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)
August 31
Date of Fiscal Year End
August 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 | 12/07/1993 | 12/23/1991 | 1.41% | 1.09% | 2.63% |
Class A with 3.25% Maximum Sales Charge | — | — | (1.90) | 0.43 | 2.29 |
Class C at NAV | 04/25/2006 | 12/23/1991 | 0.60 | 0.34 | 2.03 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (0.38) | 0.34 | 2.03 |
Class I at NAV | 03/03/2008 | 12/23/1991 | 1.61 | 1.27 | 2.83 |
Bloomberg Municipal Bond Index | — | — | 1.70% | 1.52% | 2.81% |
Bloomberg Georgia Municipal Bond Index | — | — | 1.37 | 1.34 | 2.47 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.65% | 1.40% | 0.45% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.73% | 1.98% | 2.93% |
Taxable-Equivalent Distribution Rate | 5.11 | 3.70 | 5.48 |
SEC 30-day Yield | 3.00 | 2.36 | 3.31 |
Taxable-Equivalent SEC 30-day Yield | 5.62 | 4.41 | 6.18 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 08/31/2013 | $12,228 | N.A. |
Class I, at minimum investment | $1,000,000 | 08/31/2013 | $1,322,735 | 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 | 12/10/1993 | 02/03/1992 | 1.43% | 0.94% | 2.20% |
Class A with 3.25% Maximum Sales Charge | — | — | (1.91) | 0.28 | 1.87 |
Class C at NAV | 05/02/2006 | 02/03/1992 | 0.65 | 0.19 | 1.59 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (0.34) | 0.19 | 1.59 |
Class I at NAV | 03/03/2008 | 02/03/1992 | 1.51 | 1.12 | 2.40 |
Bloomberg Municipal Bond Index | — | — | 1.70% | 1.52% | 2.81% |
Bloomberg Maryland Municipal Bond Index | — | — | 0.98 | 1.21 | 2.21 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.68% | 1.43% | 0.48% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 3.20% | 2.45% | 3.40% |
Taxable-Equivalent Distribution Rate | 5.99 | 4.58 | 6.37 |
SEC 30-day Yield | 3.08 | 2.44 | 3.39 |
Taxable-Equivalent SEC 30-day Yield | 5.77 | 4.56 | 6.34 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 08/31/2013 | $11,713 | N.A. |
Class I, at minimum investment | $1,000,000 | 08/31/2013 | $1,267,306 | 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 | 12/07/1993 | 05/01/1992 | 1.08% | 0.97% | 2.74% |
Class A with 3.25% Maximum Sales Charge | — | — | (2.17) | 0.31 | 2.39 |
Class C at NAV | 02/16/2006 | 05/01/1992 | 0.29 | 0.22 | 2.11 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (0.69) | 0.22 | 2.11 |
Class I at NAV | 08/03/2010 | 05/01/1992 | 1.29 | 1.17 | 2.93 |
Bloomberg Municipal Bond Index | — | — | 1.70% | 1.52% | 2.81% |
Bloomberg Missouri Municipal Bond Index | — | — | 1.25 | 1.58 | 2.73 |
% 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 | 3.08% | 2.32% | 3.28% |
Taxable-Equivalent Distribution Rate | 5.67 | 4.28 | 6.04 |
SEC 30-day Yield | 3.10 | 2.46 | 3.41 |
Taxable-Equivalent SEC 30-day Yield | 5.72 | 4.53 | 6.28 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 08/31/2013 | $12,323 | N.A. |
Class I, at minimum investment | $1,000,000 | 08/31/2013 | $1,334,745 | 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 | 12/07/1993 | 10/23/1991 | 0.78% | 0.90% | 2.75% |
Class A with 3.25% Maximum Sales Charge | — | — | (2.48) | 0.23 | 2.41 |
Class C at NAV | 05/02/2006 | 10/23/1991 | 0.02 | 0.15 | 2.13 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (0.96) | 0.15 | 2.13 |
Class I at NAV | 03/03/2008 | 10/23/1991 | 0.98 | 1.10 | 2.96 |
Bloomberg Municipal Bond Index | — | — | 1.70% | 1.52% | 2.81% |
Bloomberg North Carolina Municipal Bond Index | — | — | 1.03 | 1.09 | 2.26 |
% 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 | 2.69% | 1.94% | 2.89% |
Taxable-Equivalent Distribution Rate | 4.94 | 3.56 | 5.30 |
SEC 30-day Yield | 2.94 | 2.29 | 3.24 |
Taxable-Equivalent SEC 30-day Yield | 5.40 | 4.21 | 5.95 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 08/31/2013 | $12,354 | N.A. |
Class I, at minimum investment | $1,000,000 | 08/31/2013 | $1,339,503 | 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 | 12/28/1993 | 12/24/1991 | 1.03% | 1.00% | 2.88% |
Class A with 3.25% Maximum Sales Charge | — | — | (2.28) | 0.34 | 2.54 |
Class C at NAV | 03/02/2006 | 12/24/1991 | 0.33 | 0.24 | 2.26 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (0.65) | 0.24 | 2.26 |
Class I at NAV | 08/03/2010 | 12/24/1991 | 1.36 | 1.20 | 3.08 |
Bloomberg Municipal Bond Index | — | — | 1.70% | 1.52% | 2.81% |
Bloomberg Oregon Municipal Bond Index | — | — | 1.01 | 1.30 | 2.67 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.66% | 1.41% | 0.47% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 3.21% | 2.45% | 3.41% |
Taxable-Equivalent Distribution Rate | 6.51 | 4.98 | 6.91 |
SEC 30-day Yield | 3.10 | 2.45 | 3.40 |
Taxable-Equivalent SEC 30-day Yield | 6.28 | 4.96 | 6.89 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 1.04% |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 08/31/2013 | $12,504 | N.A. |
Class I, at minimum investment | $1,000,000 | 08/31/2013 | $1,354,496 | 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. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 02/14/1994 | 10/02/1992 | 1.44% | 1.03% | 2.94% |
Class A with 3.25% Maximum Sales Charge | — | — | (1.86) | 0.35 | 2.60 |
Class C at NAV | 01/12/2006 | 10/02/1992 | 0.74 | 0.26 | 2.32 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (0.25) | 0.26 | 2.32 |
Class I at NAV | 03/03/2008 | 10/02/1992 | 1.64 | 1.21 | 3.13 |
Bloomberg Municipal Bond Index | — | — | 1.70% | 1.52% | 2.81% |
Bloomberg South Carolina Municipal Bond Index | — | — | 1.52 | 1.77 | 2.93 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.67% | 1.42% | 0.47% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.78% | 2.03% | 2.98% |
Taxable-Equivalent Distribution Rate | 5.27 | 3.84 | 5.65 |
SEC 30-day Yield | 3.06 | 2.41 | 3.37 |
Taxable-Equivalent SEC 30-day Yield | 5.80 | 4.57 | 6.38 |
% Total Leverage5 | |
RIB Financing | 1.76% |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 08/31/2013 | $12,585 | N.A. |
Class I, at minimum investment | $1,000,000 | 08/31/2013 | $1,361,616 | 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. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 12/17/1993 | 07/26/1991 | 0.62% | 0.71% | 2.13% |
Class A with 3.25% Maximum Sales Charge | — | — | (2.63) | 0.05 | 1.79 |
Class C at NAV | 02/08/2006 | 07/26/1991 | (0.18) | (0.03) | 1.54 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.16) | (0.03) | 1.54 |
Class I at NAV | 03/03/2008 | 07/26/1991 | 0.69 | 0.89 | 2.32 |
Bloomberg Municipal Bond Index | — | — | 1.70% | 1.52% | 2.81% |
Bloomberg Virginia Municipal Bond Index | — | — | 1.07 | 1.25 | 2.51 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.71% | 1.46% | 0.51% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.97% | 2.22% | 3.18% |
Taxable-Equivalent Distribution Rate | 5.57 | 4.16 | 5.94 |
SEC 30-day Yield | 3.13 | 2.48 | 3.44 |
Taxable-Equivalent SEC 30-day Yield | 5.85 | 4.65 | 6.43 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 08/31/2013 | $11,647 | N.A. |
Class I, at minimum investment | $1,000,000 | 08/31/2013 | $1,258,070 | 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 Georgia Municipal Bond Index is an unmanaged index of Georgia municipal bonds. Bloomberg Maryland Municipal Bond Index is an unmanaged index of Maryland municipal bonds. Bloomberg Missouri Municipal Bond Index is an unmanaged index of Missouri municipal bonds. Bloomberg North Carolina Municipal Bond Index is an unmanaged index of North Carolina municipal bonds. Bloomberg Oregon Municipal Bond Index is an unmanaged index of Oregon municipal bonds. Bloomberg South Carolina Municipal Bond Index is an unmanaged index of South Carolina municipal bonds. Bloomberg Virginia Municipal Bond Index is an unmanaged index of Virginia 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. |
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 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. |
Beginning Account Value (3/1/23) | Ending Account Value (8/31/23) | Expenses Paid During Period* (3/1/23 – 8/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,008.40 | $3.49 | 0.69% |
Class C | $1,000.00 | $1,004.90 | $7.28 | 1.44% |
Class I | $1,000.00 | $1,009.40 | $2.48 | 0.49% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.73 | $3.52 | 0.69% |
Class C | $1,000.00 | $1,017.95 | $7.32 | 1.44% |
Class I | $1,000.00 | $1,022.74 | $2.50 | 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 184/365 (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 February 28, 2023. |
Beginning Account Value (3/1/23) | Ending Account Value (8/31/23) | Expenses Paid During Period* (3/1/23 – 8/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,012.40 | $3.55 | 0.70% |
Class C | $1,000.00 | $1,008.60 | $7.34 | 1.45% |
Class I | $1,000.00 | $1,012.10 | $2.54 | 0.50% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Class C | $1,000.00 | $1,017.90 | $7.38 | 1.45% |
Class I | $1,000.00 | $1,022.69 | $2.55 | 0.50% |
* | 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 184/365 (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 February 28, 2023. |
Beginning Account Value (3/1/23) | Ending Account Value (8/31/23) | Expenses Paid During Period* (3/1/23 – 8/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,009.70 | $3.55 | 0.70% |
Class C | $1,000.00 | $1,006.40 | $7.33 | 1.45% |
Class I | $1,000.00 | $1,010.70 | $2.53 | 0.50% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Class C | $1,000.00 | $1,017.90 | $7.38 | 1.45% |
Class I | $1,000.00 | $1,022.69 | $2.55 | 0.50% |
* | 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 184/365 (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 February 28, 2023. |
Beginning Account Value (3/1/23) | Ending Account Value (8/31/23) | Expenses Paid During Period* (3/1/23 – 8/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,004.20 | $3.44 | 0.68% |
Class C | $1,000.00 | $1,001.00 | $7.21 | 1.43% |
Class I | $1,000.00 | $1,006.50 | $2.43 | 0.48% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.78 | $3.47 | 0.68% |
Class C | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class I | $1,000.00 | $1,022.79 | $2.45 | 0.48% |
* | 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 184/365 (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 February 28, 2023. |
Beginning Account Value (3/1/23) | Ending Account Value (8/31/23) | Expenses Paid During Period* (3/1/23 – 8/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,004.40 | $3.74 | 0.74% |
Class C | $1,000.00 | $1,001.60 | $7.57 | 1.50% |
Class I | $1,000.00 | $1,006.70 | $2.73 | 0.54% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.48 | $3.77 | 0.74% |
Class C | $1,000.00 | $1,017.64 | $7.63 | 1.50% |
Class I | $1,000.00 | $1,022.48 | $2.75 | 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 184/365 (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 February 28, 2023. |
Beginning Account Value (3/1/23) | Ending Account Value (8/31/23) | Expenses Paid During Period* (3/1/23 – 8/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,007.90 | $3.75 | 0.74% |
Class C | $1,000.00 | $1,004.40 | $7.53 | 1.49% |
Class I | $1,000.00 | $1,008.90 | $2.68 | 0.53% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.48 | $3.77 | 0.74% |
Class C | $1,000.00 | $1,017.69 | $7.58 | 1.49% |
Class I | $1,000.00 | $1,022.53 | $2.70 | 0.53% |
* | 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 184/365 (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 February 28, 2023. |
Beginning Account Value (3/1/23) | Ending Account Value (8/31/23) | Expenses Paid During Period* (3/1/23 – 8/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,004.80 | $3.74 | 0.74% |
Class C | $1,000.00 | $1,001.90 | $7.52 | 1.49% |
Class I | $1,000.00 | $1,005.80 | $2.73 | 0.54% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.48 | $3.77 | 0.74% |
Class C | $1,000.00 | $1,017.69 | $7.58 | 1.49% |
Class I | $1,000.00 | $1,022.48 | $2.75 | 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 184/365 (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 February 28, 2023. |
Tax-Exempt Municipal Obligations — 97.6% |
Security | Principal Amount (000's omitted) | Value | |
Education — 9.0% | |||
Cobb County Development Authority, GA, (TUFF Cobb Research Campus - Georgia Tech Research Corp.), 4.00%, 9/1/34 | $ | 1,000 | $ 1,033,670 |
Fulton County Development Authority, GA, (Georgia Tech Facilities, Inc.): | |||
5.00%, 6/15/36 | 425 | 460,679 | |
5.00%, 6/15/37 | 520 | 559,660 | |
Georgia Private Colleges and Universities Authority, (Agnes Scott College), 4.00%, 6/1/34 | 400 | 403,372 | |
Georgia Private Colleges and Universities Authority, (Emory University): | |||
4.00%, 9/1/36 | 1,825 | 1,884,696 | |
5.00%, 10/1/38 | 1,000 | 1,030,430 | |
Georgia Private Colleges and Universities Authority, (Mercer University), 4.00%, 10/1/47 | 1,000 | 918,760 | |
Savannah Economic Development Authority, GA, (SSU Community Development I, LLC), 4.00%, 6/15/36 | 250 | 245,590 | |
Unified Government of Athens-Clarke County Development Authority, GA, (UGAREF Central Precinct, LLC), 5.00%, 6/15/31 | 1,200 | 1,248,264 | |
Unified Government of Athens-Clarke County Development Authority, GA, (University of Georgia Athletic Association), 5.00%, 4/1/41 | 2,390 | 2,602,590 | |
$ 10,387,711 | |||
Electric Utilities — 4.8% | |||
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45 | $ | 1,220 | $ 1,200,809 |
Dalton, GA, Combined Utilities Revenue: | |||
4.00%, 3/1/34 | 500 | 490,710 | |
4.00%, 3/1/36 | 475 | 461,900 | |
4.00%, 3/1/37 | 1,000 | 962,290 | |
Georgia Municipal Electric Power Authority, 5.00%, 1/1/28 | 1,500 | 1,550,115 | |
Monroe County Development Authority, GA, (Georgia Power Co.), 1.00% to 8/21/26 (Put Date), 7/1/49 | 1,000 | 886,440 | |
$ 5,552,264 | |||
Escrowed/Prerefunded — 3.1% | |||
Atlanta, GA, Water and Wastewater Revenue, Prerefunded to 11/1/23, 5.25%, 11/1/30 | $ | 1,000 | $ 1,002,990 |
Cedartown Polk County Hospital Authority, GA, (Polk Medical Center), Prerefunded to 7/1/26, 5.00%, 7/1/39 | 850 | 891,480 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
Forsyth County Hospital Authority, GA, (Georgia Baptist Health Care System), Escrowed to Maturity, 6.375%, 10/1/28 | $ | 535 | $ 579,143 |
Sandy Springs Public Facilities Authority, GA, (City Center Project), Prerefunded to 5/1/26, 5.00%, 5/1/35 | 1,000 | 1,048,000 | |
Savannah Economic Development Authority, GA, (Marshes of Skidaway Island), Escrowed to Maturity, 6.00%, 1/1/24 | 90 | 90,710 | |
$ 3,612,323 | |||
General Obligations — 20.5% | |||
Atlanta, GA, Social Bonds, 5.00%, 12/1/36 | $ | 1,500 | $ 1,693,500 |
Bleckley County School District, GA, 5.00%, 10/1/42 | 1,500 | 1,604,910 | |
Bryan County School District, GA: | |||
4.00%, 8/1/33 | 500 | 505,070 | |
4.00%, 8/1/34 | 435 | 438,915 | |
Cherokee County School System, GA, 5.00%, 2/1/29 | 1,000 | 1,023,990 | |
Dalton, GA, 5.00%, 2/1/48 | 2,000 | 2,074,260 | |
Forsyth County School District, GA: | |||
5.00%, 2/1/32 | 1,000 | 1,083,630 | |
5.00%, 2/1/37 | 500 | 533,170 | |
Fulton County, GA: | |||
5.00%, 12/29/23 | 2,500 | 2,510,975 | |
5.00%, 7/1/31 | 1,000 | 1,067,760 | |
Georgia, 4.00%, 7/1/35 | 1,000 | 1,024,540 | |
Greene County School District, GA: | |||
4.00%, 6/1/48 | 1,610 | 1,548,707 | |
5.00%, 6/1/43 | 750 | 817,830 | |
Gwinnett County School District, GA, 4.00%, 2/1/33 | 2,000 | 2,013,280 | |
Puerto Rico: | |||
0.00%, 7/1/33 | 750 | 456,975 | |
5.625%, 7/1/29 | 1,500 | 1,587,060 | |
Unified Government of Athens-Clarke County Development Authority, GA, (Economic Development Projects), 5.00%, 6/1/32 | 1,080 | 1,081,091 | |
Valdosta School System, GA, 5.00%, 2/1/28 | 1,000 | 1,040,530 | |
Walton County Public Facilities Authority, GA,: | |||
5.00%, 8/1/38 | 725 | 810,514 | |
5.00%, 8/1/43 | 500 | 545,870 | |
Worth County School District, GA, 5.00%, 12/1/37 | 235 | 246,177 | |
$ 23,708,754 | |||
Hospital — 11.3% | |||
Brookhaven Development Authority, GA, (Children's Healthcare of Atlanta), 5.00%, 7/1/39 | $ | 500 | $ 529,990 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Carroll City-County Hospital Authority, GA, (Tanner Medical Center, Inc.): | |||
3.00%, 7/1/38 | $ | 500 | $ 416,660 |
5.00%, 7/1/29 | 500 | 524,635 | |
DeKalb Private Hospital Authority, GA, (Children's Healthcare of Atlanta), 4.00%, 7/1/39 | 1,865 | 1,852,430 | |
Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/32 | 1,500 | 1,553,955 | |
Fulton County Development Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/37 | 1,250 | 1,285,262 | |
Gainesville and Hall County Hospital Authority, GA, (Northeast Georgia Health System, Inc.): | |||
4.00%, 2/15/37 | 1,500 | 1,430,865 | |
5.00%, 2/15/37 | 1,000 | 1,031,790 | |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System): | |||
4.00%, 8/1/37 | 250 | 227,130 | |
4.00%, 8/1/38 | 500 | 446,660 | |
5.00%, 8/1/28 | 650 | 653,985 | |
Paulding County Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/43 | 1,250 | 1,281,937 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/31 | 1,300 | 1,347,554 | |
Savannah Hospital Authority, GA, (St. Joseph's/Candler Health System, Inc.), 4.00%, 7/1/43 | 500 | 458,105 | |
$ 13,040,958 | |||
Housing — 1.3% | |||
