Overview

Distributions to Income Beneficiaries

as of Mar 22, 2023
Annualized Distribution per Unit1 $0.600
Annualized Distribution Rate at Current NAV2 7.71%
Annualized Distribution Rate at Initial NAV3 6.00%
Distribution Frequency Monthly
See important disclosures below.
 

Trust Facts

Inception Date 01/03/2022
Minimum Initial Contribution $1,000,000
CUSIP 90344D271

Fees and Expenses (%)

Advisory Fee 0.55%
Trustee Fee 0.10%
Administrative Fee 0.10%
Servicing Agent Fee 0.25%
Estimated Other Expenses 0.05%
    Estimated Total Expenses 1.05%
Fees and Expenses stated above are annual percentages of average daily net assets.
 

Investment Team

Edward J. Perkin, CFA
Vice President, Eaton Vance Trust Company
30 years of investment experience
9 years at Eaton Vance
BA, University of California, Santa Barbara
MBA, Columbia Business School
G. R. Nelson
Vice President, Eaton Vance Trust Company
26 years of investment experience
19 years at Eaton Vance
BBA University of Notre Dame
MBA, Harvard Business School
Derek J.V. DiGregorio
Vice President, Eaton Vance Trust Company
17 years of investment experience
17 years at Eaton Vance
BS, Bates College
MBA, Boston University Questrom School of Business

Disclosures 

While U.S. Legacy Income Trust III.2 (the Trust) will seek to provide tax-advantaged monthly distributions to income beneficiaries growing over time with inflation and increasing amounts available for charitable purposes upon termination of beneficiaries' income interests, the Trust's overall investment results are subject to market risk and are not guaranteed by any person. Distributions to income beneficiaries may fluctuate with changes in economic conditions, may not grow over time at rates consistent with inflation and may decline. The tax character of distributed Trust income may vary. The principal amount available for charitable purposes upon termination of a Trust Account's income interests may be higher or lower than the value of the Trust Account at initial funding.


1. The Annualized Distribution per Unit is calculated by multiplying the current daily distribution per unit first by the number of days in the current month, then multiplying by twelve.
2. The Annualized Distribution Rate at Current NAV is calculated by dividing the Trust’s current Annualized Distribution per Unit by the Trust’s net asset value per unit (NAV) as of the prior business day. NAV is calculated by dividing the Trust’s net assets by the number of units currently outstanding.
3. The Annualized Distribution Rate at Initial NAV is calculated by dividing the Trust's current Annualized Distribution per Unit by the Trust's initial NAV of $10.00.

Performance

Historical Total Returns (%) as of Dec 31, 2022

02/28/202312/31/2022
Annualized
1 Mo. 3 Mo. YTD 1 Yr. Since Trust Inception4 3 Yr. 5 Yr. Since Common Trust Inception5
02/28/2023
U.S. Legacy Income Trust III.2 -2.46 -0.39 4.05 -6.68 -12.39 — — —
   Income Component of    Return 0.68 1.96 1.30 7.78 7.66 — — —
   Principal Component of    Return -3.12 -2.30 2.72 -13.42 -18.63 — — —
Legacy Income Common Trust Fund -2.39 -0.14 4.21 -5.64 — 8.53 — 4.75
MSCI World Index6 -2.40 0.06 4.50 -7.33 -12.89 9.90 6.88 7.59
40% MSCI USA / 60% MSCI World ex USA7 -2.38 2.19 4.98 -5.76 -10.78 8.90 5.51 6.48
12/31/2022
U.S. Legacy Income Trust III.2 -4.27 10.60 — — -17.50 — — —
   Income Component of    Return 0.65 1.95 — — 7.50 — — —
   Principal Component of    Return -4.89 8.49 — — -23.25 — — —
Legacy Income Common Trust Fund -4.17 10.89 -16.25 -16.25 — 3.64 — 3.79
MSCI World Index6 -4.25 9.77 -18.14 -18.14 -18.39 4.94 6.14 6.65
40% MSCI USA / 60% MSCI World ex USA7 -2.66 12.49 -16.46 -16.46 -16.49 3.60 4.60 5.37
U.S. Legacy Income Trust III.2 (Trust) commenced operations on January 3, 2022. The Trust pursues its investment program by investing in Legacy Income Common Trust Fund (Common Trust), a common trust fund that began operating on April 30, 2019. Past performance is no guarantee of future results. Performance is for the stated time periods only; due to market volatility, the Trust’s and the Common Trust’s current performance may be lower or higher than quoted. Total Return for the Trust and the Common Trust is calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Performance for the time periods less than or equal to one year is cumulative. Income Component of Return represents the portion of the Trust’s total return that is attributable to distributions. Principal Component of Return represents the portion of the Trust’s total return that is attributable to changes in NAV. Total returns and the Trust’s Income Component of Return are stated net of foreign taxes withheld on dividends received on non-U.S. investments. Trust income beneficiaries are generally eligible to receive a federal income tax credit or an itemized deduction for their attributable share of unrecovered foreign withholding tax.

