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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
January 31
Date of Fiscal Year End
January 31, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 08/07/1995 | 08/07/1995 | 4.42% | 2.13% | 4.04% |
Class A with 3.25% Maximum Sales Charge | — | — | 1.07 | 1.45 | 3.70 |
Class C at NAV | 06/18/1997 | 08/07/1995 | 3.65 | 1.38 | 3.44 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 2.65 | 1.38 | 3.44 |
Class I at NAV | 05/09/2007 | 08/07/1995 | 4.68 | 2.39 | 4.32 |
Class W at NAV | 10/01/2021 | 08/07/1995 | 5.30 | 2.60 | 4.42 |
Bloomberg Municipal Bond Index | — | — | 2.90% | 1.99% | 2.78% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class W |
Gross | 0.91% | 1.66% | 0.66% | 0.64% |
Net | 0.91 | 1.66 | 0.66 | 0.21 |
% Distribution Rates/Yields4 | Class A | Class C | Class I | Class W |
Distribution Rate | 4.08% | 3.33% | 4.33% | 4.80% |
Taxable-Equivalent Distribution Rate | 6.89 | 5.62 | 7.31 | 8.11 |
SEC 30-day Yield | 3.79 | 3.17 | 4.16 | 4.63 |
Taxable-Equivalent SEC 30-day Yield | 6.40 | 5.35 | 7.03 | 7.82 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 3.64% |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2014 | $14,025 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2014 | $1,526,106 | N.A. |
Class W | $10,000 | 01/31/2014 | $15,421 | 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 (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,040.70 | $5.09 | 0.99% |
Class C | $1,000.00 | $1,037.00 | $8.88 | 1.73% |
Class I | $1,000.00 | $1,042.00 | $3.81 | 0.74% |
Class W | $1,000.00 | $1,044.50 | $1.44** | 0.28% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.22 | $5.04 | 0.99% |
Class C | $1,000.00 | $1,016.48 | $8.79 | 1.73% |
Class I | $1,000.00 | $1,021.48 | $3.77 | 0.74% |
Class W | $1,000.00 | $1,023.79 | $1.43** | 0.28% |
* | 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, 2023. |
** | Absent a reimbursement of investment advisory fees by an affiliate(s), expenses would be higher. |
Corporate Bonds — 1.9% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.3% | |||
Grand Canyon University, 4.125%, 10/1/24 | $ | 5,000 | $ 4,837,502 |
$ 4,837,502 | |||
Hospital — 1.0% | |||
Boston Medical Center Corp., 4.581%, 7/1/47 | $ | 4,165 | $ 3,611,096 |
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32 | 4,990 | 4,915,150 | |
Montefiore Obligated Group, 4.287%, 9/1/50 | 8,915 | 5,620,504 | |
$ 14,146,750 | |||
Other — 0.6% | |||
Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 7,980 | $ 8,533,970 |
$ 8,533,970 | |||
Total Corporate Bonds (identified cost $29,564,045) | $ 27,518,222 |
Tax-Exempt Mortgage-Backed Securities — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
Housing — 0.4% | |||
National Finance Authority, NH, Municipal Certificates, Series 2022-2, Class A, 4.00%, 10/20/36 | $ | 6,883 | $ 6,616,007 |
Total Tax-Exempt Mortgage-Backed Securities (identified cost $6,225,558) | $ 6,616,007 |
Tax-Exempt Municipal Obligations — 94.6% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.7% | |||
Texas Water Development Board, 5.25%, 10/15/51(2) | $ | 10,000 | $ 11,222,900 |
$ 11,222,900 | |||
Cogeneration — 0.0%(3) | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27(4) | $ | 567 | $ 102,093 |
$ 102,093 |
Security | Principal Amount (000's omitted) | Value | |
Education — 2.9% | |||
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | $ | 925 | $ 719,881 |
Build NYC Resource Corp., NY, (East Harlem Scholars Academy Charter School), Social Bonds, 5.75%, 6/1/52(1) | 1,500 | 1,536,585 | |
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): | |||
5.375%, 6/15/38(1) | 545 | 532,961 | |
5.375%, 6/15/48(1) | 1,020 | 946,193 | |
Colorado Educational and Cultural Facilities Authority, (Aspen View Academy): | |||
4.00%, 5/1/41 | 100 | 90,755 | |
4.00%, 5/1/51 | 500 | 414,645 | |
District of Columbia, (KIPP DC), 4.00%, 7/1/44 | 970 | 903,759 | |
Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51(1) | 4,300 | 3,599,960 | |
Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55 | 750 | 629,017 | |
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(1) | 750 | 684,052 | |
Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53(1) | 2,500 | 2,565,625 | |
Indiana Finance Authority, (KIPP Indianapolis, Inc.): | |||
5.00%, 7/1/40 | 145 | 141,817 | |
5.00%, 7/1/55 | 460 | 428,357 | |
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/40 | 1,200 | 1,167,948 | |
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools), 4.00%, 7/1/51(1) | 2,870 | 2,267,415 | |
New Jersey Educational Facilities Authority, (Institute for Advanced Study), (SPA: TD Bank, N.A.), 3.75%, 7/1/31(5) | 1,800 | 1,800,000 | |
Phoenix Industrial Development Authority, AZ, (Legacy Traditional Schools), 5.00%, 7/1/46(1) | 2,500 | 2,408,525 | |
Public Finance Authority, WI, (North Carolina Leadership Academy): | |||
4.00%, 6/15/29(1) | 230 | 221,053 | |
5.00%, 6/15/39(1) | 185 | 177,887 | |
5.00%, 6/15/49(1) | 260 | 235,079 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
4.00%, 4/1/52(1) | 970 | 732,331 | |
5.00%, 4/1/40(1) | 795 | 773,463 | |
5.00%, 4/1/50(1) | 2,380 | 2,178,819 | |
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54 | 2,000 | 1,653,220 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Tennessee State School Bond Authority: | |||
5.00%, 11/1/52 | $ | 380 | $ 415,359 |
5.00%, 11/1/52(2) | 10,000 | 10,930,600 | |
Washington Housing Finance Commission, (Seattle Academy of Arts and Sciences): | |||
5.875%, 7/1/43(1) | 1,345 | 1,490,596 | |
6.125%, 7/1/53(1) | 3,525 | 3,893,715 | |
$ 43,539,617 | |||
Electric Utilities — 2.7% | |||
Arkansas River Power Authority, CO, 5.00%, 10/1/43 | $ | 4,235 | $ 4,345,576 |
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45 | 15,890 | 15,060,860 | |
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | 5,610 | 3,803,580 | |
Philadelphia, PA, Gas Works Revenue, (LOC: TD Bank, N.A.), 4.65%, 8/1/31(5) | 1,000 | 1,000,000 | |
South Carolina Public Service Authority: | |||
5.00%, 12/1/49 | 5,000 | 5,001,850 | |
5.75%, 12/1/47 | 10,000 | 11,174,200 | |
$ 40,386,066 | |||
Escrowed/Prerefunded — 1.2% | |||
Decatur Hospital Authority, TX, (Wise Health System), Prerefunded to 9/1/31, 4.00%, 9/1/44 | $ | 9,035 | $ 9,628,328 |
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.): | |||
Prerefunded to 7/1/24, 5.00%, 7/1/34 | 750 | 754,628 | |
Prerefunded to 7/1/24, 5.00%, 7/1/39 | 1,250 | 1,257,712 | |
Illinois Finance Authority, (Plymouth Place, Inc.), Prerefunded to 5/15/25, 5.00%, 5/15/37 | 1,000 | 1,024,150 | |
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront): | |||
Prerefunded to 10/1/24, 5.125%, 10/1/34 | 2,500 | 2,528,275 | |
Prerefunded to 10/1/24, 5.40%, 10/1/44 | 1,770 | 1,793,187 | |
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/43 | 570 | 637,328 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
Prerefunded to 4/1/30, 5.00%, 4/1/40(1) | 45 | 51,083 | |
Prerefunded to 4/1/30, 5.00%, 4/1/50(1) | 130 | 147,572 | |
