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: 811-04409
Eaton Vance Municipals Trust
(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)
July 31
Date of Fiscal Year End
July 31, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 12/13/1993 | 07/25/1991 | 0.23% | 1.22% | 2.48% |
Class A with 3.25% Maximum Sales Charge | — | — | (3.08) | 0.54 | 2.14 |
Class C at NAV | 12/16/2005 | 07/25/1991 | (0.57) | 0.46 | 1.87 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.54) | 0.46 | 1.87 |
Class I at NAV | 08/03/2010 | 07/25/1991 | 0.43 | 1.42 | 2.68 |
Bloomberg Municipal Bond Index | — | — | 0.93% | 1.87% | 2.81% |
Bloomberg Arizona Municipal Bond Index | — | — | 0.41 | 1.58 | 2.65 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.69% | 1.44% | 0.49% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.74% | 1.99% | 2.94% |
Taxable-Equivalent Distribution Rate | 4.84 | 3.51 | 5.19 |
SEC 30-day Yield | 2.81 | 2.16 | 3.11 |
Taxable-Equivalent SEC 30-day Yield | 4.96 | 3.81 | 5.48 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 07/31/2013 | $12,039 | N.A. |
Class I, at minimum investment | $1,000,000 | 07/31/2013 | $1,303,403 | N.A. |
Credit Quality (% of total investments)1 |
1 | 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. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 04/19/1994 | 05/01/1992 | 0.41% | 1.27% | 2.43% |
Class A with 3.25% Maximum Sales Charge | — | — | (2.84) | 0.61 | 2.09 |
Class C at NAV | 02/09/2006 | 05/01/1992 | (0.34) | 0.52 | 1.81 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.32) | 0.52 | 1.81 |
Class I at NAV | 03/03/2008 | 05/01/1992 | 0.62 | 1.47 | 2.63 |
Bloomberg Municipal Bond Index | — | — | 0.93% | 1.87% | 2.81% |
Bloomberg Connecticut Municipal Bond Index | — | — | 0.81 | 2.18 | 2.52 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.69% | 1.44% | 0.49% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.80% | 2.04% | 3.00% |
Taxable-Equivalent Distribution Rate | 5.35 | 3.91 | 5.74 |
SEC 30-day Yield | 2.89 | 2.24 | 3.19 |
Taxable-Equivalent SEC 30-day Yield | 5.54 | 4.29 | 6.11 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 07/31/2013 | $11,963 | N.A. |
Class I, at minimum investment | $1,000,000 | 07/31/2023 | $1,296,845 | N.A. |
Credit Quality (% of total investments)1 |
1 | 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. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 12/09/1993 | 07/29/1991 | 0.05% | 1.43% | 2.25% |
Class A with 3.25% Maximum Sales Charge | — | — | (3.22) | 0.76 | 1.92 |
Class C at NAV | 12/21/2005 | 07/29/1991 | (0.64) | 0.67 | 1.65 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.62) | 0.67 | 1.65 |
Class I at NAV | 08/03/2010 | 07/29/1991 | 0.25 | 1.63 | 2.46 |
Bloomberg Municipal Bond Index | — | — | 0.93% | 1.87% | 2.81% |
Bloomberg Minnesota Municipal Bond Index | — | — | 0.63 | 1.66 | 2.33 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.66% | 1.41% | 0.46% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.30% | 1.54% | 2.49% |
Taxable-Equivalent Distribution Rate | 4.67 | 3.13 | 5.06 |
SEC 30-day Yield | 2.47 | 1.80 | 2.75 |
Taxable-Equivalent SEC 30-day Yield | 5.00 | 3.65 | 5.57 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 07/31/2013 | $11,774 | N.A. |
Class I, at minimum investment | $1,000,000 | 07/31/2013 | $1,274,787 | N.A. |
Credit Quality (% of total investments)1 |
1 | 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. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 04/13/1994 | 01/08/1991 | 0.10% | 1.58% | 2.70% |
Class A with 3.25% Maximum Sales Charge | — | — | (3.19) | 0.90 | 2.37 |
Class C at NAV | 12/14/2005 | 01/08/1991 | (0.65) | 0.83 | 2.08 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.62) | 0.83 | 2.08 |
Class I at NAV | 03/03/2008 | 01/08/1991 | 0.42 | 1.80 | 2.92 |
Bloomberg Municipal Bond Index | — | — | 0.93% | 1.87% | 2.81% |
Bloomberg New Jersey Municipal Bond Index | — | — | 1.94 | 2.70 | 3.48 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.69% | 1.44% | 0.49% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.82% | 2.07% | 3.02% |
Taxable-Equivalent Distribution Rate | 5.83 | 4.28 | 6.24 |
SEC 30-day Yield | 2.79 | 2.14 | 3.09 |
Taxable-Equivalent SEC 30-day Yield | 5.77 | 4.42 | 6.37 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 07/31/2013 | $12,292 | N.A. |
Class I, at minimum investment | $1,000,000 | 07/31/2013 | $1,333,150 | N.A. |
Credit Quality (% of total investments)1 |
1 | 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. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 06/01/1994 | 01/08/1991 | 0.49% | 1.11% | 2.23% |
Class A with 3.25% Maximum Sales Charge | — | — | (2.81) | 0.44 | 1.90 |
Class C at NAV | 01/13/2006 | 01/08/1991 | (0.42) | 0.35 | 1.62 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.39) | 0.35 | 1.62 |
Class I at NAV | 03/03/2008 | 01/08/1991 | 0.70 | 1.32 | 2.43 |
Bloomberg Municipal Bond Index | — | — | 0.93% | 1.87% | 2.81% |
Bloomberg Pennsylvania Municipal Bond Index | — | — | 1.14 | 2.13 | 3.05 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.74% | 1.49% | 0.54% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 3.35% | 2.60% | 3.55% |
Taxable-Equivalent Distribution Rate | 5.97 | 4.63 | 6.33 |
SEC 30-day Yield | 3.14 | 2.49 | 3.44 |
Taxable-Equivalent SEC 30-day Yield | 5.59 | 4.44 | 6.13 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 07/31/2013 | $11,739 | N.A. |
Class I, at minimum investment | $1,000,000 | 07/31/2013 | $1,270,976 | N.A. |
Credit Quality (% of total investments)1 |
1 | 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 views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Arizona Municipal Bond Index is an unmanaged index of Arizona municipal bonds. Bloomberg Connecticut Municipal Bond Index is an unmanaged index of Connecticut municipal bonds. Bloomberg Minnesota Municipal Bond Index is an unmanaged index of Minnesota municipal bonds. Bloomberg New Jersey Municipal Bond Index is an unmanaged index of New Jersey municipal bonds. Bloomberg Pennsylvania Municipal Bond Index is an unmanaged index of Pennsylvania municipal bonds. 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 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. |
3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
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 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. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. 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. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
Fund profiles subject to change due to active management. | |
Additional Information | |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. | |
Important Notice to Shareholders | |
Effective August 17, 2023, the portfolio managers of Eaton Vance Arizona Municipal Income Fund and Eaton Vance Connecticut Municipal Income Fund are Trevor G. Smith and Carl A. Thompson and the portfolio managers of Eaton Vance Pennsylvania Municipal Income Fund are Christopher J. Eustance and Paul Metheny. |
Beginning Account Value (2/1/23) | Ending Account Value (7/31/23) | Expenses Paid During Period* (2/1/23 – 7/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 997.40 | $3.66 | 0.74% |
Class C | $1,000.00 | $ 994.40 | $7.37 | 1.49% |
Class I | $1,000.00 | $ 998.40 | $2.68 | 0.54% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.13 | $3.71 | 0.74% |
Class C | $1,000.00 | $1,017.41 | $7.45 | 1.49% |
Class I | $1,000.00 | $1,022.12 | $2.71 | 0.54% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2023. |
Beginning Account Value (2/1/23) | Ending Account Value (7/31/23) | Expenses Paid During Period* (2/1/23 – 7/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 996.50 | $3.42 | 0.69% |
Class C | $1,000.00 | $ 993.80 | $7.12 | 1.44% |
Class I | $1,000.00 | $ 997.50 | $2.43 | 0.49% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.37 | $3.46 | 0.69% |
Class C | $1,000.00 | $1,017.65 | $7.20 | 1.44% |
Class I | $1,000.00 | $1,022.37 | $2.46 | 0.49% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2023. |
Beginning Account Value (2/1/23) | Ending Account Value (7/31/23) | Expenses Paid During Period* (2/1/23 – 7/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 994.80 | $3.51 | 0.71% |
Class C | $1,000.00 | $ 991.30 | $7.21 | 1.46% |
Class I | $1,000.00 | $ 995.80 | $2.52 | 0.51% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.27 | $3.56 | 0.71% |
Class C | $1,000.00 | $1,017.56 | $7.30 | 1.46% |
Class I | $1,000.00 | $1,022.27 | $2.56 | 0.51% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2023. |
Beginning Account Value (2/1/23) | Ending Account Value (7/31/23) | Expenses Paid During Period* (2/1/23 – 7/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,000.80 | $3.52 | 0.71% |
Class C | $1,000.00 | $ 997.70 | $7.23 | 1.46% |
Class I | $1,000.00 | $1,003.00 | $2.53 | 0.51% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.27 | $3.56 | 0.71% |
Class C | $1,000.00 | $1,017.56 | $7.30 | 1.46% |
Class I | $1,000.00 | $1,022.27 | $2.56 | 0.51% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2023. |
Beginning Account Value (2/1/23) | Ending Account Value (7/31/23) | Expenses Paid During Period* (2/1/23 – 7/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 998.90 | $4.11 | 0.83% |
Class C | $1,000.00 | $ 994.60 | $7.81 | 1.58% |
Class I | $1,000.00 | $1,000.00 | $3.12 | 0.63% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.68 | $4.16 | 0.83% |
Class C | $1,000.00 | $1,016.96 | $7.90 | 1.58% |
Class I | $1,000.00 | $1,021.67 | $3.16 | 0.63% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2023. |
Tax-Exempt Municipal Obligations — 89.2% |
Security | Principal Amount (000's omitted) | Value | |
Education — 12.6% | |||
Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39(1) | $ | 250 | $ 242,515 |
Arizona Industrial Development Authority, (Doral Academy of Nevada): | |||
5.00%, 7/15/39 | 55 | 53,895 | |
5.00%, 7/15/40(1) | 350 | 340,469 | |
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 60 | 45,233 | |
Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 3.00%, 12/15/31(1) | 525 | 451,925 | |
Arizona State University, 5.00%, 7/1/36 | 1,150 | 1,182,212 | |
Glendale Industrial Development Authority, AZ, (Midwestern University Foundation), (AMT), 2.125%, 7/1/33 | 250 | 205,117 | |
La Paz County Industrial Development Authority, AZ, (Harmony Public Schools), 4.00%, 2/15/41 | 430 | 373,696 | |
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools), 4.00%, 7/1/41(1) | 500 | 413,705 | |
Northern Arizona University, 5.00%, 6/1/38 | 1,000 | 1,033,620 | |
Phoenix Industrial Development Authority, AZ, (Legacy Traditional Schools), 5.00%, 7/1/46(1) | 500 | 460,910 | |
Pima County Community College District, AZ: | |||
5.00%, 7/1/33 | 300 | 328,734 | |
5.00%, 7/1/35 | 720 | 784,685 | |
University of Arizona: | |||
5.00%, 6/1/38 | 1,500 | 1,550,025 | |
5.00%, 8/1/38 | 600 | 656,778 | |
5.00%, 6/1/42 | 1,500 | 1,612,830 | |
$ 9,736,349 | |||
Electric Utilities — 8.7% | |||
Mesa, AZ, Utility Systems Revenue: | |||
4.00%, 7/1/31 | $ | 1,160 | $ 1,185,091 |
5.00%, 7/1/36 | 1,000 | 1,167,440 | |
Pinal County Electrical District No. 3, AZ, 5.00%, 7/1/33 | 1,000 | 1,051,620 | |
Salt River Project Agricultural Improvement and Power District, AZ: | |||
5.00%, 1/1/45 | 1,000 | 1,090,900 | |
5.00%, 1/1/50 | 2,000 | 2,195,980 | |
$ 6,691,031 | |||
General Obligations — 9.9% | |||
Chandler Unified School District No. 80, AZ, 4.00%, 7/1/33 | $ | 225 | $ 231,964 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/42 | $ | 1,550 | $ 1,550,062 |
Phoenix Union High School District No. 210, AZ, 4.00%, 7/1/39 | 300 | 302,247 | |
Puerto Rico: | |||
0.00%, 7/1/33 | 750 | 458,070 | |
5.625%, 7/1/29 | 1,000 | 1,070,110 | |
Scottsdale, AZ, 4.00%, 7/1/39 | 1,500 | 1,529,685 | |
Tempe, AZ: | |||
5.00%, 7/1/24 | 1,000 | 1,016,300 | |
5.00%, 7/1/43 | 1,000 | 1,122,690 | |
Western Maricopa Education Center District No. 402, AZ, 4.50%, 7/1/34 | 350 | 350,983 | |
$ 7,632,111 | |||
Hospital — 6.6% | |||
Arizona Health Facilities Authority, (Scottsdale Lincoln Hospitals), 5.00%, 12/1/39 | $ | 1,665 | $ 1,676,239 |
Maricopa County Industrial Development Authority, AZ, (Banner Health): | |||
4.00%, 1/1/44 | 500 | 485,710 | |
Series 2019-E, 4.00%, 1/1/45 | 1,000 | 971,620 | |
Maricopa County Industrial Development Authority, AZ, (HonorHealth), 5.00%, 9/1/32 | 400 | 432,380 | |
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33 | 500 | 500,235 | |
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/32 | 1,005 | 1,015,934 | |
$ 5,082,118 | |||
Housing — 2.2% | |||
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): | |||
5.00%, 7/1/39 | $ | 500 | $ 508,725 |
5.00%, 7/1/44 | 250 | 252,135 | |
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): | |||
5.00%, 7/1/27 | 415 | 429,882 | |
5.00%, 7/1/37 | 500 | 510,450 | |
$ 1,701,192 | |||
Industrial Development Revenue — 7.1% | |||
Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | $ | 2,000 | $ 2,056,040 |
Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47(1) | 500 | 431,044 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.): | |||
3.60%, 2/1/40 | $ | 250 | $ 218,306 |
4.50%, 8/1/42 | 850 | 814,453 | |
Yavapai County Industrial Development Authority, AZ, (Republic Services, Inc.), 3.80% to 9/1/23 (Put Date), 4/1/29 | 2,000 | 2,000,000 | |
$ 5,519,843 | |||
Insured - Electric Utilities — 0.9% | |||
Puerto Rico Electric Power Authority: | |||
(NPFG), 5.25%, 7/1/29 | $ | 485 | $ 480,509 |
Series SS, (NPFG), 5.00%, 7/1/25 | 245 | 245,095 | |
$ 725,604 | |||
Insured - General Obligations — 12.0% | |||
Apache Junction Unified School District No. 43, AZ, (AGM), 5.00%, 7/1/24 | $ | 1,200 | $ 1,218,036 |
Cartwright Elementary School District No. 83, AZ, (AGM), 5.25%, 7/1/42 | 1,390 | 1,552,380 | |
Maricopa County Elementary School District No. 2, AZ, (AGM), 5.00%, 7/1/34 | 1,000 | 1,155,030 | |
Maricopa County Elementary School District No. 3, AZ, (AGM), 5.00%, 7/1/25 | 2,670 | 2,762,329 | |
Maricopa County Elementary School District No. 25, AZ, (AGM), 4.375%, 7/1/42 | 2,120 | 2,195,281 | |
Maricopa County Elementary School District No. 66, AZ, (BAM), 4.00%, 7/1/39 | 400 | 402,188 | |
$ 9,285,244 | |||
Insured - Lease Revenue/Certificates of Participation — 1.9% | |||
Higley Unified School District No. 60, AZ, Certificates of Participation: | |||
(AGM), 4.125%, 6/1/42 | $ | 500 | $ 502,745 |
(AGM), 4.25%, 6/1/47 | 1,000 | 1,002,100 | |
$ 1,504,845 | |||
Insured - Special Tax Revenue — 4.2% | |||
Glendale, AZ, Transportation Excise Tax Revenue, (AGM), 5.00%, 7/1/30 | $ | 1,250 | $ 1,288,525 |
Phoenix Civic Improvement Corp., AZ, (Civic Plaza), (NPFG), 5.50%, 7/1/41 | 1,635 | 1,995,632 | |
$ 3,284,157 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue — 1.8% | |||
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | $ | 1,355 | $ 1,417,709 |
$ 1,417,709 | |||
Senior Living/Life Care — 1.9% | |||
Glendale Industrial Development Authority, AZ, (Royal Oaks - Inspirata Pointe), 5.00%, 5/15/41 | $ | 500 | $ 462,730 |
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28 | 225 | 207,434 | |
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): | |||
4.00%, 12/1/29 | 380 | 352,154 | |
4.00%, 12/1/30 | 500 | 457,200 | |
$ 1,479,518 | |||
Special Tax Revenue — 6.0% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(1) | $ | 200 | $ 197,382 |
Bullhead City, AZ, Excise Taxes Revenue: | |||
0.75%, 7/1/25 | 40 | 37,287 | |
1.30%, 7/1/28 | 500 | 445,125 | |
2.10%, 7/1/36 | 580 | 464,974 | |
2.55%, 7/1/46 | 125 | 87,389 | |
4.00%, 7/1/32 | 275 | 286,762 | |
Phoenix Civic Improvement Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/45 | 1,000 | 979,640 | |
Pinal County, AZ, Pledged Revenue: | |||
4.00%, 8/1/33 | 600 | 622,140 | |
4.00%, 8/1/36 | 500 | 510,680 | |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1,000 | 975,760 | |
$ 4,607,139 | |||
Transportation — 6.5% | |||
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/33 | $ | 1,000 | $ 1,013,680 |
Phoenix Civic Improvement Corp., AZ, Airport Revenue: | |||
(AMT), 4.00%, 7/1/37 | 1,500 | 1,488,795 | |
(AMT), 4.00%, 7/1/38 | 1,000 | 988,320 | |
(AMT), 5.00%, 7/1/49 | 1,455 | 1,500,964 | |
$ 4,991,759 | |||
Water and Sewer — 6.9% | |||
Central Arizona Water Conservation District, 5.00%, 1/1/35 | $ | 1,500 | $ 1,549,365 |
Gilbert Water Resources Municipal Property Corp., AZ: | |||
4.00%, 7/1/36 | 750 | 764,280 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Gilbert Water Resources Municipal Property Corp., AZ: (continued) | |||
Green Bonds, 4.00%, 7/15/47 | $ | 1,000 | $ 991,660 |
Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.00%, 7/1/28 | 860 | 873,003 | |
Tucson, AZ, Water System Revenue: | |||
5.00%, 7/1/32 | 545 | 584,753 | |
5.00%, 7/1/35 | 530 | 563,819 | |
$ 5,326,880 | |||
Total Tax-Exempt Municipal Obligations (identified cost $69,236,940) | $ 68,985,499 |
Taxable Municipal Obligations — 8.1% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.2% | |||
Arizona Industrial Development Authority, (Doral Academy of Northern Nevada), 3.375%, 7/15/25(1) | $ | 135 | $ 128,115 |
La Paz County Industrial Development Authority, AZ, (Harmony Public Schools), 3.00%, 2/15/24 | 45 | 44,271 | |
$ 172,386 | |||
General Obligations — 2.4% | |||
Maricopa County Elementary School District No. 2, AZ, 4.50%, 7/1/24 | $ | 655 | $ 645,804 |
Maricopa, AZ: | |||
5.09%, 7/1/25 | 500 | 498,910 | |
5.45%, 7/1/24 | 710 | 709,602 | |
$ 1,854,316 | |||
Hospital — 2.6% | |||
Maricopa County Industrial Development Authority, AZ, (Banner Health), 5.40%, 1/1/56(2) | $ | 2,000 | $ 2,000,000 |
$ 2,000,000 | |||
Special Tax Revenue — 2.9% | |||
Cottonwood, AZ, Pledged Revenue, 2.625%, 7/1/35 | $ | 850 | $ 646,833 |
Tempe, AZ, Transit Excise Tax Revenue: | |||
1.145%, 7/1/27 | 540 | 471,927 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Tempe, AZ, Transit Excise Tax Revenue: (continued) | |||
1.345%, 7/1/28 | $ | 1,330 | $ 1,139,185 |
$ 2,257,945 | |||
Total Taxable Municipal Obligations (identified cost $6,764,123) | $ 6,284,647 |
Trust Units — 0.7% |
Security | Notional Amount (000's omitted) | Value | |
Transportation — 0.7% | |||
HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 500 | $ 501,940 |
Total Trust Units (identified cost $497,285) | $ 501,940 | ||
Total Investments — 98.0% (identified cost $76,498,348) | $ 75,772,086 | ||
Other Assets, Less Liabilities — 2.0% | $ 1,540,789 | ||
Net Assets — 100.0% | $ 77,312,875 |
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 July 31, 2023, the aggregate value of these securities is $2,711,298 or 3.5% of the Fund's net assets. |
(2) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2023. |