The Common Trust’s investment program combines dividend-capture trading (focused primarily on non-U.S. equities) and a core equity approach (focused primarily on U.S. equities). The Common Trust’s long-term target allocation is approximately 60% non-U.S. equities and approximately 40% U.S. equities. Allocations will vary over time depending on portfolio income needs, dividend seasonality, risk management considerations and other factors. The Common Trust typically maintains 140-200 holdings, with a maximum active weight vs. benchmark of 3%. In addition to other risk management practices, the Common Trust manages stock weightings and contribution to predicted tracking error on an industry and country basis.
 

NAV History

Date NAV NAV Change
Mar 22, 2023 $7.78 -$0.08
Mar 21, 2023 $7.85 $0.11
Mar 20, 2023 $7.74 $0.10
Mar 17, 2023 $7.64 -$0.10
Mar 16, 2023 $7.74 $0.10
Mar 15, 2023 $7.64 -$0.16
Mar 14, 2023 $7.80 $0.12
Mar 13, 2023 $7.67 -$0.04
Mar 10, 2023 $7.71 -$0.10
Mar 09, 2023 $7.81 -$0.10
Mar 08, 2023 $7.92 $0.02
Mar 07, 2023 $7.90 -$0.15
Mar 06, 2023 $8.05 -$0.01
Mar 03, 2023 $8.06 $0.11
Mar 02, 2023 $7.94 $0.04
Mar 01, 2023 $7.90 $0.02
Feb 28, 2023 $7.88 -$0.06
Feb 27, 2023 $7.94 $0.05
Feb 24, 2023 $7.89 -$0.10
Feb 23, 2023 $7.98 $0.03
Feb 22, 2023 $7.96 -$0.03
Feb 21, 2023 $7.98 -$0.10
Feb 17, 2023 $8.08 -$0.00
Feb 16, 2023 $8.08 -$0.08
Feb 15, 2023 $8.16 -$0.02
 

Distribution History

Ex-Date Distribution
Feb 28, 2023 $0.05000
Jan 31, 2023 $0.05000
Dec 30, 2022 $0.05000
Nov 30, 2022 $0.05000
Oct 31, 2022 $0.05000
Sep 30, 2022 $0.05000
Aug 31, 2022 $0.05000
Jul 29, 2022 $0.05000
Jun 30, 2022 $0.05000
May 31, 2022 $0.05000
View All

4. From the Trust's inception on January 3, 2022.
5. From the Common Trust's inception on April 30, 2019.
6. MSCI World Index is an unmanaged index of equity securities in the developed markets. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the Trust. Returns of the MSCI World Index are stated net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
7. The MSCI USA Index is a free float-adjusted market capitalization index that is designed to measure large and midcap U.S. equity market performance. MSCI World ex USA Index is an unmanaged index of equity securities in the developed markets, excluding the United States. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the Trust. Returns of the MSCI indexes are stated net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.

Literature

Literature

U.S. Legacy Income Trust III.2 Fact Sheet

Download U.S. Legacy Income Trust III.2 Fact Sheet - Last updated: Dec 31, 2021

U.S. Legacy Income Trusts Brochure Advised Donor

Download U.S. Legacy Income Trusts Brochure Advised Donor - Last updated: Dec 31, 2022

Legacy Income Common Trust Fund Financial Statement and Auditors' Report

Download Legacy Income Common Trust Fund Financial Statement and Auditors' Report - Last updated: Dec 31, 2021

U.S. Legacy Income Trusts Application Advised Donor.pdf

Download U.S. Legacy Income Trusts Application Advised Donor.pdf - Last updated: Feb 9, 2023

U.S. Legacy Income Trusts Information Statement Advised Donor.pdf

Download U.S. Legacy Income Trusts Information Statement Advised Donor.pdf - Last updated: Feb 9, 2023