Georgia Housing and Finance Authority, 2.40%, 12/1/41 | $ | 2,125 | $ 1,556,690 |
$ 1,556,690 | |||
Industrial Development Revenue — 4.4% | |||
Albany Dougherty Payroll Development Authority, GA, Solid Waste Disposal, (Procter & Gamble), 5.20%, 5/15/28 | $ | 2,000 | $ 2,140,320 |
Burke County Development Authority, GA, (Georgia Power Co.), 2.20%, 10/1/32 | 750 | 601,065 | |
Monroe County Development Authority, GA, (Georgia Power Co.), 2.25%, 7/1/25 | 1,000 | 951,280 | |
Monroe County Development Authority, GA, (Oglethorpe Power Corp.), 1.50% to 2/3/25 (Put Date), 1/1/39 | 500 | 474,935 | |
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1) | 1,000 | 941,520 | |
$ 5,109,120 | |||
Insured - Electric Utilities — 5.3% | |||
Georgia Municipal Electric Authority, (AGM), 5.00%, 7/1/37 | $ | 1,470 | $ 1,592,613 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Electric Utilities (continued) | |||
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project J): | |||
(AGM), 5.00%, 7/1/48 | $ | 500 | $ 523,490 |
(AGM), 5.00%, 7/1/55 | 1,000 | 1,037,630 | |
Monroe, GA, Combined Utility Revenue, (AGM), 4.00%, 12/1/36 | 600 | 598,548 | |
Newnan, GA, Water, Sewerage and Light Commission, (AMBAC), 5.25%, 1/1/24 | 1,040 | 1,046,011 | |
Puerto Rico Electric Power Authority: | |||
(NPFG), 5.25%, 7/1/29 | 980 | 968,132 | |
(NPFG), 5.25%, 7/1/34 | 420 | 412,423 | |
$ 6,178,847 | |||
Insured - General Obligations — 1.0% | |||
Coweta County, GA, Water and Sewerage Authority, (AGM), Escrowed to Maturity, 5.00%, 6/1/26 | $ | 1,135 | $ 1,189,957 |
$ 1,189,957 | |||
Insured - Lease Revenue/Certificates of Participation — 1.9% | |||
East Point Building Authority, GA, (Water and Sewer Project), (AGM), 5.00%, 2/1/35 | $ | 695 | $ 734,969 |
Georgia Local Government 1998A Grantor Trust, Certificates of Participation, (NPFG), 4.75%, 6/1/28 | 1,428 | 1,454,618 | |
$ 2,189,587 | |||
Insured - Water and Sewer — 1.9% | |||
DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32 | $ | 1,590 | $ 1,685,925 |
Henry County Water and Sewerage Authority, GA, (NPFG), 5.25%, 2/1/25 | 500 | 513,540 | |
$ 2,199,465 | |||
Lease Revenue/Certificates of Participation — 1.4% | |||
Atlanta & Fulton County Recreation Authority, GA, (Zoo Atlanta Parking Facility), 5.00%, 12/1/36 | $ | 1,000 | $ 1,058,830 |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/37 | 500 | 526,530 | |
$ 1,585,360 | |||
Other Revenue — 2.7% | |||
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/30 (Put Date), 6/1/53 | $ | 3,000 | $ 3,077,310 |
$ 3,077,310 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care — 1.8% | |||
Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court): | |||
4.00%, 4/1/28(1) | $ | 800 | $ 747,424 |
4.00%, 4/1/30(1) | 970 | 878,141 | |
Gainesville and Hall County Development Authority, GA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/33 | 500 | 504,215 | |
$ 2,129,780 | |||
Special Tax Revenue — 5.2% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(1) | $ | 200 | $ 191,352 |
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/29 | 750 | 771,195 | |
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue: | |||
5.00%, 7/1/43 | 1,000 | 1,026,500 | |
Prerefunded to 7/1/25, 5.00%, 7/1/42 | 1,000 | 1,031,540 | |
Green Bonds, 5.00%, 7/1/39 | 1,000 | 1,111,420 | |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2,000 | 1,940,800 | |
$ 6,072,807 | |||
Transportation — 9.6% | |||
Atlanta, GA, Airport Revenue: | |||
(AMT), 4.00%, 7/1/35 | $ | 3,750 | $ 3,731,550 |
(AMT), 4.00%, 7/1/39 | 600 | 580,134 | |
(AMT), 4.00%, 7/1/40 | 3,000 | 2,893,680 | |
(AMT), 5.00%, 1/1/31 | 1,000 | 1,004,500 | |
Georgia Ports Authority, 4.00%, 7/1/47 | 3,000 | 2,898,120 | |
$ 11,107,984 | |||
Water and Sewer — 12.4% | |||
Atlanta, GA, Water and Wastewater Revenue, 4.00%, 11/1/36 | $ | 1,000 | $ 1,001,790 |
Barrow County Water & Sewerage Authority, GA, (Barrow County Project), 5.00%, 8/1/37 | 500 | 562,955 | |
Cherokee County Water and Sewerage Authority, GA, 4.00%, 8/1/53 | 1,250 | 1,183,075 | |
Cobb County-Marietta Water Authority, GA, 5.00%, 11/1/28 | 375 | 388,616 | |
DeKalb County, GA, Water and Sewerage Revenue: | |||
5.00%, 10/1/36 | 2,000 | 2,261,260 | |
5.00%, 10/1/45 | 2,650 | 2,859,165 | |
Fulton County, GA, Water and Sewerage Revenue, 5.00%, 1/1/33 | 1,500 | 1,505,100 | |
Kingsland, GA, Water and Sewerage Revenue, 4.00%, 9/1/43 | 1,000 | 968,460 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Rockdale County, GA, Stormwater Revenue, 4.00%, 7/1/41 | $ | 500 | $ 493,805 |
Unified Government of Athens-Clarke County, GA, Water and Sewerage Revenue, 5.00%, 1/1/29 | 1,000 | 1,022,570 | |
Walton County Water and Sewerage Authority, GA: | |||
5.00%, 2/1/53 | 1,000 | 1,068,820 | |
5.25%, 2/1/47 | 1,000 | 1,094,620 | |
$ 14,410,236 | |||
Total Tax-Exempt Municipal Obligations (identified cost $115,987,193) | $113,109,153 |
Taxable Municipal Obligations — 1.5% |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations — 1.5% | |||
Effingham County Industrial Development Authority, GA, (BAM), 6.00%, 4/1/48(2) | $ | 1,750 | $ 1,752,660 |
Total Taxable Municipal Obligations (identified cost $1,744,894) | $ 1,752,660 | ||
Total Investments — 99.1% (identified cost $117,732,087) | $114,861,813 | ||
Other Assets, Less Liabilities — 0.9% | $ 1,010,112 | ||
Net Assets — 100.0% | $115,871,925 |
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 August 31, 2023, the aggregate value of these securities is $2,758,437 or 2.4% of the Fund's net assets. |
(2) | When-issued security. |
The Fund invests primarily in debt securities issued by Georgia 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 August 31, 2023, 11.8% 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 6.4% 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. |
Tax-Exempt Municipal Obligations — 93.0% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.7% | |||
Maryland Community Development Administration, (Local Government Infrastructure): | |||
4.00%, 6/1/40 | $ | 1,000 | $ 994,200 |
5.00%, 6/1/43 | 1,000 | 1,087,060 | |
$ 2,081,260 | |||
Education — 11.0% | |||
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/49 | $ | 1,000 | $ 1,030,120 |
Maryland Health and Higher Educational Facilities Authority, (Pooled Loan Program): | |||
(LOC: TD Bank, N.A.), 3.97%, 4/1/35(1) | 1,000 | 1,000,000 | |
(LOC: TD Bank, N.A.), 4.00%, 4/1/35(1) | 1,200 | 1,200,000 | |
Maryland Health and Higher Educational Facilities Authority, (Stevenson University): | |||
4.00%, 6/1/34 | 395 | 394,569 | |
5.00%, 6/1/32 | 495 | 533,204 | |
Maryland Industrial Development Financing Authority, (Garrison Forest School, Inc.), 4.00%, 11/1/42 | 1,000 | 906,960 | |
Maryland Industrial Development Financing Authority, (McDonogh School), 4.00%, 9/1/43 | 1,100 | 1,018,204 | |
Maryland Stadium Authority, 5.00%, 5/1/47 | 1,250 | 1,288,763 | |
University System of Maryland, 4.00%, 4/1/34 | 1,000 | 1,015,400 | |
$ 8,387,220 | |||
General Obligations — 23.0% | |||
Anne Arundel County, MD: | |||
5.00%, 10/1/36 | $ | 1,000 | $ 1,057,600 |
5.00%, 10/1/44 | 1,000 | 1,063,220 | |
Baltimore County, MD, (Metropolitan District 83rd Issue), 4.00%, 3/1/40 | 2,500 | 2,491,725 | |
Baltimore Mayor and City Council, MD, 4.00%, 10/15/25 | 1,350 | 1,350,175 | |
Caroline County, MD, 3.00%, 1/15/37 | 1,335 | 1,202,141 | |
Charles County, MD: | |||
4.25%, 10/1/47 | 1,000 | 1,003,920 | |
5.00%, 10/1/25 | 1,000 | 1,036,660 | |
Howard County, MD, 4.00%, 8/15/36 | 1,000 | 1,032,280 | |
Prince George's County, MD, 5.00%, 7/1/26 | 2,000 | 2,104,780 | |
Puerto Rico: | |||
0.00%, 7/1/33 | 750 | 456,975 | |
5.625%, 7/1/29 | 1,000 | 1,058,040 | |
Talbot County, MD, 5.00%, 1/1/37 | 1,380 | 1,541,474 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Washington Suburban Sanitary District, MD, 5.00%, 6/1/40 | $ | 1,000 | $ 1,113,430 |
Worcester County, MD, 4.00%, 8/1/33 | 1,000 | 1,040,080 | |
$ 17,552,500 | |||
Hospital — 8.9% | |||
Maryland Health and Higher Educational Facilities Authority, (Anne Arundel Health System), 5.00%, 7/1/32 | $ | 1,000 | $ 1,040,680 |
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 5.00%, 7/1/48 | 1,000 | 1,020,960 | |
Maryland Health and Higher Educational Facilities Authority, (Peninsula Regional Health System), 4.00%, 7/1/48 | 500 | 434,715 | |
Maryland Health and Higher Educational Facilities Authority, (Peninsula Regional Medical Center), Prerefunded to 7/1/24, 5.00%, 7/1/45 | 1,000 | 1,011,210 | |
Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/1/29 | 1,000 | 1,030,500 | |
Maryland Health and Higher Educational Facilities Authority, (UPMC), 5.00%, 4/15/32 | 275 | 299,767 | |
Montgomery County, MD, (Trinity Health Corp.), 5.00%, 12/1/45 | 1,000 | 1,013,900 | |
Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | 1,000 | 934,730 | |
$ 6,786,462 | |||
Housing — 12.9% | |||
Howard County Housing Commission, MD, (Woodfield Oxford Square Apartments), 5.00%, 12/1/37 | $ | 1,000 | $ 1,035,550 |
Maryland Community Development Administration: | |||
2.30%, 9/1/35 | 1,000 | 829,500 | |
Social Bonds, 1.65%, 9/1/29 | 805 | 697,170 | |
Social Bonds, 1.80%, 9/1/30 | 630 | 540,351 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.375%, 9/1/43 | 1,000 | 982,910 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.40%, 9/1/37 | 1,000 | 997,210 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 3/1/53 | 990 | 1,057,280 | |
Sustainability Bonds, 4.35%, 7/1/43 | 1,000 | 929,400 | |
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/50 | 315 | 268,733 | |
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue: | |||
5.00%, 7/1/56 | 150 | 151,979 | |
5.625%, 7/1/43 | 500 | 543,205 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Maryland Economic Development Corp., (Towson University), 5.00%, 7/1/37 | $ | 1,000 | $ 991,070 |
Montgomery County Housing Opportunities Commission, MD: | |||
1.95%, 7/1/31 | 200 | 171,406 | |
2.00%, 1/1/32 | 200 | 169,246 | |
2.05%, 7/1/32 | 200 | 167,658 | |
2.10%, 1/1/33 | 220 | 183,533 | |
2.125%, 7/1/33 | 220 | 182,338 | |
$ 9,898,539 | |||
Industrial Development Revenue — 1.2% | |||
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(2) | $ | 200 | $ 196,256 |
Maryland Economic Development Corp., (Constellation Energy Group, Inc.), 4.10% to 4/3/28 (Put Date), 10/1/36 | 750 | 757,148 | |
$ 953,404 | |||
Insured - Escrowed/Prerefunded — 2.3% | |||
Maryland Health and Higher Educational Facilities Authority, (Helix Health Issue), (AMBAC), Escrowed to Maturity, 5.00%, 7/1/27 | $ | 1,705 | $ 1,766,431 |
$ 1,766,431 | |||
Insured - Hospital — 4.2% | |||
Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38 | $ | 3,035 | $ 3,224,566 |
$ 3,224,566 | |||
Lease Revenue/Certificates of Participation — 2.5% | |||
Maryland Stadium Authority, Built to Learn Revenue: | |||
4.00%, 6/1/47 | $ | 1,000 | $ 954,550 |
4.00%, 6/1/52 | 1,000 | 932,340 | |
$ 1,886,890 | |||
Senior Living/Life Care — 6.1% | |||
Baltimore County, MD, (Oak Crest Village, Inc.), 4.00%, 1/1/45 | $ | 1,000 | $ 867,870 |
Baltimore County, MD, (Riderwood Village, Inc.): | |||
4.00%, 1/1/39 | 1,000 | 921,010 | |
4.00%, 1/1/40 | 105 | 95,700 | |
Howard County, MD, (Vantage House), 5.00%, 4/1/26 | 810 | 792,042 | |
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37 | 500 | 501,855 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/37 | $ | 1,000 | $ 904,540 |
Washington County, MD, (Diakon Lutheran Social Ministries), Prerefunded to 1/1/29, 5.00%, 1/1/32 | 500 | 546,805 | |
$ 4,629,822 | |||
Special Tax Revenue — 8.4% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(2) | $ | 200 | $ 191,352 |
Baltimore, MD, (Harbor Point), 3.625%, 6/1/46(2) | 1,000 | 797,580 | |
Maryland Department of Transportation, 5.00%, 10/1/24 | 2,000 | 2,035,800 | |
Maryland Economic Development Corp., (Port Covington), 3.25%, 9/1/30 | 300 | 278,577 | |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1,090 | 1,057,736 | |
Washington Metropolitan Area Transit Authority, D.C.: | |||
Green Bonds, 4.125%, 7/15/47 | 1,000 | 961,830 | |
Sustainability Bonds, 5.25%, 7/15/53 | 1,000 | 1,084,820 | |
$ 6,407,695 | |||
Transportation — 7.6% | |||
Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/49 | $ | 250 | $ 249,735 |
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/32 | 500 | 521,425 | |
Maryland Economic Development Corp., Parking Facilities Revenue, 5.00%, 6/1/58 | 1,000 | 954,030 | |
Maryland Transportation Authority, (AMT), 4.00%, 6/1/35 | 1,000 | 985,170 | |
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/43 | 2,000 | 2,047,060 | |
Washington Metropolitan Area Transit Authority, D.C., 5.00%, 7/1/31 | 1,000 | 1,058,310 | |
$ 5,815,730 | |||
Water and Sewer — 2.2% | |||
Washington Suburban Sanitary District, MD, (SPA: TD Bank, N.A.), 3.95%, 6/1/24(3) | $ | 1,700 | $ 1,700,000 |
$ 1,700,000 | |||
Total Tax-Exempt Municipal Obligations (identified cost $73,974,532) | $ 71,090,519 |
Taxable Municipal Obligations — 5.5% |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 0.9% | |||
Baltimore Mayor and City Council, MD, 5.60%, 10/15/30 | $ | 500 | $ 506,030 |
Watertown, CT, 2.50%, 10/15/36 | 275 | 206,690 | |
$ 712,720 | |||
Hospital — 2.2% | |||
Maryland Health and Higher Educational Facilities Authority, (Adventist HealthCare), 1.812%, 1/1/25 | $ | 1,000 | $ 942,290 |
Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 3.052%, 7/1/40 | 1,000 | 741,110 | |
$ 1,683,400 | |||
Housing — 1.7% | |||
Maryland Community Development Administration, (SPA: TD Bank, N.A.), 5.33%, 9/1/33(1) | $ | 600 | $ 600,000 |
Montgomery County Housing Opportunities Commission, MD, (LOC: PNC Bank, N.A.), 5.39%, 7/1/39(1) | 715 | 715,000 | |
$ 1,315,000 | |||
Transportation — 0.7% | |||
Prince George's County Revenue Authority, MD, (Regional Medical Center Garage): | |||
2.553%, 8/1/26 | $ | 275 | $ 255,665 |
2.593%, 8/1/27 | 260 | 237,593 | |
$ 493,258 | |||
Total Taxable Municipal Obligations (identified cost $4,637,247) | $ 4,204,378 |
Trust Units — 0.6% |
Security | Notional Amount (000's omitted) | Value | |
Transportation — 0.6% | |||
HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 500 | $ 498,470 |
Total Trust Units (identified cost $497,285) | $ 498,470 | ||
Total Investments — 99.1% (identified cost $79,109,064) | $ 75,793,367 | ||
Other Assets, Less Liabilities — 0.9% | $ 665,078 | ||
Net Assets — 100.0% | $ 76,458,445 |
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 August 31, 2023. |
(2) | 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 August 31, 2023, the aggregate value of these securities is $1,185,188 or 1.6% of the Fund's net assets. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at August 31, 2023. |
The Fund invests primarily in debt securities issued by Maryland 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 August 31, 2023, 6.6% of total investments are backed by bond insurance of a singular financial institution or financial guaranty assurance agency. |
Abbreviations: | |
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. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
LOC | – Letter of Credit |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 97.4% |
Security | Principal Amount (000's omitted) | Value | |
Education — 2.4% | |||
Missouri Health and Educational Facilities Authority, (Saint Louis University), 5.00%, 10/1/36 | $ | 1,000 | $ 1,070,070 |
Missouri Health and Educational Facilities Authority, (University of Central Missouri), 5.00%, 10/1/34 | 1,000 | 1,000,410 | |
$ 2,070,480 | |||
Electric Utilities — 8.8% | |||
Missouri Joint Municipal Electric Utility Commission, (Iatan 2 Project), 5.00%, 1/1/34 | $ | 1,000 | $ 1,002,990 |
Missouri Joint Municipal Electric Utility Commission, (MoPEP Facilities): | |||
Green Bonds, 5.00%, 12/1/36 | 595 | 640,743 | |
Green Bonds, 5.25%, 12/1/40 | 500 | 532,025 | |
Missouri Joint Municipal Electric Utility Commission, (Plum Point), 5.00%, 1/1/33 | 2,000 | 2,023,400 | |
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 5.00%, 12/1/30 | 1,500 | 1,531,635 | |
Springfield, MO, Public Utility Revenue, 3.60%, 8/1/29 | 2,000 | 2,000,740 | |
$ 7,731,533 | |||
General Obligations — 29.7% | |||
Cape Girardeau County Reorganized School District R-II, MO, 5.00%, 3/1/38 | $ | 750 | $ 798,405 |
Center School District No. 58, MO, 4.00%, 3/1/37 | 1,435 | 1,440,884 | |
Fort Osage R-1 School District, MO: | |||
5.00%, 3/1/39 | 1,000 | 1,089,720 | |
5.00%, 3/1/40 | 1,000 | 1,083,870 | |
Greene County Reorganized School District No. 2, MO, 5.00%, 3/1/38 | 875 | 913,771 | |
Greene County Reorganized School District No. 3, MO, 4.00%, 3/1/43 | 1,000 | 966,730 | |
Jackson County Consolidated School District No. 4, MO, 5.00%, 3/1/39 | 1,850 | 1,898,600 | |
Jefferson City School District, MO, 5.00%, 3/1/38 | 500 | 520,325 | |
Joplin Schools, MO, 5.00%, 3/1/30 | 1,000 | 1,066,440 | |
Kansas City, MO, 3.125%, 2/1/39 | 1,000 | 833,720 | |
Lake Ozark Osage School, MO, (School Building), 5.00%, 3/1/34 | 1,000 | 1,007,620 | |
Maplewood-Richmond Heights School District, MO, 3.00%, 3/1/40 | 1,000 | 828,020 | |
Nevada R-V School District, MO, 5.00%, 3/1/38 | 900 | 921,411 | |
