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
January 31, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Income Fund
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 08/07/1995 | 08/07/1995 | (6.80)% | 1.91% | 3.20% |
Class A with 3.25% Maximum Sales Charge | — | — | (9.87) | 1.24 | 2.86 |
Class C at NAV | 06/18/1997 | 08/07/1995 | (7.49) | 1.18 | 2.59 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (8.39) | 1.18 | 2.59 |
Class I at NAV | 05/09/2007 | 08/07/1995 | (6.55) | 2.19 | 3.46 |
Class W at NAV | 10/01/2021 | 08/07/1995 | (6.23) | 2.28 | 3.51 |
Bloomberg Municipal Bond Index | — | — | (3.25)% | 2.07% | 2.38% |
% 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 | 3.93% | 3.18% | 4.17% | 4.65% |
Taxable-Equivalent Distribution Rate | 6.63 | 5.37 | 7.05 | 7.85 |
SEC 30-day Yield | 3.60 | 2.97 | 3.97 | 4.44 |
Taxable-Equivalent SEC 30-day Yield | 6.08 | 5.02 | 6.70 | 7.50 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 7.12% |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2012 | $12,918 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2012 | $1,405,223 | N.A. |
Class W | $10,000 | 01/31/2012 | $14,116 | N.A. |
Credit Quality (% of total investments)1,2 |
1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.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. | |
Additional Information | |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
Beginning Account Value (8/1/22) | Ending Account Value (1/31/23) | Expenses Paid During Period* (8/1/22 – 1/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 993.40 | $5.02 | 1.00% |
Class C | $1,000.00 | $ 990.10 | $8.83 | 1.76% |
Class I | $1,000.00 | $ 994.70 | $3.77 | 0.75% |
Class W | $1,000.00 | $ 995.90 | $1.11** | 0.22% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.16 | $5.09 | 1.00% |
Class C | $1,000.00 | $1,016.33 | $8.94 | 1.76% |
Class I | $1,000.00 | $1,021.43 | $3.82 | 0.75% |
Class W | $1,000.00 | $1,024.10 | $1.12** | 0.22% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022. |
** | Absent a reimbursement of investment advisory fees by an affiliate, expenses would be higher. |
Corporate Bonds — 2.0% |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 1.2% | |||
Boston Medical Center Corp., 4.581%, 7/1/47 | $ | 4,165 | $ 3,653,862 |
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 | 5,654,880 | |
$ 14,593,267 | |||
Other — 0.8% | |||
Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 7,980 | $ 8,813,591 |
$ 8,813,591 | |||
Total Corporate Bonds (identified cost $26,387,200) | $ 23,406,858 |
Tax-Exempt Municipal Obligations — 99.4% |
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 | $ 102,093 |
$ 102,093 | |||
Education — 4.3% | |||
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1) | $ | 1,270 | $ 1,244,384 |
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 925 | 735,107 | |
Build NYC Resource Corp., NY, (East Harlem Scholars Academy Charter School), Social Bonds, 5.75%, 6/1/52(1) | 1,500 | 1,546,860 | |
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): | |||
5.375%, 6/15/38(1) | 545 | 542,984 | |
5.375%, 6/15/48(1) | 1,020 | 967,888 | |
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55 | 325 | 328,861 | |
Colorado Educational and Cultural Facilities Authority, (Aspen View Academy): | |||
4.00%, 5/1/41 | 100 | 89,806 | |
4.00%, 5/1/51 | 500 | 421,860 | |
District of Columbia, (KIPP DC): | |||
4.00%, 7/1/44 | 275 | 243,722 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
District of Columbia, (KIPP DC): (continued) | |||
4.00%, 7/1/49 | $ | 385 | $ 329,217 |
District of Columbia, (Rocketship DC Obligated Group): | |||
5.00%, 6/1/41(1) | 1,190 | 1,180,040 | |
5.00%, 6/1/49(1) | 2,100 | 1,999,515 | |
5.00%, 6/1/61(1) | 1,175 | 1,086,699 | |
Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51(1) | 1,000 | 795,290 | |
Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55 | 750 | 630,300 | |
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(1) | 750 | 677,227 | |
Indiana Finance Authority, (KIPP Indianapolis, Inc.): | |||
5.00%, 7/1/40 | 145 | 143,994 | |
5.00%, 7/1/55 | 460 | 436,673 | |
Los Ranchos de Albuquerque, NM, (Albuquerque Academy): | |||
4.00%, 9/1/35 | 300 | 310,827 | |
4.00%, 9/1/40 | 1,200 | 1,204,704 | |
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): | |||
4.00%, 7/1/51(1) | 1,650 | 1,296,240 | |
4.00%, 7/1/56(1) | 1,220 | 926,431 | |
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46 | 4,000 | 4,093,960 | |
Public Finance Authority, WI, (North Carolina Leadership Academy): | |||
4.00%, 6/15/29(1) | 265 | 254,456 | |
5.00%, 6/15/39(1) | 205 | 198,965 | |
5.00%, 6/15/49(1) | 260 | 240,300 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
4.00%, 4/1/52(1) | 1,000 | 768,930 | |
5.00%, 4/1/40(1) | 840 | 832,297 | |
5.00%, 4/1/50(1) | 2,510 | 2,371,322 | |
Romeoville, IL, (Lewis University), 5.00%, 10/1/30 | 1,000 | 1,016,690 | |
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54 | 2,000 | 1,634,360 | |
Tennessee State School Bond Authority: | |||
5.00%, 11/1/52 | 380 | 426,337 | |
5.00%, 11/1/52(4) | 10,000 | 11,219,400 | |
University of California, 5.00%, 5/15/38(4) | 10,000 | 10,059,800 | |
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/40 | 750 | 689,782 | |
$ 50,945,228 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities — 2.7% | |||
Arkansas River Power Authority, CO, 5.00%, 10/1/43 | $ | 4,235 | $ 4,283,914 |
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45 | 15,890 | 14,897,988 | |
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | 2,010 | 1,732,620 | |
South Carolina Public Service Authority, 5.75%, 12/1/47 | 10,000 | 11,189,300 | |
$ 32,103,822 | |||
Escrowed/Prerefunded — 2.6% | |||
Build NYC Resource Corp., NY, (YMCA of Greater New York), Prerefunded to 8/1/25, 4.00%, 8/1/36 | $ | 875 | $ 912,975 |
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.): | |||
Prerefunded to 7/1/24, 5.00%, 7/1/34 | 750 | 775,710 | |
Prerefunded to 7/1/24, 5.00%, 7/1/39 | 1,250 | 1,292,850 | |
Illinois Finance Authority, (Plymouth Place, Inc.), Prerefunded to 5/15/25, 5.00%, 5/15/37 | 1,000 | 1,058,950 | |
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41 | 3,940 | 4,070,966 | |
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 | 3,984,961 | |
Prerefunded to 4/1/24, 5.00%, 4/1/39 | 3,500 | 3,590,055 | |
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/43 | 570 | 660,192 | |
San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/44 | 10,000 | 10,543,300 | |
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), Prerefunded to 1/1/24, 7.00%, 1/1/34 | 3,000 | 3,119,640 | |
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33 | 1,455 | 1,503,015 | |
$ 31,512,614 | |||
General Obligations — 11.4% | |||
Beaverton School District 48J, OR, 5.00%, 6/15/52(4) | $ | 15,000 | $ 16,896,900 |
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/31 | 1,225 | 929,885 | |
Chicago Board of Education, IL: | |||
5.00%, 12/1/26 | 1,595 | 1,659,661 | |
5.00%, 12/1/36 | 5,560 | 5,747,483 | |
5.00%, 12/1/41 | 3,550 | 3,604,812 | |
5.00%, 12/1/42 | 6,950 | 6,949,374 | |
5.00%, 12/1/46 | 4,000 | 4,015,040 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Chicago, IL: | |||
5.00%, 1/1/40 | $ | 2,000 | $ 2,028,500 |
5.00%, 1/1/44 | 7,000 | 7,033,390 | |
5.25%, 1/1/38 | 6,750 | 7,266,982 | |
5.50%, 1/1/43 | 2,000 | 2,121,160 | |
Detroit, MI: | |||
5.00%, 4/1/30 | 1,400 | 1,474,662 | |
5.00%, 4/1/31 | 865 | 910,828 | |
5.50%, 4/1/31 | 565 | 620,715 | |
5.50%, 4/1/32 | 595 | 652,703 | |
5.50%, 4/1/35 | 350 | 378,126 | |
5.50%, 4/1/45 | 1,930 | 2,000,426 | |
5.50%, 4/1/50 | 3,620 | 3,732,365 | |
Illinois: | |||
4.00%, 11/1/40 | 4,000 | 3,800,520 | |
5.00%, 11/1/30 | 7,200 | 7,573,536 | |
5.00%, 5/1/33 | 9,480 | 10,073,164 | |
5.00%, 5/1/35 | 3,500 | 3,547,705 | |
5.00%, 12/1/42 | 8,125 | 8,320,569 | |
5.25%, 7/1/30 | 2,800 | 2,822,316 | |
5.50%, 5/1/39 | 1,085 | 1,178,701 | |
5.50%, 3/1/47 | 2,000 | 2,148,340 | |
5.75%, 5/1/45 | 1,115 | 1,197,878 | |
Leander Independent School District, 5.00%, 8/15/47(4) | 5,000 | 5,550,800 | |
Puerto Rico: | |||
0.00%, 7/1/24 | 190 | 177,879 | |
0.00%, 7/1/33 | 731 | 424,221 | |
4.00%, 7/1/33 | 4,500 | 4,218,030 | |
5.25%, 7/1/23 | 317 | 318,615 | |
5.625%, 7/1/29 | 3,343 | 3,560,441 | |
5.75%, 7/1/31 | 9,280 | 10,084,866 | |
Sherwood School District No. 88J, OR, 0.00%, 6/15/37 | 3,630 | 1,949,455 | |
Ysleta Independent School District, TX, (PSF Guaranteed), 4.25%, 8/15/56 | 1,500 | 1,521,720 | |
$ 136,491,768 | |||
Hospital — 6.1% | |||
California Municipal Finance Authority, (NorthBay Healthcare Group): | |||
5.00%, 11/1/40 | $ | 550 | $ 556,683 |
5.00%, 11/1/44 | 500 | 505,540 | |
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37 | 1,000 | 1,033,060 | |
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48 | 2,400 | 2,481,336 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 | $ | 1,655 | $ 1,594,741 |
Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.50%, 11/1/47 | 4,000 | 4,340,160 | |
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46 | 3,175 | 3,266,281 | |
Cuyahoga County, OH, (The MetroHealth System): | |||
5.00%, 2/15/31 | 1,500 | 1,584,285 | |
5.00%, 2/15/32 | 1,500 | 1,581,810 | |
Decatur Hospital Authority, TX, (Wise Health System): | |||
4.00%, 9/1/34 | 1,604 | 1,500,494 | |
4.00%, 9/1/44 | 9,039 | 7,655,219 | |
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34 | 2,965 | 3,031,801 | |
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), Prerefunded to 6/1/23, 6.00%, 6/1/39 | 3,805 | 3,844,800 | |
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37 | 4,385 | 4,330,319 | |
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40 | 1,120 | 1,088,338 | |
Muskingum County, OH, (Genesis HealthCare System Obligated Group): | |||
5.00%, 2/15/33 | 2,775 | 2,776,609 | |
5.00%, 2/15/48 | 3,000 | 2,744,850 | |
New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): | |||
4.00%, 7/1/48 | 6,265 | 5,254,080 | |
5.00%, 7/1/41 | 1,750 | 1,744,173 | |
New York Dormitory Authority, (Orange Regional Medical Center): | |||
5.00%, 12/1/32(1) | 1,000 | 1,026,570 | |
5.00%, 12/1/35(1) | 1,000 | 1,009,810 | |
5.00%, 12/1/40(1) | 2,300 | 2,268,651 | |
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35 | 3,100 | 3,105,952 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children's Medical Center), 5.25%, 12/1/39(4) | 7,000 | 7,099,260 | |
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38 | 2,500 | 2,466,550 | |
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38 | 2,580 | 2,604,046 | |
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33 | 2,500 | 2,523,675 | |
$ 73,019,093 |
Security | Principal Amount (000's omitted) | Value | |
Housing — 2.4% | |||
CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56(1) | $ | 4,000 | $ 3,529,920 |
CSCDA Community Improvement Authority, CA, Essential Housing Revenue: | |||
Social Bonds, 3.00%, 12/1/56(1) | 8,895 | 6,345,515 | |
Social Bonds, 3.00%, 3/1/57(1) | 6,100 | 4,291,899 | |
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.00%, 7/1/40 | 1,000 | 973,030 | |
Maryland Economic Development Corp., (University of Maryland), 5.75%, 7/1/53 | 2,000 | 2,202,940 | |
National Finance Authority, NH, Municipal Certificates, Series 2022-2, Class A, 4.00%, 10/20/36 | 6,972 | 6,761,112 | |
Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51(1) | 2,500 | 1,976,050 | |
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 | |
$ 28,940,466 | |||
Industrial Development Revenue — 12.6% | |||
Arkansas Development Finance Authority, (Big River Steel), (AMT), 4.50%, 9/1/49(1) | $ | 7,750 | $ 7,024,677 |
Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.45%, 9/1/52(1) | 8,200 | 8,204,592 | |
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32 | 1,890 | 1,895,727 | |
Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52(1) | 4,500 | 4,321,125 | |
Houston, TX, (United Airlines, Inc. Terminal E Project), (AMT), 4.75%, 7/1/24 | 3,850 | 3,856,430 | |
Houston, TX, (United Airlines, Inc.): | |||
(AMT), 4.00%, 7/15/41 | 4,595 | 4,141,244 | |
(AMT), 5.00%, 7/15/27 | 1,750 | 1,798,913 | |
Iowa Finance Authority, (Iowa Fertilizer Co.), 5.00%, 12/1/50 | 11,500 | 11,579,120 | |
Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.), (AMT), 3.50%, 12/1/51(1) | 5,250 | 3,818,220 | |
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38 | 4,050 | 3,969,081 | |
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1) | 1,880 | 1,895,529 | |
Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47(1) | 2,650 | 2,249,612 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | $ | 6,500 | $ 6,501,690 |
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(1) | 805 | 790,993 | |
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30 | 1,000 | 1,001,540 | |
National Finance Authority, NH, (Covanta): | |||
4.625%, 11/1/42(1) | 6,335 | 5,693,011 | |
(AMT), 4.875%, 11/1/42(1) | 6,965 | 6,467,769 | |
Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45(1) | 8,890 | 7,186,320 | |
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29(1) | 480 | 428,093 | |
New Jersey Economic Development Authority, (Continental Airlines): | |||
5.25%, 9/15/29 | 8,285 | 8,372,738 | |
(AMT), 5.50%, 6/1/33 | 4,375 | 4,431,350 | |
(AMT), 5.625%, 11/15/30 | 3,860 | 3,952,717 | |
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1) | 2,000 | 1,898,520 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40 | 21,725 | 22,237,275 | |
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(1) | 1,000 | 972,980 | |
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35 | 13,570 | 13,569,593 | |
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30 | 5,000 | 4,896,450 | |
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1) | 6,290 | 5,950,780 | |
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1) | 475 | 469,281 | |
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(1) | 1,440 | 1,380,182 | |
$ 150,955,552 | |||
Insured - Escrowed/Prerefunded — 1.0% | |||
Irvington Township, NJ, (AGM), Prerefunded to 7/15/24, 5.00%, 7/15/32 | $ | 1,000 | $ 1,037,400 |
North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42 | 10,000 | 10,715,500 | |
$ 11,752,900 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations — 1.2% | |||
Atlantic City, NJ, (AGM), 4.00%, 3/1/42 | $ | 480 | $ 482,443 |
McHenry County Community Unit School District No. 12, IL, (Johnsburg): | |||
(AGM), 5.00%, 1/1/31 | 3,175 | 3,242,056 | |
(AGM), 5.00%, 1/1/32 | 1,215 | 1,240,552 | |
(AGM), 5.00%, 1/1/33 | 1,405 | 1,434,280 | |
(AGM), 5.00%, 7/1/34 | 2,810 | 2,869,600 | |
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38 | 5,000 | 5,073,900 | |
$ 14,342,831 | |||
Insured - Hospital — 0.3% | |||
California Statewide Communities Development Authority, (Enloe University Medical Center), (AGM), 5.25%, 8/15/52 | $ | 600 | $ 649,506 |
Grand Forks, ND, (Altru Health System), (AGM), 3.00%, 12/1/51 | 4,585 | 3,397,944 | |
$ 4,047,450 | |||
Insured - Other Revenue — 2.3% | |||
Harris County-Houston Sports Authority, TX: | |||
(AGM), (NPFG), 0.00%, 11/15/34 | $ | 12,700 | $ 7,368,794 |
(NPFG), 0.00%, 11/15/26 | 9,395 | 8,226,732 | |
(NPFG), 0.00%, 11/15/28 | 9,600 | 7,770,240 | |
(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | 1,115 | 1,014,549 | |
(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | 400 | 345,692 | |
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34 | 3,500 | 2,317,385 | |
$ 27,043,392 | |||
Insured - Special Tax Revenue — 2.7% | |||
Illinois Sports Facilities Authority: | |||
(AMBAC), 0.00%, 6/15/25 | $ | 750 | $ 693,548 |
(AMBAC), 0.00%, 6/15/26 | 2,380 | 2,135,312 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (BAM), 4.00%, 12/15/42 | 4,060 | 3,884,689 | |
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39 | 14,500 | 18,139,790 | |
Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.375%, 11/15/52 | 2,000 | 2,218,840 | |
Tolomato Community Development District, FL: | |||
(AGM), 3.75%, 5/1/39 | 2,515 | 2,485,021 | |
(AGM), 3.75%, 5/1/40 | 2,985 | 2,910,435 | |
$ 32,467,635 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation — 1.4% | |||
Chicago, IL, (O'Hare International Airport): | |||
(AGM), 5.25%, 1/1/32 | $ | 1,500 | $ 1,503,300 |
(AGM), 5.25%, 1/1/33 | 650 | 651,411 | |
(AGM), 5.50%, 1/1/43 | 1,355 | 1,375,528 | |
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | 6,665 | 3,360,293 | |
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32 | 1,955 | 2,241,368 | |
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30 | 9,440 | 7,496,776 | |
$ 16,628,676 | |||
Insured - Water and Sewer — 0.7% | |||
Jefferson County, AL, Sewer Revenue: | |||
(AGM), 0.00%, 10/1/27 | $ | 2,155 | $ 1,744,731 |
(AGM), 0.00%, 10/1/28 | 3,965 | 3,007,373 | |
(AGM), 0.00%, 10/1/29 | 3,035 | 2,151,360 | |
(AGM), 0.00%, 10/1/30 | 2,580 | 1,705,045 | |
$ 8,608,509 | |||
Lease Revenue/Certificates of Participation — 2.3% | |||
Baltimore, MD, (Harbor Point), 5.00%, 6/1/51(1) | $ | 1,600 | $ 1,566,880 |
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), Prerefunded to 12/1/23, 5.00%, 12/1/29(4) | 10,875 | 11,106,094 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion): | |||
5.00%, 6/15/57 | 3,000 | 3,017,820 | |
5.50%, 6/15/53 | 2,420 | 2,463,971 | |
New Jersey Economic Development Authority, (School Facilities Construction): | |||
5.00%, 6/15/43 | 960 | 1,002,915 | |
5.00%, 6/15/44 | 8,290 | 8,706,904 | |
$ 27,864,584 | |||
Nursing Home — 0.0%(2) | |||
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25 | $ | 315 | $ 316,783 |
$ 316,783 | |||
Other Revenue — 3.8% | |||
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $ | 31,130 | $ 29,729,150 |
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(5) | 6,250 | 1,125,000 | |
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51 | 2,940 | 3,127,484 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1) | $ | 1,260 | $ 1,316,864 |
Military Installation Development Authority, UT, 4.00%, 6/1/41 | 1,500 | 1,246,635 | |
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 2,040 | 2,060,991 | |
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | 5,465 | 5,796,999 | |
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30 | 700 | 725,095 | |
$ 45,128,218 | |||
Senior Living/Life Care — 10.6% | |||
California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29(1) | $ | 360 | $ 323,410 |
Atlantic Beach, FL, (Fleet Landing): | |||
5.00%, 11/15/37 | 7,945 | 7,945,556 | |
5.00%, 11/15/38 | 1,000 | 998,840 | |
California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/52 | 880 | 666,688 | |
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37 | 3,250 | 3,142,847 | |
Clackamas County Hospital Facility Authority, OR, (Mary's Woods at Marylhurst), 5.00%, 5/15/48 | 425 | 377,069 | |
Clackamas County Hospital Facility Authority, OR, (Rose Villa): | |||
5.25%, 11/15/50 | 250 | 232,083 | |
5.375%, 11/15/55 | 300 | 279,288 | |
Colorado Health Facilities Authority, (Aberdeen Ridge): | |||
5.00%, 5/15/44 | 2,250 | 1,902,487 | |
5.00%, 5/15/58 | 2,525 | 1,968,894 | |
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37 | 750 | 743,985 | |
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(1) | 1,000 | 926,870 | |
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32 | 1,600 | 1,539,472 | |
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38 | 1,000 | 888,310 | |
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38 | 125 | 125,043 | |
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.): | |||
5.75%, 1/1/28 | 415 | 415,344 | |
6.375%, 1/1/33 | 655 | 655,806 | |
Howard County, MD, (Vantage House), 5.00%, 4/1/36 | 1,725 | 1,605,026 | |
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41 | 400 | 355,912 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Iowa Finance Authority, (Lifespace Communities, Inc.): | |||
4.125%, 5/15/38 | $ | 1,500 | $ 1,236,795 |
5.00%, 5/15/43 | 2,750 | 2,438,397 | |
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37 | 2,500 | 2,545,750 | |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.): | |||
5.00%, 11/15/33(1) | 1,550 | 1,645,526 | |
5.00%, 11/15/38(1) | 1,010 | 1,050,198 | |
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): | |||
5.00%, 10/1/37(1) | 1,100 | 1,118,667 | |
5.00%, 10/1/47(1) | 1,280 | 1,267,379 | |
5.00%, 10/1/57(1) | 2,410 | 2,306,683 | |
Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39 | 370 | 376,175 | |
Massachusetts Development Finance Agency, (Salem Community Corp.), 5.125%, 1/1/40 | 1,020 | 959,983 | |
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30(5) | 25 | 17,750 | |
