UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21147
Eaton Vance California Municipal Bond Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 08/30/2002 | (8.09)% | (6.68)% | 3.07% | 4.74% |
Fund at Market Price | — | (12.06) | (9.59) | 2.82 | 4.03 |
Bloomberg Municipal Bond Index | — | (5.55)% | (4.47)% | 2.52% | 2.88% |
% Premium/Discount to NAV3 | |
(8.22)% |
Distributions 4 | |
Total Distributions per share for the period | $0.293 |
Distribution Rate at NAV | 4.35% |
Taxable-Equivalent Distribution Rate at NAV | 7.34 |
Distribution Rate at Market Price | 4.74 |
Taxable-Equivalent Distribution Rate at Market Price | 8.00 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 41.64% |
Credit Quality (% of total investments)*,** |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“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” (if any) are not rated by the national ratings agencies stated above. |
** | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 08/30/2002 | (7.98)% | (6.77)% | 2.67% | 4.10% |
Fund at Market Price | — | (14.08) | (9.99) | 1.98 | 3.31 |
Bloomberg Municipal Bond Index | — | (5.55)% | (4.47)% | 2.52% | 2.88% |
% Premium/Discount to NAV3 | |
(10.60)% |
Distributions 4 | |
Total Distributions per share for the period | $0.241 |
Distribution Rate at NAV | 4.07% |
Taxable-Equivalent Distribution Rate at NAV | 8.87 |
Distribution Rate at Market Price | 4.55 |
Taxable-Equivalent Distribution Rate at Market Price | 9.92 |
% Total Leverage5 | |
RIB Financing | 42.61% |
Credit Quality (% of total investments)*,** |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“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” (if any) are not rated by the national ratings agencies stated above. |
** | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 08/30/2002 | (9.00)% | (7.23)% | 1.85% | 3.47% |
Fund at Market Price | — | (12.94) | (10.76) | 1.06 | 2.37 |
Bloomberg Municipal Bond Index | — | (5.55)% | (4.47)% | 2.52% | 2.88% |
% Premium/Discount to NAV3 | |
(11.56)% |
Distributions 4 | |
Total Distributions per share for the period | $0.220 |
Distribution Rate at NAV | 3.59% |
Taxable-Equivalent Distribution Rate at NAV | 7.44 |
Distribution Rate at Market Price | 4.06 |
Taxable-Equivalent Distribution Rate at Market Price | 8.42 |
% Total Leverage5 | |
RIB Financing | 35.41% |
Credit Quality (% of total investments)*,** |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“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” (if any) are not rated by the national ratings agencies stated above. |
** | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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. |
2 | Performance results reflect the effects of leverage. |
3 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. |
5 | Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes. |
Corporate Bonds — 1.3% |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 1.3% | |||
Montefiore Obligated Group, 4.287%, 9/1/50 | $ | 13,890 | $ 11,928,627 |
Total Corporate Bonds (identified cost $13,890,000) | $ 11,928,627 |
Tax-Exempt Mortgage-Backed Securities — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
Housing — 0.4% | |||
Washington Housing Finance Commission, Municipal Certificates, Series 2021-1, Class A, 3.50%, 12/20/35 | $ | 3,231 | $ ��� 3,195,169 |
Total Tax-Exempt Mortgage-Backed Securities (identified cost $3,644,118) | $ 3,195,169 |
Tax-Exempt Municipal Obligations — 167.8% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.1% | |||
Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 | $ | 6,500 | $ 8,264,035 |
Illinois Finance Authority, (Revolving Fund), Green Bonds, 4.00%, 7/1/38 | 5,000 | 5,468,300 | |
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 330 | 387,935 | |
Texas Water Development Board, 4.00%, 10/15/37(1) | 4,875 | 5,315,602 | |
$ 19,435,872 | |||
Education — 13.9% | |||
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46 | $ | 4,750 | $ 5,248,560 |
District of Columbia, (KIPP DC): | |||
4.00%, 7/1/39 | 275 | 283,088 | |
4.00%, 7/1/44 | 270 | 275,802 | |
4.00%, 7/1/49 | 385 | 390,929 | |
Georgia Private Colleges and Universities Authority, (Mercer University), 4.00%, 10/1/50 | 2,700 | 2,776,869 | |
Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design), 4.00%, 4/1/40 | 1,300 | 1,385,228 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Houston Higher Education Finance Corp., TX, (St. John's School), Prerefunded to 9/1/22, 5.25%, 9/1/33 | $ | 4,550 | $ 4,624,210 |
Maryland Stadium Authority, Built to Learn Revenue, 4.00%, 6/1/47 | 3,000 | 3,161,340 | |
Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/42(1) | 9,525 | 10,781,728 | |
Massachusetts Development Finance Agency, (Northeastern University), 5.25%, 3/1/37 | 1,650 | 1,750,452 | |
Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46(1) | 7,050 | 7,813,303 | |
Massachusetts Health and Educational Facilities Authority, (Boston College): | |||
5.50%, 6/1/27 | 5,710 | 6,673,677 | |
5.50%, 6/1/30 | 8,325 | 10,103,137 | |
Nevada System of Higher Education, 4.00%, 7/1/41 | 1,000 | 1,060,290 | |
New Jersey Educational Facilities Authority, (Princeton University): | |||
4.00%, 7/1/47(1) | 10,000 | 10,793,600 | |
5.00%, 7/1/29(1) | 1,675 | 1,919,215 | |
5.00%, 7/1/31(1) | 1,125 | 1,285,155 | |
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38(1) | 8,500 | 9,806,620 | |
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33 | 500 | 521,475 | |
Pennsylvania State University, 5.00%, 9/1/42(1) | 3,750 | 4,247,363 | |
Swarthmore Borough Authority, PA, (Swarthmore College), 5.00%, 9/15/46(1) | 3,000 | 3,428,100 | |
University of Cincinnati, OH, 5.00%, 6/1/45(1) | 7,500 | 8,441,925 | |
University of Michigan: | |||
5.00%, 4/1/40(1) | 15,000 | 16,558,650 | |
5.00%, 4/1/48(1) | 3,500 | 3,983,140 | |
University of Utah, Green Bonds, 4.00%, 8/1/43 | 7,285 | 7,939,339 | |
$ 125,253,195 | |||
Electric Utilities — 5.9% | |||
Energy Northwest, WA, 5.00%, 7/1/40 | $ | 2,650 | $ 2,806,562 |
Los Angeles Department of Water and Power, CA, Power System Revenue, 4.00%, 7/1/46(1) | 3,000 | 3,151,590 | |
New York Power Authority, 4.00%, 11/15/50(1) | 12,500 | 13,225,375 | |
Omaha Public Power District, NE: | |||
5.00%, 2/1/40(1) | 16,000 | 17,064,000 | |
5.00%, 2/1/42(1) | 10,000 | 11,381,300 | |
Utility Debt Securitization Authority, NY, 5.00%, 12/15/35 | 5,000 | 5,255,250 | |
$ 52,884,077 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded — 9.2% | |||
Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, Green Bonds, Prerefunded to 11/1/25, 5.00%, 11/1/30(1) | $ | 14,425 | $ 15,885,387 |
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), Prerefunded to 7/1/24, 5.00%, 7/1/39 | 175 | 186,767 | |
Massachusetts Water Resources Authority, Green Bonds, Prerefunded to 8/1/26, 5.00%, 8/1/40(1) | 2,000 | 2,244,760 | |
New York City Municipal Water Finance Authority, NY, Prerefunded to 6/15/22, 5.00%, 6/15/31 | 10,000 | 10,079,800 | |
New York Dormitory Authority, Sales Tax Revenue, Prerefunded to 3/15/23, 5.00%, 3/15/35 | 13,750 | 14,199,350 | |
New York, NY, Prerefunded to 10/1/22, 5.00%, 10/1/32 | 10,000 | 10,187,800 | |
North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 10/1/25, 5.00%, 10/1/41(1) | 10,000 | 11,026,400 | |
Northeast Ohio Regional Sewer District, Prerefunded to 5/15/23, 4.00%, 11/15/33(1) | 1,000 | 1,025,810 | |
University of Massachusetts Building Authority, Prerefunded to 11/1/22, 5.00%, 11/1/39(1) | 14,175 | 14,480,896 | |
Upper Arlington City School District, OH, Prerefunded to 12/1/27, 5.00%, 12/1/48(1) | 2,225 | 2,573,146 | |
Walled Lake Consolidated School District, MI, Prerefunded to 11/1/23, 5.00%, 5/1/34 | 635 | 666,572 | |
$ 82,556,688 | |||
General Obligations — 30.6% | |||
Allegheny County, PA, 5.00%, 11/1/43(1) | $ | 3,800 | $ 4,379,196 |
Anaheim Union High School District, CA, (Election of 2014), 4.00%, 8/1/42 | 5,725 | 6,033,635 | |
Boston, MA, 5.00%, 5/1/38(1) | 2,000 | 2,322,500 | |
California: | |||
4.00%, 4/1/49 | 1,750 | 1,900,990 | |
5.00%, 10/1/33(1) | 18,800 | 20,156,608 | |
5.00%, 8/1/46(1) | 15,000 | 16,547,550 | |
Chicago, IL, 5.00%, 1/1/44 | 19,880 | 21,371,199 | |
Cleveland, OH, 5.00%, 12/1/43(1) | 2,225 | 2,527,845 | |
District of Columbia, 5.00%, 6/1/43(1) | 12,000 | 13,736,280 | |
Forest Hills Local School District, OH, 5.00%, 12/1/46(1) | 2,225 | 2,360,836 | |
Humble Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/43(1) | 20,000 | 22,211,400 | |
Illinois: | |||
4.00%, 11/1/38 | 13,000 | 13,216,450 | |
4.00%, 11/1/40 | 2,000 | 2,026,060 | |
5.00%, 5/1/43 | 5,000 | 5,379,150 | |
5.50%, 5/1/39 | 810 | 916,167 | |