North Kansas City School District No. 74, MO, 5.25%, 3/1/37 | 2,000 | 2,275,120 | |
Ozark R-VI School District, MO, 4.00%, 3/1/39 | 1,000 | 988,870 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Pattonville R-3 School District, MO: | |||
4.00%, 3/1/24 | $ | 1,950 | $ 1,956,142 |
5.25%, 3/1/43 | 1,275 | 1,382,597 | |
Puerto Rico: | |||
5.625%, 7/1/29 | 250 | 264,510 | |
5.75%, 7/1/31 | 750 | 811,185 | |
Raytown C-2 School District, MO, 5.00%, 3/1/39 | 1,000 | 1,061,090 | |
Smithville R-II School District, MO, 5.00%, 3/1/24 | 600 | 604,980 | |
Springfield R-XII School District, MO, 5.00%, 3/1/40 | 1,000 | 1,082,290 | |
University City School District, MO: | |||
0.00%, 2/15/32 | 1,000 | 737,320 | |
0.00%, 2/15/33 | 1,000 | 708,980 | |
Wentzville R-IV School District, MO, 0.00%, 3/1/27 | 805 | 697,452 | |
$ 25,940,052 | |||
Hospital — 14.7% | |||
Cape Girardeau County Industrial Development Authority, MO, (St. Francis Medical Center), 5.00%, 6/1/39 | $ | 1,000 | $ 1,007,960 |
Missouri Health and Educational Facilities Authority, (BJC Health System): | |||
4.00% to 1/1/46 (Put Date), 1/1/50 | 1,000 | 926,200 | |
5.00%, 1/1/44 | 2,175 | 2,179,676 | |
Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital): | |||
4.00%, 5/15/34 | 1,500 | 1,507,650 | |
4.00%, 5/15/48 | 1,000 | 907,370 | |
Missouri Health and Educational Facilities Authority, (CoxHealth): | |||
4.00%, 11/15/49 | 2,090 | 1,906,059 | |
5.00%, 11/15/37 | 1,125 | 1,167,593 | |
Missouri Health and Educational Facilities Authority, (Mercy Health): | |||
4.00%, 11/15/49 | 2,500 | 2,255,250 | |
5.00%, 11/15/47 | 1,000 | 1,009,260 | |
$ 12,867,018 | |||
Housing — 4.6% | |||
Missouri Housing Development Commission, SFMR, (FHLMC), (FNMA), (GNMA): | |||
2.35%, 11/1/35 | $ | 810 | $ 662,345 |
3.00%, 11/1/39 | 605 | 546,575 | |
3.00%, 11/1/44 | 770 | 658,789 | |
3.30%, 12/1/47 | 399 | 362,832 | |
3.40%, 11/1/46 | 1,045 | 982,102 | |
3.75%, 11/1/43 | 485 | 462,637 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Missouri Housing Development Commission, SFMR, (FHLMC), (FNMA), (GNMA): (continued) | |||
4.15%, 11/1/38 | $ | 395 | $ 380,918 |
$ 4,056,198 | |||
Industrial Development Revenue — 1.9% | |||
Missouri Development Finance Authority, Solid Waste Disposal, (Procter & Gamble Paper Products), 5.20%, 3/15/29 | $ | 1,540 | $ 1,683,713 |
$ 1,683,713 | |||
Insured - Electric Utilities — 1.3% | |||
Puerto Rico Electric Power Authority: | |||
(NPFG), 5.25%, 7/1/29 | $ | 950 | $ 938,496 |
(NPFG), 5.25%, 7/1/34 | 215 | 211,121 | |
$ 1,149,617 | |||
Insured - General Obligations — 6.3% | |||
Fort Zumwalt School District, MO, (BAM), 5.00%, 3/1/29 | $ | 800 | $ 875,440 |
Hazelwood School District, MO, (BAM), 4.00%, 3/1/41 | 3,575 | 3,542,503 | |
St. Louis Board of Education, MO, (AGM), 4.00%, 4/1/43 | 1,000 | 959,920 | |
Wright City R-II School District, MO, (AGM), 6.00%, 3/1/29 | 150 | 171,335 | |
$ 5,549,198 | |||
Insured - Lease Revenue/Certificates of Participation — 4.2% | |||
Kansas City, MO, Leasehold Revenue, (Municipal Assistance): | |||
(AMBAC), 0.00%, 4/15/26 | $ | 2,170 | $ 1,975,069 |
(AMBAC), 0.00%, 4/15/30 | 2,105 | 1,651,520 | |
$ 3,626,589 | |||
Insured - Special Tax Revenue — 3.0% | |||
Bi-State Development Agency, Missouri and Illinois Metropolitan District, (Saint Clair County Metrolink), (AGM), 5.25%, 7/1/28 | $ | 2,355 | $ 2,584,118 |
$ 2,584,118 | |||
Insured - Transportation — 3.3% | |||
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AGM), (AMT), 4.00%, 3/1/50 | $ | 2,000 | $ 1,785,900 |
St. Louis, MO, (Lambert International Airport), (NPFG), 5.50%, 7/1/30 | 1,000 | 1,139,880 | |
$ 2,925,780 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation — 1.1% | |||
Missouri-Illinois Metropolitan District Bi-State Development Agency, 4.00%, 10/1/48 | $ | 1,000 | $ 949,600 |
$ 949,600 | |||
Senior Living/Life Care — 4.3% | |||
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | $ | 500 | $ 471,630 |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): | |||
4.00%, 2/1/42 | 1,000 | 834,840 | |
5.00%, 2/1/42 | 1,340 | 1,280,906 | |
Saint Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis): | |||
5.00%, 9/1/37 | 500 | 468,855 | |
5.00%, 9/1/38 | 250 | 231,805 | |
Saint Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/35 | 500 | 470,255 | |
$ 3,758,291 | |||
Special Tax Revenue — 1.8% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(1) | $ | 200 | $ 191,352 |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1,355 | 1,314,892 | |
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | 25 | 22,264 | |
$ 1,528,508 | |||
Transportation — 5.4% | |||
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization): | |||
(AMT), 5.00%, 3/1/39 | $ | 1,230 | $ 1,269,262 |
(AMT), 5.00%, 3/1/46 | 1,000 | 1,016,630 | |
St. Louis, MO, (Lambert International Airport): | |||
5.00%, 7/1/40 | 740 | 799,725 | |
5.00%, 7/1/41 | 1,555 | 1,671,252 | |
$ 4,756,869 | |||
Water and Sewer — 4.6% | |||
Kansas City, MO, Sanitary Sewer System Revenue, 4.00%, 1/1/48 | $ | 2,000 | $ 1,905,640 |
Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/47 | 2,000 | 2,073,300 | |
$ 3,978,940 | |||
Total Tax-Exempt Municipal Obligations (identified cost $86,014,552) | $ 85,156,504 |
Taxable Municipal Obligations — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations — 0.4% | |||
Hazelwood School District, MO, (BAM), 4.45%, 3/1/25 | $ | 375 | $ 369,240 |
Total Taxable Municipal Obligations (identified cost $455,594) | $ 369,240 |
Trust Units — 0.4% |
Security | Notional Amount (000's omitted) | Value | |
Transportation — 0.4% | |||
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 395 | $ 393,791 |
Total Trust Units (identified cost $397,906) | $ 393,791 | ||
Total Investments — 98.2% (identified cost $86,868,052) | $ 85,919,535 | ||
Other Assets, Less Liabilities — 1.8% | $ 1,533,206 | ||
Net Assets — 100.0% | $ 87,452,741 |
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 August 31, 2023, the aggregate value of these securities is $191,352 or 0.2% of the Fund's net assets. |
The Fund invests primarily in debt securities issued by Missouri 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 August 31, 2023, 18.9% 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 2.7% to 6.4% 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. |
SFMR | – Single Family Mortgage Revenue |
Corporate Bonds — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 0.4% | |||
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32 | $ | 665 | $ 655,025 |
Total Corporate Bonds (identified cost $660,000) | $ 655,025 |
Tax-Exempt Municipal Obligations — 99.3% |
Security | Principal Amount (000's omitted) | Value | |
Education — 14.2% | |||
North Carolina Capital Facilities Finance Agency, (Duke University): | |||
4.00%, 10/1/39 | $ | 2,765 | $ 2,763,037 |
5.00%, 10/1/44 | 2,000 | 2,071,980 | |
North Carolina Capital Facilities Finance Agency, (Wake Forest University), 5.00%, 1/1/43 | 2,000 | 2,092,140 | |
North Carolina Educational Facilities Finance Agency, (Duke University), 4.35%, 6/1/27(1) | 4,885 | 4,885,000 | |
University of North Carolina at Chapel Hill: | |||
3.75%, 12/1/25(1) | 1,840 | 1,840,000 | |
4.201%, (67% of SOFR + 0.65%), 12/1/41(2) | 2,700 | 2,693,520 | |
University of North Carolina at Charlotte: | |||
4.00%, 10/1/34 | 770 | 777,854 | |
5.00%, 10/1/47 | 5,500 | 5,698,495 | |
University of North Carolina at Greensboro: | |||
4.00%, 4/1/35 | 1,000 | 1,009,620 | |
5.00%, 4/1/26 | 660 | 665,161 | |
Western Carolina University, NC: | |||
4.00%, 4/1/50 | 1,000 | 945,840 | |
5.00%, 10/1/36 | 1,000 | 1,057,630 | |
$ 26,500,277 | |||
Electric Utilities — 5.4% | |||
Fayetteville, NC, Public Works Commission Revenue, 4.00%, 3/1/39 | $ | 4,515 | $ 4,473,823 |
Greenville, NC, (Greenville Utilities Commission): | |||
5.00%, 8/1/44 | 4,750 | 5,030,060 | |
5.00%, 12/1/46 | 525 | 567,163 | |
$ 10,071,046 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded — 4.1% | |||
Buncombe County, NC: | |||
Prerefunded to 6/1/24, 5.00%, 6/1/29 | $ | 750 | $ 758,925 |
Prerefunded to 6/1/24, 5.00%, 6/1/31 | 1,000 | 1,011,900 | |
New Hanover County, NC, (New Hanover Regional Medical Center): | |||
Prerefunded to 10/1/27, 5.00%, 10/1/30 | 250 | 268,650 | |
Prerefunded to 10/1/27, 5.00%, 10/1/36 | 1,000 | 1,074,600 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/30 | 635 | 654,717 | |
North Carolina Medical Care Commission, (Vidant Health), Prerefunded to 6/1/25, 5.00%, 6/1/31 | 2,000 | 2,060,060 | |
North Carolina State University at Raleigh, Prerefunded to 10/1/23, 5.00%, 10/1/42 | 1,140 | 1,141,322 | |
Winston-Salem, NC, Prerefunded to 6/1/24, 5.00%, 6/1/27 | 750 | 759,473 | |
$ 7,729,647 | |||
General Obligations — 11.0% | |||
Asheville, NC, 4.00%, 6/1/40 | $ | 1,120 | $ 1,120,157 |
Brunswick County, NC, 4.00%, 8/1/37 | 1,605 | 1,649,121 | |
Concord, NC: | |||
4.00%, 9/1/41(3) | 1,600 | 1,600,208 | |
4.00%, 9/1/43(3) | 2,050 | 2,034,523 | |
Durham County, NC, 4.00%, 6/1/33 | 1,785 | 1,858,578 | |
Fuquay-Varina, NC, 5.00%, 8/1/38 | 1,170 | 1,318,403 | |
Greensboro, NC, 5.00%, 2/1/28 | 1,790 | 1,890,705 | |
Johnston County, NC: | |||
4.00%, 2/1/40(3) | 1,500 | 1,503,705 | |
4.00%, 2/1/41(3) | 1,500 | 1,500,135 | |
Puerto Rico: | |||
5.625%, 7/1/29 | 1,000 | 1,058,040 | |
5.75%, 7/1/31 | 750 | 811,185 | |
Wake County, NC, 5.00%, 5/1/35 | 1,885 | 2,188,900 | |
Winston-Salem, NC, 4.00%, 6/1/29 | 1,925 | 1,965,752 | |
$ 20,499,412 | |||
Hospital — 13.1% | |||
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health): | |||
3.45% to 10/31/25 (Put Date), 1/15/48 | $ | 2,000 | $ 1,984,960 |
(SPA: JPMorgan Chase Bank, N.A.), 4.00%, 1/15/48(4) | 3,800 | 3,800,000 | |
North Carolina Medical Care Commission, (Novant Health Obligated Group): | |||
4.00%, 11/1/52 | 3,500 | 3,250,415 | |
(SPA: JPMorgan Chase Bank, N.A.), 3.95%, 11/1/34(1) | 3,175 | 3,175,000 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
North Carolina Medical Care Commission, (Rex Healthcare, Inc.), 5.00%, 7/1/32 | $ | 1,000 | $ 1,028,070 |
University of North Carolina Hospitals at Chapel Hill: | |||
5.00%, 2/1/45 | 4,000 | 4,333,000 | |
5.00%, 2/1/49 | 3,000 | 3,222,360 | |
(SPA: TD Bank, N.A.), 4.00%, 2/1/24(1) | 1,000 | 1,000,000 | |
(SPA: TD Bank, N.A.), 4.00%, 2/1/29(1) | 2,700 | 2,700,000 | |
$ 24,493,805 | |||
Housing — 4.1% | |||
North Carolina Housing Finance Agency: | |||
(FHLMC), (FNMA), (GNMA), 1.25%, 1/1/29 | $ | 1,215 | $ 1,041,996 |
(FHLMC), (FNMA), (GNMA), 2.00%, 7/1/35 | 680 | 520,540 | |
(FHLMC), (FNMA), (GNMA), 2.80%, 1/1/40 | 1,500 | 1,252,980 | |
(FHLMC), (FNMA), (GNMA), 3.85%, 7/1/38 | 1,945 | 1,839,114 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | 2,000 | 1,947,700 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 4.875%, 7/1/42 | 995 | 1,002,343 | |
$ 7,604,673 | |||
Industrial Development Revenue — 0.8% | |||
Columbus County Industrial Facilities & Pollution Control Financing Authority, NC, (International Paper Co.), (AMT), 2.10% to 10/1/24 (Put Date), 3/1/27 | $ | 1,500 | $ 1,469,430 |
$ 1,469,430 | |||
Insured - Education — 0.0%(5) | |||
University of North Carolina, (AGC), 5.00%, 10/1/33 | $ | 35 | $ 35,006 |
$ 35,006 | |||
Insured - Electric Utilities — 0.7% | |||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $ | 1,335 | $ 1,310,917 |
$ 1,310,917 | |||
Insured - Transportation — 6.1% | |||
Greater Asheville Regional Airport Authority, NC: | |||
(AGM), (AMT), 5.00%, 7/1/27 | $ | 1,300 | $ 1,354,847 |
(AGM), (AMT), 5.00%, 7/1/28 | 1,000 | 1,052,670 | |
(AGM), (AMT), 5.00%, 7/1/29 | 1,000 | 1,063,460 | |
(AGM), (AMT), 5.25%, 7/1/48 | 2,500 | 2,621,075 | |
North Carolina Turnpike Authority, (Triangle Expressway System): | |||
(AGC), 0.00%, 1/1/35 | 6,500 | 4,091,230 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation (continued) | |||
North Carolina Turnpike Authority, (Triangle Expressway System): (continued) | |||
(AGM), 5.00%, 1/1/39 | $ | 1,200 | $ 1,229,400 |
$ 11,412,682 | |||
Lease Revenue/Certificates of Participation — 9.1% | |||
Cabarrus County, NC, Limited Obligation Bonds: | |||
5.00%, 6/1/28 | $ | 1,000 | $ 1,089,100 |
5.00%, 4/1/29 | 1,000 | 1,044,920 | |
5.00%, 4/1/30 | 1,000 | 1,043,970 | |
Charlotte, NC, Certificates of Participation, 4.00%, 6/1/37 | 1,320 | 1,335,985 | |
Davidson County, NC, Limited Obligation Bonds, 5.00%, 6/1/31 | 2,010 | 2,098,339 | |
North Carolina Turnpike Authority, (Triangle Expressway System), 4.00%, 1/1/33 | 2,000 | 2,059,620 | |
North Carolina, Limited Obligation Bonds: | |||
4.00%, 5/1/33 | 1,000 | 1,037,570 | |
5.00%, 5/1/29 | 2,820 | 3,010,153 | |
Scotland County, NC, Limited Obligation Bonds, 5.00%, 12/1/33 | 250 | 261,230 | |
Wake County, NC, 4.00%, 3/1/37 | 2,925 | 2,991,953 | |
Watauga Public Facilities Corp., NC, 5.25%, 6/1/40 | 1,000 | 1,109,440 | |
$ 17,082,280 | |||
Other Revenue — 1.1% | |||
Durham County Industrial Facilities & Pollution Control Financing Authority, NC, (Research Triangle Institute): | |||
5.00%, 2/1/24 | $ | 1,000 | $ 1,006,120 |
5.00%, 2/1/25 | 1,035 | 1,057,346 | |
$ 2,063,466 | |||
Senior Living/Life Care — 3.3% | |||
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | $ | 2,000 | $ 2,053,500 |
North Carolina Medical Care Commission, (EveryAge), 4.00%, 9/1/47 | 1,000 | 775,930 | |
North Carolina Medical Care Commission, (Plantation Village, Inc.), 4.00%, 1/1/41 | 1,000 | 802,040 | |
North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/41 | 1,125 | 946,316 | |
North Carolina Medical Care Commission, (The Pines at Davidson), 5.00%, 1/1/38 | 1,000 | 981,880 | |
North Carolina Medical Care Commission, (Twin Lakes Community), 5.00%, 1/1/44 | 595 | 565,101 | |
$ 6,124,767 |
Security | Principal Amount (000's omitted) | Value | |
Solid Waste — 0.5% | |||
Mecklenburg County, NC, Special Obligation, 5.00%, 1/1/26 | $ | 1,000 | $ 1,001,080 |
$ 1,001,080 | |||
Special Tax Revenue — 1.7% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(6) | $ | 200 | $ 191,352 |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 3,030 | 2,940,312 | |
$ 3,131,664 | |||
Transportation — 10.6% | |||
Charlotte, NC, (Charlotte Douglas International Airport): | |||
5.00%, 7/1/47 | $ | 5,000 | $ 5,125,850 |
(AMT), 4.00%, 7/1/38 | 1,155 | 1,126,529 | |
North Carolina Turnpike Authority, (Triangle Expressway System): | |||
5.00%, 1/1/40 | 2,500 | 2,583,800 | |
5.00%, 1/1/43 | 500 | 518,450 | |
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/33 | 4,000 | 4,386,120 | |
Raleigh-Durham Airport Authority, NC: | |||
(AMT), 5.00%, 5/1/28 | 1,510 | 1,571,457 | |
(AMT), 5.00%, 5/1/35 | 2,250 | 2,399,378 | |
(AMT), 5.00%, 5/1/36 | 2,000 | 2,063,080 | |
$ 19,774,664 | |||
Water and Sewer — 13.5% | |||
Brunswick County, NC, (Water and Wastewater Systems), 5.00%, 4/1/30 | $ | 750 | $ 770,235 |
Buncombe County Metropolitan Sewerage District, NC, 5.00%, 7/1/28 | 540 | 547,565 | |
Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue: | |||
4.00%, 8/1/44 | 3,500 | 3,444,875 | |
5.00%, 8/1/29 | 1,375 | 1,444,520 | |
Charlotte, NC, Water & Sewer System Revenue, 4.00%, 7/1/37 | 5,000 | 5,027,250 | |
Dare County, NC, Utilities Systems Revenue, 4.00%, 2/1/33 | 1,110 | 1,124,974 | |
Durham, NC, Utility System Revenue, 4.00%, 8/1/35 | 1,300 | 1,310,816 | |
Greensboro, NC, Combined Enterprise System Revenue, Green Bonds, 4.00%, 6/1/30 | 1,065 | 1,095,821 | |
Raleigh, NC, Combined Enterprise System Revenue: | |||
4.00%, 3/1/32 | 1,500 | 1,533,720 | |
4.00%, 12/1/33 | 3,000 | 3,021,060 | |
5.00%, 9/1/36 | 750 | 865,425 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Winston-Salem, NC, Water & Sewer System Revenue, 4.00%, 6/1/37 | $ | 5,000 | $ 4,998,450 |
$ 25,184,711 | |||
Total Tax-Exempt Municipal Obligations (identified cost $187,314,378) | $185,489,527 |
Taxable Municipal Obligations — 0.3% |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation — 0.3% | |||
Greensboro, NC, (Coliseum Complex), 2.431%, 4/1/33 | $ | 500 | $ 401,625 |
Wilmington, NC, Limited Obligation Bonds, 2.03%, 6/1/30 | 200 | 166,844 | |
Total Taxable Municipal Obligations (identified cost $700,000) | $ 568,469 |
Trust Units — 0.2% |
Security | Notional Amount (000's omitted) | Value | |
Transportation — 0.2% | |||
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 440 | $ 438,653 |
Total Trust Units (identified cost $443,237) | $ 438,653 | ||
Total Investments — 100.2% (identified cost $189,117,615) | $187,151,674 | ||
Other Assets, Less Liabilities — (0.2)% | $ (390,479) | ||
Net Assets — 100.0% | $186,761,195 |
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 August 31, 2023. |
(2) | Floating rate security. The stated interest rate represents the rate in effect at August 31, 2023. |
(3) | When-issued security. |
(4) | 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 August 31, 2023. |
(5) | Amount is less than 0.05%. |
(6) | 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 August 31, 2023, the aggregate value of these securities is $191,352 or 0.1% of the Fund's net assets. |
The Fund invests primarily in debt securities issued by North Carolina 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 August 31, 2023, 6.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 3.9% 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. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
