Overview

Historical Returns (%) as of Dec 31, 2019

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 Dec 31, 2019

Class C Inception 05/04/2015
Investment Objective Current tax-exempt income
Total Net Assets $66.7M
Minimum Investment $1000
Expense Ratio (Gross)5 1.60%
Expense Ratio (Net)5,6 1.40%
CUSIP 27826M650

Top 10 Holdings (%)7,8 as of Dec 31, 2019

State of Illinois 3.49
Tennergy CorpTN 3.46
J Paul Getty TrustThe 2.98
Main Street Natural Gas Inc 2.97
Louis Armstrong New Orleans International Airport CFC Revenue 2.82
Cleveland Clinic Health System Obligated Group 2.23
South Carolina Transportation Infrastructure Bank 2.22
Banner Health Obligated Group 2.17
Louis Armstrong New Orleans International Airport CFC Revenue 1.88
Ballad Health Obligated Group 1.88
Total 26.11
 

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

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 Dec 31, 2019

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 (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV -0.98 2.27 -0.02 4.10
Bloomberg Barclays Short-Intermediate 1-10 Year Municipal Bond Index4 3.03 6.76 3.07 0.02 3.85 2.20 -0.15 3.03 1.69 5.23
 

Fund Facts

Expense Ratio (Gross)5 1.60%
Expense Ratio (Net)5,6 1.40%
Class C Inception 05/04/2015
Distribution Frequency Monthly

Yield Information as of Dec 31, 2019

Distribution Rate at NAV 0.69%
Subsidized SEC 30-day Yield10 0.19%
 

Morningstar Rating™ as of Dec 31, 2019

Time Period Rating Funds in
Muni National Short
Category
Overall 176
3 Years 176
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) 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. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2019 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.
 

NAV History

Date NAV NAV Change
Jan 17, 2020 $10.56 $0.01
Jan 16, 2020 $10.55 $0.00
Jan 15, 2020 $10.55 $0.01
Jan 14, 2020 $10.54 $0.00
Jan 13, 2020 $10.54 $0.00
Jan 10, 2020 $10.54 $0.01
Jan 09, 2020 $10.53 $0.00
Jan 08, 2020 $10.53 $0.00
Jan 07, 2020 $10.53 $0.00
Jan 06, 2020 $10.53 $0.01
 

Distribution History11

Ex-Date Distribution Reinvest NAV
Dec 31, 2019 $0.00613 $10.50
Nov 29, 2019 $0.00698 $10.49
Oct 31, 2019 $0.00689 $10.49
Sep 30, 2019 $0.00776 $10.49
Aug 30, 2019 $0.00728 $10.55
Jul 31, 2019 $0.00784 $10.49
Jun 28, 2019 $0.00885 $10.45
May 31, 2019 $0.00837 $10.43
Apr 30, 2019 $0.00927 $10.34
Mar 29, 2019 $0.00777 $10.34
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

Ex-Date Short-Term Long-Term Reinvest NAV
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: 

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.


Portfolio

Asset Mix (%)8 as of Dec 31, 2019

Portfolio Statistics as of Dec 31, 2019

Number of Holdings 139
Average Coupon 3.88%
Average Maturity 5.63 yrs.
Average Effective Maturity 3.71 yrs.
Average Duration 2.80 yrs.
Average Price $109.17
% Prerefunded (% of Bond Holdings) 3.75%
 

Sector Breakdown (%)8 as of Dec 31, 2019

General Obligations 37.07
Transportation 12.78
Other Revenue 8.43
Water and Sewer 5.08
Hospital 4.68
Education 4.65
Health Care 4.60
Housing 4.14
Escrowed/Prerefunded 3.43
Electric Utilities 2.66
View All

Credit Quality (%)12 as of Dec 31, 2019

AAA 17.66
AA 61.63
A 11.92
BBB 7.28
Not Rated 1.51
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 (%)8 as of Dec 31, 2019

Less Than 1 Year 10.35
1 To 3 Years 22.58
3 To 5 Years 18.07
5 To 10 Years 38.16
10 To 20 Years 10.44
20 To 30 Years 0.40
More Than 30 Years 0.00
Total 100.00
 

Fund Holdings8,13 as of Nov 30, 2019

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 5.91%
State of Illinois 5.00% 02/01/2027 3.63%
Tennergy CorpTN 5.00% 02/01/2050 3.63%
J Paul Getty TrustThe 1.58% 10/01/2047 3.13%
Main Street Natural Gas Inc 1.67% 08/01/2048 3.12%
Louis Armstrong New Orleans International Airport CFC Revenue 5.00% 01/01/2029 2.94%
Banner Health Obligated Group 1.48% 01/01/2035 2.34%
Cleveland Clinic Health System Obligated Group 1.50% 01/01/2052 2.34%
South Carolina Transportation Infrastructure Bank 1.64% 10/01/2031 2.33%
Ballad Health Obligated Group 5.00% 07/01/2028 1.96%
View All

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

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

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 2018

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2019

Annual Report

Download - Last updated: Jan 31, 2019

Municipal Bond Market Monitor

Download - Last updated: Jan 9, 2020

Full Prospectus

Download - Last updated: Jun 1, 2019

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 9/30/2019)

Download

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