5.75%, 5/1/45 | 830 | 944,698 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Jackson Public Schools, MI, 5.00%, 5/1/48(1) | $ | 2,150 | $ 2,410,666 |
Massachusetts, 5.00%, 9/1/38(1) | 18,500 | 21,218,205 | |
Morgan Hill Unified School District, CA, (Election of 2012), 4.00%, 8/1/47(1) | 10,000 | 10,666,400 | |
Ohio, 5.00%, 2/1/37(1) | 2,225 | 2,445,675 | |
Pennsylvania: | |||
4.00%, 4/1/29(1) | 3,000 | 3,064,320 | |
5.00%, 3/1/32(1) | 2,750 | 3,144,817 | |
Peters Township School District, PA, 5.00%, 9/1/40(1) | 3,225 | 3,710,556 | |
Shoreline School District No. 412, WA, 4.00%, 6/1/38(1) | 2,800 | 3,051,832 | |
State College Area School District, PA, 5.00%, 5/15/44(1) | 3,650 | 4,171,220 | |
Tacoma School District No. 10, WA, Prerefunded to 12/1/25, 5.00%, 12/1/39(1) | 10,000 | 11,071,200 | |
Trenton Public Schools, MI, 5.00%, 5/1/42(1) | 2,150 | 2,448,291 | |
Washington: | |||
4.00%, 7/1/28(1) | 10,000 | 10,064,700 | |
5.00%, 2/1/35(1) | 23,500 | 24,695,915 | |
5.00%, 2/1/38(1) | 10,000 | 11,391,400 | |
5.00%, 6/1/38 | 1,540 | 1,819,541 | |
5.00%, 6/1/40 | 2,500 | 2,945,100 | |
Will County, IL, Prerefunded to 11/15/25, 5.00%, 11/15/45(1) | 19,725 | 21,742,867 | |
$ 276,093,269 | |||
Hospital — 15.3% | |||
Allen County, OH, (Mercy Health), 4.00%, 8/1/47(1) | $ | 900 | $ 931,176 |
Brevard County Health Facilities Authority, FL, (Health First Obligated Group), 5.00%, 4/1/47(2) | 10,000 | 11,297,800 | |
Brookhaven Local Development Corp., NY, (Long Island Community Hospital), 5.00%, 10/1/50 | 1,795 | 1,967,482 | |
California Health Facilities Financing Authority, (City of Hope), 4.00%, 11/15/45(1) | 5,200 | 5,600,504 | |
California Public Finance Authority, (Hoag Memorial Hospital Presbyterian), 5.00%, 7/15/46(2) | 3,160 | 3,745,042 | |
Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42 | 250 | 257,278 | |
Chester County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 9/1/50 | 11,625 | 12,453,979 | |
Franklin County, OH, (Trinity Health Credit Group), 5.00%, 12/1/47(1) | 2,200 | 2,452,054 | |
Hamilton County, OH, (Cincinnati Children's Hospital Medical Center), 5.00%, 5/15/34 | 250 | 265,112 | |
Hamilton County, OH, (UC Health), 4.00%, 9/15/50 | 3,335 | 3,510,688 | |
Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.50%, 7/1/38 | 3,150 | 3,276,315 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Martin County Health Facilities Authority, FL, (Cleveland Clinic Health System), 4.00%, 1/1/46(1) | $ | 10,000 | $ 10,381,200 |
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/45 | 250 | 261,675 | |
Massachusetts Development Finance Agency, (Partners HealthCare System): | |||
5.00%, 7/1/41(1) | 10,000 | 11,027,300 | |
5.00%, 7/1/47(1) | 2,375 | 2,606,919 | |
Michigan Finance Authority, (Trinity Health Credit Group): | |||
4.00%, 12/1/47 | 7,610 | 8,086,158 | |
5.00%, 12/1/42(1) | 7,300 | 8,172,861 | |
Monroeville Finance Authority, PA, (UPMC Obligated Group), 5.00%, 2/15/42 | 500 | 506,585 | |
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31 | 135 | 140,528 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39(1) | 1,750 | 1,936,480 | |
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.25%, 7/1/35 | 5,000 | 5,202,250 | |
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.): | |||
5.00%, 1/15/27 | 565 | 577,989 | |
5.00%, 1/15/29 | 165 | 168,716 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42(1) | 1,600 | 1,685,824 | |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/39 | 1,000 | 1,047,580 | |
Tampa, FL, (BayCare Health System): | |||
4.00%, 11/15/46(1) | 3,000 | 3,144,540 | |
5.00%, 11/15/46(1) | 12,000 | 13,156,320 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45(1) | 12,900 | 14,116,599 | |
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/33 | 1,600 | 1,764,928 | |
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38 | 7,605 | 7,926,463 | |
$ 137,668,345 | |||
Housing — 0.6% | |||
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.25%, 7/1/50 | $ | 1,350 | $ 1,396,440 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
New York City Housing Development Corp., NY, 2.35%, 11/1/40 | $ | 3,640 | $ 3,086,611 |
Seattle Housing Authority, WA, 3.625%, 12/1/43 | 1,000 | 1,016,950 | |
$ 5,500,001 | |||
Industrial Development Revenue — 2.3% | |||
George L. Smith II Georgia World Congress Center Authority, 4.00%, 1/1/54 | $ | 2,000 | $ 1,961,900 |
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | 4,840 | 4,864,539 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/35 | 12,610 | 14,136,062 | |
$ 20,962,501 | |||
Insured - Bond Bank — 0.1% | |||
Puerto Rico Municipal Finance Agency, (AGM), 5.00%, 8/1/27 | $ | 700 | $ 709,625 |
$ 709,625 | |||
Insured - Education — 2.6% | |||
Massachusetts College Building Authority, (AGC), 5.50%, 5/1/39 | $ | 700 | $ 922,096 |
Massachusetts Development Finance Agency, (Boston University), (AGC), 6.00%, 5/15/59 | 1,105 | 1,388,709 | |
Massachusetts Development Finance Agency, (College of the Holy Cross): | |||
(AMBAC), 5.25%, 9/1/32 | 15,900 | 19,912,683 | |
(AMBAC), 5.25%, 9/1/32(1) | 750 | 939,277 | |
$ 23,162,765 | |||
Insured - Electric Utilities — 1.7% | |||
Chelan County Public Utility District No. 1, WA, (Columbia River), (NPFG), 0.00%, 6/1/23 | $ | 6,335 | $ 6,212,481 |
Cleveland, OH, Public Power System Revenue: | |||
(NPFG), 0.00%, 11/15/27 | 2,750 | 2,377,072 | |
(NPFG), 0.00%, 11/15/38 | 1,000 | 566,020 | |
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27 | 5,000 | 4,406,150 | |
Puerto Rico Electric Power Authority: | |||
(NPFG), 5.25%, 7/1/23 | 1,095 | 1,107,406 | |
(NPFG), 5.25%, 7/1/34 | 375 | 386,858 | |
$ 15,055,987 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Escrowed/Prerefunded — 2.2% | |||
Bay City Brownfield Redevelopment Authority, MI, (BAM), Prerefunded to 10/1/23, 5.375%, 10/1/38 | $ | 500 | $ 526,485 |
Chicago Park District, IL, (BAM), Prerefunded to 1/1/24, 5.00%, 1/1/39(1) | 7,390 | 7,788,543 | |
Livonia Public Schools, MI, (AGM), Prerefunded to 5/1/23, 5.00%, 5/1/43 | 750 | 775,425 | |
Louisiana Energy and Power Authority, (AGM), Prerefunded to 6/1/23, 5.25%, 6/1/38 | 5,640 | 5,867,066 | |
Massachusetts College Building Authority, (NPFG), Escrowed to Maturity, 0.00%, 5/1/26 | 1,600 | 1,457,824 | |
Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/23 | 2,615 | 2,549,207 | |
Westland Tax Increment Finance Authority, MI, (BAM), Prerefunded to 4/1/23, 5.25%, 4/1/34 | 500 | 517,790 | |
$ 19,482,340 | |||
Insured - General Obligations — 4.0% | |||
Chicago Park District, IL, (BAM), 5.00%, 1/1/39(1) | $ | 6,210 | $ 6,478,645 |
Cincinnati City School District, OH, (AGM), (FGIC), 5.25%, 12/1/30 | 4,500 | 5,542,785 | |
Erie School District, PA, (AMBAC), 0.00%, 9/1/30 | 1,000 | 767,450 | |
Irvington Township, NJ, (AGM), 0.00%, 7/15/26 | 4,165 | 3,723,135 | |
Massachusetts, (AMBAC), 5.50%, 8/1/30 | 1,900 | 2,332,535 | |
Nassau County, NY, (AGM), 5.00%, 4/1/49(1) | 11,600 | 13,389,764 | |
Plain School District, OH, (NPFG), 0.00%, 12/1/27 | 2,400 | 2,041,608 | |
Shaler Area School District, PA, (XLCA), 0.00%, 9/1/33 | 2,550 | 1,768,017 | |
$ 36,043,939 | |||
Insured - Hospital — 0.0%(3) | |||
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ | 250 | $ 271,520 |
$ 271,520 | |||
Insured - Lease Revenue/Certificates of Participation — 0.3% | |||
Essex County Improvement Authority, NJ, (NPFG), 5.50%, 10/1/30 | $ | 2,000 | $ 2,511,000 |
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28 | 500 | 582,645 | |
$ 3,093,645 | |||
Insured - Other Revenue — 1.6% | |||
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | $ | 19,335 | $ 11,056,720 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Other Revenue (continued) | |||
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46 | $ | 2,420 | $ 2,128,366 |
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/36 | 1,110 | 1,052,690 | |
$ 14,237,776 | |||
Insured - Special Tax Revenue — 6.1% | |||
Hamilton County, OH, Sales Tax Revenue: | |||
(AMBAC), 0.00%, 12/1/23 | $ | 1,245 | $ 1,202,894 |
(AMBAC), 0.00%, 12/1/24 | 3,665 | 3,449,131 | |
Houston, TX, Hotel Occupancy Tax Revenue, (AMBAC), 0.00%, 9/1/24 | 18,035 | 16,946,948 | |
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29 | 750 | 886,538 | |
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39 | 18,000 | 23,725,440 | |
New Jersey Economic Development Authority, (Motor Vehicle Surcharges): | |||
(AGC), 0.00%, 7/1/26 | 420 | 371,948 | |
(AGC), 0.00%, 7/1/27 | 1,120 | 958,507 | |
Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30 | 1,105 | 1,354,432 | |
Reno, NV, Capital Improvement Revenue, (AGM), 4.00%, 6/1/43 | 6,000 | 6,285,720 | |
$ 55,181,558 | |||
Insured - Transportation — 7.4% | |||
Chicago, IL, (O'Hare International Airport): | |||
(AGM), 5.00%, 1/1/28 | $ | 2,500 | $ 2,559,725 |