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | 1,300 | 1,300,182 | |
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48 | 9,045 | 8,304,124 | |
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront): | |||
5.125%, 10/1/34 | 2,500 | 2,505,150 | |
5.40%, 10/1/44 | 1,770 | 1,767,610 | |
National Finance Authority, NH, (The Vista): | |||
5.25%, 7/1/39(1) | 585 | 554,159 | |
5.625%, 7/1/46(1) | 555 | 529,637 | |
5.75%, 7/1/54(1) | 1,745 | 1,664,608 | |
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37 | 6,320 | 6,183,362 | |
New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | 15,000 | 15,040,200 | |
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge): | |||
4.00%, 1/1/25 | 1,600 | 1,562,256 | |
4.375%, 1/1/39 | 1,250 | 1,036,775 | |
5.00%, 1/1/49 | 6,000 | 4,969,920 | |
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37 | 1,675 | 1,742,067 | |
North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/45 | 1,000 | 946,740 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27(1) | $ | 6,000 | $ 5,871,660 |
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56 | 1,835 | 1,402,068 | |
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(1) | 770 | 747,285 | |
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1) | 1,445 | 1,526,758 | |
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30 | 1,945 | 1,889,023 | |
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38 | 1,250 | 1,220,863 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): | |||
6.625%, 11/15/41 | 725 | 711,551 | |
6.75%, 11/15/51 | 3,250 | 3,106,967 | |
6.875%, 11/15/55 | 200 | 193,046 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44 | 5,130 | 5,109,275 | |
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(1) | 3,350 | 2,985,252 | |
Warren County, OH, (Otterbein Homes Obligated Group): | |||
5.00%, 7/1/39 | 1,975 | 2,005,672 | |
5.50%, 7/1/39 | 500 | 506,210 | |
Washington Housing Finance Commission, (Bayview Manor Homes): | |||
5.00%, 7/1/36(1) | 1,500 | 1,363,035 | |
5.00%, 7/1/46(1) | 1,250 | 1,036,413 | |
Washington Housing Finance Commission, (Horizon House): | |||
5.00%, 1/1/43(1) | 4,000 | 4,003,240 | |
5.00%, 1/1/48(1) | 2,410 | 2,392,913 | |
Washington Housing Finance Commission, (Transforming Age): | |||
5.00%, 1/1/44(1) | 2,780 | 2,312,182 | |
5.00%, 1/1/49(1) | 695 | 559,246 | |
$ 127,105,682 | |||
Special Tax Revenue — 9.7% | |||
Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38 | $ | 6,985 | $ 7,081,533 |
Conroe Local Government Corp., TX, (Conroe Convention Center Hotel): | |||
3.50%, 10/1/31(1) | 685 | 597,649 | |
5.00%, 10/1/50(1) | 1,605 | 1,368,792 |
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 | $ 2,031,540 |
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33 | 600 | 619,866 | |
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36 | 4,090 | 4,125,869 | |
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | 585 | 491,020 | |
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(1) | 900 | 920,772 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 6/15/50 | 5,000 | 5,080,850 | |
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29 | 4,460 | 4,505,849 | |
New River Community Development District, FL, (Capital Improvements): | |||
5.00%, 5/1/13(5) | 1,005 | 10 | |
5.75%, 5/1/38 | 1,105 | 1,114,846 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
5.00%, 11/1/46(4) | 10,000 | 11,178,100 | |
5.50%, 11/1/45(4) | 10,000 | 11,730,400 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/46 | 5,000 | 4,941,500 | |
5.00%, 2/15/37(4) | 10,000 | 10,418,000 | |
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | 5,000 | 4,871,100 | |
Puerto Rico Sales Tax Financing Corp.: | |||
0.00%, 7/1/46 | 6,880 | 1,897,848 | |
0.00%, 7/1/51 | 11,000 | 2,299,110 | |
4.329%, 7/1/40 | 4,995 | 4,794,301 | |
5.00%, 7/1/58 | 21,175 | 20,915,394 | |
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43 | 1,250 | 1,236,837 | |
South Orange County Public Financing Authority, CA, (Ladera Ranch): | |||
5.00%, 8/15/31 | 1,500 | 1,517,055 | |
5.00%, 8/15/33 | 1,000 | 1,010,870 | |
5.00%, 8/15/34 | 450 | 454,748 | |
South Village Community Development District, FL: | |||
3.50%, 5/1/32 | 790 | 792,481 | |
3.625%, 5/1/35 | 485 | 483,157 | |
3.75%, 5/1/38 | 1,010 | 975,014 | |
4.875%, 5/1/35 | 500 | 501,855 | |
5.00%, 5/1/38 | 100 | 100,288 | |
Southern Hills Plantation I Community Development District, FL: | |||
Series A1, 5.80%, 5/1/35 | 993 | 908,425 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Southern Hills Plantation I Community Development District, FL: (continued) | |||
Series A2, 5.80%, 5/1/35 | $ | 795 | $ 543,700 |
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | 490 | 412,556 | |
Tolomato Community Development District, FL: | |||
3.00%, 5/1/32 | 1,540 | 1,339,076 | |
3.25%, 5/1/40 | 2,865 | 2,230,918 | |
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37 | 3,405 | 3,180,508 | |
$ 116,671,837 | |||
Student Loan — 0.4% | |||
New Jersey Higher Education Student Assistance Authority: | |||
(AMT), 4.00%, 12/1/30 | $ | 1,795 | $ 1,800,654 |
(AMT), 4.75%, 12/1/43 | 2,765 | 2,765,415 | |
$ 4,566,069 | |||
Transportation — 20.4% | |||
Broward County, FL, Port Facilities Revenue, (AMT), 5.25%, 9/1/47 | $ | 2,000 | $ 2,158,280 |
California Municipal Finance Authority, (HumanGood - California Obligated Group), (AMT), 5.00%, 6/1/48 | 1,600 | 1,619,440 | |
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43 | 7,000 | 7,151,480 | |
Chesapeake Bay Bridge and Tunnel District, VA, (General Resolution), 5.00%, 7/1/51 | 4,000 | 4,074,720 | |
Chicago, IL, (O'Hare International Airport): | |||
(AMT), 4.375%, 1/1/40 | 2,500 | 2,511,675 | |
(AMT), 5.00%, 7/1/33 | 500 | 522,365 | |
(AMT), 5.00%, 1/1/53 | 5,915 | 6,107,297 | |
(AMT), 5.50%, 1/1/55(4) | 4,000 | 4,361,600 | |
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44 | 2,500 | 2,502,225 | |
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29 | 7,000 | 7,110,250 | |
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/53 | 8,385 | 8,891,035 | |
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43 | 3,025 | 3,042,666 | |
Hidalgo County Regional Mobility Authority, TX: | |||
4.00%, 12/1/39 | 340 | 324,282 | |
4.00%, 12/1/40 | 400 | 379,168 | |
4.00%, 12/1/41 | 400 | 376,700 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project): | |||
0.00%, 7/1/29 | $ | 1,135 | $ 862,237 |
0.00%, 7/1/30 | 500 | 354,125 | |
0.00%, 7/1/31 | 1,150 | 757,804 | |
Prerefunded to 7/1/23, 0.00%, 7/1/28 | 2,690 | 1,952,671 | |
Metropolitan Nashville Airport Authority, TN, (AMT), 5.50%, 7/1/52 | 3,500 | 3,853,150 | |
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 11,500 | 11,955,285 | |
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/35 | 5,000 | 5,159,850 | |
New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 9,100 | 9,875,411 | |
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34 | 5,000 | 5,059,750 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program): | |||
4.00%, 6/15/39 | 3,150 | 3,159,639 | |
4.00%, 6/15/50 | 5,000 | 4,761,250 | |
5.50%, 6/15/50 | 1,750 | 1,936,918 | |
New Jersey Turnpike Authority, 5.00%, 1/1/48(4) | 5,000 | 5,320,950 | |
New York Thruway Authority, 4.00%, 1/1/45 | 7,770 | 7,607,762 | |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
(AMT), 5.00%, 7/1/46 | 9,435 | 9,440,944 | |
(AMT), 5.25%, 1/1/50 | 7,520 | 7,542,109 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | |||
(AMT), 4.00%, 12/1/39 | 300 | 284,856 | |
(AMT), 4.00%, 12/1/41 | 150 | 139,317 | |
(AMT), 5.00%, 12/1/29 | 4,700 | 5,146,876 | |
(AMT), 5.00%, 12/1/31 | 8,050 | 8,991,125 | |
North Texas Tollway Authority, 4.125%, 1/1/40 | 7,500 | 7,616,775 | |
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One): | |||
(AMT), 5.25%, 6/30/53 | 3,000 | 3,156,150 | |
(AMT), 5.75%, 6/30/48 | 9,750 | 10,814,602 | |
(AMT), 6.00%, 6/30/61 | 5,000 | 5,556,200 | |
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(4) | 12,080 | 12,218,195 | |
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/50 | 4,710 | 4,945,217 | |
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47 | 7,360 | 7,574,986 | |
South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/42 | 6,500 | 6,660,550 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35 | $ | 375 | $ 397,924 |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 10,975 | 11,124,589 | |
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42 | 5,000 | 5,080,800 | |
Texas Transportation Commission, (State Highway System): | |||
0.00%, 8/1/36 | 550 | 293,084 | |
0.00%, 8/1/46 | 2,500 | 736,675 | |
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51(4) | 7,000 | 7,647,360 | |
Virginia Small Business Financing Authority, (Transform 66 P3 Project): | |||
(AMT), 4.00%, 1/1/40 | 3,220 | 3,079,672 | |
(AMT), 5.00%, 12/31/52 | 12,500 | 12,518,875 | |
$ 244,716,866 | |||
Water and Sewer — 0.5% | |||
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33 | $ | 1,905 | $ 1,958,511 |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/52(4) | 3,000 | 3,426,420 | |
$ 5,384,931 | |||
Total Tax-Exempt Municipal Obligations (identified cost $1,187,554,928) | $1,190,716,999 |
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 | $ 860,541 |
4.50%, 8/1/43(1) | 1,500 | 1,082,040 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | $ | 1,750 | $ 1,332,923 |
$ 3,275,504 | |||
Escrowed/Prerefunded — 0.9% | |||
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42 | $ | 10,316 | $ 10,877,500 |
$ 10,877,500 | |||
General Obligations — 1.1% | |||
Atlantic City, NJ, 7.50%, 3/1/40 | $ | 5,440 | $ 6,443,843 |
Chicago, IL, 7.75%, 1/1/42 | 4,356 | 4,467,339 | |
Detroit, MI: | |||
3.11%, 4/1/28 | 830 | 732,774 | |
3.344%, 4/1/30 | 125 | 106,604 | |
3.644%, 4/1/34 | 500 | 411,260 | |
Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | 2,685 | 1,188,246 | |
$ 13,350,066 | |||
Hospital — 1.5% | |||
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ | 12,750 | $ 13,027,822 |
Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47 | 6,000 | 4,971,060 | |
$ 17,998,882 | |||
Insured - General Obligations — 0.4% | |||
Detroit, MI, (AMBAC), 5.15%, 4/1/25 | $ | 4,779 | $ 4,727,867 |
Elmwood Park, IL, (AGM), 2.544%, 12/1/36 | 355 | 273,616 | |
$ 5,001,483 | |||
Special Tax Revenue — 0.6% | |||
American Samoa Economic Development Authority: | |||
2.47%, 9/1/24(1) | $ | 475 | $ 452,148 |
3.72%, 9/1/27(1) | 1,115 | 1,006,410 | |
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands): | |||
4.80%, 3/1/36 | 3,000 | 2,588,820 | |
5.25%, 3/1/31 | 2,910 | 2,773,405 | |
$ 6,820,783 |
Security | Principal Amount (000's omitted) | Value | |
Transportation — 0.6% | |||
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(6) | $ | 7,375 | $ 7,573,166 |
$ 7,573,166 | |||
Total Taxable Municipal Obligations (identified cost $64,366,790) | $ 64,938,727 | ||
Total Investments — 106.8% (identified cost $1,278,308,918) | $1,279,062,584 | ||
Other Assets, Less Liabilities — (6.8)% | $ (81,368,964) | ||
Net Assets — 100.0% | $1,197,693,620 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2023, the aggregate value of these securities is $151,096,835 or 12.6% 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) | 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 January 31, 2023, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows: |
Texas | 13.3% |
Illinois | 12.7% |
New York | 12.6% |
Others, representing less than 10% individually | 66.2% |
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 January 31, 2023, 9.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% 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 | 3/22/23 | $(20,040,234) | $ (211,906) |
U.S. Long Treasury Bond | (112) | Short | 3/22/23 | (14,546,000) | (248,831) |
$(460,737) |
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. |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
January 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,278,308,918) | $ 1,279,062,584 |
Cash | 34,804 |
Deposits for derivatives collateral — futures contracts | 871,497 |
Interest receivable | 13,597,577 |
Receivable for investments sold | 1,882,356 |
Receivable for Fund shares sold | 3,978,475 |
Receivable from affiliate | 11,553 |
Total assets | $1,299,438,846 |
Liabilities | |
Payable for floating rate notes issued | $ 91,915,598 |
Demand note payable | 290,000 |
Payable for investments purchased | 3,814,768 |
Payable for Fund shares redeemed | 3,469,288 |
Payable for variation margin on open futures contracts | 51,514 |
Distributions payable | 593,553 |
Payable to affiliates: | |
Investment adviser fee | 431,677 |
Distribution and service fees | 110,343 |
Interest expense and fees payable | 644,314 |
Accrued expenses | 424,171 |
Total liabilities | $ 101,745,226 |
Net Assets | $1,197,693,620 |
Sources of Net Assets | |
Paid-in capital | $ 1,324,114,280 |
Accumulated loss | (126,420,660) |
Net Assets | $1,197,693,620 |
Class A Shares | |
Net Assets | $ 306,809,428 |
Shares Outstanding | 37,656,057 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.15 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 8.42 |
Class C Shares | |
Net Assets | $ 53,672,231 |
Shares Outstanding | 7,122,633 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 7.54 |
Class I Shares | |
Net Assets | $ 802,994,405 |
Shares Outstanding | 98,452,078 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.16 |
January 31, 2023 | |
Class W Shares | |
Net Assets | $34,217,556 |
Shares Outstanding | 4,196,142 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.15 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
January 31, 2023 | |
Investment Income | |
Interest income | $ 54,809,912 |
Total investment income | $ 54,809,912 |
Expenses | |
Investment adviser fee | $ 5,376,769 |
Distribution and service fees: | |
Class A | 835,530 |
Class C | 632,554 |
Trustees’ fees and expenses | 91,968 |
Custodian fee | 286,916 |
Transfer and dividend disbursing agent fees | 450,568 |
Legal and accounting services | 163,545 |
Printing and postage | 59,037 |
Registration fees | 98,876 |
Interest expense and fees | 1,620,290 |
Miscellaneous | 144,931 |
Total expenses | $ 9,760,984 |
Deduct: | |
Reimbursement of investment adviser fee — Class W | $ 71,618 |
Total expense reductions | $ 71,618 |
Net expenses | $ 9,689,366 |
Net investment income | $ 45,120,546 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (77,444,281) |
Futures contracts | 6,166,692 |
Net realized loss | $ (71,277,589) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (79,702,938) |
Futures contracts | (951,400) |
Net change in unrealized appreciation (depreciation) | $ (80,654,338) |
Net realized and unrealized loss | $(151,931,927) |
Net decrease in net assets from operations | $(106,811,381) |
Year Ended January 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 45,120,546 | $ 49,317,836 |
Net realized gain (loss) | (71,277,589) | 1,422,237 |
Net change in unrealized appreciation (depreciation) | (80,654,338) | (49,612,939) |
Net increase (decrease) in net assets from operations | $ (106,811,381) | $ 1,127,134 |
Distributions to shareholders: | ||
Class A | $ (12,459,627) | $ (12,582,413) |
Class C | (1,876,321) | (2,056,099) |
Class I | (33,694,504) | (34,798,742) |
Class W | (764,048) | (1,745) (1) |
Total distributions to shareholders | $ (48,794,500) | $ (49,438,999) |
Transactions in shares of beneficial interest: | ||
Class A | $ (65,175,033) | $ 6,265,917 |
Class C | (21,039,817) | (12,390,847) |
Class I | (153,802,108) | 101,468,938 |
Class W | 34,116,812 | 310,119 (1) |
Net increase (decrease) in net assets from Fund share transactions | $ (205,900,146) | $ 95,654,127 |
Net increase (decrease) in net assets | $ (361,506,027) | $ 47,342,262 |
Net Assets | ||
At beginning of year | $ 1,559,199,647 | $ 1,511,857,385 |
At end of year | $1,197,693,620 | $1,559,199,647 |
(1) | For the period from the commencement of operations, October 1, 2021, to January 31, 2022. |
Class A | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.080 | $ 9.360 | $ 9.380 | $ 8.830 | $ 8.880 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.284 | $ 0.281 | $ 0.303 | $ 0.327 | $ 0.345 |
Net realized and unrealized gain (loss) | (0.905) | (0.279) | (0.008) (2) | 0.590 | (0.059) |
Total income (loss) from operations | $ (0.621) | $ 0.002 | $ 0.295 | $ 0.917 | $ 0.286 |
Less Distributions | |||||
From net investment income | $ (0.309) | $ (0.282) | $ (0.315) | $ (0.367) | $ (0.336) |
Total distributions | $ (0.309) | $ (0.282) | $ (0.315) | $ (0.367) | $ (0.336) |
Net asset value — End of year | $ 8.150 | $ 9.080 | $ 9.360 | $ 9.380 | $ 8.830 |
Total Return(3) | (6.80)% | (0.02)% | 3.31% | 10.55% | 3.29% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $306,809 | $412,905 | $419,256 | $427,334 | $350,923 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.78% | 0.73% | 0.76% | 0.76% | 0.79% |
Interest and fee expense(4) | 0.13% | 0.03% | 0.06% | 0.13% | 0.17% |
Total expenses | 0.91% | 0.76% | 0.82% | 0.89% | 0.96% |
Net investment income | 3.44% | 3.01% | 3.35% | 3.57% | 3.92% |
Portfolio Turnover | 53% | 22% | 54% | 23% | 32% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class C | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.400 | $ 8.660 | $ 8.680 | $ 8.170 | $ 8.210 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.205 | $ 0.195 | $ 0.219 | $ 0.239 | $ 0.252 |
Net realized and unrealized gain (loss) | (0.837) | (0.259) | (0.011) (2) | 0.551 | (0.042) |
Total income (loss) from operations | $ (0.632) | $ (0.064) | $ 0.208 | $ 0.790 | $ 0.210 |
Less Distributions | |||||
From net investment income | $ (0.228) | $ (0.196) | $ (0.228) | $ (0.280) | $ (0.250) |
Total distributions | $ (0.228) | $ (0.196) | $ (0.228) | $ (0.280) | $ (0.250) |
Net asset value — End of year | $ 7.540 | $ 8.400 | $ 8.660 | $ 8.680 | $ 8.170 |
Total Return(3) | (7.49)% | (0.78)% | 2.52% | 9.80% | 2.60% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $53,672 | $82,817 | $97,724 | $139,608 | $126,049 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 1.53% | 1.48% | 1.51% | 1.51% | 1.54% |
Interest and fee expense(4) | 0.13% | 0.03% | 0.06% | 0.13% | 0.17% |
Total expenses | 1.66% | 1.51% | 1.57% | 1.64% | 1.71% |
Net investment income | 2.68% | 2.26% | 2.63% | 2.82% | 3.10% |
Portfolio Turnover | 53% | 22% | 54% | 23% | 32% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class I | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 9.090 | $ 9.370 | $ 9.390 | $ 8.840 | $ 8.880 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.305 | $ 0.304 | $ 0.326 | $ 0.349 | $ 0.364 |
Net realized and unrealized gain (loss) | (0.905) | (0.279) | (0.009) (2) | 0.590 | (0.046) |
Total income (loss) from operations | $ (0.600) | $ 0.025 | $ 0.317 | $ 0.939 | $ 0.318 |
Less Distributions | |||||
From net investment income | $ (0.330) | $ (0.305) | $ (0.337) | $ (0.389) | $ (0.358) |
Total distributions | $ (0.330) | $ (0.305) | $ (0.337) | $ (0.389) | $ (0.358) |
Net asset value — End of year | $ 8.160 | $ 9.090 | $ 9.370 | $ 9.390 | $ 8.840 |
Total Return(3) | (6.55)% | 0.24% | 3.57% | 10.81% | 3.67% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $802,994 | $1,063,175 | $994,877 | $878,062 | $656,830 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses excluding interest and fees | 0.53% | 0.48% | 0.51% | 0.51% | 0.54% |
Interest and fee expense(4) | 0.13% | 0.03% | 0.06% | 0.13% | 0.17% |
Total expenses | 0.66% | 0.51% | 0.57% | 0.64% | 0.71% |
Net investment income | 3.69% | 3.25% | 3.59% | 3.81% | 4.13% |
Portfolio Turnover | 53% | 22% | 54% | 23% | 32% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class W | ||
Year Ended January 31, 2023 | Period Ended January 31, 2022(1) | |
Net asset value — Beginning of period | $ 9.090 | $ 9.320 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.346 | $ 0.105 |
Net realized and unrealized loss | (0.918) | (0.224) |
Total loss from operations | $ (0.572) | $(0.119) |
Less Distributions | ||
From net investment income | $ (0.368) | $ (0.111) |
Total distributions | $ (0.368) | $(0.111) |
Net asset value — End of period | $ 8.150 | $ 9.090 |
Total Return(3)(4) | (6.23)% | (1.30)% (5) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $34,218 | $ 302 |
Ratios (as a percentage of average daily net assets): | ||
Expenses excluding interest and fees (4) | 0.08% | 0.06% (6) |
Interest and fee expense(7) | 0.13% | 0.03% (6) |
Total expenses | 0.21% | 0.09% (6) |
Net investment income | 4.30% | 3.34% (6) |