The Fund invests primarily in debt securities issued by Arizona 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 July 31, 2023, 19.5% 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 0.5% to 15.4% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
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. |
NPFG | – National Public Finance Guarantee Corp. |
Corporate Bonds — 0.9% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.9% | |||
Yale University, 0.873%, 4/15/25 | $ | 1,000 | $ 931,797 |
Total Corporate Bonds (identified cost $965,107) | $ 931,797 |
Tax-Exempt Municipal Obligations — 93.6% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 1.1% | |||
Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/34 | $ | 1,000 | $ 1,081,140 |
$ 1,081,140 | |||
Education — 20.0% | |||
Connecticut Health and Educational Facilities Authority, (Avon Old Farms School): | |||
4.00%, 7/1/41 | $ | 600 | $ 583,758 |
5.00%, 7/1/30 | 175 | 196,025 | |
Connecticut Health and Educational Facilities Authority, (Connecticut College): | |||
4.00%, 7/1/36 | 255 | 256,744 | |
4.00%, 7/1/37 | 270 | 267,983 | |
5.00%, 7/1/26 | 270 | 280,878 | |
Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/42 | 2,500 | 2,356,775 | |
Connecticut Health and Educational Facilities Authority, (Hopkins School), 5.25%, 7/1/47 | 1,725 | 1,880,595 | |
Connecticut Health and Educational Facilities Authority, (Quinnipiac University): | |||
4.125%, 7/1/41 | 500 | 480,540 | |
5.00%, 7/1/34 | 1,475 | 1,540,977 | |
5.00%, 7/1/48 | 1,000 | 1,058,650 | |
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/37 | 810 | 844,393 | |
Connecticut Health and Educational Facilities Authority, (The Taft School): | |||
4.00%, 7/1/28 | 135 | 141,288 | |
4.00%, 7/1/29 | 100 | 104,946 | |
4.00%, 7/1/30 | 125 | 131,266 | |
4.00%, 7/1/33 | 430 | 445,480 | |
4.00%, 7/1/34 | 1,095 | 1,131,354 | |
4.00%, 7/1/36 | 560 | 570,394 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Connecticut Health and Educational Facilities Authority, (University of New Haven): | |||
5.00%, 7/1/34 | $ | 810 | $ 826,062 |
5.00%, 7/1/35 | 850 | 857,378 | |
Connecticut Health and Educational Facilities Authority, (Yale University): | |||
0.375% to 7/12/24 (Put Date), 7/1/35 | 1,000 | 967,900 | |
2.00% to 7/1/26 (Put Date), 7/1/42 | 1,785 | 1,691,377 | |
2.80% to 2/10/26 (Put Date), 7/1/48 | 2,000 | 1,958,660 | |
4.28%, 7/1/42(1) | 2,000 | 2,000,000 | |
$ 20,573,423 | |||
Escrowed/Prerefunded — 1.5% | |||
Connecticut Higher Education Supplemental Loan Authority: | |||
(AMT), Prerefunded to 5/15/24, 4.00%, 11/15/30 | $ | 415 | $ 416,942 |
(AMT), Prerefunded to 11/15/25, 4.125%, 11/15/33 | 150 | 152,033 | |
Greater New Haven Water Pollution Control Authority, CT, Prerefunded to 8/15/24, 5.00%, 8/15/32 | 1,000 | 1,018,680 | |
$ 1,587,655 | |||
General Obligations — 29.3% | |||
Colchester, CT, 4.00%, 10/15/28 | $ | 440 | $ 445,047 |
Connecticut: | |||
4.00%, 1/15/38 | 1,000 | 1,017,120 | |
4.00%, 6/15/39 | 300 | 303,645 | |
4.00%, 6/15/41 | 300 | 302,136 | |
5.00%, 4/15/30 | 1,150 | 1,283,503 | |
Social Bonds, 5.00%, 11/15/42 | 1,500 | 1,654,575 | |
Darien, CT: | |||
4.00%, 4/25/24 | 1,000 | 1,005,440 | |
4.00%, 8/1/37 | 1,310 | 1,345,750 | |
4.00%, 4/15/48 | 1,125 | 1,113,142 | |
East Haddam, CT: | |||
3.00%, 12/1/35 | 400 | 378,224 | |
3.00%, 12/1/37 | 335 | 301,343 | |
East Lyme, CT, 5.00%, 8/8/24(2) | 1,500 | 1,519,380 | |
Ellington, CT: | |||
3.00%, 9/15/33 | 280 | 271,734 | |
3.00%, 9/15/35 | 210 | 196,176 | |
Enfield, CT, 4.00%, 8/1/29 | 500 | 522,520 | |
Greenwich, CT: | |||
4.00%, 7/15/29 | 450 | 454,091 | |
4.00%, 7/15/30 | 250 | 252,215 | |
4.00%, 7/15/32 | 400 | 403,512 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Groton, CT: | |||
Green Bonds, 4.00%, 4/1/40 | $ | 1,410 | $ 1,419,912 |
Green Bonds, 4.125%, 4/1/41 | 1,410 | 1,426,779 | |
Guilford, CT, 3.00%, 8/1/34 | 500 | 491,795 | |
Hartford, CT, Special Obligation Bonds, 5.00%, 4/1/24 | 750 | 757,740 | |
North Haven, CT, 5.00%, 7/15/25 | 1,490 | 1,545,577 | |
Norwalk, CT, 4.00%, 8/15/47 | 1,425 | 1,404,480 | |
Puerto Rico: | |||
0.00%, 7/1/33 | 750 | 458,070 | |
5.625%, 7/1/27 | 328 | 345,056 | |
5.625%, 7/1/29 | 1,250 | 1,337,637 | |
South Windsor, CT, 4.00%, 2/1/43 | 1,425 | 1,431,256 | |
Thomaston, CT, 3.00%, 8/8/23 | 2,000 | 1,999,680 | |
Waterbury, CT, 5.00%, 8/1/37 | 1,150 | 1,280,145 | |
West Haven, CT, 4.00%, 9/15/36 | 1,500 | 1,472,865 | |
Windsor Locks, CT: | |||
4.125%, 7/15/41 | 640 | 648,749 | |
4.25%, 7/15/48 | 1,280 | 1,287,770 | |
$ 30,077,064 | |||
Hospital — 8.2% | |||
Connecticut Health and Educational Facilities Authority, (Connecticut Children's Medical Center), 4.00%, 7/15/43 | $ | 1,535 | $ 1,475,166 |
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/49 | 1,500 | 1,301,640 | |
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/46 | 1,620 | 1,478,963 | |
Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33 | 2,000 | 2,094,420 | |
Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health): | |||
5.00%, 7/1/31 | 500 | 506,670 | |
5.00%, 7/1/34 | 1,520 | 1,539,395 | |
$ 8,396,254 | |||
Housing — 7.1% | |||
Connecticut Housing Finance Authority: | |||
4.00%, 11/15/38 | $ | 750 | $ 742,747 |
(SPA: TD Bank, N.A.), 3.92%, 11/15/50(3) | 2,800 | 2,800,000 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.00%, 5/15/35 | 700 | 707,196 | |
Social Bonds, 4.20%, 11/15/38(2) | 1,000 | 1,005,410 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 11/15/37 | 1,000 | 1,036,050 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Connecticut Housing Finance Authority: (continued) | |||
Sustainability Bonds, 4.05%, 11/15/42 | $ | 1,000 | $ 970,070 |
$ 7,261,473 | |||
Insured - Education — 4.4% | |||
Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School): | |||
(AMBAC), 5.25%, 7/1/30 | $ | 1,950 | $ 2,209,252 |
(AMBAC), 5.25%, 7/1/31 | 2,050 | 2,358,648 | |
$ 4,567,900 | |||
Insured - General Obligations — 6.6% | |||
Bridgeport, CT, (AGM), 5.00%, 8/15/32 | $ | 1,120 | $ 1,183,952 |
Hamden, CT, (BAM), 5.00%, 8/15/32 | 1,375 | 1,565,864 | |
New Britain, CT: | |||
(BAM), 4.00%, 3/1/47 | 2,000 | 1,986,580 | |
(BAM), 5.00%, 3/1/47 | 1,000 | 1,058,240 | |
New Haven, CT, (AGM), 5.00%, 8/1/25 | 1,000 | 1,014,940 | |
$ 6,809,576 | |||
Insured - Hospital — 1.0% | |||
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AGM), 4.00%, 7/1/37 | $ | 1,000 | $ 1,004,430 |
$ 1,004,430 | |||
Insured - Water and Sewer — 3.4% | |||
South Central Connecticut Regional Water Authority, (NPFG), 5.25%, 8/1/24 | $ | 3,420 | $ 3,488,195 |
$ 3,488,195 | |||
Senior Living/Life Care — 1.6% | |||
Connecticut Health and Educational Facilities Authority, (Covenant Home, Inc.), 5.00%, 12/1/34 | $ | 1,000 | $ 1,022,060 |
Connecticut Health and Educational Facilities Authority, (Jerome Home), 4.00%, 7/1/31 | 235 | 218,595 | |
Connecticut Health and Educational Facilities Authority, (McLean Affiliates, Inc.), 5.00%, 1/1/45(4) | 500 | 432,030 | |
$ 1,672,685 | |||
Special Tax Revenue — 4.5% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(4) | $ | 200 | $ 197,382 |
Connecticut, Special Tax Obligation Bonds: | |||
4.00%, 8/1/35 | 2,000 | 2,011,880 | |
5.00%, 7/1/39 | 1,000 | 1,129,960 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | $ | 1,360 | $ 1,327,033 |
$ 4,666,255 | |||
Student Loan — 1.7% | |||
Connecticut Higher Education Supplemental Loan Authority: | |||
(AMT), 4.00%, 11/15/36 | $ | 600 | $ 573,786 |
(AMT), 4.25%, 11/15/38 | 695 | 666,602 | |
(AMT), 5.00%, 11/15/28 | 250 | 266,535 | |
(AMT), 5.00%, 11/15/29 | 240 | 258,545 | |
$ 1,765,468 | |||
Transportation — 0.8% | |||
Connecticut Airport Authority, (Ground Transportation Center), (AMT), 4.00%, 7/1/49 | $ | 1,000 | $ 838,100 |
$ 838,100 | |||
Water and Sewer — 2.4% | |||
South Central Connecticut Regional Water Authority: | |||
4.00%, 8/1/34 | $ | 450 | $ 467,555 |
5.00%, 8/1/32 | 355 | 397,696 | |
Stamford, CT, (Water Pollution Control System): | |||
4.00%, 4/1/44 | 1,000 | 998,580 | |
5.00%, 9/15/29 | 200 | 207,722 | |
5.00%, 9/15/30 | 125 | 129,696 | |
5.00%, 4/1/33 | 100 | 111,655 | |
5.00%, 4/1/34 | 100 | 111,926 | |
$ 2,424,830 | |||
Total Tax-Exempt Municipal Obligations (identified cost $97,026,257) | $ 96,214,448 |
Taxable Municipal Obligations — 5.1% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.3% | |||
Connecticut Health and Educational Facilities Authority, (Avon Old Farms School), 1.65%, 7/1/24 | $ | 300 | $ 288,462 |
$ 288,462 | |||
General Obligations — 3.0% | |||
Connecticut, 3.136%, 4/15/25 | $ | 770 | $ 742,488 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Naugatuck, CT: | |||
1.14%, 9/15/26 | $ | 200 | $ 177,736 |
1.40%, 9/15/27 | 250 | 217,807 | |
1.60%, 9/15/28 | 255 | 217,880 | |
1.79%, 9/15/29 | 750 | 628,552 | |
Norwalk, CT, 1.381%, 7/15/29 | 1,000 | 826,790 | |
Watertown, CT, 2.25%, 10/15/33 | 290 | 227,540 | |
$ 3,038,793 | |||
Housing — 1.8% | |||
New York Housing Finance Agency, Social Bonds, (SPA: TD Bank, N.A.), 5.23%, 11/1/55(3) | $ | 1,885 | $ 1,885,000 |
$ 1,885,000 | |||
Total Taxable Municipal Obligations (identified cost $5,523,474) | $ 5,212,255 |
Trust Units — 0.7% |
Security | Notional Amount (000's omitted) | Value | |
Transportation — 0.7% | |||
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 670 | $ 672,600 |
Total Trust Units (identified cost $674,943) | $ 672,600 | ||
Total Investments — 100.3% (identified cost $104,189,781) | $103,031,100 | ||
Other Assets, Less Liabilities — (0.3)% | $ (278,964) | ||
Net Assets — 100.0% | $102,752,136 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | 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 July 31, 2023. |
(2) | When-issued security. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2023. |
(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 July 31, 2023, the aggregate value of these securities is $629,412 or 0.6% of the Fund's net assets. |
The Fund invests primarily in debt securities issued by Connecticut 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 July 31, 2023, 15.4% 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 3.1% to 4.5% 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. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
NPFG | – National Public Finance Guarantee Corp. |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 96.3% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.9% | |||
Minnesota Public Facilities Authority, (Revolving Fund): | |||
5.00%, 3/1/29 | $ | 1,000 | $ 1,053,450 |
5.00%, 3/1/30 | 1,000 | 1,052,430 | |
$ 2,105,880 | |||
Education — 11.1% | |||
Minnesota Higher Education Facilities Authority, (Carleton College): | |||
5.00%, 3/1/29 | $ | 2,250 | $ 2,406,712 |
5.00%, 3/1/31 | 1,000 | 1,071,160 | |
5.00%, 3/1/34 | 500 | 534,750 | |
Minnesota Higher Education Facilities Authority, (College of Saint Benedict): | |||
4.00%, 3/1/36 | 400 | 388,764 | |
5.00%, 3/1/37 | 1,500 | 1,526,190 | |
5.00%, 10/1/52 | 2,000 | 2,081,980 | |
Minnesota Higher Education Facilities Authority, (College of St. Scholastica), 4.00%, 12/1/40 | 1,850 | 1,666,129 | |
Minnesota Higher Education Facilities Authority, (Gustavus Adolphus College), 5.00%, 10/1/35 | 565 | 596,600 | |
Minnesota Higher Education Facilities Authority, (Macalester College): | |||
5.00%, 3/1/27 | 500 | 512,225 | |
5.00%, 3/1/28 | 1,010 | 1,034,220 | |
Minnesota Higher Education Facilities Authority, (St. Catherine University), 5.00%, 10/1/32 | 500 | 531,765 | |
Minnesota Higher Education Facilities Authority, (St. Olaf College): | |||
4.00%, 10/1/35 | 500 | 502,975 | |
4.00%, 10/1/50 | 1,500 | 1,435,440 | |
5.00%, 12/1/29 | 1,815 | 1,878,325 | |
Minnesota Higher Education Facilities Authority, (University of St. Thomas): | |||
4.00%, 10/1/32 | 910 | 937,118 | |
5.00%, 10/1/30 | 650 | 697,463 | |
5.00%, 10/1/34 | 250 | 273,545 | |
5.00%, 4/1/35 | 750 | 784,598 | |
Series 2017A, 4.00%, 10/1/37 | 500 | 499,775 | |
Series 2019, 4.00%, 10/1/37 | 500 | 499,775 | |
St. Paul Housing and Redevelopment Authority, MN, (Hmong College Prep Academy), 5.00%, 9/1/43 | 1,000 | 924,740 | |
University of Minnesota: | |||
5.00%, 4/1/27 | 500 | 524,840 | |
5.00%, 8/1/27 | 625 | 645,713 | |
5.00%, 4/1/41 | 2,000 | 2,059,500 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
University of Minnesota: (continued) | |||
5.00%, 4/1/44 | $ | 2,000 | $ 2,151,780 |
$ 26,166,082 | |||
Electric Utilities — 7.5% | |||
Chaska, MN, Electric System Revenue, 5.00%, 10/1/30 | $ | 550 | $ 570,108 |
Hutchinson, MN, Public Utility Revenue, 5.00%, 12/1/26 | 350 | 350,455 | |
Minnesota Municipal Power Agency: | |||
4.00%, 10/1/41 | 3,415 | 3,395,910 | |
5.00%, 10/1/33 | 250 | 254,170 | |
5.00%, 10/1/34 | 250 | 254,170 | |
5.00%, 10/1/35 | 200 | 203,268 | |
5.00%, 10/1/47 | 1,210 | 1,250,051 | |
Northern Municipal Power Agency, MN: | |||
5.00%, 1/1/30 | 460 | 488,695 | |
5.00%, 1/1/31 | 670 | 697,249 | |
5.00%, 1/1/41 | 240 | 247,486 | |
Rochester, MN, Electric Utility Revenue: | |||
5.00%, 12/1/29 | 700 | 741,860 | |
5.00%, 12/1/30 | 700 | 740,040 | |
5.00%, 12/1/42 | 820 | 846,191 | |
St. Paul Port Authority, MN, District Energy Revenue: | |||
4.00%, 10/1/42 | 1,250 | 1,192,437 | |
Series 2017-4, (AMT), 4.00%, 10/1/40 | 1,000 | 958,440 | |
Series 2021-2, (AMT), 4.00%, 10/1/40 | 1,100 | 1,055,571 | |
Western Minnesota Municipal Power Agency: | |||
5.00%, 1/1/25 | 750 | 767,993 | |
5.00%, 1/1/27 | 750 | 800,715 | |
5.00%, 1/1/29 | 1,000 | 1,108,960 | |
5.00%, 1/1/30 | 750 | 847,612 | |
5.00%, 1/1/36 | 900 | 927,090 | |
$ 17,698,471 | |||
Escrowed/Prerefunded — 1.6% | |||
Western Minnesota Municipal Power Agency, Prerefunded to 1/1/24, 5.00%, 1/1/34 | $ | 3,700 | $ 3,725,752 |
$ 3,725,752 | |||
General Obligations — 37.9% | |||
Anoka-Hennepin Independent School District No. 11, MN: | |||
5.00%, 2/1/27 | $ | 1,000 | $ 1,074,070 |
5.00%, 2/1/28 | 1,040 | 1,120,226 | |
Brooklyn Center Independent School District No. 286, MN, 4.00%, 2/1/40 | 2,000 | 2,015,220 | |
Burnsville, MN, 3.00%, 12/20/32 | 620 | 617,973 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Centennial Independent School District No. 12, MN: | |||
0.00%, 2/1/28 | $ | 1,000 | $ 854,190 |
0.00%, 2/1/35 | 350 | 221,869 | |
Cloquet Independent School District No. 94, MN, 5.00%, 2/1/30 | 2,000 | 2,043,760 | |
Coon Rapids, MN, 5.00%, 2/1/33 | 1,525 | 1,793,415 | |
Duluth, MN: | |||
5.00%, 2/1/34 | 1,000 | 1,033,870 | |
Series 2016A, 5.00%, 2/1/31 | 1,000 | 1,041,160 | |
Series 2019C, 5.00%, 2/1/31 | 500 | 555,060 | |
Edina Independent School District No. 273, MN, 5.00%, 2/1/28 | 1,625 | 1,743,609 | |
Elk River Area Independent School District No. 728, MN, 4.00%, 2/1/32 | 2,000 | 2,011,480 | |
GFW Independent School District No. 2365, MN, 4.125%, 2/1/52 | 2,250 | 2,237,872 | |
Hawley Independent School District No. 150, MN, 4.25%, 2/1/46 | 2,250 | 2,267,842 | |
Hennepin County Independent School District No. 281, MN, 5.00%, 2/1/29 | 1,010 | 1,107,728 | |
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/32 | 675 | 757,282 | |
Hennepin County, MN: | |||
5.00%, 12/1/32 | 1,000 | 1,179,540 | |
5.00%, 12/15/33 | 2,280 | 2,549,952 | |
5.00%, 12/1/35 | 2,000 | 2,111,820 | |
5.00%, 12/1/39 | 2,000 | 2,294,140 | |
(SPA: TD Bank, N.A.), 3.90%, 12/1/38(1) | 1,865 | 1,865,000 | |
Jordan Independent School District No. 717, MN, 4.00%, 2/1/42(2) | 1,300 | 1,286,740 | |
Mahtomedi Independent School District No. 832, MN, 5.00%, 2/1/31 | 1,000 | 1,022,030 | |
Maple River Independent School District No. 2135, MN: | |||
4.00%, 2/1/45 | 1,200 | 1,206,000 | |
4.00%, 2/1/50 | 1,500 | 1,465,410 | |
Minneapolis Special School District No. 1, MN: | |||
4.00%, 2/1/33 | 1,500 | 1,564,965 | |
5.00%, 2/1/32 | 1,500 | 1,644,615 | |
Minneapolis, MN, 4.00%, 12/1/39 | 2,500 | 2,549,450 | |
Minneapolis-St. Paul Metropolitan Council, MN: | |||
4.00%, 3/1/43 | 2,000 | 2,016,980 | |
5.00%, 3/1/29 | 2,000 | 2,242,760 | |
Series 2018C, 5.00%, 3/1/28 | 2,500 | 2,692,525 | |
Series 2022B, 5.00%, 3/1/28 | 2,000 | 2,196,260 | |
Minnesota: | |||
4.00%, 9/1/41 | 2,000 | 2,055,320 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Minnesota: (continued) | |||
5.00%, 8/1/34 | $ | 500 | $ 552,730 |
5.00%, 10/1/34 | 1,000 | 1,081,850 | |
5.00%, 8/1/38 | 1,135 | 1,294,070 | |
Pipestone, Rock and Murray Counties Independent School District No. 2689, MN, 5.00%, 2/1/29 | 1,205 | 1,346,973 | |
Puerto Rico: | |||
5.625%, 7/1/29 | 1,500 | 1,605,165 | |
5.75%, 7/1/31 | 500 | 545,930 | |
Ramsey County, MN, 4.00%, 2/1/43 | 2,940 | 2,960,521 | |
Rice County, MN, 4.00%, 2/1/52 | 3,000 | 2,897,220 | |
Rosemount, MN: | |||
4.00%, 2/1/44(2) | 2,480 | 2,476,602 | |
4.00%, 2/1/48(2) | 1,885 | 1,848,111 | |
Rosemount-Apple Valley-Eagan Independent School District No. 196, MN: | |||
4.00%, 2/1/28 | 2,000 | 2,048,740 | |
5.00%, 2/1/27 | 1,000 | 1,048,020 | |
Round Lake-Brewster Independent School District No. 2907, MN, 4.00%, 2/1/46 | 2,680 | 2,576,204 | |
Sartell-St. Stephen Independent School District No. 748, MN: | |||
0.00%, 2/1/32 | 1,350 | 984,649 | |
0.00%, 2/1/37 | 1,500 | 846,300 | |
Scott County, MN, 4.00%, 12/1/34 | 2,000 | 2,121,260 | |
Spring Lake Park Independent School District No. 16, MN, 4.00%, 2/1/29 | 1,075 | 1,103,133 | |
St. Louis Park Independent School District No. 283, MN, 4.00%, 2/1/31 | 2,000 | 2,077,160 | |
St. Louis Park, MN, 4.00%, 2/1/28 | 1,000 | 1,041,930 | |
St. Paul, MN: | |||
5.00%, 12/1/27 | 750 | 797,055 | |
5.00%, 5/1/28 | 1,200 | 1,324,836 | |
Waseca Independent School District No. 829, MN, 4.00%, 2/1/28 | 1,575 | 1,613,383 | |
Watertown-Mayer Independent School District No. 111, MN, 0.00%, 2/1/36 | 1,000 | 600,030 | |
$ 89,232,005 | |||
Hospital — 14.8% | |||
Duluth Economic Development Authority, MN, (Essentia Health Obligated Group): | |||
5.00%, 2/15/37 | $ | 1,000 | $ 1,039,760 |
5.00%, 2/15/48 | 3,000 | 3,030,480 | |
Duluth Economic Development Authority, MN, (St. Luke's Hospital of Duluth Obligated Group): | |||
4.00%, 6/15/34 | 520 | 506,880 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Duluth Economic Development Authority, MN, (St. Luke's Hospital of Duluth Obligated Group): (continued) | |||
4.00%, 6/15/38 | $ | 375 | $ 340,181 |
4.00%, 6/15/39 | 225 | 201,762 | |
5.25%, 6/15/52 | 2,000 | 2,021,420 | |
Maple Grove, MN, (Maple Grove Hospital Corp.): | |||
5.00%, 5/1/30 | 850 | 887,902 | |
5.00%, 5/1/31 | 500 | 521,605 | |
5.00%, 5/1/32 | 500 | 519,630 | |
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/29 | 915 | 973,789 | |
Minneapolis, MN, (Allina Health System): | |||
4.00%, 11/15/37 | 3,250 | 3,217,370 | |
5.00% to 11/15/28 (Put Date), 11/15/52 | 2,000 | 2,152,220 | |
Minneapolis, MN, (Fairview Health Services), 5.00%, 11/15/28 | 225 | 230,978 | |
Rochester, MN, (Mayo Clinic): | |||
4.00%, 11/15/48 | 1,000 | 973,880 | |
5.00%, 11/15/57 | 750 | 807,623 | |