Prerefunded to 4/1/32, 4.00%, 4/1/52(1) | 30 | 33,239 | |
$ 17,855,502 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 7.8% | |||
Chicago Board of Education, IL: | |||
5.00%, 12/1/41 | $ | 3,550 | $ 3,629,662 |
5.00%, 12/1/42 | 6,950 | 6,949,444 | |
5.00%, 12/1/44 | 2,305 | 2,316,364 | |
5.00%, 12/1/46 | 5,500 | 5,509,735 | |
5.00%, 12/1/46 | 2,500 | 2,506,200 | |
5.00%, 12/1/47 | 9,800 | 9,843,512 | |
6.00%, 12/1/49 | 4,375 | 4,816,788 | |
Chicago, IL: | |||
5.00%, 1/1/44 | 7,000 | 7,167,930 | |
5.25%, 1/1/38 | 6,750 | 7,317,472 | |
5.50%, 1/1/43 | 2,000 | 2,114,460 | |
Detroit, MI: | |||
5.00%, 4/1/30 | 1,400 | 1,461,824 | |
5.00%, 4/1/31 | 865 | 902,204 | |
6.00%, 5/1/43 | 1,000 | 1,123,340 | |
Illinois: | |||
5.00%, 5/1/35 | 3,500 | 3,508,260 | |
5.00%, 12/1/42 | 8,125 | 8,366,719 | |
5.50%, 5/1/39 | 1,085 | 1,203,634 | |
5.50%, 3/1/47 | 2,000 | 2,206,600 | |
5.50%, 5/1/47 | 2,000 | 2,209,060 | |
5.75%, 5/1/45 | 1,115 | 1,229,042 | |
Leander Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/47(2) | 5,000 | 5,445,900 | |
New York, NY, 4.00%, 4/1/50 | 10,000 | 9,882,600 | |
Puerto Rico: | |||
0.00%, 7/1/33 | 731 | 465,681 | |
4.00%, 7/1/33 | 4,500 | 4,375,845 | |
4.00%, 7/1/41 | 7,533 | 6,893,599 | |
5.625%, 7/1/29 | 3,343 | 3,625,772 | |
5.75%, 7/1/31 | 8,681 | 9,688,554 | |
Ysleta Independent School District, TX, (PSF Guaranteed), 4.25%, 8/15/56 | 1,500 | 1,507,455 | |
$ 116,267,656 | |||
Hospital — 8.6% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/47 | $ | 7,975 | $ 8,141,598 |
Bucks County Industrial Development Authority, PA, (Grand View Hospital): | |||
5.00%, 7/1/36 | 1,200 | 1,099,152 | |
5.00%, 7/1/54 | 6,000 | 4,828,680 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
California Municipal Finance Authority, (NorthBay Healthcare Group): | |||
5.00%, 11/1/40 | $ | 550 | $ 541,019 |
5.00%, 11/1/44 | 500 | 480,895 | |
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 | 1,655 | 1,590,107 | |
Colorado Health Facilities Authority, (AdventHealth Obligated Group), 3.00%, 11/15/51 | 11,160 | 8,474,681 | |
Colorado Health Facilities Authority, (CommonSpirit Health): | |||
4.00%, 8/1/44 | 3,290 | 3,160,999 | |
5.50%, 11/1/47 | 4,000 | 4,366,800 | |
Connecticut State Health and Educational Facilities Authority, (Connecticut Children Medical Center), 4.25%, 7/15/53 | 2,045 | 1,999,151 | |
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46 | 3,175 | 3,230,689 | |
Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | 4,060 | 3,966,052 | |
Grand Forks, ND, (Altru Health System), 5.42%, 12/1/53 | 1,500 | 1,577,190 | |
Grays Harbor County Public Hospital District No. 1, WA, (Summit Pacific Medical Center), 6.875%, 12/1/53 | 2,610 | 2,730,582 | |
Illinois Finance Authority, (OSF HealthCare System), 4.125%, 5/15/47 | 4,975 | 4,842,018 | |
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37 | 4,385 | 4,339,177 | |
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 5.25%, 7/1/53 | 3,500 | 3,738,945 | |
Massachusetts Development Finance Agency, (Boston Medical Center), Sustainability Bonds, 4.375%, 7/1/52 | 2,700 | 2,708,181 | |
Michigan Finance Authority, (Trinity Health Credit Group), 4.00%, 12/1/49 | 6,475 | 6,255,109 | |
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 12/1/52 | 7,850 | 8,466,696 | |
Montana Facility Finance Authority, (Bozeman Deaconess Health Services Obligated Group), 5.00%, 6/1/48 | 4,000 | 4,143,960 | |
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40 | 1,120 | 1,076,331 | |
Muskingum County, OH, (Genesis HealthCare System Obligated Group): | |||
5.00%, 2/15/33 | 2,775 | 2,774,917 | |
5.00%, 2/15/44 | 3,835 | 3,588,218 | |
New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): | |||
4.00%, 7/1/48 | 6,265 | 5,714,870 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): (continued) | |||
5.00%, 7/1/41 | $ | 1,750 | $ 1,767,202 |
Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | 4,000 | 3,843,520 | |
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/53 | 4,885 | 4,631,762 | |
Skagit County Public Hospital District No. 1, WA, 5.50%, 12/1/54(6) | 2,750 | 2,908,730 | |
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35 | 3,100 | 2,909,133 | |
West Virginia Hospital Finance Authority, (Vandalia Health): | |||
6.00%, 9/1/48 | 4,000 | 4,637,480 | |
6.00%, 9/1/53 | 4,000 | 4,594,400 | |
West Virginia Hospital Finance Authority, (West Virginia Health System Obligated Group), 4.375%, 6/1/53 | 3,000 | 3,055,380 | |
Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), 6.25%, 11/1/52 | 560 | 637,784 | |
Wisconsin Health and Educational Facilities Authority, (Thedacare, Inc.), 3.125%, 12/15/49 | 3,765 | 2,887,416 | |
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33 | 2,500 | 2,501,475 | |
$ 128,210,299 | |||
Housing — 6.4% | |||
Connecticut Housing Finance Authority, (SPA: TD Bank, N.A.), 4.70%, 11/15/50(5) | $ | 8,400 | $ 8,400,000 |
CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56(1) | 4,000 | 3,417,640 | |
CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57(1) | 14,350 | 9,678,070 | |
CSCDA Community Improvement Authority, CA, (Pasadena Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 12/1/56(1) | 9,930 | 6,840,181 | |
Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 3.90%, 4/1/49(5) | 7,000 | 7,000,000 | |
Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.125%, 6/1/58 | 1,650 | 1,691,531 | |
Iowa Finance Authority, SFMR: | |||
(FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 4.63%, 1/1/49(5) | 965 | 965,000 | |
(FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 4.63%, 7/1/49(5) | 1,075 | 1,075,000 | |
(FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 4.63%, 7/1/49(5) | 3,085 | 3,085,000 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
King County Housing Authority, WA, (Kirkland Heights Project), 4.625%, 1/1/41 | $ | 2,000 | $ 2,093,580 |
Louisiana Housing Corp., LA, (Home Ownership Program), (FHLMC), (FNMA), (GNMA), 4.95%, 12/1/53 | 1,000 | 1,032,190 | |
Maine Housing Authority: | |||
Social Bonds, 4.65%, 11/15/48 | 1,000 | 1,015,210 | |
Social Bonds, 4.70%, 11/15/53 | 2,500 | 2,537,150 | |
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.75%, 7/1/53 | 2,000 | 2,160,680 | |
Michigan Housing Development Authority, SFMR, (SPA: TD Bank, N.A.), 3.85%, 12/1/35(5) | 1,000 | 1,000,000 | |
New York City Housing Development Corp., NY: | |||
Sustainable Development Bonds, 4.80%, 2/1/53 | 5,000 | 5,073,050 | |
Sustainable Development Bonds, (SPA: TD Bank, N.A.), 4.70%, 5/1/50(5) | 7,600 | 7,600,000 | |
Sustainable Development Bonds, (SPA: TD Bank, N.A.), 4.70%, 5/1/63(5) | 8,100 | 8,100,000 | |
North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 4.65%, 1/1/46(5) | 710 | 710,000 | |
Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.00%, 10/1/50 | 3,665 | 3,811,637 | |
Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51(1) | 2,500 | 2,054,725 | |
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 4.60%, 10/1/48 | 3,700 | 3,741,440 | |
Texas Student Housing Corp., (University of North Texas): | |||