NPFG | – National Public Finance Guarantee Corp. |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 96.6% |
Security | Principal Amount (000's omitted) | Value | |
Education — 6.3% | |||
Forest Grove, OR, (Pacific University): | |||
4.00%, 5/1/39 | $ | 620 | $ 550,721 |
4.00%, 5/1/40 | 860 | 754,848 | |
5.00%, 5/1/30 | 500 | 508,040 | |
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/29 | 500 | 512,565 | |
University of Oregon, 5.00%, 4/1/50 | 2,500 | 2,621,725 | |
Yamhill County, OR, (George Fox University): | |||
4.00%, 12/1/28 | 875 | 887,381 | |
4.00%, 12/1/41 | 3,005 | 2,743,475 | |
4.00%, 12/1/51 | 1,175 | 995,166 | |
$ 9,573,921 | |||
Electric Utilities — 2.1% | |||
Eugene, OR, Electric Utility System Revenue: | |||
5.00%, 8/1/43 | $ | 1,040 | $ 1,079,874 |
5.00%, 8/1/47 | 2,000 | 2,067,880 | |
$ 3,147,754 | |||
Escrowed/Prerefunded — 0.7% | |||
Pendleton School District No. 16R, OR, Umatilla County, Prerefunded to 6/15/24, 5.00%, 6/15/28 | $ | 1,000 | $ 1,012,130 |
$ 1,012,130 | |||
General Obligations — 43.6% | |||
Astoria School District No. 1C, OR, Clatsop County, 5.00%, 6/15/37 | $ | 1,380 | $ 1,489,738 |
Beaverton School District No. 48J, OR: | |||
5.00%, 6/15/52 | 370 | 394,734 | |
5.00%, 6/15/52(1) | 2,000 | 2,133,700 | |
Bend, OR: | |||
5.00%, 6/1/39 | 960 | 1,070,362 | |
5.00%, 6/1/40 | 1,165 | 1,288,071 | |
Benton County, OR: | |||
4.125%, 6/1/53 | 1,000 | ��939,220 | |
5.00%, 6/1/48 | 1,000 | 1,077,450 | |
Canby School District No. 86, OR, 4.00%, 6/15/38 | 1,170 | 1,172,223 | |
Centennial School District No. 28Jt, OR, 4.00%, 6/15/39 | 1,855 | 1,815,637 | |
Central School District No. 13J, OR, Polk, Marion and Benton Counties, 0.00%, 6/15/38 | 750 | 393,360 | |
Clackamas Community College District, OR: | |||
5.00%, 6/15/39 | 1,245 | 1,300,602 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Clackamas Community College District, OR: (continued) | |||
5.00%, 6/15/40 | $ | 1,585 | $ 1,651,808 |
Creswell School District No. 40, OR, Lane County: | |||
0.00%, 6/15/38(2) | 1,000 | 499,480 | |
0.00%, 6/15/43(2) | 1,000 | 373,080 | |
Forest Grove School District No. 15, OR, Washington County, 0.00%, 6/15/26 | 1,975 | 1,783,919 | |
Hermiston School District No. 8R, OR, 0.00%, 6/15/43 | 2,660 | 1,012,183 | |
Hillsboro School District No. 1J, OR, Washington, Multnomah and Yamhill Counties: | |||
5.00%, 6/15/32 | 2,000 | 2,127,020 | |
5.00%, 6/15/37 | 1,605 | 1,681,863 | |
Lake Oswego, OR, 5.00%, 6/1/38 | 4,535 | 5,082,102 | |
Newberg School District No. 29J, OR, Yamhill, Washington, and Clackamas Counties, 4.00%, 6/15/39 | 2,060 | 2,027,514 | |
North Clackamas School District No. 12, OR, Clackamas County: | |||
5.00%, 6/15/39 | 1,620 | 1,712,324 | |
5.00%, 6/15/42 | 1,500 | 1,573,920 | |
Oregon: | |||
5.00%, 6/1/39 | 1,745 | 1,927,859 | |
5.00%, 5/1/40 | 1,450 | 1,594,623 | |
5.00%, 8/1/42 | 1,615 | 1,679,293 | |
5.00%, 5/1/44 | 1,935 | 2,046,978 | |
Oregon City School District No. 62, Clackamas County: | |||
5.00%, 6/15/38 | 2,000 | 2,123,680 | |
5.00%, 6/15/49 | 3,000 | 3,129,990 | |
Oregon Elderly and Disabled Housing, 5.65%, 8/1/26 | 375 | 375,540 | |
Philomath School District No. 17J, OR, Benton and Polk Counties: | |||
0.00%, 6/15/28 | 1,000 | 834,750 | |
0.00%, 6/15/30 | 700 | 535,871 | |
Portland, OR, 5.00%, 4/1/41 | 1,220 | 1,331,130 | |
Puerto Rico: | |||
5.625%, 7/1/29 | 500 | 529,020 | |
5.75%, 7/1/31 | 750 | 811,185 | |
Redmond Area Park and Recreation District, OR: | |||
5.00%, 6/15/42 | 1,900 | 2,070,069 | |
5.00%, 6/15/43 | 1,300 | 1,413,555 | |
Redmond School District No. 2J, OR, Deschutes and Jefferson Counties, 0.00%, 6/15/27 | 3,175 | 2,776,029 | |
Redmond, OR: | |||
5.00%, 6/1/28 | 605 | 612,018 | |
5.00%, 6/1/38 | 1,000 | 1,064,980 | |
Riverdale School District No. 51J, OR, Multnomah and Clackamas Counties: | |||
0.00%, 6/15/29 | 1,000 | 806,590 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Riverdale School District No. 51J, OR, Multnomah and Clackamas Counties: (continued) | |||
0.00%, 6/15/30 | $ | 1,215 | $ 940,070 |
Salem-Keizer School District No. 24J, OR: | |||
0.00%, 6/15/29 | 1,050 | 856,096 | |
5.00%, 6/15/37 | 2,500 | 2,650,175 | |
St. Helens School District No. 502, OR, 5.00%, 6/15/45 | 1,075 | 1,140,897 | |
West Linn-Wilsonville School District No. 3Jt, OR, Clackamas and Washington Counties: | |||
0.00%, 6/15/37 | 1,375 | 728,090 | |
5.00%, 6/15/34 | 1,020 | 1,170,940 | |
Winston-Dillard School District No. 116, OR: | |||
0.00%, 6/15/35 | 230 | 139,410 | |
0.00%, 6/15/36 | 435 | 248,224 | |
0.00%, 6/15/39 | 605 | 288,458 | |
$ 66,425,830 | |||
Hospital — 12.2% | |||
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/45 | $ | 4,500 | $ 4,604,670 |
Oregon Facilities Authority, (PeaceHealth): | |||
5.00%, 11/15/29 | 1,500 | 1,512,540 | |
(LOC: TD Bank, N.A.), 3.93%, 8/1/34(3) | 400 | 400,000 | |
Oregon Facilities Authority, (Samaritan Health Services): | |||
5.00%, 10/1/29 | 1,000 | 1,026,510 | |
5.00%, 10/1/30 | 300 | 317,238 | |
5.00%, 10/1/35 | 275 | 287,854 | |
5.00%, 10/1/40 | 1,750 | 1,785,682 | |
Oregon Health and Science University: | |||
Green Bonds, 4.00%, 7/1/40 | 1,520 | 1,484,128 | |
Green Bonds, 4.00%, 7/1/41 | 2,605 | 2,527,241 | |
Green Bonds, 4.00%, 7/1/51 | 1,415 | 1,301,545 | |
Salem Hospital Facility Authority, OR, (Salem Health), 5.00%, 5/15/44 | 3,000 | 3,033,120 | |
Union County Hospital Facility Authority, OR, (Grande Ronde Hospital), 5.00%, 7/1/47 | 375 | 357,064 | |
$ 18,637,592 | |||
Housing — 2.5% | |||
Oregon Housing and Community Services Department: | |||
4.60%, 7/1/43 | $ | 2,000 | $ 1,989,260 |
(AMT), 3.45%, 1/1/33 | 910 | 884,156 | |
(AMT), 5.15%, 7/1/42 | 870 | 880,266 | |
$ 3,753,682 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue — 2.0% | |||
Oregon Business Development Commission, (Intel Corp.), 3.80% to 6/15/28 (Put Date), 12/1/40 | $ | 3,000 | $ 2,996,430 |
$ 2,996,430 | |||
Insured - Electric Utilities — 2.0% | |||
Puerto Rico Electric Power Authority: | |||
(NPFG), 5.25%, 7/1/29 | $ | 1,045 | $ 1,032,345 |
(NPFG), 5.25%, 7/1/34 | 2,120 | 2,081,755 | |
$ 3,114,100 | |||
Insured - General Obligations — 4.1% | |||
Lebanon Community School District No. 9, OR, Linn County, (NPFG), 5.50%, 6/15/30 | $ | 4,000 | $ 4,506,800 |
Newport, OR: | |||
(AGC), 0.00%, 6/1/28 | 1,000 | 839,760 | |
(AGC), 0.00%, 6/1/29 | 1,225 | 987,252 | |
$ 6,333,812 | |||
Lease Revenue/Certificates of Participation — 2.3% | |||
Portland Housing Authority, OR, (Pearl Court LP), 4.625%, 1/1/27 | $ | 1,045 | $ 1,079,590 |
Portland Housing Authority, OR, (Yards Union Station Project), 4.85%, 5/1/29 | 2,405 | 2,406,683 | |
$ 3,486,273 | |||
Senior Living/Life Care — 2.1% | |||
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.375%, 11/15/55 | $ | 100 | $ 91,126 |
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), Escrowed to Maturity, 5.00%, 10/1/24 | 90 | 90,757 | |
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza): | |||
1.20%, 6/1/28 | 500 | 423,925 | |
4.00%, 12/1/36 | 1,000 | 811,040 | |
5.00%, 12/1/36 | 750 | 695,010 | |
Salem Hospital Facility Authority, OR, (Capital Manor): | |||
4.00%, 5/15/40 | 750 | 618,795 | |
5.00%, 5/15/33 | 540 | 543,548 | |
$ 3,274,201 | |||
Special Tax Revenue — 1.5% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(4) | $ | 200 | $ 191,352 |
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2,100 | 2,037,840 | |
$ 2,229,192 |
Security | Principal Amount (000's omitted) | Value | |
Transportation — 11.5% | |||
Oregon Department of Transportation, 5.00%, 11/15/35 | $ | 1,210 | $ 1,336,602 |
Oregon Department of Transportation, (Highway User Tax): | |||
5.00%, 11/15/37 | 1,000 | 1,129,980 | |
5.00%, 11/15/40 | 4,630 | 5,037,255 | |
Port of Portland, OR, (Portland International Airport): | |||
(AMT), 5.00%, 7/1/24 | 1,000 | 1,007,170 | |
(AMT), 5.00%, 7/1/25 | 1,000 | 1,016,800 | |
(AMT), 5.00%, 7/1/34 | 1,525 | 1,618,406 | |
(AMT), 5.00%, 7/1/34 | 1,160 | 1,166,740 | |
(AMT), 5.00%, 7/1/36 | 1,265 | 1,298,965 | |
(AMT), 5.00%, 7/1/44 | 2,000 | 2,045,160 | |
Green Bonds, (AMT), 5.25%, 7/1/43 | 1,730 | 1,836,862 | |
$ 17,493,940 | |||
Water and Sewer — 3.7% | |||
Portland, OR, Water System Revenue, 5.00%, 5/1/44 | $ | 1,000 | $ 1,058,480 |
Tualatin Valley Water District, OR: | |||
5.00%, 6/1/42 | 2,755 | 3,019,507 | |
5.00%, 6/1/43 | 1,445 | 1,580,599 | |
$ 5,658,586 | |||
Total Tax-Exempt Municipal Obligations (identified cost $147,711,727) | $147,137,443 |
Taxable Municipal Obligations — 3.9% |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities — 1.0% | |||
Confederated Tribes of Warm Springs Reservation, OR, (Pelton-Round Butte Hydroelectric Project): | |||
Green Bonds, 2.165%, 11/1/26(4) | $ | 300 | $ 270,906 |
Green Bonds, 2.37%, 11/1/27(4) | 1,350 | 1,197,963 | |
$ 1,468,869 | |||
General Obligations — 0.6% | |||
Klamath County School District, OR, 1.71%, 6/15/29 | $ | 1,130 | $ 949,449 |
$ 949,449 | |||
Housing — 1.4% | |||
Oregon Housing and Community Services Department, (SPA: U.S. Bank, N.A.), 5.35%, 7/1/47(5) | $ | 2,100 | $ 2,100,000 |
$ 2,100,000 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Housing — 0.9% | |||
Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University): | |||
(AGM), 1.286%, 7/1/24 | $ | 150 | $ 144,110 |
(AGM), 1.659%, 7/1/26 | 175 | 155,872 | |
(AGM), 2.255%, 7/1/28 | 175 | 149,181 | |
(AGM), 2.579%, 7/1/30 | 250 | 204,197 | |
(AGM), 3.508%, 7/1/41 | 1,000 | 740,510 | |
$ 1,393,870 | |||
Total Taxable Municipal Obligations (identified cost $6,630,000) | $ 5,912,188 | ||
Total Investments — 100.5% (identified cost $154,341,727) | $153,049,631 | ||
Other Assets, Less Liabilities — (0.5)% | $ (732,905) | ||
Net Assets — 100.0% | $152,316,726 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
(2) | When-issued security. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at August 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 August 31, 2023, the aggregate value of these securities is $1,660,221 or 1.1% of the Fund's net assets. |
(5) | 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 August 31, 2023. |
The Fund invests primarily in debt securities issued by Oregon 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 August 31, 2023, 7.1% 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 5.0% 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. |
LOC | – Letter of Credit |
NPFG | – National Public Finance Guarantee Corp. |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 101.6% |
Security | Principal Amount (000's omitted) | Value | |
Education — 7.9% | |||
Clemson University, SC, (Byrnes Hall Project), 4.00%, 5/1/49 | $ | 2,605 | $ 2,460,448 |
Florence-Darlington Commission for Technical Education, SC, 5.00%, 3/1/28 | 600 | 600,660 | |
South Carolina Jobs-Economic Development Authority, (Furman University): | |||
5.00%, 10/1/32 | 2,000 | 2,038,520 | |
5.00%, 10/1/45 | 2,000 | 2,025,400 | |
South Carolina Jobs-Economic Development Authority, (Wofford College): | |||
5.00%, 4/1/32 | 590 | 629,465 | |
5.00%, 4/1/49 | 1,000 | 1,016,490 | |
University of South Carolina, 5.00%, 5/1/46 | 2,485 | 2,626,546 | |
University of South Carolina, Athletic Facilities, 5.00%, 5/1/37 | 1,500 | 1,567,020 | |
University of South Carolina, Higher Education, 5.00%, 5/1/30 | 600 | 600,912 | |
$ 13,565,461 | |||
Electric Utilities — 8.0% | |||
Rock Hill, SC, Combined Utility System Revenue, 5.00%, 1/1/47 | $ | 5,000 | $ 5,058,900 |
South Carolina Public Service Authority: | |||
4.00%, 12/1/42 | 3,310 | 3,089,620 | |
5.00%, 12/1/37 | 2,000 | 2,031,700 | |
5.00%, 12/1/49 | 2,000 | 2,000,320 | |
5.50%, 12/1/40 | 1,500 | 1,620,780 | |
$ 13,801,320 | |||
General Obligations — 32.0% | |||
Aiken County Consolidated School District, SC, 4.00%, 4/1/37 | $ | 2,040 | $ 2,066,459 |
Anderson County School District No. 1, SC, 4.00%, 3/1/34 | 2,500 | 2,568,075 | |
Beaufort County School District, SC, 5.00%, 3/1/24 | 5,000 | 5,040,050 | |
Charleston County School District, SC, 5.00%, 5/9/24 | 3,000 | 3,040,590 | |
Dorchester County School District No. 4, SC: | |||
5.00%, 3/1/46 | 1,710 | 1,843,380 | |
5.00%, 3/1/47 | 2,060 | 2,216,437 | |
5.00%, 3/1/48 | 3,110 | 3,340,202 | |
Fort Mill School District No. 4, SC, 4.00%, 3/1/39(1) | 3,200 | 3,192,651 | |
Horry County School District, SC, 5.00%, 3/1/34 | 3,235 | 3,711,224 | |
Lexington County School District No. 3, SC, 4.00%, 3/1/46 | 1,280 | 1,242,432 | |
Orangeburg County School District, SC, 5.00%, 8/16/24 | 5,000 | 5,067,450 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Puerto Rico: | |||
5.625%, 7/1/29 | $ | 500 | $ 529,020 |
5.75%, 7/1/31 | 1,250 | 1,351,975 | |
Richland County School District No. 2, SC, 5.00%, 3/1/39 | 3,500 | 3,852,975 | |
Richland-Lexington Airport District, SC, (AMT), 4.00%, 3/1/24 | 685 | 685,212 | |
South Carolina, (Air Carrier Hub Terminal A), 1.00%, 4/1/25 | 4,275 | 4,125,589 | |
Spartanburg County School District No. 4, SC, 5.25%, 3/1/52 | 5,165 | 5,591,939 | |
Spartanburg County School District No. 5, SC, 4.00%, 3/1/43 | 2,000 | 1,979,840 | |
Spartanburg County School District No. 7, SC: | |||
5.00%, 3/1/40 | 1,000 | 1,064,160 | |
5.00%, 3/1/43 | 1,960 | 2,068,035 | |
Spartanburg County, SC, 3.00%, 4/1/28 | 610 | 595,299 | |
$ 55,172,994 | |||
Hospital — 10.9% | |||
Florence County, SC, (McLeod Regional Medical Center), 5.00%, 11/1/30 | $ | 1,500 | $ 1,523,310 |
Greenville Health System, SC, 5.00%, 5/1/31 | 1,500 | 1,507,035 | |
Lexington County Health Services District, Inc., SC, (Lexington Medical Center): | |||
5.00%, 11/1/29 | 600 | 631,512 | |
5.00%, 11/1/46 | 1,615 | 1,620,168 | |
South Carolina Jobs-Economic Development Authority, (Anmed Health): | |||
4.00%, 2/1/43(1) | 2,000 | 1,888,620 | |
5.00%, 2/1/38 | 3,000 | 3,041,940 | |
South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.): | |||
4.00%, 12/1/44 | 1,500 | 1,393,920 | |
5.00%, 10/1/37 | 1,000 | 1,071,290 | |
5.00%, 12/1/46 | 1,000 | 1,031,700 | |
South Carolina Jobs-Economic Development Authority, (McLeod Health), 5.00%, 11/1/48 | 2,150 | 2,197,042 | |
South Carolina Jobs-Economic Development Authority, (Prisma Health Obligated Group), 5.00%, 5/1/36 | 1,500 | 1,539,885 | |
Spartanburg Regional Health Services District, Inc., SC, 4.00%, 4/15/36 | 1,380 | 1,347,322 | |
$ 18,793,744 | |||
Housing — 2.7% | |||
South Carolina Housing Finance and Development Authority: | |||
4.20%, 7/1/42 | $ | 1,490 | $ 1,428,418 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
South Carolina Housing Finance and Development Authority: (continued) | |||
4.75%, 7/1/43 | $ | 1,000 | $ 1,007,730 |
4.75%, 7/1/43(1) | 1,200 | 1,209,240 | |
4.90%, 7/1/48 | 1,000 | 1,008,760 | |
$ 4,654,148 | |||
Industrial Development Revenue — 1.0% | |||
South Carolina Jobs-Economic Development Authority, (International Paper Co.), (AMT), 4.00% to 4/1/26 (Put Date), 4/1/33 | $ | 1,750 | $ 1,747,410 |
$ 1,747,410 | |||
Insured - Electric Utilities — 2.4% | |||
Puerto Rico Electric Power Authority: | |||
(NPFG), 5.25%, 7/1/29 | $ | 1,075 | $ 1,061,982 |
(NPFG), 5.25%, 7/1/32 | 1,350 | 1,327,091 | |
(NPFG), 5.25%, 7/1/34 | 1,820 | 1,787,167 | |
$ 4,176,240 | |||
Insured - Lease Revenue/Certificates of Participation — 0.7% | |||
Sumter Two School Facilities, Inc., SC, (Sumter School District), (BAM), 5.00%, 12/1/24 | $ | 1,280 | $ 1,300,006 |
$ 1,300,006 | |||
Insured - Special Tax Revenue — 1.2% | |||
Simpsonville, SC, Accommodations and Hospitality Tax Revenue: | |||
(AGM), 5.00%, 1/1/27 | $ | 500 | $ 526,735 |
(AGM), 5.00%, 1/1/28 | 465 | 497,745 | |
(AGM), 5.00%, 1/1/30 | 500 | 552,080 | |
(AGM), 5.00%, 1/1/31 | 375 | 419,959 | |
$ 1,996,519 | |||
Insured - Utilities — 2.2% | |||
Greer, SC, Combined Utility System: | |||
(AMBAC), 5.50%, 9/1/27 | $ | 950 | $ 1,013,517 |
(AMBAC), 5.50%, 9/1/32 | 2,000 | 2,250,480 | |
Newberry, SC, (Combined Public Utility System), (AGM), 5.00%, 4/1/30 | 500 | 513,490 | |
$ 3,777,487 | |||
Lease Revenue/Certificates of Participation — 7.3% | |||
Allendale County School District, SC, (Refunding & Improvement), 5.00%, 12/1/24 | $ | 500 | $ 506,785 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District): | |||
5.00%, 12/1/24(1) | $ | 2,000 | $ 2,039,060 |
Prerefunded to 12/1/23, 5.00%, 12/1/30 | 2,000 | 2,008,060 | |
Prerefunded to 12/1/23, 5.00%, 12/1/30(2) | 3,875 | 3,890,616 | |
GROWTH, (Dorchester County School District No. 2), SC, Installment Purchase Revenue: | |||
5.00%, 12/1/27 | 1,000 | 1,002,630 | |
5.00%, 12/1/30 | 2,220 | 2,226,283 | |
Securing Assets for Education, SC, (Berkeley County School District), 5.00%, 12/1/27 | 1,000 | 1,002,870 | |
$ 12,676,304 | |||
Other Revenue — 1.1% | |||
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 2/1/24 (Put Date), 10/1/48 | $ | 2,000 | $ 1,995,400 |
$ 1,995,400 | |||
Senior Living/Life Care — 2.0% | |||
South Carolina Jobs-Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/47 | $ | 1,000 | $ 938,550 |
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 4.00%, 4/1/49 | 620 | 438,129 | |
South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 7.50%, 11/15/53 | 1,000 | 995,090 | |
