Overview

Historical Returns (%) as of Sep 30, 2020

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, 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 indicated. The Fund's performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance less than or equal to one year is cumulative.

The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented below would be higher, because the Fund's total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value.
 

Fund Facts as of Oct 31, 2020

Inception 03/30/2016
Investment Objective Current tax-exempt income
Total Net Assets3 $7.5M
Total Net Assets of Portfolio3 $864.3M
Exchange NASDAQ
Expense Ratio (Gross)4,5 1.75%
Expense Ratio (Net)4,5 0.35%
CUSIP 27830Y807

Top 10 Holdings (%)6,7,8 as of Oct 31, 2020

Kentucky Public Energy Authority 2.49
Triborough Bridge Tunnel Authority 2.02
State of Illinois 1.48
City of New York NY 1.45
CommonSpirit Health Obligated Group 1.40
State of Texas 1.15
Los Angeles County Metropolitan Transportation Authority 1.04
Chicago O'Hare International Airport 1.04
City of Richmond VA Public Utility Revenue 0.98
State of Washington 0.90
Total 13.95
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

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. 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 Sep 30, 2020

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, 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 indicated. The Fund's performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance less than or equal to one year is cumulative.

The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented below would be higher, because the Fund's total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value.
 

Calendar Year Returns (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV 6.43 0.51 7.06
Fund at Market Price 6.27 0.51 7.06
Bloomberg Barclays 10 Year Municipal Bond Index2 4.05 12.32 5.70 -2.17 8.72 3.76 -0.12 5.83 1.41 9.93
See above note regarding performance calculations. There is no Fund at Market Price performance because the Fund has not completed a calendar year of operations.
 

Fund Facts

Expense Ratio (Gross)4,5 1.75%
Expense Ratio (Net)4,5 0.35%
Inception 03/30/2016
Distribution Frequency Monthly

Yield Information as of Oct 31, 2020

Distribution Rate at NAV 1.99%
Subsidized SEC 30-day Yield9 0.92%
Unsubsidized SEC 30-day Yield -0.58%
 

NAV History10

Date NAV NAV Change
Nov 23, 2020 $10.81 $0.00
Nov 20, 2020 $10.81 $0.02
Nov 19, 2020 $10.79 $0.02
Nov 18, 2020 $10.77 $0.02
Nov 17, 2020 $10.75 $0.01
Nov 16, 2020 $10.74 $0.01
Nov 13, 2020 $10.73 $0.01
Nov 12, 2020 $10.72 $0.01
Nov 11, 2020 $10.71 $0.01
Nov 10, 2020 $10.70 $0.00
 

Distribution History11,12

Ex-Date Distribution
Nov 02, 2020 $0.01610
Oct 01, 2020 $0.01770
Sep 01, 2020 $0.01710
Aug 03, 2020 $0.01770
Jul 01, 2020 $0.01930
Jun 01, 2020 $0.01660
May 01, 2020 $0.01940
Apr 01, 2020 $0.01880
Mar 02, 2020 $0.01800
Feb 03, 2020 $0.01830
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 History11,12

Ex-Date Short-Term Long-Term
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. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

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. 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.


Trading & Portfolio

Trade Data as of Nov 23, 2020

vs. Prior Business Day Change (%)
Closing Price $10.81 +$0.00 +0.00%
Closing NAV $10.81 +$0.00 +0.00%
Closing Bid/Ask
Midpoint (of bid/ask) NAV+$0.00
Spread (between bid/ask) $0.08
Intraday Price (vs. NAV)
High NAV
Low NAV
Average (Volume-Wtd) NAV
Closing NAV
Trading Volume (Shares)
 

Trading History13 Inception through Nov 23, 2020

 

Historical Premiums/Discounts and Trading Spreads14 Inception through Nov 23, 2020

Premium/Discount Closing
Range Closing Price Vol Wtd Ave Price Closing Bid/Ask Midpoint Bid/Ask Spread
>1.00% 0% 3%
+0.76% to +1.00% 47%
+0.51% to +0.75% 2% 3% 24%
+0.26% to +0.50% 31% 29% 2% 5%
-0.25% to +0.25% 39% 41% 97% 21%
-0.26% to -0.50% 25% 25% 0%
-0.51% to -0.75% 2% 2%
-0.76% to -1.00% 0% 0%
<-1.00%
 