9.375%, 7/1/06(7) | 860 | 860,000 | |
11.00%, 7/1/31(7) | 2,000 | 2,000,000 | |
Washington Housing Finance Commission, Sustainability Bonds, 3.375%, 4/20/37 | 8,502 | 7,542,939 | |
Wyoming Community Development Authority, WY, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 4.65%, 12/1/50(5) | 1,800 | 1,800,000 | |
$ 95,285,023 | |||
Industrial Development Revenue — 13.6% | |||
Arkansas Development Finance Authority, (Big River Steel), (AMT), 4.50%, 9/1/49(1) | $ | 8,950 | $ 8,763,124 |
Arkansas Development Finance Authority, (United States Steel Corp.): | |||
Green Bonds, (AMT), 5.45%, 9/1/52 | 11,200 | 11,384,912 | |
Green Bonds, (AMT), 5.70%, 5/1/53 | 6,730 | 6,942,668 | |
Henderson, KY, (Pratt Paper, LLC): | |||
(AMT), 4.45%, 1/1/42(1) | 2,500 | 2,433,625 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Henderson, KY, (Pratt Paper, LLC): (continued) | |||
(AMT), 4.70%, 1/1/52(1) | $ | 7,500 | $ 7,250,625 |
Houston, TX, (United Airlines, Inc.), (AMT), 4.00%, 7/15/41 | 11,730 | 10,629,022 | |
Iowa Finance Authority, (Iowa Fertilizer Co.), 5.00%, 12/1/50 | 14,380 | 15,058,448 | |
Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.): | |||
5.00% to 12/1/28 (Put Date), 12/1/53(1) | 6,000 | 6,024,060 | |
(AMT), 3.50%, 12/1/51(1) | 5,250 | 3,839,850 | |
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38 | 4,050 | 4,012,456 | |
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1) | 1,880 | 1,886,298 | |
Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47(1) | 9,000 | 8,021,880 | |
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | 6,500 | 6,428,240 | |
National Finance Authority, NH, (Covanta): | |||
4.625%, 11/1/42(1) | 12,325 | 10,681,954 | |
(AMT), 4.875%, 11/1/42(1) | 975 | 872,654 | |
Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45(1) | 1,845 | 1,466,295 | |
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29(1) | 480 | 440,616 | |
New Jersey Economic Development Authority, (Continental Airlines): | |||
5.25%, 9/15/29 | 8,285 | 8,302,316 | |
5.50%, 6/1/33 | 4,375 | 4,422,600 | |
(AMT), 5.625%, 11/15/30 | 3,860 | 3,900,646 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): | |||
(AMT), 4.375%, 10/1/45 | 10,000 | 9,783,400 | |
(AMT), 5.00%, 10/1/40 | 18,780 | 19,224,335 | |
(AMT), 5.625%, 4/1/40 | 10,000 | 10,851,900 | |
Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(1) | 7,000 | 6,166,020 | |
Ohio Air Quality Development Authority, (Pratt Paper, LLC): | |||
(AMT), 4.25%, 1/15/38(1) | 3,000 | 2,928,900 | |
(AMT), 4.50%, 1/15/48(1) | 5,000 | 4,767,150 | |
Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39(1) | 1,700 | 1,260,720 | |
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35 | 13,570 | 13,406,346 |
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30 | $ | 5,000 | $ 4,904,950 |
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1) | 4,950 | 4,710,717 | |
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1) | 475 | 472,749 | |
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(1) | 1,440 | 1,371,658 | |
$ 202,611,134 | |||
Insured - Escrowed/Prerefunded — 0.7% | |||
North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42 | $ | 10,000 | $ 10,276,300 |
$ 10,276,300 | |||
Insured - Hospital — 0.9% | |||
California Statewide Communities Development Authority, (Enloe University Medical Center), (AGM), 5.25%, 8/15/52 | $ | 600 | $ 660,840 |
Columbia County Hospital Authority, GA, (Wellstar Health System, Inc.), (AGM), 5.00%, 4/1/48 | 2,125 | 2,300,525 | |
Grand Forks, ND, (Altru Health System), (AGM), 3.00%, 12/1/46 | 6,505 | 5,037,537 | |
Isle of Wight County Economic Development Authority, VA, (Riverside Health System), (AGM), 5.25%, 7/1/53 | 1,250 | 1,364,813 | |
Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group): | |||
(AGM), 5.00%, 11/1/51 | 1,940 | 2,046,234 | |
(AGM), 5.75%, 11/1/53 | 2,000 | 2,259,800 | |
$ 13,669,749 | |||
Insured - Housing — 0.2% | |||
Knox County Health Educational and Housing Facility Board, TN, (University of Tennessee), (BAM), 5.00%, 7/1/64 | $ | 2,275 | $ 2,374,486 |
$ 2,374,486 | |||
Insured - Lease Revenue/Certificates of Participation — 0.4% | |||
Indianapolis Local Public Improvement Bond Bank, IN, (BAM), 5.00%, 3/1/53 | $ | 5,000 | $ 5,327,350 |
$ 5,327,350 | |||
Insured - Special Tax Revenue — 3.6% | |||
Harris County-Houston Sports Authority, TX: | |||
(AGM), (NPFG), 0.00%, 11/15/34 | $ | 12,700 | $ 7,941,183 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Special Tax Revenue (continued) | |||
Harris County-Houston Sports Authority, TX: (continued) | |||
(NPFG), 0.00%, 11/15/26 | $ | 9,395 | $ 8,488,289 |
(NPFG), 0.00%, 11/15/28 | 9,605 | 8,068,296 | |
(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | 1,115 | 1,014,973 | |
(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | 400 | 342,024 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (AGM), 0.00%, 12/15/56 | 10,000 | 2,085,500 | |
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39 | 14,500 | 17,526,005 | |
Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.375%, 11/15/52 | 2,000 | 2,250,020 | |
Tolomato Community Development District, FL: | |||
(AGM), 3.75%, 5/1/39 | 2,505 | 2,475,942 | |
(AGM), 3.75%, 5/1/40 | 2,980 | 2,905,262 | |
$ 53,097,494 | |||
Insured - Transportation — 3.3% | |||
Allegheny County Airport Authority, PA, (Pittsburgh International Airport): | |||
(AGM), (AMT), 5.50%, 1/1/48 | $ | 3,300 | $ 3,659,535 |
(AGM), (AMT), 5.50%, 1/1/53 | 12,040 | 13,233,164 | |
Chicago, IL, (Midway International Airport), (BAM), (AMT), 5.75%, 1/1/48 | 6,355 | 7,145,054 | |
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | 6,665 | 3,490,594 | |
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, 1/15/32 | 1,955 | 2,311,572 | |
New York Transportation Development Corp., (John F. Kennedy International Airport), Green Bond, (AGM), (AMT), 5.125%, 6/30/60 | 11,800 | 12,353,420 | |
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30 | 9,440 | 7,570,880 | |
$ 49,764,219 | |||
Lease Revenue/Certificates of Participation — 2.8% | |||
Baltimore, MD, (Harbor Point), 5.00%, 6/1/51 | $ | 1,600 | $ 1,606,528 |
New Hampshire Business Finance Authority, (Centurion Biosquare, Inc.), 5.88%, 12/15/38 | 12,950 | 13,184,654 | |
New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 9,100 | 10,039,848 | |
New Jersey Economic Development Authority, (School Facilities Construction): | |||
5.00%, 6/15/43 | 960 | 1,009,699 | |
5.00%, 6/15/44 | 8,290 | 8,792,789 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
New Jersey Educational Facilities Authority, (Higher Education Capital Improvement Fund), 4.625%, 9/1/48 | $ | 3,500 | $ 3,643,045 |
New Jersey Transportation Trust Fund Authority, (Transportation Program), 4.25%, 6/15/44 | 3,600 | 3,659,652 | |
$ 41,936,215 | |||
Nursing Home — 0.0%(3) | |||
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25 | $ | 220 | $ 220,816 |
$ 220,816 | |||
Other Revenue — 4.1% | |||
Black Belt Energy Gas District, AL, 5.50% to 2/1/29 (Put Date), 6/1/49 | $ | 2,800 | $ 2,999,976 |
