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Eaton Vance Tax-Advantaged fund gets new name, strategy as of April 15
By Toni Weeks
San Luis Obispo, Calif., Feb. 13 – Eaton Vance Municipals Trust II announced that the Eaton Vance Tax-Advantaged Bond Strategies Long Term Fund will be renamed the Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund.
The change will take effect on April 15, according to a 497 filing with the Securities and Exchange Commission.
With the new name will come a new investment objective and strategy. The fund will seek current income exempt from regular federal income tax. Under normal conditions, it will invest at least 80% of its net assets in municipal obligations, primarily general obligation or revenue bonds, with final maturities of between five and 15 years, the interest on which is exempt from regular federal income tax. At least 90% of the fund’s net assets are normally invested in municipal obligations rated investment grade at the time of investment.
The fund’s primary benchmark will be the Barclays Capital 10-Year Municipal Bond index.
Currently, the fund seeks after-tax total return by investing in a diversified portfolio of municipal obligations that are exempt from regular federal income tax, municipal obligations not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. government agencies, instrumentalities and government-sponsored enterprises.
The fund normally invests in investment-grade municipal securities with an average weighted portfolio maturity of over eight years and an average portfolio duration of roughly seven to 10 years.
Boston-based Eaton Vance Management is the investment adviser to the fund.
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