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: 811-08134
Eaton Vance Municipals Trust II
(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)
January 31
Date of Fiscal Year End
July 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Income Fund
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 08/07/1995 | 08/07/1995 | (6.18)% | (8.69)% | 2.43% | 3.73% |
Class A with 3.25% Maximum Sales Charge | — | — | (9.28) | (11.68) | 1.75 | 3.39 |
Class C at NAV | 06/18/1997 | 08/07/1995 | (6.57) | (9.41) | 1.65 | 3.11 |
Class C with 1% Maximum Sales Charge | — | — | (7.49) | (10.29) | 1.65 | 3.11 |
Class I at NAV | 05/09/2007 | 08/07/1995 | (6.06) | (8.45) | 2.68 | 4.00 |
Class W at NAV | 10/01/2021 | 08/07/1995 | (5.85) | (8.15) | 2.75 | 4.03 |
Bloomberg Municipal Bond Index | — | — | (3.95)% | (6.93)% | 1.88% | 2.49% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class W |
Gross | 0.76% | 1.51% | 0.51% | 0.48% |
Net | 0.76 | 1.51 | 0.51 | 0.09 |
% Distribution Rates/Yields4 | Class A | Class C | Class I | Class W |
Distribution Rate | 3.63% | 2.89% | 3.88% | 4.33% |
Taxable-Equivalent Distribution Rate | 6.13 | 4.88 | 6.55 | 7.32 |
SEC 30-day Yield | 3.06 | 2.42 | 3.41 | 3.84 |
Taxable-Equivalent SEC 30-day Yield | 5.17 | 4.09 | 5.76 | 6.49 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 4.85% |
Credit Quality (% of total investments)*,** |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
** | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | 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.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class W is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked. |
3 | Source: Fund prospectus. Net expense ratio for Class W reflects a contractual expense reimbursement of investment advisory fees that continues through 5/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
5 | Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes. |
Fund profile subject to change due to active management. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 938.20 | $3.99 | 0.83% |
Class C | $1,000.00 | $ 934.30 | $7.58 | 1.58% |
Class I | $1,000.00 | $ 939.40 | $2.79 | 0.58% |
Class W | $1,000.00 | $ 941.50 | $0.67** | 0.14% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.68 | $4.16 | 0.83% |
Class C | $1,000.00 | $1,016.96 | $7.90 | 1.58% |
Class I | $1,000.00 | $1,021.92 | $2.91 | 0.58% |
Class W | $1,000.00 | $1,024.10 | $0.70** | 0.14% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
** | Absent a reimbursement of investment advisory fees by an affiliate, expenses would be higher. |
Corporate Bonds — 2.1% |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 1.3% | |||
Boston Medical Center Corp., 4.581%, 7/1/47 | $ | 4,165 | $ 3,772,564 |
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32 | 5,365 | 5,284,525 | |
Montefiore Obligated Group, 4.287%, 9/1/50 | 8,915 | 6,706,616 | |
$ 15,763,705 | |||
Other — 0.7% | |||
Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 7,980 | $ 9,241,080 |
$ 9,241,080 | |||
Other Revenue — 0.1% | |||
YMCA of Greater New York, 2.303%, 8/1/26 | $ | 1,055 | $ 978,652 |
$ 978,652 | |||
Total Corporate Bonds (identified cost $27,442,200) | $ 25,983,437 |
Tax-Exempt Municipal Obligations — 98.3% |
Security | Principal Amount (000's omitted) | Value | |
Cogeneration — 0.0%(2) | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(3) | $ | 567 | $ 102,094 |
$ 102,094 | |||
Education — 4.2% | |||
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1) | $ | 1,270 | $ 1,288,301 |
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 925 | 787,360 | |
Build NYC Resource Corp., NY, (New World Preparatory Charter School): | |||
4.00%, 6/15/51 | 160 | 136,550 | |
4.00%, 6/15/56 | 125 | 104,510 | |
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): | |||
5.375%, 6/15/38(1) | 545 | 553,311 | |
5.375%, 6/15/48(1) | 1,020 | 1,020,683 | |
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55 | 325 | 335,855 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Colorado Educational and Cultural Facilities Authority, (Aspen View Academy): | |||
4.00%, 5/1/41 | $ | 150 | $ 137,103 |
4.00%, 5/1/51 | 500 | 429,930 | |
District of Columbia, (District of Columbia International School), 5.00%, 7/1/39 | 710 | 735,297 | |
District of Columbia, (KIPP DC): | |||
4.00%, 7/1/44 | 270 | 257,148 | |
4.00%, 7/1/49 | 385 | 358,593 | |
District of Columbia, (Rocketship DC Obligated Group): | |||
5.00%, 6/1/41(1) | 1,190 | 1,227,616 | |
5.00%, 6/1/49(1) | 2,100 | 2,131,332 | |
5.00%, 6/1/61(1) | 1,175 | 1,187,102 | |
Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51(1) | 1,000 | 847,920 | |
Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55 | 750 | 637,178 | |
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(1) | 750 | 755,220 | |
Indiana Finance Authority, (KIPP Indianapolis, Inc.): | |||
5.00%, 7/1/40 | 170 | 173,215 | |
5.00%, 7/1/55 | 460 | 461,845 | |
Indiana Finance Authority, (Valparaiso University): | |||
4.00%, 10/1/34 | 500 | 504,695 | |
4.00%, 10/1/35 | 650 | 654,303 | |
Kentucky Bond Development Corp., (Centre College), 4.00%, 6/1/46 | 800 | 767,744 | |
Kentucky Bond Development Corp., (Transylvania University): | |||
4.00%, 3/1/46 | 2,805 | 2,684,609 | |
4.00%, 3/1/49 | 705 | 668,559 | |
Los Ranchos de Albuquerque, NM, (Albuquerque Academy): | |||
4.00%, 9/1/35 | 300 | 317,205 | |
4.00%, 9/1/40 | 1,200 | 1,235,220 | |
Louisiana Public Facilities Authority, (Loyola University), 4.00%, 10/1/51 | 1,170 | 1,087,094 | |
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): | |||
4.00%, 7/1/51(1) | 1,650 | 1,414,809 | |
4.00%, 7/1/56(1) | 1,220 | 1,018,200 | |
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46 | 4,000 | 4,143,880 | |
Michigan State University, 5.00%, 2/15/44 | 1,000 | 1,107,340 | |
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/35 | 1,000 | 1,042,830 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Public Finance Authority, WI, (North Carolina Leadership Academy): | |||
4.00%, 6/15/29(1) | $ | 265 | $ 259,530 |
5.00%, 6/15/39(1) | 205 | 206,347 | |
5.00%, 6/15/49(1) | 260 | 258,084 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
4.00%, 4/1/52(1) | 1,000 | 847,110 | |
5.00%, 4/1/40(1) | 840 | 869,114 | |
5.00%, 4/1/50(1) | 2,510 | 2,567,554 | |
Romeoville, IL, (Lewis University): | |||
5.00%, 10/1/27 | 1,000 | 1,053,580 | |
5.00%, 10/1/29 | 1,000 | 1,046,460 | |
5.00%, 10/1/30 | 1,000 | 1,042,920 | |
5.00%, 10/1/35 | 2,000 | 2,070,280 | |
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54 | 2,000 | 1,854,860 | |
University of California, 5.00%, 5/15/38(4) | 10,000 | 10,237,100 | |
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/40 | 750 | 697,650 | |
$ 53,223,146 | |||
Electric Utilities — 3.1% | |||
Arkansas River Power Authority, CO: | |||
5.00%, 10/1/31 | $ | 1,500 | $ 1,624,695 |
5.00%, 10/1/32 | 1,500 | 1,618,230 | |
5.00%, 10/1/38 | 9,325 | 9,933,270 | |
5.00%, 10/1/43 | 2,250 | 2,353,185 | |
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45 | 15,890 | 15,433,003 | |
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37 | 7,500 | 7,534,425 | |
$ 38,496,808 | |||
Escrowed/Prerefunded — 4.1% | |||
Build NYC Resource Corp., NY, (YMCA of Greater New York): | |||
Prerefunded to 8/1/25, 4.00%, 8/1/31 | $ | 650 | $ 689,650 |
Prerefunded to 8/1/25, 4.00%, 8/1/36 | 875 | 928,375 | |
Central Texas Regional Mobility Authority, Prerefunded to 7/1/25, 5.00%, 1/1/35 | 1,100 | 1,202,080 | |
Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), Prerefunded to 12/1/22, 5.00%, 12/1/33 | 5,000 | 5,057,750 | |
Dawson Ridge Metropolitan District No. 1, CO, Escrowed to Maturity, 0.00%, 10/1/22 | 3,500 | 3,491,915 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.): | |||
Prerefunded to 7/1/24, 5.00%, 7/1/34 | $ | 750 | $ 795,952 |
Prerefunded to 7/1/24, 5.00%, 7/1/39 | 1,250 | 1,326,587 | |
Illinois Finance Authority, (Plymouth Place, Inc.), Prerefunded to 5/15/25, 5.00%, 5/15/37 | 1,000 | 1,083,490 | |
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41 | 3,940 | 4,147,008 | |
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University): | |||
Prerefunded to 4/1/24, 5.00%, 4/1/34 | 3,885 | 4,087,875 | |
Prerefunded to 4/1/24, 5.00%, 4/1/39 | 3,500 | 3,682,770 | |
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University): | |||
Prerefunded to 4/1/25, 5.00%, 4/1/30 | 800 | 866,240 | |
Prerefunded to 4/1/25, 5.00%, 4/1/35 | 1,000 | 1,082,800 | |
Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), Prerefunded to 12/1/24, 5.00%, 12/1/31 | 6,250 | 6,716,750 | |
San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/44 | 10,000 | 10,796,300 | |
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), Prerefunded to 1/1/24, 7.00%, 1/1/34 | 3,000 | 3,218,220 | |
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33 | 1,455 | 1,554,464 | |
$ 50,728,226 | |||
General Obligations — 7.3% | |||
Broward County School Board, FL, 5.00%, 7/1/51(4) | $ | 5,000 | $ 5,702,200 |
Centennial Independent School District No. 12, Circle Pines, MN: | |||
0.00%, 2/1/31 | 1,225 | 936,745 | |
0.00%, 2/1/33 | 1,500 | 1,049,340 | |
Chicago Board of Education, IL: | |||
5.00%, 12/1/26 | 1,595 | 1,702,662 | |
5.00%, 12/1/36 | 5,560 | 5,921,511 | |
5.00%, 12/1/42 | 6,820 | 6,825,047 | |
Chicago, IL, 5.00%, 1/1/40 | 2,000 | 2,102,880 | |
Detroit, MI: | |||
5.00%, 4/1/30 | 1,400 | 1,515,262 | |
5.00%, 4/1/31 | 865 | 930,109 | |
5.50%, 4/1/31 | 565 | 637,461 | |
5.50%, 4/1/32 | 595 | 668,399 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Detroit, MI: (continued) | |||
5.50%, 4/1/35 | $ | 350 | $ 388,847 |
5.50%, 4/1/45 | 1,930 | 2,096,540 | |
5.50%, 4/1/50 | 2,320 | 2,507,363 | |
Illinois: | |||
4.00%, 6/1/33 | 4,000 | 4,022,120 | |
4.00%, 11/1/40 | 4,000 | 3,858,000 | |
5.00%, 11/1/30 | 7,200 | 7,708,896 | |
5.00%, 5/1/33 | 9,480 | 10,180,003 | |
5.00%, 5/1/35 | 3,500 | 3,582,005 | |
5.00%, 12/1/42 | 8,125 | 8,524,994 | |
5.25%, 7/1/30 | 2,800 | 2,872,408 | |
5.50%, 5/1/39 | 1,085 | 1,210,817 | |
5.50%, 3/1/47 | 2,000 | 2,245,180 | |
5.75%, 5/1/45 | 1,115 | 1,251,699 | |
Puerto Rico: | |||
0.00%, 7/1/24 | 190 | 176,660 | |
0.00%, 7/1/33 | 731 | 435,474 | |
4.00%, 7/1/33 | 568 | 544,933 | |
4.00%, 7/1/35 | 510 | 483,177 | |
4.00%, 7/1/37 | 438 | 410,335 | |
5.25%, 7/1/23 | 317 | 323,495 | |
5.625%, 7/1/27 | 627 | 679,783 | |
5.625%, 7/1/29 | 1,216 | 1,346,414 | |
5.75%, 7/1/31 | 599 | 673,334 | |
Sherwood School District No. 88J, OR, 0.00%, 6/15/37 | 3,630 | 1,956,897 | |
Will and Cook Counties Community High School District No. 210, IL: | |||
0.00%, 1/1/27 | 60 | 53,048 | |
3.375%, 1/1/33 | 450 | 428,485 | |
5.00%, 1/1/28 | 3,500 | 3,557,750 | |
Ysleta Independent School District, TX, (PSF Guaranteed), 4.25%, 8/15/56 | 1,500 | 1,566,030 | |
$ 91,076,303 | |||
Hospital — 7.6% | |||
Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/33 | $ | 2,200 | $ 2,274,624 |
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center), 4.00%, 7/1/40 | 1,000 | 1,016,180 | |
California Municipal Finance Authority, (NorthBay Healthcare Group): | |||
5.00%, 11/1/40 | 550 | 559,999 | |
5.00%, 11/1/44 | 500 | 506,760 | |
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37 | 1,000 | 1,047,380 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48 | $ | 2,400 | $ 2,512,584 |
Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/32 | 2,000 | 2,049,820 | |
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 | 1,655 | 1,631,151 | |
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46 | 3,175 | 3,316,669 | |
Cuyahoga County, OH, (The MetroHealth System): | |||
5.00%, 2/15/31 | 1,500 | 1,589,610 | |
5.00%, 2/15/32 | 1,500 | 1,581,855 | |
Decatur Hospital Authority, TX, (Wise Health System): | |||
4.00%, 9/1/34 | 1,604 | 1,583,742 | |
4.00%, 9/1/44 | 9,039 | 8,104,819 | |
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34 | 2,965 | 3,012,588 | |
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center): | |||
Prerefunded to 6/1/23, 5.50%, 6/1/29 | 710 | 731,960 | |
Prerefunded to 6/1/23, 6.00%, 6/1/39 | 3,805 | 3,937,680 | |
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37 | 4,385 | 4,639,549 | |
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/44 | 4,000 | 4,261,760 | |
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40 | 1,120 | 1,137,942 | |
Muskingum County, OH, (Genesis HealthCare System Obligated Group): | |||
5.00%, 2/15/33 | 2,775 | 2,786,267 | |
5.00%, 2/15/48 | 3,000 | 3,001,230 | |
New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): | |||
4.00%, 7/1/48 | 6,265 | 6,052,491 | |
5.00%, 7/1/41 | 1,750 | 1,796,533 | |
New York Dormitory Authority, (Orange Regional Medical Center): | |||
5.00%, 12/1/32(1) | 1,000 | 1,062,160 | |
5.00%, 12/1/33(1) | 2,000 | 2,115,440 | |
5.00%, 12/1/34(1) | 3,900 | 4,111,107 | |
5.00%, 12/1/35(1) | 1,000 | 1,051,190 | |
(AMT), 5.00%, 12/1/40(1) | 2,300 | 2,365,113 | |
Niagara Area Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/52 | 2,000 | 1,963,940 | |
Palm Beach County Health Facilities Authority, FL, (Baptist Health South Florida Obligated Group), 3.00%, 8/15/44 | 1,170 | 966,432 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group): | |||
5.00%, 12/1/35 | $ | 3,100 | $ 3,144,826 |
5.75%, 12/1/32 | 4,050 | 4,076,528 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children's Medical Center), 5.25%, 12/1/39(4) | 7,000 | 7,300,230 | |
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38 | 2,500 | 2,635,125 | |
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38 | 2,580 | 2,663,489 | |
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33 | 2,500 | 2,582,500 | |
$ 95,171,273 | |||
Housing — 1.7% | |||
California Municipal Finance Authority, (CityView Apartments), Sustainability Bonds, 4.00%, 11/1/36(1) | $ | 5,175 | $ 4,661,588 |
CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56(1) | 4,000 | 3,705,880 | |
CSCDA Community Improvement Authority, CA, Essential Housing Revenue: | |||
Social Bonds, 3.00%, 12/1/56(1) | 5,630 | 4,264,894 | |
Social Bonds, 3.00%, 3/1/57(1) | 3,400 | 2,573,052 | |
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.00%, 7/1/40 | 1,000 | 928,440 | |
Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51(1) | 2,500 | 2,283,750 | |
Texas Student Housing Corp., (University of North Texas): | |||
9.375%, 7/1/06(5) | 860 | 860,000 | |
11.00%, 7/1/31(5) | 2,000 | 2,000,000 | |
$ 21,277,604 | |||
Industrial Development Revenue — 12.6% | |||
Arkansas Development Finance Authority, (Big River Steel), Green Bonds, (AMT), 4.75%, 9/1/49(1) | $ | 7,750 | $ 7,799,290 |
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32 | 1,890 | 1,905,649 | |
Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52(1) | 4,500 | 4,551,030 | |
Houston, TX, (United Airlines, Inc. Terminal E Project), (AMT), 4.75%, 7/1/24 | 3,850 | 3,903,438 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Houston, TX, (United Airlines, Inc.): | |||
(AMT), 4.00%, 7/15/41 | $ | 4,595 | $ 4,183,472 |
(AMT), 5.00%, 7/15/27 | 1,750 | 1,820,438 | |
Iowa Finance Authority, (Iowa Fertilizer Co.), 5.00%, 12/1/50 | 11,500 | 12,076,840 | |
Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.), (AMT), 3.50%, 12/1/51(1) | 5,250 | 4,064,865 | |
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38 | 4,050 | 4,058,586 | |
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1) | 1,880 | 1,931,681 | |
Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47(1) | 2,650 | 2,466,461 | |
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | 6,500 | 6,501,820 | |
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(1) | 805 | 792,965 | |
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30 | 1,000 | 1,005,080 | |
National Finance Authority, NH, (Covanta): | |||
4.625%, 11/1/42(1) | 6,335 | 6,256,636 | |
(AMT), 4.875%, 11/1/42(1) | 6,965 | 6,974,263 | |
Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45(1) | 13,890 | 12,334,320 | |
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(1) | 480 | 433,934 | |
New Jersey Economic Development Authority, (Continental Airlines): | |||
(AMT), 5.25%, 9/15/29 | 8,285 | 8,378,372 | |
(AMT), 5.50%, 6/1/33 | 4,375 | 4,467,619 | |
(AMT), 5.625%, 11/15/30 | 2,045 | 2,113,058 | |
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39 | 5,100 | 4,660,686 | |
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1) | 5,500 | 5,266,250 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): | |||
(AMT), 4.375%, 10/1/45 | 14,660 | 14,417,963 | |
(AMT), 5.00%, 10/1/40 | 7,065 | 7,361,871 | |
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(1) | 1,000 | 1,002,390 | |
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35 | 13,570 | 13,591,576 | |
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30 | 5,000 | 5,139,100 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1) | $ | 6,290 | $ 6,148,098 |
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1) | 475 | 474,620 | |
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(1) | 1,440 | 1,443,298 | |
$ 157,525,669 | |||
Insured - Escrowed/Prerefunded — 1.0% | |||
Irvington Township, NJ, (AGM), Prerefunded to 7/15/24, 5.00%, 7/15/32 | $ | 1,000 | $ 1,063,500 |
North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42 | 10,000 | 11,056,500 | |
$ 12,120,000 | |||
Insured - General Obligations — 1.3% | |||
Atlantic City, NJ: | |||
(AGM), 4.00%, 3/1/42 | $ | 480 | $ 488,035 |
(BAM), 5.00%, 3/1/42 | 1,250 | 1,351,737 | |
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/26 | 500 | 547,640 | |
McHenry County Community Unit School District No. 12, IL, (Johnsburg): | |||
(AGM), 5.00%, 1/1/31 | 3,175 | 3,313,589 | |
(AGM), 5.00%, 1/1/32 | 1,215 | 1,267,865 | |
(AGM), 5.00%, 1/1/33 | 1,405 | 1,465,724 | |
(AGM), 5.00%, 7/1/34 | 2,810 | 2,931,055 | |
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38 | 5,000 | 5,175,450 | |
$ 16,541,095 | |||
Insured - Hospital — 0.2% | |||
Grand Forks, ND, (Altru Health System), (AGM), 3.00%, 12/1/46 | $ | 3,250 | $ 2,697,435 |
$ 2,697,435 | |||
Insured - Other Revenue — 2.3% | |||
Harris County-Houston Sports Authority, TX: | |||
(AGM), (NPFG), 0.00%, 11/15/34 | $ | 12,700 | $ 7,228,713 |
(NPFG), 0.00%, 11/15/26 | 9,395 | 8,188,212 | |
(NPFG), 0.00%, 11/15/28 | 9,600 | 7,696,032 | |
(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | 1,115 | 1,015,988 | |
(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | 400 | 343,568 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Other Revenue (continued) | |||
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/40 | $ | 1,750 | $ 1,547,298 |
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34 | 3,500 | 2,295,090 | |
$ 28,314,901 | |||
Insured - Special Tax Revenue — 2.5% | |||
Illinois Sports Facilities Authority: | |||
(AMBAC), 0.00%, 6/15/25 | $ | 750 | $ 691,755 |
(AMBAC), 0.00%, 6/15/26 | 2,380 | 2,124,911 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (BAM), 4.00%, 12/15/42 | 4,060 | 4,054,844 | |
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39 | 14,500 | 18,671,215 | |
Tolomato Community Development District, FL: | |||
(AGM), 3.75%, 5/1/39 | 2,515 | 2,490,982 | |
(AGM), 3.75%, 5/1/40 | 2,985 | 2,921,748 | |
$ 30,955,455 | |||
Insured - Transportation — 1.5% | |||
Chicago, IL, (O'Hare International Airport): | |||
(AGM), 5.25%, 1/1/32 | $ | 1,500 | $ 1,518,225 |
(AGM), 5.25%, 1/1/33 | 650 | 657,715 | |
(AGM), 5.50%, 1/1/43 | 1,355 | 1,370,461 | |
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | 6,665 | 3,279,113 | |
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32 | 1,955 | 2,176,169 | |
Ohio, (Portsmouth Gateway Group, LLC): | |||
(AGM), (AMT), 5.00%, 12/31/27 | 1,150 | 1,234,893 | |
(AGM), (AMT), 5.00%, 12/31/28 | 1,600 | 1,712,048 | |
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30 | 9,440 | 7,389,066 | |
$ 19,337,690 | |||
Insured - Water and Sewer — 0.7% | |||
Jefferson County, AL, Sewer Revenue: | |||
(AGM), 0.00%, 10/1/27 | $ | 2,155 | $ 1,735,227 |
(AGM), 0.00%, 10/1/28 | 3,965 | 2,990,165 | |
(AGM), 0.00%, 10/1/29 | 3,035 | 2,138,431 | |
(AGM), 0.00%, 10/1/30 | 2,580 | 1,694,338 | |
$ 8,558,161 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation — 1.7% | |||
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), Prerefunded to 12/1/23, 5.00%, 12/1/29(4) | $ | 10,875 | $ 11,360,242 |
New Jersey Economic Development Authority, (School Facilities Construction): | |||
5.00%, 6/15/43 | 1,530 | 1,637,330 | |
5.00%, 6/15/44 | 8,290 | 8,862,093 | |
$ 21,859,665 | |||
Nursing Home — 0.0%(2) | |||
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25 | $ | 315 | $ 317,826 |
$ 317,826 | |||
Other Revenue — 4.0% | |||
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $ | 14,780 | $ 14,779,852 |
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(5) | 6,250 | 1,125,000 | |
Kalispel Tribe of Indians, WA, 5.25%, 1/1/38(1) | 1,260 | 1,368,927 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52(6) | 7,000 | 7,502,460 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | 5,000 | 4,728,850 | |
Military Installation Development Authority, UT, 4.00%, 6/1/41 | 1,500 | 1,269,375 | |
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 2,040 | 2,195,346 | |
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(4) | 10,000 | 10,582,300 | |
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | 5,105 | 5,661,394 | |
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30 | 700 | 730,492 | |
$ 49,943,996 | |||
Senior Living/Life Care — 12.5% | |||
Albemarle County Economic Development Authority, VA, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42 | $ | 1,350 | $ 1,366,848 |
Atlantic Beach, FL, (Fleet Landing): | |||
5.00%, 11/15/37 | 7,945 | 8,061,076 | |
5.00%, 11/15/38 | 1,000 | 1,059,340 | |
California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/52 | 880 | 784,890 | |
California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29(1) | 360 | 337,540 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Centerville, OH, (Graceworks Lutheran Services): | |||
5.25%, 11/1/37 | $ | 3,250 | $ 3,298,782 |
5.25%, 11/1/47 | 3,190 | 3,195,519 | |
Clackamas County Hospital Facility Authority, OR, (Mary's Woods at Marylhurst), 5.00%, 5/15/48 | 425 | 398,085 | |
Clackamas County Hospital Facility Authority, OR, (Rose Villa): | |||
5.25%, 11/15/50 | 250 | 250,665 | |
5.375%, 11/15/55 | 300 | 302,055 | |
Colorado Health Facilities Authority, (Aberdeen Ridge): | |||
5.00%, 5/15/44 | 2,250 | 2,086,447 | |
5.00%, 5/15/58 | 2,525 | 2,197,735 | |
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38 | 1,210 | 1,215,869 | |
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37 | 750 | 770,025 | |
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(1) | 1,000 | 1,005,450 | |
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32 | 1,600 | 1,617,968 | |
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38 | 1,000 | 991,120 | |
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38 | 125 | 129,001 | |
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.): | |||
5.75%, 1/1/28 | 415 | 418,179 | |
6.375%, 1/1/33 | 655 | 661,216 | |
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.): | |||
5.125%, 11/15/32 | 525 | 529,400 | |
5.25%, 11/15/37 | 480 | 483,768 | |
Howard County, MD, (Vantage House), 5.00%, 4/1/36 | 1,725 | 1,673,733 | |
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41 | 400 | 392,800 | |
Iowa Finance Authority, (Lifespace Communities, Inc.): | |||
4.125%, 5/15/38 | 1,500 | 1,368,510 | |
5.00%, 5/15/43 | 3,250 | 3,237,260 | |
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37 | 2,500 | 2,603,900 | |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.): | |||
5.00%, 11/15/33(1) | 1,550 | 1,664,437 | |
5.00%, 11/15/38(1) | 1,010 | 1,071,166 | |
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): | |||
5.00%, 10/1/37(1) | 1,000 | 1,052,600 | |
5.00%, 10/1/47(1) | 1,280 | 1,346,637 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): (continued) | |||
5.00%, 10/1/57(1) | $ | 2,410 | $ 2,535,199 |
Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39 | 370 | 391,049 | |
Massachusetts Development Finance Agency, (Salem Community Corp.), 5.125%, 1/1/40 | 1,020 | 1,028,670 | |
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30(5) | 25 | 20,750 | |
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | 1,300 | 1,334,515 | |
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48 | 9,045 | 9,193,971 | |