(AGM), 5.00%, 1/1/29 | 1,260 | 1,290,101 | |
(AGM), 5.125%, 1/1/30 | 2,200 | 2,253,086 | |
(AGM), 5.125%, 1/1/31 | 1,750 | 1,790,775 | |
(AGM), 5.25%, 1/1/32 | 1,115 | 1,142,005 | |
(AGM), 5.25%, 1/1/33 | 1,150 | 1,177,428 | |
E-470 Public Highway Authority, CO: | |||
(NPFG), 0.00%, 9/1/22 | 7,800 | 7,760,376 | |
(NPFG), 0.00%, 9/1/39 | 25,000 | 11,479,000 | |
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46 | 5,770 | 5,958,044 | |
New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29 | 1,000 | 1,191,910 | |
Port Palm Beach District, FL: | |||
(XLCA), 0.00%, 9/1/24 | 1,605 | 1,492,490 | |
(XLCA), 0.00%, 9/1/25 | 1,950 | 1,752,231 | |
(XLCA), 0.00%, 9/1/26 | 1,000 | 868,520 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation (continued) | |||
Puerto Rico Highway and Transportation Authority: | |||
(AGC), 5.25%, 7/1/41 | $ | 875 | $ 927,448 |
(AGM), 5.00%, 7/1/32 | 475 | 478,316 | |
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/25 | 26,215 | 24,529,375 | |
$ 66,650,830 | |||
Insured - Water and Sewer — 4.9% | |||
Chicago, IL, Wastewater Transmission Revenue, (NPFG), 0.00%, 1/1/23 | $ | 13,670 | $ 13,484,498 |
DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32(1) | 10,000 | 11,318,000 | |
Erie Sewer Authority, PA, (AMBAC), 0.00%, 12/1/26 | 1,920 | 1,659,398 | |
Massachusetts Water Resources Authority: | |||
(AGM), 5.25%, 8/1/35 | 1,000 | 1,311,650 | |
(AGM), 5.25%, 8/1/38 | 1,070 | 1,444,586 | |
Michigan Finance Authority, (Detroit Water and Sewerage Department): | |||
(AGM), 5.00%, 7/1/31 | 1,500 | 1,592,685 | |
(AGM), 5.00%, 7/1/32 | 2,845 | 3,015,671 | |
(AGM), 5.00%, 7/1/33 | 2,435 | 2,579,420 | |
(AGM), 5.00%, 7/1/35 | 2,970 | 3,142,795 | |
(AGM), 5.00%, 7/1/37 | 2,435 | 2,575,573 | |
Middlesex County Improvement Authority, NJ, (Perth Amboy), (AMBAC), 0.00%, 9/1/24 | 2,150 | 2,033,792 | |
$ 44,158,068 | |||
Lease Revenue/Certificates of Participation — 2.8% | |||
Michigan State Building Authority, 5.00%, 10/15/51(1) | $ | 2,200 | $ 2,386,076 |
North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26(1) | 21,250 | 22,566,438 | |
$ 24,952,514 | |||
Other Revenue — 1.1% | |||
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 5.00%, 12/1/47 | $ | 5,000 | $ 5,857,150 |
New York Liberty Development Corp., (7 World Trade Center), Green Bonds, 3.00%, 9/15/43 | 2,500 | 2,337,700 | |
New York Liberty Development Corp., (One World Trade Center), 4.00%, 2/15/43 | 1,500 | 1,572,825 | |
$ 9,767,675 | |||
Senior Living/Life Care — 1.9% | |||
California Municipal Finance Authority, (HumanGood California Obligated Group), 3.00%, 10/1/46 | $ | 4,500 | $ 3,980,385 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
California Public Finance Authority, (Enso Village): | |||
Green Bonds, 3.125%, 5/15/29(4) | $ | 410 | $ 396,359 |
Green Bonds, 5.00%, 11/15/46(4) | 400 | 417,992 | |
Clackamas County Hospital Facility Authority, OR, (Rose Villa): | |||
5.125%, 11/15/40 | 240 | 251,232 | |
5.25%, 11/15/50 | 160 | 167,258 | |
Florida Development Finance Corp., (Mayflower Retirement Community): | |||
4.00%, 6/1/36(4) | 1,000 | 1,023,860 | |
4.00%, 6/1/46(4) | 980 | 976,942 | |
Franklin County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44 | 525 | 547,559 | |
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55 | 2,265 | 2,350,527 | |
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(4) | 310 | 329,394 | |
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 1,155 | 1,039,939 | |
New Hope Cultural Education Facilities Finance Corp., TX, (Westminster), 4.00%, 11/1/55 | 1,325 | 1,325,914 | |
North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/50 | 1,000 | 1,032,110 | |
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53 | 2,690 | 2,795,098 | |
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(4) | 330 | 330,089 | |
Warren County, OH, (Otterbein Homes Obligated Group), 5.75%, 7/1/33 | 220 | 230,492 | |
$ 17,195,150 | |||
Special Tax Revenue — 20.5% | |||
Central Puget Sound Regional Transit Authority, WA, Sales Tax and Motor Vehicle Excise Tax Revenue, Green Bonds, 5.00%, 11/1/41(1) | $ | 10,000 | $ 11,132,900 |
Cleveland, OH, Income Tax Revenue: | |||
5.00%, 10/1/39(1) | 450 | 516,407 | |
5.00%, 10/1/43(1) | 1,800 | 2,055,024 | |
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/31(1) | 20,000 | 20,445,000 | |
Denver City and County, CO, Dedicated Tax Revenue: | |||
4.00%, 8/1/51 | 13,500 | 14,409,630 | |
5.00%, 8/1/41(1) | 10,000 | 10,962,800 | |
Franklin County, OH, Sales Tax Revenue: | |||
5.00%, 6/1/38(1) | 1,100 | 1,274,823 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Franklin County, OH, Sales Tax Revenue: (continued) | |||
5.00%, 6/1/43(1) | $ | 1,100 | $ 1,266,617 |
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/33 | 750 | 928,432 | |
Massachusetts School Building Authority, Sales Tax Revenue: | |||
5.00%, 8/15/37(1) | 20,200 | 21,988,306 | |
5.00%, 11/15/46(1) | 1,500 | 1,660,845 | |
Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/47(1) | 2,000 | 2,236,400 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 8/1/37(1) | 10,000 | 10,452,400 | |
4.00%, 8/1/39(1) | 5,000 | 5,211,700 | |
4.00%, 2/1/42 | 10,000 | 10,521,100 | |
4.00%, 5/1/42 | 3,120 | 3,261,648 | |
5.00%, 2/1/37(1) | 4,275 | 4,286,200 | |
New York Convention Center Development Corp., Hotel Occupancy Tax, 5.00%, 11/15/45(1) | 13,000 | 14,092,780 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/42 | 2,000 | 2,126,240 | |
4.00%, 2/15/47 | 7,000 | 7,262,990 | |
5.00%, 6/15/31 | 10,000 | 10,250,500 | |
New York Dormitory Authority, Sales Tax Revenue: | |||
4.00%, 3/15/46(1) | 14,000 | 14,704,480 | |
5.00%, 3/15/43(1) | 6,000 | 6,745,140 | |
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45(1) | 2,800 | 2,962,904 | |
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 5.25%, 12/1/44(1) | 3,750 | 4,386,600 | |
$ 185,141,866 | |||
Transportation — 17.2% | |||
Chicago, IL, (O'Hare International Airport): | |||
4.00%, 1/1/35 | $ | 1,610 | $ 1,703,396 |
4.00%, 1/1/37 | 2,000 | 2,105,820 | |
5.00%, 1/1/34 | 1,000 | 1,061,660 | |
5.00%, 1/1/38 | 2,105 | 2,283,651 | |
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport): | |||
5.25%, 11/1/30 | 3,845 | 4,030,790 | |
5.25%, 11/1/31 | 5,940 | 6,224,170 | |
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44(1) | 8,850 | 9,549,504 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey: | |||
5.00%, 7/1/37(1) | $ | 1,150 | $ 1,294,429 |
5.00%, 7/1/47(1) | 4,575 | 5,116,085 | |
Illinois Toll Highway Authority: | |||
5.00%, 1/1/37(1) | 10,000 | 10,897,100 | |
5.00%, 1/1/41(1) | 12,425 | 13,591,211 | |
Kansas Department of Transportation, 5.00%, 9/1/35(1) | 10,000 | 10,927,400 | |
Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/38 | 1,175 | 1,208,770 | |
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/39 | 1,875 | 1,940,194 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program): | |||
5.00%, 6/15/38 | 130 | 137,251 | |
5.00%, 6/15/44 | 2,740 | 3,007,972 | |
New Jersey Transportation Trust Fund Authority, (Transportation System): | |||
5.00%, 12/15/24 | 10,000 | 10,684,800 | |
5.25%, 12/15/23 | 1,000 | 1,050,910 | |
New Jersey Turnpike Authority: | |||
4.00%, 1/1/51 | 2,495 | 2,646,122 | |
5.00%, 1/1/48(1) | 10,000 | 11,339,700 | |
New York Bridge Authority, 4.00%, 1/1/51 | 3,280 | 3,476,111 | |
Pennsylvania Turnpike Commission, 4.00%, 12/1/36 | 1,000 | 1,055,210 | |
Port Authority of New York and New Jersey: | |||
4.00%, 9/1/43(1) | 14,000 | 14,840,840 | |
5.00%, 12/1/34(1) | 16,400 | 17,249,028 | |
5.00%, 10/15/35(1) | 2,675 | 2,917,917 | |
5.00%, 10/15/42(1) | 3,750 | 4,217,738 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 8,165 | 8,974,641 | |
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42 | 1,765 | 1,848,943 | |
$ 155,381,363 | |||
Water and Sewer — 13.5% | |||
Atlanta, GA, Water and Wastewater Revenue: | |||
5.00%, 11/1/43(1) | $ | 3,750 | $ 4,205,175 |
5.00%, 11/1/47(1) | 5,900 | 6,584,931 | |
Broward County, FL, Water and Sewer Utility Revenue, 4.00%, 10/1/45 | 5,500 | 5,976,740 | |
Charleston, SC, Waterworks and Sewer Revenue, Prerefunded to 1/1/25, 5.00%, 1/1/45(1) | 25,000 | 27,051,750 | |
Dallas, TX, Waterworks and Sewer System Revenue, 5.00%, 10/1/41(1) | 15,000 | 16,693,350 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
East Baton Rouge Sewerage Commission, LA, 4.00%, 2/1/45(1) | $ | 10,000 | $ 10,564,300 |
Grand Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/43(1) | 2,500 | 2,821,750 | |
Metropolitan St. Louis Sewer District, MO: | |||
5.00%, 5/1/35(1) | 8,750 | 9,501,450 | |
5.00%, 5/1/36(1) | 7,925 | 8,608,056 | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: TD Bank, N.A.), 0.36%, 6/15/49(5) | 9,700 | 9,700,000 | |