Buckeye Tobacco Settlement Financing Authority, OH: | |||
3.00%, 6/1/48 | 4,545 | 3,453,609 | |
5.00%, 6/1/55 | 31,115 | 29,421,100 | |
California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4,340 | 4,781,204 | |
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(7) | 6,250 | 2,500,000 | |
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1) | 1,260 | 1,303,445 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | 3,000 | 3,177,630 | |
Military Installation Development Authority, UT, 4.00%, 6/1/41 | 1,500 | 1,222,575 | |
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 2,040 | 2,045,732 | |
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | 9,250 | 9,971,408 | |
$ 60,876,679 | |||
Senior Living/Life Care — 10.2% | |||
California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29(1) | $ | 360 | $ 345,938 |
Atlantic Beach, FL, (Fleet Landing): | |||
5.00%, 11/15/37 | 7,945 | 7,947,066 | |
5.00%, 11/15/38 | 1,000 | 1,013,500 | |
California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/52 | 880 | 691,337 | |
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37 | 3,250 | 3,187,372 | |
Clackamas County Hospital Facility Authority, OR, (Mary's Woods at Marylhurst), 5.00%, 5/15/48 | 425 | 368,059 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Clackamas County Hospital Facility Authority, OR, (Rose Villa): | |||
5.25%, 11/15/50 | $ | 250 | $ 230,440 |
5.375%, 11/15/55 | 300 | 277,479 | |
Colorado Health Facilities Authority, (Aberdeen Ridge): | |||
5.00%, 5/15/44 | 2,250 | 1,552,095 | |
5.00%, 5/15/58 | 2,525 | 1,565,374 | |
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37 | 750 | 762,135 | |
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(1) | 1,000 | 858,400 | |
Delaware Economic Development Authority, DE, (Acts Retirement Life Communities, Inc.), 5.25%, 11/15/53 | 5,000 | 5,172,500 | |
District of Columbia, (Ingleside at Rock Creek): | |||
5.00%, 7/1/32 | 1,600 | 1,589,088 | |
5.00%, 7/1/52 | 2,100 | 1,774,962 | |
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38 | 1,000 | 898,970 | |
Franklin County, OH, (Ohio Living Communities), 5.50%, 7/1/41 | 6,000 | 6,034,680 | |
Hamilton County, OH, (Life Enriching Communities), 5.75%, 1/1/53 | 3,000 | 3,084,030 | |
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38 | 125 | 114,059 | |
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.): | |||
5.75%, 1/1/28 | 395 | 395,296 | |
6.375%, 1/1/33 | 60 | 60,068 | |
Howard County, MD, (Vantage House), 5.00%, 4/1/36 | 1,725 | 1,569,077 | |
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41 | 400 | 347,572 | |
Iowa Finance Authority, (Lifespace Communities, Inc.): | |||
4.125%, 5/15/38 | 1,500 | 1,188,255 | |
5.00%, 5/15/43 | 2,750 | 2,255,440 | |
James City County Economic Development Authority, VA, (Williamsburg Landing), 6.875%, 12/1/58 | 2,600 | 2,792,790 | |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.): | |||
5.00%, 11/15/33(1) | 1,550 | 1,630,150 | |
5.00%, 11/15/38(1) | 1,010 | 1,050,794 | |
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): | |||
5.00%, 10/1/37(1) | 1,300 | 1,313,338 | |
5.00%, 10/1/47(1) | 1,280 | 1,241,894 | |
5.00%, 10/1/57(1) | 2,410 | 2,250,386 | |
Massachusetts Development Finance Agency, (Salem Community Corp.), 5.125%, 1/1/40 | 1,020 | 939,073 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30(7) | $ | 8 | $ 85 |
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | 1,300 | 1,242,306 | |
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48 | 9,045 | 7,819,041 | |
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 2,250 | 1,597,410 | |
National Finance Authority, NH, (The Vista): | |||
5.25%, 7/1/39(1) | 585 | 541,792 | |
5.625%, 7/1/46(1) | 555 | 507,203 | |
5.75%, 7/1/54(1) | 1,745 | 1,582,959 | |
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37 | 6,320 | 5,991,044 | |
New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | 15,000 | 13,794,750 | |
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge): | |||
4.00%, 1/1/25 | 1,600 | 1,578,960 | |
4.375%, 1/1/39 | 1,250 | 1,030,000 | |
5.00%, 1/1/49 | 6,000 | 4,852,260 | |
Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27(1) | 6,000 | 6,892,920 | |
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56 | 1,835 | 1,417,317 | |
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(1) | 770 | 755,593 | |
Public Finance Authority, WI, (Mary's Woods at Marylhurst): | |||
5.25%, 5/15/42(1) | 1,000 | 939,480 | |
5.25%, 5/15/47(1) | 1,335 | 1,210,111 | |
5.25%, 5/15/52(1) | 2,750 | 2,439,910 | |
South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 7.75%, 11/15/58 | 9,000 | 9,341,910 | |
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes): | |||
5.00%, 4/1/30 | 1,945 | 1,897,561 | |
5.00%, 4/1/38 | 2,500 | 2,297,050 | |
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38 | 1,250 | 1,222,113 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): | |||
6.625%, 11/15/41 | 725 | 686,916 | |
6.75%, 11/15/51 | 3,250 | 2,980,607 | |
6.875%, 11/15/55 | 200 | 184,906 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(1) | $ | 3,350 | $ 2,025,879 |
Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay): | |||
7.00%, 9/1/53 | 2,000 | 2,170,800 | |
7.00%, 9/1/59 | 9,000 | 9,716,040 | |
Washington Housing Finance Commission, (Bayview Manor Homes): | |||
5.00%, 7/1/36(1) | 1,500 | 1,334,880 | |
5.00%, 7/1/46(1) | 1,400 | 1,113,462 | |
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/48(1) | 7,225 | 5,836,355 | |
Washington Housing Finance Commission, (Transforming Age): | |||
5.00%, 1/1/44(1) | 2,780 | 2,010,357 | |
5.00%, 1/1/49(1) | 695 | 475,714 | |
$ 151,989,308 | |||
Special Tax Revenue — 8.3% | |||
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36 | $ | 3,725 | $ 3,760,685 |
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | 585 | 499,005 | |
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(1) | 1,800 | 1,840,104 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion): | |||
5.00%, 6/15/50 | 17,215 | 17,776,381 | |
5.50%, 6/15/53 | 2,420 | 2,466,803 | |
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29 | 4,460 | 4,478,108 | |
New River Community Development District, FL, (Capital Improvements): | |||
5.00%, 5/1/13(7) | 1,005 | 10 | |
5.75%, 5/1/38 | 1,065 | 1,074,202 | |
New York City Transitional Finance Authority, NY, 4.375%, 5/1/53 | 5,000 | 5,104,300 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
5.00%, 11/1/46(2) | 10,000 | 11,099,600 | |
5.50%, 11/1/45(1)(2) | 10,000 | 11,639,900 | |
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | 5,000 | 4,940,450 | |
Puerto Rico Sales Tax Financing Corp.: | |||
0.00%, 7/1/46 | 26,380 | 8,228,977 | |
0.00%, 7/1/51 | 25,000 | 5,766,000 | |
4.75%, 7/1/53 | 9,740 | 9,567,212 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Puerto Rico Sales Tax Financing Corp.: (continued) | |||
5.00%, 7/1/58 | $ | 24,925 | $ 25,005,508 |
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43 | 1,250 | 1,201,437 | |
South Village Community Development District, FL: | |||