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/29 | 640 | 628,397 | |
South Carolina Jobs-Economic Development Authority, (The Woodlands at Furman), 5.25%, 11/15/37 | 500 | 485,355 | |
$ 3,485,521 | |||
Solid Waste — 0.6% | |||
Three Rivers Solid Waste Authority, SC, (Landfill Gas Project), 0.00%, 10/1/26 | $ | 1,150 | $ 1,018,762 |
$ 1,018,762 | |||
Special Tax Revenue — 4.0% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(3) | $ | 200 | $ 191,352 |
Greenville County, SC, Road Fee Revenue, 4.00%, 4/1/43 | 1,000 | 979,290 | |
Myrtle Beach, SC, (Hospitality Fee), 5.00%, 6/1/26 | 1,000 | 1,011,820 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | $ | 2,765 | $ 2,683,156 |
South Carolina Transportation Infrastructure Bank, 4.00%, 10/1/28 | 2,000 | 2,030,160 | |
$ 6,895,778 | |||
Transportation — 5.3% | |||
Charleston County Airport District, SC, 5.00%, 7/1/43 | $ | 1,050 | $ 1,095,927 |
Horry County, SC, Airport Revenue, 4.00%, 7/1/39 | 1,500 | 1,467,195 | |
South Carolina Ports Authority: | |||
(AMT), 5.00%, 7/1/43 | 1,270 | 1,289,164 | |
(AMT), 5.00%, 7/1/44 | 2,080 | 2,118,439 | |
(AMT), 5.00%, 7/1/48 | 3,190 | 3,218,327 | |
$ 9,189,052 | |||
Water and Sewer — 12.3% | |||
Charleston, SC, Waterworks and Sewer System Revenue: | |||
5.00%, 1/1/49 | $ | 1,590 | $ 1,684,621 |
5.00%, 1/1/52 | 4,805 | 5,174,649 | |
Columbia, SC, Waterworks and Sewer System Revenue, 5.25%, 2/1/52 | 6,110 | 6,664,727 | |
Dorchester County, SC, Waterworks and Sewer System Revenue, 4.25%, 10/1/48 | 600 | 580,212 | |
Mount Pleasant, SC, Waterworks and Sewer System Revenue, 5.00%, 6/1/37 | 1,000 | 1,049,850 | |
South Island Public Service District, SC, 5.00%, 4/1/47 | 1,000 | 1,045,540 | |
Spartanburg, SC, Water System Revenue, 5.00%, 6/1/39 | 1,645 | 1,715,422 | |
York County, SC, Water and Sewer System Revenue: | |||
4.00%, 6/1/41 | 1,150 | 1,138,649 | |
4.00%, 6/1/43 | 1,000 | 989,790 | |
5.00%, 6/1/36 | 1,000 | 1,126,230 | |
$ 21,169,690 | |||
Total Tax-Exempt Municipal Obligations (identified cost $177,161,803) | $175,415,836 |
Taxable Municipal Obligations — 1.6% |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation — 0.2% | |||
Florence Public Facilities Corp., SC, 3.086%, 11/1/40 | $ | 500 | $ 375,995 |
$ 375,995 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 1.1% | |||
Greenville County, SC, Hospitality Tax Revenue, 1.56%, 4/1/27 | $ | 2,000 | $ 1,773,920 |
$ 1,773,920 | |||
Student Loan — 0.3% | |||
South Carolina Student Loan Corp., 3.593%, 12/1/39 | $ | 590 | $ 561,527 |
$ 561,527 | |||
Total Taxable Municipal Obligations (identified cost $3,090,000) | $ 2,711,442 |
Trust Units — 0.3% |
Security | Notional Amount (000's omitted) | Value | |
Transportation — 0.3% | |||
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 570 | $ 568,256 |
Total Trust Units (identified cost $574,193) | $ 568,256 | ||
Total Investments — 103.5% (identified cost $180,825,996) | $178,695,534 | ||
Other Assets, Less Liabilities — (3.5)% | $ (6,049,342) | ||
Net Assets — 100.0% | $172,646,192 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | When-issued security. |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2023, the aggregate value of these securities is $191,352 or 0.1% of the Fund's net assets. |
The Fund invests primarily in debt securities issued by South Carolina 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 August 31, 2023, 6.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 2.3% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
Liq | – Liquidity Provider |
NPFG | – National Public Finance Guarantee Corp. |
Tax-Exempt Municipal Obligations — 98.9% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 6.3% | |||
Virginia Resources Authority, (Pooled Financing Program): | |||
4.00%, 11/1/41 | $ | 1,500 | $ 1,482,990 |
5.00%, 11/1/30 | 1,075 | 1,223,963 | |
5.25%, 11/1/47 | 500 | 554,325 | |
Virginia Resources Authority, (State Revolving Fund), 3.00%, 10/1/40 | 500 | 416,530 | |
$ 3,677,808 | |||
Education — 4.8% | |||
Salem Economic Development Authority, VA, (Roanoke College): | |||
4.00%, 4/1/38 | $ | 120 | $ 107,855 |
4.00%, 4/1/40 | 100 | 87,610 | |
University of Virginia, 5.00%, 4/1/38 | 1,320 | 1,389,683 | |
Virginia Public School Authority, 5.00%, 8/1/34 | 1,000 | 1,177,820 | |
$ 2,762,968 | |||
Electric Utilities — 2.5% | |||
Richmond, VA, Public Utility Revenue, 4.25%, 1/15/53(1) | $ | 1,500 | $ 1,470,243 |
$ 1,470,243 | |||
Escrowed/Prerefunded — 4.8% | |||
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), Prerefunded to 10/1/25, 5.00%, 10/1/30 | $ | 750 | $ 775,665 |
Harrisonburg Industrial Development Authority, VA, (Sunnyside Presbyterian Home), Prerefunded to 12/1/23, 6.25%, 12/1/33 | 750 | 755,100 | |
Virginia Port Authority, (AMT), Prerefunded to 7/1/25, 5.00%, 7/1/33 | 1,250 | 1,283,837 | |
$ 2,814,602 | |||
General Obligations — 12.9% | |||
Arlington County, VA, 4.00%, 6/15/40 | $ | 2,000 | $ 1,970,140 |
Goochland County, VA, 4.00%, 1/15/39 | 1,000 | 1,003,260 | |
Loudoun County, VA, 4.00%, 12/1/38 | 1,045 | 1,058,574 | |
Newport News, VA, 4.00%, 2/1/42 | 2,000 | 1,952,980 | |
Puerto Rico: | |||
0.00%, 7/1/33 | 750 | 456,975 | |
5.625%, 7/1/29 | 1,000 | 1,058,040 | |
$ 7,499,969 |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 15.2% | |||
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center), 4.00%, 7/1/39 | $ | 1,200 | $ 1,161,252 |
Fairfax County Industrial Development Authority, VA, (Inova Health System Project): | |||
4.00%, 5/15/48 | 2,000 | 1,899,440 | |
5.00%, 5/15/44 | 1,000 | 1,004,720 | |
Fredericksburg Economic Development Authority, VA, (Mary Washington Healthcare), 5.00%, 6/15/24 | 1,000 | 1,009,070 | |
Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | 1,000 | 934,730 | |
Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/49 | 2,000 | 1,803,840 | |
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36 | 1,000 | 1,000,850 | |
$ 8,813,902 | |||
Industrial Development Revenue — 1.7% | |||
Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $ | 1,035 | $ 935,381 |
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(2) | 60 | 55,378 | |
$ 990,759 | |||
Insured - Education — 4.1% | |||
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $ | 2,155 | $ 2,351,730 |
$ 2,351,730 | |||
Insured - Electric Utilities — 1.7% | |||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $ | 1,000 | $ 987,890 |
$ 987,890 | |||
Insured - Transportation — 3.0% | |||
Chesapeake Bay Bridge and Tunnel District, VA, (General Resolution), (NPFG), Escrowed to Maturity, 5.50%, 7/1/25 | $ | 1,710 | $ 1,737,685 |
$ 1,737,685 | |||
Lease Revenue/Certificates of Participation — 0.9% | |||
Virginia Public Building Authority, (AMT), 5.00%, 8/1/26 | $ | 500 | $ 521,450 |
$ 521,450 | |||
Other Revenue — 2.0% | |||
Loudoun County Economic Development Authority, VA, (Howard Hughes Medical Institute): | |||
0.00%, 7/1/49 | $ | 2,300 | $ 676,292 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
Loudoun County Economic Development Authority, VA, (Howard Hughes Medical Institute): (continued) | |||
4.00%, 10/1/52 | $ | 500 | $ 469,800 |
$ 1,146,092 | |||
Senior Living/Life Care — 6.4% | |||
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/48 | $ | 235 | $ 204,840 |
James City County Economic Development Authority, VA, (Williamsburg Landing): | |||
4.00%, 12/1/23 | 300 | 299,640 | |
4.00%, 12/1/30 | 220 | 209,200 | |
James City County Economic Development Authority, VA, (WindsorMeade), 4.00%, 6/1/41 | 625 | 487,319 | |
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 5.00%, 1/1/34 | 1,500 | 1,390,035 | |
Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay), 5.00%, 9/1/34 | 1,150 | 1,126,206 | |
$ 3,717,240 | |||
Special Tax Revenue — 3.5% | |||
American Samoa Economic Development Authority, 5.00%, 9/1/38(2) | $ | 200 | $ 191,352 |
Puerto Rico Sales Tax Financing Corp.: | |||
0.00%, 7/1/24 | 17 | 16,451 | |
0.00%, 7/1/27 | 17 | 14,552 | |
0.00%, 7/1/29 | 17 | 13,300 | |
0.00%, 7/1/31 | 22 | 15,727 | |
0.00%, 7/1/33 | 24 | 15,531 | |
0.00%, 7/1/46 | 231 | 64,338 | |
0.00%, 7/1/51 | 188 | 38,856 | |
4.50%, 7/1/34 | 56 | 55,997 | |
4.536%, 7/1/53 | 3 | 2,715 | |
5.00%, 7/1/58 | 512 | 496,845 | |
Washington Metropolitan Area Transit Authority, D.C., Sustainability Bonds, 5.25%, 7/15/53 | 1,000 | 1,084,820 | |
$ 2,010,484 | |||
Transportation — 16.9% | |||
Metropolitan Washington Airports Authority, D.C.: | |||
(AMT), 5.00%, 10/1/36 | $ | 1,000 | $ 1,073,050 |
(AMT), 5.00%, 10/1/43 | 2,750 | 2,814,708 | |
Northern Virginia Transportation Commission, Green Bonds, 5.00%, 6/1/47 | 1,000 | 1,075,460 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Virginia Port Authority: | |||
5.25%, 7/1/48 | $ | 1,000 | $ 1,110,960 |
(AMT), 5.00%, 7/1/45 | 1,000 | 1,007,240 | |
Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 5.00%, 7/1/38 | 1,155 | 1,185,353 | |
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52 | 1,000 | 996,870 | |
Washington Metropolitan Area Transit Authority, D.C., 5.00%, 7/1/37 | 500 | 519,255 | |
$ 9,782,896 | |||
Water and Sewer — 12.2% | |||
Fairfax County Water Authority, VA, 5.25%, 4/1/27 | $ | 1,795 | $ 1,931,492 |
Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/40 | 1,000 | 996,400 | |
Hampton Roads Sanitation District, VA: | |||
3.95%, 8/1/46(3) | 500 | 500,000 | |
4.00%, 10/1/38 | 1,690 | 1,670,818 | |
Loudoun County Sanitation Authority, VA, Water and Sewer System Revenue, 4.00%, 1/1/32 | 2,000 | 2,006,320 | |
$ 7,105,030 | |||
Total Tax-Exempt Municipal Obligations (identified cost $58,290,460) | $ 57,390,748 |
Taxable Municipal Obligations — 0.8% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.6% | |||
Virginia Resources Authority, (Pooled Financing Program), 1.816%, 11/1/29 | $ | 415 | $ 349,741 |
$ 349,741 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 0.2% | |||
Portsmouth, VA, 2.20%, 7/15/37 | $ | 165 | $ 117,652 |
$ 117,652 | |||
Total Taxable Municipal Obligations (identified cost $580,000) | $ 467,393 | ||
Total Investments — 99.7% (identified cost $58,870,460) | $ 57,858,141 | ||
Other Assets, Less Liabilities — 0.3% | $ 196,086 | ||
Net Assets — 100.0% | $ 58,054,227 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | When-issued security. |
(2) | 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 August 31, 2023, the aggregate value of these securities is $246,730 or 0.4% of the Fund's net assets. |
(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 August 31, 2023. |
The Fund invests primarily in debt securities issued by Virginia 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 August 31, 2023, 8.8% of total investments are backed by bond insurance of a financial guaranty assurance agency. |
Abbreviations: | |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
NPFG | – National Public Finance Guarantee Corp. |
August 31, 2023 | ||||
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Assets | ||||
Investments: | ||||
Identified cost | $ 117,732,087 | $ 79,109,064 | $ 86,868,052 | $ 189,117,615 |
Unrealized depreciation | (2,870,274) | (3,315,697) | (948,517) | (1,965,941) |
Investments, at value | $114,861,813 | $75,793,367 | $85,919,535 | $187,151,674 |
Cash | $ 2,267,564 | $ 125,878 | $ 629,096 | $ 138,017 |
Interest receivable | 1,127,317 | 858,155 | 1,144,512 | 1,970,807 |
Receivable for investments sold | — | — | — | 10,216,269 |
Receivable for Fund shares sold | 207,594 | 9,643 | 127,039 | 641,277 |
Total assets | $118,464,288 | $76,787,043 | $87,820,182 | $200,118,044 |
Liabilities | ||||
Payable for investments purchased | $ 546,164 | $ — | $ — | $ 4,887,951 |
Payable for when-issued securities | 1,716,925 | — | — | 6,575,036 |
Payable for Fund shares redeemed | 116,747 | 164,876 | 182,443 | 1,517,196 |
Distributions payable | 59,029 | 36,420 | 38,701 | 165,424 |
Payable to affiliates: | ||||
Investment adviser fee | 32,450 | 19,478 | 23,691 | 57,680 |
Distribution and service fees | 8,819 | 7,580 | 12,908 | 14,336 |
Accrued expenses | 112,229 | 100,244 | 109,698 | 139,226 |
Total liabilities | $ 2,592,363 | $ 328,598 | $ 367,441 | $ 13,356,849 |
Net Assets | $115,871,925 | $76,458,445 | $87,452,741 | $186,761,195 |
Sources of Net Assets | ||||
Paid-in capital | $ 125,869,731 | $ 85,498,919 | $ 92,675,418 | $ 201,834,076 |
Accumulated loss | (9,997,806) | (9,040,474) | (5,222,677) | (15,072,881) |
Net Assets | $115,871,925 | $76,458,445 | $87,452,741 | $186,761,195 |
Class A Shares | ||||
Net Assets | $ 36,206,161 | $ 28,434,543 | $ 52,300,156 | $ 53,236,107 |
Shares Outstanding | 4,564,444 | 3,494,267 | 6,117,007 | 6,442,139 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 7.93 | $ 8.14 | $ 8.55 | $ 8.26 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 8.20 | $ 8.41 | $ 8.84 | $ 8.54 |
Class C Shares | ||||
Net Assets | $ 3,311,538 | $ 3,401,745 | $ 4,933,558 | $ 6,417,561 |
Shares Outstanding | 390,348 | 383,251 | 522,684 | 722,069 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.48 | $ 8.88 | $ 9.44 | $ 8.89 |
Class I Shares | ||||
Net Assets | $ 76,354,226 | $ 44,622,157 | $ 30,219,027 | $ 127,107,527 |
Shares Outstanding | 9,600,828 | 5,471,890 | 3,529,377 | 15,340,475 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 7.95 | $ 8.15 | $ 8.56 | $ 8.29 |
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. |
August 31, 2023 | |||
Oregon Fund | South Carolina Fund | Virginia Fund | |
Assets | |||
Investments: | |||
Identified cost | $ 154,341,727 | $ 180,825,996 | $ 58,870,460 |
Unrealized depreciation | (1,292,096) | (2,130,462) | (1,012,319) |
Investments, at value | $153,049,631 | $178,695,534 | $57,858,141 |
Cash | $ 3,594 | $ 8,794 | $ 111,923 |
Interest receivable | 1,448,962 | 1,995,624 | 618,187 |
Receivable for investments sold | 834,474 | 7,199,786 | 1,173,620 |
Receivable for Fund shares sold | 173,923 | 413,536 | 85,386 |
Total assets | $155,510,584 | $188,313,274 | $59,847,257 |
Liabilities | |||
Payable for floating rate notes issued | $ 1,599,984 | $ 3,099,985 | $ — |
Demand note payable | — | 170,000 | — |
Payable for investments purchased | — | 3,053,210 | — |
Payable for when-issued securities | 849,411 | 8,291,640 | 1,453,455 |
Payable for Fund shares redeemed | 520,273 | 720,986 | 200,617 |
Distributions payable | 20,364 | 101,901 | 24,698 |
Payable to affiliates: | |||
Investment adviser fee | 47,314 | 53,269 | 13,230 |
Distribution and service fees | 15,758 | 16,330 | 7,168 |
Interest expense and fees payable | 13,454 | 30,463 | — |
Accrued expenses | 127,300 | 129,298 | 93,862 |
Total liabilities | $ 3,193,858 | $ 15,667,082 | $ 1,793,030 |
Net Assets | $152,316,726 | $172,646,192 | $58,054,227 |
Sources of Net Assets | |||
Paid-in capital | $ 174,550,590 | $ 186,354,912 | $ 66,792,862 |
Accumulated loss | (22,233,864) | (13,708,720) | (8,738,635) |
Net Assets | $152,316,726 | $172,646,192 | $58,054,227 |
Class A Shares | |||
Net Assets | $ 68,300,135 | $ 70,953,305 | $ 33,858,575 |
Shares Outstanding | 8,719,046 | 8,312,820 | 4,809,573 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 7.83 | $ 8.54 | $ 7.04 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 8.09 | $ 8.83 | $ 7.28 |
Class C Shares | |||
Net Assets | $ 4,814,395 | $ 4,954,492 | $ 1,584,103 |
Shares Outstanding | 561,375 | 547,139 | 203,124 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.58 | $ 9.06 | $ 7.80 |
Class I Shares | |||
Net Assets | $ 79,202,196 | $ 96,738,395 | $ 22,611,549 |
Shares Outstanding | 10,119,502 | 11,324,297 | 3,205,478 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 7.83 | $ 8.54 | $ 7.05 |
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 August 31, 2023 | ||||
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Investment Income | ||||
Interest income | $ 3,710,438 | $ 2,527,652 | $ 3,106,314 | $ 5,445,425 |
Total investment income | $ 3,710,438 | $ 2,527,652 | $ 3,106,314 | $ 5,445,425 |
Expenses | ||||
Investment adviser fee | $ 375,559 | $ 227,690 | $ 263,784 | $ 622,529 |
Distribution and service fees: | ||||
Class A | 75,287 | 62,971 | 101,817 | 109,062 |
Class C | 34,622 | 33,354 | 48,527 | 66,169 |
Trustees’ fees and expenses | 7,906 | 5,413 | 6,246 | 12,109 |
Custodian fee | 38,260 | 31,593 | 32,534 | 50,404 |
Transfer and dividend disbursing agent fees | 31,843 | 34,035 | 31,084 | 64,477 |
Legal and accounting services | 60,187 | 60,372 | 54,792 | 53,197 |
Printing and postage | 8,159 | 6,280 | 8,253 | 11,194 |
Registration fees | 2,405 | 5,649 | 3,004 | 1,310 |
Miscellaneous | 33,969 | 27,004 | 27,905 | 45,641 |
Total expenses | $ 668,197 | $ 494,361 | $ 577,946 | $ 1,036,092 |
Net investment income | $ 3,042,241 | $ 2,033,291 | $ 2,528,368 | $ 4,409,333 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss): | ||||
Investment transactions | $ (2,475,891) | $ (1,798,658) | $ (2,246,729) | $ (6,247,028) |
Net realized loss | $(2,475,891) | $(1,798,658) | $(2,246,729) | $(6,247,028) |
Change in unrealized appreciation (depreciation): | ||||
Investments | $ 1,099,915 | $ 830,420 | $ 614,910 | $ 3,052,019 |
Net change in unrealized appreciation (depreciation) | $ 1,099,915 | $ 830,420 | $ 614,910 | $ 3,052,019 |