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront): | |||
5.125%, 10/1/34 | 2,500 | 2,545,650 | |
5.40%, 10/1/44 | 1,770 | 1,796,904 | |
National Finance Authority, NH, (The Vista): | |||
5.25%, 7/1/39(1) | 585 | 567,743 | |
5.625%, 7/1/46(1) | 555 | 553,157 | |
5.75%, 7/1/54(1) | 1,745 | 1,745,750 | |
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37 | 6,320 | 6,442,418 | |
New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52(6) | 15,000 | 15,499,200 | |
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge): | |||
4.00%, 1/1/25 | 1,600 | 1,595,216 | |
4.375%, 1/1/39 | 1,250 | 1,177,875 | |
5.00%, 1/1/49 | 6,000 | 5,964,900 | |
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37 | 1,675 | 1,789,017 | |
North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/45 | 1,000 | 990,450 | |
Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27(1)(6) | 6,000 | 5,998,391 | |
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton): | |||
4.25%, 6/1/56 | 1,835 | 1,561,255 | |
5.00%, 6/1/55 | 6,300 | 6,369,363 | |
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(1) | 770 | 773,434 | |
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1) | 1,445 | 1,468,900 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30 | $ | 1,945 | $ 1,979,640 |
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis Obligated Group), 5.00%, 9/1/38 | 1,250 | 1,225,588 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): | |||
6.625%, 11/15/41 | 725 | 771,668 | |
6.75%, 11/15/51 | 3,250 | 3,443,895 | |
6.875%, 11/15/55 | 200 | 213,016 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace): | |||
5.00%, 10/1/34 | 2,130 | 2,187,105 | |
5.00%, 10/1/44 | 5,410 | 5,508,570 | |
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(1) | 3,350 | 3,297,572 | |
Warren County, OH, (Otterbein Homes Obligated Group): | |||
5.00%, 7/1/39 | 1,975 | 2,036,857 | |
5.50%, 7/1/39 | 500 | 517,185 | |
Washington Housing Finance Commission, (Bayview Manor Homes): | |||
5.00%, 7/1/36(1) | 1,500 | 1,504,680 | |
5.00%, 7/1/46(1) | 1,250 | 1,210,963 | |
Washington Housing Finance Commission, (Horizon House): | |||
5.00%, 1/1/43(1) | 4,000 | 4,213,280 | |
5.00%, 1/1/48(1) | 4,815 | 5,056,665 | |
Washington Housing Finance Commission, (Transforming Age): | |||
5.00%, 1/1/44(1) | 2,780 | 2,698,296 | |
5.00%, 1/1/49(1) | 695 | 663,822 | |
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/38 | 175 | 164,525 | |
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34 | 2,630 | 2,648,147 | |
Wisconsin Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries), 4.00%, 1/1/47 | 600 | 518,196 | |
$ 156,775,468 | |||
Special Tax Revenue — 5.3% | |||
Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38 | $ | 6,985 | $ 7,223,468 |
Conroe Local Government Corp., TX, (Conroe Convention Center Hotel): | |||
3.50%, 10/1/31(1) | 685 | 589,675 | |
5.00%, 10/1/50(1) | 1,605 | 1,393,236 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39 | $ | 2,000 | $ 2,058,160 |
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33 | 600 | 636,528 | |
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36 | 4,275 | 4,342,374 | |
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | 585 | 516,502 | |
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(1) | 900 | 938,817 | |
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29 | 4,460 | 4,557,050 | |
New River Community Development District, FL, (Capital Improvements): | |||
5.00%, 5/1/13(5) | 1,005 | 10 | |
5.75%, 5/1/38 | 1,105 | 1,113,884 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/46 | 5,000 | 5,055,250 | |
5.00%, 2/15/37(4) | 10,000 | 10,615,100 | |
Puerto Rico Sales Tax Financing Corp.: | |||
4.329%, 7/1/40 | 5,700 | 5,657,307 | |
5.00%, 7/1/58 | 5,260 | 5,318,754 | |
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43 | 1,250 | 1,255,625 | |
South Orange County Public Financing Authority, CA, (Ladera Ranch): | |||
5.00%, 8/15/31 | 1,500 | 1,525,080 | |
5.00%, 8/15/33 | 1,000 | 1,017,070 | |
5.00%, 8/15/34 | 450 | 457,717 | |
South Village Community Development District, FL: | |||
3.50%, 5/1/32 | 790 | 785,750 | |
3.625%, 5/1/35 | 485 | 480,417 | |
3.75%, 5/1/38 | 1,010 | 986,225 | |
4.875%, 5/1/35 | 500 | 507,520 | |
5.00%, 5/1/38 | 100 | 101,612 | |
Southern Hills Plantation I Community Development District, FL: | |||
Series A1, 5.80%, 5/1/35 | 1,038 | 998,407 | |
Series A2, 5.80%, 5/1/35 | 795 | 564,975 | |
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | 545 | 466,956 | |
Tolomato Community Development District, FL: | |||
3.00%, 5/1/32 | 1,540 | 1,355,077 | |
3.25%, 5/1/40 | 2,865 | 2,387,834 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37 | $ | 3,405 | $ 3,406,328 |
$ 66,312,708 | |||
Student Loan — 0.4% | |||
New Jersey Higher Education Student Assistance Authority: | |||
(AMT), 4.00%, 12/1/30 | $ | 2,075 | $ 2,108,159 |
(AMT), 4.75%, 12/1/43 | 2,765 | 2,774,539 | |
$ 4,882,698 | |||
Transportation — 24.1% | |||
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/41 | $ | 2,000 | $ 2,123,720 |
Broward County, FL, Port Facilities Revenue, (AMT), 5.25%, 9/1/47 | 2,000 | 2,208,480 | |
California Municipal Finance Authority, (LINXS Automated People Mover): | |||
(AMT), 5.00%, 12/31/36 | 1,740 | 1,837,701 | |
(AMT), 5.00%, 12/31/43 | 1,000 | 1,043,150 | |
Chesapeake Bay Bridge and Tunnel Commission, VA, 5.00%, 7/1/46 | 4,000 | 4,200,960 | |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/35 | 2,500 | 2,672,275 | |
5.00%, 1/1/38 | 5,000 | 5,321,750 | |
(AMT), 4.375%, 1/1/40 | 2,500 | 2,520,075 | |
(AMT), 5.00%, 1/1/25 | 2,555 | 2,588,675 | |
(AMT), 5.00%, 1/1/26 | 2,170 | 2,197,516 | |
(AMT), 5.00%, 7/1/33 | 500 | 533,435 | |
(AMT), 5.00%, 7/1/38 | 1,500 | 1,578,900 | |
(AMT), 5.00%, 1/1/48 | 7,000 | 7,381,710 | |
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44 | 2,500 | 2,520,075 | |
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport): | |||
4.00%, 11/1/45(6) | 10,000 | 10,115,200 | |
(AMT), 5.25%, 11/1/29 | 7,000 | 7,225,610 | |
Denver City and County, CO, Airport System Revenue, (AMT), 4.125%, 11/15/47 | 5,000 | 5,037,800 | |
Eagle County Air Terminal Corp., CO: | |||
(AMT), 5.00%, 5/1/37 | 1,000 | 1,039,320 | |
(AMT), 5.00%, 5/1/41 | 4,940 | 5,094,375 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(1) | $ | 8,840 | $ 8,851,669 |
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43 | 3,025 | 3,091,973 | |
Hidalgo County Regional Mobility Authority, TX: | |||
4.00%, 12/1/39 | 340 | 332,078 | |
4.00%, 12/1/40 | 400 | 388,824 | |
4.00%, 12/1/41 | 400 | 386,888 | |
Illinois Toll Highway Authority, 5.00%, 1/1/40(4) | 15,000 | 15,935,401 | |
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project): | |||
0.00%, 7/1/29 | 1,135 | 859,365 | |
0.00%, 7/1/30 | 500 | 352,780 | |
0.00%, 7/1/31 | 1,150 | 754,550 | |
Prerefunded to 7/1/23, 0.00%, 7/1/28 | 2,690 | 1,944,090 | |
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35 | 450 | 490,716 | |
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/43 | 7,500 | 7,944,675 | |
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 11,500 | 12,239,105 | |
Metropolitan Washington Airports Authority, D.C., (AMT), 4.00%, 10/1/38 | 565 | 570,949 | |
Mid-Bay Bridge Authority, FL: | |||
5.00%, 10/1/30 | 2,050 | 2,155,575 | |
5.00%, 10/1/35 | 5,000 | 5,206,900 | |
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34 | 5,000 | 5,112,950 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program): | |||
4.00%, 6/15/39 | 3,150 | 3,192,588 | |
5.00%, 6/15/44 | 3,200 | 3,414,720 | |
5.25%, 6/15/43 | 960 | 1,040,822 | |
New Jersey Turnpike Authority, 5.00%, 1/1/48(4) | 5,000 | 5,506,950 | |
New Orleans Aviation Board, LA, (North Terminal Project): | |||
(AMT), 5.00%, 1/1/35 | 2,000 | 2,076,500 | |
(AMT), 5.00%, 1/1/43 | 1,500 | 1,566,990 | |
New York Thruway Authority, 4.00%, 1/1/45 | 7,770 | 7,801,468 | |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
(AMT), 5.00%, 7/1/41 | 1,705 | 1,760,702 | |
(AMT), 5.00%, 7/1/46 | 7,730 | 7,965,610 | |
(AMT), 5.25%, 1/1/50 | 7,520 | 7,772,146 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | |||
4.00%, 12/1/42 | $ | 2,400 | $ 2,299,680 |
(AMT), 4.00%, 12/1/39 | 300 | 287,085 | |
(AMT), 4.00%, 12/1/41 | 300 | 282,819 | |
(AMT), 4.00%, 12/1/41 | 500 | 483,340 | |
(AMT), 5.00%, 12/1/30 | 4,700 | 5,207,224 | |
(AMT), 5.00%, 12/1/31 | 8,050 | 8,923,264 | |
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28 | 470 | 487,371 | |
North East Texas Regional Mobility Authority, 5.00%, 1/1/41 | 5,250 | 5,428,605 | |
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41 | 5,495 | 5,508,518 | |
Pennsylvania Turnpike Commission, (LOC: TD Bank, N.A.), 1.43%, 12/1/39(7) | 20,000 | 20,000,000 | |
Port Authority of New York and New Jersey: | |||
(AMT), 4.00%, 9/1/33(4) | 12,080 | 12,291,279 | |
(AMT), 4.00%, 9/15/43 | 3,640 | 3,653,140 | |
(AMT), 5.00%, 10/15/35 | 4,050 | 4,317,624 | |
Port Freeport, TX, (AMT), 4.00%, 6/1/51 | 1,500 | 1,509,420 | |
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/48 | 7,360 | 7,897,648 | |
South Jersey Port Corp., NJ: | |||
(AMT), 5.00%, 1/1/42 | 2,500 | 2,587,225 | |
(AMT), 5.00%, 1/1/48 | 5,500 | 5,662,470 | |
South Jersey Transportation Authority, 5.00%, 11/1/32 | 2,250 | 2,318,288 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project): | |||
4.00%, 12/31/37 | 315 | 312,877 | |
4.00%, 12/31/38 | 585 | 577,916 | |
4.00%, 12/31/39 | 305 | 299,876 | |
5.00%, 12/31/35 | 375 | 404,314 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 11,865 | 12,206,356 | |
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42 | 16,430 | 16,880,510 | |
Texas Transportation Commission, (State Highway System): | |||
0.00%, 8/1/36 | 550 | 296,835 | |
0.00%, 8/1/46 | 2,500 | 773,850 | |
Virginia Small Business Financing Authority, (Transform 66 P3 Project): | |||
(AMT), 4.00%, 1/1/40 | 2,785 | 2,726,292 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Virginia Small Business Financing Authority, (Transform 66 P3 Project): (continued) | |||
(AMT), 5.00%, 12/31/52 | $ | 2,500 | $ 2,593,425 |
$ 302,174,962 | |||
Water and Sewer — 0.2% | |||
Great Lakes Water Authority, MI, 5.00%, 7/1/49 | $ | 1,000 | $ 1,118,330 |
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33 | 1,905 | 1,991,582 | |
$ 3,109,912 | |||
Total Tax-Exempt Municipal Obligations (identified cost $1,223,005,466) | $1,231,503,095 |
Taxable Municipal Obligations — 5.4% |
Security | Principal Amount (000's omitted) | Value | |
Cogeneration — 0.0%(2) | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23 | $ | 230 | $ 41,343 |
$ 41,343 | |||
Education — 0.3% | |||
California Municipal Finance Authority, (Albert Einstein Academies): | |||
4.35%, 8/1/38(1) | $ | 1,100 | $ 930,743 |
4.50%, 8/1/43(1) | 1,500 | 1,165,845 | |
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | 1,750 | 1,396,290 | |
$ 3,492,878 | |||
Escrowed/Prerefunded — 0.9% | |||
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42 | $ | 10,316 | $ 11,400,831 |
$ 11,400,831 | |||
General Obligations — 1.1% | |||
Atlantic City, NJ, 7.50%, 3/1/40 | $ | 5,440 | $ 6,706,214 |
Chicago, IL, 7.75%, 1/1/42 | 4,356 | 4,662,140 | |
Detroit, MI: | |||
3.11%, 4/1/28 | 830 | 760,620 | |
3.344%, 4/1/30 | 125 | 111,994 | |
3.644%, 4/1/34 | 500 | 439,085 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | $ | 2,832 | $ 1,515,029 |
$ 14,195,082 | |||
Hospital — 1.5% | |||
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ | 12,750 | $ 13,450,867 |
Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47 | 6,000 | 5,289,180 | |
$ 18,740,047 | |||
Insured - General Obligations — 0.4% | |||
Detroit, MI, (AMBAC), 5.15%, 4/1/25 | $ | 4,779 | $ 4,676,975 |
Elmwood Park, IL, (AGM), 2.544%, 12/1/36 | 355 | 287,085 | |
$ 4,964,060 | |||
Special Tax Revenue — 0.6% | |||
American Samoa Economic Development Authority: | |||
2.47%, 9/1/24(1) | $ | 475 | $ 462,118 |
3.72%, 9/1/27(1) | 1,115 | 1,058,804 | |
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands): | |||
4.80%, 3/1/36 | 2,800 | 2,699,396 | |
5.25%, 3/1/31 | 2,905 | 2,909,590 | |
$ 7,129,908 | |||
Transportation — 0.6% | |||
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(8) | $ | 7,375 | $ 7,821,409 |
$ 7,821,409 | |||
Total Taxable Municipal Obligations (identified cost $66,414,990) | $ 67,785,558 | ||
Total Investments — 105.8% (identified cost $1,316,862,656) | $1,325,272,090 | ||
Other Assets, Less Liabilities — (5.8)% | $ (72,493,506) | ||
Net Assets — 100.0% | $1,252,778,584 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2022, the aggregate value of these securities is $174,335,810 or 13.9% of the Fund's net assets. |
(2) | Amount is less than 0.05%. |
(3) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(4) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
(5) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
(6) | When-issued security. |
(7) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2022. |
(8) | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
At July 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows: |
Texas | 15.1% |
Illinois | 13.2% |
New York | 12.3% |
Others, representing less than 10% individually | 63.1% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2022, 9.3% 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 0.4% to 3.8% of total investments. |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Interest Rate Futures | |||||
U.S. 10-Year Treasury Note | (175) | Short | 9/21/22 | $(21,199,609) | $ (338,776) |
U.S. Long Treasury Bond | (112) | Short | 9/21/22 | (16,128,000) | (519,086) |
$(857,862) |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
LOC | – Letter of Credit |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
July 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,316,862,656) | $ 1,325,272,090 |
Cash | 3,233,703 |
Deposits for derivatives collateral — futures contracts | 741,619 |
Interest receivable | 13,179,431 |
Receivable for investments sold | 12,484,394 |
Receivable for Fund shares sold | 7,722,583 |
Receivable from affiliate | 9,090 |
Total assets | $1,362,642,910 |
Liabilities | |
Payable for floating rate notes issued | $ 63,829,827 |
Payable for when-issued securities | 38,220,270 |
Payable for Fund shares redeemed | 5,957,597 |
Payable for variation margin on open futures contracts | 121,841 |
Distributions payable | 614,899 |
Payable to affiliates: | |
Investment adviser fee | 448,720 |
Distribution and service fees | 123,939 |
Interest expense and fees payable | 172,552 |
Accrued expenses | 374,681 |
Total liabilities | $ 109,864,326 |
Net Assets | $1,252,778,584 |
Sources of Net Assets | |
Paid-in capital | $ 1,343,330,474 |
Accumulated loss | (90,551,890) |
Net Assets | $1,252,778,584 |
Class A Shares | |
Net Assets | $ 335,848,799 |
Shares Outstanding | 40,125,369 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.37 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 8.65 |
Class C Shares | |
Net Assets | $ 62,393,119 |
Shares Outstanding | 8,059,998 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 7.74 |
Class I Shares | |
Net Assets | $ 833,507,159 |
Shares Outstanding | 99,479,114 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.38 |
July 31, 2022 | |
Class W Shares | |
Net Assets | $21,029,507 |
Shares Outstanding | 2,510,233 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.38 |
On sales of $50,000 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. |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Interest income | $ 26,219,907 |
Total investment income | $ 26,219,907 |
Expenses | |
Investment adviser fee | $ 2,821,222 |
Distribution and service fees: | |
Class A | 447,308 |
Class C | 349,982 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 152,558 |
Transfer and dividend disbursing agent fees | 227,714 |
Legal and accounting services | 70,307 |
Printing and postage | 31,149 |
Registration fees | 56,854 |
Interest expense and fees | 423,852 |
Miscellaneous | 66,799 |
Total expenses | $ 4,701,995 |
Deduct: | |
Reimbursement of investment adviser fee — Class W | $ 12,532 |
Total expense reductions | $ 12,532 |
Net expenses | $ 4,689,463 |
Net investment income | $ 21,530,444 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (46,934,315) |
Futures contracts | 3,836,248 |
Net realized loss | $ (43,098,067) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (72,047,170) |
Futures contracts | (1,348,525) |
Net change in unrealized appreciation (depreciation) | $ (73,395,695) |
Net realized and unrealized loss | $(116,493,762) |
Net decrease in net assets from operations | $ (94,963,318) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 21,530,444 | $ 49,317,836 |
Net realized gain (loss) | (43,098,067) | 1,422,237 |
Net change in unrealized appreciation (depreciation) | (73,395,695) | (49,612,939) |
Net increase (decrease) in net assets from operations | $ (94,963,318) | $ 1,127,134 |
Distributions to shareholders: | ||
Class A | $ (6,321,415) | $ (12,582,413) |
Class C | (971,917) | (2,056,099) |
Class I | (17,352,061) | (34,798,742) |
Class W(1) | (128,400) | (1,745) |
Total distributions to shareholders | $ (24,773,793) | $ (49,438,999) |
Transactions in shares of beneficial interest: | ||
Class A | $ (45,975,630) | $ 6,265,917 |
Class C | (14,142,269) | (12,390,847) |
Class I | (147,238,604) | 101,468,938 |
Class W(1) | 20,672,551 | 310,119 |
Net increase (decrease) in net assets from Fund share transactions | $ (186,683,952) | $ 95,654,127 |
Net increase (decrease) in net assets | $ (306,421,063) | $ 47,342,262 |
Net Assets | ||
At beginning of period | $ 1,559,199,647 | $ 1,511,857,385 |
At end of period | $1,252,778,584 | $1,559,199,647 |
(1) | For the period from the commencement of operations, October 1, 2021, to January 31, 2022. |
Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 9.080 | $ 9.360 | $ 9.380 | $ 8.830 | $ 8.880 | $ 8.650 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.129 | $ 0.281 | $ 0.303 | $ 0.327 | $ 0.345 | $ 0.337 |
Net realized and unrealized gain (loss) | (0.689) | (0.279) | (0.008) (2) | 0.590 | (0.059) | 0.229 |
Total income (loss) from operations | $ (0.560) | $ 0.002 | $ 0.295 | $ 0.917 | $ 0.286 | $ 0.566 |
Less Distributions | ||||||
From net investment income | $ (0.150) | $ (0.282) | $ (0.315) | $ (0.367) | $ (0.336) | $ (0.336) |
Total distributions | $ (0.150) | $ (0.282) | $ (0.315) | $ (0.367) | $ (0.336) | $ (0.336) |
Net asset value — End of period | $ 8.370 | $ 9.080 | $ 9.360 | $ 9.380 | $ 8.830 | $ 8.880 |
Total Return(3) | (6.18)% (4) | (0.02)% | 3.31% | 10.55% | 3.29% | 6.63% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $335,849 | $412,905 | $419,256 | $427,334 | $350,923 | $344,822 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 0.77% (5) | 0.73% | 0.76% | 0.76% | 0.79% | 0.78% |
Interest and fee expense(6) | 0.06% (5) | 0.03% | 0.06% | 0.13% | 0.17% | 0.14% |
Total expenses | 0.83% (5) | 0.76% | 0.82% | 0.89% | 0.96% | 0.92% |
Net investment income | 3.06% (5) | 3.01% | 3.35% | 3.57% | 3.92% | 3.81% |
Portfolio Turnover | 23% (4) | 22% | 54% | 23% | 32% | 21% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class C | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 8.400 | $ 8.660 | $ 8.680 | $ 8.170 | $ 8.210 | $ 8.010 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.090 | $ 0.195 | $ 0.219 | $ 0.239 | $ 0.252 | $ 0.251 |
Net realized and unrealized gain (loss) | (0.641) | (0.259) | (0.011) (2) | 0.551 | (0.042) | 0.199 |
Total income (loss) from operations | $ (0.551) | $ (0.064) | $ 0.208 | $ 0.790 | $ 0.210 | $ 0.450 |
Less Distributions | ||||||
From net investment income | $ (0.109) | $ (0.196) | $ (0.228) | $ (0.280) | $ (0.250) | $ (0.250) |
Total distributions | $ (0.109) | $ (0.196) | $ (0.228) | $ (0.280) | $ (0.250) | $ (0.250) |
Net asset value — End of period | $ 7.740 | $ 8.400 | $ 8.660 | $ 8.680 | $ 8.170 | $ 8.210 |
Total Return(3) | (6.57)% (4) | (0.78)% | 2.52% | 9.80% | 2.60% | 5.67% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $62,393 | $82,817 | $97,724 | $139,608 | $126,049 | $173,844 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 1.52% (5) | 1.48% | 1.51% | 1.51% | 1.54% | 1.53% |
Interest and fee expense(6) | 0.06% (5) | 0.03% | 0.06% | 0.13% | 0.17% | 0.14% |
Total expenses | 1.58% (5) | 1.51% | 1.57% | 1.64% | 1.71% | 1.67% |
Net investment income | 2.30% (5) | 2.26% | 2.63% | 2.82% | 3.10% | 3.06% |
Portfolio Turnover | 23% (4) | 22% | 54% | 23% | 32% | 21% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 9.090 | $ 9.370 | $ 9.390 | $ 8.840 | $ 8.880 | $ 8.660 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.140 | $ 0.304 | $ 0.326 | $ 0.349 | $ 0.364 | $ 0.359 |
Net realized and unrealized gain (loss) | (0.690) | (0.279) | (0.009) (2) | 0.590 | (0.046) | 0.220 |
Total income (loss) from operations | $ (0.550) | $ 0.025 | $ 0.317 | $ 0.939 | $ 0.318 | $ 0.579 |
Less Distributions | ||||||
From net investment income | $ (0.160) | $ (0.305) | $ (0.337) | $ (0.389) | $ (0.358) | $ (0.359) |
Total distributions | $ (0.160) | $ (0.305) | $ (0.337) | $ (0.389) | $ (0.358) | $ (0.359) |
Net asset value — End of period | $ 8.380 | $ 9.090 | $ 9.370 | $ 9.390 | $ 8.840 | $ 8.880 |
Total Return(3) | (6.06)% (4) | 0.24% | 3.57% | 10.81% | 3.67% | 6.77% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $833,507 | $1,063,175 | $994,877 | $878,062 | $656,830 | $682,157 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 0.52% (5) | 0.48% | 0.51% | 0.51% | 0.54% | 0.53% |
Interest and fee expense(6) | 0.06% (5) | 0.03% | 0.06% | 0.13% | 0.17% | 0.14% |
Total expenses | 0.58% (5) | 0.51% | 0.57% | 0.64% | 0.71% | 0.67% |
Net investment income | 3.31% (5) | 3.25% | 3.59% | 3.81% | 4.13% | 4.04% |
Portfolio Turnover | 23% (4) | 22% | 54% | 23% | 32% | 21% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class W | ||
Six Months Ended July 31, 2022 (Unaudited) | Period Ended January 31, 2022(1) | |
Net asset value — Beginning of period | $ 9.090 | $ 9.320 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.155 | $ 0.105 |
Net realized and unrealized loss | (0.686) | (0.224) |
Total loss from operations | $ (0.531) | $(0.119) |
Less Distributions | ||
From net investment income | $ (0.179) | $ (0.111) |
Total distributions | $ (0.179) | $(0.111) |
Net asset value — End of period | $ 8.380 | $ 9.090 |
Total Return(3)(4) | (5.85)% (5) | (1.30)% (5) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $21,030 | $ 302 |
Ratios (as a percentage of average daily net assets): | ||
Expenses excluding interest and fees(4) | 0.10% (6) | 0.06% (6) |
Interest and fee expense(7) | 0.06% (6) | 0.03% (6) |
Total expenses | 0.16% (6) | 0.09% (6) |
Net investment income | 3.75% (6) | 3.34% (6) |
Portfolio Turnover | 23% (5) | 22% (8) |
(1) | For the period from the commencement of operations, October 1, 2021, to January 31, 2022. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | The investment adviser reimbursed the total amount of the advisory fees paid (equal to 0.42% and 0.37% of average daily net assets for the six months ended July 31, 2022 and the period ended January 31, 2022, respectively). Absent this reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
(8) | For the year ended January 31, 2022. |
Aggregate cost | $1,255,781,487 |
Gross unrealized appreciation | $ 37,920,674 |
Gross unrealized depreciation | (33,117,760) |
Net unrealized appreciation | $ 4,802,914 |
Total Daily Net Assets | Annual Asset Rate | Total Daily Net Assets | Daily Income Rate |
Up to $500 million | 0.3150% | Up to $500 million | 3.1500% |
$500 million but less than $750 million | 0.2925% | $500 million but less than $1 billion | 2.9250% |
$750 million but less than $1.5 billion | 0.2700% | $1 billion but less than $1.5 billion | 2.7000% |
$1.5 billion but less than $2 billion | 0.2475% | $1.5 billion but less than $2 billion | 2.4750% |
$2 billion but less than $3 billion | 0.2250% | $2 billion but less than $3 billion | 2.2500% |
$3 billion and over | 0.2025% | $3 billion and over | 2.0250% |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 3,528,916 | $ 29,630,567 | 6,578,951 | $ 61,544,294 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 600,921 | 5,102,899 | 1,074,501 | 10,007,784 | |
Redemptions | (10,095,752) | (86,104,117) | (7,522,378) | (70,258,658) | |
