Overview

Historical Returns (%) as of Sep 30, 2019

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, 2019

Inception 03/30/2016
Investment Objective Current tax-exempt income
Total Net Assets3 $7.3M
Total Net Assets of Portfolio3 $696.9M
Exchange NASDAQ
Shares Outstanding 700000
Expense Ratio (Gross)4 1.88%
Expense Ratio (Net)4,5 0.35%
CUSIP 27830Y807

Top 10 Holdings (%)6,7,8 as of Sep 30, 2019

Tennergy CorpTN 2.00
Kentucky Public Energy Authority 1.44
Metropolitan Transportation Authority 1.30
District of Columbia 1.13
Metropolitan Transportation Authority 1.09
State of Texas 1.05
State of Illinois 0.93
State of Illinois 0.91
Central Florida Expressway Authority 0.88
State of New York Sales Tax Revenue 0.88
Total 11.61
 

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. 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, 2019

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 (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 6.43 0.51
Fund at Market Price 6.27 0.51
Bloomberg Barclays 10 Year Municipal Bond Index2 9.85 4.05 12.32 5.70 -2.17 8.72 3.76 -0.12 5.83 1.41
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 1.88%
Expense Ratio (Net)4,5 0.35%
Inception 03/30/2016
Distribution Frequency Monthly

Yield Information as of Oct 31, 2019

Distribution Rate at NAV 2.28%
 

NAV History9

Date NAV NAV Change
Nov 19, 2019 $10.42 $0.00
Nov 18, 2019 $10.42 $0.00
Nov 15, 2019 $10.42 $0.00
Nov 14, 2019 $10.42 $0.02
Nov 13, 2019 $10.40 $0.01
Nov 12, 2019 $10.39 $0.00
Nov 11, 2019 $10.39 $0.00
Nov 08, 2019 $10.39 $0.00
Nov 07, 2019 $10.39 -$0.03
Nov 06, 2019 $10.42 $0.00
 

Distribution History10,11

Ex-Date Distribution
Nov 01, 2019 $0.01880
Oct 01, 2019 $0.01990
Sep 03, 2019 $0.01780
Aug 01, 2019 $0.02020
Jul 01, 2019 $0.01850
Jun 03, 2019 $0.01970
May 01, 2019 $0.02130
Apr 01, 2019 $0.01830
Mar 01, 2019 $0.01940
Feb 01, 2019 $0.01900
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 History10,11

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. 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 19, 2019

vs. Prior Business Day Change (%)
Closing Price $10.42 +$0.00 +0.00%
Closing NAV $10.42 +$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 History12 Inception through Nov 19, 2019

 

Historical Premiums/Discounts and Trading Spreads13 Inception through Nov 19, 2019

Premium/Discount Closing
Range Closing Price Vol Wtd Ave Price Closing Bid/Ask Midpoint Bid/Ask Spread
>1.00% 0% 4%
+0.76% to +1.00% 49%
+0.51% to +0.75% 2% 3% 14%
+0.26% to +0.50% 30% 28% 3% 6%
-0.25% to +0.25% 40% 42% 97% 26%
-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 Sep 30, 2019

Portfolio Statistics7 as of Sep 30, 2019

Number of Holdings 527
Average Coupon 4.38%
Average Maturity 8.82 yrs.
Average Effective Maturity 5.48 yrs.
Average Duration 4.62 yrs.
Average Price $114.84
% Prerefunded (% of Bond Holdings) 0.02%
 

Sector Breakdown (%)7,8 as of Sep 30, 2019

General Obligations 41.50
Transportation 10.26
Health Care 7.48
Education 6.33
Water and Sewer 5.06
Other Revenue 4.34
Hospital 4.29
Airport 2.60
Other Transportation 2.58
Appropriation 2.49
View All

Credit Quality (%)7,14 as of Sep 30, 2019

AAA 12.84
AA 52.23
A 25.32
BBB 9.61
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 (%)7,14 as of Sep 30, 2019

Less Than 1 Year 6.92
1 To 3 Years 0.59
3 To 5 Years 4.41
5 To 10 Years 46.65
10 To 20 Years 40.78
20 To 30 Years 0.66
More Than 30 Years 0.00
Total 100.00
 

Portfolio Holdings7,8,15 as of Sep 30, 2019

Holding Coupon Rate Maturity Date % of Net Assets
Tennergy CorpTN 5.00% 02/01/2050 2.03%
Kentucky Public Energy Authority 2.52% 12/01/2049 1.47%
Metropolitan Transportation Authority 5.00% 11/15/2025 1.32%
United States Dollar 1.16%
District of Columbia 5.00% 06/01/2033 1.15%
Metropolitan Transportation Authority 2.22% 11/01/2026 1.11%
State of Texas 1.63% 12/01/2042 1.06%
State of Illinois 5.00% 01/01/2028 0.94%
State of Illinois 5.00% 03/01/2034 0.93%
Central Florida Expressway Authority 4.00% 07/01/2035 0.89%
View All
 

Basket Details16 Nov 20, 2019

Holding Shares
View All

Transaction Fees17,18,19 Nov 20, 2019

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. 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

Annual Report

Download - Last updated: Jan 31, 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

Notice

Download - Last updated: Mar 6, 2018

SAI

Download - Last updated: Jun 1, 2019

Semi-Annual Report

Download - Last updated: Jul 31, 2019

Summary Prospectus

Download - Last updated: Jun 1, 2019

XBRL

Download - Last updated: Jun 11, 2019