(SPA: Northern Trust Co.), 4.00%, 11/15/38(1) | 6,990 | 6,990,000 | |
St. Cloud, MN, (CentraCare Health System), 5.00%, 5/1/46 | 2,650 | 2,691,923 | |
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services): | |||
5.00%, 11/15/31 | 1,000 | 1,050,020 | |
5.00%, 11/15/34 | 500 | 523,635 | |
5.00%, 11/15/47 | 500 | 507,185 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group): | |||
5.00%, 7/1/29 | 2,500 | 2,561,025 | |
5.00%, 7/1/30 | 1,000 | 1,024,920 | |
5.00%, 7/1/32 | 1,995 | 2,040,725 | |
$ 34,814,913 | |||
Housing — 3.1% | |||
Minnesota Housing Finance Agency: | |||
2.15%, 7/1/45 | $ | 900 | $ 643,266 |
4.00%, 8/1/31 | 1,800 | 1,912,842 | |
4.00%, 8/1/39 | 2,055 | 2,057,918 | |
(FHLMC), (FNMA), (GNMA), 2.40%, 1/1/35 | 605 | 502,913 | |
(FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37 | 285 | 282,828 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.50%, 7/1/43 | 2,000 | 1,973,340 | |
$ 7,373,107 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Electric Utilities — 4.1% | |||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32 | $ | 1,150 | $ 1,132,784 |
Southern Minnesota Municipal Power Agency, (NPFG), 0.00%, 1/1/25 | 9,000 | 8,555,130 | |
$ 9,687,914 | |||
Insured - Hospital — 0.9% | |||
Minneapolis, MN, (Fairview Health Services), (AGM), 5.00%, 11/15/44 | $ | 2,000 | $ 2,029,180 |
$ 2,029,180 | |||
Lease Revenue/Certificates of Participation — 1.8% | |||
Anoka-Hennepin Independent School District No. 11, MN, 5.00%, 2/1/34 | $ | 1,000 | $ 1,006,740 |
Minnesota, 5.00%, 3/1/27 | 3,000 | 3,225,120 | |
$ 4,231,860 | |||
Other Revenue — 2.5% | |||
Center City, MN, (Hazelden Betty Ford Foundation): | |||
4.00%, 11/1/28 | $ | 825 | $ 820,322 |
4.00%, 11/1/34 | 500 | 477,665 | |
5.00%, 11/1/27 | 400 | 403,968 | |
5.00%, 11/1/29 | 300 | 302,610 | |
Minnesota Municipal Gas Agency: | |||
(Liq: Royal Bank of Canada), 4.00% to 12/1/27 (Put Date), 12/1/52 | 2,045 | 2,041,074 | |
(Liq: Royal Bank of Canada), 4.39%, (67% of SOFR + 1.00%), 12/1/27 (Put Date), 12/1/52(3) | 2,000 | 1,956,680 | |
$ 6,002,319 | |||
Senior Living/Life Care — 2.3% | |||
Apple Valley, MN, (PHS Apple Valley Senior Housing, Inc.): | |||
4.50%, 9/1/53 | $ | 940 | $ 803,690 |
5.00%, 9/1/43 | 1,000 | 959,570 | |
North Oaks, MN, (Waverly Gardens): | |||
4.00%, 10/1/25 | 1,600 | 1,593,696 | |
4.00%, 10/1/26 | 1,680 | 1,668,089 | |
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/44 | 435 | 357,157 | |
$ 5,382,202 | |||
Special Tax Revenue — 1.7% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(4) | $ | 200 | $ 197,382 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | $ | 4,000 | $ 3,903,040 |
$ 4,100,422 | |||
Student Loan — 0.9% | |||
Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue, (AMT), 4.00%, 11/1/42 | $ | 2,250 | $ 2,148,165 |
$ 2,148,165 | |||
Transportation — 3.9% | |||
Minneapolis-St. Paul Metropolitan Airports Commission, MN: | |||
5.00%, 1/1/35 | $ | 1,000 | $ 1,005,030 |
5.00%, 1/1/52 | 1,500 | 1,596,570 | |
(AMT), 5.00%, 1/1/28 | 1,250 | 1,319,125 | |
(AMT), 5.00%, 1/1/33 | 1,200 | 1,291,368 | |
(AMT), 5.00%, 1/1/47 | 2,000 | 2,077,180 | |
(AMT), 5.25%, 1/1/47 | 1,750 | 1,866,952 | |
$ 9,156,225 | |||
Water and Sewer — 1.3% | |||
Saint Paul, MN, Water Revenue, 4.00%, 12/1/47 | $ | 3,000 | $ 3,026,730 |
$ 3,026,730 | |||
Total Tax-Exempt Municipal Obligations (identified cost $230,270,133) | $226,881,227 | ||
Total Investments — 96.3% (identified cost $230,270,133) | $226,881,227 | ||
Other Assets, Less Liabilities — 3.7% | $ 8,619,338 | ||
Net Assets — 100.0% | $235,500,565 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2023. |
(2) | When-issued security. |
(3) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2023. |
(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 July 31, 2023, the aggregate value of these securities is $197,382 or 0.1% of the Fund's net assets. |
The Fund invests primarily in debt securities issued by Minnesota 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 July 31, 2023, 5.2% 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 0.9% to 4.3% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
Liq | – Liquidity Provider |
NPFG | – National Public Finance Guarantee Corp. |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 90.4% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 1.1% | |||
New Jersey Infrastructure Bank: | |||
Green Bonds, 5.00%, 9/1/36 | $ | 1,000 | $ 1,166,500 |
Green Bonds, 5.00%, 9/1/38 | 500 | 567,670 | |
$ 1,734,170 | |||
Education — 2.7% | |||
Essex County Improvement Authority, NJ, (Friends of TEAM Charter Schools, Inc.), Social Bonds, 4.00%, 6/15/56 | $ | 1,550 | $ 1,273,000 |
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/30 | 1,765 | 1,790,963 | |
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/42 | 1,000 | 1,062,700 | |
$ 4,126,663 | |||
Escrowed/Prerefunded — 2.4% | |||
Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/24, 5.00%, 1/1/28 | $ | 2,000 | $ 2,014,340 |
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group): | |||
Prerefunded to 7/1/26, 5.00%, 7/1/28 | 1,000 | 1,054,190 | |
Prerefunded to 7/1/26, 5.00%, 7/1/29 | 500 | 527,095 | |
$ 3,595,625 | |||
General Obligations — 19.5% | |||
Bergen County Improvement Authority, NJ, (Bergen New Bridge Medical Center), 5.00%, 8/1/42 | $ | 2,575 | $ 2,883,768 |
Burlington County Bridge Commission, NJ: | |||
5.00%, 8/1/30 | 500 | 553,510 | |
5.00%, 8/1/31 | 410 | 454,616 | |
5.00%, 8/1/32 | 250 | 277,120 | |
5.00%, 10/1/36 | 1,000 | 1,076,000 | |
Chester Township, NJ: | |||
2.00%, 10/1/29 | 1,000 | 912,500 | |
2.00%, 10/1/30 | 495 | 446,901 | |
East Brunswick Board of Education, NJ, 4.00%, 8/1/34 | 1,200 | 1,266,900 | |
East Brunswick, NJ, 2.00%, 7/15/30 | 2,375 | 2,149,375 | |
Essex County, NJ: | |||
2.00%, 9/1/32 | 2,935 | 2,573,437 | |
4.00%, 8/15/33 | 1,170 | 1,261,669 | |
Gloucester County Improvement Authority, NJ, 4.00%, 4/1/35 | 2,000 | 2,031,500 | |
Hudson County Improvement Authority, NJ, 4.25%, 4/5/24 | 2,000 | 2,010,000 | |
Jersey City, NJ, 5.00%, 11/1/33 | 800 | 868,456 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Monmouth County Improvement Authority, NJ: | |||
3.00%, 12/1/36 | $ | 100 | $ 93,680 |
5.00%, 12/1/37 | 925 | 1,065,110 | |
5.00%, 12/1/38 | 645 | 737,132 | |
Morris County Improvement Authority, NJ: | |||
3.00%, 3/1/35 | 145 | 139,029 | |
3.00%, 3/1/36 | 150 | 140,932 | |
3.00%, 3/1/37 | 260 | 236,582 | |
3.00%, 3/1/39 | 275 | 239,616 | |
3.00%, 3/1/41 | 290 | 246,256 | |
3.00%, 3/1/44 | 930 | 772,644 | |
New Jersey, 2.00%, 6/1/27 | 3,635 | 3,419,663 | |
Passaic County Improvement Authority, NJ: | |||
3.00%, 8/15/36 | 110 | 102,292 | |
3.00%, 8/15/38 | 150 | 133,253 | |
Piscataway Township, NJ, 2.00%, 10/15/37 | 1,600 | 1,250,016 | |
Puerto Rico, 5.625%, 7/1/29 | 1,000 | 1,070,110 | |
Summit, NJ, 3.00%, 7/15/45 | 1,360 | 1,153,253 | |
$ 29,565,320 | |||
Hospital — 9.4% | |||
Camden County Improvement Authority, NJ, (Cooper Health System): | |||
5.00%, 2/15/35 | $ | 750 | $ 752,760 |
5.75%, 2/15/42 | 1,100 | 1,101,529 | |
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | 140 | 140,077 | |
New Jersey Health Care Facilities Financing Authority, (AtlantiCare Health System Obligated Group), 4.00%, 7/1/37 | 710 | 718,122 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): | |||
5.00%, 7/1/32 | 590 | 620,721 | |
5.00%, 7/1/39 | 2,750 | 2,825,103 | |
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital): | |||
5.00%, 7/1/32 | 50 | 50,936 | |
5.00%, 7/1/33 | 1,155 | 1,176,321 | |
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/31 | 2,355 | 2,491,449 | |
New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): | |||
3.00%, 7/1/32 | 1,100 | 979,484 | |
3.125%, 7/1/33 | 835 | 745,204 | |
4.00%, 7/1/48 | 3,000 | 2,564,610 | |
$ 14,166,316 |
Security | Principal Amount (000's omitted) | Value | |
Housing — 2.8% | |||
New Jersey Housing and Mortgage Finance Agency, SFMR: | |||
(AMT), 3.80%, 10/1/32 | $ | 2,350 | $ 2,285,587 |
Social Bonds, 4.50%, 10/1/42 | 1,975 | 1,975,000 | |
$ 4,260,587 | |||
Industrial Development Revenue — 3.8% | |||
New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 5.00%, 8/1/59 | $ | 3,000 | $ 3,078,000 |
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), 3.375%, 4/1/38 | 3,000 | 2,723,640 | |
$ 5,801,640 | |||
Insured - Education — 0.1% | |||
New Jersey Educational Facilities Authority, (William Paterson University), (AGM), 4.00%, 7/1/36 | $ | 135 | $ 136,752 |
$ 136,752 | |||
Insured - Electric Utilities — 2.0% | |||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $ | 3,020 | $ 2,972,616 |
$ 2,972,616 | |||
Insured - Escrowed/Prerefunded — 0.9% | |||
Bayonne, NJ, (AGM), Prerefunded to 8/1/25, 5.00%, 8/1/26 | $ | 865 | $ 896,719 |
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26 | 380 | 403,222 | |
$ 1,299,941 | |||
Insured - General Obligations — 5.5% | |||
Atlantic City, NJ, (AGM), 5.00%, 3/1/37 | $ | 1,500 | $ 1,572,645 |
Bayonne, NJ, (AGM), 5.00%, 8/1/25 | 615 | 634,298 | |
Montclair Board of Education, NJ, (BAM), 4.00%, 1/15/43 | 4,200 | 4,267,914 | |
Paterson, NJ, (BAM), 5.00%, 1/15/26 | 1,305 | 1,306,762 | |
Trenton, NJ, (BAM), 5.00%, 12/1/26 | 500 | 519,975 | |
$ 8,301,594 | |||
Insured - Lease Revenue/Certificates of Participation — 6.0% | |||
New Jersey Economic Development Authority, (Motor Vehicle Surcharges): | |||
(AGC), 0.00%, 7/1/26 | $ | 6,500 | $ 5,824,455 |
(AGC), 0.00%, 7/1/27 | 1,900 | 1,642,892 | |
(NPFG), 5.25%, 7/1/26 | 1,620 | 1,691,815 | |
$ 9,159,162 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Special Tax Revenue — 4.5% | |||
Garden State Preservation Trust, NJ, (AGM), 0.00%, 11/1/24 | $ | 6,000 | $ 5,743,080 |
Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.00%, 11/15/42 | 1,000 | 1,098,100 | |
$ 6,841,180 | |||
Insured - Transportation — 1.3% | |||
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31 | $ | 2,015 | $ 2,025,982 |
$ 2,025,982 | |||
Lease Revenue/Certificates of Participation — 6.9% | |||
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/37 | $ | 1,500 | $ 1,542,420 |
New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 1,700 | 1,849,821 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program): | |||
4.00%, 6/15/39 | 1,000 | 992,240 | |
2019 Series AA, 5.00%, 6/15/38 | 3,220 | 3,397,100 | |
2023 Series AA, 5.00%, 6/15/38 | 1,000 | 1,097,490 | |
New Jersey Transportation Trust Fund Authority, (Transportation System), 4.00%, 6/15/36 | 1,500 | 1,519,965 | |
$ 10,399,036 | |||
Other Revenue — 0.7% | |||
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32 | $ | 1,000 | $ 1,055,450 |
$ 1,055,450 | |||
Special Tax Revenue — 1.4% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(1) | $ | 200 | $ 197,382 |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1,995 | 1,946,641 | |
$ 2,144,023 | |||
Student Loan — 2.6% | |||
New Jersey Higher Education Student Assistance Authority: | |||
(AMT), 3.25%, 12/1/29 | $ | 530 | $ 514,985 |
(AMT), 4.00%, 12/1/34 | 345 | 343,496 | |
(AMT), 5.00%, 12/1/29 | 1,565 | 1,673,079 | |
(AMT), 6.446%, (3 mo. USD LIBOR + 0.95%), 6/1/36(2) | 1,450 | 1,450,652 | |
$ 3,982,212 |
Security | Principal Amount (000's omitted) | Value | |
Transportation — 16.3% | |||
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39 | $ | 1,000 | $ 1,002,980 |
Delaware River Port Authority of Pennsylvania and New Jersey: | |||
5.00%, 1/1/33 | 1,000 | 1,110,300 | |
5.00%, 1/1/35 | 2,270 | 2,511,006 | |
5.00%, 1/1/36 | 1,250 | 1,375,513 | |
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43 | 275 | 275,657 | |
New Jersey Turnpike Authority: | |||
4.50%, 1/1/48 | 2,000 | 2,080,240 | |
5.00%, 1/1/45 | 2,780 | 2,826,843 | |
Newark Housing Authority, NJ, (Newark Marine Terminal), 4.00%, 1/1/37 | 1,500 | 1,515,495 | |
Port Authority of New York and New Jersey: | |||
(AMT), 5.00%, 10/15/35 | 2,530 | 2,638,436 | |
(AMT), 5.00%, 11/15/36 | 3,160 | 3,247,342 | |
(AMT), 5.00%, 7/15/38 | 1,000 | 1,091,270 | |
(AMT), 5.00%, 7/15/40 | 1,375 | 1,491,160 | |
(AMT), 5.00%, 1/15/47 | 1,000 | 1,056,690 | |
South Jersey Transportation Authority, NJ: | |||
4.625%, 11/1/47 | 1,500 | 1,523,655 | |
5.00%, 11/1/31 | 1,000 | 1,013,030 | |
$ 24,759,617 | |||
Water and Sewer — 0.5% | |||
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 3.75% to 6/1/28 (Put Date), 11/1/34 | $ | 750 | $ 746,753 |
$ 746,753 | |||
Total Tax-Exempt Municipal Obligations (identified cost $138,930,389) | $137,074,639 |
Taxable Municipal Obligations — 5.0% |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 2.2% | |||
Atlantic City, NJ, 7.50%, 3/1/40 | $ | 455 | $ 506,802 |
Monroe Township Board of Education, NJ: | |||
1.126%, 3/1/26 | 585 | 529,126 | |
1.357%, 3/1/27 | 500 | 442,235 | |
1.547%, 3/1/28 | 500 | 433,765 | |
2.729%, 8/1/33 | 700 | 581,574 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Monroe Township Board of Education, NJ: (continued) | |||
2.849%, 8/1/35 | $ | 1,000 | $ 809,270 |
$ 3,302,772 | |||
Lease Revenue/Certificates of Participation — 2.8% | |||
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(3) | $ | 4,250 | $ 4,310,903 |
$ 4,310,903 | |||
Total Taxable Municipal Obligations (identified cost $8,253,015) | $ 7,613,675 | ||
Total Investments — 95.4% (identified cost $147,183,404) | $144,688,314 | ||
Other Assets, Less Liabilities — 4.6% | $ 6,906,878 | ||
Net Assets — 100.0% | $151,595,192 |
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 July 31, 2023, the aggregate value of these securities is $197,382 or 0.1% of the Fund's net assets. |
(2) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2023. |
(3) | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
The Fund invests primarily in debt securities issued by New Jersey 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 July 31, 2023, 21.2% 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 3.5% to 8.4% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
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. |
LIBOR | – London Interbank Offered Rate |
NPFG | – National Public Finance Guarantee Corp. |
SFMR | – Single Family Mortgage Revenue |
Currency Abbreviations: | |
USD | – United States Dollar |
Tax-Exempt Municipal Obligations — 94.7% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 3.5% | |||
Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 | $ | 4,500 | $ 5,506,650 |
$ 5,506,650 | |||
Cogeneration — 0.1% | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1) | $ | 1,323 | $ 238,218 |
$ 238,218 | |||
Education — 10.4% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 4.00%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(2) | $ | 1,600 | $ 1,555,328 |
Bethlehem Redevelopment Authority, PA, (Moravian University), 4.00%, 10/1/38 | 300 | 270,573 | |
Delaware County Authority, PA, (Villanova University), 5.00%, 8/1/45 | 1,120 | 1,144,046 | |
Lancaster Higher Education Authority, PA, (Elizabethtown College), 5.00%, 10/1/31 | 1,500 | 1,564,230 | |
Lehigh County General Purpose Authority, PA, (Lehigh Valley Academy Regional Charter School), 4.00%, 6/1/52 | 2,000 | 1,659,660 | |
Montgomery County Industrial Development Authority, PA, (Germantown Academy): | |||
4.00%, 10/1/41 | 450 | 386,429 | |
4.00%, 10/1/46 | 625 | 513,706 | |
Pennsylvania Higher Educational Facilities Authority, (Bryn Mawr College), 4.00%, 12/1/48 | 2,500 | 2,345,250 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 4.00%, 2/15/43 | 2,000 | 1,935,960 | |
Pennsylvania State University, 5.00%, 9/1/47 | 2,000 | 2,203,020 | |
Philadelphia Authority for Industrial Development, (Temple University), 5.00%, 4/1/45 | 1,035 | 1,046,696 | |
Swarthmore Borough Authority, PA, (Swarthmore College), 4.00%, 9/15/43 | 1,875 | 1,863,994 | |
$ 16,488,892 | |||
Escrowed/Prerefunded — 1.7% | |||
Chartiers Valley School District, PA, Prerefunded to 4/15/25, 5.00%, 10/15/35 | $ | 1,000 | $ 1,031,480 |
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), Prerefunded to 1/1/29, 5.00%, 1/1/39 | 1,525 | 1,688,739 | |
$ 2,720,219 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 5.5% | |||
Allegheny County, PA, 5.00%, 11/1/43 | $ | 1,000 | $ 1,061,790 |
Boyertown Area School District, PA: | |||
5.00%, 10/1/38 | 1,000 | 1,009,470 | |
5.00%, 10/1/42 | 500 | 537,165 | |
Cornwall-Lebanon School District, PA, 4.00%, 2/15/47 | 1,250 | 1,230,613 | |
Lower Merion School District, PA, 1.50%, 11/15/25 | 2,660 | 2,506,491 | |
North Allegheny School District, PA, 4.00%, 5/1/37 | 1,000 | 1,024,540 | |
Puerto Rico: | |||
5.625%, 7/1/29 | 500 | 535,055 | |
5.75%, 7/1/31 | 750 | 818,895 | |
$ 8,724,019 | |||
Hospital — 13.8% | |||
Allegheny County Hospital Development Authority, PA, (UPMC Health System), 4.00%, 7/15/37 | $ | 2,000 | $ 1,998,720 |
Bucks County Industrial Development Authority, PA, (Grand View Hospital): | |||
5.00%, 7/1/27 | 300 | 294,462 | |
5.00%, 7/1/35 | 500 | 479,665 | |
Chester County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 10/1/42 | 1,265 | 1,220,687 | |
Geisinger Authority, PA, (Geisinger Health System): | |||
4.00%, 4/1/39 | 2,000 | 1,980,020 | |
5.00%, 2/15/45 | 3,150 | 3,223,426 | |
Lancaster County Hospital Authority, PA, (Penn State Health): | |||
5.00%, 11/1/40 | 1,000 | 1,055,060 | |
5.00%, 11/1/46 | 1,500 | 1,563,600 | |
Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network), 4.00%, 7/1/49 | 2,000 | 1,854,520 | |
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 5/1/57 | 2,000 | 2,055,420 | |
Pennsylvania Economic Development Financing Authority, (UPMC), 4.40%, (SIFMA + 0.42%), 11/15/24(2) | 1,000 | 1,001,100 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System): | |||
4.00%, 8/15/38 | 2,225 | 2,227,893 | |
4.00%, 8/15/42 | 150 | 147,462 | |
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 4.00%, 6/1/49 | 3,000 | 2,812,680 | |
$ 21,914,715 | |||
Housing — 1.9% | |||
Pennsylvania Housing Finance Agency, SFMR: | |||
2.50%, 10/1/45 | $ | 1,350 | $ 968,841 |
Social Bonds, 4.40%, 10/1/38 | 1,000 | 1,009,320 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Pennsylvania Housing Finance Agency, SFMR: (continued) | |||
Social Bonds, 5.00%, 10/1/50 | $ | 1,100 | $ 1,115,741 |
$ 3,093,902 | |||
Industrial Development Revenue — 4.0% | |||
Montgomery County Industrial Development Authority, PA, (Constellation Energy Generation, LLC), 4.10% to 4/3/28 (Put Date), 4/1/53 | $ | 2,000 | $ 2,036,500 |
Pennsylvania Economic Development Financing Authority, (Republic Services, Inc.): | |||
3.625% to 10/2/23 (Put Date), 12/1/30 | 3,000 | 2,999,310 | |
(AMT), 4.10% to 10/16/23 (Put Date), 4/1/49 | 1,250 | 1,249,625 | |
$ 6,285,435 | |||
Insured - Education — 3.3% | |||
State Public School Building Authority, PA, (Delaware County Community College): | |||
(BAM), 4.00%, 10/1/40 | $ | 1,000 | $ 942,750 |