4.875%, 5/1/35 | 500 | 502,255 | |
5.00%, 5/1/38 | 100 | 100,370 | |
Southern Hills Plantation I Community Development District, FL: | |||
Series A1, 5.80%, 5/1/35 | 938 | 884,466 | |
Series A2, 5.80%, 5/1/35 | 795 | 537,722 | |
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | 430 | 390,453 | |
Tolomato Community Development District, FL: | |||
3.00%, 5/1/32 | 1,540 | 1,389,912 | |
3.25%, 5/1/40 | 2,860 | 2,307,562 | |
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37 | 3,405 | 3,197,295 | |
$ 123,758,717 | |||
Transportation — 15.6% | |||
California Municipal Finance Authority, (HumanGood - California Obligated Group), (AMT), 5.00%, 6/1/48 | $ | 1,600 | $ 1,610,256 |
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43 | 7,000 | 7,106,540 | |
Chicago, IL, (O'Hare International Airport): | |||
(AMT), 4.375%, 1/1/40 | 2,500 | 2,505,450 | |
(AMT), 5.00%, 1/1/53 | 5,915 | 5,989,825 | |
(AMT), 5.50%, 1/1/55(2) | 4,000 | 4,311,600 | |
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44 | 2,500 | 2,504,175 | |
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/53 | 8,385 | 8,805,424 | |
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project): | |||
0.00%, 7/1/29 | 1,135 | 896,298 | |
0.00%, 7/1/30 | 500 | 368,450 | |
0.00%, 7/1/31 | 1,150 | 788,544 | |
Metropolitan Nashville Airport Authority, TN, (AMT), 5.50%, 7/1/52 | 3,500 | 3,802,785 | |
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 11,500 | 12,190,000 | |
Metropolitan Washington Airports Authority, D.C., (AMT), 4.50%, 10/1/53 | 2,000 | 2,013,080 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34 | $ | 5,000 | $ 5,002,450 |
New York Thruway Authority, 4.00%, 1/1/45 | 7,770 | 7,683,442 | |
New York Transportation Development Corp., (John F. Kennedy International Airport), Green Bonds, (AMT), 5.375%, 6/30/60 | 15,220 | 15,937,014 | |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
(AMT), 5.00%, 7/1/46 | 9,435 | 9,436,132 | |
(AMT), 5.25%, 1/1/50 | 7,520 | 7,527,144 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | |||
(AMT), 5.00%, 12/1/29 | 4,700 | 5,076,846 | |
(AMT), 5.00%, 12/1/31 | 8,050 | 8,820,707 | |
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One): | |||
(AMT), 5.25%, 6/30/53 | 17,690 | 18,801,463 | |
(AMT), 6.00%, 6/30/61 | 5,000 | 5,655,050 | |
Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 4.00%, 7/1/48 | 4,000 | 3,835,760 | |
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(1)(2) | 12,080 | 12,119,864 | |
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/50 | 4,710 | 4,921,620 | |
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47 | 7,360 | 7,477,907 | |
San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.00%, 7/1/53 | 12,000 | 12,636,960 | |
South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/42 | 6,500 | 6,697,665 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Project), (AMT), 5.50%, 12/31/58 | 5,525 | 5,987,387 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 10,975 | 11,114,382 | |
Texas Private Activity Bond Surface Transportation Corp., (NTE Mobility Partners Segments 3, LLC): | |||
(AMT), 5.50%, 6/30/42 | 1,765 | 1,893,086 | |
(AMT), 5.50%, 6/30/43 | 2,250 | 2,410,447 | |
Texas Transportation Commission, (State Highway System): | |||
0.00%, 8/1/36 | 550 | 324,759 | |
0.00%, 8/1/46 | 2,500 | 836,825 | |
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51(2) | 7,000 | 7,555,170 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Virginia Small Business Financing Authority, (95 Express Lanes LLC Project), (AMT), 4.00%, 1/1/40 | $ | 3,220 | $ 3,150,867 |
Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/52 | 14,250 | 14,333,505 | |
$ 232,128,879 | |||
Water and Sewer — 0.6% | |||
Jefferson County, AL, Sewer Revenue, 5.50%, 10/1/53 | $ | 2,840 | $ 3,150,242 |
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33 | 1,905 | 1,917,382 | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/52(2) | 3,000 | 3,364,410 | |
$ 8,432,034 | |||
Total Tax-Exempt Municipal Obligations (identified cost $1,381,746,472) | $1,409,332,536 |
Taxable Municipal Obligations — 6.4% |
Security | Principal Amount (000's omitted) | Value | |
Cogeneration — 0.0%(3) | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27(4) | $ | 312 | $ 56,233 |
$ 56,233 | |||
Education — 0.2% | |||
California Municipal Finance Authority, (Albert Einstein Academies): | |||
4.35%, 8/1/38(1) | $ | 1,100 | $ 809,677 |
4.50%, 8/1/43(1) | 1,500 | 1,009,905 | |
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | 1,750 | 1,328,652 | |
$ 3,148,234 | |||
Escrowed/Prerefunded — 0.7% | |||
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42 | $ | 10,316 | $ 10,567,195 |
$ 10,567,195 | |||
General Obligations — 0.9% | |||
Atlantic City, NJ, 7.50%, 3/1/40 | $ | 5,440 | $ 6,105,638 |
Chicago, IL, 7.75%, 1/1/42 | 4,356 | 4,405,397 | |
Detroit, MI: | |||
Social Bonds, 3.11%, 4/1/28 | 830 | 737,497 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Detroit, MI: (continued) | |||
Social Bonds, 3.344%, 4/1/30 | $ | 125 | $ 105,971 |
Social Bonds, 3.644%, 4/1/34 | 500 | 398,955 | |
Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | 2,514 | 1,395,228 | |
$ 13,148,686 | |||
Hospital — 2.1% | |||
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ | 12,750 | $ 12,708,690 |
Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47 | 6,000 | 4,404,120 | |
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: JPMorgan Chase Bank, N.A.), 5.30%, 8/1/42(8) | 13,700 | 13,700,000 | |
$ 30,812,810 | |||
Housing — 0.7% | |||
New York Housing Finance Agency, (LOC: TD Bank, N.A.), 5.35%, 5/1/44(5) | $ | 2,230 | $ 2,230,000 |
South Dakota Housing Development Authority, (FHLMC), (FNMA), (GNMA), (SPA: Federal Home Loan Bank), 5.37%, 5/1/48(5) | 7,500 | 7,500,000 | |
$ 9,730,000 | |||
Insured - General Obligations — 0.2% | |||
Detroit, MI, (AMBAC), 5.15%, 4/1/25 | $ | 3,268 | $ 3,237,275 |
Elmwood Park, IL, (AGM), 2.544%, 12/1/36 | 355 | 271,266 | |
$ 3,508,541 | |||
Insured - Transportation — 0.4% | |||
Alameda Corridor Transportation Authority, CA: | |||
(AGM), 0.00%, 10/1/44(6) | $ | 8,000 | $ 2,302,880 |
(AGM), 0.00%, 10/1/46(6) | 15,000 | 3,774,300 | |
$ 6,077,180 | |||
Lease Revenue/Certificates of Participation — 0.6% | |||
New Hampshire Business Finance Authority, (Centurion Biosquare, Inc.), 9.58%, 12/15/38 | $ | 780 | $ 781,576 |
New Hampshire Business Finance Authority, (Centurion Foundation), 11.00%, 12/15/38 | 425 | 425,807 | |
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(9) | 7,375 | 7,520,509 | |
$ 8,727,892 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue — 0.2% | |||
Golden State Tobacco Securitization Corp., CA, 4.214%, 6/1/50 | $ | 3,300 | $ 2,470,974 |
$ 2,470,974 | |||
Special Tax Revenue — 0.4% | |||
American Samoa Economic Development Authority: | |||
2.47%, 9/1/24(1) | $ | 250 | $ 245,133 |
3.72%, 9/1/27(1) | 1,115 | 1,024,339 | |
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands): | |||
4.80%, 3/1/36 | 3,000 | 2,645,130 | |
5.25%, 3/1/31 | 2,910 | 2,819,237 | |
$ 6,733,839 | |||