Portfolio Turnover | 53% | 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 0.43% and 0.37% of average daily net assets for the year ended January 31, 2023 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. |
Year Ended January 31, | ||
2023 | 2022 | |
Tax-exempt income | $43,836,294 | $44,065,031 |
Ordinary income | $ 4,958,206 | $ 5,373,968 |
Undistributed tax-exempt income | $ 600,381 |
Deferred capital losses | (122,646,524) |
Net unrealized depreciation | (3,780,964) |
Distributions payable | (593,553) |
Accumulated loss | $(126,420,660) |
Aggregate cost | $1,190,927,950 |
Gross unrealized appreciation | $ 39,726,291 |
Gross unrealized depreciation | (43,507,255) |
Net unrealized depreciation | $ (3,780,964) |
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% |
Year Ended January 31, 2023 | Year Ended January 31, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 9,663,643 | $ 78,723,700 | 7,111,657 | $ 66,516,791 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 1,241,755 | 10,173,924 | 1,074,501 | 10,007,784 | |
Redemptions | (18,709,914) | (154,072,657) | (7,522,378) | (70,258,658) | |
Net increase (decrease) | (7,804,516) | $ (65,175,033) | 663,780 | $ 6,265,917 | |
Class C | |||||
Sales | 1,347,862 | $ 10,104,252 | 1,266,760 | $ 10,948,395 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 219,870 | 1,668,643 | 214,231 | 1,845,479 | |
Redemptions | (4,303,974) | (32,812,712) | (2,912,114) | (25,184,721) | |
Net decrease | (2,736,242) | $ (21,039,817) | (1,431,123) | $ (12,390,847) | |
Class I | |||||
Sales | 75,749,215 | $ 617,557,467 | 39,654,609 | $ 371,004,093 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 3,550,923 | 29,150,730 | 3,253,997 | 30,339,525 | |
Redemptions | (97,782,951) | (800,510,305) | (32,166,004) | (299,874,680) | |
Net increase (decrease) | (18,482,813) | $(153,802,108) | 10,742,602 | $ 101,468,938 |
Year Ended January 31, 2023 | Year Ended January 31, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class W | |||||
Sales | 4,693,452 | $ 38,347,975 | 33,158 | $ 310,000 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 94,572 | 755,332 | 13 | 119 | |
Redemptions | (625,053) | (4,986,495) | — | — | |
Net increase | 4,162,971 | $ 34,116,812 | 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 | $ — | $(460,737) |
(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 | $6,166,692 | $(951,400) |
(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 | $ — | $ 23,406,858 | $ — | $ 23,406,858 |
Tax-Exempt Municipal Obligations | — | 1,190,716,999 | — | 1,190,716,999 |
Taxable Municipal Obligations | — | 64,938,727 | — | 64,938,727 |
Total Investments | $ — | $1,279,062,584 | $ — | $ 1,279,062,584 |
Liability Description | ||||
Futures Contracts | $ (460,737) | $ — | $ — | $ (460,737) |
Total | $ (460,737) | $ — | $ — | $ (460,737) |
Boston, Massachusetts
March 22, 2023
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 03/27/2009 | 12/31/1998 | (1.20)% | 1.45% | 1.11% |
Class A with 3.25% Maximum Sales Charge | — | — | (4.40) | 0.78 | 0.77 |
Class C at NAV | 03/27/2009 | 12/31/1998 | (1.89) | 0.72 | 0.50 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (2.86) | 0.72 | 0.50 |
Class I at NAV | 03/27/2009 | 12/31/1998 | (0.85) | 1.73 | 1.37 |
Bloomberg Municipal Managed Money 1–7 Year Bond Index | — | — | (0.57)% | 1.45% | 1.36% |
Bloomberg 5 Year Municipal Bond Index | — | — | (0.95) | 1.68 | 1.68 |
% 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 | (4.41)% | 0.60% | 0.63% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | (2.04) | 0.79 | 0.78 |
Class C After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (2.87) | 0.56 | 0.37 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | (1.49) | 0.61 | 0.46 |
Class I After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (0.87) | 1.55 | 1.22 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 0.17 | 1.60 | 1.31 |
% 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 | 2.31% | 1.56% | 2.55% |
SEC 30-day Yield | 2.18 | 1.51 | 2.50 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2013 | $10,514 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2013 | $1,145,558 | N.A. |
Credit Quality (% of total investments)1 |
1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 02/01/2010 | 02/01/2010 | (1.25)% | 1.87% | 2.04% |
Class A with 3.25% Maximum Sales Charge | — | — | (4.47) | 1.19 | 1.71 |
Class C at NAV | 02/01/2010 | 02/01/2010 | (2.00) | 1.09 | 1.44 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (2.96) | 1.09 | 1.44 |
Class I at NAV | 02/01/2010 | 02/01/2010 | (1.01) | 2.12 | 2.30 |
Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index | — | — | (1.70)% | 2.14% | 2.19% |
Bloomberg 7 Year Municipal Bond Index | — | — | (1.01) | 2.14 | 2.19 |
% 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 | (4.49)% | 1.10% | 1.64% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | (1.92) | 1.26 | 1.67 |
Class C After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (2.98) | 1.01 | 1.38 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | (1.29) | 1.04 | 1.34 |
Class I After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (1.03) | 2.03 | 2.23 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 0.25 | 2.06 | 2.20 |
% 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 | 2.77% | 2.02% | 3.01% |
SEC 30-day Yield – Subsidized | 2.49 | 1.84 | 2.82 |
SEC 30-day Yield – Unsubsidized | 2.36 | 1.72 | 2.69 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2013 | $11,542 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2013 | $1,255,298 | N.A. |
Credit Quality (% of total investments)1 |
1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Bloomberg Municipal 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. | |
Additional Information | |
Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. | |
Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. | |
Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
Beginning Account Value (8/1/22) | Ending Account Value (1/31/23) | Expenses Paid During Period* (8/1/22 – 1/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,011.60 | $3.65 | 0.72% |
Class C | $1,000.00 | $1,008.30 | $7.44 | 1.47% |
Class I | $1,000.00 | $1,013.90 | $2.39 | 0.47% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.58 | $3.67 | 0.72% |
Class C | $1,000.00 | $1,017.80 | $7.48 | 1.47% |
Class I | $1,000.00 | $1,022.84 | $2.40 | 0.47% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022. |
Beginning Account Value (8/1/22) | Ending Account Value (1/31/23) | Expenses Paid During Period* (8/1/22 – 1/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,024.70 | $4.34** | 0.85% |
Class C | $1,000.00 | $1,020.80 | $8.15** | 1.60% |
Class I | $1,000.00 | $1,026.00 | $3.06** | 0.60% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.92 | $4.33** | 0.85% |
Class C | $1,000.00 | $1,017.14 | $8.13** | 1.60% |
Class I | $1,000.00 | $1,022.18 | $3.06** | 0.60% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Tax-Exempt Municipal Obligations — 76.6% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 3.1% | |||
Maine Municipal Bond Bank, 3.00%, 11/1/35 | $ | 1,700 | $ 1,676,812 |
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds , 5.00%, 9/15/31 | 300 | 368,061 | |
Texas Water Development Board: | |||
4.50%, 10/15/37 | 1,000 | 1,108,710 | |
4.55%, 10/15/38 | 3,500 | 3,876,985 | |
$ 7,030,568 | |||
Education — 8.0% | |||
Alabama Public School and College Authority, Social Bonds, 4.00%, 11/1/36 | $ | 1,500 | $ 1,580,565 |
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/25 | 30 | 31,699 | |
Connecticut Health and Educational Facilities Authority, (Yale University), 2.80% to 2/10/26 (Put Date), 7/1/48 | 5,000 | 4,994,550 | |
Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23 | 225 | 228,715 | |
Texas A&M University, 4.00%, 5/15/33 | 1,290 | 1,431,629 | |
University of California: | |||
5.00%, 5/15/28(1) | 1,500 | 1,722,015 | |
5.00%, 5/15/29(1) | 2,000 | 2,347,800 | |
University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49 | 3,000 | 3,030,480 | |
University of Texas, 5.00%, 8/15/24 | 1,000 | 1,041,050 | |
Will, Grundy, and Kendall Counties Community School District No. 201, IL: | |||
5.00%, 10/15/27 | 705 | 785,165 | |
5.00%, 10/15/28 | 1,000 | 1,133,340 | |
$ 18,327,008 | |||
Electric Utilities — 0.5% | |||
Denton, TX, Utility System Revenue, 5.00%, 12/1/26 | $ | 1,000 | $ 1,092,750 |
$ 1,092,750 | |||
Escrowed/Prerefunded — 6.1% | |||
Arizona, Certificates of Participation, Escrowed to Maturity, 5.00%, 10/1/24 | $ | 2,000 | $ 2,087,780 |
Illinois Development Finance Authority, (Regency Park): | |||
Escrowed to Maturity, 0.00%, 7/15/23 | 5,000 | 4,940,300 | |
Escrowed to Maturity, 0.00%, 7/15/25 | 5,750 | 5,356,010 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
Escrowed to Maturity, 5.00%, 2/15/25 | 120 | 126,490 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
New York Dormitory Authority, Personal Income Tax Revenue: (continued) | |||
Escrowed to Maturity, 5.00%, 2/15/25 | $ | 50 | $ 52,806 |
Sales Tax Asset Receivable Corp., NY, Prerefunded to 10/15/24, 5.00%, 10/15/27 | 1,500 | 1,567,350 | |
$ 14,130,736 | |||
General Obligations — 18.3% | |||
Abilene, TX, 5.00%, 2/15/25 | $ | 20 | $ 21,043 |
California, 5.50%, 12/1/52 | 3,255 | 3,556,446 | |
Chisholm Independent School District No. 695, MN, 0.00%, 2/1/36(1) | 850 | 505,487 | |
Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23 | 100 | 97,556 | |
Commonwealth of Massachusetts, 4.00%, 11/1/35 | 1,000 | 1,072,900 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/27 | 1,225 | 1,358,562 | |
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24 | 3,000 | 2,890,080 | |
Edina, MN, 5.00%, 2/1/30 | 125 | 141,670 | |
Georgia, 4.00%, 7/1/29 | 5,550 | 6,176,817 | |
Illinois, 5.00%, 3/1/25 | 5,250 | 5,463,307 | |
Liberty Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/27 | 2,010 | 2,221,412 | |
Massachusetts, 5.00%, 12/1/24 | 5,000 | 5,246,850 | |
Meramec Valley R-III School District, MO, 3.00%, 3/1/35 | 30 | 29,776 | |
Mountain View Whisman School District, CA, (Election of 2020): | |||
4.00%, 9/1/32 | 10 | 11,140 | |
4.00%, 9/1/33 | 25 | 27,720 | |
Mountain View-Los Altos Union High School District, CA: | |||
0.00%, 8/1/23 | 945 | 933,688 | |
0.00%, 8/1/24 | 900 | 867,573 | |
New York, NY, 5.00%, 8/1/26 | 1,000 | 1,096,810 | |
North Carolina, 2.00%, 6/1/33 | 1,250 | 1,138,075 | |
Oconee County, GA, 4.00%, 1/1/34 | 15 | 16,584 | |
Ohio, 5.00%, 12/15/23 | 500 | 511,605 | |
Sugar Land, TX, 5.00%, 2/15/23 | 1,105 | 1,105,994 | |
Washington, 4.00%, 7/1/27 | 2,700 | 2,911,626 | |
Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23 (Put Date), 8/15/41(2) | �� 4,775 | 4,770,225 | |
$ 42,172,946 | |||
Hospital — 13.5% | |||
Allegheny County Hospital Development Authority, PA, (UPMC), 2.36%, (SIFMA + 0.70%), 5/15/27 (Put Date), 11/15/47(3) | $ | 4,500 | $ 4,376,160 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/33 | $ | 90 | $ 94,129 |
Missouri Health and Educational Facilities Authority, (Mercy Health): | |||
5.00%, 6/1/26 | 2,500 | 2,692,100 | |
5.00%, 6/1/27 | 3,500 | 3,847,760 | |
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: TD Bank, N.A.), 1.25%, 7/1/43(4) | 5,000 | 5,000,000 | |
University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 1.60%, 11/15/39(4) | 7,725 | 7,725,000 | |
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/30/24 (Put Date), 8/15/54 | 6,000 | 6,137,880 | |
Wisconsin Health and Educational Facilities Authority, (Aspirus, Inc. Obligated Group), 5.00%, 8/15/34 | 1,000 | 1,141,720 | |
$ 31,014,749 | |||
Housing — 6.5% | |||
Connecticut Housing Finance Authority: | |||
1.85%, 11/15/31 | $ | 190 | $ 166,180 |
Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | 3,000 | 3,277,020 | |
Connecticut Housing Finance Authority, Social Bonds, 1.96%, (SIFMA + 0.30%), 11/15/24 (Put Date), 11/15/50(3) | 2,500 | 2,480,500 | |
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | 1,750 | 1,909,565 | |
New York Housing Finance Agency, Sustainability Bonds, 1.10%, 5/1/26 | 625 | 578,456 | |
Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | 1,000 | 1,101,890 | |
Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | 1,950 | 2,125,344 | |
Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | 3,000 | 3,330,120 | |
$ 14,969,075 | |||
Insured - Education — 0.2% | |||
William S Hart Union High School District, CA, (Election 2001), (AGM), 0.00%, 9/1/29 | $ | 500 | $ 414,710 |
$ 414,710 | |||
Insured - General Obligations — 3.5% | |||
Murrieta Valley Unified School District, CA, (Election of 2006), (AGM), 0.00%, 9/1/31 | $ | 1,450 | $ 1,111,904 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Rancho Santiago Community College District, CA, (Election of 2002): | |||
(AGM), 0.00%, 9/1/28 | $ | 2,000 | $ 1,731,460 |
(AGM), 0.00%, 9/1/30 | 1,500 | 1,216,545 | |
San Jose Unified School District, CA, (Election of 2002), (NPFG), 0.00%, 8/1/28 | 2,500 | 2,172,225 | |
San Mateo County Community College District, CA, (Election of 2001), (NPFG), 0.00%, 9/1/27 | 2,000 | 1,798,020 | |
$ 8,030,154 | |||
Insured - Housing — 2.1% | |||
Illinois Housing Development Authority: | |||
Social Bonds, (GNMA), (FNMA), (FHLMC), 5.25%, 10/1/52 | $ | 1,995 | $ 2,149,692 |
Social Bonds, (GNMA), (FNMA), (FHLMC), 6.25%, 10/1/52 | 1,500 | 1,690,695 | |
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA), (FNMA), (FHLMC), 5.00%, 7/1/53 | 1,000 | 1,067,090 | |
$ 4,907,477 | |||
Lease Revenue/Certificates of Participation — 4.6% | |||
Carmel Redevelopment Authority, IN, 5.00%, 7/15/28 | $ | 1,305 | $ 1,483,459 |
Colorado, (Rural Colorado), 5.00%, 12/15/25 | 6,000 | 6,464,940 | |
Malibu, CA: | |||
5.00%, 11/1/38 | 275 | 275,630 | |
5.00%, 11/1/43 | 225 | 225,540 | |
5.00%, 11/1/48 | 375 | 375,802 | |
Virginia Public Building Authority, 5.00%, 8/1/25 | 1,700 | 1,817,436 | |
$ 10,642,807 | |||
Other Revenue — 4.0% | |||
Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49 | $ | 4,185 | $ 4,308,876 |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52 | 1,250 | 1,321,825 | |
Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | 3,500 | 3,509,730 | |
$ 9,140,431 | |||
Senior Living/Life Care — 0.3% | |||
Colorado Health Facilities Authority, (Commonspirit Health Obligations), 5.25%, 11/1/34 | $ | 500 | $ 574,110 |
$ 574,110 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 1.0% | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/23 | $ | 1,000 | $ 1,019,710 |
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/24 | 1,290 | 1,325,772 | |
$ 2,345,482 | |||
Transportation — 0.9% | |||
Wisconsin, Transportation Revenue, 5.00%, 7/1/24 | $ | 2,000 | $ 2,075,640 |
$ 2,075,640 | |||
Water and Sewer — 4.0% | |||
Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/35 | $ | 75 | $ 90,115 |
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25 | 350 | 368,238 | |
North Texas Municipal Water District, 5.00%, 9/1/24 | 1,120 | 1,151,808 | |
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 | 2,483,375 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 3,000 | 2,992,500 | |
Washington Suburban Sanitary District, MD, 3.00%, 6/1/31 | 2,000 | 2,023,400 | |
$ 9,109,436 | |||
Total Tax-Exempt Municipal Obligations (identified cost $172,719,076) | $175,978,079 |
Taxable Municipal Obligations — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded — 0.4% | |||
Oklahoma Development Finance Authority, (St. John Health System), 3.877%, 5/1/37 | $ | 1,000 | $ 972,570 |
Total Taxable Municipal Obligations (identified cost $1,000,000) | $ 972,570 |
U.S. Treasury Obligations — 13.9% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes: | |||
1.50%, 2/29/24 | $ | 6,300 | $ 6,087,693 |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes: (continued) | |||
3.25%, 6/30/27 | $ | 2,214 | $ 2,176,423 |
3.875%, 11/30/29 | 1,635 | 1,664,634 | |
4.125%, 11/15/32 | 19,030 | 20,023,128 | |
4.25%, 12/31/24 | 2,090 | 2,090,163 | |
Total U.S. Treasury Obligations (identified cost $32,093,894) | $ 32,042,041 |
Short-Term Investments — 9.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%(5) | 20,836,467 | $ 20,836,467 | |
Total Short-Term Investments (identified cost $20,836,467) | $ 20,836,467 | ||
Total Investments — 100.0% (identified cost $226,649,437) | $229,829,157 | ||
Other Assets, Less Liabilities — 0.0%(6) | $ 52,555 | ||
Net Assets — 100.0% | $229,881,712 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | When-issued security. |
(2) | Multi-step coupon security. Interest rate represents the rate in effect at January 31, 2023. |
(3) | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2023. |
(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 January 31, 2023. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
(6) | Amount is less than 0.05%. |
At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
Texas | 11.3% |
Others, representing less than 10% individually | 65.7% |
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 January 31, 2023, 3.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 1.9% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
Liq | – Liquidity Provider |
LOC | – Letter of Credit |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SPA | – Standby Bond Purchase Agreement |
Tax-Exempt Municipal Obligations — 82.2% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.9% | |||
Maine Municipal Bond Bank, 4.00%, 11/1/37 | $ | 1,650 | $ 1,696,827 |
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 9/15/40 | 2,750 | 3,192,337 | |
Texas Water Development Board: | |||
4.50%, 10/15/37 | 2,000 | 2,217,420 | |
4.55%, 10/15/38 | 5,000 | 5,538,550 | |
4.70%, 10/15/41 | 2,500 | 2,756,250 | |
4.75%, 10/15/42 | 1,000 | 1,105,140 | |
$ 16,506,524 | |||
Education — 3.9% | |||
Bethlehem Area School District Authority, PA: | |||
3.231%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/30(1) | $ | 3,980 | $ 3,878,470 |
3.231%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1) | 1,000 | 974,490 | |
Clark-Pleasant Community School Building Corp., IN, 5.25%, 7/15/38 | 1,380 | 1,599,834 | |
Connecticut Health and Educational Facilities Authority, (Westminster School), 4.00%, 7/1/38 | 2,050 | 2,080,381 | |
Dallas College, TX, 5.00%, 2/15/36 | 3,610 | 3,806,023 | |
Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): | |||
4.00%, 4/1/40 | 2,010 | 2,020,090 | |
4.00%, 4/1/41 | 1,600 | 1,600,192 | |
Mt. Vernon of Hancock County Multi-School Building Corp., IN, 5.00%, 1/15/26 | 135 | 144,757 | |
Nevada System of Higher Education, 5.00%, 7/1/23 | 500 | 504,980 | |
Ohio Higher Educational Facility Commission, (Kenyon College): | |||
5.00%, 7/1/36(2) | 1,600 | 1,765,664 | |
5.00%, 7/1/37(2) | 1,100 | 1,203,257 | |
Texas A&M University, 4.375%, 5/15/38 | 1,850 | 1,970,287 | |
University of Mississippi Educational Building Corp., 4.125%, 10/1/40 | 385 | 402,964 | |
Virginia Commonwealth University, 4.00%, 11/1/32 | 285 | 306,805 | |
$ 22,258,194 | |||
Electric Utilities — 2.4% | |||
Clark County Public Utility District No 1, NV, 5.00%, 1/1/42 | $ | 1,280 | $ 1,404,902 |
Energy Northwest, WA, (Columbia Generating Station): | |||
4.00%, 7/1/42 | 1,650 | 1,667,457 | |
4.00%, 7/1/42 | 1,000 | 1,010,580 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities (continued) | |||
Florida Municipal Power Agency, 3.00%, 10/1/32 | $ | 1,350 | $ 1,338,984 |
Gainesville, FL, Utilities System Revenue, (SPA: Barclays Bank PLC), 1.25%, 10/1/42(3) | 550 | 550,000 | |
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M), 5.25%, 7/1/64 | 6,500 | 6,849,245 | |
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/42 | 850 | 911,617 | |
$ 13,732,785 | |||
Escrowed/Prerefunded — 2.1% | |||
California School Finance Authority, (Aspire Public Schools), Escrowed to Maturity, 5.00%, 8/1/25(4) | $ | 25 | $ 26,639 |
Hamilton County, OH, Sewer System, Prerefunded to 12/1/23, 5.00%, 12/1/24 | 1,000 | 1,021,670 | |
Louisiana Transportation Authority: | |||
Prerefunded to 8/15/23, 5.00%, 8/15/30 | 1,885 | 1,910,900 | |
Prerefunded to 8/15/23, 5.00%, 8/15/31 | 1,230 | 1,246,900 | |
Prerefunded to 8/15/23, 5.00%, 8/15/32 | 1,090 | 1,104,976 | |
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, Prerefunded to 5/15/23, 5.00%, 5/15/33 | 2,000 | 2,014,840 | |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Prerefunded to 3/1/24, 5.00%, 9/1/24 | 520 | 534,368 | |
South Dakota Building Authority: | |||
Prerefunded to 6/1/24, 5.00%, 6/1/26 | 900 | 931,365 | |
Prerefunded to 6/1/24, 5.00%, 6/1/32 | 1,500 | 1,552,275 | |
Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31 | 1,735 | 1,759,290 | |
$ 12,103,223 | |||
General Obligations — 27.2% | |||