(BAM), 4.00%, 10/1/41 | 1,000 | 947,630 | |
(BAM), 4.00%, 10/1/42 | 1,000 | 946,150 | |
(BAM), 4.125%, 10/1/48 | 1,250 | 1,181,975 | |
(BAM), 5.25%, 10/1/44 | 1,100 | 1,179,860 | |
$ 5,198,365 | |||
Insured - Electric Utilities — 0.7% | |||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $ | 1,130 | $ 1,112,270 |
$ 1,112,270 | |||
Insured - Escrowed/Prerefunded — 2.9% | |||
Cambria County, PA, (BAM), Prerefunded to 8/1/24, 5.00%, 8/1/30 | $ | 2,270 | $ 2,309,748 |
McKeesport Area School District, PA: | |||
(AGM), Prerefunded to 9/1/23, 5.00%, 3/1/38 | 60 | 60,077 | |
(AMBAC), Escrowed to Maturity, 0.00%, 10/1/25 | 2,320 | 2,162,983 | |
$ 4,532,808 | |||
Insured - General Obligations — 9.1% | |||
Allentown City School District, PA: | |||
(BAM), 5.00%, 6/1/32 | $ | 1,000 | $ 1,041,540 |
(BAM), 5.00%, 6/1/33 | 1,000 | 1,040,440 | |
Bethlehem Area School District, PA, (BAM), 5.00%, 8/1/32 | 1,500 | 1,541,220 | |
Cambria County, PA, (BAM), 5.00%, 8/1/30 | 1,050 | 1,066,002 | |
Cumberland Valley School District, PA, (AGM), 5.00%, 11/15/44(3) | 1,275 | 1,382,916 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Elizabeth Forward School District, PA, (NPFG), 0.00%, 9/1/23 | $ | 2,170 | $ 2,163,164 |
Hopewell School District, PA, (AGM), 0.00%, 9/1/26 | 1,000 | 900,880 | |
Lake-Lehman School District, PA, (NPFG), 0.00%, 4/1/26 | 1,315 | 1,187,274 | |
Lancaster School District, PA, (AGM), 4.00%, 6/1/36 | 60 | 61,834 | |
Luzerne County, PA, (AGM), 5.00%, 11/15/29 | 1,000 | 1,030,310 | |
Montour School District, PA: | |||
(AGM), 5.00%, 4/1/32 | 1,000 | 1,029,580 | |
(AGM), 5.00%, 4/1/33 | 1,960 | 2,013,861 | |
$ 14,459,021 | |||
Insured - Hospital — 1.3% | |||
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ | 2,000 | $ 2,044,080 |
$ 2,044,080 | |||
Insured - Lease Revenue/Certificates of Participation — 1.2% | |||
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, (AGM), 4.00%, 6/1/39 | $ | 2,000 | $ 1,973,000 |
$ 1,973,000 | |||
Insured - Transportation — 2.5% | |||
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AGM), (AMT), 5.50%, 6/30/42 | $ | 1,500 | $ 1,678,950 |
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38 | 2,000 | 2,245,720 | |
$ 3,924,670 | |||
Insured - Water and Sewer — 5.3% | |||
Allegheny County Sanitary Authority, PA, (BAM), 5.00%, 12/1/28 | $ | 1,000 | $ 1,005,090 |
Bucks County Water and Sewer Authority, PA: | |||
(AGM), 4.25%, 12/1/47 | 1,200 | 1,208,928 | |
(AGM), 5.25%, 12/1/47 | 1,250 | 1,387,613 | |
Pittsburgh Water and Sewer Authority, PA, (AGM), 5.50%, 9/1/47 | 4,250 | 4,791,747 | |
$ 8,393,378 | |||
Lease Revenue/Certificates of Participation — 3.8% | |||
Commonwealth Financing Authority, PA, 5.00%, 6/1/35 | $ | 2,950 | $ 3,153,285 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Pennsylvania Economic Development Financing Authority, (Pennsylvania Rapid Bridge Replacement), 5.00%, 12/31/29 | $ | 1,375 | $ 1,413,115 |
Philadelphia Redevelopment Authority, PA, (Transformation Preservation Initiative), 5.00%, 4/15/24 | 1,500 | 1,518,000 | |
$ 6,084,400 | |||
Senior Living/Life Care — 3.8% | |||
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries): | |||
5.00%, 1/1/31 | $ | 500 | $ 509,465 |
5.00%, 1/1/39 | 575 | 570,095 | |
Prerefunded to 1/1/29, 5.00%, 1/1/39 | 190 | 210,400 | |
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): | |||
5.00%, 12/1/29 | 815 | 772,115 | |
5.00%, 12/1/33 | 455 | 419,642 | |
Lancaster County Hospital Authority, PA, (Brethren Village), 5.125%, 7/1/37 | 1,265 | 1,165,976 | |
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group): | |||
4.00%, 11/15/43 | 200 | 165,080 | |
5.00%, 11/15/45 | 1,000 | 949,670 | |
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33 | 1,000 | 953,690 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home), 4.00%, 11/15/46 | 525 | 401,189 | |
$ 6,117,322 | |||
Special Tax Revenue — 5.0% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), 5.00%, 5/1/42(4) | $ | 1,750 | $ 1,752,065 |
American Samoa Economic Development Authority, 5.00%, 9/1/38(4) | 200 | 197,382 | |
Pennsylvania Turnpike Commission, 4.00%, 12/1/51 | 1,000 | 947,870 | |
Puerto Rico Sales Tax Financing Corp.: | |||
0.00%, 7/1/24 | 20 | 19,315 | |
0.00%, 7/1/27 | 34 | 29,062 | |
0.00%, 7/1/29 | 34 | 26,590 | |
0.00%, 7/1/31 | 43 | 30,707 | |
0.00%, 7/1/33 | 49 | 31,858 | |
0.00%, 7/1/46 | 463 | 132,645 | |
0.00%, 7/1/51 | 377 | 80,527 | |
4.50%, 7/1/34 | 74 | 73,556 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Puerto Rico Sales Tax Financing Corp.: (continued) | |||
4.536%, 7/1/53 | $ | 5 | $ 4,584 |
5.00%, 7/1/58 | 2,533 | 2,471,600 | |
Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/47 | 2,000 | 2,222,900 | |
$ 8,020,661 | |||
Transportation — 11.8% | |||
Allegheny County Airport Authority, PA, (Pittsburgh International Airport): | |||
(AMT), 4.00%, 1/1/37 | $ | 5,000 | $ 4,951,350 |
(AMT), 5.00%, 1/1/56 | 1,000 | 1,027,980 | |
Pennsylvania Turnpike Commission: | |||
4.00%, 12/1/43 | 1,750 | 1,741,442 | |
4.25%, 12/1/41 | 1,125 | 1,155,094 | |
5.00%, 12/1/39 | 1,500 | 1,591,980 | |
5.00%, 12/1/41 | 1,250 | 1,369,663 | |
Philadelphia, PA, Airport Revenue: | |||
(AMT), 5.00%, 6/15/28 | 2,630 | 2,679,102 | |
(AMT), 5.00%, 7/1/33 | 1,000 | 1,097,500 | |
(AMT), 5.00%, 7/1/51 | 3,000 | 3,094,410 | |
$ 18,708,521 | |||
Water and Sewer — 3.1% | |||
Allegheny County Sanitary Authority, PA, 5.00%, 6/1/43 | $ | 1,425 | $ 1,515,730 |
Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39 | 750 | 689,542 | |
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 3.00%, 4/1/39 | 2,000 | 1,670,380 | |
Philadelphia, PA, Water and Wastewater Revenue, 5.00%, 10/1/43 | 1,000 | 1,054,650 | |
$ 4,930,302 | |||
Total Tax-Exempt Municipal Obligations (identified cost $150,692,423) | $150,470,848 |
Taxable Municipal Obligations — 2.9% |
Security | Principal Amount (000's omitted) | Value | |
Cogeneration — 0.1% | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1) | $ | 679 | $ 122,204 |
$ 122,204 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 0.9% | |||
Pennsylvania, 4.65%, 2/15/26 | $ | 1,455 | $ 1,437,962 |
$ 1,437,962 | |||
Insured - General Obligations — 0.1% | |||
Valley View School District, PA, (BAM), 2.875%, 5/15/31 | $ | 250 | $ 211,770 |
$ 211,770 | |||
Lease Revenue/Certificates of Participation — 0.8% | |||
Commonwealth Financing Authority, PA, 3.864%, 6/1/38 | $ | 1,500 | $ 1,320,015 |
$ 1,320,015 | |||
Other Revenue — 1.0% | |||
Philadelphia Industrial Development Authority, PA, City Service Agreement Revenue, 3.964%, 4/15/26 | $ | 1,585 | $ 1,535,992 |
$ 1,535,992 | |||
Total Taxable Municipal Obligations (identified cost $5,271,307) | $ 4,627,943 | ||
Total Investments — 97.6% (identified cost $155,963,730) | $155,098,791 | ||
Other Assets, Less Liabilities — 2.4% | $ 3,854,477 | ||
Net Assets — 100.0% | $158,953,268 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(2) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2023. |
(3) | When-issued security. |
(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 July 31, 2023, the aggregate value of these securities is $1,949,447 or 1.2% of the Fund's net assets. |
The Fund invests primarily in debt securities issued by Pennsylvania 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 July 31, 2023, 25.6% 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 4.2% to 12.7% 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. |
NPFG | – National Public Finance Guarantee Corp. |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
July 31, 2023 | |||
Arizona Fund | Connecticut Fund | Minnesota Fund | |
Assets | |||
Investments: | |||
Identified cost | $ 76,498,348 | $ 104,189,781 | $ 230,270,133 |
Unrealized depreciation | (726,262) | (1,158,681) | (3,388,906) |
Investments, at value | $75,772,086 | $103,031,100 | $226,881,227 |
Cash | $ 1,335,815 | $ 1,368,363 | $ 11,954,889 |
Interest receivable | 469,234 | 993,589 | 2,726,748 |
Receivable for Fund shares sold | 133,893 | 251,825 | 136,957 |
Total assets | $77,711,028 | $105,644,877 | $241,699,821 |
Liabilities | |||
Payable for when-issued securities | $ — | $ 2,521,615 | $ 5,616,926 |
Payable for Fund shares redeemed | 267,859 | 177,928 | 242,957 |
Distributions payable | 10,763 | 56,777 | 112,562 |
Payable to affiliates: | |||
Investment adviser fee | 19,948 | 27,809 | 71,044 |
Distribution and service fees | 6,699 | 9,972 | 13,019 |
Accrued expenses | 92,884 | 98,640 | 142,748 |
Total liabilities | $ 398,153 | $ 2,892,741 | $ 6,199,256 |
Net Assets | $77,312,875 | $102,752,136 | $235,500,565 |
Sources of Net Assets | |||
Paid-in capital | $ 79,604,990 | $ 106,312,902 | $ 243,406,320 |
Accumulated loss | (2,292,115) | (3,560,766) | (7,905,755) |
Net Assets | $77,312,875 | $102,752,136 | $235,500,565 |
Class A Shares | |||
Net Assets | $ 29,664,070 | $ 46,054,538 | $ 66,795,554 |
Shares Outstanding | 3,346,442 | 4,935,565 | 7,445,705 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.86 | $ 9.33 | $ 8.97 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 9.16 | $ 9.64 | $ 9.27 |
Class C Shares | |||
Net Assets | $ 2,012,151 | $ 2,663,269 | $ 2,313,606 |
Shares Outstanding | 204,213 | 286,502 | 239,785 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 9.85 | $ 9.30 | $ 9.65 |
Class I Shares | |||
Net Assets | $ 45,636,654 | $ 54,034,329 | $ 166,391,405 |
Shares Outstanding | 5,148,403 | 5,789,602 | 18,548,324 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.86 | $ 9.33 | $ 8.97 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
July 31, 2023 | ||
New Jersey Fund | Pennsylvania Fund | |
Assets | ||
Investments: | ||
Identified cost | $ 147,183,404 | $ 155,963,730 |
Unrealized depreciation | (2,495,090) | (864,939) |
Investments, at value | $144,688,314 | $155,098,791 |
Cash | $ 5,853,561 | $ 940,183 |
Interest receivable | 1,200,935 | 1,522,851 |
Receivable for investments sold | 201,262 | 3,250,000 |
Receivable for Fund shares sold | 46,736 | 66,072 |
Total assets | $151,990,808 | $160,877,897 |
Liabilities | ||
Payable for when-issued securities | $ — | $ 1,372,639 |
Payable for Fund shares redeemed | 140,851 | 249,974 |
Distributions payable | 55,245 | 92,787 |
Payable to affiliates: | ||
Investment adviser fee | 45,035 | 50,273 |
Distribution and service fees | 18,323 | 18,188 |
Accrued expenses | 136,162 | 140,768 |
Total liabilities | $ 395,616 | $ 1,924,629 |
Net Assets | $151,595,192 | $158,953,268 |
Sources of Net Assets | ||
Paid-in capital | $ 161,344,165 | $ 177,882,784 |
Accumulated loss | (9,748,973) | (18,929,516) |
Net Assets | $151,595,192 | $158,953,268 |
Class A Shares | ||
Net Assets | $ 79,904,819 | $ 86,460,594 |
Shares Outstanding | 9,311,035 | 11,188,000 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.58 | $ 7.73 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 8.87 | $ 7.99 |
Class C Shares | ||
Net Assets | $ 6,057,948 | $ 4,188,313 |
Shares Outstanding | 677,310 | 523,330 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.94 | $ 8.00 |
Class I Shares | ||
Net Assets | $ 65,632,425 | $ 68,304,361 |
Shares Outstanding | 7,633,109 | 8,805,333 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.60 | $ 7.76 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended July 31, 2023 | |||
Arizona Fund | Connecticut Fund | Minnesota Fund | |
Investment Income | |||
Interest income | $ 2,503,973 | $ 3,172,570 | $ 6,463,513 |
Total investment income | $ 2,503,973 | $ 3,172,570 | $ 6,463,513 |
Expenses | |||
Investment adviser fee | $ 211,842 | $ 295,486 | $ 749,021 |
Distribution and service fees: | |||
Class A | 60,500 | 92,461 | 103,811 |
Class C | 19,376 | 25,987 | 20,980 |
Trustees’ fees and expenses | 5,321 | 6,752 | 14,494 |
Custodian fee | 24,559 | 29,300 | 50,673 |
Transfer and dividend disbursing agent fees | 23,668 | 42,122 | 79,491 |
Legal and accounting services | 59,660 | 54,025 | 61,181 |
Printing and postage | 5,752 | 5,816 | 17,290 |
Registration fees | 28,756 | 5,160 | 31,293 |
Miscellaneous | 28,931 | 34,785 | 51,087 |
Total expenses | $ 468,365 | $ 591,894 | $ 1,179,321 |
Net investment income | $ 2,035,608 | $ 2,580,676 | $ 5,284,192 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss): | |||
Investment transactions | $ (693,204) | $ (832,131) | $ (2,496,431) |
Net realized loss | $ (693,204) | $ (832,131) | $(2,496,431) |
Change in unrealized appreciation (depreciation): | |||
Investments | $ (910,949) | $ (1,239,606) | $ (2,716,831) |
Net change in unrealized appreciation (depreciation) | $ (910,949) | $(1,239,606) | $(2,716,831) |
Net realized and unrealized loss | $(1,604,153) | $(2,071,737) | $(5,213,262) |
Net increase in net assets from operations | $ 431,455 | $ 508,939 | $ 70,930 |
Year Ended July 31, 2023 | ||
New Jersey Fund | Pennsylvania Fund | |
Investment Income | ||
Interest income | $ 5,356,153 | $ 6,331,225 |
Total investment income | $ 5,356,153 | $ 6,331,225 |
Expenses | ||
Investment adviser fee | $ 520,692 | $ 563,066 |
Distribution and service fees: | ||
Class A | 163,067 | 173,140 |
Class C | 59,570 | 43,462 |
Trustees’ fees and expenses | 9,933 | 10,603 |
Custodian fee | 39,806 | 41,292 |
Transfer and dividend disbursing agent fees | 73,615 | 85,788 |
Legal and accounting services | 71,094 | 79,189 |
Printing and postage | 15,614 | 16,689 |
Registration fees | 6,835 | 6,005 |
Interest expense and fees | — | 149,267 |
Miscellaneous | 35,885 | 37,819 |
Total expenses | $ 996,111 | $ 1,206,320 |
Net investment income | $ 4,360,042 | $ 5,124,905 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment transactions | $ (3,006,798) | $ (4,097,586) |
Net realized loss | $(3,006,798) | $(4,097,586) |
Change in unrealized appreciation (depreciation): | ||
Investments | $ (1,324,856) | $ (260,135) |
Net change in unrealized appreciation (depreciation) | $(1,324,856) | $ (260,135) |
Net realized and unrealized loss | $(4,331,654) | $(4,357,721) |
Net increase in net assets from operations | $ 28,388 | $ 767,184 |
Year Ended July 31, 2023 | |||
Arizona Fund | Connecticut Fund | Minnesota Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 2,035,608 | $ 2,580,676 | $ 5,284,192 |
Net realized loss | (693,204) | (832,131) | (2,496,431) |
Net change in unrealized appreciation (depreciation) | (910,949) | (1,239,606) | (2,716,831) |
Net increase in net assets from operations | $ 431,455 | $ 508,939 | $ 70,930 |
Distributions to shareholders: | |||
Class A | $ (810,851) | $ (1,216,579) | $ (1,222,153) |
Class C | (39,204) | (51,421) | (35,332) |
Class I | (1,167,606) | (1,275,740) | (4,020,452) |
Total distributions to shareholders | $ (2,017,661) | $ (2,543,740) | $ (5,277,937) |
Transactions in shares of beneficial interest: | |||
Class A | $ (728,950) | $ (533,329) | $ 13,702,008 |
Class C | (303,408) | (191,356) | (132,083) |
Class I | 13,427,486 | 17,045,876 | 22,473,003 |
Net increase in net assets from Fund share transactions | $12,395,128 | $ 16,321,191 | $ 36,042,928 |
Net increase in net assets | $10,808,922 | $ 14,286,390 | $ 30,835,921 |
Net Assets | |||
At beginning of year | $ 66,503,953 | $ 88,465,746 | $ 204,664,644 |
At end of year | $77,312,875 | $102,752,136 | $235,500,565 |
Year Ended July 31, 2023 | ||
New Jersey Fund | Pennsylvania Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 4,360,042 | $ 5,124,905 |
Net realized loss | (3,006,798) | (4,097,586) |
Net change in unrealized appreciation (depreciation) | (1,324,856) | (260,135) |
Net increase in net assets from operations | $ 28,388 | $ 767,184 |
Distributions to shareholders: | ||
Class A | $ (2,324,990) | $ (2,737,401) |
Class C | (131,824) | (109,776) |
Class I | (1,834,979) | (2,152,618) |
Total distributions to shareholders | $ (4,291,793) | $ (4,999,795) |
Transactions in shares of beneficial interest: | ||
Class A | $ (5,119,843) | $ (1,658,297) |
Class C | (609,124) | (982,369) |
Class I | 7,531,108 | 9,926,079 |
Net increase in net assets from Fund share transactions | $ 1,802,141 | $ 7,285,413 |
Net increase (decrease) in net assets | $ (2,461,264) | $ 3,052,802 |
Net Assets | ||
At beginning of year | $ 154,056,456 | $ 155,900,466 |
At end of year | $151,595,192 | $158,953,268 |
Year Ended July 31, 2022 | |||
Arizona Fund | Connecticut Fund | Minnesota Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 1,583,232 | $ 1,797,269 | $ 3,452,597 |
Net realized loss | (593,587) | (739,747) | (1,256,260) |
Net change in unrealized appreciation (depreciation) | (6,059,063) | (6,156,169) | (12,786,850) |
Net decrease in net assets from operations | $ (5,069,418) | $ (5,098,647) | $ (10,590,513) |
Distributions to shareholders: | |||
Class A | $ (781,462) | $ (1,068,991) | $ (994,207) |
Class C | (39,608) | (47,633) | (31,390) |
Class I | (766,802) | (679,633) | (2,494,800) |
Total distributions to shareholders | $ (1,587,872) | $ (1,796,257) | $ (3,520,397) |
Transactions in shares of beneficial interest: | |||
Class A | $ (7,129,178) | $ (944,936) | $ (3,983,341) |
Class C | (1,049,820) | (586,261) | (1,713,386) |
Class I | (198,605) | 13,733,099 | 27,845,206 |
Net increase (decrease) in net assets from Fund share transactions | $ (8,377,603) | $12,201,902 | $ 22,148,479 |
Net increase (decrease) in net assets | $(15,034,893) | $ 5,306,998 | $ 8,037,569 |
Net Assets | |||
At beginning of year | $ 81,538,846 | $ 83,158,748 | $ 196,627,075 |
At end of year | $ 66,503,953 | $88,465,746 | $204,664,644 |
Year Ended July 31, 2022 | ||
New Jersey Fund | Pennsylvania Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 4,007,699 | $ 4,346,352 |
Net realized loss | (4,579,358) | (2,213,310) |
Net change in unrealized appreciation (depreciation) | (16,045,083) | (16,113,808) |
Net decrease in net assets from operations | $ (16,616,742) | $ (13,980,766) |
Distributions to shareholders: | ||
Class A | $ (2,272,763) | $ (2,564,121) |
Class C | (136,975) | (115,392) |
Class I | (1,859,863) | (1,754,196) |
Total distributions to shareholders | $ (4,269,601) | $ (4,433,709) |
Transactions in shares of beneficial interest: | ||
Class A | $ (8,775,622) | $ (11,345,524) |
Class C | (2,016,247) | (1,761,462) |
Class I | (11,920,973) | 156,603 |
Net decrease in net assets from Fund share transactions | $ (22,712,842) | $ (12,950,383) |
Net decrease in net assets | $ (43,599,185) | $ (31,364,858) |
Net Assets | ||
At beginning of year | $ 197,655,641 | $ 187,265,324 |
At end of year | $154,056,456 | $155,900,466 |
Arizona Fund — Class A | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.080 | $ 9.930 | $ 9.910 | $ 9.750 | $ 9.440 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.239 | $ 0.200 | $ 0.206 | $ 0.238 | $ 0.258 |
Net realized and unrealized gain (loss) | (0.222) | (0.849) | 0.032 | 0.182 | 0.310 |
Total income (loss) from operations | $ 0.017 | $ (0.649) | $ 0.238 | $ 0.420 | $ 0.568 |