Total Taxable Municipal Obligations (identified cost $97,505,493) | $ 94,981,584 | ||
Total Investments — 103.3% (identified cost $1,515,041,568) | $1,538,448,349 | ||
Other Assets, Less Liabilities — (3.3)% | $ (49,083,889) | ||
Net Assets — 100.0% | $1,489,364,460 |
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, 2024, the aggregate value of these securities is $197,475,129 or 13.3% of the Fund's net assets. |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
(3) | Amount is less than 0.05%. |
(4) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(5) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2024. |
(6) | When-issued security. |
(7) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
(8) | 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, 2024. |
(9) | 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, 2024, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows: |
New York | 14.4% |
Others, representing less than 10% individually | 87.0% |
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, 2024, 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 0.7% to 4.5% 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 | 3/19/24 | $(19,657,422) | $ (621,021) |
U.S. Long Treasury Bond | (112) | Short | 3/19/24 | (13,702,500) | (719,454) |
$(1,340,475) |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
LOC | – Letter of Credit |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SPA | – Standby Bond Purchase Agreement |
January 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,515,041,568) | $ 1,538,448,349 |
Cash | 64,010 |
Deposits for derivatives collateral — futures contracts | 1,223,975 |
Interest receivable | 14,880,427 |
Receivable for investments sold | 710,579 |
Receivable for Fund shares sold | 6,692,597 |
Receivable from affiliates | 40,592 |
Trustees' deferred compensation plan | 162,120 |
Total assets | $1,562,222,649 |
Liabilities | |
Payable for floating rate notes issued | $ 56,392,912 |
Payable for when-issued securities | 8,566,390 |
Payable for Fund shares redeemed | 5,306,936 |
Payable for variation margin on open futures contracts | 245,547 |
Distributions payable | 469,001 |
Payable to affiliates: | |
Investment adviser fee | 535,509 |
Distribution and service fees | 96,820 |
Trustees' deferred compensation plan | 162,120 |
Interest expense and fees payable | 636,068 |
Accrued expenses | 446,886 |
Total liabilities | $ 72,858,189 |
Net Assets | $1,489,364,460 |
Sources of Net Assets | |
Paid-in capital | $ 1,604,690,504 |
Accumulated loss | (115,326,044) |
Net Assets | $1,489,364,460 |
Class A Shares | |
Net Assets | $ 306,027,165 |
Shares Outstanding | 37,507,634 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.16 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 8.43 |
Class C Shares | |
Net Assets | $ 38,802,089 |
Shares Outstanding | 5,142,177 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 7.55 |
Class I Shares | |
Net Assets | $ 1,032,343,866 |
Shares Outstanding | 126,389,887 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.17 |
January 31, 2024 | |
Class W Shares | |
Net Assets | $112,191,340 |
Shares Outstanding | 13,738,704 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.17 |
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, 2024 | |
Investment Income | |
Interest income | $ 67,064,230 |
Total investment income | $ 67,064,230 |
Expenses | |
Investment adviser fee | $ 5,586,348 |
Distribution and service fees: | |
Class A | 724,958 |
Class C | 457,106 |
Trustees’ fees and expenses | 86,071 |
Custodian fee | 288,728 |
Transfer and dividend disbursing agent fees | 427,262 |
Legal and accounting services | 138,195 |
Printing and postage | 56,098 |
Registration fees | 153,264 |
Interest expense and fees | 2,794,513 |
Miscellaneous | 130,475 |
Total expenses | $ 10,843,018 |
Deduct: | |
Reimbursement of investment adviser fee — Class W | $ 281,239 |
Total expense reductions | $ 281,239 |
Net expenses | $ 10,561,779 |
Net investment income | $ 56,502,451 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (14,306,113) |
Futures contracts | 2,648,365 |
Net realized loss | $(11,657,748) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 22,653,115 |
Futures contracts | (879,738) |
Net change in unrealized appreciation (depreciation) | $ 21,773,377 |
Net realized and unrealized gain | $ 10,115,629 |
Net increase in net assets from operations | $ 66,618,080 |
Year Ended January 31, | ||
2024 | 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 56,502,451 | $ 45,120,546 |
Net realized loss | (11,657,748) | (71,277,589) |
Net change in unrealized appreciation (depreciation) | 21,773,377 | (80,654,338) |
Net increase (decrease) in net assets from operations | $ 66,618,080 | $ (106,811,381) |
Distributions to shareholders: | ||
Class A | $ (12,184,078) | $ (12,459,627) |
Class C | (1,576,579) | (1,876,321) |
Class I | (38,638,312) | (33,694,504) |
Class W | (3,124,495) | (764,048) |
Total distributions to shareholders | $ (55,523,464) | $ (48,794,500) |
Transactions in shares of beneficial interest: | ||
Class A | $ (1,108,024) | $ (65,175,033) |
Class C | (14,439,092) | (21,039,817) |
Class I | 220,492,755 | (153,802,108) |
Class W | 75,630,585 | 34,116,812 |
Net increase (decrease) in net assets from Fund share transactions | $ 280,576,224 | $ (205,900,146) |
Net increase (decrease) in net assets | $ 291,670,840 | $ (361,506,027) |
Net Assets | ||
At beginning of year | $ 1,197,693,620 | $ 1,559,199,647 |
At end of year | $1,489,364,460 | $1,197,693,620 |
Class A | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 8.15 | $ 9.08 | $ 9.36 | $ 9.38 | $ 8.83 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.34 | $ 0.29 | $ 0.28 | $ 0.31 | $ 0.33 |
Net realized and unrealized gain (loss) | 0.00 (2) | (0.91) | (0.28) | (0.01) (3) | 0.59 |
Total income (loss) from operations | $ 0.34 | $ (0.62) | $ 0.00(2) | $ 0.30 | $ 0.92 |
Less Distributions | |||||
From net investment income | $ (0.33) | $ (0.31) | $ (0.28) | $ (0.32) | $ (0.37) |
Total distributions | $ (0.33) | $ (0.31) | $ (0.28) | $ (0.32) | $ (0.37) |
Net asset value — End of year | $ 8.16 | $ 8.15 | $ 9.08 | $ 9.36 | $ 9.38 |
Total Return(4) | 4.42% | (6.80)% | (0.02)% | 3.31% | 10.55% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $306,027 | $306,809 | $412,905 | $419,256 | $427,334 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Expenses excluding interest and fees | 0.79% | 0.78% | 0.73% | 0.76% | 0.76% |
Interest and fee expense(6) | 0.22% | 0.13% | 0.03% | 0.06% | 0.13% |
Total expenses | 1.01% | 0.91% | 0.76% | 0.82% | 0.89% |
Net expenses | 1.01% | 0.91% | 0.76% | 0.82% | 0.89% |
Net investment income | 4.28% | 3.44% | 3.01% | 3.35% | 3.57% |
Portfolio Turnover | 49% | 53% | 22% | 54% | 23% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than 0.005%. |
(3) | 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. |