Alabama, 5.00%, 11/1/41 | $ | 1,000 | $ 1,159,870 |
Alamo Community College District, TX, 5.00%, 2/15/27 | 2,500 | 2,766,450 | |
Anna, TX: | |||
4.00%, 2/15/39 | 2,890 | 2,954,129 | |
4.125%, 2/15/41 | 1,075 | 1,104,670 | |
Batavia, IL, 4.00%, 11/1/24 | 755 | 756,148 | |
Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/31 | 930 | 1,007,404 | |
California: | |||
4.00%, 10/1/34 | 2,930 | 3,135,510 | |
4.00%, 10/1/37 | 1,750 | 1,847,090 | |
5.50%, 12/1/52 | 2,275 | 2,485,688 | |
Campbell, CA, (Election of 2018): | |||
5.00%, 9/1/40 | 300 | 338,952 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Campbell, CA, (Election of 2018): (continued) | |||
5.00%, 9/1/41 | $ | 1,080 | $ 1,217,063 |
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36 | 1,035 | 644,950 | |
Cleveland Municipal School District, OH, Prerefunded to 6/1/23, 5.00%, 12/1/32 | 3,105 | 3,131,703 | |
Commonwealth of Massachusetts, 4.00%, 2/1/40 | 700 | 720,440 | |
Conroe, TX, 4.25%, 3/1/41 | 1,125 | 1,169,899 | |
Decatur, IL, 5.00%, 3/1/23 | 1,030 | 1,031,524 | |
Florida, (Department of Transportation), 2.00%, 7/1/33 | 900 | 798,309 | |
Fort Bend Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | 1,000 | 1,072,830 | |
Georgia: | |||
4.00%, 7/1/29 | 5,525 | 6,148,993 | |
4.00%, 8/1/35 | 500 | 542,190 | |
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26 | 1,000 | 916,160 | |
Glendale Unified School District, CA, 0.00%, 9/1/30 | 5,280 | 3,986,664 | |
Gunnison Watershed School District RE-1J, CO: | |||
5.00%, 12/1/39(2) | 800 | 917,096 | |
5.00%, 12/1/40(2) | 1,100 | 1,254,187 | |
5.00%, 12/1/41(2) | 1,200 | 1,360,584 | |
Hutto Independent School District, TX, (PSF Guaranteed): | |||
5.00%, 8/1/36 | 365 | 433,959 | |
5.00%, 8/1/37 | 425 | 499,600 | |
Illinois, 5.00%, 3/1/26 | 6,500 | 6,877,715 | |
Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | 350 | 361,960 | |
Kern Community College District, CA, (Election of 2016), 5.25%, 8/1/41 | 1,000 | 1,164,300 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | 5,000 | 5,269,850 | |
Macomb County, MI, 4.00%, 5/1/24 | 1,000 | 1,019,280 | |
Madison County, TN, 5.00%, 5/1/23 | 1,115 | 1,122,058 | |
Massachusetts, 4.00%, 2/1/39 | 4,000 | 4,153,800 | |
Medina Valley Independent School District, TX, (PSF Gauranteed): | |||
4.00%, 2/15/38 | 480 | 495,898 | |
4.00%, 2/15/39 | 495 | 505,984 | |
4.00%, 2/15/42 | 310 | 314,204 | |
Monrovia Unified School District, CA, (Election of 2006), 0.00%, 8/1/36 | 4,800 | 2,794,272 | |
Morris Township, NJ, 3.00%, 11/1/29 | 60 | 61,293 | |
Mountain View Whisman School District, CA: | |||
4.00%, 9/1/39 | 2,180 | 2,274,394 | |
4.00%, 9/1/40 | 1,300 | 1,350,219 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25 | $ | 2,115 | $ 1,985,181 |
Neshaminy School District, PA, 4.00%, 11/1/26 | 435 | 442,095 | |
New Hampshire, 4.00%, 12/1/32 | 2,035 | 2,219,819 | |
New York City, NY: | |||
5.25%, 10/1/39 | 1,000 | 1,173,910 | |
5.25%, 10/1/42 | 8,000 | 9,192,800 | |
5.25%, 10/1/43 | 2,500 | 2,861,825 | |
New York, NY, 5.00%, 9/1/38 | 4,715 | 5,458,273 | |
Ohio: | |||
4.00%, 6/15/27 | 2,250 | 2,421,675 | |
5.00%, 5/1/35 | 200 | 239,158 | |
Omaha, NE: | |||
5.00%, 4/15/40 | 1,115 | 1,275,103 | |
5.00%, 4/15/41 | 1,160 | 1,319,546 | |
5.00%, 4/15/42 | 1,115 | 1,265,826 | |
Pasadena Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | 5,000 | 5,204,550 | |
Paw Paw Public Schools, MI: | |||
4.00%, 5/1/42 | 475 | 482,989 | |
5.00%, 5/1/40 | 405 | 455,451 | |
Pennsylvania: | |||
4.00%, 10/1/39 | 6,000 | 6,140,940 | |
4.125%, 10/1/41 | 10,150 | 10,393,701 | |
Peralta Community College District, CA: | |||
5.00%, 8/1/25 | 510 | 543,818 | |
5.00%, 8/1/25 | 500 | 533,155 | |
5.00%, 8/1/28 | 555 | 633,627 | |
Richardson Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/31 | 1,650 | 1,812,690 | |
5.00%, 2/15/39 | 1,000 | 1,159,990 | |
Rockwall Independent School District, TX, (PSF Guaranteed): | |||
5.00%, 2/15/39 | 1,000 | 1,144,310 | |
5.00%, 2/15/40 | 1,250 | 1,419,987 | |
San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33 | 1,350 | 1,402,879 | |
Shoreline, WA, 4.00%, 12/1/33 | 1,605 | 1,760,107 | |
Solana Beach School District, CA, (Election of 2016), 4.00%, 8/1/30 | 70 | 75,643 | |
Spring Branch Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/42 | 3,000 | 3,413,190 | |
Washington: | |||
4.00%, 7/1/27 | 2,500 | 2,695,950 | |
5.00%, 2/1/39 | 1,450 | 1,671,241 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Washington: (continued) | |||
5.00%, 8/1/43 | $ | 8,145 | $ 9,174,284 |
Western School District, MI, 5.00%, 5/1/42 | 1,000 | 1,118,900 | |
Zeeland Public Schools, MI, 5.00%, 5/1/24 | 1,000 | 1,029,360 | |
$153,289,262 | |||
Hospital — 4.1% | |||
Geisinger Authority, PA, (Geisinger Health System), 4.00%, 4/1/39 | $ | 3,250 | $ 3,260,270 |
Illinois Finance Authority, (UChicago Medicine), 5.00% to 8/15/27 (Put Date), 8/15/52 | 5,000 | 5,481,200 | |
Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/29 | 135 | 153,261 | |
Montgomery County, OH, (Kettering Health Network Obligated Group), 3.00%, 8/1/34 | 300 | 292,206 | |
Pennsylvania Economic Development Financing Authority, (UPMC), 5.00%, 2/15/38 | 1,685 | 1,842,918 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/34 | 1,260 | 1,320,707 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | 1,100 | 1,121,098 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 600 | 628,422 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Methodist Hospitals of Dallas), (LOC: TD Bank, N.A.), 1.20%, 10/1/41(3) | 465 | 465,000 | |
Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 5.00%, 10/1/40 | 7,500 | 8,287,800 | |
$ 22,852,882 | |||
Housing — 3.7% | |||
Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $ | 2,000 | $ 2,184,680 |
Connecticut Housing Finance Authority, Social Bonds, 1.96%, (SIFMA + 0.30%), 11/15/24 (Put Date), 11/15/50(1) | 2,000 | 1,984,400 | |
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | 3,000 | 3,273,540 | |
New York Mortgage Agency: | |||
2.05%, 4/1/28 | 1,000 | 946,850 | |
2.15%, 4/1/29 | 1,265 | 1,175,501 | |
2.25%, 4/1/30 | 1,000 | 924,370 | |
2.35%, 4/1/31 | 1,835 | 1,679,153 | |
2.40%, 10/1/31 | 1,130 | 1,032,312 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 1,000 | 925,120 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | $ | 3,000 | $ 3,269,760 |
Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | 3,000 | 3,330,120 | |
$ 20,725,806 | |||
Insured - Bond Bank — 1.8% | |||
Indianapolis Local Public Improvement Bond Bank, IN: | |||
(AGM), 4.00%, 6/1/36 | $ | 4,950 | $ 5,157,554 |
(AGM), 4.00%, 6/1/39 | 5,000 | 5,052,500 | |
$ 10,210,054 | |||
Insured - Education — 2.2% | |||
Scott County School District Finance Corp., KY, (BAM), 5.00%, 9/1/41 | $ | 5,000 | $ 5,602,600 |
Texas State Technical College System, Financing System Improvement, (AGM), 5.50%, 8/1/42 | 5,750 | 6,705,650 | |
$ 12,308,250 | |||
Insured - General Obligations — 0.7% | |||
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33 | $ | 3,535 | $ 2,195,942 |
Springdale, AR, Water and Sewer Revenue: | |||
4.00%, 9/1/28 | 750 | 800,415 | |
4.00%, 9/1/30 | 835 | 886,653 | |
$ 3,883,010 | |||
Insured - Housing — 2.6% | |||
Colorado Housing and Finance Authority, Social Bonds, (GNMA), 6.00%, 11/1/52 | $ | 4,975 | $ 5,545,085 |
Illinois Housing Development Authority: | |||
Social Bonds, (GNMA), (FNMA), (FHLMC), 5.25%, 10/1/52 | 1,700 | 1,831,818 | |
Social Bonds, (GNMA), (FNMA), (FHLMC), 6.25%, 10/1/52 | 4,500 | 5,072,085 | |
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA), (FNMA), (FHLMC), 5.00%, 7/1/53 | 2,250 | 2,400,953 | |
$ 14,849,941 | |||
Insured - Lease Revenue/Certificates of Participation — 0.0%(5) | |||
Ontario Public Financing Authority, CA, (Civic Center Improvements), (AGM), 5.00%, 11/1/23 | $ | 135 | $ 137,560 |
$ 137,560 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Special Tax Revenue — 0.2% | |||
Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.00%, 11/15/42 | $ | 1,000 | $ 1,107,230 |
$ 1,107,230 | |||
Insured - Transportation — 1.0% | |||
Metropolitan Transportation Authority, NY, (AGM), 3.681%, (67% of SOFR + 0.80%), 4/1/26 (Put Date), 11/1/32(1) | $ | 5,500 | $ 5,466,120 |
$ 5,466,120 | |||
Lease Revenue/Certificates of Participation — 2.1% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/24 | $ | 130 | $ 133,392 |
4.00%, 12/1/28 | 225 | 242,788 | |
Colorado, (Rural Colorado), 4.00%, 12/15/39 | 1,000 | 1,022,380 | |
Duchesne School District Municipal Building Authority, UT: | |||
5.00%, 6/1/39 | 1,000 | 1,067,010 | |
5.00%, 6/1/40 | 1,645 | 1,748,701 | |
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities): | |||
5.00%, 3/1/30 | 475 | 548,283 | |
5.00%, 3/1/31 | 500 | 584,730 | |
Ottawa County Building Authority, MI, 4.00%, 5/1/39 | 1,295 | 1,352,161 | |
Palm Beach County School Board, FL, 5.25%, 8/1/39 | 2,310 | 2,675,049 | |
Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/33 | 110 | 110,680 | |
South San Francisco Public Facilities Financing Authority, CA, (Orange Memorial Park), 4.00%, 6/1/42 | 1,000 | 1,009,190 | |
St. Louis County Special School District, MO, 4.00%, 4/1/29 | 525 | 568,129 | |
Virginia Public Building Authority, 4.00%, 8/1/35 | 800 | 853,384 | |
$ 11,915,877 | |||
Other Revenue — 7.2% | |||
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31 | $ | 965 | $ 1,022,543 |
Lafayette Parish School, LA, Sales Tax Revenue, 5.00%, 4/1/39(2) | 765 | 879,130 | |
Loudoun County Economic Development Authority, VA, (Howard Hughes Medical Institute), 4.00%, 10/1/52 | 1,050 | 1,055,712 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33 | 2,425 | 2,709,404 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52 | 4,000 | 4,229,840 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/41 | $ | 3,525 | $ 3,875,808 |
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32 | 4,585 | 4,742,403 | |
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00%, 10/1/48 | 10,000 | 10,065,300 | |
Southeast Energy Authority, AL, (Project No. 1), 4.00% to 10/1/28 (Put Date), 11/1/51 | 7,160 | 7,169,237 | |
Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | 4,700 | 4,713,066 | |
$ 40,462,443 | |||
Senior Living/Life Care — 0.4% | |||
Colorado Health Facilities Authority, (Commonspirit Health Obligations), 5.25%, 11/1/36 | $ | 1,100 | $ 1,232,583 |
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | 1,000 | 1,060,120 | |
$ 2,292,703 | |||
Special Tax Revenue — 5.0% | |||
Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/41 | $ | 3,900 | $ 4,103,541 |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/38 | 1,500 | 1,535,265 | |
4.00%, 11/1/38 | 250 | 254,933 | |
4.00%, 11/1/42 | 5,000 | 5,004,350 | |
5.00%, 2/1/42 | 1,400 | 1,576,512 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/37 | 5,000 | 5,135,650 | |
4.00%, 3/15/41 | 1,200 | 1,205,952 | |
4.00%, 3/15/43 | 5,200 | 5,197,296 | |
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/40 | 3,970 | 4,009,660 | |
$ 28,023,159 | |||
Transportation — 2.2% | |||
Chicago, IL, (O'Hare International Airport), 5.25%, 1/1/37 | $ | 1,500 | $ 1,611,330 |
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | 1,000 | 1,063,040 | |
Massachusetts, (Rail Enhancement Program), 5.00%, 6/1/43 | 2,950 | 3,325,476 | |
North Texas Tollway Authority, 4.125%, 1/1/40 | 3,000 | 3,046,710 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36 | $ | 1,615 | $ 1,777,727 |
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/37 | 1,500 | 1,652,910 | |
$ 12,477,193 | |||
Water and Sewer — 10.5% | |||
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 1.60%, 11/1/28(6) | $ | 900 | $ 900,000 |
East Bay Municipal Utility District, CA, Wastewater System Revenue, Green Bonds, 5.00%, 6/1/45 | 200 | 229,724 | |
Metropolitan Utilities District of Omaha Water System Revenue, NE, 4.375%, 12/1/41 | 4,545 | 4,753,025 | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
4.00%, 6/15/36 | 5,550 | 5,781,990 | |
4.00%, 6/15/41 | 5,000 | 5,029,150 | |
4.00%, 6/15/41 | 3,695 | 3,713,955 | |
4.00%, 6/15/42 | 3,620 | 3,630,969 | |
5.00%, 6/15/47 | 3,000 | 3,355,140 | |
Series EE, 5.00%, 6/15/35 | 1,155 | 1,164,009 | |
Santa Clara Valley Water District, CA, 5.00%, 8/1/42 | 600 | 698,304 | |
Seattle, WA, Water System Revenue, Green Bonds, 5.00%, 9/1/43 | 1,625 | 1,852,646 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 17,000 | 16,957,500 | |
Spotsylvania County Water and Sewer, VA, 4.00%, 12/1/37 | 750 | 781,973 | |
Sugar Land, TX, Waterworks and Sewer System Revenue, 4.50%, 8/15/43 | 365 | 382,027 | |
Tampa Bay Regional Water Supply Authority, FL: | |||
5.00%, 10/1/39 | 1,250 | 1,437,037 | |
5.00%, 10/1/41 | 1,000 | 1,137,200 | |
5.00%, 10/1/42 | 1,670 | 1,889,288 | |
5.00%, 10/1/43 | 2,000 | 2,257,460 | |
Texas Water Development Board, 4.60%, 10/15/39 | 2,240 | 2,478,381 | |
Washington Suburban Sanitary District, MD, 2.00%, 12/1/41 | 1,000 | 720,610 | |
$ 59,150,388 | |||
Total Tax-Exempt Municipal Obligations (identified cost $447,692,816) | $463,752,604 |
Taxable Municipal Obligations — 1.7% |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded — 0.4% | |||
Oklahoma Development Finance Authority, (St. John Health System): | |||
3.877%, 5/1/37 | $ | 1,500 | $ 1,458,855 |
4.714%, 5/1/52 | 1,000 | 975,820 | |
$ 2,434,675 | |||
General Obligations — 1.3% | |||
Massachusetts, Special Obligation, Social Bonds, 3.769%, 7/15/29 | $ | 7,500 | $ 7,255,425 |
$ 7,255,425 | |||
Total Taxable Municipal Obligations (identified cost $10,000,000) | $ 9,690,100 |
U.S. Treasury Obligations — 7.4% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes: | |||
3.875%, 11/30/29 | $ | 901 | $ 917,331 |
4.125%, 11/15/32 | 24,146 | 25,406,119 | |
4.25%, 12/31/24 | 15,000 | 15,001,172 | |
Total U.S. Treasury Obligations (identified cost $41,345,625) | $ 41,324,622 |
Short-Term Investments — 8.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%(7) | 49,021,044 | $ 49,021,044 | |
Total Short-Term Investments (identified cost $49,021,044) | $ 49,021,044 | ||
Total Investments — 100.0% (identified cost $548,059,485) | $563,788,370 | ||
Other Assets, Less Liabilities — 0.0%(5) | $ 221,048 | ||
Net Assets — 100.0% | $564,009,418 |
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 January 31, 2023. |
(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 January 31, 2023. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2023, the aggregate value of these securities is $26,639 or less than 0.05% of the Fund's net assets. |
(5) | Amount is less than 0.05%. |
(6) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2023. |
(7) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
New York | 14.9% |
Texas | 11.3% |
Others, representing less than 10% individually | 57.7% |
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 January 31, 2023, 5.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 4.6% 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 |
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 |
January 31, 2023 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Assets | ||
Unaffiliated investments, at value (identified cost $205,812,970 and $499,038,441, respectively) | $ 208,992,690 | $ 514,767,326 |
Affiliated investment, at value (identified cost $20,836,467 and $49,021,044, respectively) | 20,836,467 | 49,021,044 |
Interest receivable | 1,704,762 | 5,468,945 |
Dividends receivable from affiliated investment | 37,087 | 55,849 |
Receivable for investments sold | 10,146,634 | 18,344,578 |
Receivable for Fund shares sold | 570,164 | 1,975,383 |
Receivable from affiliates | — | 130,198 |
Total assets | $242,287,804 | $589,763,323 |
Liabilities | ||
Payable for investments purchased | $ 7,260,221 | $ 16,196,724 |
Payable for when-issued securities | 4,439,922 | 7,370,567 |
Payable for Fund shares redeemed | 352,703 | 891,902 |
Distributions payable | 131,130 | 796,121 |
Payable to affiliates: | ||
Investment adviser and administration fee | 66,772 | 226,772 |
Distribution and service fees | 19,086 | 15,486 |
Accrued expenses | 136,258 | 256,333 |
Total liabilities | $ 12,406,092 | $ 25,753,905 |
Net Assets | $229,881,712 | $564,009,418 |
Sources of Net Assets | ||
Paid-in capital | $ 238,579,664 | $ 579,627,941 |
Accumulated loss | (8,697,952) | (15,618,523) |
Net Assets | $229,881,712 | $564,009,418 |
Class A Shares | ||
Net Assets | $ 77,727,408 | $ 52,418,768 |
Shares Outstanding | 7,640,780 | 4,337,111 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.17 | $ 12.09 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 10.51 | $ 12.50 |
Class C Shares | ||
Net Assets | $ 3,251,758 | $ 5,307,039 |
Shares Outstanding | 320,797 | 439,314 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 10.14 | $ 12.08 |
Class I Shares | ||
Net Assets | $ 148,902,546 | $ 506,283,611 |
Shares Outstanding | 14,632,223 | 41,847,472 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.18 | $ 12.10 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended January 31, 2023 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Investment Income | ||
Dividend income from affiliated investment | $ 393,822 | $ 741,961 |
Interest income | 5,620,782 | 15,721,959 |
Total investment income | $ 6,014,604 | $ 16,463,920 |
Expenses | ||
Investment adviser and administration fee | $ 1,065,891 | $ 3,171,649 |
Distribution and service fees: | ||
Class A | 244,992 | 130,779 |
Class C | 37,104 | 62,593 |
Trustees’ fees and expenses | 18,239 | 38,956 |
Custodian fee | 67,625 | 141,614 |
Transfer and dividend disbursing agent fees | 84,220 | 821,519 |
Legal and accounting services | 75,147 | 79,134 |
Printing and postage | 19,510 | 68,173 |
Registration fees | 56,528 | 155,359 |
Miscellaneous | 17,402 | 25,994 |
Total expenses | $ 1,686,658 | $ 4,695,770 |
Deduct: | ||
Waiver and/or reimbursement of expenses by affiliates | $ 26,278 | $ 922,575 |
Total expense reductions | $ 26,278 | $ 922,575 |
Net expenses | $ 1,660,380 | $ 3,773,195 |
Net investment income | $ 4,354,224 | $ 12,690,725 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment transactions | $ (12,092,834) | $ (31,699,317) |
Net realized loss | $(12,092,834) | $(31,699,317) |
Change in unrealized appreciation (depreciation): | ||
Investments | $ 2,229,091 | $ 5,962,189 |
Net change in unrealized appreciation (depreciation) | $ 2,229,091 | $ 5,962,189 |
Net realized and unrealized loss | $ (9,863,743) | $(25,737,128) |
Net decrease in net assets from operations | $ (5,509,519) | $(13,046,403) |
Year Ended January 31, 2023 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 4,354,224 | $ 12,690,725 |
Net realized loss | (12,092,834) | (31,699,317) |
Net change in unrealized appreciation (depreciation) | 2,229,091 | 5,962,189 |
Net decrease in net assets from operations | $ (5,509,519) | $ (13,046,403) |
Distributions to shareholders: | ||
Class A | $ (1,400,824) | $ (1,019,132) |
Class C | (17,417) | (72,096) |
Class I | (2,874,290) | (11,534,650) |
Total distributions to shareholders | $ (4,292,531) | $ (12,625,878) |
Transactions in shares of beneficial interest: | ||
Class A | $ (37,949,638) | $ (6,838,481) |
Class C | (1,221,022) | (2,732,414) |
Class I | (52,955,647) | (89,833,067) |
Net decrease in net assets from Fund share transactions | $ (92,126,307) | $ (99,403,962) |
Net decrease in net assets | $(101,928,357) | $(125,076,243) |
Net Assets | ||
At beginning of year | $ 331,810,069 | $ 689,085,661 |
At end of year | $ 229,881,712 | $ 564,009,418 |
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 | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 | $ 10.300 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.165 | $ 0.059 | $ 0.077(1) | $ 0.160(1) | $ 0.154(1) |
Net realized and unrealized gain (loss) | (0.294) | (0.316) | 0.401 | 0.308 | 0.049 |
Total income (loss) from operations | $ (0.129) | $ (0.257) | $ 0.478 | $ 0.468 | $ 0.203 |
Less Distributions | |||||
From net investment income | $ (0.151) | $ (0.057) | $ (0.078) | $ (0.158) | $ (0.153) |
From net realized gain | — | (0.066) | (0.230) | — | — |
Total distributions | $ (0.151) | $ (0.123) | $ (0.308) | $ (0.158) | $ (0.153) |
Net asset value — End of year | $10.170 | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 |
Total Return(2) | (1.20)% | (2.39)% | 4.51% | 4.56% | 2.00% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 77,727 | $119,419 | $135,622 | $109,210 | $113,654 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.76% (3) | 0.80% | 0.82% | 0.88% | 0.91% |
Net investment income | 1.45% | 0.59% | 0.71% | 1.52% | 1.50% |
Portfolio Turnover | 109% | 96% | 176% | 51% | 67% |