Asset Mix (%)7,8 as of Oct 31, 2020

Portfolio Statistics7 as of Oct 31, 2020

Number of Holdings 562
Average Coupon 4.51%
Average Maturity 9.27 yrs.
Average Effective Maturity 6.11 yrs.
Average Duration 5.21 yrs.
Average Price $117.89
% Prerefunded (% of Bond Holdings) 0.65%
 

Sector Breakdown (%)7,8 as of Oct 31, 2020

General Obligations 42.33
Transportation 12.68
Health Care 10.49
Education 4.93
Other Revenue 4.09
Water and Sewer 3.06
Electric Utilities 3.04
Hospital 3.02
Appropriation 1.86
Airport 1.68
View All

Credit Quality (%)7,15 as of Oct 31, 2020

AAA 14.18
AA 47.92
A 27.65
BBB 10.16
Not Rated 0.08
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 (%)7,15 as of Oct 31, 2020

Less Than 1 Year 2.20
1 To 3 Years 0.36
3 To 5 Years 10.37
5 To 10 Years 43.10
10 To 20 Years 43.69
20 To 30 Years 0.28
More Than 30 Years 0.00
Total 100.00
 

Portfolio Holdings7,8,16 as of Sep 30, 2020

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 5.24%
Kentucky Public Energy Authority 4.00% 02/01/2050 2.67%
Triborough Bridge Tunnel Authority 5.00% 11/15/2029 2.18%
State of Illinois 5.00% 09/01/2027 1.59%
City of New York NY 5.00% 08/01/2029 1.55%
CommonSpirit Health Obligated Group 1.52% 02/01/2046 1.49%
City of Seattle WA Municipal Light Power Revenue 4.00% 07/01/2034 1.48%
State of Texas 4.00% 08/26/2021 1.24%
Los Angeles County Metropolitan Transportation Authority 5.00% 06/01/2034 1.12%
Chicago O'Hare International Airport 5.00% 01/01/2034 1.11%
View All
 

Basket Details17 Nov 24, 2020

Holding Shares
View All

Transaction Fees18,19,20 Nov 24, 2020

No. of Creation Units Fee per Creation Unit (bps)
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

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. 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

James H. Evans, CFA

James H. Evans, CFA

Chief Investment Officer, Fixed Income of Parametric
Joined Eaton Vance 2008
Joined Parametric 2019

Biography

James Evans is chief investment officer, fixed income at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He directs all aspects of Parametric's fixed income strategies. He joined Parametric in 2019 from Eaton Vance when Eaton Vance's tax-advantaged bond strategies (TABS) business shifted to Parametric.

Jim began his career in the investment management industry in 1983. Before joining Parametric, he was director of tax-advantaged bond strategies (TABS) and a portfolio manager at Eaton Vance. He joined Eaton Vance in 2008 when it acquired the Tax Advantaged Bond Strategies (TABS) business of M.D. Sass, where he managed municipal bond portfolios. Previously, he was vice president of municipal arbitrage at Kidder, Peabody & Company and a municipal bond trader and underwriter at Continental Bank and Mellon Bank.

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

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

Biography

Brian Barney is managing director - institutional portfolio management at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. 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

 
Christopher J. Harshman, CFA

Christopher J. Harshman, CFA

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

Biography

Christopher Harshman is director, portfolio management at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. 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.

Christopher began his career in the investment management industry in 2003. Before joining Parametric, he was a municipal portfolio manager at Eaton Vance. Previously, he 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

Annual Report

Download - Last updated: Jan 31, 2020

Full Prospectus

Download - Last updated: Jun 1, 2020

Holdings - Form N-PORT

Download

Notice

Download - Last updated: Mar 6, 2018

SAI

Download - Last updated: Jun 1, 2020

Semi-Annual Report

Download - Last updated: Jul 31, 2020

Summary Prospectus

Download - Last updated: Jun 1, 2020