Texas Water Development Board: | |||
4.00%, 10/15/47(1) | 2,900 | 3,114,687 | |
5.00%, 10/15/40(1) | 15,500 | 16,990,325 | |
$ 121,812,514 | |||
Total Tax-Exempt Municipal Obligations (identified cost $1,463,955,180) | $1,512,653,083 | ||
Total Investments — 169.5% (identified cost $1,481,489,298) | $1,527,776,879 | ||
Other Assets, Less Liabilities — (69.5)% | $ (626,484,308) | ||
Net Assets — 100.0% | $ 901,292,571 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
(2) | When-issued security. |
(3) | Amount is less than 0.05%. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2022, the aggregate value of these securities is $3,474,636 or 0.4% of the Fund's net assets. |
(5) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2022. |
At March 31, 2022, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of total investments, is as follows: |
New York | 16.6% |
Others, representing less than 10% individually | 82.6% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2022, 18.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 6.3% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
BHAC | – Berkshire Hathaway Assurance Corp. |
FGIC | – Financial Guaranty Insurance Company |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
XLCA | – XL Capital Assurance, Inc. |
Tax-Exempt Mortgage-Backed Securities — 0.6% |
Security | Principal Amount (000's omitted) | Value | |
Housing — 0.6% | |||
California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35 | $ | 1,552 | $ 1,620,890 |
Total Tax-Exempt Mortgage-Backed Securities (identified cost $1,740,012) | $ 1,620,890 |
Tax-Exempt Municipal Obligations — 161.8% |
Security | Principal Amount (000's omitted) | Value | |
Education — 10.6% | |||
California Educational Facilities Authority, (Loyola Marymount University): | |||
Green Bonds, 5.00%, 10/1/43 | $ | 2,105 | $ 2,399,090 |
Green Bonds, 5.00%, 10/1/48 | 3,000 | 3,397,950 | |
California State University, 5.00%, 11/1/41(1) | 9,550 | 10,544,728 | |
University of California, 5.00%, 5/15/46(1) | 12,050 | 13,235,840 | |
$ 29,577,608 | |||
Electric Utilities — 0.8% | |||
Los Angeles Department of Water and Power, CA, Power System Revenue, 5.00%, 7/1/42(1) | $ | 2,000 | $ 2,246,980 |
$ 2,246,980 | |||
Escrowed/Prerefunded — 32.4% | |||
Beverly Hills Public Financing Authority, CA, Water Revenue, Prerefunded to 6/1/22, 5.00%, 6/1/37(1) | $ | 5,725 | $ 5,762,155 |
Burbank Unified School District, CA, (Election of 2013), Prerefunded to 8/1/23, 4.00%, 8/1/31(1) | 6,900 | 7,110,864 | |
California Educational Facilities Authority, (Pepperdine University), Prerefunded to 4/1/26, 5.00%, 10/1/46(1) | 6,600 | 7,304,484 | |
California Health Facilities Financing Authority, (Sutter Health): | |||
Prerefunded to 11/15/26, 5.00%, 11/15/46 | 3,265 | 3,675,900 | |
Prerefunded to 11/15/26, 5.00%, 11/15/46(1) | 1,225 | 1,379,166 | |
Contra Costa Community College District, CA, (Election of 2006), Prerefunded to 8/1/23, 5.00%, 8/1/38(1) | 9,750 | 10,175,198 | |
Palomar Community College District, CA, Prerefunded to 8/1/25, 5.00%, 8/1/44(1) | 10,000 | 10,970,500 | |
Rancho California Water District Financing Authority, Prerefunded to 8/15/26, 5.00%, 8/1/46(1) | 2,500 | 2,816,400 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
San Bernardino Community College District, CA, Prerefunded to 8/1/23, 4.00%, 8/1/27(1) | $ | 5,775 | $ 5,951,484 |
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/36(1) | 1,690 | 1,706,241 | |
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, Prerefunded to 11/1/24, 5.00%, 11/1/45(1) | 4,000 | 4,311,040 | |
San Jose-Evergreen Community College District, CA, (Election of 2010), Prerefunded to 8/1/22, 5.00%, 8/1/37(1) | 4,975 | 5,039,128 | |
Santa Monica Community College District, CA, (Election of 2008), Prerefunded to 8/1/24, 5.00%, 8/1/44(1) | 7,500 | 8,021,700 | |
Torrance Unified School District, CA, (Election of 2008), Prerefunded to 8/1/23, 5.00%, 8/1/35 | 7,500 | 7,827,075 | |
Ventura County Community College District, CA, Prerefunded to 8/1/25, 5.00%, 8/1/30(1) | 8,000 | 8,789,920 | |
$ 90,841,255 | |||
General Obligations — 42.7% | |||
Alameda City Unified School District, CA, (Election of 2014), 5.00%, 8/1/42(1) | $ | 1,675 | $ 1,893,269 |
Albany Unified School District, CA, (Election of 2016), 4.00%, 8/1/46 | 2,665 | 2,845,740 | |
Berryessa Union School District, CA, (Election of 2014), 5.00%, 8/1/40(1) | 7,450 | 8,383,634 | |
Brisbane School District, CA, (Election of 2020), 3.00%, 8/1/49 | 1,760 | 1,608,992 | |
Cabrillo Unified School District, CA, (Election of 2018), 5.00%, 8/1/48 | 5,000 | 5,492,150 | |
California: | |||
4.00%, 3/1/46(1) | 8,000 | 8,592,720 | |
4.00%, 4/1/49 | 1,250 | 1,357,850 | |
Campbell Union High School District, CA, (Election of 2016), Prerefunded to 8/1/26, 5.00%, 8/1/36(1) | 11,250 | 12,661,650 | |
Chino Valley Unified School District, CA, (Election of 2016), 5.00%, 8/1/55(1) | 10,000 | 11,633,200 | |
Desert Community College District, CA, Prerefunded to 2/1/26, 5.00%, 8/1/36(1) | 7,500 | 8,328,225 | |
El Camino Community College District, CA, (Election of 2012), 5.00%, 8/1/48(1) | 10,000 | 11,596,900 | |
Franklin-McKinley School District, CA, (Election of 2020), 4.00%, 8/1/49 | 1,000 | 1,053,390 | |
Gilroy Unified School District, CA, (Election of 2016), 4.00%, 8/1/44 | 2,500 | 2,665,425 | |
La Canada Unified School District, CA, (Election of 2017), 5.00%, 8/1/47(1) | 3,375 | 3,914,933 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Long Beach Unified School District, CA, (Election of 2008), 5.00%, 8/1/41(1) | $ | 1,500 | $ 1,661,910 |
Old Adobe Union School District, CA, (Election of 2018), 5.00%, 8/1/48 | 3,415 | 3,751,139 | |
Oxnard Union High School District, CA, (Election of 2018), Prerefunded to 8/1/26, 5.00%, 8/1/42(1) | 3,000 | 3,369,810 | |
Palo Alto, CA, (Election of 2008), 5.00%, 8/1/40 | 1,610 | 1,614,927 | |
Redding School District, CA, (Election of 2018), 5.00%, 8/1/48 | 2,645 | 2,901,935 | |
Robla School District, CA, (Election of 2014), 3.00%, 8/1/53 | 500 | 442,635 | |
San Bruno Park School District, CA, (Election of 2018), 5.00%, 8/1/48 | 2,500 | 2,741,775 | |
San Diego Unified School District, CA, (Election of 2012), 5.00%, 7/1/47(1) | 4,000 | 4,504,440 | |
San Jose Unified School District, CA, (Election of 2012), 4.00%, 8/1/42(1) | 12,000 | 12,818,160 | |
Santa Rosa High School District, CA, (Election of 2014), 5.00%, 8/1/41 | 3,495 | 3,854,076 | |
$ 119,688,885 | |||
Hospital — 16.5% | |||
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/39 | $ | 4,550 | $ 4,766,944 |
California Health Facilities Financing Authority, (City of Hope): | |||
4.00%, 11/15/45(1) | 5,000 | 5,385,100 | |
5.00%, 11/15/32 | 2,130 | 2,168,148 | |
5.00%, 11/15/35 | 3,040 | 3,093,322 | |
California Health Facilities Financing Authority, (St. Joseph Health System): | |||
5.00%, 7/1/33 | 5,080 | 5,285,943 | |
5.00%, 7/1/37 | 2,380 | 2,476,485 | |
California Health Facilities Financing Authority, (Sutter Health): | |||
5.00%, 11/15/46 | 4,735 | 5,253,388 | |
5.00%, 11/15/46(1) | 1,775 | 1,969,327 | |
California Public Finance Authority, (Hoag Memorial Hospital Presbyterian): | |||
4.00%, 7/15/51(2) | 3,500 | 3,718,295 | |
5.00%, 7/15/46(2) | 1,050 | 1,244,397 | |
California Public Finance Authority, (Sharp HealthCare): | |||
5.00%, 8/1/47 | 8,445 | 9,577,643 | |
5.00%, 8/1/47(1) | 1,250 | 1,417,650 | |
$ 46,356,642 |
Security | Principal Amount (000's omitted) | Value | |
Housing — 3.5% | |||
California Municipal Finance Authority, (Caritas), 4.00%, 8/15/51 | $ | 435 | $ 388,686 |
California Statewide Communities Development Authority, (University of California, Irvine East Campus Apartments, Phase IV-A-CHF-Irvine, LLC), 5.00%, 5/15/47 | 5,000 | 5,448,350 | |
CSCDA Community Improvement Authority, CA, Essential Housing Revenue, 3.00%, 12/1/56(3) | 675 | 517,610 | |
Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/56 | 1,130 | 940,894 | |
Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park): | |||
3.00%, 9/15/46 | 925 | 816,942 | |
3.00%, 9/15/56 | 1,980 | 1,651,181 | |
$ 9,763,663 | |||
Insured - Electric Utilities — 2.5% | |||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $ | 3,740 | $ 3,858,259 |
Sacramento Municipal Utility District, CA, (AMBAC), (BHAC), 5.25%, 7/1/24 | 3,075 | 3,198,769 | |
$ 7,057,028 | |||
Insured - General Obligations — 16.0% | |||
Anderson Valley Unified School District, CA, (AGM), 3.00%, 8/1/35 | $ | 500 | $ 510,775 |
Bakersfield City School District, CA, (Election of 2016), (BAM), 3.00%, 11/1/51 | 1,500 | 1,337,130 | |
Bellevue Union School District, CA, (Election of 2020), (AGM), 3.125%, 8/1/44 | 400 | 387,832 | |