(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) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Short-Term Municipal Bond Fund — Class C | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 10.390 | $ 10.790 | $ 10.640 | $ 10.320 | $ 10.270 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.071 | $ (0.017) | $ 0.005 | $ 0.082 | $ 0.077 |
Net realized and unrealized gain (loss) | (0.268) | (0.317) | 0.387 | 0.317 | 0.049 |
Total income (loss) from operations | $ (0.197) | $ (0.334) | $ 0.392 | $ 0.399 | $ 0.126 |
Less Distributions | |||||
From net investment income | $ (0.053) | $ — | $ (0.012) | $ (0.079) | $ (0.076) |
From net realized gain | — | (0.066) | (0.230) | — | — |
Total distributions | $ (0.053) | $ (0.066) | $ (0.242) | $ (0.079) | $ (0.076) |
Net asset value — End of year | $10.140 | $10.390 | $10.790 | $10.640 | $10.320 |
Total Return(2) | (1.89)% | (3.11)% | 3.70% | 3.88% | 1.24% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 3,252 | $ 4,603 | $ 7,473 | $ 24,622 | $ 35,832 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 1.51% (3) | 1.55% | 1.57% | 1.63% | 1.66% |
Net investment income (loss) | 0.71% | (0.16)% | 0.05% | 0.78% | 0.75% |
Portfolio Turnover | 109% | 96% | 176% | 51% | 67% |
(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) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Short-Term Municipal Bond Fund — Class I | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 | $ 10.300 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.180 | $ 0.086 | $ 0.105 | $ 0.186 | $ 0.181 |
Net realized and unrealized gain (loss) | (0.274) | (0.316) | 0.400 | 0.308 | 0.048 |
Total income (loss) from operations | $ (0.094) | $ (0.230) | $ 0.505 | $ 0.494 | $ 0.229 |
Less Distributions | |||||
From net investment income | $ (0.176) | $ (0.084) | $ (0.105) | $ (0.184) | $ (0.179) |
From net realized gain | — | (0.066) | (0.230) | — | — |
Total distributions | $ (0.176) | $ (0.150) | $ (0.335) | $ (0.184) | $ (0.179) |
Net asset value — End of year | $ 10.180 | $ 10.450 | $ 10.830 | $ 10.660 | $ 10.350 |
Total Return(1) | (0.85)% | (2.14)% | 4.77% | 4.82% | 2.25% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $148,903 | $207,787 | $253,382 | $157,176 | $164,679 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.51% (2) | 0.55% | 0.57% | 0.63% | 0.66% |
Net investment income | 1.73% | 0.84% | 0.92% | 1.77% | 1.75% |
Portfolio Turnover | 109% | 96% | 176% | 51% | 67% |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Intermediate-Term Municipal Bond Fund — Class A | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 12.490 | $ 13.070 | $ 12.810 | $ 12.210 | $ 12.160 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.234 | $ 0.135 | $ 0.184 | $ 0.228 | $ 0.235 |
Net realized and unrealized gain (loss) | (0.400) | (0.532) | 0.385 | 0.637 | 0.050 |
Total income (loss) from operations | $ (0.166) | $ (0.397) | $ 0.569 | $ 0.865 | $ 0.285 |
Less Distributions | |||||
From net investment income | $ (0.234) | $ (0.135) | $ (0.184) | $ (0.228) | $ (0.235) |
From net realized gain | — | (0.048) | (0.125) | (0.037) | — |
Total distributions | $ (0.234) | $ (0.183) | $ (0.309) | $ (0.265) | $ (0.235) |
Net asset value — End of year | $12.090 | $12.490 | $13.070 | $12.810 | $12.210 |
Total Return(1)(2) | (1.25)% | (3.08)% | 4.49% | 7.15% | 2.38% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 52,419 | $ 61,492 | $ 67,422 | $ 50,697 | $ 42,715 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (2) | 0.87% (3) | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 1.96% | 1.09% | 1.41% | 1.81% | 1.95% |
Portfolio Turnover | 159% | 61% | 104% | 74% | 86% |
(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% and 0.08% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Intermediate-Term Municipal Bond Fund — Class C | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 12.480 | $ 13.070 | $ 12.810 | $ 12.210 | $ 12.160 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.138(1) | $ 0.044(1) | $ 0.092(1) | $ 0.133 | $ 0.143 |
Net realized and unrealized gain (loss) | (0.392) | (0.548) | 0.379 | 0.638 | 0.051 |
Total income (loss) from operations | $ (0.254) | $ (0.504) | $ 0.471 | $ 0.771 | $ 0.194 |
Less Distributions | |||||
From net investment income | $ (0.146) | $ (0.038) | $ (0.086) | $ (0.134) | $ (0.144) |
From net realized gain | — | (0.048) | (0.125) | (0.037) | — |
Total distributions | $ (0.146) | $ (0.086) | $ (0.211) | $ (0.171) | $ (0.144) |
Net asset value — End of year | $12.080 | $12.480 | $13.070 | $12.810 | $12.210 |
Total Return(2)(3) | (2.00)% | (3.88)% | 3.70% | 6.35% | 1.61% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 5,307 | $ 8,362 | $ 11,226 | $ 22,557 | $ 24,456 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (3) | 1.62% (4) | 1.65% | 1.65% | 1.65% | 1.65% |
Net investment income | 1.17% | 0.34% | 0.72% | 1.08% | 1.20% |
Portfolio Turnover | 159% | 61% | 104% | 74% | 86% |
(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% and 0.08% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(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 0.01% of average daily net assets for the year ended January 31, 2023). |
Intermediate-Term Municipal Bond Fund — Class I | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 12.500 | $ 13.090 | $ 12.820 | $ 12.220 | $ 12.180 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.264 | $ 0.167 | $ 0.216 | $ 0.260 | $ 0.265 |
Net realized and unrealized gain (loss) | (0.400) | (0.542) | 0.395 | 0.636 | 0.040 |
Total income (loss) from operations | $ (0.136) | $ (0.375) | $ 0.611 | $ 0.896 | $ 0.305 |
Less Distributions | |||||
From net investment income | $ (0.264) | $ (0.167) | $ (0.216) | $ (0.259) | $ (0.265) |
From net realized gain | — | (0.048) | (0.125) | (0.037) | — |
Total distributions | $ (0.264) | $ (0.215) | $ (0.341) | $ (0.296) | $ (0.265) |
Net asset value — End of year | $ 12.100 | $ 12.500 | $ 13.090 | $ 12.820 | $ 12.220 |
Total Return(1)(2) | (1.01)% | (2.90)% | 4.82% | 7.41% | 2.63% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $506,284 | $619,232 | $537,216 | $404,214 | $396,647 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (2) | 0.61% (3) | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 2.21% | 1.34% | 1.66% | 2.07% | 2.19% |
Portfolio Turnover | 159% | 61% | 104% | 74% | 86% |
(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% and 0.08% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Year Ended January 31, 2023 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Tax-exempt income | $3,858,423 | $11,757,847 |
Ordinary income | $ 434,108 | $ 868,031 |
Year Ended January 31, 2022 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Tax-exempt income | $2,121,312 | $7,501,575 |
Ordinary income | $1,771,614 | $2,683,514 |
Long-term capital gains | $ 786,233 | $ 915,948 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Undistributed tax-exempt income | $ 75,784 | $ 781,744 |
Deferred capital losses | (11,946,588) | (31,385,711) |
Net unrealized appreciation | 3,303,982 | 15,781,565 |
Distributions payable | (131,130) | (796,121) |
Accumulated loss | $ (8,697,952) | $(15,618,523) |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Deferred capital losses: | ||
Short-term | $7,209,745 | $23,950,676 |
Long-term | $4,736,843 | $ 7,435,035 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Aggregate cost | $226,525,175 | $548,006,805 |
Gross unrealized appreciation | $ 3,869,317 | $ 17,903,188 |
Gross unrealized depreciation | (565,335) | (2,121,623) |
Net unrealized appreciation | $ 3,303,982 | $ 15,781,565 |
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 | $1,065,891 | $3,171,649 |
Effective Annual Rate | 0.40% | 0.54% |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
EVM's Sub-Transfer Agent Fees | $5,452 | $4,913 |
EVD's Class A Sales Charges | $1,043 | $1,867 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $2,125 | $2,541 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class A Distribution and Service Fees | $244,992 | $130,779 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class C Distribution Fees | $27,828 | $46,945 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class C Service Fees | $9,276 | $15,648 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class A | $5,000 | $ 200 |
Class C | $ — | $2,000 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Purchases | ||
Investments (non-U.S. Government) | $ 244,291,689 | $ 853,064,617 |
U.S. Government and Agency Securities | 38,048,069 | 41,347,003 |
Total Purchases | $282,339,758 | $ 894,411,620 |
Sales | ||
Investments (non-U.S. Government) | $ 333,583,416 | $ 916,483,529 |
U.S. Government and Agency Securities | 48,486,516 | 102,142,964 |
Total Sales | $382,069,932 | $1,018,626,493 |
Short-Term Municipal Bond Fund | ||||||
Year Ended January 31, 2023 | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 783,048 | $ 7,795,113 | 1,319,562 | $ 14,160,777 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 116,415 | 1,162,445 | 116,663 | 1,246,260 | ||
Redemptions | (4,686,641) | (46,907,196) | (2,532,674) | (27,132,468) | ||
Net decrease | (3,787,178) | $ (37,949,638) | (1,096,449) | $ (11,725,431) |
Short-Term Municipal Bond Fund (continued) | ||||||
Year Ended January 31, 2023 | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class C | ||||||
Sales | 73,863 | $ 729,992 | 50,891 | $ 544,607 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 1,323 | 13,128 | 2,109 | 22,375 | ||
Redemptions | (197,500) | (1,964,142) | (302,544) | (3,233,809) | ||
Net decrease | (122,314) | $ (1,221,022) | (249,544) | $ (2,666,827) | ||
Class I | ||||||
Sales | 6,020,814 | $ 60,254,992 | 6,930,959 | $ 74,416,982 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 194,391 | 1,942,905 | 201,729 | 2,157,637 | ||
Redemptions | (11,460,257) | (115,153,544) | (10,646,030) | (114,372,021) | ||
Net decrease | (5,245,052) | $ (52,955,647) | (3,513,342) | $ (37,797,402) |
Intermediate-Term Municipal Bond Fund | ||||||
Year Ended January 31, 2023 | Year Ended January 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 1,824,390 | $ 21,436,685 | 1,232,672 | $ 15,945,662 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 42,738 | 502,881 | 36,308 | 467,442 | ||
Redemptions | (2,453,737) | (28,778,047) | (1,501,941) | (19,390,738) | ||
Net decrease | (586,609) | $ (6,838,481) | (232,961) | $ (2,977,634) | ||
Class C | ||||||
Sales | 117,657 | $ 1,382,809 | 80,394 | $ 1,040,821 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 2,971 | 34,873 | 2,128 | 27,373 | ||
Redemptions | (351,217) | (4,150,096) | (271,664) | (3,504,619) | ||
Net decrease | (230,589) | $ (2,732,414) | (189,142) | $ (2,436,425) | ||
Class I | ||||||
Sales | 29,555,474 | $ 350,119,216 | 20,658,776 | $ 267,233,472 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 410,084 | 4,827,083 | 325,454 | 4,193,986 | ||
Redemptions | (37,652,147) | (444,779,366) | (12,498,276) | (161,288,683) | ||
Net increase (decrease) | (7,686,589) | $ (89,833,067) | 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 | $ — | $166,054,053 | $(145,217,586) | $ — | $ — | $20,836,467 | $393,822 | 20,836,467 |
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 | $ — | $457,323,516 | $(408,302,472) | $ — | $ — | $49,021,044 | $741,961 | 49,021,044 |
• | 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 | $ — | $ 175,978,079 | $ — | $ 175,978,079 |
Taxable Municipal Obligations | — | 972,570 | — | 972,570 |
U.S. Treasury Obligations | — | 32,042,041 | — | 32,042,041 |
Short-Term Investments | 20,836,467 | — | — | 20,836,467 |
Total Investments | $20,836,467 | $208,992,690 | $ — | $229,829,157 |
Intermediate-Term Municipal Bond Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 463,752,604 | $ — | $ 463,752,604 |
Taxable Municipal Obligations | — | 9,690,100 | — | 9,690,100 |
U.S. Treasury Obligations | — | 41,324,622 | — | 41,324,622 |
Short-Term Investments | 49,021,044 | — | — | 49,021,044 |
Total Investments | $49,021,044 | $514,767,326 | $ — | $563,788,370 |
Boston, Massachusetts
March 22, 2023
TABS Short-Term Municipal Bond Fund | 89.89% |
TABS Intermediate-Term Municipal Bond Fund | 93.12% |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
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 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 02/01/2010 | 02/01/2010 | (1.88)% | 1.95% | 2.79% |
Class A with 3.25% Maximum Sales Charge | — | — | (5.09) | 1.27 | 2.45 |
Class C at NAV | 02/01/2010 | 02/01/2010 | (2.62) | 1.18 | 2.18 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (3.58) | 1.18 | 2.18 |
Class I at NAV | 02/01/2010 | 02/01/2010 | (1.64) | 2.20 | 3.05 |
Bloomberg 10 Year Municipal Bond Index | — | — | (1.20)% | 2.56% | 2.67% |
Bloomberg 15 Year Municipal Bond Index | — | — | (3.64) | 2.59 | 2.98 |
% 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 | 2.55% | 1.81% | 2.80% |
SEC 30-day Yield – Subsidized | 2.50 | 1.85 | 2.83 |
SEC 30-day Yield – Unsubsidized | 2.47 | 1.82 | 2.79 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2013 | $12,409 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2013 | $1,350,821 | N.A. |
Credit Quality (% of total investments)1 |
1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Bloomberg 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. | |
Additional Information | |
Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. | |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. | |
Duration is a measure of the expected change in price of a bond—in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. | |
Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |
Beginning Account Value (8/1/22) | Ending Account Value (1/31/23) | Expenses Paid During Period* (8/1/22 – 1/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,023.80 | $3.26** | 0.64% |
Class C | $1,000.00 | $1,019.10 | $7.07** | 1.39% |
Class I | $1,000.00 | $1,025.10 | $1.99** | 0.39% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.98 | $3.26** | 0.64% |
Class C | $1,000.00 | $1,018.20 | $7.07** | 1.39% |
Class I | $1,000.00 | $1,023.24 | $1.99** | 0.39% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 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. |
January 31, 2023 | |
Assets | |
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost $619,015,796) | $ 630,271,854 |
Receivable for Fund shares sold | 1,339,955 |
Total assets | $631,611,809 |
Liabilities | |
Payable for Fund shares redeemed | $ 766,992 |
Distributions payable | 297,790 |
Payable to affiliates: | |
Distribution and service fees | 30,503 |
Other | 2,410 |
Accrued expenses | 138,872 |
Total liabilities | $ 1,236,567 |
Net Assets | $630,375,242 |
Sources of Net Assets | |
Paid-in capital | $ 663,670,027 |
Accumulated loss | (33,294,785) |
Net Assets | $630,375,242 |
Class A Shares | |
Net Assets | $ 62,566,922 |
Shares Outstanding | 5,126,083 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.21 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 12.62 |
Class C Shares | |
Net Assets | $ 20,513,167 |
Shares Outstanding | 1,681,302 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 12.20 |
Class I Shares | |
Net Assets | $ 547,295,153 |
Shares Outstanding | 44,872,200 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.20 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
January 31, 2023 | |
Investment Income | |
Dividend income allocated from Portfolio | $ 545,506 |
Interest income allocated from Portfolio | 18,079,860 |
Expenses allocated from Portfolio | (2,431,922) |
Total investment income from Portfolio | $ 16,193,444 |
Expenses | |
Distribution and service fees: | |
Class A | $ 170,439 |
Class C | 241,506 |
Trustees’ fees and expenses | 500 |
Custodian fee | 47,209 |
Transfer and dividend disbursing agent fees | 262,343 |
Legal and accounting services | 52,756 |
Printing and postage | 43,037 |
Registration fees | 56,746 |
Miscellaneous | 14,541 |
Total expenses | $ 889,077 |
Deduct: | |
Allocation of expenses to affiliates | $ 128,716 |
Total expense reductions | $ 128,716 |
Net expenses | $ 760,361 |
Net investment income | $ 15,433,083 |
Realized and Unrealized Gain (Loss) from Portfolio | |
Net realized gain (loss): | |
Investment transactions | $ (40,253,585) |
Net realized loss | $(40,253,585) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (5,317,574) |
Net change in unrealized appreciation (depreciation) | $ (5,317,574) |
Net realized and unrealized loss | $(45,571,159) |
Net decrease in net assets from operations | $(30,138,076) |
Year Ended January 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 15,433,083 | $ 15,011,060 |
Net realized gain (loss) | (40,253,585) | 3,489,360 |
Net change in unrealized appreciation (depreciation) | (5,317,574) | (42,921,803) |
Net decrease in net assets from operations | $ (30,138,076) | $ (24,421,383) |
Distributions to shareholders: | ||
Class A | $ (1,368,606) | $ (1,170,757) |
Class C | (300,648) | (222,704) |
Class I | (13,662,672) | (13,597,794) |
Total distributions to shareholders | $ (15,331,926) | $ (14,991,255) |
Transactions in shares of beneficial interest: | ||
Class A | $ (15,662,442) | $ (3,587,280) |
Class C | (8,866,410) | (5,093,002) |
Class I | (237,643,793) | 83,582,567 |
Net increase (decrease) in net assets from Fund share transactions | $(262,172,645) | $ 74,902,285 |
Other capital: | ||
Portfolio transaction fee contributed to Portfolio | $ (675,116) | $ (240,536) |
Portfolio transaction fee allocated from Portfolio | 674,003 | 249,295 |
Net increase (decrease) in net assets from other capital | $ (1,113) | $ 8,759 |
Net increase (decrease) in net assets | $(307,643,760) | $ 35,498,406 |
Net Assets | ||
At beginning of year | $ 938,019,002 | $ 902,520,596 |
At end of year | $ 630,375,242 | $938,019,002 |
Class A | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 12.700 | $ 13.240 | $ 12.900 | $ 12.220 | $ 12.110 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.245 | $ 0.182 | $ 0.213 | $ 0.237 | $ 0.225 |
Net realized and unrealized gain (loss) | (0.492) | (0.540) | 0.340 | 0.680 | 0.110 |
Total income (loss) from operations | $ (0.247) | $ (0.358) | $ 0.553 | $ 0.917 | $ 0.335 |
Less Distributions | |||||
From net investment income | $ (0.243) | $ (0.182) | $ (0.213) | $ (0.237) | $ (0.225) |
Total distributions | $ (0.243) | $ (0.182) | $ (0.213) | $ (0.237) | $ (0.225) |
Net asset value — End of year | $12.210 | $12.700 | $13.240 | $12.900 | $12.220 |
Total Return(1)(2) | (1.88)% | (2.73)% | 4.34% | 7.56% | 2.80% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 62,567 | $ 81,892 | $ 88,983 | $ 85,608 | $ 87,287 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses (2) | 0.65% (4) | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 2.02% | 1.39% | 1.65% | 1.88% | 1.87% |
Portfolio Turnover of the Portfolio | 84% | 22% | 51% | 28% | 78% |
(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% and 0.04% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(4) | 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 year ended January 31, 2023). |
Class C | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 12.690 | $ 13.230 | $ 12.890 | $ 12.220 | $ 12.100 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.155 | $ 0.084 | $ 0.116 | $ 0.142 | $ 0.134 |
Net realized and unrealized gain (loss) | (0.492) | (0.540) | 0.340 | 0.670 | 0.120 |
Total income (loss) from operations | $ (0.337) | $ (0.456) | $ 0.456 | $ 0.812 | $ 0.254 |
Less Distributions | |||||
From net investment income | $ (0.153) | $ (0.084) | $ (0.116) | $ (0.142) | $ (0.134) |
Total distributions | $ (0.153) | $ (0.084) | $ (0.116) | $ (0.142) | $ (0.134) |
Net asset value — End of year | $12.200 | $12.690 | $13.230 | $12.890 | $12.220 |
Total Return(1)(2) | (2.62)% | (3.47)% | 3.56% | 6.68% | 2.12% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 20,513 | $ 30,795 | $ 37,239 | $ 41,689 | $ 45,309 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses (2) | 1.40% (4) | 1.40% | 1.40% | 1.40% | 1.40% |
Net investment income | 1.26% | 0.64% | 0.91% | 1.13% | 1.11% |
Portfolio Turnover of the Portfolio | 84% | 22% | 51% | 28% | 78% |
(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% and 0.04% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(4) | 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 year ended January 31, 2023). |
Class I | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 12.690 | $ 13.230 | $ 12.890 | $ 12.210 | $ 12.100 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.274 | $ 0.215 | $ 0.245 | $ 0.268 | $ 0.255 |