Net realized and unrealized loss | $(1,375,976) | $ (968,238) | $(1,631,819) | $(3,195,009) |
Net increase in net assets from operations | $ 1,666,265 | $ 1,065,053 | $ 896,549 | $ 1,214,324 |
Year Ended August 31, 2023 | |||
Oregon Fund | South Carolina Fund | Virginia Fund | |
Investment Income | |||
Interest income | $ 5,884,256 | $ 5,096,620 | $ 2,169,898 |
Total investment income | $ 5,884,256 | $ 5,096,620 | $ 2,169,898 |
Expenses | |||
Investment adviser fee | $ 552,495 | $ 558,906 | $ 160,299 |
Distribution and service fees: | |||
Class A | 146,074 | 149,903 | 71,039 |
Class C | 55,903 | 57,567 | 18,825 |
Trustees’ fees and expenses | 10,296 | 11,375 | 4,425 |
Custodian fee | 45,488 | 47,048 | 28,003 |
Transfer and dividend disbursing agent fees | 56,422 | 40,835 | 29,837 |
Legal and accounting services | 50,280 | 53,224 | 45,601 |
Printing and postage | 11,145 | 10,155 | 5,723 |
Registration fees | 1,302 | 955 | 4,689 |
Interest expense and fees | 45,114 | 106,802 | 28,685 |
Miscellaneous | 43,433 | 39,043 | 24,020 |
Total expenses | $ 1,017,952 | $ 1,075,813 | $ 421,146 |
Net investment income | $ 4,866,304 | $ 4,020,807 | $ 1,748,752 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss): | |||
Investment transactions | $ (7,834,827) | $ (5,610,703) | $ (1,798,452) |
Net realized loss | $(7,834,827) | $(5,610,703) | $(1,798,452) |
Change in unrealized appreciation (depreciation): | |||
Investments | $ 4,476,471 | $ 3,803,547 | $ 409,949 |
Net change in unrealized appreciation (depreciation) | $ 4,476,471 | $ 3,803,547 | $ 409,949 |
Net realized and unrealized loss | $(3,358,356) | $(1,807,156) | $(1,388,503) |
Net increase in net assets from operations | $ 1,507,948 | $ 2,213,651 | $ 360,249 |
Year Ended August 31, 2023 | ||||
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Increase (Decrease) in Net Assets | ||||
From operations: | ||||
Net investment income | $ 3,042,241 | $ 2,033,291 | $ 2,528,368 | $ 4,409,333 |
Net realized loss | (2,475,891) | (1,798,658) | (2,246,729) | (6,247,028) |
Net change in unrealized appreciation (depreciation) | 1,099,915 | 830,420 | 614,910 | 3,052,019 |
Net increase in net assets from operations | $ 1,666,265 | $ 1,065,053 | $ 896,549 | $ 1,214,324 |
Distributions to shareholders: | ||||
Class A | $ (948,825) | $ (787,936) | $ (1,496,698) | $ (1,271,332) |
Class C | (64,420) | (61,577) | (110,859) | (109,546) |
Class I | (2,002,879) | (1,158,576) | (891,955) | (3,007,333) |
Total distributions to shareholders | $ (3,016,124) | $ (2,008,089) | $ (2,499,512) | $ (4,388,211) |
Transactions in shares of beneficial interest: | ||||
Class A | $ (2,456,610) | $ (7,089,245) | $ 8,810,384 | $ (2,712,028) |
Class C | (441,340) | (765,966) | (329,553) | (1,282,323) |
Class I | 2,299,965 | 3,247,365 | 7,164,311 | 18,625,941 |
Net increase (decrease) in net assets from Fund share transactions | $ (597,985) | $ (4,607,846) | $15,645,142 | $ 14,631,590 |
Net increase (decrease) in net assets | $ (1,947,844) | $ (5,550,882) | $14,042,179 | $ 11,457,703 |
Net Assets | ||||
At beginning of year | $ 117,819,769 | $ 82,009,327 | $ 73,410,562 | $ 175,303,492 |
At end of year | $115,871,925 | $76,458,445 | $87,452,741 | $186,761,195 |
Year Ended August 31, 2023 | |||
Oregon Fund | South Carolina Fund | Virginia Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 4,866,304 | $ 4,020,807 | $ 1,748,752 |
Net realized loss | (7,834,827) | (5,610,703) | (1,798,452) |
Net change in unrealized appreciation (depreciation) | 4,476,471 | 3,803,547 | 409,949 |
Net increase in net assets from operations | $ 1,507,948 | $ 2,213,651 | $ 360,249 |
Distributions to shareholders: | |||
Class A | $ (2,217,487) | $ (1,768,178) | $ (965,605) |
Class C | (133,793) | (96,654) | (38,542) |
Class I | (2,437,370) | (2,119,025) | (653,802) |
Total distributions to shareholders | $ (4,788,650) | $ (3,983,857) | $ (1,657,949) |
Transactions in shares of beneficial interest: | |||
Class A | $ (9,950,539) | $ (6,207,872) | $ (3,674,759) |
Class C | (2,073,635) | (2,314,952) | (1,244,885) |
Class I | 6,102,904 | 29,040,071 | 3,387,449 |
Net increase (decrease) in net assets from Fund share transactions | $ (5,921,270) | $ 20,517,247 | $ (1,532,195) |
Net increase (decrease) in net assets | $ (9,201,972) | $ 18,747,041 | $ (2,829,895) |
Net Assets | |||
At beginning of year | $ 161,518,698 | $ 153,899,151 | $ 60,884,122 |
At end of year | $152,316,726 | $172,646,192 | $58,054,227 |
Year Ended August 31, 2022 | ||||
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Increase (Decrease) in Net Assets | ||||
From operations: | ||||
Net investment income | $ 2,262,980 | $ 1,759,590 | $ 1,735,733 | $ 2,876,064 |
Net realized loss | (1,744,862) | (1,409,980) | (1,101,455) | (1,023,072) |
Net change in unrealized appreciation (depreciation) | (11,048,069) | (9,062,574) | (8,243,513) | (15,711,362) |
Net decrease in net assets from operations | $ (10,529,951) | $ (8,712,964) | $ (7,609,235) | $ (13,858,370) |
Distributions to shareholders: | ||||
Class A | $ (748,132) | $ (738,521) | $ (1,059,736) | $ (1,007,326) |
Class C | (42,899) | (49,658) | (85,893) | (79,028) |
Class I | (1,470,154) | (894,015) | (588,488) | (1,796,064) |
Total distributions to shareholders | $ (2,261,185) | $ (1,682,194) | $ (1,734,117) | $ (2,882,418) |
Transactions in shares of beneficial interest: | ||||
Class A | $ (4,899,601) | $ (5,623,531) | $ (2,171,064) | $ (3,103,259) |
Class C | (684,378) | (1,036,515) | (1,157,739) | (475,781) |
Class I | 3,142,070 | (389,720) | (1,650,072) | 30,596,296 |
Net increase (decrease) in net assets from Fund share transactions | $ (2,441,909) | $ (7,049,766) | $ (4,978,875) | $ 27,017,256 |
Net increase (decrease) in net assets | $ (15,233,045) | $(17,444,924) | $(14,322,227) | $ 10,276,468 |
Net Assets | ||||
At beginning of year | $ 133,052,814 | $ 99,454,251 | $ 87,732,789 | $ 165,027,024 |
At end of year | $117,819,769 | $ 82,009,327 | $ 73,410,562 | $175,303,492 |
Year Ended August 31, 2022 | |||
Oregon Fund | South Carolina Fund | Virginia Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 3,366,285 | $ 3,009,714 | $ 1,515,210 |
Net realized loss | (2,121,911) | (733,213) | (939,045) |
Net change in unrealized appreciation (depreciation) | (17,045,343) | (15,022,047) | (7,110,982) |
Net decrease in net assets from operations | $ (15,800,969) | $ (12,745,546) | $ (6,534,817) |
Distributions to shareholders: | |||
Class A | $ (1,670,497) | $ (1,551,593) | $ (932,466) |
Class C | (103,855) | (98,986) | (53,565) |
Class I | (1,679,301) | (1,357,784) | (496,677) |
Total distributions to shareholders | $ (3,453,653) | $ (3,008,363) | $ (1,482,708) |
Transactions in shares of beneficial interest: | |||
Class A | $ (3,667,704) | $ (4,411,995) | $ (3,310,523) |
Class C | (1,968,018) | (2,759,441) | (1,178,427) |
Class I | 6,031,859 | 4,262,958 | (1,537,984) |
Net increase (decrease) in net assets from Fund share transactions | $ 396,137 | $ (2,908,478) | $ (6,026,934) |
Net decrease in net assets | $ (18,858,485) | $ (18,662,387) | $(14,044,459) |
Net Assets | |||
At beginning of year | $ 180,377,183 | $ 172,561,538 | $ 74,928,581 |
At end of year | $161,518,698 | $153,899,151 | $ 60,884,122 |
Georgia Fund — Class A | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.020 | $ 8.870 | $ 8.800 | $ 8.770 | $ 8.370 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.203 | $ 0.143 | $ 0.147 | $ 0.197 | $ 0.227 |
Net realized and unrealized gain (loss) | (0.091) | (0.850) | 0.074 | 0.029 | 0.399 |
Total income (loss) from operations | $ 0.112 | $ (0.707) | $ 0.221 | $ 0.226 | $ 0.626 |
Less Distributions | |||||
From net investment income | $ (0.202) | $ (0.143) | $ (0.151) | $ (0.196) | $ (0.226) |
Total distributions | $ (0.202) | $ (0.143) | $ (0.151) | $ (0.196) | $ (0.226) |
Net asset value — End of year | $ 7.930 | $ 8.020 | $ 8.870 | $ 8.800 | $ 8.770 |
Total Return(2) | 1.41% | (8.03)% | 2.52% | 2.62% | 7.61% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $36,206 | $39,103 | $48,535 | $45,047 | $42,894 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.69% | 0.65% | 0.65% | 0.67% | 0.70% |
Net investment income | 2.54% | 1.69% | 1.66% | 2.26% | 2.67% |
Portfolio Turnover | 47% | 34% | 19% | 16% | 12% |
(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. |
Georgia Fund — Class C | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.580 | $ 9.490 | $ 9.410 | $ 9.380 | $ 8.950 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.153 | $ 0.085 | $ 0.087 | $ 0.141 | $ 0.177 |
Net realized and unrealized gain (loss) | (0.101) | (0.910) | 0.083 | 0.028 | 0.427 |
Total income (loss) from operations | $ 0.052 | $(0.825) | $ 0.170 | $ 0.169 | $ 0.604 |
Less Distributions | |||||
From net investment income | $ (0.152) | $ (0.085) | $ (0.090) | $ (0.139) | $ (0.174) |
Total distributions | $(0.152) | $(0.085) | $(0.090) | $(0.139) | $(0.174) |
Net asset value — End of year | $ 8.480 | $ 8.580 | $ 9.490 | $ 9.410 | $ 9.380 |
Total Return(2) | 0.60% | (8.73)% | 1.81% | 1.83% | 6.84% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 3,312 | $ 3,783 | $ 4,939 | $ 5,271 | $ 5,749 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.44% | 1.40% | 1.40% | 1.42% | 1.45% |
Net investment income | 1.79% | 0.93% | 0.92% | 1.51% | 1.95% |
Portfolio Turnover | 47% | 34% | 19% | 16% | 12% |
(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. |
Georgia Fund — Class I | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.040 | $ 8.900 | $ 8.820 | $ 8.800 | $ 8.400 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.220 | $ 0.161 | $ 0.163 | $ 0.214 | $ 0.243 |
Net realized and unrealized gain (loss) | (0.092) | (0.861) | 0.086 | 0.020 | 0.401 |
Total income (loss) from operations | $ 0.128 | $ (0.700) | $ 0.249 | $ 0.234 | $ 0.644 |
Less Distributions | |||||
From net investment income | $ (0.218) | $ (0.160) | $ (0.169) | $ (0.214) | $ (0.244) |
Total distributions | $ (0.218) | $ (0.160) | $ (0.169) | $ (0.214) | $ (0.244) |
Net asset value — End of year | $ 7.950 | $ 8.040 | $ 8.900 | $ 8.820 | $ 8.800 |
Total Return(2) | 1.61% | (7.93)% | 2.84% | 2.71% | 7.81% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $76,354 | $74,934 | $79,579 | $50,563 | $42,592 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.49% | 0.45% | 0.45% | 0.47% | 0.49% |
Net investment income | 2.75% | 1.90% | 1.84% | 2.45% | 2.86% |
Portfolio Turnover | 47% | 34% | 19% | 16% | 12% |
(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. |
Maryland Fund — Class A | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.230 | $ 9.190 | $ 9.010 | $ 9.070 | $ 8.670 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.207 | $ 0.159 | $ 0.162 | $ 0.203 | $ 0.235 |
Net realized and unrealized gain (loss) | (0.091) | (0.967) | 0.181 | (0.057) | 0.398 |
Total income (loss) from operations | $ 0.116 | $ (0.808) | $ 0.343 | $ 0.146 | $ 0.633 |
Less Distributions | |||||
From net investment income | $ (0.206) | $ (0.152) | $ (0.163) | $ (0.206) | $ (0.233) |
Total distributions | $ (0.206) | $ (0.152) | $ (0.163) | $ (0.206) | $ (0.233) |
Net asset value — End of year | $ 8.140 | $ 8.230 | $ 9.190 | $ 9.010 | $ 9.070 |
Total Return(2) | 1.43% | (8.86)% | 3.84% | 1.64% | 7.43% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $28,435 | $35,914 | $46,218 | $38,368 | $37,847 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.71% | 0.68% | 0.67% | 0.69% | 0.73% |
Net investment income | 2.53% | 1.82% | 1.78% | 2.27% | 2.69% |
Portfolio Turnover | 53% | 48% | 23% | 24% | 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. |
Maryland Fund — Class C | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.980 | $10.020 | $ 9.830 | $ 9.890 | $ 9.460 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.159 | $ 0.101 | $ 0.107 | $ 0.148 | $ 0.185 |
Net realized and unrealized gain (loss) | (0.101) | (1.046) | 0.187 | (0.057) | 0.427 |
Total income (loss) from operations | $ 0.058 | $ (0.945) | $ 0.294 | $ 0.091 | $ 0.612 |
Less Distributions | |||||
From net investment income | $ (0.158) | $ (0.095) | $ (0.104) | $ (0.151) | $ (0.182) |
Total distributions | $(0.158) | $ (0.095) | $ (0.104) | $(0.151) | $ (0.182) |
Net asset value — End of year | $ 8.880 | $ 8.980 | $10.020 | $ 9.830 | $ 9.890 |
Total Return(2) | 0.65% | (9.48)% | 3.00% | 0.94% | 6.55% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 3,402 | $ 4,221 | $ 5,804 | $ 8,767 | $10,728 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.46% | 1.43% | 1.42% | 1.45% | 1.49% |
Net investment income | 1.79% | 1.06% | 1.08% | 1.52% | 1.94% |
Portfolio Turnover | 53% | 48% | 23% | 24% | 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. |
Maryland Fund — Class I | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.250 | $ 9.210 | $ 9.030 | $ 9.090 | $ 8.690 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.226 | $ 0.177 | $ 0.177 | $ 0.221 | $ 0.252 |
Net realized and unrealized gain (loss) | (0.103) | (0.967) | 0.185 | (0.057) | 0.399 |
Total income (loss) from operations | $ 0.123 | $ (0.790) | $ 0.362 | $ 0.164 | $ 0.651 |
Less Distributions | |||||
From net investment income | $ (0.223) | $ (0.170) | $ (0.182) | $ (0.224) | $ (0.251) |
Total distributions | $ (0.223) | $ (0.170) | $ (0.182) | $ (0.224) | $ (0.251) |
Net asset value — End of year | $ 8.150 | $ 8.250 | $ 9.210 | $ 9.030 | $ 9.090 |
Total Return(2) | 1.51% | (8.66)% | 4.04% | 1.85% | 7.63% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $44,622 | $41,874 | $47,433 | $23,411 | $14,685 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.51% | 0.48% | 0.47% | 0.49% | 0.52% |
Net investment income | 2.76% | 2.02% | 1.94% | 2.47% | 2.87% |
Portfolio Turnover | 53% | 48% | 23% | 24% | 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. |
Missouri Fund — Class A | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.710 | $ 9.760 | $ 9.690 | $ 9.670 | $ 9.270 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.257 | $ 0.198 | $ 0.191 | $ 0.256 | $ 0.286 |
Net realized and unrealized gain (loss) | (0.164) | (1.050) | 0.071 | 0.032 | 0.401 |
Total income (loss) from operations | $ 0.093 | $ (0.852) | $ 0.262 | $ 0.288 | $ 0.687 |
Less Distributions | |||||
From net investment income | $ (0.253) | $ (0.198) | $ (0.192) | $ (0.268) | $ (0.287) |
Total distributions | $ (0.253) | $ (0.198) | $ (0.192) | $ (0.268) | $ (0.287) |
Net asset value — End of year | $ 8.550 | $ 8.710 | $ 9.760 | $ 9.690 | $ 9.670 |
Total Return(2) | 1.08% | (8.82)% | 2.72% | 3.04% | 7.57% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $52,300 | $44,538 | $52,362 | $50,698 | $49,542 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.71% | 0.69% | 0.66% | 0.69% | 0.71% |
Net investment income | 2.97% | 2.14% | 1.97% | 2.67% | 3.07% |
Portfolio Turnover | 59% | 15% | 19% | 17% | 19% |
(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. |
Missouri Fund — Class C | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.620 | $10.770 | $ 10.700 | $ 10.670 | $ 10.230 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.211 | $ 0.142 | $ 0.131 | $ 0.203 | $ 0.239 |
Net realized and unrealized gain (loss) | (0.184) | (1.150) | 0.070 | 0.043 | 0.441 |
Total income (loss) from operations | $ 0.027 | $ (1.008) | $ 0.201 | $ 0.246 | $ 0.680 |
Less Distributions | |||||
From net investment income | $ (0.207) | $ (0.142) | $ (0.131) | $ (0.216) | $ (0.240) |
Total distributions | $(0.207) | $ (0.142) | $ (0.131) | $ (0.216) | $ (0.240) |
Net asset value — End of year | $ 9.440 | $ 9.620 | $10.770 | $10.700 | $10.670 |
Total Return(2) | 0.29% | (9.42)% | 1.89% | 2.35% | 6.75% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 4,934 | $ 5,364 | $ 7,215 | $ 7,210 | $ 7,594 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.46% | 1.44% | 1.41% | 1.44% | 1.46% |
Net investment income | 2.21% | 1.38% | 1.22% | 1.92% | 2.32% |
Portfolio Turnover | 59% | 15% | 19% | 17% | 19% |
(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. |
Missouri Fund — Class I | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.720 | $ 9.770 | $ 9.710 | $ 9.680 | $ 9.280 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.275 | $ 0.216 | $ 0.211 | $ 0.275 | $ 0.305 |
Net realized and unrealized gain (loss) | (0.165) | (1.049) | 0.060 | 0.041 | 0.401 |
Total income (loss) from operations | $ 0.110 | $ (0.833) | $ 0.271 | $ 0.316 | $ 0.706 |
Less Distributions | |||||
From net investment income | $ (0.270) | $ (0.217) | $ (0.211) | $ (0.286) | $ (0.306) |
Total distributions | $ (0.270) | $ (0.217) | $ (0.211) | $ (0.286) | $ (0.306) |
Net asset value — End of year | $ 8.560 | $ 8.720 | $ 9.770 | $ 9.710 | $ 9.680 |
Total Return(2) | 1.29% | (8.62)% | 2.82% | 3.33% | 7.78% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $30,219 | $23,509 | $28,155 | $23,490 | $14,770 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.51% | 0.49% | 0.46% | 0.49% | 0.50% |
Net investment income | 3.17% | 2.33% | 2.17% | 2.86% | 3.26% |
Portfolio Turnover | 59% | 15% | 19% | 17% | 19% |
(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. |