Less Distributions | |||||
From net investment income | $ (0.237) | $ (0.201) | $ (0.218) | $ (0.260) | $ (0.258) |
Total distributions | $ (0.237) | $ (0.201) | $ (0.218) | $ (0.260) | $ (0.258) |
Net asset value — End of year | $ 8.860 | $ 9.080 | $ 9.930 | $ 9.910 | $ 9.750 |
Total Return(2) | 0.23% | (6.59)% | 2.44% | 4.38% | 6.12% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $29,664 | $31,125 | $41,643 | $38,854 | $34,704 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.73% | 0.69% | 0.67% | 0.68% | 0.70% |
Net investment income | 2.71% | 2.11% | 2.08% | 2.44% | 2.73% |
Portfolio Turnover | 36% | 19% | 26% | 16% | 6% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
Arizona Fund — Class C | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $10.100 | $ 11.040 | $ 11.020 | $ 10.840 | $ 10.500 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.192 | $ 0.142 | $ 0.148 | $ 0.183 | $ 0.208 |
Net realized and unrealized gain (loss) | (0.252) | (0.938) | 0.034 | 0.208 | 0.339 |
Total income (loss) from operations | $ (0.060) | $ (0.796) | $ 0.182 | $ 0.391 | $ 0.547 |
Less Distributions | |||||
From net investment income | $ (0.190) | $ (0.144) | $ (0.162) | $ (0.211) | $ (0.207) |
Total distributions | $ (0.190) | $ (0.144) | $ (0.162) | $ (0.211) | $ (0.207) |
Net asset value — End of year | $ 9.850 | $10.100 | $11.040 | $11.020 | $10.840 |
Total Return(2) | (0.57)% | (7.24)% | 1.67% | 3.65% | 5.28% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 2,012 | $ 2,384 | $ 3,684 | $ 4,490 | $ 4,279 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.48% | 1.44% | 1.42% | 1.43% | 1.45% |
Net investment income | 1.95% | 1.35% | 1.35% | 1.69% | 1.98% |
Portfolio Turnover | 36% | 19% | 26% | 16% | 6% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
Arizona Fund — Class I | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.080 | $ 9.930 | $ 9.910 | $ 9.750 | $ 9.440 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.258 | $ 0.219 | $ 0.223 | $ 0.257 | $ 0.276 |
Net realized and unrealized gain (loss) | (0.223) | (0.849) | 0.034 | 0.184 | 0.310 |
Total income (loss) from operations | $ 0.035 | $ (0.630) | $ 0.257 | $ 0.441 | $ 0.586 |
Less Distributions | |||||
From net investment income | $ (0.255) | $ (0.220) | $ (0.237) | $ (0.281) | $ (0.276) |
Total distributions | $ (0.255) | $ (0.220) | $ (0.237) | $ (0.281) | $ (0.276) |
Net asset value — End of year | $ 8.860 | $ 9.080 | $ 9.930 | $ 9.910 | $ 9.750 |
Total Return(2) | 0.43% | (6.40)% | 2.64% | 4.60% | 6.33% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $45,637 | $32,995 | $36,212 | $22,611 | $19,612 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.54% | 0.49% | 0.47% | 0.48% | 0.49% |
Net investment income | 2.92% | 2.31% | 2.26% | 2.64% | 2.91% |
Portfolio Turnover | 36% | 19% | 26% | 16% | 6% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
Connecticut Fund — Class A | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.540 | $10.410 | $ 10.350 | $ 10.230 | $ 9.960 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.248 | $ 0.214 | $ 0.242 | $ 0.265 | $ 0.296 |
Net realized and unrealized gain (loss) | (0.213) | (0.870) | 0.059 | 0.136 | 0.269 |
Total income (loss) from operations | $ 0.035 | $ (0.656) | $ 0.301 | $ 0.401 | $ 0.565 |
Less Distributions | |||||
From net investment income | $ (0.245) | $ (0.214) | $ (0.241) | $ (0.281) | $ (0.295) |
Total distributions | $ (0.245) | $ (0.214) | $ (0.241) | $ (0.281) | $ (0.295) |
Net asset value — End of year | $ 9.330 | $ 9.540 | $10.410 | $10.350 | $10.230 |
Total Return(2) | 0.41% | (6.36)% | 2.95% | 3.99% | 5.78% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $46,055 | $47,639 | $ 52,924 | $ 52,501 | $ 52,275 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.71% | 0.69% | 0.69% | 0.72% | 0.73% |
Net investment income | 2.67% | 2.15% | 2.34% | 2.59% | 2.97% |
Portfolio Turnover | 32% | 31% | 19% | 26% | 16% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
Connecticut Fund — Class C | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.510 | $10.370 | $ 10.310 | $ 10.190 | $ 9.920 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.178 | $ 0.139 | $ 0.164 | $ 0.187 | $ 0.220 |
Net realized and unrealized gain (loss) | (0.214) | (0.860) | 0.059 | 0.136 | 0.269 |
Total income (loss) from operations | $(0.036) | $ (0.721) | $ 0.223 | $ 0.323 | $ 0.489 |
Less Distributions | |||||
From net investment income | $ (0.174) | $ (0.139) | $ (0.163) | $ (0.203) | $ (0.219) |
Total distributions | $(0.174) | $ (0.139) | $ (0.163) | $ (0.203) | $ (0.219) |
Net asset value — End of year | $ 9.300 | $ 9.510 | $10.370 | $10.310 | $10.190 |
Total Return(2) | (0.34)% | (6.99)% | 2.19% | 3.21% | 5.01% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 2,663 | $ 2,926 | $ 3,815 | $ 5,194 | $ 4,782 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.46% | 1.44% | 1.44% | 1.47% | 1.47% |
Net investment income | 1.92% | 1.40% | 1.59% | 1.84% | 2.21% |
Portfolio Turnover | 32% | 31% | 19% | 26% | 16% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
Connecticut Fund — Class I | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.540 | $10.410 | $ 10.350 | $ 10.230 | $ 9.960 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.268 | $ 0.233 | $ 0.262 | $ 0.286 | $ 0.316 |
Net realized and unrealized gain (loss) | (0.215) | (0.869) | 0.060 | 0.136 | 0.269 |
Total income (loss) from operations | $ 0.053 | $ (0.636) | $ 0.322 | $ 0.422 | $ 0.585 |
Less Distributions | |||||
From net investment income | $ (0.263) | $ (0.234) | $ (0.262) | $ (0.302) | $ (0.315) |
Total distributions | $ (0.263) | $ (0.234) | $ (0.262) | $ (0.302) | $ (0.315) |
Net asset value — End of year | $ 9.330 | $ 9.540 | $10.410 | $10.350 | $10.230 |
Total Return(2) | 0.62% | (6.17)% | 3.16% | 4.20% | 6.00% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $54,034 | $37,901 | $ 26,420 | $ 21,544 | $ 21,081 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.50% | 0.49% | 0.49% | 0.52% | 0.53% |
Net investment income | 2.88% | 2.37% | 2.53% | 2.80% | 3.16% |
Portfolio Turnover | 32% | 31% | 19% | 26% | 16% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
Minnesota Fund — Class A | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.180 | $ 9.860 | $ 9.840 | $ 9.610 | $ 9.250 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.211 | $ 0.156 | $ 0.170 | $ 0.187 | $ 0.224 |
Net realized and unrealized gain (loss) | (0.210) | (0.677) | 0.021 | 0.233 | 0.361 |
Total income (loss) from operations | $ 0.001 | $ (0.521) | $ 0.191 | $ 0.420 | $ 0.585 |
Less Distributions | |||||
From net investment income | $ (0.211) | $ (0.159) | $ (0.171) | $ (0.190) | $ (0.225) |
Total distributions | $ (0.211) | $ (0.159) | $ (0.171) | $ (0.190) | $ (0.225) |
Net asset value — End of year | $ 8.970 | $ 9.180 | $ 9.860 | $ 9.840 | $ 9.610 |
Total Return(2) | 0.05% | (5.31)% | 1.96% | 4.42% | 6.42% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $66,796 | $54,415 | $62,712 | $60,367 | $57,812 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.70% | 0.66% | 0.65% | 0.66% | 0.70% |
Net investment income | 2.36% | 1.64% | 1.73% | 1.93% | 2.41% |
Portfolio Turnover | 27% | 23% | 9% | 14% | 21% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
Minnesota Fund — Class C | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.870 | $10.600 | $ 10.580 | $ 10.330 | $ 9.950 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.155 | $ 0.090 | $ 0.104 | $ 0.123 | $ 0.168 |
Net realized and unrealized gain (loss) | (0.220) | (0.725) | 0.020 | 0.253 | 0.379 |
Total income (loss) from operations | $(0.065) | $ (0.635) | $ 0.124 | $ 0.376 | $ 0.547 |
Less Distributions | |||||
From net investment income | $ (0.155) | $ (0.095) | $ (0.104) | $ (0.126) | $ (0.167) |
Total distributions | $(0.155) | $ (0.095) | $ (0.104) | $ (0.126) | $ (0.167) |
Net asset value — End of year | $ 9.650 | $ 9.870 | $10.600 | $10.580 | $10.330 |
Total Return(2) | (0.64)% | (6.01)% | 1.19% | 3.67% | 5.56% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 2,314 | $ 2,505 | $ 4,478 | $ 6,616 | $ 6,595 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.45% | 1.41% | 1.40% | 1.41% | 1.46% |
Net investment income | 1.60% | 0.88% | 0.99% | 1.18% | 1.68% |
Portfolio Turnover | 27% | 23% | 9% | 14% | 21% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
Minnesota Fund — Class I | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.180 | $ 9.860 | $ 9.840 | $ 9.610 | $ 9.250 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.229 | $ 0.174 | $ 0.190 | $ 0.205 | $ 0.242 |
Net realized and unrealized gain (loss) | (0.210) | (0.676) | 0.020 | 0.234 | 0.361 |
Total income (loss) from operations | $ 0.019 | $ (0.502) | $ 0.210 | $ 0.439 | $ 0.603 |
Less Distributions | |||||
From net investment income | $ (0.229) | $ (0.178) | $ (0.190) | $ (0.209) | $ (0.243) |
Total distributions | $ (0.229) | $ (0.178) | $ (0.190) | $ (0.209) | $ (0.243) |
Net asset value — End of year | $ 8.970 | $ 9.180 | $ 9.860 | $ 9.840 | $ 9.610 |
Total Return(2) | 0.25% | (5.12)% | 2.17% | 4.63% | 6.64% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $166,391 | $147,745 | $129,437 | $122,078 | $88,841 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.50% | 0.46% | 0.45% | 0.46% | 0.50% |
Net investment income | 2.56% | 1.84% | 1.93% | 2.13% | 2.59% |
Portfolio Turnover | 27% | 23% | 9% | 14% | 21% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
New Jersey Fund — Class A | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.820 | $ 9.820 | $ 9.650 | $ 9.480 | $ 9.080 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.248 | $ 0.198 | $ 0.203 | $ 0.244 | $ 0.287 |
Net realized and unrealized gain (loss) | (0.244) | (0.986) | 0.206 | 0.193 | 0.398 |
Total income (loss) from operations | $ 0.004 | $ (0.788) | $ 0.409 | $ 0.437 | $ 0.685 |
Less Distributions | |||||
From net investment income | $ (0.244) | $ (0.204) | $ (0.239) | $ (0.267) | $ (0.285) |
From net realized gain | — | (0.008) | — | — | — |
Total distributions | $ (0.244) | $ (0.212) | $ (0.239) | $ (0.267) | $ (0.285) |
Net asset value — End of year | $ 8.580 | $ 8.820 | $ 9.820 | $ 9.650 | $ 9.480 |
Total Return(2) | 0.10% | (8.10)% | 4.29% | 4.68% | 7.69% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $79,905 | $87,385 | $107,117 | $100,417 | $101,283 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.72% | 0.69% | 0.67% | 0.69% | 0.72% |
Net investment income | 2.90% | 2.13% | 2.09% | 2.57% | 3.14% |
Portfolio Turnover | 23% | 24% | 39% | 37% | 39% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
New Jersey Fund — Class C | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.190 | $10.230 | $ 10.070 | $ 9.890 | $ 9.470 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.191 | $ 0.133 | $ 0.136 | $ 0.180 | $ 0.229 |
Net realized and unrealized gain (loss) | (0.254) | (1.021) | 0.205 | 0.205 | 0.416 |
Total income (loss) from operations | $(0.063) | $ (0.888) | $ 0.341 | $ 0.385 | $ 0.645 |
Less Distributions | |||||
From net investment income | $ (0.187) | $ (0.144) | $ (0.181) | $ (0.205) | $ (0.225) |
From net realized gain | — | (0.008) | — | — | — |
Total distributions | $(0.187) | $ (0.152) | $ (0.181) | $ (0.205) | $ (0.225) |
Net asset value — End of year | $ 8.940 | $ 9.190 | $10.230 | $10.070 | $ 9.890 |
Total Return(2) | (0.65)% | (8.75)% | 3.43% | 3.94% | 6.92% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 6,058 | $ 6,865 | $ 9,904 | $ 10,804 | $12,202 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.47% | 1.44% | 1.42% | 1.44% | 1.47% |
Net investment income | 2.15% | 1.37% | 1.35% | 1.81% | 2.41% |
Portfolio Turnover | 23% | 24% | 39% | 37% | 39% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
New Jersey Fund — Class I | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.830 | $ 9.830 | $ 9.660 | $ 9.480 | $ 9.080 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.266 | $ 0.217 | $ 0.222 | $ 0.262 | $ 0.303 |
Net realized and unrealized gain (loss) | (0.235) | (0.988) | 0.198 | 0.202 | 0.400 |
Total income (loss) from operations | $ 0.031 | $ (0.771) | $ 0.420 | $ 0.464 | $ 0.703 |
Less Distributions | |||||
From net investment income | $ (0.261) | $ (0.221) | $ (0.250) | $ (0.284) | $ (0.303) |
From net realized gain | — | (0.008) | — | — | — |
Total distributions | $ (0.261) | $ (0.229) | $ (0.250) | $ (0.284) | $ (0.303) |
Net asset value — End of year | $ 8.600 | $ 8.830 | $ 9.830 | $ 9.660 | $ 9.480 |
Total Return(2) | 0.42% | (7.93)% | 4.41% | 4.97% | 7.91% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $65,632 | $59,806 | $80,634 | $66,447 | $51,021 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.52% | 0.49% | 0.47% | 0.49% | 0.52% |
Net investment income | 3.10% | 2.32% | 2.29% | 2.76% | 3.30% |
Portfolio Turnover | 23% | 24% | 39% | 37% | 39% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
Pennsylvania Fund — Class A | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 7.940 | $ 8.830 | $ 8.740 | $ 8.650 | $ 8.500 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.250 | $ 0.207 | $ 0.219 | $ 0.269 | $ 0.310 |
Net realized and unrealized gain (loss) | (0.216) | (0.886) | 0.090 | 0.093 | 0.153 |
Total income (loss) from operations | $ 0.034 | $ (0.679) | $ 0.309 | $ 0.362 | $ 0.463 |
Less Distributions | |||||
From net investment income | $ (0.244) | $ (0.211) | $ (0.219) | $ (0.272) | $ (0.313) |
Total distributions | $ (0.244) | $ (0.211) | $ (0.219) | $ (0.272) | $ (0.313) |
Net asset value — End of year | $ 7.730 | $ 7.940 | $ 8.830 | $ 8.740 | $ 8.650 |
Total Return(2) | 0.49% | (7.77)% | 3.59% | 4.26% | 5.58% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $86,461 | $90,612 | $112,748 | $115,340 | $119,324 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.74% | 0.71% | 0.69% | 0.71% | 0.75% |
Interest and fee expense(3) | 0.10% | 0.03% | 0.02% | 0.05% | 0.07% |
Total expenses | 0.84% | 0.74% | 0.71% | 0.76% | 0.82% |
Net investment income | 3.24% | 2.47% | 2.51% | 3.11% | 3.65% |
Portfolio Turnover | 80% | 36% | 34% | 20% | 18% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Pennsylvania Fund — Class C | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.220 | $ 9.140 | $ 9.050 | $ 8.960 | $ 8.800 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.198 | $ 0.149 | $ 0.160 | $ 0.211 | $ 0.257 |
Net realized and unrealized gain (loss) | (0.226) | (0.915) | 0.089 | 0.093 | 0.161 |
Total income (loss) from operations | $(0.028) | $(0.766) | $ 0.249 | $ 0.304 | $ 0.418 |
Less Distributions | |||||
From net investment income | $ (0.192) | $ (0.154) | $ (0.159) | $ (0.214) | $ (0.258) |
Total distributions | $(0.192) | $(0.154) | $(0.159) | $ (0.214) | $ (0.258) |
Net asset value — End of year | $ 8.000 | $ 8.220 | $ 9.140 | $ 9.050 | $ 8.960 |
Total Return(2) | (0.42)% | (8.34)% | 2.78% | 3.45% | 4.84% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 4,188 | $ 5,317 | $ 7,781 | $11,815 | $13,088 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 1.49% | 1.46% | 1.44% | 1.46% | 1.50% |
Interest and fee expense(3) | 0.10% | 0.03% | 0.02% | 0.05% | 0.07% |
Total expenses | 1.59% | 1.49% | 1.46% | 1.51% | 1.57% |
Net investment income | 2.49% | 1.71% | 1.77% | 2.36% | 2.93% |
Portfolio Turnover | 80% | 36% | 34% | 20% | 18% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Pennsylvania Fund — Class I | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 7.970 | $ 8.860 | $ 8.770 | $ 8.690 | $ 8.530 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.267 | $ 0.224 | $ 0.237 | $ 0.287 | $ 0.328 |
Net realized and unrealized gain (loss) | (0.217) | (0.885) | 0.090 | 0.083 | 0.163 |
Total income (loss) from operations | $ 0.050 | $ (0.661) | $ 0.327 | $ 0.370 | $ 0.491 |
Less Distributions | |||||
From net investment income | $ (0.260) | $ (0.229) | $ (0.237) | $ (0.290) | $ (0.331) |
Total distributions | $ (0.260) | $ (0.229) | $ (0.237) | $ (0.290) | $ (0.331) |
Net asset value — End of year | $ 7.760 | $ 7.970 | $ 8.860 | $ 8.770 | $ 8.690 |
Total Return(2) | 0.70% | (7.55)% | 3.80% | 4.34% | 5.90% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $68,304 | $59,972 | $66,737 | $64,685 | $53,541 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.54% | 0.51% | 0.49% | 0.51% | 0.54% |
Interest and fee expense(3) | 0.10% | 0.03% | 0.02% | 0.05% | 0.07% |
Total expenses | 0.64% | 0.54% | 0.51% | 0.56% | 0.61% |
Net investment income | 3.45% | 2.67% | 2.71% | 3.31% | 3.84% |
Portfolio Turnover | 80% | 36% | 34% | 20% | 18% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Pennsylvania Fund | |
Average Floating Rate Notes Outstanding | $4,465,753 |
Average Interest Rate | 3.34% |
Year Ended July 31, 2023 | |||||
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Tax-exempt income | $1,915,929 | $2,489,305 | $5,277,937 | $4,028,201 | $4,920,661 |
Ordinary income | $ 101,732 | $ 54,435 | $ — | $ 263,592 | $ 79,134 |
Year Ended July 31, 2022 | |||||
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Tax-exempt income | $1,536,267 | $1,757,658 | $3,520,397 | $3,854,946 | $4,384,881 |
Ordinary income | $ 51,605 | $ 38,599 | $ — | $ 258,843 | $ 48,828 |
Long-term capital gains | $ — | $ — | $ — | $ 155,812 | $ — |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Undistributed tax-exempt income | $ 10,760 | $ 29,439 | $ 112,565 | $ 50,805 | $ 92,787 |
Deferred capital losses | (1,624,074) | (2,411,854) | (4,524,000) | (7,580,708) | (18,257,811) |
Net unrealized depreciation | (668,038) | (1,121,574) | (3,381,758) | (2,163,825) | (671,705) |
Distributions payable | (10,763) | (56,777) | (112,562) | (55,245) | (92,787) |
Accumulated loss | $(2,292,115) | $(3,560,766) | $(7,905,755) | $(9,748,973) | $(18,929,516) |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Deferred capital losses: | |||||
Short-term | $ 465,403 | $1,344,781 | $ 714,819 | $2,068,978 | $ 6,757,183 |
Long-term | $1,158,671 | $1,067,073 | $3,809,181 | $5,511,730 | $11,500,628 |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Aggregate cost | $ 76,440,124 | $104,152,674 | $230,262,985 | $146,852,139 | $155,770,496 |
Gross unrealized appreciation | $ 1,228,178 | $ 1,023,496 | $ 1,039,687 | $ 2,168,196 | $ 3,614,781 |
Gross unrealized depreciation | (1,896,216) | (2,145,070) | (4,421,445) | (4,332,021) | (4,286,486) |
Net unrealized depreciation | $ (668,038) | $ (1,121,574) | $ (3,381,758) | $ (2,163,825) | $ (671,705) |
Total Daily Net Assets | Annual Asset Rate | Daily Income Rate |
Up to $20 million | 0.100% | 1.000% |
$20 million but less than $40 million | 0.200% | 2.000% |
$40 million but less than $500 million | 0.300% | 3.000% |
$500 million but less than $1 billion | 0.275% | 2.750% |