Net realized and unrealized gain (loss) | (0.492) | (0.540) | 0.340 | 0.680 | 0.110 |
Total income (loss) from operations | $ (0.218) | $ (0.325) | $ 0.585 | $ 0.948 | $ 0.365 |
Less Distributions | |||||
From net investment income | $ (0.272) | $ (0.215) | $ (0.245) | $ (0.268) | $ (0.255) |
Total distributions | $ (0.272) | $ (0.215) | $ (0.245) | $ (0.268) | $ (0.255) |
Net asset value — End of year | $ 12.200 | $ 12.690 | $ 13.230 | $ 12.890 | $ 12.210 |
Total Return(1)(2) | (1.64)% | (2.49)% | 4.60% | 7.83% | 3.06% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $547,295 | $825,332 | $776,298 | $596,099 | $472,656 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses (2) | 0.40% (4) | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 2.25% | 1.64% | 1.89% | 2.12% | 2.11% |
Portfolio Turnover of the Portfolio | 84% | 22% | 51% | 28% | 78% |
(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% and 0.04% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(4) | 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 year ended January 31, 2023). |
Year Ended January 31, | ||
2023 | 2022 | |
Tax-exempt income | $14,786,419 | $14,991,255 |
Ordinary income | $ 545,507 | $ — |
Undistributed tax-exempt income | $ 402,541 |
Deferred capital losses | (45,064,687) |
Net unrealized appreciation | 11,665,151 |
Distributions payable | (297,790) |
Accumulated loss | $(33,294,785) |
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% |
Year Ended January 31, 2023 | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 1,248,153 | $ 14,928,446 | 1,072,950 | $ 14,073,838 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 91,217 | 1,085,155 | 70,602 | 923,920 | |
Redemptions | (2,662,574) | (31,676,043) | (1,416,785) | (18,585,038) | |
Net decrease | (1,323,204) | $ (15,662,442) | (273,233) | $ (3,587,280) | |
Class C | |||||
Sales | 181,603 | $ 2,165,075 | 253,506 | $ 3,320,306 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 19,945 | 236,978 | 13,279 | 173,741 | |
Redemptions | (946,397) | (11,268,463) | (655,072) | (8,587,049) | |
Net decrease | (744,849) | $ (8,866,410) | (388,287) | $ (5,093,002) | |
Class I | |||||
Sales | 25,794,132 | $ 307,646,291 | 18,257,870 | $ 239,662,679 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 924,341 | 10,997,652 | 819,220 | 10,714,522 | |
Redemptions | (46,888,880) | (556,287,736) | (12,724,163) | (166,794,634) | |
Net increase (decrease) | (20,170,407) | $(237,643,793) | 6,352,927 | $ 83,582,567 |
Boston, Massachusetts
March 22, 2023
Tax-Exempt Municipal Obligations — 92.7% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.8% | |||
Maine Municipal Bond Bank, 4.00%, 11/1/37 | $ | 1,000 | $ 1,028,380 |
Michigan Finance Authority, (Trinity Health Credit Group), 3.00%, 10/1/36 | 1,500 | 1,474,590 | |
Ohio Water Development Authority, 5.00%, 12/1/39 | 1,000 | 1,169,310 | |
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | 400 | 381,852 | |
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35 | 675 | 711,814 | |
$ 4,765,946 | |||
Education — 3.5% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.30%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 2,750 | $ 2,671,872 |
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | 505 | 553,738 | |
New York Dormitory Authority, (Rochester Institute of Technology): | |||
5.00%, 7/1/36 | 395 | 440,749 | |
5.00%, 7/1/37 | 840 | 931,669 | |
Ohio Higher Educational Facility Commission, (Kenyon College): | |||
5.00%, 7/1/35(2) | 1,840 | 2,053,458 | |
5.00%, 7/1/36(2) | 1,600 | 1,765,664 | |
5.00%, 7/1/37(2) | 2,000 | 2,187,740 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/34 | 350 | 373,450 | |
Poway Unified School District, CA, (Election of 2008), 0.00%, 8/1/35 | 1,000 | 656,420 | |
Saginaw Valley State University, MI: | |||
5.00%, 7/1/27 | 400 | 435,188 | |
5.00%, 7/1/28 | 1,000 | 1,085,570 | |
Texas A&M University, 4.00%, 5/15/34 | 1,000 | 1,101,850 | |
University of Mississippi Educational Building Corp.: | |||
4.00%, 10/1/37 | 350 | 368,897 | |
4.00%, 10/1/38 | 1,590 | 1,668,053 | |
Virginia College Building Authority, 4.00%, 2/1/33 | 1,000 | 1,047,160 | |
Virginia Public School Authority, Prince William County, 3.00%, 10/1/37 | 1,690 | 1,638,016 | |
West Lafayette School Building Corp., IN, 5.00%, 7/15/35 | 2,850 | 3,100,849 | |
$ 22,080,343 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities — 2.8% | |||
American Municipal Power, Inc., OH, (Prairie State Energy Campus), 4.00%, 2/15/35 | $ | 5,690 | $ 5,967,331 |
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | 1,000 | 1,062,300 | |
Clark County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 1/1/36 | 505 | 578,397 | |
Florida Municipal Power Agency, 3.00%, 10/1/33 | 2,000 | 1,960,560 | |
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | 250 | 268,652 | |
Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | 735 | 795,380 | |
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34 | 770 | 812,889 | |
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | 500 | 542,715 | |
Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.70% to 10/1/30 (Put Date), 10/1/46 | 2,730 | 2,834,777 | |
Tallahassee, FL, Energy System Revenue: | |||
5.00%, 10/1/30 | 1,500 | 1,562,340 | |
5.00%, 10/1/31 | 1,000 | 1,040,560 | |
5.00%, 10/1/33 | 300 | 311,517 | |
Walnut Energy Center Authority, CA, 5.00%, 1/1/33 | 250 | 258,465 | |
$ 17,995,883 | |||
Escrowed/Prerefunded — 0.2% | |||
Addison, TX, Prerefunded to 2/15/23, 5.00%, 2/15/26 | $ | 270 | $ 270,251 |
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | 150 | 158,843 | |
Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33 | 300 | 303,237 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/30 | 250 | 261,540 | |
$ 993,871 | |||
General Obligations — 30.8% | |||
Anne Arundel County, MD, 5.00%, 4/1/33 | $ | 700 | $ 845,383 |
Arlington Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/36 | 1,000 | 1,043,730 | |
Auburn, AL, 5.00%, 8/1/37 | 1,915 | 2,216,651 | |
Barbers Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | 2,970 | 3,476,533 | |
Belding Area Schools, MI, 5.00%, 5/1/30 | 225 | 243,545 | |
Bethel Park School District, PA, 4.00%, 8/1/35 | 650 | 691,158 | |
Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/38 | 770 | 844,136 | |
Birmingham, AL, 5.00%, 12/1/27 | 2,460 | 2,770,993 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Blanco Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | $ | 900 | $ 1,053,045 |
Burlington, VT, 5.00%, 11/1/29 | 75 | 87,359 | |
California: | |||
2.85%, 12/1/32 | 2,040 | 2,026,230 | |
4.55%, 12/1/37 | 1,000 | 1,105,040 | |
Cape May County, NJ, 3.00%, 10/1/31 | 1,000 | 1,014,980 | |
Celina Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | 1,135 | 1,175,179 | |
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33 | 875 | 635,819 | |
Chambers County Improvement District No. 1, TX: | |||
4.00%, 9/1/32 | 1,100 | 1,149,599 | |
4.00%, 9/1/33 | 1,000 | 1,041,130 | |
4.00%, 9/1/34 | 1,000 | 1,038,190 | |
Channelview Independent School District, TX, (PSF Guaranteed), 2.375%, 8/15/35 | 500 | 447,945 | |
Cheltenham School District, PA, 4.00%, 2/15/35 | 1,005 | 1,073,722 | |
Chisholm Independent School District No. 695, MN: | |||
0.00%, 2/1/37(2) | 615 | 344,769 | |
0.00%, 2/1/38(2) | 820 | 434,042 | |
Colonial School District, PA, 5.00%, 2/15/33 | 50 | 53,041 | |
Comal County, TX, 4.00%, 2/1/33 | 5,580 | 5,801,247 | |
Connecticut: | |||
4.00%, 1/15/34 | 3,000 | 3,254,070 | |
4.00%, 1/15/35 | 3,000 | 3,207,300 | |
Conroe, TX, 4.125%, 3/1/39 | 1,895 | 1,953,897 | |
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33 | 100 | 108,974 | |
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | 630 | 688,533 | |
Coopersville Area Public Schools, MI, 4.00%, 5/1/35 | 430 | 459,244 | |
Corona-Norco Unified School District, CA, (Election of 2014), 5.00%, 8/1/33 | 350 | 399,602 | |
Cupertino Union School District, CA, (Election of 2012), 5.00%, 8/1/33 | 555 | 609,090 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | 2,235 | 2,664,925 | |
Danville, VA, 4.00%, 9/1/33 | 3,490 | 3,936,650 | |
Delaware, 5.00%, 2/1/29 | 1,000 | 1,139,460 | |
Dublin City School District, OH, 5.00%, 12/1/29 | 500 | 576,315 | |
Fairfax County, VA: | |||
4.00%, 10/1/35 | 4,225 | 4,490,921 | |
4.00%, 10/1/36 | 5,775 | 6,090,661 | |
Florida, (Department of Transportation), 2.00%, 7/1/33 | 1,535 | 1,361,560 | |
Forney Independent School District, TX, 0.00%, 8/15/37 | 275 | 151,965 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
3.00%, 8/15/35 | $ | 400 | $ 393,012 |
3.00%, 8/15/36 | 500 | 471,900 | |
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 400 | 410,376 | |
Georgia: | |||
5.00%, 7/1/30 | 5,000 | 5,990,100 | |
5.00%, 2/1/32 | 1,000 | 1,108,770 | |
Grand Forks County, ND, 4.00%, 10/1/35 | 1,480 | 1,583,141 | |
Hamilton County, IN, 4.00%, 12/31/38 | 1,305 | 1,354,094 | |
Harlandale Independent School District, TX, 5.00%, 8/1/29 | 845 | 937,004 | |
Hawaii, 4.00%, 1/1/37 | 1,000 | 1,039,940 | |
Hennepin County, MN, 5.00%, 12/1/33 | 1,000 | 1,097,370 | |
Hitchcock Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | 750 | 859,515 | |
Homewood, AL, 5.00%, 9/1/29 | 2,000 | 2,185,180 | |
Honolulu City and County, HI, 3.00%, 9/1/31 | 110 | 112,525 | |
Illinois: | |||
Series 2022A, 5.00%, 3/1/29 | 2,250 | 2,451,487 | |
Series 2022B, 5.00%, 3/1/29 | 2,000 | 2,178,740 | |
Irving, TX: | |||
4.00%, 9/15/36 | 2,025 | 2,161,931 | |
4.00%, 9/15/37 | 5,165 | 5,460,851 | |
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29 | 1,000 | 1,018,110 | |
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28 | 2,370 | 2,610,531 | |
Kansas City, MO: | |||
3.00%, 2/1/35 | 950 | 938,334 | |
4.00%, 2/1/37 | 2,500 | 2,608,900 | |
Kennewick School District No. 17, WA, 4.00%, 12/1/33 | 655 | 716,426 | |
Krum Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | 720 | 735,610 | |
Lake Washington School District No. 414, WA, 4.00%, 12/1/34 | 1,000 | 1,047,030 | |
Lakeland, FL, 5.00%, 10/1/30 | 1,000 | 1,053,910 | |
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | 2,000 | 2,181,900 | |
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | 1,600 | 1,664,656 | |
Lone Star College System, TX, 3.00%, 2/15/36 | 1,695 | 1,643,353 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | 1,690 | 1,781,209 | |
Massachusetts: | |||
4.00%, 3/1/32 | 630 | 689,718 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Massachusetts: (continued) | |||
4.00%, 5/1/36 | $ | 5,225 | $ 5,462,267 |
McLean County Public Building Commission, IL, 5.00%, 12/1/28 | 200 | 209,434 | |
Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 425 | 456,569 | |
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | 360 | 368,708 | |
Monrovia Unified School District, CA, (Election of 2006): | |||
0.00%, 8/1/34 | 3,550 | 2,366,146 | |
0.00%, 8/1/36 | 1,830 | 1,065,316 | |
Montgomery County Municipal Utility District No. 46, TX, 4.00%, 3/1/29 | 1,295 | 1,319,888 | |
Morgan County School District, UT, 4.00%, 8/1/34 | 1,180 | 1,242,847 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | 175 | 155,586 | |
Nevada, 2.125%, 5/1/38 | 2,000 | 1,590,940 | |
New Braunfels, TX, 5.00%, 2/1/32 | 795 | 936,629 | |
New York City, NY, 5.25%, 10/1/39 | 2,000 | 2,347,820 | |
Newport-Mesa Unified School District, CA, (Election of 2005): | |||
0.00%, 8/1/35 | 3,435 | 2,281,321 | |
0.00%, 8/1/37 | 6,580 | 3,937,209 | |
Ohio: | |||
5.00%, 3/1/35 | 2,160 | 2,581,783 | |
5.00%, 5/1/35 | 500 | 597,895 | |
Omaha, NE: | |||
5.00%, 4/15/38 | 610 | 703,397 | |
5.00%, 4/15/39 | 1,115 | 1,279,764 | |
Palo Alto Unified School District, CA, (Election of 2008), 0.00%, 8/1/31 | 840 | 670,522 | |
Pasadena Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/39 | 4,840 | 5,038,004 | |
4.125%, 2/15/40 | 3,575 | 3,735,446 | |
Pasadena, TX: | |||
4.00%, 2/15/28 | 500 | 516,000 | |
4.00%, 2/15/29 | 150 | 154,656 | |
4.00%, 2/15/30 | 440 | 453,103 | |
4.00%, 2/15/31 | 650 | 668,759 | |
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | 890 | 780,067 | |
Pennsylvania, 4.00%, 10/1/39 | 17,000 | 17,399,330 | |
Pflugerville, TX, 5.00%, 8/1/36 | 1,365 | 1,577,462 | |
Quincy School District No. 144-101, WA, 4.00%, 12/1/34 | 800 | 824,120 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28 | $ | 555 | $ 608,485 |
Redmond, WA, 5.00%, 12/1/36 | 1,455 | 1,721,658 | |
Romeo Community Schools, MI, 5.00%, 5/1/30 | 700 | 756,322 | |
Romulus, MI: | |||
4.00%, 11/1/31 | 250 | 261,533 | |
4.00%, 11/1/32 | 100 | 104,391 | |
4.00%, 11/1/33 | 250 | 260,370 | |
San Antonio Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | 500 | 518,085 | |
San Jacinto Community College District, TX, 4.00%, 2/15/34 | 1,445 | 1,582,376 | |
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | 450 | 470,205 | |
Southfield Public Schools, MI, 5.00%, 5/1/27 | 1,000 | 1,111,120 | |
Spokane County School District No. 81, WA, 5.00%, 12/1/36 | 3,500 | 3,928,995 | |
Spokane, WA, 4.00%, 12/1/36 | 2,980 | 3,085,522 | |
Stamford, CT: | |||
2.00%, 8/15/33 | 805 | 703,739 | |
4.00%, 8/1/27 | 265 | 277,460 | |
Sugar Land, TX, 4.00%, 2/15/36 | 1,000 | 1,028,620 | |
Tuloso-Midway Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/15/27 | 110 | 114,335 | |
4.00%, 8/15/29 | 545 | 564,936 | |
United Independent School District, TX: | |||
4.00%, 2/15/33 | 350 | 366,016 | |
4.00%, 2/15/34 | 535 | 558,872 | |
4.00%, 2/15/36 | 580 | 596,994 | |
4.00%, 2/15/37 | 600 | 612,840 | |
West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/34 | 200 | 226,276 | |
Westchester County, NY, 2.00%, 10/15/33 | 650 | 582,628 | |
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27 | 2,825 | 2,986,336 | |
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | 360 | 375,412 | |
Yosemite Community College District, CA, (Election of 2004), 0.00%, 8/1/37 | 165 | 96,642 | |
$194,413,412 | |||
Hospital — 11.2% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/33 | $ | 2,925 | $ 3,199,043 |
Bexar County Hospital District, TX, 5.00%, 2/15/37 | 1,800 | 2,056,122 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | $ | 90 | $ 90,088 |
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | 465 | 508,040 | |
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | 335 | 358,249 | |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | 100 | 104,124 | |
Colorado Health Facilities Authority, (CommonSpirit Health): | |||
5.00%, 8/1/28 | 7,035 | 7,770,931 | |
5.00%, 8/1/34 | 1,575 | 1,718,656 | |
5.00%, 8/1/35 | 2,650 | 2,862,133 | |
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32 | 3,000 | 3,370,530 | |
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | 350 | 362,226 | |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | 1,000 | 992,530 | |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33 | 4,000 | 4,023,760 | |
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27 | 500 | 539,140 | |
Illinois Finance Authority, (Rush University Medical Center): | |||
5.00%, 11/15/31 | 1,000 | 1,044,930 | |
5.00%, 11/15/32 | 1,000 | 1,041,850 | |
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): | |||
5.00%, 10/1/30 | 2,000 | 2,136,120 | |
5.00%, 10/1/31 | 1,500 | 1,600,155 | |
5.00%, 10/1/32 | 2,000 | 2,128,960 | |
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | 875 | 909,729 | |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | 370 | 377,851 | |
Medford Hospital Facilities Authority, OR, (Asante Health System): | |||
5.00%, 8/15/34 | 1,000 | 1,123,400 | |
5.00%, 8/15/36 | 1,000 | 1,103,330 | |
Minneapolis, MN, (Allina Health System), 4.00%, 11/15/36 | 1,990 | 2,035,173 | |
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | 490 | 513,157 | |
Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | 1,000 | 1,058,840 | |
Montgomery County, OH, (Dayton Children's Hospital): | |||
5.00%, 8/1/32 | 750 | 877,350 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Montgomery County, OH, (Dayton Children's Hospital): (continued) | |||
5.00%, 8/1/33 | $ | 800 | $ 931,272 |
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group): | |||
5.00%, 8/1/28 | 500 | 551,550 | |
5.00%, 8/1/29 | 500 | 551,220 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): | |||
5.00%, 7/1/27 | 700 | 761,229 | |
5.00%, 7/1/28 | 600 | 652,566 | |
5.00%, 7/1/31 | 275 | 297,891 | |
New York Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/30 | 150 | 160,427 | |
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25 | 660 | 681,338 | |
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32 | 700 | 736,211 | |
Public Finance Authority, WI, (Renown Regional Medical Center): | |||
5.00%, 6/1/34 | 1,320 | 1,448,792 | |
5.00%, 6/1/36 | 2,310 | 2,489,857 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28 | 1,000 | 1,078,110 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | 150 | 154,766 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 625 | 654,606 | |
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | 1,555 | 1,655,251 | |
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): | |||
5.00%, 12/1/25 | 285 | 302,556 | |
5.00%, 12/1/27 | 45 | 48,163 | |
5.00%, 12/1/28 | 320 | 342,451 | |
5.00%, 12/1/30 | 300 | 320,805 | |
5.00%, 12/1/31 | 185 | 197,412 | |
Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 5.00%, 10/1/40 | 9,000 | 9,945,360 | |
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | 1,575 | 1,712,466 | |
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | 400 | 429,872 | |
Wisconsin Health and Educational Facilities Authority, (Gundersen Health System), 4.00%, 10/15/33 | 425 | 452,051 | |
$ 70,462,639 |
Security | Principal Amount (000's omitted) | Value | |
Housing — 2.8% | |||
Alaska Housing Finance Corp.: | |||
Social Bonds, 5.00%, 6/1/32 | $ | 920 | $ 1,073,953 |
Social Bonds, 5.00%, 12/1/32 | 940 | 1,095,015 | |
Georgia Housing & Finance Authority, 3.65%, 12/1/32 | 185 | 188,724 | |
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA/FNMA/FHLMC), 4.35%, 7/1/37 | 3,035 | 3,160,224 | |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
1.50%, 1/1/31 | 300 | 258,768 | |
1.60%, 7/1/31 | 175 | 150,794 | |
Minnesota Housing Finance Agency: | |||
2019 Series A, 4.00%, 8/1/34 | 295 | 312,434 | |
2019 Series A, 4.00%, 8/1/35 | 440 | 461,899 | |
2019 Series C, 4.00%, 8/1/33 | 525 | 550,242 | |
2019 Series C, 4.00%, 8/1/34 | 240 | 250,147 | |
2019 Series C, 4.00%, 8/1/35 | 285 | 294,442 | |
New York City Housing Development Corp., NY: | |||
2.65%, 11/1/27 | 60 | 59,402 | |
2.85%, 11/1/29 | 20 | 19,644 | |
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA): | |||
2.20%, 5/1/25 | 190 | 187,346 | |
2.40%, 11/1/26 | 150 | 147,672 | |
New York Mortgage Agency: | |||
2.30%, 10/1/30 | 1,000 | 926,160 | |
3.65%, 4/1/32 | 120 | 119,830 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 7,675 | 7,100,296 | |
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | 1,059 | 1,039,504 | |
Virginia Housing Development Authority, 2.55%, 5/1/27 | 90 | 89,168 | |
$ 17,485,664 | |||
Insured - Bond Bank — 1.8% | |||
Indianapolis Local Public Improvement Bond Bank, IN, (AGM), 4.00%, 6/1/36 | $ | 10,855 | $ 11,310,150 |
$ 11,310,150 | |||
Insured - Education — 0.3% | |||
New York Dormitory Authority, (School Districts Revenue Bond Financing Program): | |||
(AGM), 5.00%, 10/1/33 | $ | 500 | $ 567,735 |
(AGM), 5.00%, 10/1/35 | 800 | 893,968 | |
Troy University, AL, (AGM), 5.00%, 11/1/35 | 460 | 522,634 | |
$ 1,984,337 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Electric Utilities — 0.8% | |||
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M): | |||
(AGM), 5.00%, 7/1/30 | $ | 250 | $ 289,828 |
(AGM), 5.00%, 7/1/31 | 275 | 322,473 | |
(AGM), 5.00%, 7/1/32 | 465 | 548,607 | |
(AGM), 5.00%, 7/1/33 | 360 | 425,394 | |
(AGM), 5.00%, 7/1/34 | 365 | 428,185 | |
(AGM), 5.00%, 7/1/35 | 310 | 357,576 | |
(AGM), 5.00%, 7/1/36 | 500 | 568,145 | |
(AGM), 5.00%, 7/1/37 | 490 | 551,127 | |
(AGM), 5.00%, 7/1/38 | 435 | 485,908 | |
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J), (AGM), 4.00%, 1/1/36 | 310 | 319,836 | |
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M): | |||
(AGM), 4.00%, 1/1/36 | 435 | 448,803 | |
(AGM), 4.00%, 1/1/37 | 470 | 479,795 | |
$ 5,225,677 | |||
Insured - General Obligations — 1.5% | |||
Cattaraugus County, NY : | |||
(AGM), 4.00%, 5/15/36 | $ | 960 | $ 1,010,717 |
(AGM), 4.00%, 5/15/37 | 730 | 761,456 | |
Fort Bend County Municipal Utility District No. 58, TX: | |||
(BAM), 3.00%, 4/1/26 | 10 | 10,108 | |
(BAM), 3.00%, 4/1/32 | 360 | 363,294 | |
Hazelwood School District, MO, (BAM), 5.00%, 3/1/36(2) | 4,050 | 4,661,428 | |
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27 | 690 | 732,890 | |