Converted from Class C shares | 630,711 | 5,395,021 | 532,706 | 4,972,497 | |
Net increase (decrease) | (5,335,204) | $ (45,975,630) | 663,780 | $ 6,265,917 | |
Class C | |||||
Sales | 370,514 | $ 2,899,897 | 1,266,760 | $ 10,948,395 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 111,181 | 873,585 | 214,231 | 1,845,479 | |
Redemptions | (1,598,660) | (12,520,730) | (2,336,171) | (20,212,224) | |
Converted to Class A shares | (681,912) | (5,395,021) | (575,943) | (4,972,497) | |
Net decrease | (1,798,877) | $ (14,142,269) | (1,431,123) | $ (12,390,847) | |
Class I | |||||
Sales | 32,031,039 | $ 270,056,527 | 39,654,609 | $ 371,004,093 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 1,741,352 | 14,819,945 | 3,253,997 | 30,339,525 | |
Redemptions | (51,228,168) | (432,115,076) | (32,166,004) | (299,874,680) | |
Net increase (decrease) | (17,455,777) | $(147,238,604) | 10,742,602 | $ 101,468,938 |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class W | |||||
Sales | 2,563,271 | $ 21,381,576 | 33,158 | $ 310,000 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 14,700 | 122,645 | 13 | 119 | |
Redemptions | (100,909) | (831,670) | — | — | |
Net increase | 2,477,062 | $ 20,672,551 | 33,171 | $ 310,119 |
(1) | For Class W, for the period from the commencement of operations, October 1, 2021, to January 31, 2022. |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Futures contracts | $ — | $(857,862) |
(1) | Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Futures contracts | $3,836,248 | $(1,348,525) |
(1) | Statement of Operations location: Net realized gain (loss): Futures contracts. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 25,983,437 | $ — | $ 25,983,437 |
Tax-Exempt Municipal Obligations | — | 1,231,503,095 | — | 1,231,503,095 |
Taxable Municipal Obligations | — | 67,785,558 | — | 67,785,558 |
Total Investments | $ — | $1,325,272,090 | $ — | $ 1,325,272,090 |
Liability Description | ||||
Futures Contracts | $ (857,862) | $ — | $ — | $ (857,862) |
Total | $ (857,862) | $ — | $ — | $ (857,862) |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 03/27/2009 | 12/31/1998 | (2.34)% | (4.85)% | 0.97% | 1.03% |
Class A with 3.25% Maximum Sales Charge | — | — | (5.50) | (7.91) | 0.31 | 0.70 |
Class C at NAV | 03/27/2009 | 12/31/1998 | (2.69) | (5.54) | 0.22 | 0.42 |
Class C with 1% Maximum Sales Charge | — | — | (3.67) | (6.48) | 0.22 | 0.42 |
Class I at NAV | 03/27/2009 | 12/31/1998 | (2.21) | (4.61) | 1.20 | 1.28 |
Bloomberg Municipal Managed Money 1–7 Year Bond Index | — | — | (1.00)% | (3.73)% | 1.12% | 1.38% |
Bloomberg 5 Year Municipal Bond Index | — | — | (1.39) | (4.25) | 1.39 | 1.72 |
% After-Tax Returns with Maximum Sales Charge | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (8.11)% | 0.13% | 0.53% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | (4.38) | 0.39 | 0.72 |
Class C After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (6.66) | 0.05 | 0.25 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | (3.77) | 0.20 | 0.39 |
Class I After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (4.82) | 1.02 | 1.09 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | (2.32) | 1.16 | 1.22 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.70% | 1.45% | 0.45% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 1.29% | —% | 1.54% |
SEC 30-day Yield | 1.24 | 0.55 | 1.53 |
Credit Quality (% of total investments)* |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 02/01/2010 | 02/01/2010 | (3.63)% | (7.02)% | 1.16% | 1.90% |
Class A with 3.25% Maximum Sales Charge | — | — | (6.77) | (10.05) | 0.49 | 1.57 |
Class C at NAV | 02/01/2010 | 02/01/2010 | (3.99) | (7.80) | 0.41 | 1.29 |
Class C with 1% Maximum Sales Charge | — | — | (4.95) | (8.71) | 0.41 | 1.29 |
Class I at NAV | 02/01/2010 | 02/01/2010 | (3.51) | (6.86) | 1.42 | 2.16 |
Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index | — | — | (2.93)% | (6.36)% | 1.68% | 2.18% |
Bloomberg 7 Year Municipal Bond Index | — | — | (1.90) | (5.18) | 1.72 | 2.23 |
% After-Tax Returns with Maximum Sales Charge | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (10.21)% | 0.40% | 1.46% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | (5.50) | 0.68 | 1.52 |
Class C After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (8.84) | 0.32 | 1.18 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | (4.96) | 0.48 | 1.19 |
Class I After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (7.02) | 1.31 | 2.04 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | (3.51) | 1.47 | 2.05 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 0.92% | 1.67% | 0.67% |
Net | 0.85 | 1.60 | 0.60 |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 1.85% | 1.11% | 2.10% |
SEC 30-day Yield – Subsidized | 1.80 | 1.12 | 2.10 |
SEC 30-day Yield – Unsubsidized | 1.68 | 1.00 | 1.98 |
Credit Quality (% of total investments)* |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
1 | Bloomberg Municipal Managed Money 1–7 Year Bond Index is an unmanaged, tax-exempt bond market index that measures the 1–7 year maturity component of the Bloomberg Municipal Managed Money Bond Index. Bloomberg 5 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 4-6 years. Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index is an unmanaged, tax-exempt bond market index that measures the 1–17 year maturity component of the Bloomberg Municipal Managed Money Bond Index. Bloomberg 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 6-8 years. 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. After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.Effective February 17, 2015, each Fund changed its name and investment strategy to invest (under normal market conditions) at least 80% of its net assets in a diversified portfolio of municipal obligations, the interest on which is exempt from regular federal income tax. Performance prior to February 17, 2015 reflects each Fund’s performance under its former investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations that are exempt from regular federal income tax, municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.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. Net expense ratios for Parametric TABS Intermediate-Term Municipal Bond Fund reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
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. Subsidized yield reflects the effect of fee waivers and expense reimbursements. |
Fund profiles subject to change due to active management. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 976.60 | $3.92 | 0.80% |
Class C | $1,000.00 | $ 973.10 | $7.58 | 1.55% |
Class I | $1,000.00 | $ 977.90 | $2.70 | 0.55% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.83 | $4.01 | 0.80% |
Class C | $1,000.00 | $1,017.11 | $7.75 | 1.55% |
Class I | $1,000.00 | $1,022.07 | $2.76 | 0.55% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 963.70 | $4.33** | 0.89% |
Class C | $1,000.00 | $ 960.10 | $7.97** | 1.64% |
Class I | $1,000.00 | $ 964.90 | $3.12** | 0.64% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.38 | $4.46** | 0.89% |
Class C | $1,000.00 | $1,016.66 | $8.20** | 1.64% |
Class I | $1,000.00 | $1,021.62 | $3.21** | 0.64% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Tax-Exempt Municipal Obligations — 93.0% |
Security | Principal Amount (000's omitted) | Value | |
Education — 10.8% | |||
California State University, 5.00%, 11/1/24 | $ | 2,500 | $ 2,686,825 |
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/25 | 30 | 32,393 | |
Massachusetts College Building Authority, 5.00%, 5/1/30 | 600 | 712,164 | |
Massachusetts Development Finance Agency, (Harvard University), Green Bonds, 5.00%, 11/15/32 | �� 500 | 623,910 | |
New York Dormitory Authority, (Rockefeller University), (SPA: JPMorgan Chase Bank, N.A.), 1.42%, 7/1/32(1) | 5,000 | 5,000,000 | |
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 1.56%, (SIFMA + 0.23%), 12/1/26 (Put Date), 12/1/42(2) | 1,995 | 1,953,504 | |
Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23 | 225 | 233,662 | |
University of Houston, TX: | |||
5.00%, 2/15/35 | 2,000 | 2,347,580 | |
5.00%, 2/15/36 | 2,250 | 2,632,050 | |
University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49 | 3,000 | 3,089,700 | |
University of New Mexico, (SPA: U.S. Bank, N.A.), 1.25%, 6/1/30(1) | 6,630 | 6,630,000 | |
University of Texas: | |||
5.00%, 8/15/24 | 1,000 | 1,067,130 | |
Prerefunded to 8/15/22, 5.00%, 8/15/29 | 2,000 | 2,002,640 | |
$ 29,011,558 | |||
Electric Utilities — 1.4% | |||
Anaheim Housing and Public Improvements Authority, CA, Electric System Revenue, 5.00%, 10/1/28 | $ | 2,405 | $ 2,747,544 |
Denton, TX, Utility System Revenue, 5.00%, 12/1/26 | 1,000 | 1,127,580 | |
$ 3,875,124 | |||
Escrowed/Prerefunded — 5.6% | |||
Arizona, Certificates of Participation, Escrowed to Maturity, 5.00%, 10/1/24 | $ | 2,000 | $ 2,141,640 |
Illinois Development Finance Authority, (Regency Park): | |||
Escrowed to Maturity, 0.00%, 7/15/23 | 5,000 | 4,919,900 | |
Escrowed to Maturity, 0.00%, 7/15/25 | 5,750 | 5,402,815 | |
New York Dormitory Authority, Personal Income Tax Revenue, Escrowed to Maturity, 5.00%, 2/15/25 | 120 | 129,699 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
Sales Tax Asset Receivable Corp., NY, Prerefunded to 10/15/24, 5.00%, 10/15/27 | $ | 1,500 | $ 1,609,455 |
Springfield School District No. 19, OR, Prerefunded to 6/15/25, 5.00%, 6/15/30 | 855 | 932,061 | |
$ 15,135,570 | |||
General Obligations — 30.6% | |||
Alexandria, VA, 5.00%, 7/1/27 | $ | 200 | $ 229,926 |
California, 1.60%, 12/1/29 | 1,520 | 1,398,886 | |
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/22 | 155 | 155,000 | |
Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23 | 150 | 146,012 | |
Connecticut: | |||
3.00%, 1/15/32 | 1,000 | 1,002,000 | |
3.00%, 6/1/33 | 1,955 | 1,940,474 | |
Corpus Christi, TX, 5.00%, 3/1/28 | 635 | 729,393 | |
Crandall Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/34 | 1,020 | 1,202,692 | |
Delaware: | |||
5.00%, 3/1/31 | 5,000 | 6,087,050 | |
5.00%, 3/1/32 | 2,000 | 2,457,100 | |
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24 | 3,000 | 2,885,880 | |
Edina, MN, 5.00%, 2/1/30 | 125 | 143,415 | |
Evergreen School District No. 114, WA: | |||
4.00%, 12/1/32 | 1,245 | 1,358,432 | |
5.00%, 12/1/31 | 5,000 | 5,824,950 | |
Georgia, 4.00%, 7/1/29 | 5,550 | 6,231,429 | |
Hartnell Community College District, CA, (Election of 2002), 7.00%, (0.00% until 8/1/22), 8/1/34 | 85 | 101,635 | |
Henrico County, VA, 5.00%, 8/1/27 | 200 | 230,366 | |
Hutto Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22 | 525 | 525,000 | |
Illinois, 5.00%, 3/1/25 | 5,250 | 5,596,395 | |
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/22 | 700 | 699,587 | |
Loudoun County, VA: | |||
5.00%, 12/1/30(3) | 2,265 | 2,743,006 | |
5.00%, 12/1/31(3) | 2,000 | 2,450,740 | |
Massachusetts, 5.00%, 12/1/24 | 5,000 | 5,384,150 | |
McKinney Independent School District, TX, (PSF Guaranteed): | |||
5.00%, 2/15/31 | 750 | 899,850 | |
5.00%, 2/15/32 | 855 | 1,016,398 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Meramec Valley R-III School District, MO, 3.00%, 3/1/35 | $ | 30 | $ 29,806 |
Mercer County, NJ, 2.00%, 2/15/32 | 3,295 | 2,898,743 | |
Mountain View Whisman School District, CA, (Election of 2020): | |||
4.00%, 9/1/32 | 10 | 11,024 | |
4.00%, 9/1/33 | 25 | 27,346 | |
Mountain View-Los Altos Union High School District, CA: | |||
0.00%, 8/1/23 | 945 | 929,889 | |
0.00%, 8/1/24 | 900 | 867,654 | |
New York, NY: | |||
5.00%, 8/1/26 | 1,000 | 1,120,870 | |
5.00%, 8/1/30 | 3,000 | 3,584,190 | |
Oconee County, GA, 4.00%, 1/1/34 | 15 | 16,273 | |
Ohio, 5.00%, 12/15/23 | 500 | 523,475 | |
Oregon, 1.90%, 6/1/30 | 950 | 893,200 | |
Redmond, WA: | |||
5.00%, 12/1/32 | 1,195 | 1,457,900 | |
5.00%, 12/1/34 | 1,320 | 1,591,577 | |
River Vale Township Board of Education, NJ: | |||
2.00%, 6/15/32 | 1,280 | 1,120,550 | |
2.00%, 6/15/33 | 1,300 | 1,107,249 | |
Rose Tree Media School District, PA, 5.00%, 4/1/27 | 1,000 | 1,111,510 | |
St. Helens School District No. 502, OR, 5.00%, (0.00% until 6/15/22), 6/15/30 | 880 | 1,046,118 | |
St. Louis County, MO, Special Obligation Bonds: | |||
5.00%, 12/1/33 | 1,055 | 1,239,762 | |
5.00%, 12/1/34 | 1,110 | 1,293,616 | |
Sugar Land, TX, 5.00%, 2/15/23 | 1,105 | 1,126,183 | |
Texas Public Finance Authority, 5.00%, 10/1/22 | 100 | 100,598 | |
Washington, 4.00%, 7/1/27 | 2,700 | 2,973,591 | |
Wauwatosa School District, WI, 5.00%, 9/1/22 | 105 | 105,312 | |
West Valley-Mission Community College District, CA, 5.00%, 8/1/25 | 300 | 329,025 | |
Westlake, TX, 4.00%, 2/15/34 | 1,130 | 1,209,224 | |
Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23 (Put Date), 8/15/41(4) | 4,525 | 4,508,212 | |
$ 82,662,663 | |||
Hospital — 11.7% | |||
Allegheny County Hospital Development Authority, PA, (UPMC), 2.03%, (SIFMA + 0.70%), 5/15/27 (Put Date), 11/15/47(2) | $ | 4,500 | $ 4,453,605 |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/33 | 90 | 93,426 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Missouri Health and Educational Facilities Authority, (Mercy Health): | |||
5.00%, 6/1/26 | $ | 2,500 | $ 2,755,850 |
5.00%, 6/1/27 | 3,500 | 3,933,020 | |
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: TD Bank, N.A.), 1.30%, 7/1/43(1) | 5,000 | 5,000,000 | |
New York Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/31 | 275 | 285,755 | |
University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 1.35%, 11/15/39(1) | 7,725 | 7,725,000 | |
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/31/24 (Put Date), 8/15/54 | 6,000 | 6,322,860 | |
Wisconsin Health and Educational Facilities Authority, (Aspirus, Inc. Obligated Group), 5.00%, 8/15/34 | 1,000 | 1,129,210 | |
$ 31,698,726 | |||
Housing — 3.4% | |||
Connecticut Housing Finance Authority, 1.85%, 11/15/31 | $ | 390 | $ 354,877 |
Connecticut Housing Finance Authority, Social Bonds, 1.63%, (SIFMA + 0.30%), 11/15/24 (Put Date), 11/15/50(2) | 2,500 | 2,484,700 | |
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22 | 2,205 | 2,210,975 | |
New York Housing Finance Agency, Sustainability Bonds, 1.10%, 5/1/26 | 625 | 594,450 | |
North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 1.45%, 1/1/46(1) | 3,400 | 3,400,000 | |
$ 9,045,002 | |||
Insured - Electric Utilities — 1.6% | |||
Lower Colorado River Authority, TX: | |||
(AGM), 5.00%, 5/15/27 | $ | 1,380 | $ 1,568,177 |
(AGM), 5.00%, 5/15/28 | 2,285 | 2,629,441 | |
$ 4,197,618 | |||
Insured - General Obligations — 0.6% | |||
Ludington Area School District, MI, (BAM), 5.00%, 11/1/28 | $ | 1,475 | $ 1,709,746 |
$ 1,709,746 | |||
Lease Revenue/Certificates of Participation — 8.7% | |||
California Public Works Board: | |||
5.00%, 8/1/29(3) | $ | 2,400 | $ 2,817,600 |
5.00%, 8/1/30(3) | 2,785 | 3,310,864 | |
5.00%, 8/1/31(3) | 2,560 | 3,076,352 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Colorado, (Rural Colorado), 5.00%, 12/15/25 | $ | 6,000 | $ 6,614,520 |
Malibu, CA: | |||
5.00%, 11/1/38 | 275 | 275,745 | |
5.00%, 11/1/43 | 225 | 225,610 | |
5.00%, 11/1/48 | 375 | 375,923 | |
Ohio, 5.00%, 2/1/27 | 1,325 | 1,503,477 | |
Palm Beach County School Board, FL, 5.00%, 8/1/31 | 5,000 | 5,363,800 | |
$ 23,563,891 | |||
Other Revenue — 6.7% | |||
Black Belt Energy Gas District, AL, (Liq: Royal Bank of Canada), 4.00% to 6/1/27 (Put Date), 7/1/52 | $ | 4,000 | $ 4,160,400 |
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 8/1/30 (Put Date), 8/1/52 | 3,000 | 3,047,640 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52(3) | 1,250 | 1,339,725 | |
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/35 | 5,000 | 5,906,300 | |
Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | 3,500 | 3,584,385 | |
$ 18,038,450 | |||
Special Tax Revenue — 5.1% | |||
District of Columbia, Income Tax Revenue, 5.00%, 10/1/22 | $ | 1,500 | $ 1,509,045 |
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/23 | 1,000 | 1,043,000 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
5.00%, 2/15/24 | 1,500 | 1,576,770 | |
5.00%, 2/15/25 | 50 | 54,101 | |
5.00%, 3/15/32 | 2,790 | 3,321,216 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28 | 5,770 | 6,295,474 | |
$ 13,799,606 | |||
Transportation — 4.2% | |||
Florida Department of Transportation, 5.00%, 7/1/30 | $ | 2,250 | $ 2,683,440 |
New Hampshire, Turnpike System Revenue, 5.00%, 8/1/29 | 3,130 | 3,693,024 | |
Triborough Bridge and Tunnel Authority, NY, 5.00%, 5/15/29(3) | 2,400 | 2,834,928 | |
Wisconsin, Transportation Revenue, 5.00%, 7/1/24 | 2,000 | 2,125,280 | |
$ 11,336,672 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer — 2.6% | |||
Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/35 | $ | 100 | $ 120,108 |
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25 | 350 | 377,003 | |
North Texas Municipal Water District, 5.00%, 9/1/24 | 1,120 | 1,178,318 | |
Raleigh, NC, Combined Enterprise System Revenue, 5.00%, 3/1/26 | 360 | 400,921 | |
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, 5.00%, 10/1/27 | 2,000 | 2,308,420 | |
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, Green Bonds, 2.125% to 10/1/23 (Put Date), 10/1/48 | 2,500 | 2,503,000 | |
$ 6,887,770 | |||
Total Tax-Exempt Municipal Obligations (identified cost $251,335,353) | $250,962,396 |
U.S. Treasury Obligations — 2.3% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes, 1.50%, 2/29/24 | $ | 6,300 | $ 6,159,972 |
Total U.S. Treasury Obligations (identified cost $6,161,203) | $ 6,159,972 |
Short-Term Investments — 14.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(5) | 39,292,077 | $ 39,292,077 | |
Total Short-Term Investments (identified cost $39,292,077) | $ 39,292,077 | ||
Total Investments — 109.8% (identified cost $296,788,633) | $296,414,445 | ||
Other Assets, Less Liabilities — (9.8)% | $ (26,577,342) | ||
Net Assets — 100.0% | $269,837,103 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2022. |
(2) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2022. |
(3) | When-issued/delayed delivery security. |
(4) | Multi-step coupon security. Interest rate represents the rate in effect at July 31, 2022. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
At July 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows: |
New York | 13.2% |
Texas | 11.0% |
Others, representing less than 10% individually | 68.8% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2022, 2.0% 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 0.6% to 1.4% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
BAM | – Build America Mutual Assurance Co. |
Liq | – Liquidity Provider |
LOC | – Letter of Credit |
PSF | – Permanent School Fund |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 95.4% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.2% | |||
Alaska Municipal Bond Bank Authority, 5.00%, 3/1/30 | $ | 1,145 | $ 1,224,234 |
$ 1,224,234 | |||
Education — 5.8% | |||
Bethlehem Area School District Authority, PA: | |||
1.375%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/30(1) | $ | 3,990 | $ 3,845,083 |
1.375%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1) | 1,000 | 963,470 | |
Connecticut Health and Educational Facilities Authority, (Westminster School), 4.00%, 7/1/38 | 2,050 | 2,114,760 | |
Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): | |||
4.00%, 4/1/40 | 2,010 | 2,022,904 | |
4.00%, 4/1/41 | 1,600 | 1,606,432 | |
Massachusetts Development Finance Agency, (Harvard University), Green Bonds, 5.00%, 11/15/32 | 4,375 | 5,459,212 | |
Miami University, OH, 5.00%, 9/1/33 | 775 | 914,973 | |
Nevada System of Higher Education, 5.00%, 7/1/23 | 500 | 514,925 | |
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), 5.00%, 10/1/32 | 1,530 | 1,770,332 | |
Ohio Higher Educational Facility Commission, (Kenyon College): | |||
5.00%, 7/1/36(2) | 1,600 | 1,739,376 | |
5.00%, 7/1/37(2) | 1,100 | 1,190,739 | |
South Dakota Health and Educational Facilities Authority, (Vocation Education Program), 5.00%, 8/1/27 | 1,200 | 1,305,804 | |
University of Hawaii, 3.00%, 10/1/31 | 2,065 | 2,120,094 | |
Virginia College Building Authority, (21st Century College and Equipment Programs), 4.00%, 2/1/34 | 6,030 | 6,328,003 | |
Virginia Commonwealth University, 4.00%, 11/1/32 | 1,285 | 1,381,915 | |
Zionsville Community Schools Building Corp., IN, 5.00%, 7/15/25 | 350 | 371,770 | |
$ 33,649,792 | |||
Electric Utilities — 5.8% | |||
Anaheim Housing and Public Improvements Authority, CA, Electric System Revenue, 5.00%, 10/1/29 | $ | 6,360 | $ 7,236,026 |
Energy Northwest, WA, 5.00%, 7/1/36 | 5,000 | 5,991,300 | |
Florida Municipal Power Agency, 3.00%, 10/1/32 | 1,750 | 1,752,538 | |
Garland, TX, Electric Utility System Revenue: | |||
4.00%, 3/1/32 | 1,015 | 1,098,332 | |
4.00%, 3/1/33 | 1,055 | 1,136,288 | |
4.00%, 3/1/34 | 375 | 402,124 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities (continued) | |||
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/42 | $ | 1,000 | $ 1,116,530 |
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/33 | 1,070 | 1,137,185 | |
North Carolina Municipal Power Agency Number 1, (Catawba), 5.00%, 1/1/23 | 1,485 | 1,506,636 | |
Seattle, WA, Municipal Light and Power Revenue, 1.58%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1) | 2,000 | 1,978,100 | |
Springfield Electric System Revenue, IL: | |||
5.00%, 3/1/27 | 3,000 | 3,210,720 | |
5.00%, 3/1/28 | 3,475 | 3,710,049 | |
5.00%, 3/1/29 | 3,325 | 3,541,291 | |
$ 33,817,119 | |||
Escrowed/Prerefunded — 4.1% | |||
Anchorage, AK, Prerefunded to 9/1/25, 5.00%, 9/1/28 | $ | 1,835 | $ 2,008,334 |
Hamilton County, OH, Sewer System, Prerefunded to 12/1/23, 5.00%, 12/1/24 | 1,000 | 1,044,620 | |
Homewood, AL, Prerefunded to 9/1/26, 5.00%, 9/1/32 | 370 | 416,483 | |
Illinois Finance Authority, (Northwestern Memorial HealthCare), Prerefunded to 8/15/22, 4.00%, 8/15/42 | 1,000 | 1,000,900 | |
Louisiana Transportation Authority: | |||
Prerefunded to 8/15/23, 5.00%, 8/15/30 | 1,885 | 1,951,503 | |
Prerefunded to 8/15/23, 5.00%, 8/15/31 | 1,230 | 1,273,394 | |
Prerefunded to 8/15/23, 5.00%, 8/15/32 | 1,090 | 1,128,455 | |
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, Prerefunded to 5/15/23, 5.00%, 5/15/33 | 2,000 | 2,054,380 | |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Prerefunded to 3/1/24, 5.00%, 9/1/24 | 520 | 547,160 | |
San Diego Community College District, CA, Prerefunded to 8/1/26, 4.00%, 8/1/32 | 5,000 | 5,430,650 | |
South Dakota Building Authority: | |||
Prerefunded to 6/1/24, 5.00%, 6/1/26 | 900 | 954,630 | |
Prerefunded to 6/1/24, 5.00%, 6/1/32 | 1,500 | 1,591,050 | |
Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31 | 1,735 | 1,797,130 | |
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32 | 2,885 | 2,888,751 | |
$ 24,087,440 | |||
General Obligations — 31.0% | |||
Adams 12 Five Star Schools, CO, 5.00%, 12/15/30 | $ | 5,000 | $ 5,580,650 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Arlington Independent School District, TX, (PSF Guaranteed): | |||
5.00%, 2/15/31 | $ | 1,000 | $ 1,201,150 |
5.00%, 2/15/33 | 750 | 890,063 | |
Auburn, AL, 5.00%, 8/1/36(2) | 775 | 903,232 | |
Austin Independent School District, TX, 4.00%, 8/1/33 | 3,660 | 3,993,536 | |
Baltimore County, MD, 5.00%, 3/1/30 | 5,000 | 6,022,050 | |
Batavia, IL, 4.00%, 11/1/24 | 755 | 759,741 | |
Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/31 | 930 | 1,024,655 | |
California: | |||
4.00%, 10/1/34 | 2,930 | 3,150,834 | |
4.00%, 8/1/36 | 1,965 | 2,042,755 | |
4.00%, 10/1/37 | 1,750 | 1,873,970 | |
Campbell, CA, (Election of 2018): | |||
5.00%, 9/1/40 | 300 | 345,288 | |
5.00%, 9/1/41 | 1,080 | 1,238,609 | |
Cape May County, NJ, 3.00%, 10/1/29 | 1,095 | 1,118,871 | |
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36 | 1,035 | 623,908 | |
Cleveland Municipal School District, OH, 5.00%, 12/1/32 | 3,105 | 3,166,262 | |
Connecticut, 3.00%, 1/15/32 | 2,850 | 2,855,700 | |
Crystal Lake, IL, 4.00%, 12/15/23 | 455 | 459,113 | |
Dallas County, TX, 5.00%, 8/15/29 | 5,200 | 5,791,032 | |
Decatur, IL, 5.00%, 3/1/23 | 1,030 | 1,046,789 | |
Delaware, 5.00%, 3/1/32 | 5,070 | 6,228,748 | |
El Monte Union High School District, CA, (Election of 2018), 4.00%, 6/1/33 | 250 | 266,063 | |
Fort Bend Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | 1,000 | 1,077,900 | |
Georgia: | |||
4.00%, 7/1/29 | 5,525 | 6,203,359 | |
4.00%, 8/1/35 | 500 | 543,560 | |
5.00%, 8/1/29 | 1,225 | 1,459,355 | |