Center Joint Unified School District, CA, (Election of 2008), (BAM), 3.00%, 8/1/46 | 1,000 | 930,380 | |
Coalinga-Huron Recreation and Park District, CA, (Election of 2016): | |||
(BAM), 3.00%, 8/1/50 | 750 | 669,653 | |
(BAM), 4.00%, 8/1/53 | 1,525 | 1,604,330 | |
Cotati-Rohnert Park Unified School District, CA, (Election of 2016), (AGM), 5.00%, 8/1/44 | 3,500 | 3,850,525 | |
Garvey School District, CA, (Election of 2016): | |||
(AGM), 5.00%, 8/1/45 | 2,440 | 2,675,972 | |
(AGM), 5.00%, 8/1/48 | 1,610 | 1,765,703 | |
Grass Valley School District, CA, (Election of 2018), (BAM), 5.00%, 8/1/45 | 3,000 | 3,299,160 | |
McFarland Unified School District, CA, (Election of 2020), (BAM), 3.00%, 11/1/49 | 750 | 685,935 | |
Mountain View School District, CA, (Election of 2016): | |||
(AGM), 4.00%, 8/1/49 | 1,000 | 1,053,390 | |
(BAM), 5.00%, 8/1/42 | 1,145 | 1,262,145 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Mountain View School District, CA, (Election of 2016): (continued) | |||
(BAM), 5.00%, 8/1/45 | $ | 1,520 | $ 1,671,574 |
San Diego Unified School District, CA: | |||
(NPFG), 0.00%, 7/1/22 | 2,300 | 2,294,388 | |
(NPFG), 0.00%, 7/1/23 | 5,000 | 4,895,100 | |
San Mateo County Community College District, CA: | |||
(NPFG), 0.00%, 9/1/22 | 4,840 | 4,814,445 | |
(NPFG), 0.00%, 9/1/23 | 4,365 | 4,248,542 | |
(NPFG), 0.00%, 9/1/25 | 3,955 | 3,674,195 | |
Union Elementary School District, CA, (Election of 1999), (NPFG), 0.00%, 9/1/22 | 3,200 | 3,183,744 | |
$ 44,814,918 | |||
Insured - Transportation — 1.1% | |||
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/27 | $ | 3,520 | $ 3,097,565 |
$ 3,097,565 | |||
Lease Revenue/Certificates of Participation — 1.1% | |||
California Public Works Board, 5.00%, 11/1/38 | $ | 3,045 | $ 3,176,544 |
$ 3,176,544 | |||
Other Revenue — 0.9% | |||
California Community Choice Financing Authority, Green Bonds, 4.00% to 12/1/27 (Put Date), 10/1/52 | $ | 2,500 | $ 2,644,125 |
$ 2,644,125 | |||
Senior Living/Life Care — 1.1% | |||
California Municipal Finance Authority, (HumanGood California Obligated Group): | |||
3.00%, 10/1/46 | $ | 1,000 | $ 884,530 |
4.00%, 10/1/46 | 1,500 | 1,580,880 | |
California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/42 | 360 | 362,156 | |
California Public Finance Authority, (Enso Village): | |||
Green Bonds, 2.375%, 11/15/28(3) | 105 | 101,949 | |
Green Bonds, 5.00%, 11/15/46(3) | 150 | 156,747 | |
$ 3,086,262 | |||
Special Tax Revenue — 13.5% | |||
Folsom Ranch Financing Authority, CA, (White Rock Springs Ranch): | |||
4.00%, 9/1/40 | $ | 175 | $ 179,053 |
4.00%, 9/1/41 | 180 | 183,919 | |
4.00%, 9/1/46 | 365 | 368,822 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Jurupa Public Financing Authority, CA: | |||
5.00%, 9/1/30 | $ | 625 | $ 666,112 |
5.00%, 9/1/32 | 625 | 665,812 | |
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/42(1) | 10,250 | 11,467,597 | |
Riverside County Transportation Commission, CA, Sales Tax Revenue, Prerefunded to 6/1/23, 5.25%, 6/1/39(1) | 6,285 | 6,542,434 | |
San Bernardino County Transportation Authority, CA, Sales Tax Revenue, 5.25%, 3/1/40(1) | 10,375 | 10,970,629 | |
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/36(1) | 4,560 | 4,603,822 | |
San Luis Obispo Community Facilities District No. 2019-1, CA, (San Luis Ranch), 4.00%, 9/1/51 | 650 | 653,042 | |
Woodland Community Facilities District No. 2004-1, CA, 4.00%, 9/1/46 | 1,500 | 1,602,750 | |
$ 37,903,992 | |||
Transportation — 5.0% | |||
Long Beach, CA, Harbor Revenue, 5.00%, 5/15/42(1) | $ | 7,500 | $ 8,067,000 |
Riverside County Transportation Commission, CA, 4.00%, 6/1/46 | 535 | 556,951 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45 | 5,000 | 5,516,900 | |
$ 14,140,851 | |||
Water and Sewer — 14.1% | |||
Eastern Municipal Water District Financing Authority, CA, 5.25%, 7/1/42(1) | $ | 9,000 | $ 10,345,500 |
Los Angeles Department of Water and Power, CA, Water System Revenue, 5.00%, 7/1/39(1) | 10,000 | 10,645,100 | |
Los Angeles, CA, Wastewater System Revenue, 5.00%, 6/1/43(1) | 7,500 | 7,754,175 | |
Orange County Sanitation District, CA, Wastewater Revenue, 5.00%, 2/1/35(1) | 10,000 | 10,662,600 | |
$ 39,407,375 | |||
Total Tax-Exempt Municipal Obligations (identified cost $444,192,042) | $ 453,803,693 |
Taxable Municipal Obligations — 7.0% |
Security | Principal Amount (000's omitted) | Value | |
Education — 1.0% | |||
California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31(3) | $ | 1,345 | $ 1,269,370 |
California State University, 3.065%, 11/1/42 | 1,815 | 1,595,712 | |
$ 2,865,082 | |||
General Obligations — 2.1% | |||
Monterey Peninsula Community College District, CA, (Election of 2020): | |||
2.861%, 8/1/46 | $ | 1,000 | $ 887,830 |
2.951%, 8/1/51 | 1,400 | 1,225,980 | |
Ohlone Community College District, CA, 2.443%, 8/1/35 | 535 | 496,239 | |
Robla School District, CA, 2.602%, 8/1/40 | 615 | 556,981 | |
Santa Maria-Bonita School District, CA, 3.071%, 8/1/39 | 2,000 | 1,885,820 | |
Tustin Unified School District, CA, 2.649%, 8/1/42 | 1,125 | 948,533 | |
$ 6,001,383 | |||
Housing — 0.3% | |||
Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 4.50%, 9/15/56 | $ | 1,000 | $ 874,690 |
$ 874,690 | |||
Insured - General Obligations — 1.9% | |||
Palmdale School District, CA, (AGM), 2.948%, 8/1/47 | $ | 5,000 | $ 4,419,500 |
Sanger Unified School District, CA, (BAM), 2.834%, 8/1/44 | 1,250 | 1,054,650 | |
$ 5,474,150 | |||
Other Revenue — 1.3% | |||
Central Marin Police Authority, CA, 3.101%, 2/1/41 | $ | 1,000 | $ 891,870 |
Corte Madera, CA, Pension Obligation Bonds, 3.257%, 6/1/45 | 940 | 874,003 | |
National City, CA, Pension Obligation Bonds, 3.423%, 11/1/42 | 2,000 | 1,750,900 | |
$ 3,516,773 | |||
Transportation — 0.4% | |||
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 1.963%, 5/15/33 | $ | 675 | $ 573,655 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
San Jose, CA, Airport Revenue, 2.31%, 3/1/30 | $ | 500 | $ 462,235 |
$ 1,035,890 | |||
Total Taxable Municipal Obligations (identified cost $22,201,195) | $ 19,767,968 | ||
Total Investments — 169.4% (identified cost $468,133,249) | $ 475,192,551 | ||
Other Assets, Less Liabilities — (69.4)% | $ (194,646,187) | ||
Net Assets — 100.0% | $ 280,546,364 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
(2) | When-issued security. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2022, the aggregate value of these securities is $2,045,676 or 0.7% of the Fund's net assets. |
The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2022, 12.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 6.3% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
BHAC | – Berkshire Hathaway Assurance Corp. |
NPFG | – National Public Finance Guarantee Corp. |
Corporate Bonds — 0.5% |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 0.5% | |||
Montefiore Obligated Group, 4.287%, 9/1/50 | $ | 1,350 | $ 1,159,370 |
Total Corporate Bonds (identified cost $1,350,000) | $ 1,159,370 |
Tax-Exempt Municipal Obligations — 149.9% |
Security | Principal Amount (000's omitted) | Value | |
Education — 15.6% | |||
Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/36 | $ | 200 | $ 209,850 |
Dutchess County Local Development Corp., NY, (Culinary Institute of America): | |||
4.00%, 7/1/38 | 250 | 259,913 | |
4.00%, 7/1/39 | 100 | 103,711 | |
4.00%, 7/1/40 | 100 | 103,620 | |
Hempstead Local Development Corp., NY, (Hofstra University), 3.00%, 7/1/51 | 3,000 | 2,523,030 | |
Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School): | |||
5.00%, 6/1/50(1) | 705 | 763,804 | |
5.00%, 6/1/59(1) | 1,150 | 1,238,320 | |
New York City Cultural Resources Trust, NY, (The Juilliard School), 5.00%, 1/1/38 | 600 | 692,766 | |
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38(2) | 2,000 | 2,307,440 | |
New York Dormitory Authority, (New York University): | |||
4.00%, 7/1/38 | 1,225 | 1,339,366 | |
4.00%, 7/1/46 | 2,000 | 2,158,180 | |
5.00%, 7/1/39(2) | 2,000 | 2,311,540 | |
New York Dormitory Authority, (Rockefeller University): | |||
4.00%, 7/1/49(2) | 10,000 | 10,563,100 | |
5.00%, 7/1/34 | 100 | 100,961 | |
New York Dormitory Authority, (The New School), 5.00%, 7/1/42 | 650 | 742,787 | |
Onondaga County Cultural Resources Trust, NY, (Syracuse University), 4.00%, 12/1/47(2) | 7,000 | 7,333,830 | |
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence): | |||
5.00%, 10/15/39 | 395 | 417,562 | |
5.00%, 10/15/49 | 80 | 83,516 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence): (continued) | |||
5.00%, 10/15/54 | $ | 120 | $ 124,883 |
$ 33,378,179 | |||
Electric Utilities — 10.0% | |||
Long Island Power Authority, NY, Electric System Revenue: | |||
4.00%, 9/1/41 | $ | 2,300 | $ 2,464,634 |
5.00%, 9/1/37 | 1,500 | 1,718,670 | |