Yonkers, NY: | |||
(BAM), Series 2019A, 5.00%, 5/1/31 | 750 | 866,768 | |
(BAM), Series 2019B, 5.00%, 5/1/31 | 825 | 955,664 | |
$ 9,362,325 | |||
Insured - Lease Revenue/Certificates of Participation — 0.7% | |||
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | $ | 100 | $ 106,751 |
Fairfield, CA, Certificates of Participation: | |||
(AGC), 0.00%, 4/1/34 | 1,000 | 680,870 | |
(AGC), 0.00%, 4/1/37 | 5,000 | 2,877,400 | |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | 175 | 183,972 | |
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27 | 605 | 659,729 | |
Tahoe-Truckee Unified School District, CA, Certificates of Participation, (BAM), 5.00%, 6/1/31 | 180 | 196,027 | |
$ 4,704,749 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Special Tax Revenue — 0.1% | |||
North Houston Development Corp., TX, Tax Increment Contract Revenue, (AGM), 3.00%, 9/1/36 | $ | 880 | $ 802,093 |
Vineyard Redevelopment Agency, UT, (AGM), 4.00%, 5/1/36 | 135 | 143,111 | |
$ 945,204 | |||
Insured - Transportation — 1.6% | |||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | $ | 275 | $ 293,013 |
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/30 | 1,000 | 1,110,120 | |
(AGM), 5.00%, 1/1/31 | 1,250 | 1,387,313 | |
(AGM), 5.00%, 1/1/32 | 1,650 | 1,829,602 | |
(AGM), 5.00%, 1/1/33 | 2,250 | 2,490,682 | |
(AGM), 5.00%, 1/1/34 | 2,485 | 2,743,937 | |
$ 9,854,667 | |||
Insured - Water and Sewer — 0.1% | |||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | $ | 250 | $ 266,117 |
Hamburg Municipal Authority, PA, Sewer Revenue: | |||
(AGM), 2.00%, 10/1/32 | 320 | 285,421 | |
(AGM), 2.00%, 10/1/34 | 30 | 25,529 | |
$ 577,067 | |||
Lease Revenue/Certificates of Participation — 2.8% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/31 | $ | 250 | $ 270,960 |
4.00%, 12/1/32 | 205 | 221,451 | |
Broward County School Board, FL, 5.00%, 7/1/29 | 500 | 544,500 | |
California Public Works Board, 4.00%, 5/1/36 | 880 | 930,248 | |
Colorado Department of Transportation: | |||
5.00%, 6/15/30 | 350 | 377,678 | |
5.00%, 6/15/31 | 310 | 334,304 | |
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue: | |||
5.00%, 6/1/29 | 3,000 | 3,340,890 | |
5.00%, 6/1/30 | 3,000 | 3,338,580 | |
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | 645 | 681,636 | |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28 | 410 | 462,759 | |
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | 1,495 | 1,603,672 | |
Mesa Water District, CA, Certificates of Participation, 5.00%, 3/15/33 | 350 | 412,398 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Palm Beach County School Board, FL, 5.25%, 8/1/39 | $ | 3,000 | $ 3,474,090 |
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | 500 | 535,740 | |
Virginia Public Building Authority, 4.00%, 8/1/35 | 1,140 | 1,216,072 | |
$ 17,744,978 | |||
Other Revenue — 8.8% | |||
Lafayette Parish School Board, LA, Sales Tax Revenue: | |||
5.00%, 4/1/29(2) | $ | 320 | $ 370,042 |
5.00%, 4/1/30(2) | 315 | 370,834 | |
5.00%, 4/1/32(2) | 325 | 394,706 | |
5.00%, 4/1/34(2) | 415 | 504,524 | |
5.00%, 4/1/35(2) | 425 | 509,477 | |
5.00%, 4/1/36(2) | 525 | 617,179 | |
5.00%, 4/1/37(2) | 500 | 582,785 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/34 | 2,425 | 2,691,144 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): | |||
5.00%, 4/1/27 | 500 | 542,875 | |
5.00%, 4/1/29 | 275 | 297,704 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
4.00% to 12/1/29 (Put Date), 9/1/52 | 23,115 | 23,167,009 | |
5.00% to 6/1/29 (Put Date), 12/1/52 | 5,500 | 5,816,030 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall): | |||
5.00%, 12/1/29 | 85 | 98,633 | |
5.00%, 12/1/31 | 250 | 291,195 | |
5.00%, 12/1/33 | 200 | 231,418 | |
5.00%, 12/1/34 | 300 | 344,028 | |
5.00%, 12/1/35 | 700 | 794,423 | |
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28 | 1,060 | 1,184,200 | |
San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | 4,000 | 3,841,440 | |
Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | 11,500 | 11,531,970 | |
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32 | 1,000 | 1,054,940 | |
$ 55,236,556 | |||
Senior Living/Life Care — 1.4% | |||
Baltimore County, MD, (Riderwood Village, Inc.): | |||
4.00%, 1/1/30 | $ | 1,655 | $ 1,713,835 |
4.00%, 1/1/31 | 250 | 258,022 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Baltimore County, MD, (Riderwood Village, Inc.): (continued) | |||
4.00%, 1/1/32 | $ | 350 | $ 360,353 |
4.00%, 1/1/33 | 600 | 615,942 | |
4.00%, 1/1/34 | 685 | 700,796 | |
4.00%, 1/1/35 | 615 | 625,449 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/28 | 50 | 51,263 | |
5.00%, 11/15/30 | 910 | 928,892 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | 100 | 104,678 | |
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | 1,035 | 1,068,337 | |
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | 310 | 326,070 | |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | 1,000 | 943,220 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Series 2016A, 5.00%, 10/1/30 | 280 | 286,656 | |
Series 2016A, 5.00%, 10/1/31 | 625 | 638,794 | |
$ 8,622,307 | |||
Special Tax Revenue — 8.4% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/26 | $ | 150 | $ 157,557 |
5.00%, 5/1/27 | 450 | 477,648 | |
5.00%, 5/1/28 | 575 | 614,727 | |
5.00%, 5/1/29 | 550 | 590,964 | |
5.00%, 5/1/30 | 650 | 701,935 | |
5.00%, 5/1/31 | 675 | 732,382 | |
5.00%, 5/1/32 | 725 | 789,561 | |
Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 1.60%, 11/1/38(3) | 5,300 | 5,300,000 | |
Connecticut, Special Tax Obligation, (Transportation Infrastructure): | |||
5.00%, 7/1/29 | 2,565 | 2,994,407 | |
5.00%, 7/1/34 | 1,000 | 1,211,360 | |
Downtown Smyrna Development Authority, GA, 4.00%, 2/1/35 | 360 | 393,188 | |
Miami-Dade County, FL, Special Obligation Bonds: | |||
5.00%, 4/1/29 | 900 | 967,167 | |
5.00%, 4/1/30 | 950 | 1,019,407 | |
5.00%, 4/1/31 | 895 | 963,494 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Miami-Dade County, FL, Special Obligation Bonds: (continued) | |||
5.00%, 4/1/32 | $ | 735 | $ 791,014 |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/35 | 2,235 | 2,358,104 | |
4.00%, 11/1/36 | 1,000 | 1,036,900 | |
5.00%, 8/1/33 | 1,190 | 1,234,018 | |
5.25%, 11/1/37 | 2,500 | 2,967,400 | |
2022 Series B, 4.00%, 11/1/37 | 5,365 | 5,495,316 | |
2022 Series D, 4.00%, 11/1/37 | 5,660 | 5,840,667 | |
2022 Series F, 5.00%, 2/1/36 | 1,000 | 1,174,460 | |
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/37 | 6,950 | 7,118,746 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | 1,800 | 1,921,932 | |
New York State Urban Development Corp., Personal Income Tax Revenue: | |||
4.00%, 3/15/35 | 2,885 | 3,008,132 | |
4.00%, 3/15/39 | 2,900 | 2,936,105 | |
$ 52,796,591 | |||
Transportation — 8.0% | |||
Central Texas Regional Mobility Authority: | |||
4.00%, 1/1/34 | $ | 70 | $ 73,671 |
5.00%, 1/1/27 | 2,140 | 2,276,618 | |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/28 | 150 | 157,182 | |
5.00%, 1/1/29 | 150 | 156,879 | |
5.00%, 1/1/30 | 500 | 522,270 | |
5.00%, 1/1/31 | 1,000 | 1,044,430 | |
5.25%, 1/1/28 | 2,905 | 3,222,400 | |
5.25%, 1/1/29 | 3,060 | 3,393,662 | |
5.25%, 1/1/30 | 1,000 | 1,106,320 | |
5.25%, 1/1/31 | 1,000 | 1,104,120 | |
5.25%, 1/1/32 | 2,565 | 2,824,988 | |
Clark County, NV, Highway Revenue, 5.00%, 7/1/33 | 840 | 869,392 | |
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | 1,450 | 1,589,954 | |
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | 500 | 527,960 | |
Illinois Toll Highway Authority: | |||
5.00%, 1/1/29 | 175 | 187,938 | |
5.00%, 12/1/32 | 350 | 373,831 | |
Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
5.00%, 5/15/33 | 225 | 258,741 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Los Angeles Department of Airports, CA, (Los Angeles International Airport): (continued) | |||
5.00%, 5/15/34 | $ | 250 | $ 264,918 |
Metropolitan Transportation Authority, NY, 3.311%, (67% of SOFR + 0.43%), 11/1/26(1) | 1,980 | 1,971,050 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/39 | 5,250 | 5,822,040 | |
New Orleans Aviation Board, LA, 5.00%, 1/1/28 | 150 | 164,934 | |
North Texas Tollway Authority: | |||
4.125%, 1/1/39 | 6,000 | 6,127,800 | |
5.00%, 1/1/37 | 1,350 | 1,543,225 | |
Pennsylvania Turnpike Commission: | |||
5.00%, 12/1/35 | 500 | 572,505 | |
5.00%, 12/1/36 | 1,165 | 1,323,149 | |
5.00%, 12/1/39 | 1,000 | 1,112,530 | |
Port Authority of New York and New Jersey, 4.00%, 7/15/36 | 1,390 | 1,431,130 | |
Port of Seattle, WA: | |||
5.00%, 3/1/27 | 100 | 103,768 | |
5.00%, 3/1/29 | 250 | ��� 258,788 | |
Portland, ME, Airport Revenue: | |||
Green Bonds, 5.00%, 1/1/29 | 225 | 255,488 | |
Green Bonds, 5.00%, 1/1/31 | 370 | 417,771 | |
Salt Lake City, UT, (Salt Lake City International Airport): | |||
5.00%, 7/1/28 | 1,370 | 1,522,837 | |
5.00%, 7/1/31 | 300 | 338,349 | |
5.00%, 7/1/32 | 660 | 743,318 | |
5.00%, 7/1/33 | 600 | 674,196 | |
5.00%, 7/1/34 | 450 | 503,455 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), 5.00%, 5/1/35 | 1,950 | 2,291,601 | |
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | 2,920 | 3,318,405 | |
$ 50,451,613 | |||
Water and Sewer — 4.3% | |||
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 1.60%, 11/1/28(3) | $ | 3,295 | $ 3,295,000 |
Fort Worth, TX, Water and Sewer System Revenue, 5.00%, 2/15/34 | 4,015 | 4,741,394 | |
Indiana Finance Authority, (CWA Authority, Inc.), 4.00%, 10/1/36 | 1,475 | 1,542,009 | |
Louisville and Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | 275 | 284,897 | |
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | 575 | 612,824 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | $ | 1,700 | $ 1,788,536 |
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | 500 | 544,675 | |
Portland, OR, Sewer System Revenue, 3.00%, 3/1/37 | 710 | 666,704 | |
Rapid City, SD, Water Revenue: | |||
4.00%, 11/1/29 | 600 | 627,906 | |
4.00%, 11/1/30 | 670 | 699,989 | |
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/37 | 2,545 | 2,678,027 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 2,950 | 2,942,625 | |
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31 | 1,315 | 1,351,583 | |
Texas Water Development Board: | |||
4.00%, 8/1/35 | 4,115 | 4,470,907 | |
4.00%, 10/15/36 | 500 | 520,710 | |
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27 | 405 | 440,446 | |
$ 27,208,232 | |||
Total Tax-Exempt Municipal Obligations (identified cost $572,387,421) | $584,222,211 |
Short-Term Investments — 8.8% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%(4) | 55,719,647 | $ 55,719,647 | |
Total Short-Term Investments (identified cost $55,719,647) | $ 55,719,647 | ||
Total Investments — 101.5% (identified cost $628,107,068) | $639,941,858 | ||
Other Assets, Less Liabilities — (1.5)% | $ (9,612,840) | ||
Net Assets — 100.0% | $630,329,018 |
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 January 31, 2023. |
(2) | When-issued security. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2023. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
At January 31, 2023, the concentration of the Portfolio’s investments in the various states and territories, determined as a percentage of net assets, is as follows: |
Texas | 14.5% |
Others, representing less than 10% individually | 78.2% |
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 January 31, 2023, 6.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 5.0% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
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 |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
January 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $572,387,421) | $ 584,222,211 |
Affiliated investment, at value (identified cost $55,719,647) | 55,719,647 |
Cash | 8 |
Interest receivable | 6,378,003 |
Dividends receivable from affiliated investment | 111,401 |
Receivable for investments sold | 8,383,951 |
Receivable from affiliates | 9,462 |
Total assets | $654,824,683 |
Liabilities | |
Payable for investments purchased | $ 9,774,071 |
Payable for when-issued securities | 14,402,720 |
Payable to affiliate: | |
Investment adviser fee | 155,292 |
Accrued expenses | 163,582 |
Total liabilities | $ 24,495,665 |
Net Assets applicable to investors' interest in Portfolio | $630,329,018 |
Year Ended | |
January 31, 2023 | |
Investment Income | |
Dividend income from affiliated investment | $ 545,556 |
Interest income | 18,109,584 |
Total investment income | $ 18,655,140 |
Expenses | |
Investment adviser fee | $ 2,264,046 |
Trustees’ fees and expenses | 44,499 |
Custodian fee | 172,026 |
Legal and accounting services | 63,434 |
Miscellaneous | 12,317 |
Total expenses | $ 2,556,322 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 120,454 |
Total expense reductions | $ 120,454 |
Net expenses | $ 2,435,868 |
Net investment income | $ 16,219,272 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (40,329,415) |
Net realized loss | $(40,329,415) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (5,324,332) |
Net change in unrealized appreciation (depreciation) | $ (5,324,332) |
Net realized and unrealized loss | $(45,653,747) |
Net decrease in net assets from operations | $(29,434,475) |
Year Ended January 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 16,219,272 | $ 16,140,421 |
Net realized gain (loss) | (40,329,415) | 3,510,528 |
Net change in unrealized appreciation (depreciation) | (5,324,332) | (43,090,606) |
Net decrease in net assets from operations | $ (29,434,475) | $ (23,439,657) |
Capital transactions: | ||
Contributions | $ 119,410,259 | $ 108,966,195 |
Withdrawals | (398,372,985) | (58,460,755) |
Portfolio transaction fee | 675,234 | 250,960 |
Net increase (decrease) in net assets from capital transactions | $(278,287,492) | $ 50,756,400 |
Net increase (decrease) in net assets | $(307,721,967) | $ 27,316,743 |
Net Assets | ||
At beginning of year | $ 938,050,985 | $ 910,734,242 |
At end of year | $ 630,329,018 | $938,050,985 |
Year Ended January 31, | |||||
Ratios/Supplemental Data | 2023 | 2022 | 2021 | 2020 | 2019 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (1) | 0.35% (2) | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 2.30% | 1.69% | 1.94% | 2.17% | 2.16% |
Portfolio Turnover | 84% | 22% | 51% | 28% | 78% |
Total Return(1) | (1.58)% | (2.44)% | 4.66% | 7.88% | 3.11% |
Net assets, end of year (000’s omitted) | $630,329 | $938,051 | $910,734 | $729,373 | $612,428 |
(1) | The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.01% of average daily net assets for each of the years ended January 31, 2023, 2022, 2021, 2020 and 2019). Absent this reimbursement, total return would be lower. |
(2) | Includes a reduction by the investment adviser of a portion of its 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 year ended January 31, 2023). |
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 | $628,016,718 |
Gross unrealized appreciation | $ 18,564,843 |
Gross unrealized depreciation | (6,639,703) |
Net unrealized appreciation | $ 11,925,140 |
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 | $ — | $411,886,508 | $(356,166,861) | $ — | $ — | $55,719,647 | $545,556 | 55,719,647 |
• | 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 | $ — | $ 584,222,211 | $ — | $ 584,222,211 |
Short-Term Investments | 55,719,647 | — | — | 55,719,647 |
Total Investments | $55,719,647 | $584,222,211 | $ — | $639,941,858 |
Boston, Massachusetts
March 22, 2023
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust and the Portfolio. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
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 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 05/04/2015 | 05/04/2015 | (0.37)% | 1.85% | 1.82% |
Class A with 3.25% Maximum Sales Charge | — | — | (3.65) | 1.19 | 1.38 |
Class C at NAV | 05/04/2015 | 05/04/2015 | (1.12) | 1.09 | 1.06 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (2.10) | 1.09 | 1.06 |
Class I at NAV | 05/04/2015 | 05/04/2015 | (0.12) | 2.11 | 2.09 |
Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | — | — | (0.64)% | 1.76% | 1.67% |
% 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 | 2.50% | 1.75% | 2.74% |
SEC 30-day Yield – Subsidized | 2.47 | 1.81 | 2.80 |
SEC 30-day Yield – Unsubsidized | 2.26 | 1.59 | 2.59 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 05/04/2015 | $10,851 | N.A. |
Class I, at minimum investment | $1,000,000 | 05/04/2015 | $1,173,691 | N.A. |
Credit Quality (% of total investments)1 |
1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Bloomberg 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. 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. 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 profile subject to change due to active management. | |
Additional Information | |
Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. | |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. | |
Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. | |
Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |
Beginning Account Value (8/1/22) | Ending Account Value (1/31/23) | Expenses Paid During Period* (8/1/22 – 1/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,019.60 | $3.21** | 0.63% |
Class C | $1,000.00 | $1,015.80 | $7.01** | 1.38% |
Class I | $1,000.00 | $1,020.90 | $1.94** | 0.38% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,022.03 | $3.21** | 0.63% |
Class C | $1,000.00 | $1,018.25 | $7.02** | 1.38% |
Class I | $1,000.00 | $1,023.29 | $1.94** | 0.38% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Tax-Exempt Municipal Obligations — 94.0% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.5% | |||
Texas Water Development Board, 4.55%, 10/15/38 | $ | 1,500 | $ 1,661,565 |
Vermont Municipal Bond Bank, 5.00%, 12/1/28 | 160 | 172,120 | |
$ 1,833,685 | |||
Education — 10.5% | |||
Alabama Public School and College Authority, Social Bonds, 4.00%, 11/1/36 | $ | 1,500 | $ 1,580,565 |
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.30%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | 1,000 | 971,590 | |
Bethlehem Area School District Authority, PA, 3.231%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1) | 2,300 | 2,241,327 | |
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/26 | 150 | 161,474 | |
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24 | 250 | 258,837 | |
UCF Stadium Corp., FL, 5.00%, 3/1/23 | 250 | 250,380 | |
University of California: | |||
5.00%, 5/15/28(2) | 1,500 | 1,722,015 | |
5.00%, 5/15/29(2) | 350 | 410,865 | |
Vermont State Colleges, 5.00%, 7/1/24 | 100 | 100,831 | |
$ 7,697,884 | |||
Electric Utilities — 6.3% | |||
Foley Utilities Board, AL: | |||
5.00%, 11/1/30 | $ | 755 | $ 878,337 |
5.00%, 11/1/31 | 900 | 1,062,567 | |
Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.30% to 10/1/26 (Put Date), 10/1/46 | 1,700 | 1,730,515 | |
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23 | 175 | 175,950 | |
Seattle, WA, Municipal Light and Power Revenue, 1.91%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1) | 500 | 490,580 | |
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25 | 250 | 261,623 | |
$ 4,599,572 | |||
Escrowed/Prerefunded — 0.1% | |||
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Escrowed to Maturity, 5.00%, 9/1/23 | $ | 35 | $ 35,520 |
$ 35,520 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 19.3% | |||
Amarillo Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/27 | $ | 750 | $ 829,800 |
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23 | 25 | 25,333 | |
California, 2.85%, 12/1/32 | 500 | 496,625 | |
Campton Township, IL, 5.00%, 12/15/23 | 105 | 107,072 | |
Corpus Christi Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/24 | 395 | 410,425 | |
Decatur City Board of Education, AL, 5.00%, 2/1/25 | 50 | 52,544 | |
El Monte Union High School District, CA, (Election of 2018): | |||
4.00%, 6/1/31 | 100 | 106,786 | |
4.00%, 6/1/32 | 150 | 159,994 | |
Illinois, 5.00%, 3/1/25 | 1,750 | 1,821,102 | |
Lakeland, FL, 5.00%, 10/1/24 | 50 | 52,045 | |
Minneapolis Special School District No. 1, MN: | |||
5.00%, 2/1/24 | 1,000 | 1,025,870 | |
5.00%, 2/1/30 | 1,815 | 2,133,968 | |
North Carolina, 2.00%, 6/1/33 | 1,365 | 1,242,778 | |
Pecos-Barstow-Toyah Independent School District, TX, (PSF Guaranteed): | |||
5.00%, 2/15/24 | 625 | 642,131 | |
5.00%, 2/15/28 | 250 | 282,650 | |
Spring-Ford Area School District, PA: | |||
5.00%, 4/1/27 | 280 | 310,640 | |
5.00%, 4/1/28 | 300 | 339,783 | |
5.00%, 4/1/30 | 135 | 158,261 | |
Torrance Unified School District, CA , (Election of 2008), 0.00%, 8/1/26 | 2,000 | 1,815,440 | |