$1 billion but less than $1.5 billion | 0.250% | 2.500% |
$1.5 billion but less than $2 billion | 0.225% | 2.250% |
$2 billion but less than $3 billion | 0.200% | 2.000% |
$3 billion and over | 0.175% | 1.750% |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Investment Adviser Fee | $211,842 | $295,486 | $749,021 | $520,692 | $563,066 |
Effective Annual Rate | 0.29% | 0.31% | 0.35% | 0.35% | 0.36% |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
EVM's Sub-Transfer Agent Fees | $5,081 | $12,746 | $21,672 | $18,610 | $24,944 |
EVD's Class A Sales Charges | $1,806 | $ 858 | $ 636 | $ 5,900 | $ 7,431 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ — | $ — | $ — | $ — | $ 719 |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Class A Distribution and Service Fees | $60,500 | $92,461 | $103,811 | $163,067 | $173,140 |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Class C Distribution Fees | $15,297 | $20,516 | $16,563 | $47,029 | $34,312 |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Class C Service Fees | $4,079 | $5,471 | $4,417 | $12,541 | $9,150 |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Class A | $ — | $5,000 | $ — | $ — | $200 |
Class C | $ 900 | $ 26 | $ 300 | $ — | $200 |
Arizona Fund | Connecticut Fund | Minnesota Fund | New Jersey Fund | Pennsylvania Fund | |
Purchases | $39,135,574 | $49,428,125 | $101,098,292 | $33,839,737 | $123,812,563 |
Sales | $25,132,576 | $29,582,165 | $ 54,790,108 | $37,012,927 | $124,983,143 |
Arizona Fund | ||||||
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 483,227 | $ 4,233,695 | 633,014 | $ 6,001,840 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 85,520 | 754,353 | 76,842 | 725,739 | ||
Redemptions | (648,733) | (5,716,998) | (1,476,147) | (13,856,757) | ||
Net decrease | (79,986) | $ (728,950) | (766,291) | $ (7,129,178) | ||
Class C | ||||||
Sales | 21,070 | $ 208,484 | 33,071 | $ 351,200 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 3,795 | 37,183 | 3,500 | 36,731 | ||
Redemptions | (56,749) | (549,075) | (134,168) | (1,437,751) | ||
Net decrease | (31,884) | $ (303,408) | (97,597) | $ (1,049,820) |
Arizona Fund (continued) | ||||||
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class I | ||||||
Sales | 2,977,813 | $ 26,334,321 | 2,023,597 | $ 18,740,444 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 123,715 | 1,091,844 | 69,127 | 650,231 | ||
Redemptions | (1,585,475) | (13,998,679) | (2,106,598) | (19,589,280) | ||
Net increase (decrease) | 1,516,053 | $ 13,427,486 | (13,874) | $ (198,605) |
Connecticut Fund | ||||||
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 378,050 | $ 3,529,728 | 685,096 | $ 6,622,624 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 112,838 | 1,044,987 | 89,641 | 886,160 | ||
Redemptions | (547,348) | (5,108,044) | (868,133) | (8,453,720) | ||
Net decrease | (56,460) | $ (533,329) | (93,396) | $ (944,936) | ||
Class C | ||||||
Sales | 43,093 | $ 399,663 | 42,439 | $ 425,307 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 4,328 | 39,920 | 3,791 | 37,409 | ||
Redemptions | (68,691) | (630,939) | (106,407) | (1,048,977) | ||
Net decrease | (21,270) | $ (191,356) | (60,177) | $ (586,261) | ||
Class I | ||||||
Sales | 3,415,246 | $ 31,752,067 | 2,443,741 | $ 23,334,302 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 98,551 | 913,386 | 54,316 | 534,438 | ||
Redemptions | (1,695,129) | (15,619,577) | (1,065,269) | (10,135,641) | ||
Net increase | 1,818,668 | $ 17,045,876 | 1,432,788 | $ 13,733,099 |
Minnesota Fund | ||||||
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 3,139,418 | $ 28,191,682 | 994,921 | $ 9,385,041 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 133,044 | 1,189,561 | 99,694 | 940,030 | ||
Redemptions | (1,756,964) | (15,679,235) | (1,526,797) | (14,308,412) | ||
Net increase (decrease) | 1,515,498 | $ 13,702,008 | (432,182) | $ (3,983,341) | ||
Class C | ||||||
Sales | 71,330 | $ 688,376 | 4,178 | $ 42,397 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 3,419 | 32,878 | 2,896 | 29,418 | ||
Redemptions | (88,762) | (853,337) | (175,633) | (1,785,201) | ||
Net decrease | (14,013) | $ (132,083) | (168,559) | $ (1,713,386) | ||
Class I | ||||||
Sales | 11,853,734 | $ 106,345,883 | 12,046,549 | $ 110,864,800 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 282,434 | 2,526,186 | 173,377 | 1,632,895 | ||
Redemptions | (9,689,215) | (86,399,066) | (9,250,462) | (84,652,489) | ||
Net increase | 2,446,953 | $ 22,473,003 | 2,969,464 | $ 27,845,206 |
New Jersey Fund | ||||||
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 971,379 | $ 8,269,573 | 895,573 | $ 8,458,626 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 223,691 | 1,903,747 | 202,993 | 1,880,191 | ||
Redemptions | (1,797,114) | (15,293,163) | (2,098,239) | (19,114,439) | ||
Net decrease | (602,044) | $ (5,119,843) | (999,673) | $ (8,775,622) | ||
Class C | ||||||
Sales | 76,058 | $ 679,325 | 127,020 | $ 1,262,223 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 13,019 | 115,510 | 12,597 | 121,838 | ||
Redemptions | (158,961) | (1,403,959) | (360,213) | (3,400,308) | ||
Net decrease | (69,884) | $ (609,124) | (220,596) | $ (2,016,247) |
New Jersey Fund (continued) | ||||||
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class I | ||||||
Sales | 4,251,864 | $ 36,346,691 | 5,035,621 | $ 46,167,000 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 187,695 | 1,601,906 | 175,803 | 1,635,727 | ||
Redemptions | (3,578,517) | (30,417,489) | (6,641,631) | (59,723,700) | ||
Net increase (decrease) | 861,042 | $ 7,531,108 | (1,430,207) | $(11,920,973) |
Pennsylvania Fund | ||||||
Year Ended July 31, 2023 | Year Ended July 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 1,503,864 | $ 11,594,025 | 642,945 | $ 5,478,317 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 315,285 | 2,420,615 | 269,534 | 2,245,235 | ||
Redemptions | (2,040,396) | (15,672,937) | (2,271,950) | (19,069,076) | ||
Net decrease | (221,247) | $ (1,658,297) | (1,359,471) | $(11,345,524) | ||
Class C | ||||||
Sales | 132,006 | $ 1,043,092 | 79,355 | $ 697,795 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 13,129 | 104,314 | 12,791 | 110,445 | ||
Redemptions | (268,287) | (2,129,775) | (296,618) | (2,569,702) | ||
Net decrease | (123,152) | $ (982,369) | (204,472) | $ (1,761,462) | ||
Class I | ||||||
Sales | 4,349,671 | $ 33,466,988 | 2,561,764 | $ 21,203,153 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 189,918 | 1,464,401 | 136,510 | 1,139,406 | ||
Redemptions | (3,257,126) | (25,005,310) | (2,704,966) | (22,185,956) | ||
Net increase (decrease) | 1,282,463 | $ 9,926,079 | (6,692) | $ 156,603 |
• | 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) |
Arizona Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 68,985,499 | $ — | $ 68,985,499 |
Taxable Municipal Obligations | — | 6,284,647 | — | 6,284,647 |
Trust Units | — | 501,940 | — | 501,940 |
Total Investments | $ — | $ 75,772,086 | $ — | $ 75,772,086 |
Connecticut Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 931,797 | $ — | $ 931,797 |
Tax-Exempt Municipal Obligations | — | 96,214,448 | — | 96,214,448 |
Taxable Municipal Obligations | — | 5,212,255 | — | 5,212,255 |
Trust Units | — | 672,600 | — | 672,600 |
Total Investments | $ — | $103,031,100 | $ — | $103,031,100 |
Minnesota Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 226,881,227 | $ — | $ 226,881,227 |
Total Investments | $ — | $226,881,227 | $ — | $226,881,227 |
New Jersey Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 137,074,639 | $ — | $ 137,074,639 |
Taxable Municipal Obligations | — | 7,613,675 | — | 7,613,675 |
Total Investments | $ — | $144,688,314 | $ — | $144,688,314 |
Pennsylvania Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 150,470,848 | $ — | $ 150,470,848 |
Taxable Municipal Obligations | — | 4,627,943 | — | 4,627,943 |
Total Investments | $ — | $155,098,791 | $ — | $155,098,791 |
Boston, Massachusetts
September 18, 2023
Arizona Municipal Income Fund | 94.96% |
Connecticut Municipal Income Fund | 97.86% |
Minnesota Municipal Income Fund | 100.00% |
New Jersey Municipal Income Fund | 93.86% |
Pennsylvania Municipal Income Fund | 98.42% |
Performance Relative to: | ||||
Fund | Median of Peers | Median of Custom Peers | Primary Index | Secondary Index |
Eaton Vance Arizona Municipal Income Fund | Consistent | Higher | Lower | Lower |
Eaton Vance Connecticut Municipal Income Fund | Higher | Higher | Lower | Lower |
Eaton Vance Minnesota Municipal Income Fund | Higher | n/a | Higher | Lower |
Eaton Vance New Jersey Municipal Income Fund | Consistent | n/a | Lower | Lower |
Eaton Vance Pennsylvania Municipal Income Fund | Consistent | n/a | Lower | Lower |
Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2022 through December 31, 2022 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, each Fund met redemption requests on a timely basis.
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance's Global Income Investments. Also Vice President of Calvert Research and Management ("CRM"). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
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
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years | Since Inception |
Class A at NAV | 05/31/2011 | 05/31/2011 | 0.65% | 1.22% | 3.19% | 3.44% |
Class A with 3.25% Maximum Sales Charge | — | — | (2.60) | 0.55 | 2.85 | 3.15 |
Class C at NAV | 08/18/2014 | 08/18/2014 | (0.11) | 0.48 | — | 1.50 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.08) | 0.48 | — | 1.50 |
Class I at NAV | 05/31/2011 | 05/31/2011 | 0.90 | 1.48 | 3.45 | 3.71 |
Bloomberg Municipal Bond Index | — | — | 0.93% | 1.87% | 2.81% | 3.07% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.93% | 1.68% | 0.67% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.95% | 2.20% | 3.20% |
Taxable-Equivalent Distribution Rate | 4.99 | 3.72 | 5.41 |
SEC 30-day Yield | 2.97 | 2.32 | 3.32 |
Taxable-Equivalent SEC 30-day Yield | 5.02 | 3.92 | 5.60 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 0.42% |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 07/31/2013 | $11,429 | N.A. |
Class I, at minimum investment | $1,000,000 | 07/31/2013 | $1,404,396 | N.A. |
Credit Quality (% of total investments)1,2 |
1 | 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. |
2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’s inception, as applicable. |
3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
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 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.The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. 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. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
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 volatility of NAV). 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. |
Fund profile subject to change due to active management. | |
Additional Information | |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. | |
Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
Beginning Account Value (2/1/23) | Ending Account Value (7/31/23) | Expenses Paid During Period* (2/1/23 – 7/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,000.90 | $5.01 | 1.01% |
Class C | $1,000.00 | $ 998.10 | $8.72 | 1.76% |
Class I | $1,000.00 | $1,003.10 | $3.77 | 0.76% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.79 | $5.06 | 1.01% |
Class C | $1,000.00 | $1,016.07 | $8.80 | 1.76% |
Class I | $1,000.00 | $1,021.03 | $3.81 | 0.76% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2023. |
Corporate Bonds — 1.4% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.9% | |||
Grand Canyon University, 4.125%, 10/1/24 | $ | 5,000 | $ 4,732,500 |
$ 4,732,500 | |||
Hospital — 0.5% | |||
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32 | $ | 3,045 | $ 2,999,325 |
$ 2,999,325 | |||
Total Corporate Bonds (identified cost $8,206,750) | $ 7,731,825 |
Tax-Exempt Mortgage-Backed Securities — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Housing — 0.1% | |||
FRETE 2017-ML01 Trust, (Freddie Mac guaranteed), 5.93%, (30-day average SOFR + 0. 50%), 1/25/33(1)(2) | $ | 454 | $ 451,068 |
Total Tax-Exempt Mortgage-Backed Securities (identified cost $453,687) | $ 451,068 |
Tax-Exempt Municipal Obligations — 93.6% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 1.8% | |||
Delaware Valley Regional Finance Authority, PA, 4.247%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(2) | $ | 8,000 | $ 8,003,040 |
Virginia Resources Authority, (Pooled Financing Program), 5.25%, 11/1/47 | 1,850 | 2,099,916 | |
$ 10,102,956 | |||
Education — 4.0% | |||
California Municipal Finance Authority, (California Lutheran University): | |||
5.00%, 10/1/31 | $ | 600 | $ 633,936 |
5.00%, 10/1/37 | 1,400 | 1,440,698 | |
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28(1) | 495 | 479,610 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Colorado State University, 4.00%, 3/1/45 | $ | 3,370 | $ 3,291,445 |
Massachusetts Development Finance Agency, (Harvard University), 4.00%, 7/15/36 | 5,000 | 5,091,450 | |
Michigan Finance Authority, (Cesar Chavez Academy), 5.00%, 2/1/33 | 830 | 820,737 | |
Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science): | |||
4.125%, 12/15/28(1) | 445 | 443,856 | |
5.00%, 12/15/38(1) | 2,690 | 2,710,579 | |
Public Finance Authority, WI, (North Carolina Leadership Academy): | |||
5.00%, 6/15/39(1) | 140 | 131,233 | |
5.00%, 6/15/49(1) | 260 | 230,389 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
5.00%, 4/1/40(1) | 795 | 778,226 | |
5.00%, 4/1/50(1) | 960 | 894,461 | |
Unified Government of Athens-Clarke County Development Authority, GA, (University of Georgia Athlethic Association), 5.00%, 4/1/42 | 2,560 | 2,843,802 | |
Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 5.00%, 11/1/45(3) | 2,000 | 2,201,660 | |
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/54 | 430 | 378,933 | |
$ 22,371,015 | |||
Electric Utilities — 3.7% | |||
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | $ | 6,005 | $ 5,213,601 |
Long Island Power Authority, NY, Electric System Revenue, 4.394%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2) | 3,465 | 3,464,896 | |
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.): | |||
5.25%, 5/15/35 | 500 | 580,300 | |
5.25%, 5/15/36 | 1,000 | 1,147,610 | |
5.25%, 5/15/37 | 1,000 | 1,134,240 | |
Missouri Joint Municipal Electric Utility Commission, (MoPEP Facilities): | |||
Green Bonds, 5.00%, 12/1/35 | 540 | 602,354 | |
Green Bonds, 5.25%, 12/1/39 | 1,000 | 1,092,690 | |
Seattle, WA, Municipal Light and Power Improvement Revenue, 4.00%, 7/1/43 | 3,000 | 3,008,010 | |
South Carolina Public Service Authority: | |||
5.25%, 12/1/33 | 2,000 | 2,262,980 | |
5.25%, 12/1/34 | 2,000 | 2,251,320 | |
$ 20,758,001 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded — 0.3% | |||
District of Columbia, (Association of American Medical Colleges), Prerefunded to 10/1/23, 5.00%, 10/1/30 | $ | 570 | $ 571,562 |
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), Prerefunded to 7/1/24, 5.00%, 7/1/29 | 500 | 507,290 | |
Illinois Finance Authority, (Plymouth Place, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | 690 | 703,834 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
Prerefunded to 4/1/30, 5.00%, 4/1/40(1) | 45 | 50,965 | |
Prerefunded to 4/1/30, 5.00%, 4/1/50(1) | 50 | 56,628 | |
$ 1,890,279 | |||
General Obligations — 15.1% | |||
ABC Unified School District, CA, (Election of 2018), 4.00%, 8/1/47 | $ | 5,000 | $ 4,973,500 |
Atlanta, GA, Social Bonds, 5.00%, 12/1/37 | 3,500 | 4,017,930 | |
California: | |||
5.00%, 9/1/36 | 2,370 | 2,783,209 | |
5.00%, 11/1/42 | 5,000 | 5,647,250 | |
Charles County, MD, 4.25%, 10/1/47 | 3,345 | 3,404,708 | |
Chicago Board of Education, IL, 5.00%, 12/1/32 | 2,000 | 2,071,700 | |
Coldwater Local Development Finance Authority, MI, Series A, (AMT), 5.00%, 12/1/27 | 390 | 396,100 | |
Comal Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/49 | 4,000 | 3,877,400 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/34 | 5,000 | 5,009,650 | |
5.00%, 2/15/38 | 2,500 | 2,841,900 | |
District of Columbia, 4.00%, 2/1/46 | 3,000 | 2,947,710 | |
Hermiston School District No. 8R, OR, 0.00%, 6/15/43 | 2,665 | 1,072,742 | |
Huntsville, AL, 5.00%, 3/1/41 | 3,115 | 3,489,205 | |
Illinois: | |||
4.00%, 7/1/37 | 2,000 | 1,987,260 | |
5.50%, 5/1/39 | 1,980 | 2,165,229 | |
5.75%, 5/1/45 | 1,780 | 1,946,394 | |
Kenosha County, WI: | |||
1.50%, 9/1/29 | 540 | 495,925 | |
1.50%, 9/1/30 | 480 | 429,461 | |
Kern Community College District, CA, (Election of 2016), 5.25%, 8/1/39 | 1,400 | 1,633,968 | |
Lake Oswego, OR, 5.00%, 6/1/36 | 2,090 | 2,453,953 | |
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/47 | 6,000 | 5,817,600 | |
New York, NY, 5.00%, 8/1/29 | 450 | 450,563 | |
Newberg School District No. 29J, OR, 4.00%, 6/15/39 | 2,060 | 2,082,598 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Puerto Rico: | |||
0.00%, 7/1/33 | $ | 377 | $ 230,151 |
5.625%, 7/1/29 | 848 | 907,630 | |
5.75%, 7/1/31 | 627 | 684,283 | |
Raleigh, NC: | |||
5.00%, 4/1/36 | 1,025 | 1,209,715 | |
5.00%, 4/1/39 | 2,465 | 2,834,183 | |
5.00%, 4/1/41 | 1,775 | 2,017,820 | |
Renton School District No. 403, WA, 4.00%, 12/1/39 | 1,250 | 1,271,738 | |
Rockwall Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/53 | 4,000 | 3,832,320 | |
Sarpy County School District 0037, NE, 5.00%, 12/15/27 | 1,500 | 1,561,395 | |
Spring Branch Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/42 | 4,620 | 5,100,850 | |
Union County, NC, 5.00%, 9/1/37 | 3,360 | 3,925,589 | |
$ 85,571,629 | |||
Hospital — 8.6% | |||
Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/32 | $ | 2,110 | $ 2,155,914 |
California Municipal Finance Authority, (NorthBay Healthcare Group): | |||
5.00%, 11/1/28 | 300 | 303,978 | |
5.00%, 11/1/30 | 100 | 101,168 | |
California Statewide Communities Development Authority, (Cottage Health System Obligated Group), Prerefunded to 11/1/24, 5.00%, 11/1/26 | 425 | 434,682 | |
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 11/1/42 | 500 | 516,830 | |
Crawford County Hospital Authority, PA, (Meadville Medical Center): | |||
6.00%, 6/1/36 | 2,660 | 2,749,988 | |
6.00%, 6/1/51 | 4,715 | 4,771,627 | |
Darke County, OH, (Wayne HealthCare): | |||
4.00%, 9/1/40 | 1,000 | 863,760 | |
4.00%, 9/1/45 | 2,580 | 2,099,423 | |
Fredericksburg Economic Development Authority, VA, (Mary Washington Healthcare), 5.00%, 6/15/24 | 1,000 | 1,010,900 | |
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34 | 3,145 | 3,173,148 | |
Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/28 | 1,670 | 1,718,530 | |
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): | |||
4.00%, 11/1/29 | 505 | 482,729 | |