North Carolina Fund — Class A | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.390 | $ 9.280 | $ 9.190 | $ 9.190 | $ 8.810 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.196 | $ 0.144 | $ 0.166 | $ 0.207 | $ 0.242 |
Net realized and unrealized gain (loss) | (0.131) | (0.889) | 0.091 | 0.013 | 0.379 |
Total income (loss) from operations | $ 0.065 | $ (0.745) | $ 0.257 | $ 0.220 | $ 0.621 |
Less Distributions | |||||
From net investment income | $ (0.195) | $ (0.145) | $ (0.167) | $ (0.220) | $ (0.241) |
Total distributions | $ (0.195) | $ (0.145) | $ (0.167) | $ (0.220) | $ (0.241) |
Net asset value — End of year | $ 8.260 | $ 8.390 | $ 9.280 | $ 9.190 | $ 9.190 |
Total Return(2) | 0.78% | (8.09)% | 2.82% | 2.44% | 7.19% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $53,236 | $56,810 | $66,171 | $64,513 | $62,294 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.68% | 0.66% | 0.65% | 0.67% | 0.70% |
Interest and fee expense(3) | — | — | — | — | 0.04% |
Total expenses | 0.68% | 0.66% | 0.65% | 0.67% | 0.74% |
Net investment income | 2.34% | 1.63% | 1.79% | 2.28% | 2.73% |
Portfolio Turnover | 100% | 18% | 24% | 21% | 37% |
(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). |
North Carolina Fund — Class C | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.030 | $ 9.980 | $ 9.880 | $ 9.880 | $ 9.480 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.142 | $ 0.084 | $ 0.105 | $ 0.150 | $ 0.191 |
Net realized and unrealized gain (loss) | (0.140) | (0.950) | 0.100 | 0.014 | 0.397 |
Total income (loss) from operations | $ 0.002 | $(0.866) | $ 0.205 | $ 0.164 | $ 0.588 |
Less Distributions | |||||
From net investment income | $ (0.142) | $ (0.084) | $ (0.105) | $ (0.164) | $ (0.188) |
Total distributions | $(0.142) | $(0.084) | $(0.105) | $ (0.164) | $ (0.188) |
Net asset value — End of year | $ 8.890 | $ 9.030 | $ 9.980 | $ 9.880 | $ 9.880 |
Total Return(2) | 0.02% | (8.71)% | 2.09% | 1.69% | 6.30% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 6,418 | $ 7,812 | $ 9,200 | $11,741 | $13,809 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 1.43% | 1.41% | 1.40% | 1.42% | 1.45% |
Interest and fee expense(3) | — | — | — | — | 0.04% |
Total expenses | 1.43% | 1.41% | 1.40% | 1.42% | 1.49% |
Net investment income | 1.59% | 0.88% | 1.05% | 1.53% | 2.00% |
Portfolio Turnover | 100% | 18% | 24% | 21% | 37% |
(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). |
North Carolina Fund — Class I | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.420 | $ 9.310 | $ 9.210 | $ 9.210 | $ 8.840 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.214 | $ 0.162 | $ 0.183 | $ 0.226 | $ 0.257 |
Net realized and unrealized gain (loss) | (0.132) | (0.889) | 0.103 | 0.012 | 0.373 |
Total income (loss) from operations | $ 0.082 | $ (0.727) | $ 0.286 | $ 0.238 | $ 0.630 |
Less Distributions | |||||
From net investment income | $ (0.212) | $ (0.163) | $ (0.186) | $ (0.238) | $ (0.260) |
Total distributions | $ (0.212) | $ (0.163) | $ (0.186) | $ (0.238) | $ (0.260) |
Net asset value — End of year | $ 8.290 | $ 8.420 | $ 9.310 | $ 9.210 | $ 9.210 |
Total Return(2) | 0.98% | (7.88)% | 3.14% | 2.64% | 7.27% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $127,108 | $110,681 | $89,655 | $64,747 | $54,578 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.48% | 0.46% | 0.45% | 0.47% | 0.49% |
Interest and fee expense(3) | — | — | — | — | 0.04% |
Total expenses | 0.48% | 0.46% | 0.45% | 0.47% | 0.53% |
Net investment income | 2.56% | 1.84% | 1.98% | 2.47% | 2.88% |
Portfolio Turnover | 100% | 18% | 24% | 21% | 37% |
(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). |
Oregon Fund — Class A | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 7.990 | $ 8.940 | $ 8.910 | $ 8.830 | $ 8.440 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.245 | $ 0.162 | $ 0.164 | $ 0.216 | $ 0.255 |
Net realized and unrealized gain (loss) | (0.163) | (0.945) | 0.033 | 0.093 | 0.390 |
Total income (loss) from operations | $ 0.082 | $ (0.783) | $ 0.197 | $ 0.309 | $ 0.645 |
Less Distributions | |||||
From net investment income | $ (0.242) | $ (0.167) | $ (0.167) | $ (0.229) | $ (0.255) |
Total distributions | $ (0.242) | $ (0.167) | $ (0.167) | $ (0.229) | $ (0.255) |
Net asset value — End of year | $ 7.830 | $ 7.990 | $ 8.940 | $ 8.910 | $ 8.830 |
Total Return(2) | 1.03% | (8.84)% | 2.23% | 3.57% | 7.80% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $68,300 | $79,721 | $92,849 | $83,651 | $82,490 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.70% | 0.66% | 0.65% | 0.67% | 0.70% |
Interest and fee expense(3) | 0.03% | — | — | — | 0.07% |
Total expenses | 0.73% | 0.66% | 0.65% | 0.67% | 0.77% |
Net investment income | 3.09% | 1.91% | 1.83% | 2.46% | 2.99% |
Portfolio Turnover | 86% | 42% | 25% | 36% | 36% |
(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). |
Oregon Fund — Class C | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.750 | $ 9.790 | $ 9.750 | $ 9.660 | $ 9.250 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.202 | $ 0.107 | $ 0.107 | $ 0.164 | $ 0.210 |
Net realized and unrealized gain (loss) | (0.173) | (1.034) | 0.042 | 0.104 | 0.409 |
Total income (loss) from operations | $ 0.029 | $(0.927) | $ 0.149 | $ 0.268 | $ 0.619 |
Less Distributions | |||||
From net investment income | $ (0.199) | $ (0.113) | $ (0.109) | $ (0.178) | $ (0.209) |
Total distributions | $(0.199) | $(0.113) | $(0.109) | $ (0.178) | $ (0.209) |
Net asset value — End of year | $ 8.580 | $ 8.750 | $ 9.790 | $ 9.750 | $ 9.660 |
Total Return(2) | 0.33% | (9.52)% | 1.54% | 2.82% | 6.80% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 4,814 | $ 7,009 | $ 9,935 | $11,102 | $10,332 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 1.45% | 1.41% | 1.40% | 1.42% | 1.45% |
Interest and fee expense(3) | 0.03% | — | — | — | 0.07% |
Total expenses | 1.48% | 1.41% | 1.40% | 1.42% | 1.52% |
Net investment income | 2.33% | 1.15% | 1.09% | 1.71% | 2.26% |
Portfolio Turnover | 86% | 42% | 25% | 36% | 36% |
(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). |
Oregon Fund — Class I | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 7.980 | $ 8.940 | $ 8.900 | $ 8.820 | $ 8.440 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.261 | $ 0.179 | $ 0.180 | $ 0.232 | $ 0.267 |
Net realized and unrealized gain (loss) | (0.154) | (0.956) | 0.045 | 0.093 | 0.385 |
Total income (loss) from operations | $ 0.107 | $ (0.777) | $ 0.225 | $ 0.325 | $ 0.652 |
Less Distributions | |||||
From net investment income | $ (0.257) | $ (0.183) | $ (0.185) | $ (0.245) | $ (0.272) |
Total distributions | $ (0.257) | $ (0.183) | $ (0.185) | $ (0.245) | $ (0.272) |
Net asset value — End of year | $ 7.830 | $ 7.980 | $ 8.940 | $ 8.900 | $ 8.820 |
Total Return(2) | 1.36% | (8.77)% | 2.55% | 3.76% | 7.89% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $79,202 | $74,789 | $77,593 | $57,461 | $41,343 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.50% | 0.47% | 0.45% | 0.47% | 0.49% |
Interest and fee expense(3) | 0.03% | — | — | — | 0.07% |
Total expenses | 0.53% | 0.47% | 0.45% | 0.47% | 0.56% |
Net investment income | 3.29% | 2.11% | 2.02% | 2.65% | 3.13% |
Portfolio Turnover | 86% | 42% | 25% | 36% | 36% |
(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). |
South Carolina Fund — Class A | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.620 | $ 9.510 | $ 9.440 | $ 9.390 | $ 9.080 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.205 | $ 0.165 | $ 0.172 | $ 0.216 | $ 0.254 |
Net realized and unrealized gain (loss) | (0.082) | (0.891) | 0.071 | 0.058 | 0.318 |
Total income (loss) from operations | $ 0.123 | $ (0.726) | $ 0.243 | $ 0.274 | $ 0.572 |
Less Distributions | |||||
From net investment income | $ (0.203) | $ (0.164) | $ (0.173) | $ (0.224) | $ (0.262) |
Total distributions | $ (0.203) | $ (0.164) | $ (0.173) | $ (0.224) | $ (0.262) |
Net asset value — End of year | $ 8.540 | $ 8.620 | $ 9.510 | $ 9.440 | $ 9.390 |
Total Return(2) | 1.44% | (7.69)% | 2.59% | 2.97% | 6.41% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $70,953 | $77,965 | $90,752 | $78,914 | $72,517 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.66% | 0.65% | 0.64% | 0.65% | 0.69% |
Interest and fee expense(3) | 0.07% | 0.02% | 0.01% | 0.04% | 0.06% |
Total expenses | 0.73% | 0.67% | 0.65% | 0.69% | 0.75% |
Net investment income | 2.38% | 1.81% | 1.81% | 2.31% | 2.78% |
Portfolio Turnover | 72% | 12% | 20% | 28% | 19% |
(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). |
South Carolina Fund — Class C | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.140 | $10.090 | $ 10.010 | $ 9.960 | $ 9.640 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.148 | $ 0.102 | $ 0.110 | $ 0.155 | $ 0.198 |
Net realized and unrealized gain (loss) | (0.081) | (0.950) | 0.078 | 0.058 | 0.327 |
Total income (loss) from operations | $ 0.067 | $ (0.848) | $ 0.188 | $ 0.213 | $ 0.525 |
Less Distributions | |||||
From net investment income | $ (0.147) | $ (0.102) | $ (0.108) | $ (0.163) | $ (0.205) |
Total distributions | $(0.147) | $ (0.102) | $ (0.108) | $ (0.163) | $ (0.205) |
Net asset value — End of year | $ 9.060 | $ 9.140 | $10.090 | $10.010 | $ 9.960 |
Total Return(2) | 0.74% | (8.44)% | 1.89% | 2.17% | 5.53% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 4,954 | $ 7,333 | $ 11,030 | $ 14,085 | $17,750 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 1.41% | 1.40% | 1.39% | 1.40% | 1.44% |
Interest and fee expense(3) | 0.07% | 0.02% | 0.01% | 0.04% | 0.06% |
Total expenses | 1.48% | 1.42% | 1.40% | 1.44% | 1.50% |
Net investment income | 1.62% | 1.05% | 1.09% | 1.57% | 2.05% |
Portfolio Turnover | 72% | 12% | 20% | 28% | 19% |
(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). |
South Carolina Fund — Class I | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.620 | $ 9.520 | $ 9.450 | $ 9.400 | $ 9.090 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.224 | $ 0.182 | $ 0.191 | $ 0.234 | $ 0.272 |
Net realized and unrealized gain (loss) | (0.084) | (0.899) | 0.071 | 0.058 | 0.318 |
Total income (loss) from operations | $ 0.140 | $ (0.717) | $ 0.262 | $ 0.292 | $ 0.590 |
Less Distributions | |||||
From net investment income | $ (0.220) | $ (0.183) | $ (0.192) | $ (0.242) | $ (0.280) |
Total distributions | $ (0.220) | $ (0.183) | $ (0.192) | $ (0.242) | $ (0.280) |
Net asset value — End of year | $ 8.540 | $ 8.620 | $ 9.520 | $ 9.450 | $ 9.400 |
Total Return(2) | 1.64% | (7.60)% | 2.80% | 3.17% | 6.62% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $96,738 | $68,602 | $70,780 | $56,246 | $41,726 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.46% | 0.45% | 0.44% | 0.45% | 0.49% |
Interest and fee expense(3) | 0.07% | 0.02% | 0.01% | 0.04% | 0.06% |
Total expenses | 0.53% | 0.47% | 0.45% | 0.49% | 0.55% |
Net investment income | 2.61% | 2.01% | 2.01% | 2.50% | 2.97% |
Portfolio Turnover | 72% | 12% | 20% | 28% | 19% |
(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). |
Virginia Fund — Class A | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 7.190 | $ 8.100 | $ 8.060 | $ 8.030 | $ 7.710 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.205 | $ 0.168 | $ 0.176 | $ 0.201 | $ 0.232 |
Net realized and unrealized gain (loss) | (0.161) | (0.914) | 0.037 | 0.042 | 0.317 |
Total income (loss) from operations | $ 0.044 | $ (0.746) | $ 0.213 | $ 0.243 | $ 0.549 |
Less Distributions | |||||
From net investment income | $ (0.194) | $ (0.164) | $ (0.173) | $ (0.213) | $ (0.229) |
Total distributions | $ (0.194) | $ (0.164) | $ (0.173) | $ (0.213) | $ (0.229) |
Net asset value — End of year | $ 7.040 | $ 7.190 | $ 8.100 | $ 8.060 | $ 8.030 |
Total Return(2) | 0.62% | (9.30)% | 2.67% | 3.09% | 7.26% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $33,859 | $38,319 | $46,788 | $48,031 | $49,860 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.70% | 0.69% | 0.67% | 0.68% | 0.71% |
Interest and fee expense(3) | 0.05% | 0.02% | 0.01% | 0.08% | 0.11% |
Total expenses | 0.75% | 0.71% | 0.68% | 0.76% | 0.82% |
Net investment income | 2.87% | 2.19% | 2.18% | 2.53% | 2.98% |
Portfolio Turnover | 72% | 19% | 33% | 17% | 22% |
(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). |
Virginia Fund — Class C | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 7.970 | $ 8.980 | $ 8.920 | $ 8.900 | $ 8.540 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.166 | $ 0.122 | $ 0.128 | $ 0.156 | $ 0.193 |
Net realized and unrealized gain (loss) | (0.180) | (1.013) | 0.056 | 0.034 | 0.356 |
Total income (loss) from operations | $(0.014) | $(0.891) | $ 0.184 | $ 0.190 | $ 0.549 |
Less Distributions | |||||
From net investment income | $ (0.156) | $ (0.119) | $ (0.124) | $ (0.170) | $ (0.189) |
Total distributions | $(0.156) | $(0.119) | $(0.124) | $(0.170) | $(0.189) |
Net asset value — End of year | $ 7.800 | $ 7.970 | $ 8.980 | $ 8.920 | $ 8.900 |
Total Return(2) | (0.18)% | (9.99)% | 2.08% | 2.17% | 6.53% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 1,584 | $ 2,895 | $ 4,551 | $ 4,289 | $ 4,114 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 1.46% | 1.44% | 1.42% | 1.43% | 1.46% |
Interest and fee expense(3) | 0.05% | 0.02% | 0.01% | 0.08% | 0.11% |
Total expenses | 1.51% | 1.46% | 1.43% | 1.51% | 1.57% |
Net investment income | 2.10% | 1.44% | 1.42% | 1.77% | 2.24% |
Portfolio Turnover | 72% | 19% | 33% | 17% | 22% |
(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). |
Virginia Fund — Class I | |||||
Year Ended August 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 7.210 | $ 8.120 | $ 8.070 | $ 8.050 | $ 7.730 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.220 | $ 0.184 | $ 0.192 | $ 0.217 | $ 0.247 |
Net realized and unrealized gain (loss) | (0.171) | (0.914) | 0.048 | 0.032 | 0.318 |
Total income (loss) from operations | $ 0.049 | $ (0.730) | $ 0.240 | $ 0.249 | $ 0.565 |
Less Distributions | |||||
From net investment income | $ (0.209) | $ (0.180) | $ (0.190) | $ (0.229) | $ (0.245) |
Total distributions | $ (0.209) | $ (0.180) | $ (0.190) | $ (0.229) | $ (0.245) |
Net asset value — End of year | $ 7.050 | $ 7.210 | $ 8.120 | $ 8.070 | $ 8.050 |
Total Return(2) | 0.69% | (9.09)% | 3.00% | 3.17% | 7.46% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $22,612 | $19,671 | $23,589 | $19,401 | $16,767 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.50% | 0.49% | 0.47% | 0.48% | 0.50% |
Interest and fee expense(3) | 0.05% | 0.02% | 0.01% | 0.08% | 0.11% |
Total expenses | 0.55% | 0.51% | 0.48% | 0.56% | 0.61% |
Net investment income | 3.08% | 2.39% | 2.36% | 2.72% | 3.16% |
Portfolio Turnover | 72% | 19% | 33% | 17% | 22% |
(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). |
Oregon Fund | South Carolina Fund | |
Floating Rate Notes Outstanding | $1,599,984 | $3,099,985 |
Interest Rate or Range of Interest Rates (%) | 4.09 | 4.11 |
Collateral for Floating Rate Notes Outstanding | $2,133,700 | $3,890,616 |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Average Floating Rate Notes Outstanding | $1,240,548 | $3,100,000 | $848,548 |
Average Interest Rate | 3.64% | 3.45% | 3.38% |
Year Ended August 31, 2023 | ||||
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Tax-exempt income | $3,015,535 | $1,869,204 | $2,481,042 | $4,348,718 |
Ordinary income | $ 589 | $ 138,885 | $ 18,470 | $ 39,493 |
Year Ended August 31, 2023 | |||
Oregon Fund | South Carolina Fund | Virginia Fund | |
Tax-exempt income | $4,690,185 | $3,917,831 | $1,603,657 |
Ordinary income | $ 98,465 | $ 66,026 | $ 54,292 |
Year Ended August 31, 2022 | ||||
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Tax-exempt income | $2,258,900 | $1,600,199 | $1,734,117 | $2,842,507 |
Ordinary income | $ 2,285 | $ 81,995 | $ — | $ 39,911 |
Year Ended August 31, 2022 | |||
Oregon Fund | South Carolina Fund | Virginia Fund | |
Tax-exempt income | $3,369,374 | $2,925,491 | $1,459,647 |
Ordinary income | $ 84,279 | $ 82,872 | $ 23,061 |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Undistributed tax-exempt income | $ 14,035 | $ 38,033 | $ 36,627 | $ 164,249 |
Deferred capital losses | (7,110,507) | (5,711,226) | (4,283,710) | (12,766,064) |
Net unrealized depreciation | (2,842,305) | (3,330,861) | (936,893) | (2,305,642) |
Distributions payable | (59,029) | (36,420) | (38,701) | (165,424) |
Accumulated loss | $(9,997,806) | $(9,040,474) | $(5,222,677) | $(15,072,881) |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Undistributed tax-exempt income | $ 18,720 | $ 101,197 | $ 24,198 |
Deferred capital losses | (20,401,951) | (11,437,134) | (7,908,335) |
Net unrealized depreciation | (1,830,269) | (2,270,882) | (829,800) |
Distributions payable | (20,364) | (101,901) | (24,698) |
Accumulated loss | $(22,233,864) | $(13,708,720) | $(8,738,635) |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Deferred capital losses: | ||||
Short-term | $3,440,769 | $2,247,480 | $1,291,998 | $5,564,490 |
Long-term | $3,669,738 | $3,463,746 | $2,991,712 | $7,201,574 |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Deferred capital losses: | |||
Short-term | $ 8,485,263 | $5,994,080 | $3,458,417 |