(4) | 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. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class C | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 7.54 | $ 8.40 | $ 8.66 | $ 8.68 | $ 8.17 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.26 | $ 0.21 | $ 0.20 | $ 0.22 | $ 0.24 |
Net realized and unrealized gain (loss) | 0.00 (2) | (0.84) | (0.26) | (0.01) (3) | 0.55 |
Total income (loss) from operations | $ 0.26 | $ (0.63) | $ (0.06) | $ 0.21 | $ 0.79 |
Less Distributions | |||||
From net investment income | $ (0.25) | $ (0.23) | $ (0.20) | $ (0.23) | $ (0.28) |
Total distributions | $ (0.25) | $ (0.23) | $ (0.20) | $ (0.23) | $ (0.28) |
Net asset value — End of year | $ 7.55 | $ 7.54 | $ 8.40 | $ 8.66 | $ 8.68 |
Total Return(4) | 3.65% | (7.49)% | (0.78)% | 2.52% | 9.80% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $38,802 | $53,672 | $82,817 | $97,724 | $139,608 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Expenses excluding interest and fees | 1.55% | 1.53% | 1.48% | 1.51% | 1.51% |
Interest and fee expense(6) | 0.22% | 0.13% | 0.03% | 0.06% | 0.13% |
Total expenses | 1.77% | 1.66% | 1.51% | 1.57% | 1.64% |
Net expenses | 1.77% | 1.66% | 1.51% | 1.57% | 1.64% |
Net investment income | 3.53% | 2.68% | 2.26% | 2.63% | 2.82% |
Portfolio Turnover | 49% | 53% | 22% | 54% | 23% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than 0.005%. |
(3) | 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. |
(4) | 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. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 8.16 | $ 9.09 | $ 9.37 | $ 9.39 | $ 8.84 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.36 | $ 0.31 | $ 0.31 | $ 0.33 | $ 0.35 |
Net realized and unrealized gain (loss) | 0.00 (2) | (0.91) | (0.28) | (0.01) (3) | 0.59 |
Total income (loss) from operations | $ 0.36 | $ (0.60) | $ 0.03 | $ 0.32 | $ 0.94 |
Less Distributions | |||||
From net investment income | $ (0.35) | $ (0.33) | $ (0.31) | $ (0.34) | $ (0.39) |
Total distributions | $ (0.35) | $ (0.33) | $ (0.31) | $ (0.34) | $ (0.39) |
Net asset value — End of year | $ 8.17 | $ 8.16 | $ 9.09 | $ 9.37 | $ 9.39 |
Total Return(4) | 4.68% | (6.55)% | 0.24% | 3.57% | 10.81% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $1,032,344 | $802,994 | $1,063,175 | $994,877 | $878,062 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Expenses excluding interest and fees | 0.54% | 0.53% | 0.48% | 0.51% | 0.51% |
Interest and fee expense(6) | 0.22% | 0.13% | 0.03% | 0.06% | 0.13% |
Total expenses | 0.76% | 0.66% | 0.51% | 0.57% | 0.64% |
Net expenses | 0.76% | 0.66% | 0.51% | 0.57% | 0.64% |
Net investment income | 4.52% | 3.69% | 3.25% | 3.59% | 3.81% |
Portfolio Turnover | 49% | 53% | 22% | 54% | 23% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than 0.005%. |
(3) | 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. |
(4) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
Class W | ||||
Year Ended January 31, | Period Ended January 31, 2022(1) | |||
2024 | 2023 | |||
Net asset value — Beginning of period | $ 8.15 | $ 9.09 | $ 9.32 | |
Income (Loss) From Operations | ||||
Net investment income(2) | $ 0.39 | $ 0.35 | $ 0.10 | |
Net realized and unrealized gain (loss) | 0.02 | (0.92) | (0.22) | |
Total income (loss) from operations | $ 0.41 | $ (0.57) | $(0.12) | |
Less Distributions | ||||
From net investment income | $ (0.39) | $ (0.37) | $ (0.11) | |
Total distributions | $ (0.39) | $ (0.37) | $(0.11) | |
Net asset value — End of period | $ 8.17 | $ 8.15 | $ 9.09 | |
Total Return(3) | 5.30% | (6.23)% | (1.30)% (4) | |
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $112,191 | $34,218 | $ 302 | |
Ratios (as a percentage of average daily net assets):(5) | ||||
Expenses excluding interest and fees | 0.51% | 0.51% | 0.43% (6) | |
Interest and fee expense(7) | 0.22% | 0.13% | 0.03% (6) | |
Total expenses | 0.73% | 0.64% | 0.46% (6) | |
Net expenses | 0.29% | 0.21% | 0.09% (6) | |
Net investment income | 4.98% | 4.30% | 3.34% (6) | |
Portfolio Turnover | 49% | 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) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(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, | ||
2024 | 2023 | |
Tax-exempt income | $49,509,508 | $43,836,294 |
Ordinary income | $ 6,013,956 | $ 4,958,206 |
Undistributed tax-exempt income | $ 463,133 |
Deferred capital losses | (135,193,784) |
Net unrealized appreciation | 19,873,608 |
Distributions payable | (469,001) |
Accumulated loss | $(115,326,044) |
Aggregate cost | $1,462,181,829 |
Gross unrealized appreciation | $ 56,988,057 |
Gross unrealized depreciation | (37,114,449) |
Net unrealized appreciation | $ 19,873,608 |
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, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 8,721,888 | $ 69,056,224 | 9,663,643 | $ 78,723,700 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 1,300,577 | 10,278,255 | 1,241,755 | 10,173,924 | |
Redemptions | (10,170,888) | (80,442,503) | (18,709,914) | (154,072,657) | |
Net decrease | (148,423) | $ (1,108,024) | (7,804,516) | $ (65,175,033) | |
Class C | |||||
Sales | 508,565 | $ 3,726,336 | 1,347,862 | $ 10,104,252 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 186,152 | 1,360,273 | 219,870 | 1,668,643 | |
Redemptions | (2,675,173) | (19,525,701) | (4,303,974) | (32,812,712) | |
Net decrease | (1,980,456) | $ (14,439,092) | (2,736,242) | $ (21,039,817) | |
Class I | |||||
Sales | 80,230,560 | $ 631,556,574 | 75,749,215 | $ 617,557,467 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 4,339,767 | 34,341,669 | 3,550,923 | 29,150,730 | |
Redemptions | (56,632,518) | (445,405,488) | (97,782,951) | (800,510,305) | |
Net increase (decrease) | 27,937,809 | $ 220,492,755 | (18,482,813) | $(153,802,108) |
Year Ended January 31, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class W | |||||
Sales | 11,377,202 | $ 90,054,180 | 4,693,452 | $ 38,347,975 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 395,241 | 3,124,455 | 94,572 | 755,332 | |
Redemptions | (2,229,881) | (17,548,050) | (625,053) | (4,986,495) | |
Net increase | 9,542,562 | $ 75,630,585 | 4,162,971 | $ 34,116,812 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Futures contracts | $ — | $(1,340,475) |
(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 | $2,648,365 | $(879,738) |
(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 | $ — | $ 27,518,222 | $ — | $ 27,518,222 |
Tax-Exempt Mortgage-Backed Securities | — | 6,616,007 | — | 6,616,007 |
Tax-Exempt Municipal Obligations | — | 1,409,332,536 | — | 1,409,332,536 |
Taxable Municipal Obligations | — | 94,981,584 | — | 94,981,584 |
Total Investments | $ — | $ 1,538,448,349 | $ — | $ 1,538,448,349 |
Liability Description | ||||
Futures Contracts | $ (1,340,475) | $ — | $ — | $ (1,340,475) |
Total | $ (1,340,475) | $ — | $ — | $ (1,340,475) |
Boston, Massachusetts
March 20, 2024
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management `Classic' (2009-2020). |
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. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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. |