5.00%, 7/1/30 | 6,000 | 7,257,120 | |
5.00%, 8/1/33 | 5,000 | 5,971,000 | |
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26 | 1,000 | 920,180 | |
Glendale Unified School District, CA, 0.00%, 9/1/30 | 5,280 | 4,022,515 | |
Godley Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/45 | 1,645 | 1,688,971 | |
4.00%, 2/15/52 | 2,000 | 2,037,320 | |
Greensboro, NC, 5.00%, 2/1/28 | 1,790 | 2,008,845 | |
Hutto Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/1/40 | 650 | 687,739 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Hutto Independent School District, TX, (PSF Guaranteed): (continued) | |||
4.00%, 8/1/41 | $ | 700 | $ 735,910 |
4.00%, 8/1/42 | 550 | 572,550 | |
5.00%, 8/1/31 | 330 | 395,868 | |
5.00%, 8/1/32 | 250 | 302,493 | |
5.00%, 8/1/33 | 290 | 347,962 | |
5.00%, 8/1/35 | 530 | 629,661 | |
5.00%, 8/1/36 | 365 | 431,492 | |
5.00%, 8/1/37 | 425 | 500,000 | |
5.00%, 8/1/38 | 455 | 534,307 | |
5.00%, 8/1/39 | 625 | 731,919 | |
Illinois, 5.00%, 3/1/26 | 6,500 | 7,040,215 | |
Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | 350 | 366,076 | |
La Grange Park District, IL, 5.00%, 12/1/22 | 440 | 445,038 | |
Laredo Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/42 | 545 | 559,508 | |
Long Beach Unified School District, CA, (Election of 2008): | |||
0.00%, 8/1/31 | 1,675 | 1,207,725 | |
0.00%, 8/1/32 | 1,225 | 844,809 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | 5,000 | 5,217,600 | |
Los Angeles Unified School District, CA, 4.00%, 7/1/38 | 6,550 | 6,776,302 | |
Louisville/Jefferson County Metropolitan Government, KY, 5.00%, 4/1/30 | 9,220 | 11,060,589 | |
Macomb County, MI, 4.00%, 5/1/24 | 1,000 | 1,039,420 | |
Madison County, TN, 5.00%, 5/1/23 | 1,115 | 1,143,566 | |
Mamaroneck Union Free School District, NY, 4.00%, 8/15/35 | 1,200 | 1,285,128 | |
Medina Valley Independent School District, TX, (PSF Gauranteed): | |||
4.00%, 2/15/38 | 480 | 504,907 | |
4.00%, 2/15/39 | 495 | 518,795 | |
4.00%, 2/15/42 | 310 | 321,904 | |
Morris Township, NJ, 3.00%, 11/1/29 | 60 | 61,559 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25 | 2,115 | 1,983,891 | |
Neshaminy School District, PA, 4.00%, 11/1/26 | 435 | 448,646 | |
New Hampshire, 4.00%, 12/1/32 | 2,035 | 2,222,830 | |
New York City, NY: | |||
5.00%, 8/1/29 | 5,000 | 5,899,400 | |
5.00%, 8/1/33 | 2,500 | 2,965,950 | |
Ohio, 5.00%, 5/1/35 | 200 | 238,458 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Prince George's County, MD, 5.00%, 7/1/34 | $ | 1,800 | $ 2,206,062 |
Richardson Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/31 | 1,650 | 1,824,784 | |
Rockwall Independent School District, TX, (PSF Guaranteed): | |||
5.00%, 2/15/39 | 1,000 | 1,157,280 | |
5.00%, 2/15/40 | 1,250 | 1,441,975 | |
San Dieguito Union High School District, CA, (Election of 2012), 4.00%, 8/1/42 | 8,075 | 8,322,337 | |
San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33 | 1,350 | 1,400,396 | |
San Juan Unified School District, CA, (Election of 2012), 4.00%, 8/1/31 | 3,250 | 3,438,435 | |
Shoreline, WA, 4.00%, 12/1/33 | 1,605 | 1,747,363 | |
Solana Beach School District, CA, (Election of 2016), 4.00%, 8/1/30 | 70 | 75,251 | |
South Suburban Park and Recreation District, CO, 5.00%, 12/15/29 | 1,120 | 1,331,098 | |
Texas Public Finance Authority, 4.00%, 2/1/34 | 2,460 | 2,546,444 | |
Township High School District No. 204, IL, 4.25%, 12/15/22 | 1,230 | 1,242,977 | |
Washington: | |||
4.00%, 7/1/27 | 2,500 | 2,753,325 | |
4.00%, 7/1/33 | 3,000 | 3,299,880 | |
Waukesha County, WI: | |||
4.00%, 4/1/29 | 1,350 | 1,503,252 | |
4.00%, 4/1/30 | 1,300 | 1,439,243 | |
Western School District, MI, 5.00%, 5/1/42 | 1,000 | 1,135,270 | |
Zeeland Public Schools, MI, 5.00%, 5/1/24 | 1,000 | 1,053,540 | |
$179,714,273 | |||
Hospital — 6.2% | |||
Arizona Health Facilities Authority, (Banner Health), 1.58%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1) | $ | 1,000 | $ 989,320 |
Carroll City-County Hospital Authority, GA, (Tanner Medical Center, Inc.), 5.00%, 7/1/34 | 2,560 | 2,691,815 | |
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), (SPA: JPMorgan Chase Bank N.A.), 1.87% to 8/5/22 (Put Date), 1/15/48(3) | 5,800 | 5,800,000 | |
Geisinger Authority, PA, (Geisinger Health System), 4.00%, 4/1/39 | 3,250 | 3,287,115 | |
Massachusetts Development Finance Agency, (Berkshire Health Systems): | |||
5.00%, 10/1/29 | 135 | 155,995 | |
5.00%, 10/1/30 | 475 | 554,111 | |
Michigan Finance Authority, (Trinity Health Credit Group), 4.00%, 12/1/36 | 6,000 | 6,085,440 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Monroeville Finance Authority, PA, (UPMC), 5.00%, 2/15/28 | $ | 1,600 | $ 1,808,080 |
Montgomery County, OH, (Kettering Health Network Obligated Group), 3.00%, 8/1/34 | 300 | 281,016 | |
Pennsylvania Economic Development Financing Authority, (UPMC), 5.00%, 2/15/38 | 2,000 | 2,258,420 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/34 | 1,360 | 1,405,329 | |
Pima County Industrial Development Authority, AZ, (Tucson Medical Center): | |||
4.00%, 4/1/35 | 700 | 713,580 | |
4.00%, 4/1/36 | 845 | 859,314 | |
4.00%, 4/1/37 | 775 | 785,230 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | 1,100 | 1,115,070 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 600 | 632,694 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Methodist Hospitals of Dallas), (LOC: TD Bank, N.A.), 1.88%, 10/1/41(3) | 4,500 | 4,500,000 | |
University of North Carolina Hospitals at Chapel Hill, 5.00%, 2/1/33 | 990 | 1,106,216 | |
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/22 | 1,000 | 1,000,000 | |
$ 36,028,745 | |||
Housing — 1.9% | |||
Connecticut Housing Finance Authority, Social Bonds, 1.63%, (SIFMA + 0.30%), 11/15/24 (Put Date), 11/15/50(1) | $ | 2,000 | $ 1,987,760 |
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49 | 1,800 | 1,799,064 | |
New York Mortgage Agency: | |||
2.05%, 4/1/28 | 1,000 | 961,420 | |
2.15%, 4/1/29 | 1,390 | 1,327,117 | |
2.25%, 4/1/30 | 1,000 | 949,680 | |
2.35%, 4/1/31 | 1,835 | 1,728,221 | |
2.40%, 10/1/31 | 1,130 | 1,062,234 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 1,000 | 959,400 | |
$ 10,774,896 | |||
Industrial Development Revenue — 0.4% | |||
Loudoun County Economic Development Authority, VA, (Loudoun County Public Facilities), 5.00%, 12/1/35 | $ | 2,105 | $ 2,511,854 |
$ 2,511,854 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations — 1.6% | |||
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33 | $ | 3,535 | $ 2,165,576 |
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/29 | 5,000 | 4,217,450 | |
Yonkers, NY: | |||
(BAM), 4.00%, 5/1/34 | 695 | 741,454 | |
(BAM), 4.00%, 5/1/34 | 1,755 | 1,878,219 | |
$ 9,002,699 | |||
Insured - Lease Revenue/Certificates of Participation — 0.3% | |||
Ontario Public Financing Authority, CA, (Civic Center Improvements): | |||
(AGM), 5.00%, 11/1/23 | $ | 135 | $ 140,582 |
(AGM), 5.00%, 11/1/38 | 500 | 580,360 | |
(AGM), 5.00%, 11/1/39 | 675 | 781,299 | |
$ 1,502,241 | |||
Insured - Transportation — 0.9% | |||
Metropolitan Transportation Authority, NY, (AGM), 1.825%, (67% of SOFR + 0.80%), 4/1/26 (Put Date), 11/1/32(1) | $ | 5,500 | $ 5,335,825 |
$ 5,335,825 | |||
Insured - Water and Sewer — 1.4% | |||
Jefferson Parish Consolidated Waterworks District No. 2, LA, (BAM), 4.00%, 2/1/40 | $ | 5,000 | $ 5,153,700 |
Pittsburgh Water and Sewer Authority, PA, (AGM), 1.98%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(1) | 3,000 | 3,001,620 | |
$ 8,155,320 | |||
Lease Revenue/Certificates of Participation — 4.3% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/24 | $ | 130 | $ 136,113 |
4.00%, 12/1/28 | 225 | 245,725 | |
Colorado, Certificates of Participation, 4.00%, 12/15/36 | 5,500 | 5,702,895 | |
Duchesne School District Municipal Building Authority, UT: | |||
5.00%, 6/1/39 | 1,000 | 1,071,170 | |
5.00%, 6/1/40 | 1,695 | 1,811,921 | |
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities): | |||
5.00%, 3/1/30 | 475 | 559,692 | |
5.00%, 3/1/31 | 500 | 595,780 | |
5.00%, 3/1/32 | 750 | 888,577 | |
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26 | 1,410 | 1,540,651 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Orange County School Board, FL, 5.00%, 8/1/26 | $ | 4,300 | $ 4,803,874 |
Ottawa County Building Authority, MI, 4.00%, 5/1/39 | 1,295 | 1,348,458 | |
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/36 | 1,295 | 1,463,609 | |
Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/33 | 735 | 740,402 | |
South San Francisco Public Facilities Financing Authority, CA, (Orange Memorial Park): | |||
4.00%, 6/1/42 | 1,000 | 1,031,150 | |
5.00%, 6/1/40 | 500 | 563,310 | |
5.25%, 6/1/46 | 1,125 | 1,279,316 | |
St. Louis County Special School District, MO, 4.00%, 4/1/29 | 525 | 577,185 | |
Virginia Public Building Authority, 4.00%, 8/1/35 | 800 | 856,016 | |
$ 25,215,844 | |||
Other Revenue — 12.0% | |||
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 1.68%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(1) | $ | 2,500 | $ 2,471,825 |
Fort Myers, FL, Capital Improvement Revenue: | |||
5.00%, 12/1/31 | 965 | 1,056,579 | |
5.00%, 12/1/35 | 380 | 415,036 | |
5.00%, 12/1/36 | 450 | 491,031 | |
Kentucky Public Energy Authority, Gas Supply Revenue: | |||
4.00% to 2/1/28 (Put Date), 2/1/50 | 14,000 | 14,345,100 | |
4.00% to 6/1/25 (Put Date), 12/1/49 | 5,000 | 5,139,350 | |
4.00% to 8/1/30 (Put Date), 8/1/52 | 3,000 | 3,047,640 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33 | 2,425 | 2,749,974 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52(2) | 1,500 | 1,607,670 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
5.00%, 3/15/35 | 5,000 | 5,906,300 | |
5.00%, 3/15/36 | 5,000 | 5,877,100 | |
5.00%, 2/15/41 | 3,525 | 3,935,804 | |
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32 | 4,585 | 4,753,315 | |
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), (Liq: Royal Bank of Canada), 4.00% to 2/1/24 (Put Date), 10/1/48 | 10,000 | 10,234,500 | |
PEFA, Inc., IA, Gas Project Revenue, 5.00% to 9/1/26 (Put Date), 9/1/49 | 7,160 | 7,565,113 | |
$ 69,596,337 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care — 0.2% | |||
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | $ | 1,000 | $ 1,085,650 |
$ 1,085,650 | |||
Special Tax Revenue — 4.4% | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/38 | $ | 1,500 | $ 1,550,100 |
4.00%, 11/1/38 | 250 | 257,093 | |
5.00%, 11/1/31 | 3,220 | 3,243,184 | |
5.00%, 11/1/31 | 1,000 | 1,205,800 | |
5.00%, 11/1/34 | 5,000 | 5,913,800 | |
5.00%, 8/1/36(2) | 3,705 | 4,362,341 | |
5.00%, 2/1/42 | 1,400 | 1,585,318 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/36 | 4,000 | 4,178,440 | |
5.00%, 3/15/33 | 3,000 | 3,510,180 | |
$ 25,806,256 | |||
Transportation — 10.1% | |||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 1.78%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(1) | $ | 2,000 | $ 1,960,680 |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/33 | 1,000 | 1,055,970 | |
5.00%, 1/1/34 | 1,000 | 1,054,380 | |
5.25%, 1/1/33 | 3,750 | 4,136,737 | |
5.25%, 1/1/34 | 3,750 | 4,125,900 | |
5.25%, 1/1/37 | 1,500 | 1,641,180 | |
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/32 | 3,825 | 3,954,170 | |
El Paso, TX, (El Paso International Airport): | |||
5.00%, 8/15/22 | 655 | 655,845 | |
5.00%, 8/15/33 | 955 | 1,098,785 | |
Florida Department of Transportation, 5.00%, 7/1/28 | 2,455 | 2,745,255 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | 1,000 | 1,088,490 | |
Illinois Toll Highway Authority, 5.00%, 1/1/33 | 100 | 108,225 | |
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/33 | 475 | 569,763 | |
Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/32 | 5,000 | 5,118,000 | |
New Hampshire, Turnpike System Revenue, 5.00%, 8/1/30 | 3,445 | 4,121,391 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Salt Lake City, UT, (Salt Lake City International Airport): | |||
5.00%, 7/1/35 | $ | 1,685 | $ 1,877,494 |
5.00%, 7/1/36 | 1,615 | 1,796,542 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), 5.00%, 5/1/34 | 2,800 | 3,245,032 | |
Triborough Bridge and Tunnel Authority, NY: | |||
1.405%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(1) | 2,970 | 2,911,907 | |
5.00%, 5/15/29(2) | 10,000 | 11,812,200 | |
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34 | 3,000 | 3,342,960 | |
$ 58,420,906 | |||
Water and Sewer — 4.8% | |||
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 1.44%, 11/1/28(4) | $ | 4,000 | $ 4,000,000 |
East Bay Municipal Utility District, CA, Wastewater System Revenue, Green Bond, 5.00%, 6/1/45 | 1,200 | 1,400,520 | |
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/30 | 3,870 | 4,207,503 | |
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/30 | 600 | 685,704 | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
4.00%, 6/15/36 | 6,000 | 6,183,420 | |
4.00%, 6/15/39 | 5,895 | 5,998,162 | |
Series EE, 5.00%, 6/15/35 | 1,155 | 1,185,030 | |
Salt Lake City, UT, Public Utilities Revenue, 5.00%, 2/1/36 | 2,000 | 2,384,340 | |
Springdale, AR, Water and Sewer Revenue: | |||
4.00%, 9/1/28 | 750 | 812,813 | |
4.00%, 9/1/30 | 835 | 893,876 | |
$ 27,751,368 | |||
Total Tax-Exempt Municipal Obligations (identified cost $553,256,383) | $553,680,799 |
Short-Term Investments — 8.6% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(5) | 49,867,984 | $ 49,867,984 | |
Total Short-Term Investments (identified cost $49,867,984) | $ 49,867,984 | ||
Total Investments — 104.0% (identified cost $603,124,367) | $603,548,783 | ||
Other Assets, Less Liabilities — (4.0)% | $ (23,129,962) | ||
Net Assets — 100.0% | $580,418,821 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2022. |
(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 July 31, 2022. |
(4) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2022. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
At July 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows: |
New York | 17.3% |
California | 14.2% |
Others, representing less than 10% individually | 63.9% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2022, 4.0% 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 2.0% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
BAM | – Build America Mutual Assurance Co. |
Liq | – Liquidity Provider |
LOC | – Letter of Credit |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
July 31, 2022 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Assets | ||
Unaffiliated investments, at value (identified cost $257,496,556 and 553,256,383, respectively) | $ 257,122,368 | $ 553,680,799 |
Affiliated investment, at value (identified cost $39,292,077 and 49,867,984, respectively) | 39,292,077 | 49,867,984 |
Interest receivable | 2,168,039 | 5,535,480 |
Dividends receivable from affiliated investment | 51,257 | 61,259 |
Receivable for investments sold | 5,000,000 | 228,418 |
Receivable for Fund shares sold | 222,940 | 817,056 |
Receivable from affiliates | — | 145,469 |
Total assets | $303,856,681 | $610,336,465 |
Liabilities | ||
Payable for investments purchased | $ 9,305,886 | $ — |
Payable for when-issued securities | 18,611,066 | 21,068,731 |
Payable for Fund shares redeemed | 5,812,680 | 1,959,284 |
Distributions payable | 90,254 | 573,884 |
Due to custodian | — | 5,792,454 |
Payable to affiliates: | ||
Investment adviser and administration fee | 73,312 | 231,121 |
Distribution and service fees | 25,092 | 16,677 |
Accrued expenses | 101,288 | 275,493 |
Total liabilities | $ 34,019,578 | $ 29,917,644 |
Net Assets | $269,837,103 | $580,418,821 |
Sources of Net Assets | ||
Paid-in capital | $ 277,954,713 | $ 600,851,485 |
Accumulated loss | (8,117,610) | (20,432,664) |
Net Assets | $269,837,103 | $580,418,821 |
Class A Shares | ||
Net Assets | $ 98,423,677 | $ 52,859,320 |
Shares Outstanding | 9,690,372 | 4,423,690 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.16 | $ 11.95 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 10.50 | $ 12.35 |
Class C Shares | ||
Net Assets | $ 3,688,508 | $ 6,312,862 |
Shares Outstanding | 365,000 | 528,590 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 10.11 | $ 11.94 |
Class I Shares | ||
Net Assets | $ 167,724,918 | $ 521,246,639 |
Shares Outstanding | 16,507,681 | 43,578,609 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.16 | $ 11.96 |
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. |
Six Months Ended July 31, 2022 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Investment Income | ||
Dividend income from affiliated investment | $ 80,237 | $ 108,439 |
Interest income | 2,372,016 | 6,992,042 |
Total investment income | $ 2,452,253 | $ 7,100,481 |
Expenses | ||
Investment adviser and administration fee | $ 629,442 | $ 1,784,807 |
Distribution and service fees: | ||
Class A | 135,337 | 69,178 |
Class C | 20,207 | 34,966 |
Trustees’ fees and expenses | 10,422 | 21,144 |
Custodian fee | 36,714 | 74,202 |
Transfer and dividend disbursing agent fees | 43,162 | 419,590 |
Legal and accounting services | 29,252 | 30,538 |
Printing and postage | 6,458 | 33,670 |
Registration fees | 33,872 | 50,246 |
Miscellaneous | 9,083 | 13,496 |
Total expenses | $ 953,949 | $ 2,531,837 |
Deduct: | ||
Waiver and/or reimbursement of expenses by affiliates | $ 8,180 | $ 477,398 |
Total expense reductions | $ 8,180 | $ 477,398 |
Net expenses | $ 945,769 | $ 2,054,439 |
Net investment income | $ 1,506,484 | $ 5,046,042 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment transactions | $ (7,891,206) | $ (21,157,931) |
Net realized loss | $(7,891,206) | $(21,157,931) |
Change in unrealized appreciation (depreciation): | ||
Investments | $ (1,324,817) | $ (9,342,280) |
Net change in unrealized appreciation (depreciation) | $(1,324,817) | $ (9,342,280) |
Net realized and unrealized loss | $(9,216,023) | $(30,500,211) |
Net decrease in net assets from operations | $(7,709,539) | $(25,454,169) |
Six Months Ended July 31, 2022 (Unaudited) | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,506,484 | $ 5,046,042 |
Net realized loss | (7,891,206) | (21,157,931) |
Net change in unrealized appreciation (depreciation) | (1,324,817) | (9,342,280) |
Net decrease in net assets from operations | $ (7,709,539) | $ (25,454,169) |
Distributions to shareholders: | ||
Class A | $ (489,001) | $ (397,715) |
Class C | — | (23,798) |
Class I | (1,023,168) | (4,610,740) |
Total distributions to shareholders | $ (1,512,169) | $ (5,032,253) |
Transactions in shares of beneficial interest: | ||
Class A | $ (17,583,896) | $ (5,972,710) |
Class C | (783,474) | (1,695,916) |
Class I | (34,383,888) | (70,511,792) |
Net decrease in net assets from Fund share transactions | $ (52,751,258) | $ (78,180,418) |
Net decrease in net assets | $ (61,972,966) | $(108,666,840) |
Net Assets | ||
At beginning of period | $ 331,810,069 | $ 689,085,661 |
At end of period | $269,837,103 | $ 580,418,821 |
Year Ended January 31, 2022 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 2,681,286 | $ 8,755,400 |
Net realized gain | 772,723 | 436,464 |
Net change in unrealized appreciation (depreciation) | (11,253,128) | (29,594,234) |
Net decrease in net assets from operations | $ (7,799,119) | $ (20,402,370) |
Distributions to shareholders: | ||
Class A | $ (1,469,566) | $ (925,027) |
Class C | (30,531) | (62,438) |
Class I | (3,179,062) | (10,113,572) |
Total distributions to shareholders | $ (4,679,159) | $ (11,101,037) |
Transactions in shares of beneficial interest: | ||
Class A | $ (11,725,431) | $ (2,977,634) |
Class C | (2,666,827) | (2,436,425) |
Class I | (37,797,402) | 110,138,775 |
Net increase (decrease) in net assets from Fund share transactions | $ (52,189,660) | $104,724,716 |
Net increase (decrease) in net assets | $ (64,667,938) | $ 73,221,309 |
Net Assets | ||
At beginning of year | $ 396,478,007 | $ 615,864,352 |
At end of year | $331,810,069 | $689,085,661 |
Short-Term Municipal Bond Fund — Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 | $ 10.300 | $ 10.370 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.046 | $ 0.059 | $ 0.077(1) | $ 0.160(1) | $ 0.154(1) | $ 0.149 |
Net realized and unrealized gain (loss) | (0.290) | (0.316) | 0.401 | 0.308 | 0.049 | (0.074) |
Total income (loss) from operations | $ (0.244) | $ (0.257) | $ 0.478 | $ 0.468 | $ 0.203 | $ 0.075 |
Less Distributions | ||||||
From net investment income | $ (0.046) | $ (0.057) | $ (0.078) | $ (0.158) | $ (0.153) | $ (0.145) |
From net realized gain | — | (0.066) | (0.230) | — | — | — |
Total distributions | $ (0.046) | $ (0.123) | $ (0.308) | $ (0.158) | $ (0.153) | $ (0.145) |
Net asset value — End of period | $10.160 | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 | $ 10.300 |
Total Return(2) | (2.34)% (3) | (2.39)% | 4.51% | 4.56% | 2.00% | 0.71% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 98,424 | $119,419 | $135,622 | $109,210 | $113,654 | $149,651 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.80% (4)(5) | 0.80% | 0.82% | 0.88% | 0.91% | 0.90% |
Net investment income | 0.90% (4) | 0.59% | 0.71% | 1.52% | 1.50% | 1.39% |
Portfolio Turnover | 50% (3) | 96% | 176% | 51% | 67% | 54% |
(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) | Not annualized. |
(4) | Annualized. |
(5) | The investment adviser reduced a portion of its adviser and administration fee (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
Short-Term Municipal Bond Fund — Class C | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 10.390 | $ 10.790 | $ 10.640 | $ 10.320 | $ 10.270 | $ 10.340 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.007 | $ (0.017) | $ 0.005 | $ 0.082 | $ 0.077 | $ 0.067 |
Net realized and unrealized gain (loss) | (0.287) | (0.317) | 0.387 | 0.317 | 0.049 | (0.071) |
Total income (loss) from operations | $ (0.280) | $ (0.334) | $ 0.392 | $ 0.399 | $ 0.126 | $ (0.004) |
Less Distributions | ||||||
From net investment income | $ — | $ — | $ (0.012) | $ (0.079) | $ (0.076) | $ (0.066) |
From net realized gain | — | (0.066) | (0.230) | — | — | — |
Total distributions | $ — | $ (0.066) | $ (0.242) | $ (0.079) | $ (0.076) | $ (0.066) |
Net asset value — End of period | $10.110 | $10.390 | $10.790 | $10.640 | $10.320 | $10.270 |
Total Return(2) | (2.69)% (3) | (3.11)% | 3.70% | 3.88% | 1.24% | (0.04)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 3,689 | $ 4,603 | $ 7,473 | $ 24,622 | $ 35,832 | $ 52,079 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.55% (4)(5) | 1.55% | 1.57% | 1.63% | 1.66% | 1.65% |
Net investment income (loss) | 0.14% (4) | (0.16)% | 0.05% | 0.78% | 0.75% | 0.64% |
Portfolio Turnover | 50% (3) | 96% | 176% | 51% | 67% | 54% |
(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) | Not annualized. |
(4) | Annualized. |
(5) | The investment adviser reduced a portion of its adviser and administration fee (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
Short-Term Municipal Bond Fund — Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 | $ 10.300 | $ 10.370 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.058 | $ 0.086 | $ 0.105 | $ 0.186 | $ 0.181 | $ 0.172 |
Net realized and unrealized gain (loss) | (0.290) | (0.316) | 0.400 | 0.308 | 0.048 | (0.071) |
Total income (loss) from operations | $ (0.232) | $ (0.230) | $ 0.505 | $ 0.494 | $ 0.229 | $ 0.101 |
Less Distributions | ||||||
From net investment income | $ (0.058) | $ (0.084) | $ (0.105) | $ (0.184) | $ (0.179) | $ (0.171) |
From net realized gain | — | (0.066) | (0.230) | — | — | — |
Total distributions | $ (0.058) | $ (0.150) | $ (0.335) | $ (0.184) | $ (0.179) | $ (0.171) |
Net asset value — End of period | $ 10.160 | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 | $ 10.300 |
Total Return(1) | (2.21)% (2) | (2.14)% | 4.77% | 4.82% | 2.25% | 0.96% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $167,725 | $207,787 | $253,382 | $157,176 | $164,679 | $179,156 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.55% (3)(4) | 0.55% | 0.57% | 0.63% | 0.66% | 0.65% |
Net investment income | 1.15% (3) | 0.84% | 0.92% | 1.77% | 1.75% | 1.64% |
Portfolio Turnover | 50% (2) | 96% | 176% | 51% | 67% | 54% |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | The investment adviser reduced a portion of its adviser and administration fee (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
Intermediate-Term Municipal Bond Fund — Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.490 | $ 13.070 | $ 12.810 | $ 12.210 | $ 12.160 | $ 12.070 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.086 | $ 0.135 | $ 0.184 | $ 0.228 | $ 0.235 | $ 0.227 |