New York Power Authority: | |||
Green Bonds, 4.00%, 11/15/50 | 2,765 | 2,925,453 | |
Green Bonds, 4.00%, 11/15/55(2) | 9,000 | 9,485,910 | |
Utility Debt Securitization Authority, NY: | |||
5.00%, 12/15/33 | 2,895 | 3,045,279 | |
5.00%, 12/15/36(2) | 1,675 | 1,842,333 | |
$ 21,482,279 | |||
Escrowed/Prerefunded — 11.3% | |||
Geneva Development Corp., NY, (Hobart and William Smith Colleges): | |||
Prerefunded to 9/1/22, 5.00%, 9/1/32 | $ | 1,935 | $ 1,965,399 |
Prerefunded to 9/1/23, 5.00%, 9/1/30 | 200 | 209,032 | |
Prerefunded to 9/1/23, 5.00%, 9/1/32 | 200 | 209,032 | |
Prerefunded to 9/1/23, 5.00%, 9/1/33 | 105 | 109,742 | |
Prerefunded to 9/1/23, 5.00%, 9/1/34 | 200 | 209,032 | |
New York Dormitory Authority, Sales Tax Revenue, Prerefunded to 3/15/23, 5.00%, 3/15/34 | 7,620 | 7,869,021 | |
Onondaga County Cultural Resources Trust, NY, (Syracuse University), Prerefunded to 12/1/23, 5.00%, 12/1/38 | 3,820 | 4,021,620 | |
Sales Tax Asset Receivable Corp., NY, Prerefunded to 10/15/24, 5.00%, 10/15/30(2) | 8,900 | 9,579,426 | |
$ 24,172,304 | |||
General Obligations — 8.3% | |||
East Meadow Union Free School District, NY, 2.00%, 6/15/35 | $ | 985 | $ 849,592 |
New York City, NY: | |||
4.00%, 8/1/34 | 1,170 | 1,240,048 | |
4.00%, 12/1/41 | 530 | 567,837 | |
5.00%, 8/1/34(2) | 10,000 | 10,413,300 | |
New York, NY, (SPA: Barclays Bank PLC), 0.43%, 10/1/46(3) | 2,000 | 2,000,000 | |
Washingtonville Central School District, NY: | |||
0.05%, 6/15/35 | 950 | 620,549 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Washingtonville Central School District, NY: (continued) | |||
0.05%, 6/15/36 | $ | 950 | $ 596,505 |
0.05%, 6/15/37 | 950 | 576,289 | |
0.05%, 6/15/38 | 950 | 555,816 | |
0.05%, 6/15/39 | 695 | 392,029 | |
$ 17,811,965 | |||
Hospital — 8.4% | |||
Brookhaven Local Development Corp., NY, (Long Island Community Hospital): | |||
3.375%, 10/1/40 | $ | 1,500 | $ 1,362,315 |
4.00%, 10/1/45 | 500 | 507,330 | |
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/47 | 2,200 | 2,192,982 | |
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/40 | 635 | 591,439 | |
New York Dormitory Authority, (Maimonides Medical Center), 3.00%, 2/1/50 | 1,975 | 1,798,692 | |
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/42 | 1,500 | 1,689,165 | |
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 8/1/36 | 4,135 | 4,208,603 | |
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/53 | 1,500 | 1,552,395 | |
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/45(1) | 3,800 | 4,115,970 | |
$ 18,018,891 | |||
Housing — 6.2% | |||
New York City Housing Development Corp., NY: | |||
2.75%, 5/1/51 | $ | 3,000 | $ 2,412,270 |
3.40%, 11/1/39 | 1,000 | 992,730 | |
3.55%, 11/1/44 | 1,115 | 1,103,214 | |
3.70%, 11/1/38 | 850 | 855,627 | |
3.80%, 11/1/43 | 1,675 | 1,687,948 | |
4.05%, 11/1/41 | 2,030 | 2,074,964 | |
New York Housing Finance Agency: | |||
(FHLMC), (FNMA), (GNMA), 3.20%, 11/1/46 | 1,075 | 985,023 | |
(FHLMC), (FNMA), (GNMA), 4.00%, 11/1/42 | 500 | 511,085 | |
(FNMA), 3.95%, 11/1/37 | 1,000 | 1,026,430 | |
Westchester County Local Development Corp., NY, (Purchase Housing Corp. II), 5.00%, 6/1/47 | 1,500 | 1,579,185 | |
$ 13,228,476 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue — 3.0% | |||
Build NYC Resource Corp., NY, (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1) | $ | 755 | $ 777,907 |
New York Liberty Development Corp., (Goldman Sachs Group, Inc.): | |||
5.25%, 10/1/35 | 895 | 1,099,221 | |
5.50%, 10/1/37 | 1,440 | 1,841,731 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.375%, 10/1/45 | 2,665 | 2,733,197 | |
$ 6,452,056 | |||
Insured - Education — 0.8% | |||
New York Dormitory Authority, (City University), (AMBAC), 5.25%, 7/1/30 | $ | 75 | $ 81,495 |
New York Dormitory Authority, (CUNY Student Housing), (AMBAC), (BAM), 5.50%, 7/1/35 | 1,345 | 1,675,789 | |
$ 1,757,284 | |||
Insured - Escrowed/Prerefunded — 0.8% | |||
New York Dormitory Authority, (Educational Housing Services CUNY Student Housing), (AMBAC), Escrowed to Maturity, 5.25%, 7/1/23 | $ | 1,750 | $ 1,824,970 |
$ 1,824,970 | |||
Insured - General Obligations — 10.0% | |||
East Northport Fire District, NY: | |||
(AGC), 4.50%, 11/1/22 | $ | 200 | $ 200,470 |
(AGC), 4.50%, 11/1/23 | 200 | 200,414 | |
Nassau County, NY: | |||
(AGM), 4.00%, 4/1/44 | 2,750 | 2,965,573 | |
(AGM), 5.00%, 7/1/42 | 1,000 | 1,144,730 | |
(AGM), 5.00%, 4/1/43(2) | 10,000 | 11,557,300 | |
Oyster Bay, NY, (AGM), 4.00%, 8/1/28 | 4,585 | 4,625,348 | |
Yonkers, NY, (AGM), 2.00%, 2/15/41 | 1,000 | 796,570 | |
$ 21,490,405 | |||
Insured - Housing — 1.0% | |||
Amherst Development Corp., NY, (Flint Village/Creekside Village), (BAM), 4.00%, 10/1/42 | $ | 2,000 | $ 2,148,380 |
$ 2,148,380 | |||
Insured - Lease Revenue/Certificates of Participation — 2.1% | |||
Ulster County Resource Recovery Agency, NY, Solid Waste System: | |||
(AMBAC), 0.00%, 3/1/23 | $ | 1,090 | $ 1,072,386 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Lease Revenue/Certificates of Participation (continued) | |||
Ulster County Resource Recovery Agency, NY, Solid Waste System: (continued) | |||
(AMBAC), 0.00%, 3/1/25 | $ | 3,635 | $ 3,402,796 |
$ 4,475,182 | |||
Insured - Other Revenue — 2.3% | |||
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46 | $ | 4,785 | $ 4,208,360 |
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/40 | 785 | 720,253 | |
$ 4,928,613 | |||
Insured - Transportation — 5.1% | |||
Metropolitan Transportation Authority, NY: | |||
Green Bonds, (AGM), 4.00%, 11/15/46 | $ | 1,440 | $ 1,486,930 |
Green Bonds, (AGM), 4.00%, 11/15/48(2) | 7,120 | 7,345,562 | |
New York Thruway Authority, (AGM), 3.00%, 1/1/46 | 2,340 | 2,154,929 | |
$ 10,987,421 | |||
Lease Revenue/Certificates of Participation — 4.1% | |||
Hudson Yards Infrastructure Corp., NY, 5.00%, 2/15/42(2) | $ | 8,000 | $ 8,888,480 |
$ 8,888,480 | |||
Other Revenue — 8.0% | |||
Build NYC Resource Corp., NY, (Children's Aid Society), 4.00%, 7/1/49 | $ | 1,400 | $ 1,490,986 |
New York City Transitional Finance Authority, NY, (Building Aid): | |||
5.00%, 7/15/32(2) | 10,000 | 10,875,200 | |
5.00%, 7/15/37(2) | 2,200 | 2,520,276 | |
New York Liberty Development Corp., (7 World Trade Center), Green Bonds, 3.00%, 9/15/43 | 1,000 | 935,080 | |
New York Thruway Authority, Personal Income Tax Revenue, 3.00%, 3/15/49 | 1,500 | 1,350,645 | |
$ 17,172,187 | |||
Senior Living/Life Care — 2.7% | |||
Brookhaven Local Development Corp., NY, (Jefferson's Ferry): | |||
4.00%, 11/1/45 | $ | 600 | $ 631,524 |
5.00%, 11/1/24 | 190 | 203,572 | |
5.25%, 11/1/25 | 325 | 358,686 | |
5.25%, 11/1/26 | 200 | 225,120 | |
5.25%, 11/1/28 | 50 | 56,231 | |
5.25%, 11/1/29 | 180 | 201,848 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Brookhaven Local Development Corp., NY, (Jefferson's Ferry): (continued) | |||
5.25%, 11/1/36 | $ | 970 | $ 1,077,961 |
Southold Local Development Corp., NY, (Peconic Landing at Southold, Inc.), 4.00%, 12/1/45 | 25 | 25,187 | |
Westchester County Local Development Corp., NY, (Kendal on Hudson): | |||
5.00%, 1/1/28 | 1,090 | 1,111,233 | |
5.00%, 1/1/34 | 630 | 640,634 | |
Westchester County Local Development Corp., NY, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42 | 1,200 | 1,299,204 | |
$ 5,831,200 | |||
Special Tax Revenue — 23.3% | |||
Metropolitan Transportation Authority, NY, Dedicated Tax Revenue, 5.00%, 11/15/31(2) | $ | 10,000 | $ 10,190,300 |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
3.00%, 11/1/47 | 1,000 | 920,230 | |
4.00%, 8/1/41 | 3,750 | 3,932,250 | |
4.00%, 5/1/42 | 5,430 | 5,676,522 | |
4.00%, 8/1/42 | 2,100 | 2,182,677 | |
4.00%, 5/1/44 | 2,040 | 2,116,500 | |
4.00%, 11/1/45 | 2,710 | 2,812,872 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/47(2) | 10,000 | 10,407,400 | |
5.00%, 6/15/31(2) | 9,250 | 9,481,712 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43(2) | 2,000 | 2,248,380 | |
$ 49,968,843 | |||
Transportation — 22.0% | |||
Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45 | $ | 1,205 | $ 1,300,267 |
Nassau County Bridge Authority, NY: | |||
5.00%, 10/1/35 | 1,915 | 1,921,013 | |
5.00%, 10/1/40 | 365 | 366,146 | |
New York Bridge Authority: | |||
4.00%, 1/1/39 | 270 | 292,442 | |
4.00%, 1/1/40 | 325 | 351,458 | |
4.00%, 1/1/41 | 200 | 215,494 | |
New York Thruway Authority: | |||
4.00%, 1/1/36 | 2,500 | 2,634,550 | |
4.00%, 1/1/46(2) | 10,000 | 10,430,800 | |
4.00%, 1/1/50 | 2,625 | 2,712,780 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
(AMT), 4.00%, 7/1/33 | $ | 835 | $ 859,658 |
(AMT), 5.25%, 1/1/50 | 3,240 | 3,390,822 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | |||
4.00%, 12/1/41 | 3,825 | 3,953,329 | |
5.00%, 12/1/36 | 480 | 535,771 | |
(AMT), 4.00%, 12/1/40 | 100 | 101,705 | |
