Overview

Historical Returns (%) as of Sep 30, 2022

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. Max Sales Charge: 1%.
 

Fund Facts as of Aug 31, 2022

Performance Inception 05/04/2015
Investment Objective Current tax-exempt income
Total Net Assets $11.2M
Expense Ratio (Gross)3,4 1.93%
Expense Ratio (Net)3,4 1.40%
CUSIP 27826M668

Top 10 Holdings (%)5,6 as of Aug 31, 2022

County of Ottawa MI 3.42
New York City Health and Hospitals Corp 3.14
Riderwood Village Obligated Group 3.08
New York City Health and Hospitals Corp 2.98
State of New York Personal Income Tax Revenue 2.72
County of Anne Arundel MD 2.55
New York City Transitional Finance Authority Future Tax Secured Revenue 2.40
State of Georgia 2.40
City of Campbell CA 2.37
Vermont Municipal Bond Bank 2.36
Total 27.42
 

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

RISK CONSIDERATIONS 

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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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, 2022

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. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV -0.07 6.65 -0.35 8.89 6.59 1.73
Bloomberg 15 Year Municipal Bond Index2 8.48 -3.32 11.73 4.00 0.34 6.94 1.38 8.90 6.32 1.91
 

Fund Facts

Expense Ratio (Gross)3,4 1.93%
Expense Ratio (Net)3,4 1.40%
Performance Inception 05/04/2015
Distribution Frequency Monthly

Yield Information as of Aug 31, 2022

Distribution Rate at NAV 1.49%
Subsidized SEC 30-day Yield8 1.80%
Unsubsidized SEC 30-day Yield 0.82%
 

NAV History

Date NAV NAV Change
Oct 05, 2022 $9.69 $0.00
Oct 04, 2022 $9.69 $0.06
Oct 03, 2022 $9.63 $0.04
Sep 30, 2022 $9.59 $0.01
Sep 29, 2022 $9.58 $0.00
Sep 28, 2022 $9.58 -$0.02
Sep 27, 2022 $9.60 -$0.04
Sep 26, 2022 $9.64 -$0.05
Sep 23, 2022 $9.69 -$0.04
Sep 22, 2022 $9.73 -$0.03
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Sep 30, 2022 $0.01453 $9.59
Aug 31, 2022 $0.01266 $10.00
Jul 29, 2022 $0.01387 $10.29
Jun 30, 2022 $0.01314 $10.03
May 31, 2022 $0.00750 $10.34
Apr 29, 2022 $0.00913 $10.26
Mar 31, 2022 $0.01029 $10.66
Feb 28, 2022 $0.01229 $11.13
Jan 31, 2022 $0.00883 $11.23
Dec 31, 2021 $0.00977 $11.60
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, 2021 $0.06470 $0.04620 $11.61
Dec 01, 2020 $0.06950 $0.05740 $11.53
Aug 18, 2020 $0.04820 $11.61
Dec 04, 2019 $0.01840 $11.20
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.

RISK CONSIDERATIONS 

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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 Aug 31, 2022

Portfolio Statistics as of Aug 31, 2022

Number of Holdings 53
Average Coupon 4.39%
Average Maturity 12.01 yrs.
Average Effective Maturity 7.33 yrs.
Average Duration 5.91 yrs.
Average Price $103.56
 

Sector Breakdown (%)6 as of Aug 31, 2022

General Obligations 18.97
Health Care 17.30
General Revenue 14.94
Education 9.27
Transportation 6.33
Other Revenue 4.32
Hospital 3.30
Senior Living/Life Care 2.78
Insured-Special Tax Revenue 2.36
Bond Bank 2.36
View All

Credit Quality (%)10 as of Aug 31, 2022

AAA 26.88
AA 40.86
A 19.09
BBB 11.09
BB 2.09
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 Aug 31, 2022

Less Than 1 Year 1.50
1 To 3 Years 0.00
3 To 5 Years 0.00
5 To 10 Years 11.23
10 To 20 Years 87.27
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00
 

Fund Holdings6,11 as of Aug 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 2.12% 12/31/2030 16.52%
County of Ottawa MI 4.00% 05/01/2041 3.63%
New York City Health and Hospitals Corp 5.00% 02/15/2038 3.33%
Riderwood Village Obligated Group 4.00% 01/01/2032 3.26%
New York City Health and Hospitals Corp 5.00% 02/15/2037 3.16%
State of New York Personal Income Tax Revenue 5.00% 02/15/2041 2.88%
County of Anne Arundel MD 5.00% 04/01/2033 2.71%
New York City Transitional Finance Authority Future Tax Secured Revenue 5.25% 11/01/2037 2.54%
State of Georgia 4.00% 08/01/2035 2.54%
City of Campbell CA 5.00% 09/01/2040 2.51%
View All

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

RISK CONSIDERATIONS 

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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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

Brian C. Barney, CFA

Brian C. Barney, CFA

Managing Director, Institutional Portfolio Management of Parametric
Joined Eaton Vance 2008
Joined Parametric Portfolio Associates 2019

Biography

Brian Barney is managing director - institutional portfolio management at Parametric Portfolio Associates LLC. He directs institutional portfolio strategies and is a municipal portfolio manager on Parametric's fixed-income team where he is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies (TABS). He joined Parametric in 2019 from Eaton Vance when Eaton Vance's TABS business shifted to Parametric.

Brian began his career in the investment management industry in 2001. Before joining Parametric, he was director of institutional portfolio strategies and a municipal portfolio manager at Eaton Vance. Previously, he was vice president and municipal portfolio manager at M.D. Sass.

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

 
Devin J. Cooch, CFA

Devin J. Cooch, CFA

Director, Portfolio Management of Parametric
Joined Eaton Vance 2009
Joined Parametric Portfolio Associates 2019

Biography

Devin Cooch is director, portfolio management at Parametric Portfolio Associates LLC. He is on Parametric's fixed-income team where he is responsible for buy and sell decisions, portfolio construction and risk management for the firm's tax-advantaged bond strategies (TABS). He joined Parametric in 2019 from Eaton Vance when Eaton Vance's TABS business shifted to Parametric.

Devin began his career in the investment management industry in 2008. Before joining Parametric, he was a municipal portfolio manager at Eaton Vance. Previously, he was affiliated with M.D. Sass, where he was a trading assistant and accountant, and 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 2021

 

Alison Wagner, CFA

Portfolio Manager
Joined Parametric Portfolio Associates in 2015

Biography

Alison Wagner is a portfolio manager and trader on Parametric's Fixed Income Investment team. She is responsible for buy and sell decisions, portfolio construction, and risk management for the firm's tax-advantaged bond strategies.

She joined the firm in 2015 (originally as an employee of Parametric's parent company, Eaton Vance). Before joining Eaton Vance, she worked at Bloomberg, LP.

Alison earned a BS in management with a concentration in finance from Boston College. She is a CFA charterholder.

Education
  • B.S. Boston College

Experience
  • Managed Fund since 2022

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Jun 30, 2022

Annual Report

Download Annual Report - Last updated: Jan 31, 2022

Municipal Bond Market Monitor

Download Municipal Bond Market Monitor - Last updated: Jul 11, 2022

Full Prospectus

Download Full Prospectus - Last updated: Jun 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Apr 30, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Oct 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

Roll with the punches from rising interest rates

Download Roll with the punches from rising interest rates - Last updated: Aug 1, 2022

SAI

Download SAI - Last updated: Jun 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jul 31, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Jun 1, 2022