Net realized and unrealized gain (loss) | (0.540) | (0.532) | 0.385 | 0.637 | 0.050 | 0.090 |
Total income (loss) from operations | $ (0.454) | $ (0.397) | $ 0.569 | $ 0.865 | $ 0.285 | $ 0.317 |
Less Distributions | ||||||
From net investment income | $ (0.086) | $ (0.135) | $ (0.184) | $ (0.228) | $ (0.235) | $ (0.227) |
From net realized gain | — | (0.048) | (0.125) | (0.037) | — | — |
Total distributions | $ (0.086) | $ (0.183) | $ (0.309) | $ (0.265) | $ (0.235) | $ (0.227) |
Net asset value — End of period | $11.950 | $12.490 | $13.070 | $12.810 | $12.210 | $12.160 |
Total Return(1)(2) | (3.63)% (3) | (3.08)% | 4.49% | 7.15% | 2.38% | 2.62% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 52,859 | $ 61,492 | $ 67,422 | $ 50,697 | $ 42,715 | $ 48,494 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 0.89% (4)(5) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 1.44% (5) | 1.09% | 1.41% | 1.81% | 1.95% | 1.85% |
Portfolio Turnover | 81% (3) | 61% | 104% | 74% | 86% | 62% |
(1) | 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. |
(2) | The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.12%, 0.09%, 0.08%, 0.08% and 0.07% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(5) | Annualized. |
Intermediate-Term Municipal Bond Fund — Class C | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.480 | $ 13.070 | $ 12.810 | $ 12.210 | $ 12.160 | $ 12.060 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.041 | $ 0.044(1) | $ 0.092(1) | $ 0.133 | $ 0.143 | $ 0.134 |
Net realized and unrealized gain (loss) | (0.540) | (0.548) | 0.379 | 0.638 | 0.051 | 0.101 |
Total income (loss) from operations | $ (0.499) | $ (0.504) | $ 0.471 | $ 0.771 | $ 0.194 | $ 0.235 |
Less Distributions | ||||||
From net investment income | $ (0.041) | $ (0.038) | $ (0.086) | $ (0.134) | $ (0.144) | $ (0.135) |
From net realized gain | — | (0.048) | (0.125) | (0.037) | — | — |
Total distributions | $ (0.041) | $ (0.086) | $ (0.211) | $ (0.171) | $ (0.144) | $ (0.135) |
Net asset value — End of period | $11.940 | $12.480 | $13.070 | $12.810 | $12.210 | $12.160 |
Total Return(2)(3) | (3.99)% (4) | (3.88)% | 3.70% | 6.35% | 1.61% | 1.94% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 6,313 | $ 8,362 | $ 11,226 | $ 22,557 | $ 24,456 | $ 29,221 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 1.64% (5)(6) | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
Net investment income | 0.69% (6) | 0.34% | 0.72% | 1.08% | 1.20% | 1.10% |
Portfolio Turnover | 81% (4) | 61% | 104% | 74% | 86% | 62% |
(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) | The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.12%, 0.09%, 0.08%, 0.08% and 0.07% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(6) | Annualized. |
Intermediate-Term Municipal Bond Fund — Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.500 | $ 13.090 | $ 12.820 | $ 12.220 | $ 12.180 | $ 12.080 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.101 | $ 0.167 | $ 0.216 | $ 0.260 | $ 0.265 | $ 0.258 |
Net realized and unrealized gain (loss) | (0.540) | (0.542) | 0.395 | 0.636 | 0.040 | 0.100 |
Total income (loss) from operations | $ (0.439) | $ (0.375) | $ 0.611 | $ 0.896 | $ 0.305 | $ 0.358 |
Less Distributions | ||||||
From net investment income | $ (0.101) | $ (0.167) | $ (0.216) | $ (0.259) | $ (0.265) | $ (0.258) |
From net realized gain | — | (0.048) | (0.125) | (0.037) | — | — |
Total distributions | $ (0.101) | $ (0.215) | $ (0.341) | $ (0.296) | $ (0.265) | $ (0.258) |
Net asset value — End of period | $ 11.960 | $ 12.500 | $ 13.090 | $ 12.820 | $ 12.220 | $ 12.180 |
Total Return(1)(2) | (3.51)% (3) | (2.90)% | 4.82% | 7.41% | 2.63% | 2.87% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $521,247 | $619,232 | $537,216 | $404,214 | $396,647 | $413,436 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 0.64% (4)(5) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.69% (5) | 1.34% | 1.66% | 2.07% | 2.19% | 2.10% |
Portfolio Turnover | 81% (3) | 61% | 104% | 74% | 86% | 62% |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.12%, 0.09%, 0.08%, 0.08% and 0.07% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(5) | Annualized. |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Aggregate cost | $296,725,583 | $603,106,488 |
Gross unrealized appreciation | $ 3,319,379 | $ 9,930,120 |
Gross unrealized depreciation | (3,630,517) | (9,487,825) |
Net unrealized appreciation (depreciation) | $ (311,138) | $ 442,295 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | ||||
Annual Fee Rate | Annual Fee Rate | ||||
Average Daily Net Assets | As of July 1, 2022* | Prior to July 1, 2022 | As of July 1, 2022* | Prior to July 1, 2022 | |
Up to $500 million | 0.3500% | 0.4500% | 0.5000% | 0.6000% | |
$500 million but less than $1 billion | 0.3500% | 0.4400% | 0.5000% | 0.6000% | |
$1 billion but less than $2 billion | 0.3375% | 0.4300% | 0.4750% | 0.5750% | |
$2 billion but less than $5 billion | 0.3250% | 0.4100% | 0.4550% | 0.5500% | |
$5 billion and over | 0.3175% | 0.4000% | 0.4400% | 0.5300% |
* | Reflects a fee reduction pursuant to an amendment to each Fund's investment advisory and administrative agreement effective July 1, 2022. |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Investment Adviser and Administration Fee | $629,442 | $1,784,807 |
Effective Annual Rate | 0.43% | 0.58% |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
EVM's Sub-Transfer Agent Fees | $2,473 | $2,221 |
EVD's Class A Sales Charges | $ 262 | $ 403 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ — | $1,500 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class A Distribution and Service Fees | $135,337 | $69,178 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class C Distribution Fees | $15,155 | $26,225 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class C Service Fees | $5,052 | $8,741 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class A | $5,000 | $ 300 |
Class C | $ — | $2,000 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Purchases | ||
Investments (non-U.S. Government) | $ 134,148,516 | $ 484,787,776 |
U.S. Government and Agency Securities | 6,161,203 | — |
Total Purchases | $140,309,719 | $484,787,776 |
Sales | ||
Investments (non-U.S. Government) | $ 150,716,318 | $ 464,629,733 |
U.S. Government and Agency Securities | 42,545,881 | 102,142,964 |
Total Sales | $193,262,199 | $566,772,697 |
Short-Term Municipal Bond Fund | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 227,277 | $ 2,302,396 | 1,192,418 | $ 12,793,020 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 40,835 | 413,060 | 116,663 | 1,246,260 | ||
Redemptions | (2,019,429) | (20,437,492) | (2,532,674) | (27,132,468) | ||
Converted from Class C shares | 13,731 | 138,140 | 127,144 | 1,367,757 | ||
Net decrease | (1,737,586) | $(17,583,896) | (1,096,449) | $ (11,725,431) |
Short-Term Municipal Bond Fund (continued) | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class C | ||||||
Sales | 27,974 | $ 278,235 | 50,891 | $ 544,607 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 2,109 | 22,375 | ||
Redemptions | (92,274) | (923,569) | (174,871) | (1,866,052) | ||
Converted to Class A shares | (13,811) | (138,140) | (127,673) | (1,367,757) | ||
Net decrease | (78,111) | $ (783,474) | (249,544) | $ (2,666,827) | ||
Class I | ||||||
Sales | 3,018,577 | $ 30,437,389 | 6,930,959 | $ 74,416,982 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 67,746 | 685,775 | 201,729 | 2,157,637 | ||
Redemptions | (6,455,917) | (65,507,052) | (10,646,030) | (114,372,021) | ||
Net decrease | (3,369,594) | $(34,383,888) | (3,513,342) | $ (37,797,402) |
Intermediate-Term Municipal Bond Fund | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 510,004 | $ 6,077,746 | 1,201,456 | $ 15,541,810 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 16,942 | 202,238 | 36,308 | 467,442 | ||
Redemptions | (1,049,215) | (12,519,270) | (1,501,941) | (19,390,738) | ||
Converted from Class C shares | 22,239 | 266,576 | 31,216 | 403,852 | ||
Net decrease | (500,030) | $ (5,972,710) | (232,961) | $ (2,977,634) | ||
Class C | ||||||
Sales | 24,372 | $ 289,234 | 80,394 | $ 1,040,821 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 911 | 10,856 | 2,128 | 27,373 | ||
Redemptions | (144,351) | (1,729,430) | (240,442) | (3,100,767) | ||
Converted to Class A shares | (22,245) | (266,576) | (31,222) | (403,852) | ||
Net decrease | (141,313) | $ (1,695,916) | (189,142) | $ (2,436,425) |
Intermediate-Term Municipal Bond Fund (continued) | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class I | ||||||
Sales | 11,032,774 | $ 131,596,017 | 20,658,776 | $ 267,233,472 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 158,666 | 1,895,688 | 325,454 | 4,193,986 | ||
Redemptions | (17,146,892) | (204,003,497) | (12,498,276) | (161,288,683) | ||
Net increase (decrease) | (5,955,452) | $ (70,511,792) | 8,485,954 | $ 110,138,775 |
Short-Term Municipal Bond Fund | ||||||||
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $ — | $67,561,130 | $(28,269,053) | $ — | $ — | $39,292,077 | $80,237 | 39,292,077 |
Intermediate-Term Municipal Bond Fund | ||||||||
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $ — | $119,575,126 | $(69,707,142) | $ — | $ — | $49,867,984 | $108,439 | 49,867,984 |
• | 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) |
Short-Term Municipal Bond Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 250,962,396 | $ — | $ 250,962,396 |
U.S. Treasury Obligations | — | 6,159,972 | — | 6,159,972 |
Short-Term Investments | 39,292,077 | — | — | 39,292,077 |
Total Investments | $39,292,077 | $257,122,368 | $ — | $296,414,445 |
Intermediate-Term Municipal Bond Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 553,680,799 | $ — | $ 553,680,799 |
Short-Term Investments | 49,867,984 | — | — | 49,867,984 |
Total Investments | $49,867,984 | $553,680,799 | $ — | $603,548,783 |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President, Secretary and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 02/01/2010 | 02/01/2010 | (4.16)% | (7.63)% | 1.31% | 2.81% |
Class A with 3.25% Maximum Sales Charge | — | — | (7.29) | (10.66) | 0.64 | 2.46 |
Class C at NAV | 02/01/2010 | 02/01/2010 | (4.44) | (8.32) | 0.55 | 2.19 |
Class C with 1% Maximum Sales Charge | — | — | (5.39) | (9.23) | 0.55 | 2.19 |
Class I at NAV | 02/01/2010 | 02/01/2010 | (4.04) | (7.41) | 1.56 | 3.06 |
Bloomberg 10 Year Municipal Bond Index | — | — | (2.76)% | (6.09)% | 2.05% | 2.66% |
Bloomberg 15 Year Municipal Bond Index | — | — | (4.84) | (8.19) | 2.36 | 3.06 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 0.66% | 1.41% | 0.41% |
Net | 0.65 | 1.40 | 0.40 |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 1.79% | 1.05% | 2.04% |
SEC 30-day Yield – Subsidized | 2.02 | 1.36 | 2.34 |
SEC 30-day Yield – Unsubsidized | 1.99 | 1.32 | 2.30 |
Credit Quality (% of total investments)* |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
1 | Bloomberg 10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 8-12 years. Bloomberg 15 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 12-17 years. 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 charges 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 April 15, 2015, the Fund changed its investment objective and investment strategy. Performance prior to April 15, 2015 reflects the Fund’s performance under its former investment objective and policies.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. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
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. 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. Subsidized yield reflects the effect of fee waivers and expense reimbursements. |
Fund profile subject to change due to active management. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 958.40 | $3.16** | 0.65% |
Class C | $1,000.00 | $ 955.60 | $6.79** | 1.40% |
Class I | $1,000.00 | $ 959.60 | $1.94** | 0.40% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.57 | $3.26** | 0.65% |
Class C | $1,000.00 | $1,017.85 | $7.00** | 1.40% |
Class I | $1,000.00 | $1,022.81 | $2.01** | 0.40% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. The Example reflects the expenses of both the Fund and the Portfolio. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
July 31, 2022 | |
Assets | |
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost $697,925,427) | $ 690,731,048 |
Receivable for Fund shares sold | 1,321,254 |
Receivable from affiliates | 24,517 |
Total assets | $692,076,819 |
Liabilities | |
Payable for Fund shares redeemed | $ 1,687,075 |
Distributions payable | 221,561 |
Payable to affiliates: | |
Distribution and service fees | 35,276 |
Accrued expenses | 150,461 |
Total liabilities | $ 2,094,373 |
Net Assets | $689,982,446 |
Sources of Net Assets | |
Paid-in capital | $ 725,663,186 |
Accumulated loss | (35,680,740) |
Net Assets | $689,982,446 |
Class A Shares | |
Net Assets | $ 69,090,349 |
Shares Outstanding | 5,723,550 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.07 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 12.48 |
Class C Shares | |
Net Assets | $ 24,087,366 |
Shares Outstanding | 1,996,207 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 12.07 |
Class I Shares | |
Net Assets | $ 596,804,731 |
Shares Outstanding | 49,473,678 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.06 |
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. |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Dividend income allocated from Portfolio | $ 64,271 |
Interest income allocated from Portfolio | 9,140,719 |
Expenses allocated from Portfolio | (1,371,269) |
Total investment income from Portfolio | $ 7,833,721 |
Expenses | |
Distribution and service fees: | |
Class A | $ 92,104 |
Class C | 132,983 |
Trustees’ fees and expenses | 250 |
Custodian fee | 25,977 |
Transfer and dividend disbursing agent fees | 142,192 |
Legal and accounting services | 17,516 |
Printing and postage | 20,813 |
Registration fees | 44,485 |
Miscellaneous | 8,124 |
Total expenses | $ 484,444 |
Deduct: | |
Allocation of expenses to affiliates | $ 66,168 |
Total expense reductions | $ 66,168 |
Net expenses | $ 418,276 |
Net investment income | $ 7,415,445 |
Realized and Unrealized Gain (Loss) from Portfolio | |
Net realized gain (loss): | |
Investment transactions | $ (24,110,720) |
Net realized loss | $(24,110,720) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (23,768,011) |
Net change in unrealized appreciation (depreciation) | $(23,768,011) |
Net realized and unrealized loss | $(47,878,731) |
Net decrease in net assets from operations | $(40,463,286) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 7,415,445 | $ 15,011,060 |
Net realized gain (loss) | (24,110,720) | 3,489,360 |
Net change in unrealized appreciation (depreciation) | (23,768,011) | (42,921,803) |
Net decrease in net assets from operations | $ (40,463,286) | $ (24,421,383) |
Distributions to shareholders: | ||
Class A | $ (625,243) | $ (1,170,757) |
Class C | (125,654) | (222,704) |
Class I | (6,641,774) | (13,597,794) |
Total distributions to shareholders | $ (7,392,671) | $ (14,991,255) |
Transactions in shares of beneficial interest: | ||
Class A | $ (8,692,524) | $ (3,587,280) |
Class C | (5,169,915) | (5,093,002) |
Class I | (186,317,639) | 83,582,567 |
Net increase (decrease) in net assets from Fund share transactions | $(200,180,078) | $ 74,902,285 |
Other capital: | ||
Portfolio transaction fee contributed to Portfolio | $ (368,142) | $ (240,536) |
Portfolio transaction fee allocated from Portfolio | 367,621 | 249,295 |
Net increase (decrease) in net assets from other capital | $ (521) | $ 8,759 |
Net increase (decrease) in net assets | $(248,036,556) | $ 35,498,406 |
Net Assets | ||
At beginning of period | $ 938,019,002 | $ 902,520,596 |
At end of period | $ 689,982,446 | $938,019,002 |
Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.700 | $ 13.240 | $ 12.900 | $ 12.220 | $ 12.110 | $ 11.900 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.102 | $ 0.182 | $ 0.213 | $ 0.237 | $ 0.225 | $ 0.210 |
Net realized and unrealized gain (loss) | (0.630) | (0.540) | 0.340 | 0.680 | 0.110 | 0.210 |
Total income (loss) from operations | $ (0.528) | $ (0.358) | $ 0.553 | $ 0.917 | $ 0.335 | $ 0.420 |
Less Distributions | ||||||
From net investment income | $ (0.102) | $ (0.182) | $ (0.213) | $ (0.237) | $ (0.225) | $ (0.210) |
Total distributions | $ (0.102) | $ (0.182) | $ (0.213) | $ (0.237) | $ (0.225) | $ (0.210) |
Net asset value — End of period | $12.070 | $12.700 | $13.240 | $12.900 | $12.220 | $ 12.110 |
Total Return(1)(2) | (4.16)% (3) | (2.73)% | 4.34% | 7.56% | 2.80% | 3.53% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 69,090 | $ 81,892 | $ 88,983 | $ 85,608 | $ 87,287 | $104,397 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses (2) | 0.65% (5)(6) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.71% (6) | 1.39% | 1.65% | 1.88% | 1.87% | 1.72% |
Portfolio Turnover of the Portfolio | 34% (3) | 22% | 51% | 28% | 78% | 35% |
(1) | 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. |
(2) | The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.01%, 0.03%, 0.02%, 0.04% and 0.05% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(6) | Annualized. |
Class C | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.690 | $ 13.230 | $ 12.890 | $ 12.220 | $ 12.100 | $ 11.890 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.057 | $ 0.084 | $ 0.116 | $ 0.142 | $ 0.134 | $ 0.118 |
Net realized and unrealized gain (loss) | (0.620) | (0.540) | 0.340 | 0.670 | 0.120 | 0.210 |
Total income (loss) from operations | $ (0.563) | $ (0.456) | $ 0.456 | $ 0.812 | $ 0.254 | $ 0.328 |
Less Distributions | ||||||
From net investment income | $ (0.057) | $ (0.084) | $ (0.116) | $ (0.142) | $ (0.134) | $ (0.118) |
Total distributions | $ (0.057) | $ (0.084) | $ (0.116) | $ (0.142) | $ (0.134) | $ (0.118) |
Net asset value — End of period | $12.070 | $12.690 | $13.230 | $12.890 | $12.220 | $12.100 |
Total Return(1)(2) | (4.44)% (3) | (3.47)% | 3.56% | 6.68% | 2.12% | 2.75% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 24,087 | $ 30,795 | $ 37,239 | $ 41,689 | $ 45,309 | $ 55,476 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses (2) | 1.40% (5)(6) | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Net investment income | 0.95% (6) | 0.64% | 0.91% | 1.13% | 1.11% | 0.96% |
Portfolio Turnover of the Portfolio | 34% (3) | 22% | 51% | 28% | 78% | 35% |
(1) | 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. |
(2) | The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.01%, 0.03%, 0.02%, 0.04% and 0.05% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(6) | Annualized. |
Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.690 | $ 13.230 | $ 12.890 | $ 12.210 | $ 12.100 | $ 11.890 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.117 | $ 0.215 | $ 0.245 | $ 0.268 | $ 0.255 | $ 0.240 |
Net realized and unrealized gain (loss) | (0.630) | (0.540) | 0.340 | 0.680 | 0.110 | 0.210 |
Total income (loss) from operations | $ (0.513) | $ (0.325) | $ 0.585 | $ 0.948 | $ 0.365 | $ 0.450 |
Less Distributions | ||||||
From net investment income | $ (0.117) | $ (0.215) | $ (0.245) | $ (0.268) | $ (0.255) | $ (0.240) |
Total distributions | $ (0.117) | $ (0.215) | $ (0.245) | $ (0.268) | $ (0.255) | $ (0.240) |
Net asset value — End of period | $ 12.060 | $ 12.690 | $ 13.230 | $ 12.890 | $ 12.210 | $ 12.100 |
Total Return(1)(2) | (4.04)% (3) | (2.49)% | 4.60% | 7.83% | 3.06% | 3.79% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $596,805 | $825,332 | $776,298 | $596,099 | $472,656 | $510,220 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses (2) | 0.40% (5)(6) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.95% (6) | 1.64% | 1.89% | 2.12% | 2.11% | 1.94% |
Portfolio Turnover of the Portfolio | 34% (3) | 22% | 51% | 28% | 78% | 35% |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.01%, 0.03%, 0.02%, 0.04% and 0.05% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(6) | Annualized. |
Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.3200% |
$1 billion but less than $2.5 billion | 0.3075% |
$2.5 billion but less than $5 billion | 0.2950% |
$5 billion and over | 0.2875% |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 572,976 | $ 6,967,194 | 1,058,328 | $ 13,882,492 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 41,133 | 496,738 | 70,602 | 923,920 | |
Redemptions | (1,355,545) | (16,342,004) | (1,416,785) | (18,585,038) | |
Converted from Class C shares | 15,699 | 185,548 | 14,622 | 191,346 | |
Net decrease | (725,737) | $ (8,692,524) | (273,233) | $ (3,587,280) | |
Class C | |||||
Sales | 63,641 | $ 771,108 | 253,506 | $ 3,320,306 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 8,239 | 99,524 | 13,279 | 173,741 | |
Redemptions | (486,123) | (5,854,999) | (640,444) | (8,395,703) | |
Converted to Class A shares | (15,701) | (185,548) | ��� (14,628) | (191,346) | |
Net decrease | (429,944) | $ (5,169,915) | (388,287) | $ (5,093,002) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 9,915,906 | $ 119,238,111 | 18,257,870 | $ 239,662,679 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 443,591 | 5,358,664 | 819,220 | 10,714,522 | |
Redemptions | (25,928,426) | (310,914,414) | (12,724,163) | (166,794,634) | |
Net increase (decrease) | (15,568,929) | $(186,317,639) | 6,352,927 | $ 83,582,567 |
Tax-Exempt Municipal Obligations — 96.5% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.2% | |||
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | $ | 500 | $ 494,880 |
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35 | 1,175 | 1,245,194 | |
$ 1,740,074 | |||
Education — 4.2% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 1.361%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 2,750 | $ 2,664,420 |
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26 | 1,000 | 1,095,620 | |
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | 505 | 555,490 | |
Miami University, OH, 5.00%, 9/1/32 | 735 | 872,438 | |
New York Dormitory Authority, (Rochester Institute of Technology): | |||
5.00%, 7/1/36 | 395 | 446,982 | |
5.00%, 7/1/37 | 840 | 948,142 | |
New York Dormitory Authority, (School Districts Revenue Bond Financing Program): | |||
5.00%, 10/1/32 | 1,500 | 1,735,620 | |
5.00%, 10/1/33 | 1,175 | 1,352,049 | |
Ohio Higher Educational Facility Commission, (Kenyon College): | |||
5.00%, 7/1/35(2) | 1,840 | 2,005,434 | |
5.00%, 7/1/36(2) | 1,600 | 1,739,376 | |
5.00%, 7/1/37(2) | 2,000 | 2,164,980 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/34 | 350 | 375,973 | |
Saginaw Valley State University, MI: | |||
5.00%, 7/1/27 | 400 | 445,848 | |
5.00%, 7/1/28 | 1,000 | 1,111,830 | |
Texas A&M University, 4.00%, 5/15/34 | 1,000 | 1,074,380 | |
University of Florida, 4.00%, 7/1/31 | 4,000 | 4,420,960 | |
University of Houston, TX, 5.00%, 2/15/36 | 5,000 | 5,849,000 | |
$ 28,858,542 | |||
Electric Utilities — 3.9% | |||
Anaheim Housing and Public Improvements Authority, CA, Electric System Revenue: | |||
5.00%, 10/1/30 | $ | 3,630 | $ 4,113,697 |
5.00%, 10/1/34 | 2,000 | 2,232,860 | |
5.00%, 10/1/35 | 1,130 | 1,258,323 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities (continued) | |||
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | $ | 1,000 | $ 1,078,640 |
Energy Northwest, WA, 5.00%, 7/1/36 | 5,000 | 5,991,300 | |
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | 250 | 270,963 | |
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/33 | 2,100 | 2,438,100 | |
Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | 735 | 821,899 | |
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34 | 770 | 810,317 | |
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | 500 | 549,280 | |
Seattle, WA, Municipal Light and Power Revenue, 1.58%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1) | 2,000 | 1,978,100 | |
Springfield Electric System Revenue, IL: | |||
5.00%, 3/1/27 | 250 | 267,560 | |
5.00%, 3/1/28 | 250 | 266,910 | |
5.00%, 3/1/29 | 250 | 266,263 | |
Tallahassee, FL, Energy System Revenue: | |||
5.00%, 10/1/27 | 300 | 320,121 | |
5.00%, 10/1/28 | 400 | 426,212 | |