Port Authority of New York and New Jersey: | |||
4.00%, 7/15/41 | 2,000 | 2,129,820 | |
5.00%, 12/1/34(2) | 820 | 862,452 | |
5.00%, 10/15/35(2) | 8,000 | 8,726,480 | |
5.00%, 10/15/36(2) | 1,200 | 1,358,196 | |
(AMT), 4.00%, 9/1/43(2) | 5,000 | 5,173,800 | |
$ 47,316,983 | |||
Water and Sewer — 4.9% | |||
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
4.00%, 6/15/52 | $ | 3,000 | $ 3,176,100 |
5.00%, 6/15/46(2) | 2,000 | 2,201,080 | |
(SPA: TD Bank, N.A.), 0.36%, 6/15/43(3) | 2,800 | 2,800,000 | |
Suffolk County Water Authority, NY, 5.00%, 6/1/36(2) | 2,000 | 2,326,000 | |
$ 10,503,180 | |||
Total Tax-Exempt Municipal Obligations (identified cost $322,219,164) | $ 321,837,278 |
Taxable Municipal Obligations — 1.0% |
Security | Principal Amount (000's omitted) | Value | |
Education — 1.0% | |||
Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.375%, 6/15/25 | $ | 240 | $ 231,862 |
New York Dormitory Authority, (Iona College), 4.127%, 7/1/49 | 2,000 | 1,821,680 | |
Total Taxable Municipal Obligations (identified cost $2,240,000) | $ 2,053,542 |
Trust Units — 0.7% |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 0.7% | |||
PRIFA Class 61 Trust, Class 2036 (2005A CABs) (taxable), 0.00%, 7/1/36 | $ | 3,000 | $ 1,483,560 |
Total Trust Units (identified cost $1,313,230) | $ 1,483,560 | ||
Total Investments — 152.1% (identified cost $327,122,394) | $ 326,533,750 | ||
Other Assets, Less Liabilities — (52.1)% | $ (111,904,284) | ||
Net Assets — 100.0% | $ 214,629,466 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2022, the aggregate value of these securities is $6,896,001 or 3.2% of the Fund's net assets. |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2022. |
The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2022, 14.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 11.3% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
PRIFA | – Puerto Rico Infrastructure Financing Authority |
SPA | – Standby Bond Purchase Agreement |
March 31, 2022 | |||
Municipal Fund | California Fund | New York Fund | |
Assets | |||
Investments: | |||
Identified cost | $ 1,481,489,298 | $ 468,133,249 | $ 327,122,394 |
Unrealized appreciation (depreciation) | 46,287,581 | 7,059,302 | (588,644) |
Investments, at value | $1,527,776,879 | $475,192,551 | $326,533,750 |
Cash | $ 13,901,944 | $ 8,132,880 | $ 1,331,555 |
Interest receivable | 17,775,546 | 4,571,944 | 3,795,789 |
Receivable for investments sold | 15,725,000 | 6,818,487 | 1,225,000 |
Total assets | $1,575,179,369 | $494,715,862 | $332,886,094 |
Liabilities | |||
Payable for floating rate notes issued | $ 644,086,035 | $ 208,553,000 | $ 117,764,643 |
Due to broker for floating rate notes redeemed | 12,580,000 | — | — |
Payable for when-issued securities | 14,967,917 | 4,924,469 | — |
Payable to affiliate: | |||
Investment adviser fee | 808,120 | 253,820 | 173,526 |
Interest expense and fees payable | 1,224,730 | 341,853 | 231,910 |
Accrued expenses | 219,996 | 96,356 | 86,549 |
Total liabilities | $ 673,886,798 | $214,169,498 | $118,256,628 |
Net Assets | $ 901,292,571 | $280,546,364 | $214,629,466 |
Sources of Net Assets | |||
Common shares, $0.01 par value, unlimited number of shares authorized | $ 719,532 | $ 249,943 | $ 181,183 |
Additional paid-in capital | 892,760,635 | 311,794,508 | 229,440,189 |
Distributable earnings (accumulated loss) | 7,812,404 | (31,498,087) | (14,991,906) |
Net Assets | $ 901,292,571 | $280,546,364 | $214,629,466 |
Common Shares Issued and Outstanding | 71,953,184 | 24,994,339 | 18,118,294 |
Net Asset Value Per Common Share | |||
Net assets ÷ common shares issued and outstanding | $ 12.53 | $ 11.22 | $ 11.85 |
Six Months Ended March 31, 2022 | |||
Municipal Fund | California Fund | New York Fund | |
Investment Income | |||
Interest income | $ 27,050,522 | $ 8,065,063 | $ 5,518,294 |
Total investment income | $ 27,050,522 | $ 8,065,063 | $ 5,518,294 |
Expenses | |||
Investment adviser fee | $ 4,908,238 | $ 1,535,616 | $ 1,069,926 |
Trustees’ fees and expenses | 41,207 | 13,075 | 9,128 |
Custodian fee | 120,564 | 37,664 | 29,629 |
Transfer and dividend disbursing agent fees | 9,734 | 9,078 | 9,128 |
Legal and accounting services | 66,064 | 43,668 | 42,181 |
Printing and postage | 31,760 | 4,254 | 9,704 |
Interest expense and fees | 2,143,611 | 685,414 | 397,497 |
Miscellaneous | 50,964 | 23,372 | 23,425 |
Total expenses | $ 7,372,142 | $ 2,352,141 | $ 1,590,618 |
Net investment income | $ 19,678,380 | $ 5,712,922 | $ 3,927,676 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss): | |||
Investment transactions | $ (1,120,877) | $ (1,992,763) | $ (2,216,443) |
Disposal of investments in violation of restrictions and net increase from payment by affiliate | 0 | — | — |
Net realized loss | $ (1,120,877) | $ (1,992,763) | $ (2,216,443) |
Change in unrealized appreciation (depreciation): | |||
Investments | $ (99,975,838) | $ (28,790,292) | $ (23,545,167) |
Net change in unrealized appreciation (depreciation) | $ (99,975,838) | $(28,790,292) | $(23,545,167) |
Net realized and unrealized loss | $(101,096,715) | $(30,783,055) | $(25,761,610) |
Net decrease in net assets from operations | $ (81,418,335) | $(25,070,133) | $(21,833,934) |
Six Months Ended March 31, 2022 (Unaudited) | |||
Municipal Fund | California Fund | New York Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 19,678,380 | $ 5,712,922 | $ 3,927,676 |
Net realized loss | (1,120,877) | (1,992,763) | (2,216,443) |
Net change in unrealized appreciation (depreciation) | (99,975,838) | (28,790,292) | (23,545,167) |
Net decrease in net assets from operations | $ (81,418,335) | $ (25,070,133) | $ (21,833,934) |
Distributions to common shareholders | $ (21,111,064) | $ (6,018,637) | $ (3,984,213) |
Net decrease in net assets | $ (102,529,399) | $ (31,088,770) | $ (25,818,147) |
Net Assets | |||
At beginning of period | $1,003,821,970 | $ 311,635,134 | $ 240,447,613 |
At end of period | $ 901,292,571 | $280,546,364 | $214,629,466 |
Year Ended September 30, 2021 | |||
Municipal Fund | California Fund | New York Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 42,699,032 | $ 12,571,740 | $ 8,906,441 |
Net realized gain | 5,541,586 | 667,567 | 611,044 |
Net change in unrealized appreciation (depreciation) | (12,825,827) | (5,398,300) | 110,315 |
Net increase in net assets from operations | $ 35,414,791 | $ 7,841,007 | $ 9,627,800 |
Distributions to common shareholders | $ (42,826,531) | $ (12,567,154) | $ (9,015,482) |
Tax return of capital to common shareholders | $ — | $ — | $ (206,730) |
Net increase (decrease) in net assets | $ (7,411,740) | $ (4,726,147) | $ 405,588 |
Net Assets | |||
At beginning of year | $ 1,011,233,710 | $ 316,361,281 | $ 240,042,025 |
At end of year | $1,003,821,970 | $311,635,134 | $240,447,613 |
Six Months Ended March 31, 2022 | |||
Municipal Fund | California Fund | New York Fund | |
Cash Flows From Operating Activities | |||
Net decrease in net assets from operations | $ (81,418,335) | $ (25,070,133) | $ (21,833,934) |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | |||
Investments purchased | (196,935,662) | (32,918,047) | (58,061,760) |
Investments sold | 235,023,002 | 45,975,001 | 67,522,959 |
Net amortization/accretion of premium (discount) | 3,681,125 | 1,880,137 | 1,284,967 |
Decrease in interest receivable | 262,007 | 273,498 | 133,423 |
Decrease in payable to affiliate for investment adviser fee | (31,430) | (4,493) | (8,740) |
Increase (decrease) in interest expense and fees payable | (25,233) | 42,112 | 10,520 |
Decrease in accrued expenses | (139,595) | (64,421) | (52,476) |
Net change in unrealized (appreciation) depreciation from investments | 99,975,838 | 28,790,292 | 23,545,167 |
Net realized loss from investments | 1,120,877 | 1,992,763 | 2,216,443 |
Net cash provided by operating activities | $ 61,512,594 | $ 20,896,709 | $ 14,756,569 |
Cash Flows From Financing Activities | |||
Cash distributions paid to common shareholders | $ (21,111,064) | $ (6,018,637) | $ (3,984,213) |
Repayment of secured borrowings | (28,240,000) | — | (7,860,000) |
Decrease in due to custodian | — | (6,745,192) | (1,580,801) |
Net cash used in financing activities | $ (49,351,064) | $(12,763,829) | $(13,425,014) |
Net increase in cash | $ 12,161,530 | $ 8,132,880 | $ 1,331,555 |
Cash at beginning of period | $ 1,740,414 | $ — | $ — |
Cash at end of period | $ 13,901,944 | $ 8,132,880 | $ 1,331,555 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest and fees | $ 2,168,844 | $ 643,302 | $ 386,977 |
Municipal Fund | ||||||
Year Ended September 30, | ||||||