Victor Valley Union High School District, CA, (Election of 2008), Prerefunded to 8/1/23, 0.00%, 8/1/52 | 5,650 | 1,033,611 | |
White Bear Lake Area Independent School District No. 624, MN, 5.00%, 2/1/29 | 1,000 | 1,160,800 | |
$14,207,658 | |||
Hospital — 5.1% | |||
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/25 | $ | 25 | $ 25,652 |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28 | 1,000 | 1,096,320 | |
Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 5.00%, 8/15/25 | 30 | 31,635 | |
Pima County Industrial Development Authority, AZ, (Tucson Medical Center), 5.00%, 4/1/32 | 1,000 | 1,134,340 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Public Finance Authority, WI, (Renown Regional Medical Center), 5.00%, 6/1/25 | $ | 375 | $ 391,530 |
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | 35 | 37,498 | |
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group): | |||
5.00% to 1/30/24 (Put Date), 8/15/54 | 500 | 511,490 | |
5.00% to 7/29/26 (Put Date), 8/15/54 | 500 | 538,875 | |
$ 3,767,340 | |||
Housing — 11.7% | |||
Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $ | 500 | $ 546,170 |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
0.85%, 1/1/28 | 100 | 88,870 | |
0.95%, 7/1/28 | 285 | 251,706 | |
(SPA: TD Bank, N.A.), 1.60%, 7/1/49(3) | 1,500 | 1,500,000 | |
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | 1,000 | 1,091,180 | |
New York Mortgage Agency: | |||
2.05%, 4/1/28 | 230 | 217,776 | |
2.10%, 10/1/28 | 135 | 127,513 | |
2.25%, 4/1/30 | 325 | 300,420 | |
2.30%, 10/1/30 | 395 | 365,833 | |
Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | 750 | 826,418 | |
Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | 1,000 | 1,089,920 | |
Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | 2,000 | 2,220,080 | |
$ 8,625,886 | |||
Insured - Education — 0.9% | |||
Troy University, AL, (AGM), 5.00%, 11/1/33 | $ | 590 | $ 688,807 |
$ 688,807 | |||
Insured - Electric Utilities — 1.2% | |||
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M): | |||
(AGM), 5.00%, 7/1/27 | $ | 240 | $ 265,457 |
(AGM), 5.00%, 7/1/28 | 270 | 304,039 | |
(AGM), 5.00%, 7/1/29 | 235 | 268,743 | |
$ 838,239 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Escrowed/Prerefunded — 0.1% | |||
New Britain, CT: | |||
(BAM), Escrowed to Maturity, 5.00%, 3/1/23 | $ | 30 | $ 30,061 |
(BAM), Escrowed to Maturity, 5.00%, 3/1/25 | 50 | 52,720 | |
$ 82,781 | |||
Insured - General Obligations — 4.0% | |||
Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/27 | $ | 90 | $ 91,294 |
Glendale Union High School District No. 205, AZ, (AGM), 5.00%, 7/1/33 | 625 | 750,088 | |
Rancho Santiago Community College District, CA, (Election of 2002): | |||
(AGM), 0.00%, 9/1/27 | 750 | 668,783 | |
(AGM), 0.00%, 9/1/28 | 1,210 | 1,047,533 | |
(AGM), 0.00%, 9/1/30 | 500 | 405,515 | |
$ 2,963,213 | |||
Insured - Lease Revenue/Certificates of Participation — 1.6% | |||
Fairfield, CA, Certificates of Participation, (AGC), 0.00%, 4/1/33 | $ | 1,330 | $ 947,372 |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | 180 | 189,416 | |
$ 1,136,788 | |||
Insured - Special Tax Revenue — 0.0%(4) | |||
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24 | $ | 10 | $ 10,432 |
$ 10,432 | |||
Insured - Transportation — 1.5% | |||
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/28 | $ | 1,000 | $ 1,118,660 |
$ 1,118,660 | |||
Insured - Water and Sewer — 0.1% | |||
Hamburg Municipal Authority, PA, Sewer Revenue, (AGM), 2.00%, 10/1/30 | $ | 75 | $ 68,912 |
$ 68,912 | |||
Lease Revenue/Certificates of Participation — 1.7% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/23 | $ | 120 | $ 121,402 |
4.00%, 12/1/25 | 165 | 171,841 | |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23 | 225 | 229,781 | |
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities), 5.00%, 3/1/29 | 150 | 170,835 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Miami-Dade County School Board, FL, 5.00%, 2/1/24 | $ | 300 | $ 307,491 |
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25 | 250 | 250,127 | |
$ 1,251,477 | |||
Other Revenue — 8.4% | |||
Fort Myers, FL, Capital Improvement Revenue: | |||
5.00%, 12/1/27 | $ | 255 | $ 273,082 |
5.00%, 12/1/28 | 545 | 582,720 | |
5.00%, 12/1/29 | 600 | 639,492 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52 | 2,250 | 2,379,285 | |
San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | 2,400 | 2,304,864 | |
$ 6,179,443 | |||
Senior Living/Life Care — 4.8% | |||
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31 | $ | 1,225 | $ 1,264,310 |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/24 | 60 | 61,427 | |
5.00%, 11/15/25 | 60 | 62,092 | |
5.00%, 11/15/29 | 830 | 849,422 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23 | 100 | 101,108 | |
Colorado Health Facilities Authority, (Commonspirit Health Obligations), 5.25%, 11/1/34 | 500 | 574,110 | |
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24 | 50 | 50,269 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | |||
4.00%, 11/15/23 | 75 | 74,812 | |
4.00%, 11/15/24 | 65 | 64,587 | |
4.00%, 11/15/25 | 125 | 123,630 | |
4.00%, 11/15/27 | 45 | 44,000 | |
4.00%, 11/15/28 | 30 | 29,137 | |
4.00%, 11/15/29 | 50 | 48,209 | |
4.00%, 11/15/30 | 190 | 181,758 | |
$ 3,528,871 | |||
Special Tax Revenue — 0.4% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA, 5.00%, 5/1/24 | $ | 150 | $ 153,233 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
New York Urban Development Corp., Personal Income Tax Revenue, Prerefunded to 3/15/23, 5.00%, 3/15/26 | $ | 100 | $ 100,308 |
$ 253,541 | |||
Transportation — 7.9% | |||
Central Texas Regional Mobility Authority: | |||
5.00%, 1/1/25 | $ | 500 | $ 515,035 |
5.00%, 1/1/27 | 400 | 425,536 | |
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/25 | 660 | 703,494 | |
Hawaii, Highway Revenue, 5.00%, 1/1/29 | 2,500 | 2,725,075 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | 250 | 265,760 | |
Ohio, Major New State Infrastructure Project Revenue, 5.00%, 12/15/32 | 1,000 | 1,192,460 | |
$ 5,827,360 | |||
Water and Sewer — 5.9% | |||
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25 | $ | 55 | $ 57,386 |
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24 | 335 | 349,871 | |
Miami-Dade County, FL, Water and Sewer System Revenue, 5.00%, 10/1/24 | 1,000 | 1,041,560 | |
North Penn Water Authority, PA, 2.12%, (SIFMA + 0.46%), 11/1/23(1) | 400 | 399,976 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 2,500 | 2,493,750 | |
$ 4,342,543 | |||
Total Tax-Exempt Municipal Obligations (identified cost $68,076,681) | $69,058,612 |
Short-Term Investments — 8.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%(5) | 6,057,601 | $ 6,057,601 | |
Total Short-Term Investments (identified cost $6,057,601) | $ 6,057,601 | ||
Total Investments — 102.2% (identified cost $74,134,282) | $75,116,213 | ||
Other Assets, Less Liabilities — (2.2)% | $ (1,638,333) | ||
Net Assets — 100.0% | $73,477,880 |
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 January 31, 2023. |
(2) | When-issued security. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2023. |
(4) | Amount is less than 0.05%. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
At January 31, 2023, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows: |
Texas | 14.0% |
California | 12.4% |
Others, representing less than 10% individually | 67.6% |
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 January 31, 2023, 9.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 7.5% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
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 |
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 |
January 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $68,076,681) | $ 69,058,612 |
Affiliated investment, at value (identified cost $6,057,601) | 6,057,601 |
Interest receivable | 532,592 |
Dividends receivable from affiliated investment | 21,125 |
Receivable for Fund shares sold | 85,111 |
Receivable from affiliates | 11,515 |
Total assets | $75,766,556 |
Liabilities | |
Payable for when-issued securities | $ 2,076,332 |
Payable for Fund shares redeemed | 100,314 |
Payable to affiliates: | |
Investment adviser and administration fee | 19,381 |
Distribution and service fees | 4,612 |
Accrued expenses | 88,037 |
Total liabilities | $ 2,288,676 |
Net Assets | $73,477,880 |
Sources of Net Assets | |
Paid-in capital | $ 74,907,690 |
Accumulated loss | (1,429,810) |
Net Assets | $73,477,880 |
Class A Shares | |
Net Assets | $ 9,005,572 |
Shares Outstanding | 868,639 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.37 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 10.72 |
Class C Shares | |
Net Assets | $ 3,197,566 |
Shares Outstanding | 308,422 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 10.37 |
Class I Shares | |
Net Assets | $ 61,274,742 |
Shares Outstanding | 5,903,945 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.38 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
January 31, 2023 | |
Investment Income | |
Dividend income from affiliated investments | $ 157,508 |
Interest income | 1,727,706 |
Total investment income | $ 1,885,214 |
Expenses | |
Investment adviser and administration fee | $ 267,634 |
Distribution and service fees: | |
Class A | 27,716 |
Class C | 32,719 |
Trustees’ fees and expenses | 5,920 |
Custodian fee | 28,960 |
Transfer and dividend disbursing agent fees | 32,172 |
Legal and accounting services | 57,351 |
Printing and postage | 9,806 |
Registration fees | 46,082 |
Miscellaneous | 12,622 |
Total expenses | $ 520,982 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 136,465 |
Total expense reductions | $ 136,465 |
Net expenses | $ 384,517 |
Net investment income | $ 1,500,697 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (2,440,772) |
Investment transactions - affiliated investment | (457) |
Net realized loss | $(2,441,229) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (225,245) |
Investments - affiliated investment | 1 |
Net change in unrealized appreciation (depreciation) | $ (225,244) |
Net realized and unrealized loss | $(2,666,473) |
Net decrease in net assets from operations | $(1,165,776) |
Year Ended January 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,500,697 | $ 977,937 |
Net realized gain (loss) | (2,441,229) | 185,148 |
Net change in unrealized appreciation (depreciation) | (225,244) | (2,947,009) |
Net decrease in net assets from operations | $ (1,165,776) | $ (1,783,924) |
Distributions to shareholders: | ||
Class A | $ (178,045) | $ (172,745) |
Class C | (30,862) | (13,244) |
Class I | (1,334,584) | (952,556) |
Total distributions to shareholders | $ (1,543,491) | $ (1,138,545) |
Transactions in shares of beneficial interest: | ||
Class A | $ (5,085,490) | $ (7,808,204) |
Class C | (309,226) | (292,649) |
Class I | (12,082,234) | 11,542,612 |
Net increase (decrease) in net assets from Fund share transactions | $(17,476,950) | $ 3,441,759 |
Net increase (decrease) in net assets | $(20,186,217) | $ 519,290 |
Net Assets | ||
At beginning of year | $ 93,664,097 | $ 93,144,807 |
At end of year | $ 73,477,880 | $93,664,097 |
Class A | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 10.590 | $ 10.910 | $ 10.600 | $ 10.240 | $ 10.170 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.171 | $ 0.102 | $ 0.132 | $ 0.172 | $ 0.157 |
Net realized and unrealized gain (loss) | (0.215) | (0.303) | 0.308 | 0.360 | 0.070 |
Total income (loss) from operations | $ (0.044) | $ (0.201) | $ 0.440 | $ 0.532 | $ 0.227 |
Less Distributions | |||||
From net investment income | $ (0.169) | $ (0.100) | $ (0.130) | $ (0.172) | $ (0.157) |
From net realized gain | (0.007) | (0.019) | — | — | — |
Total distributions | $ (0.176) | $ (0.119) | $ (0.130) | $ (0.172) | $ (0.157) |
Net asset value — End of year | $10.370 | $10.590 | $10.910 | $10.600 | $10.240 |
Total Return(1)(2) | (0.37)% | (1.87)% | 4.19% | 5.23% | 2.26% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 9,006 | $ 14,526 | $ 22,853 | $ 19,901 | $ 17,978 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (2) | 0.64% (3) | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.57% | 0.92% | 1.23% | 1.64% | 1.56% |
Portfolio Turnover | 90% | 34% | 81% | 41% | 91% |
(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 0.16%, 0.13%, 0.16%, 0.18% and 0.20% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Class C | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 10.590 | $ 10.910 | $ 10.590 | $ 10.240 | $ 10.170 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.093 | $ 0.019 | $ 0.053 | $ 0.093 | $ 0.081 |
Net realized and unrealized gain (loss) | (0.214) | (0.302) | 0.318 | 0.350 | 0.070 |
Total income (loss) from operations | $ (0.121) | $ (0.283) | $ 0.371 | $ 0.443 | $ 0.151 |
Less Distributions | |||||
From net investment income | $ (0.092) | $ (0.018) | $ (0.051) | $ (0.093) | $ (0.081) |
From net realized gain | (0.007) | (0.019) | — | — | — |
Total distributions | $ (0.099) | $ (0.037) | $ (0.051) | $ (0.093) | $ (0.081) |
Net asset value — End of year | $10.370 | $10.590 | $10.910 | $10.590 | $10.240 |
Total Return(1)(2) | (1.12)% | (2.60)% | 3.52% | 4.35% | 1.50% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 3,198 | $ 3,591 | $ 3,994 | $ 3,875 | $ 3,951 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (2) | 1.39% (3) | 1.40% | 1.40% | 1.40% | 1.40% |
Net investment income | 0.89% | 0.17% | 0.48% | 0.90% | 0.80% |
Portfolio Turnover | 90% | 34% | 81% | 41% | 91% |
(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 0.16%, 0.13%, 0.16%, 0.18% and 0.20% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Class I | |||||
Year Ended January 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 10.600 | $ 10.920 | $ 10.610 | $ 10.250 | $ 10.180 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.196 | $ 0.127 | $ 0.159 | $ 0.198 | $ 0.182 |
Net realized and unrealized gain (loss) | (0.214) | (0.301) | 0.308 | 0.360 | 0.070 |
Total income (loss) from operations | $ (0.018) | $ (0.174) | $ 0.467 | $ 0.558 | $ 0.252 |
Less Distributions | |||||
From net investment income | $ (0.195) | $ (0.127) | $ (0.157) | $ (0.198) | $ (0.182) |
From net realized gain | (0.007) | (0.019) | — | — | — |
Total distributions | $ (0.202) | $ (0.146) | $ (0.157) | $ (0.198) | $ (0.182) |
Net asset value — End of year | $10.380 | $10.600 | $10.920 | $10.610 | $10.250 |
Total Return(1)(2) | (0.12)% | (1.62)% | 4.45% | 5.49% | 2.51% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 61,275 | $ 75,548 | $ 66,298 | $ 47,792 | $ 31,936 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (2) | 0.39% (3) | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.88% | 1.17% | 1.46% | 1.88% | 1.79% |
Portfolio Turnover | 90% | 34% | 81% | 41% | 91% |
(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 0.16%, 0.13%, 0.16%, 0.18% and 0.20% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(3) | 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 0.01% of average daily net assets for the year ended January 31, 2023). |
Year Ended January 31, | ||
2023 | 2022 | |
Tax-exempt income | $1,360,117 | $966,408 |
Ordinary income | $ 152,565 | $110,494 |
Long-term capital gains | $ 30,809 | $ 61,643 |
Undistributed tax-exempt income | $ 15,887 |
Deferred capital losses | (2,434,165) |
Net unrealized appreciation | 988,468 |
Accumulated loss | $(1,429,810) |
Aggregate cost | $74,127,745 |
Gross unrealized appreciation | $ 1,821,924 |
Gross unrealized depreciation | (833,456) |
Net unrealized appreciation | $ 988,468 |
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% |
Year Ended January 31, 2023 | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 127,739 | $ 1,306,576 | 556,525 | $ 6,050,061 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 17,448 | 177,448 | 15,497 | 167,915 | |
Redemptions | (648,240) | (6,569,514) | (1,294,640) | (14,026,180) | |
Net decrease | (503,053) | $ (5,085,490) | (722,618) | $ (7,808,204) | |
Class C | |||||
Sales | 69,657 | $ 699,085 | 33,698 | $ 366,553 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 3,041 | 30,862 | 1,221 | 13,244 | |
Redemptions | (103,349) | (1,039,173) | (61,857) | (672,446) | |
Net decrease | (30,651) | $ (309,226) | (26,938) | $ (292,649) |
Year Ended January 31, 2023 | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 5,026,077 | $ 51,335,670 | 3,090,695 | $ 33,631,922 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 131,048 | 1,333,361 | 87,577 | 949,843 | |
Redemptions | (6,379,165) | (64,751,265) | (2,122,112) | (23,039,153) | |
Net increase (decrease) | (1,222,040) | $(12,082,234) | 1,056,160 | $ 11,542,612 |
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 | — | 100,881,225 | (94,823,624) | — | — | 6,057,601 | 155,779 | 6,057,601 |
Total | $(457) | $ 1 | $6,057,601 | $157,508 |
• | 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 | $ — | $ 69,058,612 | $ — | $ 69,058,612 |
Short-Term Investments | 6,057,601 | — | — | 6,057,601 |
Total Investments | $6,057,601 | $69,058,612 | $ — | $75,116,213 |
Boston, Massachusetts
March 22, 2023
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
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 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a
Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
Eaton Vance High Yield Municipal Income Fund, Parametric TABS Intermediate-Term Municipal Bond Fund, Parametric TABS Short-Term Municipal Bond Fund, Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund, and Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the “Fund(s)”) are series of Eaton Vance Municipals Trust II (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 5 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.
(a)-(d)
The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal years ended January 31, 2022 and January 31, 2023 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Eaton Vance High Yield Municipal Income Fund
Fiscal Years Ended | 1/31/22 | 1/31/23 | ||||||
Audit Fees | $ | 79,050 | $ | 86,050 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 13,338 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 92,388 | $ | 86,050 | ||||
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Parametric TABS Intermediate-Term Municipal Bond Fund
Fiscal Years Ended | 1/31/22 | 1/31/23 | ||||||
Audit Fees | $ | 40,950 | $ | 45,250 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 9,508 | $ | 1,825 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 50,458 | $ | 47,075 | ||||
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Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund
Fiscal Years Ended | 1/31/22 | 1/31/23 | ||||||
Audit Fees | $ | 15,150 | $ | 17,650 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 6,483 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 21,633 | $ | 17,650 | ||||
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Parametric TABS Short-Term Municipal Bond Fund
Fiscal Years Ended | 1/31/22 | 1/31/23 | ||||||
Audit Fees | $ | 40,650 | $ | 44,950 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 9,858 | $ | 1,825 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 50,508 | $ | 46,775 | ||||
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Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund
Fiscal Years Ended | 1/31/22 | 1/31/23 | ||||||
Audit Fees | $ | 31,150 | $ | 34,750 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 8,321 | $ | 2,175 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 39,471 | $ | 36,925 | ||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
The Funds comprised all of the Series of the Trust at January 31, 2023, and have the same fiscal year end (January 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 1/31/22 | 1/31/23 | ||||||
Audit Fees | $ | 233,000 | $ | 228,650 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 57,554 | $ | 5,825 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 290,554 | $ | 234,475 | ||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 1/31/22 | 1/31/23 | ||||||
Registrant(1) | $ | 57,554 | $ | 5,825 | ||||
Eaton Vance(2) | $ | 51,800 | $ | 52,836 |
(1) | Includes all of the Series of the Trust. |
(2) | The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Morgan Stanley. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrant
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) |
(a)(2)(ii) |
(b) |
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: March 24, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: March 24, 2023
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: March 24, 2023