5.00%, 10/1/29 | 720 | 766,231 | |
5.00%, 10/1/30 | 1,500 | 1,594,680 | |
5.00%, 10/1/31 | 1,000 | 1,062,240 | |
5.00%, 10/1/33 | 300 | 318,279 | |
Walnut Energy Center Authority, CA, 5.00%, 1/1/33 | 250 | 264,105 | |
$ 27,096,080 | |||
Escrowed/Prerefunded — 0.7% | |||
Addison, TX, Prerefunded to 2/15/23, 5.00%, 2/15/26 | $ | 270 | $ 275,146 |
Franklin County, OH, Prerefunded to 6/1/23, 4.25%, 12/1/35 | 1,060 | 1,083,871 | |
Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33 | 300 | 309,372 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Prerefunded to 10/1/23, 5.00%, 10/1/24 | 150 | 160,136 | |
Prerefunded to 10/1/23, 5.00%, 10/1/25 | 100 | 106,757 | |
Prerefunded to 10/1/23, 5.00%, 10/1/26 | 1,100 | 1,174,327 | |
Prerefunded to 10/1/23, 5.00%, 10/1/27 | 50 | 53,379 | |
Prerefunded to 10/1/23, 5.00%, 10/1/29 | 125 | 133,446 | |
Prerefunded to 10/1/23, 5.00%, 10/1/30 | 250 | 266,892 | |
Prerefunded to 10/1/23, 5.00%, 10/1/32 | ��� 225 | 240,203 | |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Prerefunded to 3/1/24, 5.00%, 9/1/29 | 250 | 263,058 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
South Dakota Building Authority: | |||
Prerefunded to 6/1/25, 5.00%, 6/1/28 | $ | 210 | $ 228,982 |
Series 2015B, Prerefunded to 6/1/25, 5.00%, 6/1/30 | 200 | 218,078 | |
$ 4,513,647 | |||
General Obligations — 24.3% | |||
Anchorage, AK: | |||
5.00%, 9/1/25 | $ | 100 | $ 109,603 |
5.00%, 9/1/27 | 780 | 852,205 | |
Anne Arundel County, MD, 5.00%, 4/1/33 | 700 | 847,042 | |
Auburn, AL, 5.00%, 8/1/37(2) | 1,915 | 2,221,151 | |
Barbers Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | 2,970 | 3,516,510 | |
Belding Area Schools, MI: | |||
5.00%, 5/1/28 | 250 | 277,958 | |
5.00%, 5/1/30 | 225 | 249,473 | |
Bethel Park School District, PA, 4.00%, 8/1/35 | 650 | 684,950 | |
Birmingham, AL, 5.00%, 12/1/27 | 2,460 | 2,839,455 | |
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32 | 300 | 328,017 | |
Brookline, MA, 5.00%, 3/15/31 | 3,100 | 3,640,640 | |
Burlington, VT: | |||
5.00%, 11/1/27 | 175 | 201,901 | |
5.00%, 11/1/29 | 75 | 88,538 | |
5.00%, 11/1/30 | 300 | 352,503 | |
Series 2016A, 5.00%, 11/1/26 | 120 | 135,467 | |
California: | |||
4.00%, 8/1/36 | 5,000 | 5,197,850 | |
4.00%, 10/1/37 | 1,225 | 1,311,779 | |
5.00%, 8/1/32 | 1,590 | 1,766,458 | |
5.00%, 12/1/34 | 2,500 | 2,962,575 | |
Cape May County, NJ, 3.00%, 10/1/31 | 1,000 | 1,011,380 | |
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33 | 1,000 | 692,080 | |
Cheltenham School District, PA, 4.00%, 2/15/35 | 1,005 | 1,049,491 | |
Colonial School District, PA: | |||
5.00%, 2/15/32 | 100 | 109,136 | |
5.00%, 2/15/33 | 50 | 54,553 | |
Connecticut, 4.00%, 6/1/32 | 970 | 1,044,350 | |
Contra Costa Community College District, CA, (Election of 2014): | |||
4.00%, 8/1/32 | 650 | 710,430 | |
4.00%, 8/1/33 | 100 | 108,272 | |
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | 630 | 711,295 | |
Coopersville Area Public Schools, MI, 4.00%, 5/1/35(2) | 430 | 452,644 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Dallas, TX, 5.00%, 2/15/31 | $ | 3,465 | $ 3,517,460 |
Danville, VA, 4.00%, 9/1/33 | 3,790 | 4,243,701 | |
Delaware, 5.00%, 2/1/29 | 1,000 | 1,155,650 | |
Denton County, TX, 4.00%, 7/15/31 | 1,500 | 1,631,100 | |
Dowagiac Union School District, MI, 4.00%, 5/1/26 | 350 | 376,537 | |
Dublin City School District, OH, 5.00%, 12/1/29 | 500 | 583,575 | |
Easton Area School District, PA, 5.00%, 2/1/31 | 1,400 | 1,605,184 | |
Flower Mound, TX, 5.00%, 3/1/27 | 510 | 564,784 | |
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 400 | 417,044 | |
Georgia: | |||
5.00%, 7/1/30 | 5,000 | 6,047,600 | |
5.00%, 2/1/32 | 1,000 | 1,127,050 | |
Harlandale Independent School District, TX, 5.00%, 8/1/29 | 845 | 949,104 | |
Hawaii, 5.00%, 1/1/30 | 3,730 | 4,335,155 | |
Hennepin County, MN, 5.00%, 12/1/33 | 1,000 | 1,118,740 | |
Highland Park, IL, 4.00%, 12/30/29 | 830 | 922,205 | |
Hitchcock Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37(2) | 750 | 856,717 | |
Homewood, AL: | |||
5.00%, 9/1/28 | 2,000 | 2,234,040 | |
5.00%, 9/1/29 | 2,000 | 2,226,600 | |
Honolulu City and County, HI, 3.00%, 9/1/31 | 110 | 112,063 | |
Illinois: | |||
Series 2022A, 5.00%, 3/1/29 | 2,250 | 2,499,817 | |
Series 2022B, 5.00%, 3/1/29 | 2,000 | 2,222,060 | |
Irving, TX: | |||
4.00%, 9/15/36 | 2,025 | 2,183,112 | |
4.00%, 9/15/37 | 5,165 | 5,532,077 | |
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29 | 1,000 | 1,043,940 | |
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28 | 2,370 | 2,716,399 | |
Kennewick School District No. 17, WA, 4.00%, 12/1/33 | 655 | 717,945 | |
Lakeland, FL: | |||
5.00%, 10/1/28 | 1,500 | 1,612,020 | |
5.00%, 10/1/30 | 1,000 | 1,071,450 | |
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | 2,000 | 2,157,460 | |
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | 1,600 | 1,692,112 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | 1,690 | 1,763,549 | |
Los Angeles Unified School District, CA: | |||
4.00%, 7/1/33 | 1,585 | 1,755,514 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Los Angeles Unified School District, CA: (continued) | |||
4.00%, 7/1/36 | $ | 3,000 | $ 3,171,990 |
Maine, 5.00%, 6/1/30 | 1,605 | 1,923,560 | |
Massachusetts, 4.00%, 3/1/32 | 775 | 847,253 | |
McLean County Public Building Commission, IL, 5.00%, 12/1/28 | 200 | 214,842 | |
Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 425 | 455,813 | |
Miami-Dade County School District, FL, 5.00%, 3/15/28 | 300 | 322,149 | |
Miami-Dade County, FL, 5.00%, 7/1/29 | 1,000 | 1,086,260 | |
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | 410 | 421,574 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | 175 | 155,650 | |
Navasota Independent School District, TX, (PSF Guaranteed), Prerefunded to 2/15/25, 5.00%, 2/15/28 | 195 | 210,204 | |
New Waverly Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 500 | 543,490 | |
New York, 5.00%, 3/15/31 | 3,000 | 3,659,340 | |
New York City, NY: | |||
5.00%, 8/1/32 | 5,000 | 6,069,450 | |
5.00%, 8/1/34 | 1,500 | 1,768,755 | |
Ohio: | |||
5.00%, 3/1/35 | 2,160 | 2,570,422 | |
5.00%, 5/1/35 | 500 | 596,145 | |
Ohio, (Adult Correctional Building Fund): | |||
5.00%, 10/1/28 | 1,000 | 1,166,410 | |
5.00%, 10/1/29 | 1,500 | 1,777,395 | |
Pasadena, TX: | |||
4.00%, 2/15/28 | 500 | 524,345 | |
4.00%, 2/15/29 | 150 | 156,678 | |
4.00%, 2/15/30 | 440 | 458,000 | |
4.00%, 2/15/31 | 650 | 673,719 | |
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | 1,060 | 935,524 | |
Pennsylvania, 4.00%, 6/15/31 | 60 | 61,725 | |
Philadelphia, PA, 5.00%, 2/1/31 | 1,550 | 1,787,863 | |
Pittsburg Unified School District, CA, 5.00%, 8/1/28 | 920 | 1,046,334 | |
Ravenswood City School District, CA, (Election of 2016): | |||
5.00%, 8/1/27 | 530 | 593,637 | |
5.00%, 8/1/28 | 555 | 619,752 | |
5.00%, 8/1/29 | 575 | 640,688 | |
Redmond, WA, 5.00%, 12/1/36 | 1,455 | 1,740,486 | |
Romeo Community Schools, MI, 5.00%, 5/1/30 | 700 | 774,536 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Romulus, MI: | |||
4.00%, 11/1/31 | $ | 250 | $ 263,080 |
4.00%, 11/1/32 | 100 | 105,286 | |
4.00%, 11/1/33 | 250 | 262,205 | |
San Francisco Unified School District, CA, (Election of 2016), 5.00%, 6/15/34 | 2,165 | 2,521,900 | |
San Jacinto Community College District, TX, 4.00%, 2/15/34 | 1,445 | 1,570,325 | |
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | 450 | 478,611 | |
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29 | 300 | 315,972 | |
Southfield Public Schools, MI, 5.00%, 5/1/27 | 1,000 | 1,135,880 | |
St. Mary's County, MD: | |||
5.00%, 5/1/28 | 1,255 | 1,458,147 | |
5.00%, 5/1/30 | 1,245 | 1,492,369 | |
St. Vrain Valley School District RE-1J, CO: | |||
5.00%, 12/15/28 | 1,700 | 1,913,282 | |
5.00%, 12/15/29 | 1,000 | 1,125,460 | |
Stamford, CT, 4.00%, 8/1/27 | 555 | 590,326 | |
Texas Public Finance Authority, 4.00%, 2/1/34 | 2,000 | 2,070,280 | |
Torrance Unified School District, CA, (Election of 2014): | |||
5.00%, 8/1/30 | 515 | 571,799 | |
5.00%, 8/1/31 | 450 | 497,088 | |
Tuloso-Midway Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/15/27 | 110 | 116,793 | |
4.00%, 8/15/28 | 530 | 560,157 | |
4.00%, 8/15/29 | 545 | 573,700 | |
United Independent School District, TX: | |||
4.00%, 2/15/33 | 350 | 369,016 | |
4.00%, 2/15/34 | 535 | 560,306 | |
4.00%, 2/15/35 | 525 | 546,084 | |
4.00%, 2/15/36 | 580 | 600,462 | |
4.00%, 2/15/37 | 600 | 617,076 | |
Washington: | |||
4.00%, 7/1/27 | 5,000 | 5,506,650 | |
5.00%, 8/1/28 | 1,485 | 1,657,201 | |
Wellesley, MA: | |||
5.00%, 4/1/30 | 1,890 | 2,279,170 | |
5.00%, 4/1/31 | 1,985 | 2,427,953 | |
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27 | 2,825 | 3,044,926 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | $ | 360 | $ 377,798 |
York County, PA, 5.00%, 6/1/27 | 1,225 | 1,313,580 | |
$168,416,341 | |||
Hospital — 14.0% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group): | |||
5.00%, 4/1/31 | $ | 1,750 | $ 1,917,475 |
5.00%, 4/1/33 | 2,925 | 3,167,190 | |
Arizona Health Facilities Authority, (Banner Health), 1.58%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1) | 5,000 | 4,946,600 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25 | 250 | 260,153 | |
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | 90 | 90,804 | |
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | 465 | 519,061 | |
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health): | |||
1.95% to 11/1/29 (Put Date), 1/15/48 | 4,500 | 4,312,800 | |
(SPA: JPMorgan Chase Bank N.A.), 1.87% to 8/5/22 (Put Date), 1/15/48(3) | 10,000 | 10,000,000 | |
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | 335 | 366,413 | |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | 100 | 103,046 | |
Colorado Health Facilities Authority, (CommonSpirit Health): | |||
5.00%, 8/1/34 | 2,000 | 2,173,060 | |
5.00%, 8/1/35 | 3,000 | 3,252,420 | |
5.00% to 8/1/26 (Put Date), 8/1/49 | 5,000 | 5,376,500 | |
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | 150 | 162,950 | |
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32 | 3,000 | 3,386,040 | |
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | 400 | 412,564 | |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | 1,000 | 991,240 | |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33 | 4,000 | 4,061,240 | |
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27 | 500 | 549,350 | |
Illinois Finance Authority, (Rush University Medical Center): | |||
5.00%, 11/15/31 | 1,000 | 1,059,180 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Illinois Finance Authority, (Rush University Medical Center): (continued) | |||
5.00%, 11/15/32 | $ | 1,000 | $ 1,057,350 |
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 2.73%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(1) | 12,715 | 12,745,897 | |
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25 | 250 | 268,240 | |
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): | |||
5.00%, 10/1/30 | 2,000 | 2,166,680 | |
5.00%, 10/1/31 | 1,500 | 1,620,300 | |
5.00%, 10/1/32 | 2,000 | 2,155,100 | |
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | 1,000 | 1,050,460 | |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | 370 | 385,026 | |
Medford Hospital Facilities Authority, OR, (Asante Health System): | |||
5.00%, 8/15/34 | 1,000 | 1,125,740 | |
5.00%, 8/15/36 | 1,000 | 1,117,590 | |
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | 490 | 523,972 | |
Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | 1,000 | 1,074,500 | |
Montgomery County, OH, (Dayton Children's Hospital): | |||
5.00%, 8/1/31 | 800 | 944,840 | |
5.00%, 8/1/32 | 750 | 864,240 | |
5.00%, 8/1/33 | 800 | 915,512 | |
5.00%, 8/1/35 | 1,750 | 1,986,145 | |
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group): | |||
5.00%, 8/1/28 | 500 | 556,720 | |
5.00%, 8/1/29 | 500 | 552,970 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): | |||
5.00%, 7/1/27 | 700 | 779,114 | |
5.00%, 7/1/28 | 600 | 663,156 | |
5.00%, 7/1/30 | 520 | 568,963 | |
5.00%, 7/1/31 | 300 | 325,557 | |
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25 | 1,000 | 1,058,650 | |
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32 | 700 | 739,109 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33 | 2,250 | 2,544,615 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Public Finance Authority, WI, (Renown Regional Medical Center): | |||
5.00%, 6/1/34 | $ | 1,320 | $ 1,454,402 |
5.00%, 6/1/36 | 2,310 | 2,528,249 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28 | 1,000 | 1,094,890 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | 150 | 155,271 | |
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25 | 500 | 542,230 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 625 | 659,056 | |
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | 1,555 | 1,680,520 | |
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): | |||
5.00%, 12/1/25 | 335 | 363,632 | |
5.00%, 12/1/27 | 45 | 48,981 | |
5.00%, 12/1/28 | 345 | 373,400 | |
5.00%, 12/1/30 | 400 | 430,308 | |
5.00%, 12/1/31 | 300 | 321,894 | |
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | 1,575 | 1,747,982 | |
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | 400 | 437,776 | |
$ 96,737,123 | |||
Housing — 2.5% | |||
Alaska Housing Finance Corp.: | |||
Social Bonds, 5.00%, 6/1/32 | $ | 920 | $ 1,065,590 |
Social Bonds, 5.00%, 12/1/32 | 940 | 1,085,973 | |
Georgia Housing & Finance Authority, 3.65%, 12/1/32 | 185 | 188,201 | |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
1.50%, 1/1/31 | 300 | 264,657 | |
1.60%, 7/1/31 | 175 | 154,168 | |
Minnesota Housing Finance Agency: | |||
2019 Series A, 4.00%, 8/1/34 | 295 | 312,721 | |
2019 Series A, 4.00%, 8/1/35 | 440 | 465,375 | |
2019 Series C, 4.00%, 8/1/33 | 525 | 544,971 | |
2019 Series C, 4.00%, 8/1/34 | 240 | 247,534 | |
2019 Series C, 4.00%, 8/1/35 | 285 | 292,393 | |
New York City Housing Development Corp., NY: | |||
2.65%, 11/1/27 | 60 | 60,134 | |
2.85%, 11/1/29 | 125 | 124,973 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA): | |||
2.20%, 5/1/25 | $ | 190 | $ 189,958 |
2.25%, 11/1/25 | 225 | 225,049 | |
2.40%, 11/1/26 | 225 | 225,436 | |
New York Mortgage Agency: | |||
2.30%, 10/1/30 | 1,000 | 947,420 | |
3.65%, 4/1/32 | 120 | 120,254 | |
Seattle Housing Authority, WA: | |||
2.875%, 12/1/25 | 900 | 922,383 | |
3.00%, 12/1/26 | 920 | 948,097 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 7,675 | 7,363,395 | |
Tennessee Housing Development Agency, 2.80%, 7/1/26 | 250 | 254,800 | |
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | 1,063 | 1,056,090 | |
Virginia Housing Development Authority, 2.55%, 5/1/27 | 190 | 191,123 | |
Washington Housing Finance Commission: | |||
2.25%, 6/1/25 | 105 | 104,958 | |
2.30%, 12/1/25 | 130 | 129,801 | |
2.40%, 6/1/26 | 105 | 104,889 | |
$ 17,590,343 | |||
Industrial Development Revenue — 0.3% | |||
Loudoun County Economic Development Authority, VA, (Loudoun County Public Facilities) , 5.00%, 12/1/34 | $ | 1,960 | $ 2,346,924 |
$ 2,346,924 | |||
Insured - Education — 0.6% | |||
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), (AGM), 5.00%, 10/1/33 | $ | 1,625 | $ 1,873,300 |
University of Central Florida, (AGM), 4.00%, 10/1/34 | 1,805 | 1,966,782 | |
$ 3,840,082 | |||
Insured - Electric Utilities — 0.2% | |||
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J), (AGM), 4.00%, 1/1/36 | $ | 335 | $ 345,392 |
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M): | |||
(AGM), 4.00%, 1/1/36 | 435 | 448,493 | |
(AGM), 4.00%, 1/1/37 | 470 | 483,080 | |
$ 1,276,965 | |||
Insured - General Obligations — 1.0% | |||
Cattaraugus County, NY : | |||
(AGM), 4.00%, 5/15/36 | $ | 960 | $ 1,013,069 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Cattaraugus County, NY : (continued) | |||
(AGM), 4.00%, 5/15/37 | $ | 730 | $ 763,485 |
Fort Bend County Municipal Utility District No. 58, TX: | |||
(BAM), 3.00%, 4/1/26 | 10 | 10,253 | |
(BAM), 3.00%, 4/1/32 | 360 | 360,565 | |
Patterson Joint Unified School District, CA, (Election 2018): | |||
(BAM), 5.00%, 8/1/28 | 1,065 | 1,181,032 | |
(BAM), 5.00%, 8/1/29 | 1,000 | 1,107,340 | |
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27 | 690 | 747,036 | |
Yonkers, NY: | |||
(BAM), Series 2019A, 5.00%, 5/1/31 | 750 | 870,960 | |
(BAM), Series 2019B, 5.00%, 5/1/31 | 825 | 958,056 | |
$ 7,011,796 | |||
Insured - Lease Revenue/Certificates of Participation — 0.2% | |||
Clermont County Port Authority, OH, (West Clermont Local School District): | |||
(BAM), 5.00%, 12/1/26 | $ | 250 | $ 274,403 |
(BAM), 5.00%, 12/1/29 | 100 | 109,118 | |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | 175 | 188,664 | |
Pasco County School Board, FL: | |||
(BAM), 5.00%, 8/1/27 | 605 | 675,894 | |
(BAM), 5.00%, 8/1/29 | 310 | 343,678 | |
$ 1,591,757 | |||
Insured - Other Revenue — 0.4% | |||
New York Dormitory Authority, School Districts Revenue Bond Financing Program: | |||
(AGM), 5.00%, 10/1/33 | $ | 500 | $ 564,150 |
(AGM), 5.00%, 10/1/34 | 1,250 | 1,407,162 | |
(AGM), 5.00%, 10/1/35 | 800 | 899,320 | |
$ 2,870,632 | |||
Insured - Special Tax Revenue — 0.0%(4) | |||
Vineyard Redevelopment Agency, UT, (AGM), 4.00%, 5/1/36 | $ | 135 | $ 143,698 |
$ 143,698 | |||
Insured - Transportation — 1.5% | |||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | $ | �� 275 | $ 299,599 |
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/30 | 1,000 | 1,127,590 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation (continued) | |||
New Orleans Aviation Board, LA: (continued) | |||
(AGM), 5.00%, 1/1/31 | $ | 1,250 | $ 1,400,462 |
(AGM), 5.00%, 1/1/32 | 1,650 | 1,841,301 | |
(AGM), 5.00%, 1/1/33 | 2,450 | 2,725,208 | |
(AGM), 5.00%, 1/1/34 | 2,485 | 2,755,418 | |
$ 10,149,578 | |||
Insured - Water and Sewer — 0.1% | |||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | $ | 250 | $ 269,828 |
Hamburg Municipal Authority, PA, Sewer Revenue: | |||
(AGM), 2.00%, 10/1/32 | 370 | 335,742 | |
(AGM), 2.00%, 10/1/34 | 100 | 85,451 | |
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/28 | 250 | 274,027 | |
$ 965,048 | |||
Lease Revenue/Certificates of Participation — 3.9% | |||
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28 | $ | 1,000 | $ 1,058,520 |
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/30 | 235 | 256,087 | |
4.00%, 12/1/31 | 250 | 270,283 | |
4.00%, 12/1/32 | 205 | 221,644 | |
Broward County School Board, FL: | |||
5.00%, 7/1/27 | 500 | 554,720 | |
5.00%, 7/1/29 | 500 | 550,360 | |
California Public Works Board: | |||
4.00%, 5/1/36 | 880 | 941,090 | |
5.00%, 11/1/29 | 1,000 | 1,117,520 | |
Colorado Department of Transportation: | |||
5.00%, 6/15/30 | 350 | 386,134 | |
5.00%, 6/15/31 | 310 | 341,883 | |
Colorado, (Building Excellent Schools Today), 5.00%, 3/15/33 | 1,150 | 1,351,457 | |
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue: | |||
5.00%, 6/1/29 | 3,000 | 3,349,890 | |
5.00%, 6/1/30 | 3,000 | 3,333,240 | |
Duchesne School District Municipal Building Authority, UT, 5.00%, 6/1/36 | 1,150 | 1,246,404 | |
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26 | 200 | 219,862 | |
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | 645 | 687,389 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28 | $ | 410 | $ 470,290 |
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | 1,495 | 1,641,166 | |
Moulton Niguel Water District, CA, Certificates of Participation, 3.00%, 9/1/35 | 815 | 795,106 | |
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26 | 2,000 | 2,185,320 | |
Palm Beach County School Board, FL, 5.00%, 8/1/31 | 4,000 | 4,291,040 | |
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | 500 | 548,065 | |
Virginia Public Building Authority, 4.00%, 8/1/35 | 1,140 | 1,219,823 | |
$ 27,037,293 | |||
Other Revenue — 12.0% | |||
Fort Myers, FL, Capital Improvement Revenue: | |||
5.00%, 12/1/32 | $ | 825 | $ 903,012 |
5.00%, 12/1/33 | 640 | 700,301 | |
5.00%, 12/1/34 | 510 | 557,711 | |
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26 | 150 | 169,289 | |
Kentucky Public Energy Authority, Gas Supply Revenue: | |||
4.00%, 7/1/24 | 5,000 | 5,101,550 | |
4.00% to 2/1/28 (Put Date), 2/1/50 | 11,500 | 11,783,475 | |
4.00% to 8/1/30 (Put Date), 8/1/52 | 2,950 | 2,996,846 | |
Knoxville, TN, Gas System Revenue, 4.00%, 3/1/33 | 3,245 | 3,470,073 | |
Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49 | 5,000 | 5,298,400 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City): | |||
5.00%, 12/1/32 | 2,355 | 2,686,419 | |
5.00%, 12/1/34 | 2,425 | 2,739,498 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): | |||
5.00%, 4/1/27 | 500 | 556,505 | |
5.00%, 4/1/29 | 275 | 305,044 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
4.00% to 12/1/28 (Put Date), 5/1/52 | 13,560 | 13,842,319 | |
5.00% to 6/1/29 (Put Date), 12/1/52(2) | 5,500 | 5,894,790 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall): | |||
5.00%, 12/1/27 | 100 | 114,226 | |
5.00%, 12/1/29 | 325 | 381,475 | |
5.00%, 12/1/31 | 250 | 292,548 | |
5.00%, 12/1/32 | 550 | 641,723 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
New York City Cultural Resources Trust, NY, (Carnegie Hall): (continued) | |||
5.00%, 12/1/33 | $ | 200 | $ 232,516 |
5.00%, 12/1/34 | 300 | 347,700 | |
5.00%, 12/1/35 | 700 | 809,522 | |
New York City Educational Construction Fund, NY, 5.00%, 4/1/29 | 2,765 | 3,217,907 | |
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/36 | 5,000 | 5,877,100 | |
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28 | 1,060 | 1,206,513 | |
San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | 4,000 | 3,885,160 | |
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49 | 5,000 | 5,133,250 | |
Wisconsin, Environmental Improvement Fund Revenue: | |||
5.00%, 6/1/31 | 2,400 | 2,603,040 | |
5.00%, 6/1/32 | 1,000 | 1,084,030 | |
$ 82,831,942 | |||
Senior Living/Life Care — 1.3% | |||
Baltimore County, MD, (Riderwood Village, Inc.): | |||
4.00%, 1/1/30 | $ | 1,655 | $ 1,784,603 |
4.00%, 1/1/31 | 250 | 268,008 | |
4.00%, 1/1/32 | 350 | 372,998 | |
4.00%, 1/1/33 | 600 | 634,614 | |
4.00%, 1/1/34 | 685 | 721,915 | |
4.00%, 1/1/35 | 615 | 644,495 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/28 | 50 | 52,624 | |
5.00%, 11/15/30 | 910 | 952,260 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | 100 | 108,009 | |
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | 1,035 | 1,099,936 | |
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | 310 | 329,710 | |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | 1,000 | 975,690 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Series 2016A, 5.00%, 10/1/30 | 230 | 241,337 | |
Series 2016A, 5.00%, 10/1/31 | 675 | 711,740 | |
$ 8,897,939 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 7.4% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/26 | $ | 500 | $ 537,495 |
5.00%, 5/1/27 | 450 | 490,653 | |
5.00%, 5/1/28 | 575 | 632,287 | |
5.00%, 5/1/29 | 550 | 609,318 | |
5.00%, 5/1/30 | 650 | 724,659 | |
5.00%, 5/1/31 | 675 | 756,189 | |
5.00%, 5/1/32 | 725 | 816,328 | |
Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 1.69% to 8/17/22 (Put Date), 11/1/38(5) | 6,000 | 6,000,000 | |
Downtown Smyrna Development Authority, GA, 4.00%, 2/1/35 | 360 | 387,972 | |
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32 | 500 | 551,905 | |
Miami-Dade County, FL, Special Obligation Bonds: | |||
5.00%, 4/1/29 | 900 | 993,951 | |
5.00%, 4/1/30 | 950 | 1,047,052 | |
5.00%, 4/1/31 | 895 | 986,433 | |
5.00%, 4/1/32 | 735 | 809,816 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/35 | 2,235 | 2,366,887 | |
4.00%, 5/1/36 | 1,925 | 2,005,831 | |
4.00%, 11/1/36 | 1,000 | 1,042,800 | |
5.00%, 8/1/33 | 1,190 | 1,258,806 | |
5.00%, 8/1/35(2) | 3,000 | 3,546,900 | |
2022 Series B, 4.00%, 11/1/37 | 5,365 | 5,525,092 | |
2022 Series C, 5.00%, 2/1/36 | 3,310 | 3,876,473 | |
2022 Series D, 4.00%, 11/1/37 | 5,660 | 5,878,023 | |
2022 Series F, 5.00%, 2/1/36 | 1,000 | 1,171,140 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/36 | 1,000 | 1,044,610 | |
5.00%, 3/15/33 | 2,000 | 2,340,120 | |
5.00%, 3/15/37 | 3,000 | 3,495,570 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | 1,800 | 1,961,082 | |
Successor Agency to San Mateo Redevelopment Agency, CA: | |||
5.00%, 8/1/26 | 100 | 108,658 | |
5.00%, 8/1/29 | 130 | 140,105 | |
$ 51,106,155 | |||
Transportation — 12.9% | |||
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27 | $ | 2,005 | $ 2,238,823 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area): | |||
