighting in bonds with maturities 15 years and greater and its related underweighting in bonds with maturities seven years and shorter. Longer-term bond yields rose more than yields on shorter-term securities, resulting in underperformance of longer maturities for the quarter.

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.14

Credit Quality (%)10as of Sep 30, 2016

AAA 30.63
AA 48.31
A 19.51
BBB 1.43
Not Rated 0.12
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
Christopher J. Harshman, CFA

Christopher J. Harshman, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

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 2010


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

Semi-Annual Report

Download - Last updated: Jul 31, 2016

Summary Prospectus

Download - Last updated: Jun 1, 2016

XBRL

Download - Last updated: Jun 16, 2016