Six Months Ended March 31, 2022 (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Net asset value — Beginning of period | $ 13.950 | $ 14.050 | $ 13.980 | $ 12.940 | $ 13.740 | $ 14.480 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.273 | $ 0.593 | $ 0.571 | $ 0.522 | $ 0.573 | $ 0.640 |
Net realized and unrealized gain (loss) | (1.400) | (0.098) | 0.033 | 0.982 | (0.785) | (0.739) |
Total income (loss) from operations | $ (1.127) | $ 0.495 | $ 0.604 | $ 1.504 | $ (0.212) | $ (0.099) |
Less Distributions | ||||||
From net investment income | $ (0.293) | $ (0.595) | $ (0.563) | $ (0.517) | $ (0.572) | $ (0.641) |
Tax return of capital | — | — | — | — | (0.016) | — |
Total distributions | $ (0.293) | $ (0.595) | $ (0.563) | $ (0.517) | $ (0.588) | $ (0.641) |
Anti-dilutive effect of share repurchase program (see Note 5)(1) | $ — | $ — | $ — | $ 0.022 | $ — | $ — |
Discount on tender offer(1) | $ — | $ — | $ 0.029 | $ 0.031 | $ — | $ — |
Net asset value — End of period | $ 12.530 | $ 13.950 | $ 14.050 | $ 13.980 | $ 12.940 | $ 13.740 |
Market value — End of period | $ 11.500 | $ 13.380 | $ 13.170 | $ 12.960 | $ 11.530 | $ 12.680 |
Total Investment Return on Net Asset Value(2) | (8.09)% (3) | 3.75% | 4.99% | 12.72% | (1.09)% | (0.19)% |
Total Investment Return on Market Value(2) | (12.06)% (3) | 6.16% | 6.15% | 17.28% | (4.50)% | (2.08)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $901,293 | $1,003,822 | $1,011,234 | $1,114,236 | $881,990 | $936,652 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 1.07% (4) | 1.09% | 1.13% | 1.11% | 1.07% | 1.07% |
Interest and fee expense(5) | 0.44% (4) | 0.41% | 1.05% | 1.51% | 1.25% | 0.93% |
Total expenses | 1.51% (4) | 1.50% | 2.18% | 2.62% | 2.32% | 2.00% |
Net investment income | 4.03% (4) | 4.18% | 4.09% | 3.89% | 4.29% | 4.67% |
Portfolio Turnover | 13% (3) | 10% | 7% | 18% | 17% | 6% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G). |
California Fund | ||||||
Year Ended September 30, | ||||||
Six Months Ended March 31, 2022 (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Net asset value — Beginning of period | $ 12.470 | $ 12.660 | $ 12.570 | $ 11.780 | $ 12.450 | $ 13.050 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.229 | $ 0.503 | $ 0.473 | $ 0.438 | $ 0.482 | $ 0.566 |
Net realized and unrealized gain (loss) | (1.238) | (0.190) | 0.080 | 0.802 | (0.641) | (0.582) |
Total income (loss) from operations | $ (1.009) | $ 0.313 | $ 0.553 | $ 1.240 | $ (0.159) | $ (0.016) |
Less Distributions | ||||||
From net investment income | $ (0.241) | $ (0.503) | $ (0.463) | $ (0.454) | $ (0.511) | $ (0.584) |
Tax return of capital | — | — | — | (0.020) | — | — |
Total distributions | $ (0.241) | $ (0.503) | $ (0.463) | $ (0.474) | $ (0.511) | $ (0.584) |
Anti-dilutive effect of share repurchase program (see Note 5)(1) | $ — | $ — | $ — | $ 0.024 | $ — | $ — |
Net asset value — End of period | $ 11.220 | $ 12.470 | $ 12.660 | $ 12.570 | $ 11.780 | $ 12.450 |
Market value — End of period | $ 10.040 | $ 11.940 | $ 11.360 | $ 11.330 | $ 9.960 | $ 12.040 |
Total Investment Return on Net Asset Value(2) | (7.98)% (3) | 2.78% | 4.93% | 11.54% | (0.79)% | 0.27% |
Total Investment Return on Market Value(2) | (14.08)% (3) | 9.67% | 4.46% | 18.91% | (13.26)% | (6.67)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $280,546 | $311,635 | $316,361 | $314,277 | $251,940 | $266,346 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 1.10% (4) | 1.11% | 1.12% | 1.15% | 1.16% | 1.15% |
Interest and fee expense(5) | 0.45% (4) | 0.40% | 1.00% | 1.59% | 1.41% | 1.01% |
Total expenses | 1.55% (4) | 1.51% | 2.12% | 2.74% | 2.57% | 2.16% |
Net investment income | 3.77% (4) | 3.96% | 3.76% | 3.61% | 3.99% | 4.55% |
Portfolio Turnover | 8% (3) | 19% | 20% | 17% | 24% | 19% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G). |
New York Fund | ||||||
Year Ended September 30, | ||||||
Six Months Ended March 31, 2022 (Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Net asset value — Beginning of period | $ 13.270 | $ 13.250 | $ 13.480 | $ 12.770 | $ 13.610 | $ 14.290 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.217 | $ 0.492 | $ 0.490 | $ 0.476 | $ 0.539 | $ 0.599 |
Net realized and unrealized gain (loss) | (1.417) | 0.037 | (0.236) | 0.745 | (0.815) | (0.661) |
Total income (loss) from operations | $ (1.200) | $ 0.529 | $ 0.254 | $ 1.221 | $ (0.276) | $ (0.062) |
Less Distributions | ||||||
From net investment income | $ (0.220) | $ (0.498) | $ (0.484) | $ (0.497) | $ (0.564) | $ (0.618) |
Tax return of capital | — | (0.011) | — | (0.014) | — | — |
Total distributions | $ (0.220) | $ (0.509) | $ (0.484) | $ (0.511) | $ (0.564) | $ (0.618) |
Net asset value — End of period | $ 11.850 | $ 13.270 | $ 13.250 | $ 13.480 | $ 12.770 | $ 13.610 |
Market value — End of period | $ 10.480 | $ 12.270 | $ 11.800 | $ 12.440 | $ 11.060 | $ 12.930 |
Total Investment Return on Net Asset Value(2) | (9.00)% (3) | 4.34% | 2.37% | 10.25% | (1.50)% | 0.02% |
Total Investment Return on Market Value(2) | (12.94)% (3) | 8.30% | (1.21)% | 17.47% | (10.20)% | (5.18)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $214,629 | $240,448 | $240,042 | $244,319 | $199,929 | $213,185 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 1.02% (4) | 1.06% | 1.09% | 1.10% | 1.19% | 1.22% |
Interest and fee expense(5) | 0.34% (4) | 0.35% | 0.93% | 1.38% | 1.35% | 0.94% |
Total expenses | 1.36% (4) | 1.41% | 2.02% | 2.48% | 2.54% | 2.16% |
Net investment income | 3.35% (4) | 3.65% | 3.68% | 3.63% | 4.10% | 4.41% |
Portfolio Turnover | 17% (3) | 15% | 31% | 25% | 15% | 10% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G). |
Municipal Fund | California Fund | New York Fund | |
Floating Rate Notes Outstanding | $644,086,035 | $208,553,000 | $117,764,643 |
Interest Rate or Range of Interest Rates (%) | 0.51 - 0.81 | 0.53 - 0.63 | 0.53 - 0.60 |
Collateral for Floating Rate Notes Outstanding | $880,509,917 | $284,555,613 | $158,430,297 |
Municipal Fund | California Fund | New York Fund | |
Average Floating Rate Notes Outstanding | $657,934,725 | $208,285,000 | $129,123,187 |
Average Interest Rate | 0.65% | 0.66% | 0.62% |
Municipal Fund | California Fund | New York Fund | |
Deferred capital losses: | |||
Short-term | $37,196,077 | $16,096,629 | $8,722,573 |
Long-term | $ 564,388 | $19,513,468 | $3,069,665 |
Municipal Fund | California Fund | New York Fund | |
Deferred capital losses from reorganizations: | |||
Short-term | $ — | $2,349,785 | $1,398,642 |
Long-term | $ — | $1,908,450 | $ — |
Municipal Fund | California Fund | New York Fund | |
Aggregate cost | $ 835,160,611 | $260,049,153 | $209,313,618 |
Gross unrealized appreciation | $ 61,291,940 | $ 12,248,251 | $ 6,316,880 |
Gross unrealized depreciation | (12,761,707) | (5,657,853) | (6,861,391) |
Net unrealized appreciation (depreciation) | $ 48,530,233 | $ 6,590,398 | $ (544,511) |
Municipal Fund | California Fund | New York Fund | |
Investment Adviser Fee | $4,908,238 | $1,535,616 | $1,069,926 |
Municipal Fund | California Fund | New York Fund | |
Purchases | $211,903,579 | $37,842,516 | $58,061,760 |
Sales | $226,948,002 | $41,638,488 | $67,682,959 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Municipal Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 11,928,627 | $ — | $ 11,928,627 |
Tax-Exempt Mortgage-Backed Securities | — | 3,195,169 | — | 3,195,169 |
Tax-Exempt Municipal Obligations | — | 1,512,653,083 | — | 1,512,653,083 |
Total Investments | $ — | $1,527,776,879 | $ — | $1,527,776,879 |
California Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Mortgage-Backed Securities | $ — | $ 1,620,890 | $ — | $ 1,620,890 |
Tax-Exempt Municipal Obligations | — | 453,803,693 | — | 453,803,693 |
Taxable Municipal Obligations | — | 19,767,968 | — | 19,767,968 |
Total Investments | $ — | $475,192,551 | $ — | $475,192,551 |
New York Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 1,159,370 | $ — | $ 1,159,370 |
Tax-Exempt Municipal Obligations | — | 321,837,278 | — | 321,837,278 |
Taxable Municipal Obligations | — | 2,053,542 | — | 2,053,542 |
Trust Units | — | 1,483,560 | — | 1,483,560 |
Total Investments | $ — | $326,533,750 | $ — | $326,533,750 |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
William H. Park |
Helen Frame Peters | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Ms. Wiser began serving as a Trustee effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
State Street Financial Center, One Lincoln Street
Boston, MA 02111
6201 15th Avenue
Brooklyn, NY 11219
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance California Municipal Bond Fund
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | May 23, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | May 23, 2022 | |
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | May 23, 2022 |