1.63%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1) | $ | 4,000 | $ 3,870,640 |
2.95% to 4/1/26 (Put Date), 4/1/47 | 1,745 | 1,777,946 | |
Central Texas Regional Mobility Authority: | |||
4.00%, 1/1/34 | 200 | 206,500 | |
5.00%, 1/1/27 | 2,300 | 2,494,097 | |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/26 | 1,000 | 1,094,940 | |
5.00%, 1/1/28 | 150 | 159,992 | |
5.00%, 1/1/29 | 150 | 159,531 | |
5.00%, 1/1/30 | 500 | 530,695 | |
5.00%, 1/1/31 | 1,000 | 1,059,350 | |
5.00%, 1/1/33 | 125 | 131,996 | |
5.25%, 1/1/28 | 2,905 | 3,268,851 | |
5.25%, 1/1/29 | 3,060 | 3,426,007 | |
5.25%, 1/1/30 | 1,000 | 1,115,670 | |
5.25%, 1/1/31 | 1,000 | 1,109,740 | |
5.25%, 1/1/32 | 2,565 | 2,837,146 | |
Clark County, NV, Highway Revenue, 5.00%, 7/1/33 | 840 | 883,176 | |
Commonwealth Transportation Board, VA, 5.00%, 9/15/30 | 1,240 | 1,385,576 | |
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | 1,450 | 1,601,612 | |
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | 500 | 536,515 | |
Hawaii, Highway Revenue, 5.00%, 1/1/31 | 805 | 933,824 | |
Illinois Toll Highway Authority: | |||
5.00%, 1/1/29 | 175 | 191,216 | |
5.00%, 12/1/32 | 350 | 378,861 | |
Massachusetts Bay Transportation Authority, 4.00%, 7/1/36 | 2,900 | 3,088,761 | |
Massachusetts Department of Transportation, 5.00%, 1/1/30 | 4,235 | 4,911,118 | |
Metropolitan Transportation Authority, NY: | |||
1.455%, (67% of SOFR + 0.43%), 11/1/26(1) | 2,500 | 2,359,500 | |
5.00%, 11/15/41 | 415 | 417,843 | |
5.25%, 11/15/30 | 500 | 532,680 | |
Green Bonds, 4.00%, 11/15/32 | 5,000 | 5,118,000 | |
New Orleans Aviation Board, LA, 5.00%, 1/1/28 | 150 | 166,887 | |
North Carolina, Grant Anticipation Revenue Vehicle Bonds: | |||
5.00%, 3/1/29 | 450 | 481,855 | |
5.00%, 3/1/30 | 400 | 427,400 | |
Pennsylvania Turnpike Commission: | |||
5.00%, 12/1/35 | 500 | 573,685 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Pennsylvania Turnpike Commission: (continued) | |||
5.00%, 12/1/36 | $ | 1,165 | $ 1,323,405 |
Port Authority of New York and New Jersey: | |||
4.00%, 7/15/36 | 1,415 | 1,466,831 | |
5.00%, 9/1/34 | 3,595 | 4,083,992 | |
Port of Seattle, WA: | |||
5.00%, 3/1/27 | 100 | 106,004 | |
5.00%, 3/1/29 | 250 | 264,328 | |
Portland, ME, Airport Revenue: | |||
Green Bonds, 5.00%, 1/1/29 | 225 | 254,876 | |
Green Bonds, 5.00%, 1/1/31 | 370 | 418,814 | |
Salt Lake City, UT, (Salt Lake City International Airport): | |||
5.00%, 7/1/28 | 1,370 | 1,538,948 | |
5.00%, 7/1/31 | 300 | 338,499 | |
5.00%, 7/1/32 | 660 | 741,833 | |
5.00%, 7/1/33 | 600 | 671,856 | |
5.00%, 7/1/34 | 450 | 502,407 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport): | |||
5.00%, 5/1/35 | 1,950 | 2,245,035 | |
5.00%, 5/1/36 | 1,710 | 1,961,267 | |
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29 | 14,400 | 16,217,136 | |
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport): | |||
5.00%, 12/1/31 | 2,920 | 3,304,827 | |
5.00%, 12/1/34 | 1,005 | 1,119,892 | |
Wisconsin, Transportation Revenue, 5.00%, 7/1/31 | 2,950 | 3,111,276 | |
$ 89,141,659 | |||
Water and Sewer — 4.9% | |||
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29 | $ | 115 | $ 124,511 |
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 1.44%, 11/1/28(5) | 3,395 | 3,395,000 | |
Fort Worth, TX, Water and Sewer System Revenue, 5.00%, 2/15/34 | 4,015 | 4,739,868 | |
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28 | 1,500 | 1,628,055 | |
Hillsborough County, FL, Wastewater Impact Fee: | |||
5.00%, 5/1/27 | 2,315 | 2,628,428 | |
5.00%, 5/1/29 | 1,220 | 1,429,840 | |
King County, WA, Sewer Revenue, 1.56%, (SIFMA + 0.23%), 1/1/27 (Put Date), 1/1/40(1) | 2,500 | 2,450,275 | |
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | 575 | 612,202 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27 | $ | 1,000 | $ 1,063,370 |
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | 1,700 | 1,802,017 | |
Mesa, AZ, Utility Systems Revenue: | |||
5.00%, 7/1/27 | 600 | 668,292 | |
5.00%, 7/1/29 | 500 | 555,115 | |
Portland, OR, Water System Revenue, 4.00%, 4/1/35 | 1,555 | 1,685,838 | |
Rapid City, SD, Water Revenue: | |||
4.00%, 11/1/29 | 600 | 633,858 | |
4.00%, 11/1/30 | 670 | 706,535 | |
5.00%, 11/1/27 | 515 | 564,651 | |
Salt Lake City, UT, Public Utilities Revenue: | |||
4.00%, 2/1/37 | 2,600 | 2,738,892 | |
5.00%, 2/1/36 | 3,000 | 3,576,510 | |
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31 | 1,655 | 1,697,914 | |
Wyoming, MI, Water Supply System Revenue: | |||
5.00%, 6/1/27 | 405 | 451,340 | |
5.00%, 6/1/28 | 550 | 611,639 | |
$ 33,764,150 | |||
Total Tax-Exempt Municipal Obligations (identified cost $674,562,257) | $667,927,768 |
Short-Term Investments — 2.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(6) | 17,379,110 | $ 17,379,110 | |
Total Short-Term Investments (identified cost $17,379,110) | $ 17,379,110 | ||
Total Investments — 99.0% (identified cost $691,941,367) | $685,306,878 | ||
Other Assets, Less Liabilities — 1.0% | $ 6,692,813 | ||
Net Assets — 100.0% | $691,999,691 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2022. |
(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 July 31, 2022. |
(4) | Amount is less than 0.05%. |
(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 July 31, 2022. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
At July 31, 2022, the concentration of the Portfolio's investments in the various states and territories, determined as a percentage of net assets, is as follows: |
New York | 16.1% |
Others, representing less than 10% individually | 80.4% |
The Portfolio invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2022, 4.1% 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 1.0% to 3.1% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
Liq | – Liquidity Provider |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
July 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $674,562,257) | $ 667,927,768 |
Affiliated investment, at value (identified cost $17,379,110) | 17,379,110 |
Cash | 61,412 |
Interest receivable | 6,531,230 |
Dividends receivable from affiliated investment | 37,941 |
Receivable for investments sold | 19,011,793 |
Receivable from affiliates | 26,951 |
Total assets | $710,976,205 |
Liabilities | |
Payable for when-issued securities | $ 18,676,031 |
Payable to affiliate: | |
Investment adviser fee | 179,970 |
Accrued expenses | 120,513 |
Total liabilities | $ 18,976,514 |
Net Assets applicable to investors' interest in Portfolio | $691,999,691 |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Dividend income from affiliated investment | $ 64,389 |
Interest income | 9,155,500 |
Total investment income | $ 9,219,889 |
Expenses | |
Investment adviser fee | $ 1,261,621 |
Trustees’ fees and expenses | 25,603 |
Custodian fee | 95,780 |
Legal and accounting services | 30,271 |
Miscellaneous | 10,207 |
Total expenses | $ 1,423,482 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 50,003 |
Total expense reductions | $ 50,003 |
Net expenses | $ 1,373,479 |
Net investment income | $ 7,846,410 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (24,150,971) |
Net realized loss | $(24,150,971) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (23,793,611) |
Net change in unrealized appreciation (depreciation) | $(23,793,611) |
Net realized and unrealized loss | $(47,944,582) |
Net decrease in net assets from operations | $(40,098,172) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 7,846,410 | $ 16,140,421 |
Net realized gain (loss) | (24,150,971) | 3,510,528 |
Net change in unrealized appreciation (depreciation) | (23,793,611) | (43,090,606) |
Net decrease in net assets from operations | $ (40,098,172) | $ (23,439,657) |
Capital transactions: | ||
Contributions | $ 19,420,169 | $ 108,966,195 |
Withdrawals | (225,741,514) | (58,460,755) |
Portfolio transaction fee | 368,223 | 250,960 |
Net increase (decrease) in net assets from capital transactions | $(205,953,122) | $ 50,756,400 |
Net increase (decrease) in net assets | $(246,051,294) | $ 27,316,743 |
Net Assets | ||
At beginning of period | $ 938,050,985 | $ 910,734,242 |
At end of period | $ 691,999,691 | $938,050,985 |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (1) | 0.35% (2)(3) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 2.00% (2) | 1.69% | 1.94% | 2.17% | 2.16% | 2.01% |
Portfolio Turnover | 34% (4) | 22% | 51% | 28% | 78% | 35% |
Total Return(1) | (4.01)% (4) | (2.44)% | 4.66% | 7.88% | 3.11% | 3.83% |
Net assets, end of period (000’s omitted) | $692,000 | $938,051 | $910,734 | $729,373 | $612,428 | $676,300 |
(1) | The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.01% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018). Absent this reimbursement, total return would be lower. |
(2) | Annualized. |
(3) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(4) | Not annualized. |
Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.3200% |
$1 billion but less than $2.5 billion | 0.3075% |
$2.5 billion but less than $5 billion | 0.2950% |
$5 billion and over | 0.2875% |
Aggregate cost | $ 691,929,291 |
Gross unrealized appreciation | $ 9,743,704 |
Gross unrealized depreciation | (16,366,117) |
Net unrealized depreciation | $ (6,622,413) |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $ — | $92,308,326 | $(74,929,216) | $ — | $ — | $17,379,110 | $64,389 | 17,379,110 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 667,927,768 | $ — | $ 667,927,768 |
Short-Term Investments | 17,379,110 | — | — | 17,379,110 |
Total Investments | $17,379,110 | $667,927,768 | $ — | $685,306,878 |
Officers of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund and 5-to-15 Year Laddered Municipal Bond Portfolio | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund and 5-to-15 Year Laddered Municipal Bond Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 05/04/2015 | 05/04/2015 | (2.29)% | (4.93)% | 1.25% | 1.67% |
Class A with 3.25% Maximum Sales Charge | — | — | (5.51) | (8.04) | 0.58 | 1.21 |
Class C at NAV | 05/04/2015 | 05/04/2015 | (2.66) | (5.64) | 0.49 | 0.92 |
Class C with 1% Maximum Sales Charge | — | — | (3.63) | (6.58) | 0.49 | 0.92 |
Class I at NAV | 05/04/2015 | 05/04/2015 | (2.17) | (4.69) | 1.50 | 1.94 |
Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | — | — | (1.30)% | (3.82)% | 1.47% | 1.69% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 0.78% | 1.53% | 0.53% |
Net | 0.65 | 1.40 | 0.40 |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 1.28% | 0.53% | 1.53% |
SEC 30-day Yield – Subsidized | 1.55 | 0.87 | 1.85 |
SEC 30-day Yield – Unsubsidized | 1.42 | 0.73 | 1.72 |
Credit Quality (% of total investments)* |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 05/04/2015 | 05/04/2015 | (7.44)% | (10.84)% | 2.18% | 3.13% |
Class A with 3.25% Maximum Sales Charge | — | — | (10.47) | (13.74) | 1.50 | 2.66 |
Class C at NAV | 05/04/2015 | 05/04/2015 | (7.79) | (11.58) | 1.40 | 2.36 |
Class C with 1% Maximum Sales Charge | — | — | (8.70) | (12.44) | 1.40 | 2.36 |
Class I at NAV | 05/04/2015 | 05/04/2015 | (7.24) | (10.53) | 2.44 | 3.41 |
Bloomberg 15 Year Municipal Bond Index | — | — | (4.84)% | (8.19)% | 2.36% | 2.91% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.18% | 1.93% | 0.93% |
Net | 0.65 | 1.40 | 0.40 |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.33% | 1.59% | 2.57% |
SEC 30-day Yield – Subsidized | 2.58 | 1.93 | 2.91 |
SEC 30-day Yield – Unsubsidized | 1.67 | 0.99 | 2.00 |
Credit Quality (% of total investments)* |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
1 | Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 1-10 years. Bloomberg 15 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 12-17 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
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. 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. Subsidized yield reflects the effect of fee waivers and expense reimbursements. |
Fund profiles subject to change due to active management. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 977.10 | $3.19** | 0.65% |
Class C | $1,000.00 | $ 973.40 | $6.85** | 1.40% |
Class I | $1,000.00 | $ 978.30 | $1.96** | 0.40% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.57 | $3.26** | 0.65% |
Class C | $1,000.00 | $1,017.85 | $7.00** | 1.40% |
Class I | $1,000.00 | $1,022.81 | $2.01** | 0.40% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 925.60 | $3.10** | 0.65% |
Class C | $1,000.00 | $ 922.10 | $6.67** | 1.40% |
Class I | $1,000.00 | $ 927.60 | $1.91** | 0.40% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.57 | $3.26** | 0.65% |
Class C | $1,000.00 | $1,017.85 | $7.00** | 1.40% |
Class I | $1,000.00 | $1,022.81 | $2.01** | 0.40% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Tax-Exempt Municipal Obligations — 87.4% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.2% | |||
Vermont Municipal Bond Bank, 5.00%, 12/1/28 | $ | 160 | $ 175,454 |
$ 175,454 | |||
Education — 7.4% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 1.361%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 1,000 | $ 968,880 |
Bethlehem Area School District Authority, PA, 1.375%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1) | 2,300 | 2,215,981 | |
Los Ranchos de Albuquerque, NM, (Albuquerque Academy): | |||
5.00%, 9/1/26 | 150 | 165,420 | |
5.00%, 9/1/27 | 100 | 112,357 | |
Miami University, OH, 5.00%, 9/1/30 | 500 | 591,945 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/32 | 465 | 509,649 | |
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24 | 250 | 264,805 | |
UCF Stadium Corp., FL, 5.00%, 3/1/23 | 250 | 254,150 | |
University of Florida, 4.00%, 7/1/31 | 1,000 | 1,105,240 | |
Vermont State Colleges, 5.00%, 7/1/24 | 100 | 102,453 | |
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23 | 100 | 101,572 | |
$ 6,392,452 | |||
Electric Utilities — 1.1% | |||
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23 | $ | 175 | $ 178,670 |
Seattle, WA, Municipal Light and Power Revenue, 1.58%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1) | 500 | 494,525 | |
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25 | 250 | 269,257 | |
$ 942,452 | |||
Escrowed/Prerefunded — 0.2% | |||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Escrowed to Maturity, 5.00%, 10/1/22 | $ | 150 | $ 150,857 |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Escrowed to Maturity, 5.00%, 9/1/23 | 35 | 36,283 | |
$ 187,140 | |||
General Obligations — 12.4% | |||
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23 | $ | 25 | $ 25,821 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Campton Township, IL: | |||
5.00%, 12/15/22 | $ | 200 | $ 202,584 |
5.00%, 12/15/23 | 105 | 109,390 | |
Crandall Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/28(2) | 295 | 340,940 | |
Decatur City Board of Education, AL, 5.00%, 2/1/25 | 50 | 53,904 | |
El Monte Union High School District, CA, (Election of 2018): | |||
4.00%, 6/1/31 | 100 | 107,007 | |
4.00%, 6/1/32 | 150 | 160,258 | |
Hayward Community School District, WI, 5.00%, 3/1/32 | 750 | 894,405 | |
Illinois, 5.00%, 3/1/25 | 1,750 | 1,865,465 | |
Lakeland, FL: | |||
5.00%, 10/1/22 | 100 | 100,600 | |
5.00%, 10/1/24 | 50 | 53,343 | |
Loudoun County, VA, 5.00%, 12/1/32(2) | 2,000 | 2,474,220 | |
McLean County Public Building Commission, IL, 5.00%, 12/1/22 | 250 | 252,805 | |
New York, NY: | |||
5.00%, 8/1/30 | 1,000 | 1,194,730 | |
(LOC: TD Bank, N.A.), 1.31%, 9/1/27(3) | 500 | 500,000 | |
Ohio, (Adult Correctional Building Fund), 5.00%, 10/1/29 | 500 | 592,465 | |
St. Louis County, MO, Special Obligation Bonds, 5.00%, 12/1/32 | 1,005 | 1,189,890 | |
Wickliffe School District, OH, 5.00%, 12/1/27 | 490 | 557,591 | |
$10,675,418 | |||
Hospital — 10.7% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31 | $ | 1,000 | $ 1,095,700 |
Arizona Health Facilities Authority, (Banner Health), 1.58%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1) | 2,000 | 1,978,640 | |
Arizona Health Facilities Authority, (Phoenix Children's Hospital), 3.18%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(1) | 500 | 500,220 | |
Colorado Health Facilities Authority, (Vail Valley Medical Center): | |||
4.00%, 1/15/25 | 25 | 26,163 | |
5.00%, 1/15/23 | 25 | 25,367 | |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28 | 1,000 | 1,119,170 | |
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 2.73%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(1) | 2,000 | 2,004,860 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Northampton County General Purpose Authority, PA, (St. Luke's University Health Network): | |||
5.00%, 8/15/25 | $ | 30 | $ 32,363 |
5.00%, 8/15/26 | 85 | 92,730 | |
Pima County Industrial Development Authority, AZ, (Tucson Medical Center), 5.00%, 4/1/32 | 1,000 | 1,133,590 | |
Public Finance Authority, WI, (Renown Regional Medical Center), 5.00%, 6/1/25 | 375 | 401,576 | |
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | 35 | 38,444 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22 | 200 | 202,056 | |
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 7/29/26 (Put Date), 8/15/54 | 500 | 552,640 | |
$ 9,203,519 | |||
Housing — 5.0% | |||
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
0.85%, 1/1/28 | $ | 100 | $ 90,491 |
0.95%, 7/1/28 | 285 | 256,021 | |
1.05%, 1/1/29 | 225 | 201,056 | |
1.15%, 7/1/29 | 250 | 222,422 | |
1.30%, 1/1/30 | 200 | 177,950 | |
(SPA: TD Bank, N.A.), 1.44%, 7/1/49(3) | 1,500 | 1,500,000 | |
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49 | 700 | 699,636 | |
New York Mortgage Agency: | |||
2.05%, 4/1/28 | 230 | 221,127 | |
2.10%, 10/1/28 | 250 | 239,377 | |
2.25%, 4/1/30 | 325 | 308,646 | |
2.30%, 10/1/30 | 395 | 374,231 | |
$ 4,290,957 | |||
Insured - Education — 0.6% | |||
Northern Arizona University, (BAM), 5.00%, 6/1/30 | $ | 450 | $ 524,192 |
$ 524,192 | |||
Insured - General Obligations — 0.2% | |||
Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/27 | $ | 90 | $ 92,645 |
New Britain, CT: | |||
(BAM), 5.00%, 3/1/25 | 50 | 54,089 | |
(BAM), Escrowed to Maturity, 5.00%, 3/1/23 | 30 | 30,607 | |
$ 177,341 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Lease Revenue/Certificates of Participation — 0.2% | |||
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | $ | 180 | $ 194,292 |
$ 194,292 | |||
Insured - Special Tax Revenue — 1.0% | |||
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24 | $ | 10 | $ 10,640 |
Vineyard Redevelopment Agency, UT: | |||
(AGM), 5.00%, 5/1/27 | 315 | 355,972 | |
(AGM), 5.00%, 5/1/28 | 235 | 269,601 | |
(AGM), 5.00%, 5/1/29 | 200 | 232,766 | |
$ 868,979 | |||
Insured - Transportation — 3.3% | |||
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/28 | $ | 1,000 | $ 1,139,280 |
(AGM), 5.00%, 1/1/29 | 1,510 | 1,709,909 | |
$ 2,849,189 | |||
Insured - Water and Sewer — 1.5% | |||
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22 | $ | 25 | $ 25,031 |
Hamburg Municipal Authority, PA, Sewer Revenue, (AGM), 2.00%, 10/1/30 | 75 | 71,581 | |
Pittsburgh Water and Sewer Authority, PA, (AGM), 1.98%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(1) | 1,000 | 1,000,540 | |
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/29 | 180 | 198,925 | |
$ 1,296,077 | |||
Lease Revenue/Certificates of Participation — 3.1% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/23 | $ | 120 | $ 123,507 |
4.00%, 12/1/25 | 190 | 201,881 | |
4.00%, 12/1/26 | 225 | 242,550 | |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23 | 225 | 235,161 | |
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities), 5.00%, 3/1/29 | 150 | 174,462 | |
Miami-Dade County School Board, FL, 5.00%, 2/1/24 | 300 | 314,631 | |
Palm Beach County School Board, FL, 5.00%, 8/1/31 | 1,000 | 1,072,760 | |
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25 | 250 | 250,855 | |
$ 2,615,807 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue — 11.7% | |||
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 1.68%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(1) | $ | 500 | $ 494,365 |
Fort Myers, FL, Capital Improvement Revenue: | |||
5.00%, 12/1/27 | 255 | 280,064 | |
5.00%, 12/1/28 | 545 | 597,456 | |
5.00%, 12/1/29 | 600 | 656,940 | |
Kentucky Public Energy Authority, Gas Supply Revenue: | |||
4.00% to 2/1/28 (Put Date), 2/1/50 | 1,500 | 1,536,975 | |
4.00% to 8/1/30 (Put Date), 8/1/52 | 1,000 | 1,015,880 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52(2) | 2,250 | 2,411,505 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/26 | 275 | 308,259 | |
San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | 2,400 | 2,331,096 | |
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22 | 300 | 301,866 | |
West Virginia School Building Authority, Lottery Revenue, 5.00%, 7/1/25 | 100 | 109,042 | |
$10,043,448 | |||
Senior Living/Life Care — 4.0% | |||
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31 | $ | 1,225 | $ 1,313,237 |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/24 | 60 | 62,928 | |
5.00%, 11/15/25 | 60 | 63,939 | |
5.00%, 11/15/29 | 830 | 871,176 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23 | 100 | 103,180 | |
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24 | 50 | 51,629 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | |||
4.00%, 11/15/22 | 70 | 70,221 | |
4.00%, 11/15/23 | 75 | 76,022 | |
4.00%, 11/15/24 | 115 | 117,416 | |
4.00%, 11/15/25 | 125 | 128,288 | |
4.00%, 11/15/26 | 120 | 123,278 | |
4.00%, 11/15/27 | 45 | 46,206 | |
4.00%, 11/15/28 | 80 | 81,963 | |
4.00%, 11/15/29 | 140 | 143,104 | |
4.00%, 11/15/30 | 190 | 193,346 | |
$ 3,445,933 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 0.9% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/24 | $ | 150 | $ 156,369 |
5.00%, 5/1/25 | 500 | 529,310 | |
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26 | 100 | 101,927 | |
$ 787,606 | |||
Transportation — 16.5% | |||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area): | |||
1.63%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1) | $ | 2,000 | $ 1,935,320 |
1.78%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(1) | 1,000 | 980,340 | |
2.23%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(1) | 500 | 500,500 | |
Central Texas Regional Mobility Authority: | |||
5.00%, 1/1/25 | 500 | 525,580 | |
5.00%, 1/1/27 | 400 | 433,756 | |
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/25 | 660 | 717,446 | |
Hawaii, Highway Revenue: | |||
5.00%, 1/1/28 | 500 | 576,525 | |
5.00%, 1/1/29 | 2,500 | 2,777,575 | |
5.00%, 1/1/30 | 250 | 291,372 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | 250 | 272,123 | |
Maine Turnpike Authority, 5.00%, 7/1/31 | 1,400 | 1,689,086 | |
Metropolitan Transportation Authority, NY: | |||
Green Bonds, 5.00%, 11/15/25 | 1,355 | 1,453,278 | |
Green Bonds, 5.00%, 11/15/26 | 1,000 | 1,089,410 | |
Triborough Bridge and Tunnel Authority, NY, 1.405%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(1) | 990 | 970,636 | |
$14,212,947 | |||
Water and Sewer — 7.4% | |||
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25 | $ | 55 | $ 58,883 |
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24 | 335 | 358,504 | |
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28 | 500 | 542,685 | |
King County, WA, Sewer Revenue, 1.56%, (SIFMA + 0.23%), 1/1/27 (Put Date), 1/1/40(1) | 2,000 | 1,960,220 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Massachusetts Water Resources Authority, Green Bonds, 5.00%, 8/1/30 | $ | 2,765 | $ 3,063,233 |
North Penn Water Authority, PA, 1.79%, (SIFMA + 0.46%), 11/1/23(1) | 400 | 399,960 | |
$ 6,383,485 | |||
Total Tax-Exempt Municipal Obligations (identified cost $75,957,748) | $75,266,688 |
Short-Term Investments — 10.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(4) | 9,072,724 | $ 9,072,724 | |
Total Short-Term Investments (identified cost $9,072,724) | $ 9,072,724 | ||
Total Investments — 97.9% (identified cost $85,030,472) | $84,339,412 | ||
Other Assets, Less Liabilities — 2.1% | $ 1,793,449 | ||
Net Assets — 100.0% | $86,132,861 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2022. |
(2) | When-issued security. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2022. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