4.00%, 11/1/30 | 1,605 | 1,526,628 | |
5.00%, 11/1/26 | 1,375 | 1,371,810 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): (continued) | |||
5.00%, 11/1/27 | $ | 1,440 | $ 1,442,246 |
Lancaster County Hospital Authority, PA, (Penn State Health), 5.00%, 11/1/41 | 1,950 | 2,052,102 | |
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/35(1) | 275 | 260,678 | |
Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/29 | 1,000 | 1,014,550 | |
New Hampshire Health and Education Facilities Authority, (Concord Hospital): | |||
5.00%, 10/1/32 | 500 | 528,440 | |
5.00%, 10/1/33 | 1,000 | 1,056,330 | |
5.00%, 10/1/34 | 1,070 | 1,129,171 | |
5.00%, 10/1/35 | 1,550 | 1,629,329 | |
New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center Obligated Group), Prerefunded to 7/1/24, 5.00%, 7/1/30 | 500 | 507,515 | |
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/27 | 470 | 473,196 | |
Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 4.684%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(2) | 1,000 | 1,000,030 | |
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/29 | 250 | 266,238 | |
Oroville, CA, (Oroville Hospital): | |||
5.00%, 4/1/31 | 1,705 | 1,433,956 | |
5.25%, 4/1/34 | 1,900 | 1,635,710 | |
Savannah Hospital Authority, GA, (St. Joseph's/Candler Health System, Inc.), 4.00%, 7/1/43 | 2,500 | 2,386,500 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.): | |||
5.00%, 12/1/25 | 1,530 | 1,578,868 | |
5.00%, 12/1/26 | 1,410 | 1,456,713 | |
5.00%, 12/1/28 | 1,550 | 1,603,614 | |
Washington Health Care Facilities Authority, (PeaceHealth), Prerefunded to 5/15/24, 5.00%, 11/15/26 | 1,000 | 1,012,360 | |
West Virginia Hospital Finance Authority, (West Virginia Health System Obligated Group), 4.25%, 6/1/47 | 3,000 | 2,936,160 | |
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33 | 250 | 250,118 | |
$ 48,934,939 |
Security | Principal Amount (000's omitted) | Value | |
Housing — 5.7% | |||
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/37 | $ | 3,320 | $ 3,457,747 |
Georgia Housing and Finance Authority, 2.40%, 12/1/41 | 2,120 | 1,619,002 | |
Independent Cities Finance Authority, CA, (Union City Tropics): | |||
4.00%, 5/15/32 | 1,060 | 1,064,664 | |
4.00%, 5/15/33 | 1,100 | 1,104,840 | |
Maine Housing Authority, Social Bonds, 4.50%, 11/15/43(3) | 1,315 | 1,312,725 | |
Maryland Department of Housing and Community Development Administration: | |||
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.375%, 9/1/43(3) | 1,350 | 1,341,481 | |
Sustainability Bonds, 4.35%, 7/1/43 | 1,750 | 1,699,355 | |
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue: | |||
4.00%, 7/1/35 | 350 | 345,741 | |
4.00%, 7/1/40 | 450 | 420,498 | |
Missouri Housing Development Commission, (FHLMC), (FNMA), (GNMA), 2.55%, 11/1/40 | 1,505 | 1,195,497 | |
New York City Housing Development Corp., NY: | |||
2.85%, 11/1/39 | 2,985 | 2,434,626 | |
Green Bonds, 0.60% to 7/1/25 (Put Date), 5/1/61 | 3,145 | 2,915,761 | |
North Carolina Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | 2,500 | 2,466,250 | |
North Dakota Housing Finance Agency, Social Bonds, 4.50%, 7/1/43(3) | 2,200 | 2,193,400 | |
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): | |||
5.00%, 7/1/37 | 1,235 | 1,265,344 | |
5.00%, 7/1/39 | 860 | 875,007 | |
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/31 | 355 | 372,132 | |
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC): | |||
5.00%, 6/1/34 | 2,560 | 2,626,150 | |
5.00%, 6/1/39 | 1,595 | 1,596,483 | |
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 4.50%, 10/1/43(3) | 1,750 | 1,731,047 | |
$ 32,037,750 | |||
Industrial Development Revenue — 6.2% | |||
Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | $ | 2,500 | $ 2,570,050 |
Columbia Industrial Development Board, AL, (Alabama Power Co.), 3.81% to 6/1/28 (Put Date), 12/1/37 | 2,500 | 2,500,000 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Maine Finance Authority, (Casella Waste Systems, Inc.): | |||
(AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(1) | $ | 875 | $ 869,794 |
(AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1) | 940 | 947,708 | |
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 4.40% to 11/1/23 (Put Date), 11/1/41 | 5,000 | 5,003,200 | |
National Finance Authority, NH, (Covanta), Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45(1) | 5,500 | 4,304,850 | |
New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33 | 1,500 | 1,497,270 | |
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.625%, 11/15/30 | 215 | 218,176 | |
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59 | 2,500 | 2,414,400 | |
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1) | 1,175 | 1,041,367 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/34 | 5,000 | 5,171,200 | |
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1) | 1,920 | 1,888,435 | |
Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 12/1/25 | 1,000 | 1,018,640 | |
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 1.10% to 6/1/26 (Put Date), 7/1/29 | 6,500 | 5,942,950 | |
$ 35,388,040 | |||
Insured - Education — 0.1% | |||
Monroe County Industrial Development Corp., NY, (Monroe Community College Association, Inc.), (AGM), 5.00%, 1/15/25 | $ | 750 | $ 755,445 |
$ 755,445 | |||
Insured - Electric Utilities — 0.4% | |||
Puerto Rico Electric Power Authority: | |||
(AGC), 5.00%, 7/1/26 | $ | 280 | $ 281,873 |
(NPFG), 5.25%, 7/1/25 | 170 | 168,307 | |
(NPFG), 5.25%, 7/1/29 | 1,110 | 1,099,722 | |
(NPFG), 5.25%, 7/1/30 | 530 | 524,774 | |
(NPFG), 5.25%, 7/1/34 | 100 | 98,431 | |
$ 2,173,107 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations — 1.2% | |||
Chicago Board of Education, IL: | |||
(NPFG), 0.00%, 12/1/26 | $ | 1,580 | $ 1,379,561 |
(NPFG), 0.00%, 12/1/28 | 1,560 | 1,255,161 | |
Detroit, MI, (AMBAC), 5.00%, 4/1/24 | 329 | 329,240 | |
McCook, IL: | |||
(AGM), 4.00%, 12/1/26 | 260 | 267,771 | |
(AGM), 4.00%, 12/1/27 | 300 | 312,507 | |
McHenry County Community Unit School District No. 12, IL: | |||
(AGM), 5.00%, 1/1/25 | 890 | 895,616 | |
(AGM), 5.00%, 1/1/26 | 925 | 930,865 | |
Proviso Township High School District No. 209, IL, (AGM), 5.00%, 12/1/28 | 1,000 | 1,105,040 | |
Will and Cook Counties Community High School District No. 210, IL: | |||
(AGM), 0.00%, 1/1/28 | 500 | 423,605 | |
(BAM), 0.00%, 1/1/33 | 200 | 138,772 | |
$ 7,038,138 | |||
Insured - Hospital — 0.3% | |||
Grand Forks, ND, (Altru Health System), (AGM), 3.00%, 12/1/51 | $ | 2,500 | $ 1,803,275 |
$ 1,803,275 | |||
Insured - Housing — 0.1% | |||
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing College Station I, LLC), (AGM), 4.00%, 4/1/24 | $ | 400 | $ 401,240 |
$ 401,240 | |||
Insured - Lease Revenue/Certificates of Participation — 0.2% | |||
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 | $ | 1,185 | $ 984,711 |
$ 984,711 | |||
Insured - Special Tax Revenue — 0.8% | |||
Sales Tax Securitization Corp., IL, (BAM), 5.00%, 1/1/37 | $ | 4,000 | $ 4,324,080 |
$ 4,324,080 | |||
Insured - Transportation — 2.4% | |||
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AGM), (AMT), 4.00%, 1/1/46 | $ | 5,000 | $ 4,785,750 |
Houston, TX, Airport System Revenue, (AGM), (AMT), 5.00%, 7/1/38 | 1,000 | 1,080,700 | |
Love Field Airport Modernization Corp., TX, (AGM), (AMT), 4.00%, 11/1/37 | 2,840 | 2,803,421 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation (continued) | |||
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31 | $ | 185 | $ 186,008 |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/32 | 2,000 | 2,002,500 | |
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AGM), (AMT), 5.50%, 6/30/42 | 2,500 | 2,798,250 | |
$ 13,656,629 | |||
Insured - Water and Sewer — 0.7% | |||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/26 | $ | 4,000 | $ 4,052,880 |
$ 4,052,880 | |||
Lease Revenue/Certificates of Participation — 2.6% | |||
New Jersey Transportation Trust Fund Authority, (Transportation Program): | |||
5.00%, 6/15/38 | $ | 2,000 | $ 2,194,980 |
5.00%, 6/15/40 | 2,000 | 2,168,860 | |
5.25%, 6/15/39 | 1,500 | 1,661,745 | |
New Jersey Transportation Trust Fund Authority, (Transportation System), 4.25%, 6/15/40 | 5,000 | 5,054,400 | |
Virginia College Building Authority, (21st Century College and Equipment Programs), 5.00%, 2/1/40 | 1,685 | 1,901,641 | |
Virginia Public Building Authority, 4.00%, 8/1/42 | 1,290 | 1,292,012 | |
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/29 | 700 | 719,383 | |
$ 14,993,021 | |||
Other Revenue — 4.8% | |||
Black Belt Energy Gas District, AL, 4.35%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(2) | $ | 5,000 | $ 4,876,300 |
Buckeye Tobacco Settlement Financing Authority, OH: | |||
5.00%, 6/1/36 | 2,000 | 2,133,160 | |
5.00%, 6/1/55 | 4,025 | 3,746,631 | |
California Infrastructure and Economic Development Bank, (Los Angeles County Museum of Art), 4.68%, (SIFMA + 0.70%), 6/1/26 (Put Date), 12/1/50(2) | 2,300 | 2,238,314 | |
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation): | |||
5.00%, 12/1/28 | 1,050 | 1,059,219 | |
5.50%, 12/1/53 | 740 | 733,458 | |
Kalispel Tribe of Indians, WA: | |||
Series A, 5.00%, 1/1/32(1) | 1,455 | 1,495,682 | |
Series B, 5.00%, 1/1/32(1) | 1,000 | 1,027,960 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/30 (Put Date), 6/1/53 | $ | 2,000 | $ 2,069,960 |
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 1,775 | 1,751,393 | |
Southeast Alabama Gas Supply District, (Project No. 2), 4.337%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(2) | 3,000 | 3,003,090 | |
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 4.42%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(2) | 3,150 | 3,131,604 | |
$ 27,266,771 | |||
Senior Living/Life Care — 10.8% | |||
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/26 | $ | 1,730 | $ 1,758,614 |
5.00%, 11/15/27 | 1,320 | 1,338,097 | |
Centerville, OH, (Graceworks Lutheran Services): | |||
5.00%, 11/1/23 | 450 | 449,883 | |
5.00%, 11/1/24 | 705 | 704,182 | |
5.00%, 11/1/26 | 770 | 764,479 | |
5.00%, 11/1/27 | 425 | 420,329 | |
Clackamas County Hospital Facility Authority, OR, (Rose Villa): | |||
5.00%, 11/15/27 | 260 | 262,272 | |
5.00%, 11/15/28 | 300 | 302,046 | |
5.00%, 11/15/29 | 315 | 316,544 | |
5.00%, 11/15/30 | 330 | 330,983 | |
5.375%, 11/15/55 | 300 | 277,359 | |
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/29 | 600 | 555,138 | |
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community): | |||
5.00%, 5/15/24 | 525 | 525,840 | |
5.00%, 5/15/25 | 300 | 300,840 | |
5.00%, 5/15/26 | 350 | 351,054 | |
5.00%, 5/15/27 | 400 | 400,924 | |
District of Columbia, (Ingleside at Rock Creek), 4.125%, 7/1/27 | 695 | 668,819 | |
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): | |||
5.00%, 12/1/30 | 500 | 471,215 | |
5.00%, 12/1/39 | 370 | 319,643 | |
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28 | 225 | 207,434 | |
Hanover County Economic Development Authority, VA, (Covenant Woods): | |||
5.00%, 7/1/38 | 125 | 118,324 | |
5.00%, 7/1/48 | 465 | 410,702 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Hanover County Economic Development Authority, VA, (Covenant Woods): (continued) | |||
5.00%, 7/1/51 | $ | 870 | $ 760,206 |
Howard County, MD, (Vantage House): | |||
5.00%, 4/1/26 | 990 | 969,675 | |
5.00%, 4/1/36 | 2,035 | 1,822,729 | |
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/27 | 370 | 351,359 | |
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 4.68%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42(2) | 1,090 | 1,063,971 | |
Lancaster County Hospital Authority, PA, (Brethren Village): | |||
5.00%, 7/1/24 | 915 | 912,539 | |
5.00%, 7/1/25 | 650 | 645,879 | |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/28(1) | 1,200 | 1,239,096 | |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/35 | 310 | 278,854 | |
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): | |||
4.00%, 12/1/30 | 200 | 201,768 | |
4.00%, 12/1/31 | 150 | 151,316 | |
4.00%, 12/1/32 | 200 | 201,716 | |
4.00%, 12/1/33 | 100 | 100,572 | |
4.00%, 12/1/34 | 200 | 200,866 | |
4.00%, 12/1/35 | 350 | 350,056 | |
4.00%, 12/1/36 | 350 | 345,223 | |
4.00%, 12/1/37 | 300 | 292,119 | |
4.00%, 12/1/38 | 300 | 287,508 | |
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33 | 1,890 | 1,802,474 | |
National Finance Authority, NH, (The Vista): | |||
5.25%, 7/1/39(1) | 920 | 833,189 | |
5.75%, 7/1/54(1) | 1,725 | 1,549,188 | |
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): | |||
5.00%, 1/1/25 | 1,000 | 997,790 | |
5.00%, 1/1/26 | 1,040 | 1,035,986 | |
5.00%, 1/1/27 | 1,095 | 1,086,831 | |
5.00%, 1/1/29 | 1,205 | 1,188,118 | |
5.00%, 1/1/30 | 630 | 617,123 | |
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): | |||
5.00%, 7/1/30 | 430 | 413,686 | |
5.00%, 7/1/33 | 305 | 286,343 | |
5.00%, 7/1/34 | 195 | 181,459 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): (continued) | |||
5.00%, 7/1/39 | $ | 2,450 | $ 2,182,435 |
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge): | |||
4.00%, 1/1/29 | 1,335 | 1,213,635 | |
5.25%, 1/1/54 | 250 | 201,533 | |
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.): | |||
5.00%, 5/15/28 | 255 | 239,754 | |
5.00%, 5/15/30 | 300 | 276,675 | |
5.00%, 5/15/31 | 775 | 707,420 | |
5.00%, 5/15/32 | 650 | 587,061 | |
Polk County Industrial Development Authority, FL, (Carpenter's Home Estates, Inc.), 5.00%, 1/1/39 | 400 | 374,240 | |
Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39(1) | 1,540 | 1,303,394 | |
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/28 | 270 | 273,186 | |
Santa Fe, NM, (El Castillo Retirement Residences): | |||
5.00%, 5/15/34 | 650 | 616,161 | |
5.00%, 5/15/39 | 480 | 427,368 | |
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community): | |||
4.00%, 4/1/34 | 600 | 542,052 | |
5.00%, 4/1/49 | 1,510 | 1,316,962 | |
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes): | |||
5.00%, 4/1/28 | 1,675 | 1,659,104 | |
5.00%, 4/1/29 | 1,000 | 986,370 | |
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis Obligated Group), 5.00%, 9/1/27 | 1,930 | 1,905,431 | |
St. Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/25 | 625 | 624,956 | |
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/29 | 500 | 506,680 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.875%, 11/15/55 | 4,650 | 4,250,751 | |
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 5.35%, 10/1/25(1) | 3,000 | 2,788,560 | |
Tulsa County Industrial Authority, OK, (Montereau, Inc.): | |||
5.00%, 11/15/28 | 540 | 550,379 | |
5.00%, 11/15/29 | 400 | 406,908 | |
Vermont Economic Development Authority, (Wake Robin Corp.): | |||
5.00%, 5/1/25 | 745 | 749,895 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Vermont Economic Development Authority, (Wake Robin Corp.): (continued) | |||
5.00%, 5/1/26 | $ | 585 | $ 590,177 |
5.00%, 5/1/27 | 500 | 505,060 | |
Washington Housing Finance Commission, (Bayview Manor Homes): | |||
4.00%, 7/1/26(1) | 590 | 561,420 | |
5.00%, 7/1/31(1) | 750 | 701,902 | |
Washington Housing Finance Commission, (Judson Park), 4.00%, 7/1/28(1) | 250 | 230,483 | |
Washington Housing Finance Commission, (Transforming Age): | |||
5.00%, 1/1/27(1) | 840 | 811,860 | |
5.00%, 1/1/28(1) | 445 | 425,451 | |
5.00%, 1/1/29(1) | 460 | 434,912 | |
5.00%, 1/1/34(1) | 500 | 449,110 | |
5.00%, 1/1/39(1) | 750 | 633,030 | |
$ 61,456,675 | |||
Special Tax Revenue — 4.6% | |||
Baltimore, MD, (Harbor Point): | |||
3.45%, 6/1/35(1) | $ | 310 | $ 267,676 |
3.50%, 6/1/39(1) | 650 | 542,763 | |
Bullhead City, AZ, Excise Taxes Revenue, 2.10%, 7/1/36 | 585 | 468,983 | |
Irving, TX, Hotel Occupancy Tax Revenue: | |||
5.00%, 8/15/31 | 125 | 131,981 | |
5.00%, 8/15/33 | 140 | 147,465 | |
Massachusetts School Building Authority, 4.00%, 11/15/35 | 1,990 | 2,005,164 | |
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29 | 2,145 | 2,144,936 | |
Puerto Rico Sales Tax Financing Corp.: | |||
0.00%, 7/1/33 | 6,500 | 4,226,105 | |
5.00%, 7/1/58 | 4,910 | 4,790,981 | |
San Diego County Regional Transportation Commission, CA, Sales Tax Revenue, 5.00%, 4/1/37 | 2,000 | 2,363,220 | |
Santa Clara Valley Transportation Authority, CA, 5.00%, 4/1/35(3) | 3,500 | 4,206,475 | |
South Village Community Development District, FL: | |||
2.50%, 5/1/24 | 100 | 98,913 | |
2.75%, 5/1/25 | 95 | 93,004 | |
3.25%, 5/1/27 | 95 | 92,665 | |
4.35%, 5/1/26 | 245 | 245,147 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | $ | 875 | $ 718,865 |
Triborough Bridge and Tunnel Authority, NY, 5.00%, 5/15/52 | 3,000 | 3,427,320 | |
$ 25,971,663 | |||
Transportation — 9.7% | |||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 4.43%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(2) | $ | 3,200 | $ 3,151,168 |
Central Texas Regional Mobility Authority: | |||
5.00%, 1/1/26 | 500 | 512,785 | |
5.00%, 1/1/27 | 550 | 564,982 | |
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/27 | 1,000 | 1,002,590 | |
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 12/31/28 | 2,760 | 2,792,899 | |
Denver City and County, CO, Airport System Revenue: | |||
(AMT), 4.00%, 12/1/43 | 6,250 | 5,978,750 | |
(AMT), 5.00%, 11/15/28 | 2,680 | 2,883,975 | |
(AMT), 5.50%, 11/15/27 | 3,065 | 3,076,310 | |
Illinois Toll Highway Authority, 5.25%, 1/1/43 | 1,000 | 1,112,460 | |
Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
(AMT), 5.00%, 5/15/25 | 3,220 | 3,299,985 | |
(AMT), 5.00%, 5/15/36 | 3,080 | 3,284,974 | |
(AMT), 5.00%, 5/15/45 | 5,000 | 5,055,600 | |
Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/44 | 500 | 511,125 | |
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35 | 1,995 | 2,095,069 | |
Metropolitan Washington Airports Authority, D.C.: | |||
(AMT), 5.00%, 10/1/31 | 1,000 | 1,012,760 | |
(AMT), 5.00%, 10/1/36 | 1,175 | 1,282,078 | |
(AMT), 5.00%, 10/1/38 | 1,600 | 1,727,360 | |
Port of Portland, OR, (Portland International Airport), (AMT), 5.25%, 7/1/39 | 1,500 | 1,655,190 | |
Port of Seattle, WA, (AMT), 5.00%, 8/1/28 | 2,270 | 2,426,970 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/44 | 5,000 | 5,178,850 | |
San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/47 | 3,000 | 3,054,480 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/34 | 3,000 | 3,242,430 | |
$ 54,902,790 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer — 9.5% | |||
Austin, TX, Water and Wastewater System Revenue, 5.00%, 11/15/42 | $ | 5,000 | $ 5,515,250 |
Corpus Christi, TX, Utility System Revenue, 4.00%, 7/15/48 | 5,305 | 5,144,365 | |
Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/40 | 3,195 | 3,250,721 | |
Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39 | 2,750 | 2,528,322 | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
5.25%, 6/15/46 | 4,000 | 4,547,680 | |
5.25%, 6/15/52(4) | 3,000 | 3,340,710 | |