Long-term | $11,916,688 | $5,443,054 | $4,449,918 |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Aggregate cost | $117,704,118 | $ 79,124,228 | $ 86,856,428 | $189,457,316 |
Gross unrealized appreciation | $ 743,140 | $ 495,084 | $ 1,040,475 | $ 1,470,541 |
Gross unrealized depreciation | (3,585,445) | (3,825,945) | (1,977,368) | (3,776,183) |
Net unrealized depreciation | $ (2,842,305) | $ (3,330,861) | $ (936,893) | $ (2,305,642) |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Aggregate cost | $153,279,916 | $177,866,431 | $ 58,687,941 |
Gross unrealized appreciation | $ 2,510,315 | $ 779,229 | $ 882,622 |
Gross unrealized depreciation | (4,340,584) | (3,050,111) | (1,712,422) |
Net unrealized depreciation | $ (1,830,269) | $ (2,270,882) | $ (829,800) |
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% |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Investment Adviser Fee | $375,559 | $227,690 | $263,784 | $622,529 |
Effective Annual Rate | 0.33% | 0.29% | 0.31% | 0.35% |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Investment Adviser Fee | $552,495 | $558,906 | $160,299 |
Effective Annual Rate | 0.36% | 0.34% | 0.27% |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
EVM's Sub-Transfer Agent Fees | $4,483 | $7,370 | $6,608 | $16,838 |
EVD's Class A Sales Charges | $3,045 | $1,723 | $2,312 | $ 8,560 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $2,002 | $1,988 | $ 663 | $ — |
Oregon Fund | South Carolina Fund | Virginia Fund | |
EVM's Sub-Transfer Agent Fees | $6,263 | $4,328 | $7,053 |
EVD's Class A Sales Charges | $6,141 | $5,705 | $1,333 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $5,073 | $3,572 | $ — |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Class A Distribution and Service Fees | $75,287 | $62,971 | $101,817 | $109,062 |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Class A Distribution and Service Fees | $146,074 | $149,903 | $71,039 |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Class C Distribution Fees | $27,333 | $26,332 | $38,311 | $52,239 |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Class C Distribution Fees | $44,134 | $45,448 | $14,862 |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Class C Service Fees | $7,289 | $7,022 | $10,216 | $13,930 |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Class C Service Fees | $11,769 | $12,119 | $3,963 |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Class A | $ — | $2,000 | $2,000 | $ — |
Class C | $1,000 | $ — | $ — | $ — (1) |
(1) | Amount is less than $100. |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Class A | $5,000 | $7,000 | $ — |
Class C | $ — | $ —(1) | $ — |
(1) | Amount is less than $100. |
Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
Purchases | $52,837,785 | $38,326,137 | $64,175,990 | $198,461,543 |
Sales | $53,084,201 | $41,029,000 | $47,873,243 | $175,411,084 |
Oregon Fund | South Carolina Fund | Virginia Fund | |
Purchases | $133,303,657 | $138,860,546 | $42,479,633 |
Sales | $132,992,889 | $113,487,828 | $44,043,422 |
Georgia Fund | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 506,402 | $ 4,061,838 | 613,786 | $ 5,130,453 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 110,339 | 879,710 | 77,651 | 652,005 | ||
Redemptions | (928,617) | (7,398,158) | (1,285,018) | (10,682,059) | ||
Net decrease | (311,876) | $ (2,456,610) | (593,581) | $ (4,899,601) | ||
Class C | ||||||
Sales | 41,813 | $ 352,960 | 68,686 | $ 637,098 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 7,022 | 59,891 | 4,482 | 40,159 | ||
Redemptions | (99,559) | (854,191) | (152,532) | (1,361,635) | ||
Net decrease | (50,724) | $ (441,340) | (79,364) | $ (684,378) | ||
Class I | ||||||
Sales | 3,250,983 | $ 25,928,281 | 3,955,166 | $ 32,921,495 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 171,381 | 1,370,333 | 111,771 | 940,412 | ||
Redemptions | (3,141,737) | (24,998,649) | (3,691,706) | (30,719,837) | ||
Net increase | 280,627 | $ 2,299,965 | 375,231 | $ 3,142,070 |
Maryland Fund | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 245,137 | $ 2,001,877 | 704,380 | $ 6,148,523 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 74,663 | 609,324 | 62,501 | 542,029 | ||
Redemptions | (1,187,598) | (9,700,446) | (1,434,368) | (12,314,083) | ||
Net decrease | (867,798) | $ (7,089,245) | (667,487) | $ (5,623,531) |
Maryland Fund (continued) | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class C | ||||||
Sales | 40,752 | $ 364,170 | 42,249 | $ 414,048 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 6,231 | 55,469 | 4,675 | 44,140 | ||
Redemptions | (133,758) | (1,185,605) | (155,943) | (1,494,703) | ||
Net decrease | (86,775) | $ (765,966) | (109,019) | $ (1,036,515) | ||
Class I | ||||||
Sales | 2,552,445 | $ 20,840,579 | 1,654,665 | $ 14,415,589 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 120,205 | 983,606 | 87,034 | 755,705 | ||
Redemptions | (2,275,857) | (18,576,820) | (1,817,591) | (15,561,014) | ||
Net increase (decrease) | 396,793 | $ 3,247,365 | (75,892) | $ (389,720) |
Missouri Fund | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 2,054,111 | $ 17,816,649 | 915,649 | $ 8,384,434 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 158,168 | 1,363,848 | 103,949 | 955,528 | ||
Redemptions | (1,208,394) | (10,370,113) | (1,273,183) | (11,511,026) | ||
Net increase (decrease) | 1,003,885 | $ 8,810,384 | (253,585) | $ (2,171,064) | ||
Class C | ||||||
Sales | 37,852 | $ 359,604 | 50,257 | $ 502,007 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 9,407 | 89,444 | 6,948 | 70,524 | ||
Redemptions | (82,378) | (778,601) | (169,246) | (1,925,208) | ||
Net decrease | (35,119) | $ (329,553) | (112,041) | $ (1,157,739) | ||
Class I | ||||||
Sales | 1,803,892 | $ 15,508,473 | 1,136,060 | $ 10,314,794 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 74,213 | 640,375 | 55,593 | 513,035 | ||
Redemptions | (1,043,628) | (8,984,537) | (1,378,145) | (12,477,901) | ||
Net increase (decrease) | 834,477 | $ 7,164,311 | (186,492) | $ (1,650,072) |
North Carolina Fund | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 1,120,952 | $ 9,392,064 | 684,955 | $ 1,114,972 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 133,226 | 1,109,186 | 101,202 | 890,193 | ||
Redemptions | (1,579,911) | (13,213,278) | (1,146,648) | (9,996,094) | ||
Net decrease | (325,733) | $ (2,712,028) | (360,491) | $ (3,103,259) | ||
Class C | ||||||
Sales | 99,699 | $ 892,772 | 197,733 | $ 1,939,279 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 11,859 | 106,189 | 8,048 | 76,029 | ||
Redemptions | (254,805) | (2,281,284) | 262,016 | 2,491,089 | ||
Net decrease | (143,247) | $ (1,282,323) | (56,235) | $ (475,781) | ||
Class I | ||||||
Sales | 9,115,758 | $ 76,404,953 | 8,654,169 | $ 75,197,943 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 173,612 | 1,449,715 | 101,678 | 894,358 | ||
Redemptions | (7,099,016) | (59,228,727) | (5,238,252) | (45,496,005) | ||
Net increase | 2,190,354 | $ 18,625,941 | 3,517,595 | $ 30,596,296 |
Oregon Fund | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 1,304,585 | $ 10,351,362 | 1,844,309 | $ 15,346,067 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 265,740 | 2,107,029 | 185,080 | 1,560,587 | ||
Redemptions | (2,828,442) | (22,408,930) | (2,434,214) | (20,574,358) | ||
Net decrease | (1,258,117) | $ (9,950,539) | (404,825) | $ (3,667,704) | ||
Class C | ||||||
Sales | 12,491 | $ 108,737 | 49,868 | $ 471,952 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 14,155 | 122,851 | 10,492 | 96,851 | ||
Redemptions | (266,439) | (2,305,223) | (273,855) | (2,536,821) | ||
Net decrease | (239,793) | $ (2,073,635) | (213,495) | $ (1,968,018) |
Oregon Fund (continued) | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class I | ||||||
Sales | 4,559,635 | $ 36,203,534 | 4,267,361 | $ 35,964,026 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 292,086 | 2,313,660 | 187,402 | 1,576,364 | ||
Redemptions | (4,100,438) | (32,414,290) | (3,770,165) | (31,508,531) | ||
Net increase | 751,283 | $ 6,102,904 | 684,598 | $ 6,031,859 |
South Carolina Fund | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 1,588,707 | $ 13,704,987 | 1,202,373 | $ 10,850,296 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 187,279 | 1,606,368 | 159,525 | 1,438,146 | ||
Redemptions | (2,511,149) | (21,519,227) | (1,858,263) | (16,700,437) | ||
Net decrease | (735,163) | $ (6,207,872) | (496,365) | $ (4,411,995) | ||
Class C | ||||||
Sales | 64,973 | $ 598,130 | 116,053 | $ 1,113,084 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 9,513 | 86,509 | 9,206 | 88,188 | ||
Redemptions | (329,483) | (2,999,591) | (416,540) | (3,960,713) | ||
Net decrease | (254,997) | $ (2,314,952) | (291,281) | $ (2,759,441) | ||
Class I | ||||||
Sales | 6,668,241 | $ 57,312,792 | 3,701,016 | $ 32,984,846 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 178,683 | 1,534,527 | 122,995 | 1,110,757 | ||
Redemptions | (3,477,491) | (29,807,248) | (3,307,189) | (29,832,645) | ||
Net increase | 3,369,433 | $ 29,040,071 | 516,822 | $ 4,262,958 |
Virginia Fund | ||||||
Year Ended August 31, 2023 | Year Ended August 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 436,271 | $ 3,130,931 | 351,269 | $ 2,711,202 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 117,192 | 832,610 | 107,217 | 816,028 | ||
Redemptions | (1,070,011) | (7,638,300) | (906,347) | (6,837,753) | ||
Net decrease | (516,548) | $ (3,674,759) | (447,861) | $ (3,310,523) | ||
Class C | ||||||
Sales | 17,673 | $ 140,242 | 12,034 | $ 106,183 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 4,463 | 35,063 | 6,044 | 51,081 | ||
Redemptions | (182,204) | (1,420,190) | (161,861) | (1,335,691) | ||
Net decrease | (160,068) | $ (1,244,885) | (143,783) | $ (1,178,427) | ||
Class I | ||||||
Sales | 1,898,880 | $ 13,507,574 | 1,578,954 | $ 11,785,123 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 70,944 | 505,665 | 52,066 | 397,885 | ||
Redemptions | (1,493,106) | (10,625,790) | (1,807,350) | (13,720,992) | ||
Net increase (decrease) | 476,718 | $ 3,387,449 | (176,330) | $ (1,537,984) |
• | 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) |
Georgia Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 113,109,153 | $ — | $ 113,109,153 |
Taxable Municipal Obligations | — | 1,752,660 | — | 1,752,660 |
Total Investments | $ — | $114,861,813 | $ — | $114,861,813 |
Maryland Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 71,090,519 | $ — | $ 71,090,519 |
Taxable Municipal Obligations | — | 4,204,378 | — | 4,204,378 |
Trust Units | — | 498,470 | — | 498,470 |
Total Investments | $ — | $ 75,793,367 | $ — | $ 75,793,367 |
Missouri Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 85,156,504 | $ — | $ 85,156,504 |
Taxable Municipal Obligations | — | 369,240 | — | 369,240 |
Trust Units | — | 393,791 | — | 393,791 |
Total Investments | $ — | $ 85,919,535 | $ — | $ 85,919,535 |
North Carolina Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 655,025 | $ — | $ 655,025 |
Tax-Exempt Municipal Obligations | — | 185,489,527 | — | 185,489,527 |
Taxable Municipal Obligations | — | 568,469 | — | 568,469 |
Trust Units | — | 438,653 | — | 438,653 |
Total Investments | $ — | $187,151,674 | $ — | $187,151,674 |
Oregon Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 147,137,443 | $ — | $ 147,137,443 |
Taxable Municipal Obligations | — | 5,912,188 | — | 5,912,188 |
Total Investments | $ — | $153,049,631 | $ — | $153,049,631 |
South Carolina Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 175,415,836 | $ — | $ 175,415,836 |
Taxable Municipal Obligations | — | 2,711,442 | — | 2,711,442 |
Trust Units | — | 568,256 | — | 568,256 |
Total Investments | $ — | $178,695,534 | $ — | $178,695,534 |
Virginia Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 57,390,748 | $ — | $ 57,390,748 |
Taxable Municipal Obligations | — | 467,393 | — | 467,393 |
Total Investments | $ — | $ 57,858,141 | $ — | $ 57,858,141 |
Boston, Massachusetts
October 18, 2023
Georgia Municipal Income Fund | 99.98% |
Maryland Municipal Income Fund | 93.08% |
Missouri Municipal Income Fund | 99.26% |
North Carolina Municipal Income Fund | 99.10% |
Oregon Municipal Income Fund | 97.94% |
South Carolina Municipal Income Fund | 98.34% |
Virginia Municipal Income Fund | 96.73% |
Performance Relative to: | ||||
Fund | Median of Peers | Median of Custom Peers | Primary Index | Secondary Index |
Eaton Vance Georgia Municipal Income Fund | Higher | Higher | Lower | Equal |
Eaton Vance Maryland Municipal Income Fund | Lower | Higher | Lower | Lower |
Eaton Vance Missouri Municipal Income Fund | Consistent | Equal | Lower | Lower |
Eaton Vance North Carolina Municipal Income Fund | Higher | Higher | Lower | Higher |
Eaton Vance Oregon Municipal Income Fund | Higher | Higher | Lower | Lower |
Eaton Vance South Carolina Municipal Income Fund | Higher | Higher | Higher | Higher |
Eaton Vance Virginia Municipal Income Fund | Lower | Higher | Lower | Lower |
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 | Private investor. 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
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 Georgia Municipal Income Fund, Eaton Vance Maryland Municipal Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance North Carolina Municipal Income Fund, Eaton Vance Oregon Municipal Income Fund, Eaton Vance South Carolina Municipal Income Fund and Eaton Vance Virginia 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 present the aggregate fees billed to each Fund for the Funds’ fiscal years ended August 31, 2022 and August 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 Georgia Municipal Income Fund
Fiscal Years Ended | 8/31/22 | 8/31/23 | ||||||
Audit Fees | $ | 41,450 | $ | 41,900 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 41,450 | $ | 41,900 | ||||
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Eaton Vance Maryland Municipal Income Fund
Fiscal Years Ended | 8/31/22 | 8/31/23 | ||||||
Audit Fees | $ | 40,550 | $ | 41,000 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 40,550 | $ | 41,000 | ||||
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Eaton Vance Missouri Municipal Income Fund
Fiscal Years Ended | 8/31/22 | 8/31/23 | ||||||
Audit Fees | $ | 40,950 | $ | 41,400 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 40,950 | $ | 41,400 | ||||
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Eaton Vance North Carolina Municipal Income Fund
Fiscal Years Ended | 8/31/22 | 8/31/23 | ||||||
Audit Fees | $ | 41,350 | $ | 41,800 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 41,350 | $ | 41,800 | ||||
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Eaton Vance Oregon Municipal Income Fund
Fiscal Years Ended | 8/31/22 | 8/31/23 | ||||||
Audit Fees | $ | 41,150 | $ | 41,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 41,150 | $ | 41,600 | ||||
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Eaton Vance South Carolina Municipal Income Fund
Fiscal Years Ended | 8/31/22 | 8/31/23 | ||||||
Audit Fees | $ | 41,150 | $ | 41,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 41,150 | $ | 41,600 | ||||
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Eaton Vance Virginia Municipal Income Fund
Fiscal Years Ended | 8/31/22 | 8/31/23 | ||||||
Audit Fees | $ | 40,350 | $ | 40,800 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 350 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 40,700 | $ | 40,800 | ||||
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(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 | 9/30/21 | 7/31/22 | 8/31/22 | 9/30/22 | 7/31/23 | 8/31/23 | ||||||||||||||||||
Audit Fees | $ | 293,350 | $ | 276,300 | $ | 286,950 | $ | 321,150 | $ | 284,000 | $ | 290,100 | ||||||||||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Tax Fees(2) | $ | 58,033 | $ | 3,400 | $ | 350 | $ | 3,650 | $ | 0 | $ | 0 | ||||||||||||
All Other Fees(3) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
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Total | $ | 351,383 | $ | 279,700 | $ | 287,300 | $ | 324,800 | $ | 284,000 | $ | 290,100 | ||||||||||||
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(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. |
(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 last two fiscal years of each Series.
Fiscal Years Ended | 9/30/21 | 7/31/22 | 8/31/22 | 9/30/22 | 7/31/23 | 8/31/23 | ||||||||||||||||||
Registrant(1) | $ | 58,033 | $ | 3,400 | $ | 350 | $ | 3,650 | $ | 0 | $ | 0 | ||||||||||||
Eaton Vance(2) | $ | 51,800 | $ | 0 | $ | 0 | $ | 52,836 | $ | 0 | $ | 52,836 |
(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.
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. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases
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/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President | ||
Date: | October 23, 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: | October 23, 2023 | |
By: | /s/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President | ||
Date: | October 23, 2023 |