At July 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is less than 10% individually. | |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2022, 7.0% 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 1.1% to 5.9% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
LOC | – Letter of Credit |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 86.8% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 3.9% | |||
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/36 | $ | 460 | $ 453,965 |
$ 453,965 | |||
Education — 0.5% | |||
University of Michigan, 4.00%, 4/1/38 | $ | 60 | $ 62,648 |
$ 62,648 | |||
Electric Utilities — 0.5% | |||
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/35 | $ | 50 | $ 52,247 |
$ 52,247 | |||
General Obligations — 26.7% | |||
Anne Arundel County, MD, 5.00%, 4/1/33 | $ | 255 | $ 308,565 |
Bethel Park School District, PA, 4.00%, 8/1/35 | 250 | 263,442 | |
California: | |||
4.00%, 9/1/32 | 225 | 238,241 | |
4.00%, 10/1/37 | 250 | 267,710 | |
Campbell, CA, (Election of 2018), 5.00%, 9/1/40 | 250 | 287,740 | |
Colonial School District, PA, 5.00%, 2/15/36 | 100 | 108,858 | |
Coopersville Area Public Schools, MI, 4.00%, 5/1/37(1) | 250 | 259,793 | |
Georgia, 4.00%, 8/1/35 | 270 | 293,522 | |
Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | 200 | 209,186 | |
La Canada Unified School District, CA, (Election of 2017), 4.00%, 8/1/40 | 140 | 144,820 | |
Laredo Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/1/42 | 250 | 256,655 | |
5.00%, 8/1/39 | 200 | 231,574 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/33 | 125 | 131,143 | |
Monterey Peninsula Community College District, CA, 4.00%, 8/1/33 | 50 | 52,338 | |
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/34 | 150 | 87,677 | |
$ 3,141,264 | |||
Hospital — 17.4% | |||
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | $ | 250 | $ 257,615 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | $ | 500 | $ 495,620 |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/31 | 50 | 52,099 | |
New York City Health and Hospitals Corp., NY: | |||
5.00%, 2/15/37 | 325 | 364,549 | |
5.00%, 2/15/38 | 345 | 384,465 | |
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/39 | 250 | 226,645 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | 150 | 152,055 | |
Tampa, FL, (H. Lee Moffitt Cancer Center), 5.00%, 7/1/35 | 100 | 111,425 | |
$ 2,044,473 | |||
Housing — 0.7% | |||
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | $ | 84 | $ 83,454 |
$ 83,454 | |||
Insured - Special Tax Revenue — 2.4% | |||
Vineyard Redevelopment Agency, UT: | |||
(AGM), 4.00%, 5/1/33 | $ | 150 | $ 163,067 |
(AGM), 4.00%, 5/1/35 | 115 | 123,160 | |
$ 286,227 | |||
Insured - Transportation — 3.3% | |||
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/32 | $ | 100 | $ 111,594 |
(AGM), 5.00%, 1/1/33 | 100 | 111,233 | |
(AGM), 5.00%, 1/1/34 | 150 | 166,323 | |
$ 389,150 | |||
Lease Revenue/Certificates of Participation — 6.9% | |||
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/33 | $ | 150 | $ 155,441 |
Ottawa County Building Authority, MI, 4.00%, 5/1/41 | 400 | 416,572 | |
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/38 | 115 | 129,460 | |
South San Francisco Public Facilities Financing Authority, CA, (Orange Memorial Park), 5.00%, 6/1/40 | 100 | 112,662 | |
$ 814,135 | |||
Other Revenue — 6.6% | |||
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/36 | $ | 250 | $ 272,795 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/41 | $ | 300 | $ 334,962 |
Wisconsin, Environmental Improvement Fund Revenue: | |||
5.00%, 6/1/34 | 50 | 54,158 | |
5.00%, 6/1/35 | 100 | 108,230 | |
$ 770,145 | |||
Senior Living/Life Care — 12.5% | |||
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32 | $ | 350 | $ 372,998 |
Maryland Health and Higher Educational Facilities Authority, (Broadmead): | |||
5.00%, 7/1/31 | 150 | 161,937 | |
5.00%, 7/1/32 | 220 | 237,314 | |
Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities), 5.00%, 8/1/35 | 150 | 158,064 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | |||
4.00%, 11/15/31 | 200 | 202,470 | |
4.00%, 11/15/36 | 220 | 218,317 | |
4.00%, 11/15/41 | 125 | 121,805 | |
$ 1,472,905 | |||
Special Tax Revenue — 2.2% | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38 | $ | 250 | $ 257,092 |
$ 257,092 | |||
Transportation — 3.2% | |||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 2.23%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2) | $ | 150 | $ 150,150 |
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36 | 200 | 222,482 | |
$ 372,632 | |||
Total Tax-Exempt Municipal Obligations (identified cost $10,410,777) | $10,200,337 |
Short-Term Investments — 8.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(3) | 1,013,601 | $ 1,013,601 | |
Total Short-Term Investments (identified cost $1,013,601) | $ 1,013,601 | ||
Total Investments — 95.5% (identified cost $11,424,378) | $11,213,938 | ||
Other Assets, Less Liabilities — 4.5% | $ 534,426 | ||
Net Assets — 100.0% | $11,748,364 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | When-issued security. |
(2) | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2022. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
At July 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows: |
California | 13.6% |
New York | 13.4% |
Georgia | 10.2% |
Others, representing less than 10% individually | 49.6% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2022, 6.0% of total investments are backed by bond insurance of a financial guaranty assurance agency. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
PSF | – Permanent School Fund |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
July 31, 2022 | ||
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Assets | ||
Unaffiliated investments, at value (identified cost $75,957,748 and 10,410,777, respectively) | $ 75,266,688 | $ 10,200,337 |
Affiliated investment, at value (identified cost $9,072,724 and 1,013,601, respectively) | 9,072,724 | 1,013,601 |
Cash | 315 | — |
Interest receivable | 527,653 | 107,161 |
Dividends receivable from affiliated investment | 8,251 | 788 |
Receivable for investments sold | 6,150,553 | 749,937 |
Receivable for Fund shares sold | 840,257 | — |
Receivable from affiliates | 20,086 | 16,733 |
Total assets | $91,886,527 | $12,088,557 |
Liabilities | ||
Payable for when-issued securities | $ 5,067,366 | $ 259,560 |
Payable for Fund shares redeemed | 596,796 | 47,235 |
Payable to affiliates: | ||
Investment adviser and administration fee | 21,944 | 3,142 |
Distribution and service fees | 5,081 | 844 |
Accrued expenses | 62,479 | 29,412 |
Total liabilities | $ 5,753,666 | $ 340,193 |
Net Assets | $86,132,861 | $11,748,364 |
Sources of Net Assets | ||
Paid-in capital | $ 87,740,974 | $ 12,760,930 |
Accumulated loss | (1,608,113) | (1,012,566) |
Net Assets | $86,132,861 | $11,748,364 |
Class A Shares | ||
Net Assets | $ 10,476,871 | $ 3,156,557 |
Shares Outstanding | 1,018,312 | 306,618 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.29 | $ 10.29 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 10.64 | $ 10.64 |
Class C Shares | ||
Net Assets | $ 3,345,023 | $ 217,397 |
Shares Outstanding | 325,103 | 21,118 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 10.29 | $ 10.29 |
Class I Shares | ||
Net Assets | $ 72,310,967 | $ 8,374,410 |
Shares Outstanding | 7,020,263 | 813,374 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.30 | $ 10.30 |
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. |
Six Months Ended July 31, 2022 | ||
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Investment Income | ||
Dividend income from affiliated investments | $ 21,563 | $ 3,728 |
Interest income | 755,077 | 198,473 |
Total investment income | $ 776,640 | $ 202,201 |
Expenses | ||
Investment adviser and administration fee | $ 141,720 | $ 24,480 |
Distribution and service fees: | ||
Class A | 16,018 | 4,631 |
Class C | 16,897 | 1,686 |
Trustees’ fees and expenses | 3,317 | 690 |
Custodian fee | 15,355 | 9,653 |
Transfer and dividend disbursing agent fees | 16,921 | 4,271 |
Legal and accounting services | 20,913 | 18,171 |
Printing and postage | 4,650 | 43 |
Registration fees | 27,842 | 21,498 |
Miscellaneous | 5,499 | 4,046 |
Total expenses | $ 269,132 | $ 89,169 |
Deduct: | ||
Waiver and/or reimbursement of expenses by affiliates | $ 61,729 | $ 52,740 |
Total expense reductions | $ 61,729 | $ 52,740 |
Net expenses | $ 207,403 | $ 36,429 |
Net investment income | $ 569,237 | $ 165,772 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment transactions | $ (986,888) | $ (812,012) |
Investment transactions - affiliated investment | (457) | 230 |
Net realized loss | $ (987,345) | $ (811,782) |
Change in unrealized appreciation (depreciation): | ||
Investments | $ (1,898,236) | $ (806,834) |
Investments - affiliated investment | 1 | — |
Net change in unrealized appreciation (depreciation) | $(1,898,235) | $ (806,834) |
Net realized and unrealized loss | $(2,885,580) | $(1,618,616) |
Net decrease in net assets from operations | $(2,316,343) | $(1,452,844) |
Six Months Ended July 31, 2022 (Unaudited) | ||
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 569,237 | $ 165,772 |
Net realized loss | (987,345) | (811,782) |
Net change in unrealized appreciation (depreciation) | (1,898,235) | (806,834) |
Net decrease in net assets from operations | $ (2,316,343) | $ (1,452,844) |
Distributions to shareholders: | ||
Class A | $ (70,976) | $ (37,455) |
Class C | (6,158) | (2,105) |
Class I | (494,093) | (126,453) |
Total distributions to shareholders | $ (571,227) | $ (166,013) |
Transactions in shares of beneficial interest: | ||
Class A | $ (3,596,507) | $ (1,607,476) |
Class C | (143,145) | (219,371) |
Class I | (904,014) | (4,710,852) |
Net decrease in net assets from Fund share transactions | $ (4,643,666) | $ (6,537,699) |
Net decrease in net assets | $ (7,531,236) | $ (8,156,556) |
Net Assets | ||
At beginning of period | $ 93,664,097 | $ 19,904,920 |
At end of period | $86,132,861 | $11,748,364 |
Year Ended January 31, 2022 | ||
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 977,937 | $ 388,711 |
Net realized gain | 185,148 | 145,251 |
Net change in unrealized appreciation (depreciation) | (2,947,009) | (898,194) |
Net decrease in net assets from operations | $ (1,783,924) | $ (364,232) |
Distributions to shareholders: | ||
Class A | $ (172,745) | $ (153,766) |
Class C | (13,244) | (12,069) |
Class I | (952,556) | (419,328) |
Total distributions to shareholders | $ (1,138,545) | $ (585,163) |
Transactions in shares of beneficial interest: | ||
Class A | $ (7,808,204) | $ 498,946 |
Class C | (292,649) | (21,805) |
Class I | 11,542,612 | (2,241,076) |
Net increase (decrease) in net assets from Fund share transactions | $ 3,441,759 | $ (1,763,935) |
Net increase (decrease) in net assets | $ 519,290 | $ (2,713,330) |
Net Assets | ||
At beginning of year | $ 93,144,807 | $ 22,618,250 |
At end of year | $93,664,097 | $19,904,920 |
1-to-10 Year Laddered Fund — Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 10.590 | $ 10.910 | $ 10.600 | $ 10.240 | $ 10.170 | $ 10.120 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.058 | $ 0.102 | $ 0.132 | $ 0.172 | $ 0.157 | $ 0.129 |
Net realized and unrealized gain (loss) | (0.301) | (0.303) | 0.308 | 0.360 | 0.070 | 0.050 |
Total income (loss) from operations | $ (0.243) | $ (0.201) | $ 0.440 | $ 0.532 | $ 0.227 | $ 0.179 |
Less Distributions | ||||||
From net investment income | $ (0.057) | $ (0.100) | $ (0.130) | $ (0.172) | $ (0.157) | $ (0.129) |
From net realized gain | — | (0.019) | — | — | — | — |
Total distributions | $ (0.057) | $ (0.119) | $ (0.130) | $ (0.172) | $ (0.157) | $ (0.129) |
Net asset value — End of period | $10.290 | $10.590 | $10.910 | $10.600 | $10.240 | $10.170 |
Total Return(1)(2) | (2.29)% (3) | (1.87)% | 4.19% | 5.23% | 2.26% | 1.76% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 10,477 | $ 14,526 | $ 22,853 | $ 19,901 | $ 17,978 | $ 16,877 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 0.65% (4)(5) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.11% (4) | 0.92% | 1.23% | 1.64% | 1.56% | 1.25% |
Portfolio Turnover | 30% (3) | 34% | 81% | 41% | 91% | 19% |
(1) | 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. |
(2) | The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.13%, 0.13%, 0.16%, 0.18%, 0.20% and 0.24% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
1-to-10 Year Laddered Fund — Class C | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 10.590 | $ 10.910 | $ 10.590 | $ 10.240 | $ 10.170 | $ 10.120 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.019 | $ 0.019 | $ 0.053 | $ 0.093 | $ 0.081 | $ 0.052 |
Net realized and unrealized gain (loss) | (0.300) | (0.302) | 0.318 | 0.350 | 0.070 | 0.050 |
Total income (loss) from operations | $ (0.281) | $ (0.283) | $ 0.371 | $ 0.443 | $ 0.151 | $ 0.102 |
Less Distributions | ||||||
From net investment income | $ (0.019) | $ (0.018) | $ (0.051) | $ (0.093) | $ (0.081) | $ (0.052) |
From net realized gain | — | (0.019) | — | — | — | — |
Total distributions | $ (0.019) | $ (0.037) | $ (0.051) | $ (0.093) | $ (0.081) | $ (0.052) |
Net asset value — End of period | $10.290 | $10.590 | $10.910 | $10.590 | $10.240 | $10.170 |
Total Return(1)(2) | (2.66)% (3) | (2.60)% | 3.52% | 4.35% | 1.50% | 1.00% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 3,345 | $ 3,591 | $ 3,994 | $ 3,875 | $ 3,951 | $ 3,638 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 1.40% (4)(5) | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Net investment income | 0.36% (4) | 0.17% | 0.48% | 0.90% | 0.80% | 0.50% |
Portfolio Turnover | 30% (3) | 34% | 81% | 41% | 91% | 19% |
(1) | 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. |
(2) | The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.13%, 0.13%, 0.16%, 0.18%, 0.20% and 0.24% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
1-to-10 Year Laddered Fund — Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 10.600 | $ 10.920 | $ 10.610 | $ 10.250 | $ 10.180 | $ 10.130 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.069 | $ 0.127 | $ 0.159 | $ 0.198 | $ 0.182 | $ 0.156 |
Net realized and unrealized gain (loss) | (0.299) | (0.301) | 0.308 | 0.360 | 0.070 | 0.050 |
Total income (loss) from operations | $ (0.230) | $ (0.174) | $ 0.467 | $ 0.558 | $ 0.252 | $ 0.206 |
Less Distributions | ||||||
From net investment income | $ (0.070) | $ (0.127) | $ (0.157) | $ (0.198) | $ (0.182) | $ (0.156) |
From net realized gain | — | (0.019) | — | — | — | — |
Total distributions | $ (0.070) | $ (0.146) | $ (0.157) | $ (0.198) | $ (0.182) | $ (0.156) |
Net asset value — End of period | $10.300 | $10.600 | $10.920 | $10.610 | $10.250 | $10.180 |
Total Return(1)(2) | (2.17)% (3) | (1.62)% | 4.45% | 5.49% | 2.51% | 2.03% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 72,311 | $ 75,548 | $ 66,298 | $ 47,792 | $ 31,936 | $ 42,106 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 0.40% (4)(5) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.36% (4) | 1.17% | 1.46% | 1.88% | 1.79% | 1.51% |
Portfolio Turnover | 30% (3) | 34% | 81% | 41% | 91% | 19% |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.13%, 0.13%, 0.16%, 0.18%, 0.20% and 0.24% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
10-to-20 Year Laddered Fund — Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 11.230 | $ 11.730 | $ 11.410 | $ 10.560 | $ 10.530 | $ 10.260 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.106 | $ 0.198 | $ 0.218 | $ 0.275 | $ 0.272 | $ 0.255 |
Net realized and unrealized gain (loss) | (0.941) | (0.389) | 0.492 | 0.870 | 0.068 | 0.270 |
Total income (loss) from operations | $ (0.835) | $ (0.191) | $ 0.710 | $ 1.145 | $ 0.340 | $ 0.525 |
Less Distributions | ||||||
From net investment income | $ (0.105) | $ (0.198) | $ (0.215) | $ (0.277) | $ (0.271) | $ (0.255) |
From net realized gain | — | (0.111) | (0.175) | (0.018) | (0.039) | — |
Total distributions | $ (0.105) | $ (0.309) | $ (0.390) | $ (0.295) | $ (0.310) | $ (0.255) |
Net asset value — End of period | $10.290 | $11.230 | $11.730 | $11.410 | $10.560 | $10.530 |
Total Return(1)(2) | (7.44)% (3) | (1.69)% | 6.35% | 10.97% | 3.30% | 5.14% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 3,157 | $ 5,139 | $ 4,881 | $ 970 | $ 297 | $ 336 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 0.65% (4)(5) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 2.02% (4) | 1.69% | 1.79% | 2.45% | 2.59% | 2.44% |
Portfolio Turnover | 34% (3) | 24% | 62% | 33% | 44% | 53% |
(1) | 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. |
(2) | The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.69%, 0.53%, 0.61%, 0.94%, 1.25% and 1.42% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
10-to-20 Year Laddered Fund — Class C | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 11.230 | $ 11.730 | $ 11.410 | $ 10.570 | $ 10.540 | $ 10.270 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.072 | $ 0.111 | $ 0.135 | $ 0.193 | $ 0.194 | $ 0.176 |
Net realized and unrealized gain (loss) | (0.946) | (0.389) | 0.490 | 0.859 | 0.068 | 0.270 |
Total income (loss) from operations | $ (0.874) | $ (0.278) | $ 0.625 | $ 1.052 | $ 0.262 | $ 0.446 |
Less Distributions | ||||||
From net investment income | $ (0.066) | $ (0.111) | $ (0.130) | $ (0.194) | $ (0.193) | $ (0.176) |
From net realized gain | — | (0.111) | (0.175) | (0.018) | (0.039) | — |
Total distributions | $ (0.066) | $ (0.222) | $ (0.305) | $ (0.212) | $ (0.232) | $ (0.176) |
Net asset value — End of period | $10.290 | $11.230 | $11.730 | $11.410 | $10.570 | $10.540 |
Total Return(1)(2) | (7.79)% (3) | (2.43)% | 5.56% | 10.04% | 2.53% | 4.35% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 217 | $ 476 | $ 522 | $ 521 | $ 331 | $ 380 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 1.40% (4)(5) | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Net investment income | 1.25% (4) | 0.95% | 1.14% | 1.73% | 1.85% | 1.66% |
Portfolio Turnover | 34% (3) | 24% | 62% | 33% | 44% | 53% |
(1) | 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. |
(2) | The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.69%, 0.53%, 0.61%, 0.94%, 1.25% and 1.42% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
10-to-20 Year Laddered Fund — Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 11.230 | $ 11.730 | $ 11.410 | $ 10.560 | $ 10.530 | $ 10.270 |
Income (Loss) From Operations | ||||||
Net investment income | $ 0.121 | $ 0.228 | $ 0.248 | $ 0.304 | $ 0.298 | $ 0.281 |
Net realized and unrealized gain (loss) | (0.933) | (0.390) | 0.491 | 0.869 | 0.069 | 0.261 |
Total income (loss) from operations | $ (0.812) | $ (0.162) | $ 0.739 | $ 1.173 | $ 0.367 | $ 0.542 |
Less Distributions | ||||||
From net investment income | $ (0.118) | $ (0.227) | $ (0.244) | $ (0.305) | $ (0.298) | $ (0.282) |
From net realized gain | — | (0.111) | (0.175) | (0.018) | (0.039) | — |
Total distributions | $ (0.118) | $ (0.338) | $ (0.419) | $ (0.323) | $ (0.337) | $ (0.282) |
Net asset value — End of period | $10.300 | $11.230 | $11.730 | $11.410 | $10.560 | $10.530 |
Total Return(1)(2) | (7.24)% (3) | (1.45)% | 6.61% | 11.25% | 3.56% | 5.30% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 8,374 | $ 14,290 | $ 17,216 | $ 12,708 | $ 8,415 | $ 8,358 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (2) | 0.40% (4)(5) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 2.25% (4) | 1.94% | 2.10% | 2.73% | 2.85% | 2.65% |
Portfolio Turnover | 34% (3) | 24% | 62% | 33% | 44% | 53% |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.69%, 0.53%, 0.61%, 0.94%, 1.25% and 1.42% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2022). |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Aggregate cost | $ 85,027,798 | $11,424,534 |
Gross unrealized appreciation | $ 963,292 | $ 171,171 |
Gross unrealized depreciation | (1,651,678) | (381,767) |
Net unrealized depreciation | $ (688,386) | $ (210,596) |
Annual Fee Rate | ||
Average Daily Net Assets | 1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund |
Up to $1 billion | 0.3200% | 0.3200% |
$1 billion but less than $2.5 billion | 0.3075% | 0.3075% |
$2.5 billion but less than $5 billion | 0.2950% | 0.2950% |
$5 billion and over | 0.2875% | 0.2875% |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Investment Adviser and Administration Fee | $141,720 | $24,480 |
Effective Annual Rate | 0.32% | 0.32% |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
EVM's Sub-Transfer Agent Fees | $1,024 | $ 580 |
EVD's Class A Sales Charges | $ 80 | $ — |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Class A Distribution and Service Fees | $16,018 | $4,631 |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Class C Distribution Fees | $12,673 | $1,264 |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Class C Service Fees | $4,224 | $422 |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Class A | $25,000 | $ — |
Class C | $ 500 | $ — |
1-to-10 Year Laddered Fund | 10-to-20 Year Laddered Fund | |
Purchases | $25,693,729 | $ 4,733,717 |
Sales | $38,455,015 | $12,095,002 |
1-to-10 Year Laddered Fund | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 28,560 | $ 296,362 | 556,525 | $ 6,050,061 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 6,896 | 70,776 | 15,497 | 167,915 | ||
Redemptions | (388,836) | (3,963,645) | (1,294,640) | (14,026,180) | ||
Net decrease | (353,380) | $ (3,596,507) | (722,618) | $ (7,808,204) | ||
Class C | ||||||
Sales | 24,597 | $ 249,617 | 33,698 | $ 366,553 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 600 | 6,158 | 1,221 | 13,244 | ||
Redemptions | (39,167) | (398,920) | (61,857) | (672,446) | ||
Net decrease | (13,970) | $ (143,145) | (26,938) | $ (292,649) | ||
Class I | ||||||
Sales | 2,501,238 | $ 25,706,655 | 3,090,695 | $ 33,631,922 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 48,017 | 493,372 | 87,577 | 949,843 | ||
Redemptions | (2,654,977) | (27,104,041) | (2,122,112) | (23,039,153) | ||
Net increase (decrease) | (105,722) | $ (904,014) | 1,056,160 | $ 11,542,612 |
10-to-20 Year Laddered Fund | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 27,998 | $ 294,604 | 182,612 | $ 2,139,678 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 3,574 | 37,455 | 13,227 | 153,766 | ||
Redemptions | (182,497) | (1,939,535) | (154,396) | (1,794,498) | ||
Net increase (decrease) | (150,925) | $(1,607,476) | 41,443 | $ 498,946 | ||
Class C | ||||||
Sales | — | $ — | 15,466 | $ 182,531 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 200 | 2,105 | 1,038 | 12,069 | ||
Redemptions | (21,434) | (221,476) | (18,628) | (216,405) | ||
Net decrease | (21,234) | $ (219,371) | (2,124) | $ (21,805) | ||
Class I | ||||||
Sales | 96,606 | $ 1,029,488 | 712,417 | $ 8,326,515 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 12,055 | 126,418 | 35,986 | 418,129 | ||
Redemptions | (567,381) | (5,866,758) | (943,932) | (10,985,720) | ||
Net decrease | (458,720) | $(4,710,852) | (195,529) | $ (2,241,076) |
1-to-10 Year Laddered Fund | ||||||||
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $9,633,863 | $15,094,195 | $(24,727,602) | $ (457) | $ 1 | $ — | $ 1,729 | — |
Liquidity Fund | — | 41,186,229 | (32,113,505) | — | — | 9,072,724 | 19,834 | 9,072,724 |
Total | $(457) | $ 1 | $9,072,724 | $21,563 |
10-to-20 Year Laddered Fund | ||||||||
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $1,399,552 | $3,905,604 | $(5,305,386) | $ 230 | $ — | $ — | $ 154 | — |
Liquidity Fund | — | 9,891,942 | (8,878,341) | — | — | 1,013,601 | 3,574 | 1,013,601 |
Total | $ 230 | $ — | $1,013,601 | $3,728 |
• | 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) |
1-to-10 Year Laddered Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 75,266,688 | $ — | $ 75,266,688 |
Short-Term Investments | 9,072,724 | — | — | 9,072,724 |
Total Investments | $9,072,724 | $75,266,688 | $ — | $84,339,412 |
10-to-20 Year Laddered Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 10,200,337 | $ — | $ 10,200,337 |
Short-Term Investments | 1,013,601 | — | — | 1,013,601 |
Total Investments | $1,013,601 | $10,200,337 | $ — | $11,213,938 |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Municipals Trust II | ||
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: September 16, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: September 16, 2022
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: September 16, 2022