(SPA: Barclays Bank PLC), 4.48%, 6/15/53(5) | 6,615 | 6,615,000 | |
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, Green Bonds, 4.00% to 10/1/29 (Put Date), 10/1/48 | 3,000 | 3,169,350 | |
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, 5.00%, 11/1/38(3) | 6,030 | 7,070,235 | |
Seminole County, FL, Water and Sewer Revenue, 4.00%, 10/1/33 | 3,000 | 3,026,370 | |
Tacoma, WA, Sewer Revenue, 4.00%, 12/1/48 | 2,500 | 2,417,000 | |
Walton County Water and Sewerage Authority, GA, 5.00%, 2/1/53 | 2,000 | 2,186,160 | |
Washington Suburban Sanitary District, MD, (SPA: TD Bank, N.A.), 4.45%, 6/1/24(5) | 5,000 | 5,000,000 | |
$ 53,811,163 | |||
Total Tax-Exempt Municipal Obligations (identified cost $535,783,011) | $530,646,197 |
Taxable Municipal Obligations — 7.5% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.1% | |||
Harris County Cultural Education Facilities Finance Corp., TX, (Baylor College of Medicine), 1.593%, 11/15/23 | $ | 795 | $ 784,840 |
$ 784,840 | |||
Electric Utilities — 0.3% | |||
Vernon, CA, Electric System Revenue, 4.05%, 8/1/23 | $ | 2,000 | $ 2,000,000 |
$ 2,000,000 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 2.1% | |||
Atlantic City, NJ, 7.00%, 3/1/28 | $ | 2,105 | $ 2,189,600 |
Chicago, IL: | |||
7.375%, 1/1/33 | 3,250 | 3,441,068 | |
7.781%, 1/1/35 | 2,600 | 2,830,854 | |
Collin County, TX, 1.683%, 2/15/30 | 100 | 82,106 | |
Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 2.002%, 8/1/33 | 650 | 504,777 | |
Marin Community College District, CA, 2.14%, 8/1/34 | 1,500 | 1,150,785 | |
Mattawan Consolidated School, MI, 1.966%, 5/1/32 | 1,100 | 865,414 | |
Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | 1,384 | 711,050 | |
$ 11,775,654 | |||
Housing — 0.9% | |||
Maine Housing Authority, (SPA: Barclays Bank PLC), 5.33%, 11/15/52(6) | $ | 5,000 | $ 5,000,000 |
$ 5,000,000 | |||
Insured - General Obligations — 0.7% | |||
Altoona Area School District, PA, (BAM), 2.288%, 12/1/34 | $ | 750 | $ 567,480 |
Detroit, MI, (AMBAC), 5.15%, 4/1/25 | 3,371 | 3,291,183 | |
$ 3,858,663 | |||
Insured - Special Tax Revenue — 0.8% | |||
Bexar County, TX, Venue Project Revenue, (AGM), 2.434%, 8/15/33 | $ | 1,505 | $ 1,178,626 |
Rio Elementary School District Community Facilities District No. 1, CA, (BAM), 2.457%, 9/1/32 | 1,500 | 1,184,160 | |
Successor Agency to Pittsburg Redevelopment Agency, CA, (AGM), 3.684%, 8/1/24 | 1,030 | 1,010,471 | |
Successor Agency to San Bernardino County Redevelopment Agency, CA: | |||
(AGM), 3.50%, 9/1/23 | 510 | 508,883 | |
(AGM), 3.75%, 9/1/25 | 500 | 477,350 | |
(AGM), 4.00%, 9/1/26 | 500 | 474,545 | |
$ 4,834,035 | |||
Senior Living/Life Care — 0.1% | |||
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 3.95%, 5/15/24 | $ | 500 | $ 490,505 |
$ 490,505 | |||
Special Tax Revenue — 1.0% | |||
Massachusetts School Building Authority, Social Bonds, 1.753%, 8/15/30 | $ | 2,000 | $ 1,670,260 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31 | $ | 335 | $ 315,349 |
Successor Agency to San Jose Redevelopment Agency, CA, 3.375%, 8/1/34 | 3,900 | 3,437,538 | |
$ 5,423,147 | |||
Water and Sewer — 1.5% | |||
Metropolitan Water District of Southern California, (SPA: TD Bank, N.A.), 5.33%, 7/1/37(6) | $ | 8,600 | $ 8,600,000 |
$ 8,600,000 | |||
Total Taxable Municipal Obligations (identified cost $43,992,936) | $ 42,766,844 | ||
Total Investments — 102.6% (identified cost $588,436,384) | $581,595,934 | ||
Other Assets, Less Liabilities — (2.6)% | $ (14,813,314) | ||
Net Assets — 100.0% | $566,782,620 |
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 July 31, 2023, the aggregate value of these securities is $32,586,916 or 5.7% of the Fund's net assets. |
(2) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2023. |
(3) | When-issued/delayed delivery security. |
(4) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
(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 July 31, 2023. |
(6) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, represents the rate in effect at July 31, 2023. |
At July 31, 2023, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows: |
California | 15.7% |
Texas | 11.2% |
Others, representing less than 10% individually | 74.3% |
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 July 31, 2023, 7.5% 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 less than 0.05% to 4.9% 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 |
LIBOR | – London Interbank Offered Rate |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
Currency Abbreviations: | |
USD | – United States Dollar |
July 31, 2023 | |
Assets | |
Investments, at value (identified cost $588,436,384) | $ 581,595,934 |
Cash | 2,344,841 |
Interest receivable | 5,150,350 |
Receivable for investments sold | 4,648,193 |
Receivable for Fund shares sold | 1,207,212 |
Total assets | $594,946,530 |
Liabilities | |
Payable for floating rate notes issued | $ 2,404,998 |
Payable for when issued/delayed delivery securities | 22,921,102 |
Payable for Fund shares redeemed | 2,008,650 |
Distributions payable | 187,610 |
Payable to affiliates: | |
Investment adviser and administration fee | 287,680 |
Distribution and service fees | 26,457 |
Interest expense and fees payable | 11,956 |
Accrued expenses | 315,457 |
Total liabilities | $ 28,163,910 |
Net Assets | $566,782,620 |
Sources of Net Assets | |
Paid-in capital | $ 634,115,044 |
Accumulated loss | (67,332,424) |
Net Assets | $566,782,620 |
Class A Shares | |
Net Assets | $ 61,216,503 |
Shares Outstanding | 5,500,316 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.13 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 11.50 |
Class C Shares | |
Net Assets | $ 15,390,822 |
Shares Outstanding | 1,383,316 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 11.13 |
Class I Shares | |
Net Assets | $ 490,175,295 |
Shares Outstanding | 43,981,472 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.15 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
July 31, 2023 | |
Investment Income | |
Interest income | $ 23,063,188 |
Total investment income | $ 23,063,188 |
Expenses | |
Investment adviser and administration fee | $ 3,497,944 |
Distribution and service fees: | |
Class A | 160,236 |
Class C | 190,663 |
Trustees’ fees and expenses | 36,136 |
Custodian fee | 141,261 |
Transfer and dividend disbursing agent fees | 221,131 |
Legal and accounting services | 72,988 |
Printing and postage | 45,754 |
Registration fees | 141,542 |
Interest expense and fees | 57,961 |
Miscellaneous | 127,278 |
Total expenses | $ 4,692,894 |
Net investment income | $ 18,370,294 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (26,642,436) |
Futures contracts | 4,689,257 |
Net realized loss | $(21,953,179) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 2,085,765 |
Net change in unrealized appreciation (depreciation) | $ 2,085,765 |
Net realized and unrealized loss | $(19,867,414) |
Net decrease in net assets from operations | $ (1,497,120) |
Year Ended July 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 18,370,294 | $ 22,523,550 |
Net realized loss | (21,953,179) | (39,117,869) |
Net change in unrealized appreciation (depreciation) | 2,085,765 | (89,909,346) |
Net decrease in net assets from operations | $ (1,497,120) | $ (106,503,665) |
Distributions to shareholders: | ||
Class A | $ (1,878,168) | $ (3,808,390) |
Class C | (414,887) | (861,036) |
Class I | (15,983,846) | (37,920,723) |
Total distributions to shareholders | $ (18,276,901) | $ (42,590,149) |
Transactions in shares of beneficial interest: | ||
Class A | $ (16,224,578) | $ (34,054,610) |
Class C | (8,289,225) | (8,140,191) |
Class I | (138,227,894) | (426,023,493) |
Net decrease in net assets from Fund share transactions | $(162,741,697) | $ (468,218,294) |
Net decrease in net assets | $(182,515,718) | $ (617,312,108) |
Net Assets | ||
At beginning of year | $ 749,298,338 | $1,366,610,446 |
At end of year | $ 566,782,620 | $ 749,298,338 |
Class A | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 11.390 | $ 12.870 | $ 12.330 | $ 12.310 | $ 11.880 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.327 | $ 0.215 | $ 0.232 | $ 0.262 | $ 0.277 |
Net realized and unrealized gain (loss) | (0.260) | (1.282) | 0.541 | 0.018 (2) | 0.427 |
Total income (loss) from operations | $ 0.067 | $ (1.067) | $ 0.773 | $ 0.280 | $ 0.704 |
Less Distributions | |||||
From net investment income | $ (0.327) | $ (0.219) | $ (0.233) | $ (0.260) | $ (0.274) |
From net realized gain | — | (0.194) | — | — | — |
Total distributions | $ (0.327) | $ (0.413) | $ (0.233) | $ (0.260) | $ (0.274) |
Net asset value — End of year | $11.130 | $11.390 | $ 12.870 | $ 12.330 | $ 12.310 |
Total Return(3) | 0.65% | (8.47)% | 6.34% | 2.32% | 6.02% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 61,217 | $ 79,594 | $127,729 | $129,416 | $127,094 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.98% | 0.93% | 0.92% | 0.92% | 0.94% |
Interest and fee expense(4) | 0.01% | — | 0.00% (5) | 0.00% (5) | — |
Total expenses | 0.99% | 0.93% | 0.92% | 0.92% | 0.94% |
Net investment income | 2.95% | 1.77% | 1.84% | 2.15% | 2.32% |
Portfolio Turnover | 98% | 35% | 62% | 56% | 34% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
(5) | Amount is less than 0.005%. |
Class C | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 11.390 | $ 12.870 | $ 12.330 | $ 12.300 | $ 11.870 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.243 | $ 0.124 | $ 0.139 | $ 0.171 | $ 0.188 |
Net realized and unrealized gain (loss) | (0.259) | (1.282) | 0.540 | 0.027 (2) | 0.426 |
Total income (loss) from operations | $ (0.016) | $ (1.158) | $ 0.679 | $ 0.198 | $ 0.614 |
Less Distributions | |||||
From net investment income | $ (0.244) | $ (0.128) | $ (0.139) | $ (0.168) | $ (0.184) |
From net realized gain | — | (0.194) | — | — | — |
Total distributions | $ (0.244) | $ (0.322) | $ (0.139) | $ (0.168) | $ (0.184) |
Net asset value — End of year | $11.130 | $11.390 | $12.870 | $12.330 | $12.300 |
Total Return(3) | (0.11)% | (9.15)% | 5.55% | 1.64% | 5.23% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 15,391 | $ 24,274 | $ 36,398 | $ 41,939 | $ 47,617 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 1.73% | 1.68% | 1.67% | 1.67% | 1.69% |
Interest and fee expense(4) | 0.01% | — | 0.00% (5) | 0.00% (5) | — |
Total expenses | 1.74% | 1.68% | 1.67% | 1.67% | 1.69% |
Net investment income | 2.20% | 1.03% | 1.11% | 1.40% | 1.57% |
Portfolio Turnover | 98% | 35% | 62% | 56% | 34% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
(5) | Amount is less than 0.005%. |
Class I | |||||
Year Ended July 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 11.410 | $ 12.890 | $ 12.350 | $ 12.320 | $ 11.900 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.355 | $ 0.245 | $ 0.263 | $ 0.293 | $ 0.306 |
Net realized and unrealized gain (loss) | (0.260) | (1.282) | 0.542 | 0.028 (2) | 0.418 |
Total income (loss) from operations | $ 0.095 | $ (1.037) | $ 0.805 | $ 0.321 | $ 0.724 |
Less Distributions | |||||
From net investment income | $ (0.355) | $ (0.249) | $ (0.265) | $ (0.291) | $ (0.304) |
From net realized gain | — | (0.194) | — | — | — |
Total distributions | $ (0.355) | $ (0.443) | $ (0.265) | $ (0.291) | $ (0.304) |
Net asset value — End of year | $ 11.150 | $ 11.410 | $ 12.890 | $ 12.350 | $ 12.320 |
Total Return(3) | 0.90% | (8.22)% | 6.60% | 2.66% | 6.19% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $490,175 | $645,430 | $1,202,483 | $1,245,273 | $1,129,022 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.73% | 0.67% | 0.67% | 0.67% | 0.69% |
Interest and fee expense(4) | 0.01% | — | 0.00% (5) | 0.00% (5) | — |
Total expenses | 0.74% | 0.67% | 0.67% | 0.67% | 0.69% |
Net investment income | 3.19% | 2.01% | 2.10% | 2.40% | 2.56% |
Portfolio Turnover | 98% | 35% | 62% | 56% | 34% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
(5) | Amount is less than 0.005%. |
Year Ended July 31, | ||
2023 | 2022 | |
Tax-exempt income | $16,014,042 | $20,432,947 |
Ordinary income | $ 2,262,859 | $ 2,193,210 |
Long-term capital gains | $ — | $19,963,992 |
Undistributed tax-exempt income | $ 180,465 |
Deferred capital losses | (60,877,639) |
Net unrealized depreciation | (6,447,640) |
Distributions payable | (187,610) |
Accumulated loss | $(67,332,424) |
Aggregate cost | $ 585,638,576 |
Gross unrealized appreciation | $ 8,384,400 |
Gross unrealized depreciation | (14,832,040) |
Net unrealized depreciation | $ (6,447,640) |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.600% |
$500 million but less than $1 billion | 0.575% |
$1 billion but less than $2.5 billion | 0.550% |
$2.5 billion but less than $5 billion | 0.530% |
$5 billion and over | 0.515% |
Year Ended July 31, 2023 | Year Ended July 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 2,048,553 | $ 22,521,094 | 1,300,438 | $ 15,469,675 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 151,407 | 1,674,093 | 281,993 | 3,456,210 | |
Redemptions | (3,685,045) | (40,419,765) | (4,518,204) | (52,980,495) | |
Net decrease | (1,485,085) | $ (16,224,578) | (2,935,773) | $ (34,054,610) | |
Class C | |||||
Sales | 224,477 | $ 2,486,891 | 146,884 | $ 1,816,121 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 33,686 | 372,409 | 63,861 | 784,274 | |
Redemptions | (1,005,989) | (11,148,525) | (907,742) | (10,740,586) | |
Net decrease | (747,826) | $ (8,289,225) | (696,997) | $ (8,140,191) | |
Class I | |||||
Sales | 23,349,812 | $ 259,411,972 | 17,324,361 | $ 207,605,346 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 1,249,629 | 13,835,000 | 2,628,830 | 32,266,907 | |
Redemptions | (37,184,269) | (411,474,866) | (56,658,603) | (665,895,746) | |
Net decrease | (12,584,828) | $(138,227,894) | (36,705,412) | $(426,023,493) |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
Futures contracts | $4,689,257 | $ — |
(1) | Statement of Operations location: Net realized gain (loss): Futures contracts. |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 7,731,825 | $ — | $ 7,731,825 |
Tax-Exempt Mortgage-Backed Securities | — | 451,068 | — | 451,068 |
Tax-Exempt Municipal Obligations | — | 530,646,197 | — | 530,646,197 |
Taxable Municipal Obligations | — | 42,766,844 | — | 42,766,844 |
Total Investments | $ — | $581,595,934 | $ — | $581,595,934 |
Boston, Massachusetts
September 18, 2023
Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2022 through December 31, 2022 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
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
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other
mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
Eaton Vance Arizona Municipal Income Fund, Eaton Vance Connecticut Municipal Income Fund, Eaton Vance Minnesota Municipal Income Fund, Eaton Vance Municipal Opportunities Fund, Eaton Vance New Jersey Municipal Income Fund and Eaton Vance Pennsylvania Municipal Income Fund (the “Fund(s)”) are series of Eaton Vance Municipals Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 18 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.
(a)-(d)
The following tables represent the aggregate fees billed to each Fund for the Funds’ fiscal years ended July 31, 2022 and July 31, 2023 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T during those periods.
Eaton Vance Arizona Municipal Income Fund
Fiscal Years Ended | 7/31/2022 | 7/31/2023 | ||||||
Audit Fees | $ | 41,150 | $ | 41,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 350 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 41,500 | $ | 41,600 | ||||
|
|
|
|
Eaton Vance Connecticut Municipal Income Fund
Fiscal Years Ended | 7/31/2022 | 7/31/2023 | ||||||
Audit Fees | $ | 40,350 | $ | 40,800 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 350 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 40,700 | $ | 40,800 | ||||
|
|
|
|
Eaton Vance Minnesota Municipal Income Fund
Fiscal Years Ended | 7/31/2022 | 7/31/2023 | ||||||
Audit Fees | $ | 41,150 | $ | 41,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 350 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 41,500 | $ | 41,600 | ||||
|
|
|
|
Eaton Vance Municipal Opportunities Fund
Fiscal Years Ended | 7/31/2022 | 7/31/2023 | ||||||
Audit Fees | $ | 45,450 | $ | 50,900 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 1,650 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 47,100 | $ | 50,900 | ||||
|
|
|
|
Eaton Vance New Jersey Municipal Income Fund
Fiscal Years Ended | 7/31/2022 | 7/31/2023 | ||||||
Audit Fees | $ | 53,850 | $ | 54,300 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 350 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 54,200 | $ | 54,300 | ||||
|
|
|
|
Eaton Vance Pennsylvania Municipal Income Fund
Fiscal Years Ended | 7/31/2022 | 7/31/2023 | ||||||
Audit Fees | $ | 54,350 | $ | 54,800 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 350 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 54,700 | $ | 54,800 | ||||
|
|
|
|
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
The Series comprising the Trust have varying fiscal year ends (July 31, August 31, and September 30). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 8/31/21 | 9/30/21 | 7/31/22 | 8/31/22 | 9/30/22 | 7/31/23 | ||||||||||||||||||
Audit Fees | $ | 259,550 | $ | 293,350 | $ | 276,300 | $ | 286,950 | $ | 321,150 | $ | 284,000 | ||||||||||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Tax Fees(2) | $ | 53,653 | $ | 58,033 | $ | 3,400 | $ | 350 | $ | 3,650 | $ | 0 | ||||||||||||
All Other Fees(3) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 313,203 | $ | 351,383 | $ | 279,700 | $ | 287,300 | $ | 324,800 | $ | 284,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonable related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the same time period.
Fiscal Years Ended | 8/31/21 | 9/30/21 | 7/31/22 | 8/31/22 | 9/30/22 | 7/31/23 | ||||||||||||||||||
Registrant(1) | $ | 53,653 | $ | 58,033 | $ | 3,400 | $ | 350 | $ | 3,650 | $ | 0 | ||||||||||||
Eaton Vance(2) | $ | 150,300 | $ | 51,800 | $ | 0 | $ | 0 | $ | 52,836 | $ | 0 |
(1) | Includes all of the Series in the Trust. |
(2) | The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Morgan Stanley. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
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 applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
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 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
Not applicable.
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 Municipals Trust
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: September 25, 2023
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: September 25, 2023
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: September 25, 2023