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
One Post Office Square
Boston, MA 02109
% 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 | 2.14% | 1.48% | 1.31% |
Class A with 3.25% Maximum Sales Charge | — | — | (1.17) | 0.81 | 0.97 |
Class C at NAV | 03/27/2009 | 12/31/1998 | 1.27 | 0.73 | 0.70 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 0.28 | 0.73 | 0.70 |
Class I at NAV | 03/27/2009 | 12/31/1998 | 2.29 | 1.73 | 1.55 |
Bloomberg Municipal Managed Money 1–7 Year Bond Index | — | — | 1.51% | 1.22% | 1.40% |
Bloomberg 5 Year Municipal Bond Index | — | — | 1.92 | 1.50 | 1.73 |
% 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 | (1.41)% | 0.59% | 0.80% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | 0.14 | 0.85 | 0.98 |
Class C After Taxes on Distributions | 03/27/2009 | 12/31/1998 | 0.10 | 0.53 | 0.55 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | 0.78 | 0.65 | 0.66 |
Class I After Taxes on Distributions | 03/27/2009 | 12/31/1998 | 2.02 | 1.50 | 1.38 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 2.29 | 1.62 | 1.49 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.71% | 1.46% | 0.46% |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.69% | 1.94% | 2.95% |
SEC 30-day Yield | 2.51 | 1.85 | 2.84 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2014 | $10,724 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2014 | $1,166,404 | 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 | 3.13% | 2.02% | 2.40% |
Class A with 3.25% Maximum Sales Charge | — | — | (0.25) | 1.35 | 2.07 |
Class C at NAV | 02/01/2010 | 02/01/2010 | 2.44 | 1.25 | 1.78 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 1.44 | 1.25 | 1.78 |
Class I at NAV | 02/01/2010 | 02/01/2010 | 3.39 | 2.27 | 2.66 |
Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index | — | — | 2.16% | 1.86% | 2.44% |
Bloomberg 7 Year Municipal Bond Index | — | — | 2.11 | 1.83 | 2.34 |
% 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 | (0.48)% | 1.20% | 1.99% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | 0.83 | 1.40 | 1.98 |
Class C After Taxes on Distributions | 02/01/2010 | 02/01/2010 | 1.26 | 1.13 | 1.71 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | 1.62 | 1.18 | 1.63 |
Class I After Taxes on Distributions | 02/01/2010 | 02/01/2010 | 3.13 | 2.12 | 2.58 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 3.10 | 2.17 | 2.50 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 0.99% | 1.74% | 0.74% |
Net | 0.85 | 1.60 | 0.60 |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.96% | 2.20% | 3.22% |
SEC 30-day Yield – Subsidized | 2.67 | 2.00 | 3.01 |
SEC 30-day Yield – Unsubsidized | 2.50 | 1.84 | 2.84 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2014 | $11,936 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2014 | $1,300,351 | 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 5/31/24. 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. 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. | |
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 (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,024.30 | $3.83 | 0.75% |
Class C | $1,000.00 | $1,019.40 | $7.69 | 1.51% |
Class I | $1,000.00 | $1,024.50 | $2.55 | 0.50% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.43 | $3.82 | 0.75% |
Class C | $1,000.00 | $1,017.59 | $7.68 | 1.51% |
Class I | $1,000.00 | $1,022.69 | $2.55 | 0.50% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2023. |
Beginning Account Value (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,029.50 | $4.30** | 0.84% |
Class C | $1,000.00 | $1,025.60 | $8.12** | 1.59% |
Class I | $1,000.00 | $1,029.90 | $3.02** | 0.59% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.97 | $4.28** | 0.84% |
Class C | $1,000.00 | $1,017.19 | $8.08** | 1.59% |
Class I | $1,000.00 | $1,022.23 | $3.01** | 0.59% |
* | 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, 2023. |
** | Absent an allocation of certain expenses to affiliate(s), expenses would be higher. |
Tax-Exempt Municipal Obligations — 83.1% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 1.7% | |||
Maine Municipal Bond Bank, 3.00%, 11/1/35 | $ | 1,700 | $ 1,619,879 |
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 9/15/31 | 300 | 355,983 | |
Texas Water Development Board, 4.50%, 10/15/37 | 1,000 | 1,098,870 | |
$ 3,074,732 | |||
Education — 6.1% | |||
Connecticut Health and Educational Facilities Authority, (Yale University), 2.80% to 2/10/26 (Put Date), 7/1/48 | $ | 5,000 | $ 4,977,050 |
University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49 | 3,000 | 3,000,570 | |
University of Texas, 5.00%, 8/15/24 | 1,000 | 1,010,050 | |
Will, Grundy, and Kendall Counties Community School District No. 201, IL: | |||
5.00%, 10/15/27 | 705 | 758,101 | |
5.00%, 10/15/28 | 1,000 | 1,094,830 | |
$ 10,840,601 | |||
Escrowed/Prerefunded — 2.1% | |||
Arizona, Certificates of Participation, Escrowed to Maturity, 5.00%, 10/1/24 | $ | 2,000 | $ 2,026,280 |
Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/25 | 1,560 | 1,489,972 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
Escrowed to Maturity, 5.00%, 2/15/25 | 120 | 122,599 | |
Escrowed to Maturity, 5.00%, 2/15/25 | 50 | 51,083 | |
$ 3,689,934 | |||
General Obligations — 32.8% | |||
Abilene, TX, 5.00%, 2/15/25 | $ | 20 | $ 20,404 |
Auburn, ME, 2.00%, 11/1/34 | 1,250 | 1,040,000 | |
Bellevue School District No. 405, WA, 4.00%, 12/1/33 | 1,580 | 1,636,390 | |
Braintree, MA, 1.50%, 10/15/31 | 1,975 | 1,665,656 | |
California: | |||
5.00%, 11/1/28 | 610 | 661,960 | |
5.00%, 10/1/32 | 3,000 | 3,395,550 | |
5.50%, 12/1/52 | 1,085 | 1,198,914 | |
Columbia School District, MO, 2.10%, 3/1/27 | 1,040 | 999,378 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/27 | 1,225 | 1,308,680 | |
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24 | 3,000 | 2,950,410 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Edina, MN, 5.00%, 2/1/30 | $ | 125 | $ 137,270 |
Frisco, TX, 2.00%, 2/15/33 | 1,000 | 870,270 | |
Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | 2,000 | 2,010,260 | |
Illinois, 5.00%, 3/1/25 | 5,250 | 5,341,770 | |
Knox County, TN, 2.90%, 6/1/32 | 1,460 | 1,391,511 | |
Liberty Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/27 | 2,010 | 2,140,670 | |
Meramec Valley R-III School District, MO, 3.00%, 3/1/35 | 30 | 29,480 | |
Montgomery County, MD, 5.00%, 10/1/29 | 1,300 | 1,409,395 | |
Mountain View Whisman School District, CA, (Election of 2020), 4.00%, 9/1/32 | 10 | 10,942 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/24 | 900 | 885,528 | |
New York: | |||
5.00%, 3/15/31 | 5,250 | 6,175,943 | |
5.00%, 3/15/32 | 2,500 | 2,989,550 | |
New York, NY, 5.00%, 8/1/30 | 1,500 | 1,725,150 | |
North Carolina, 2.00%, 6/1/33 | 1,250 | 1,087,000 | |
Oconee County, GA, 4.00%, 1/1/34 | 15 | 16,327 | |
Orange County, NC, 3.10%, 2/1/36 | 1,445 | 1,396,824 | |
Pennsylvania, 4.00%, 5/1/32 | 2,005 | 2,127,987 | |
Rutherford County, TN, 1.50%, 4/1/33 | 2,000 | 1,621,660 | |
Somerville, MA: | |||
1.75%, 10/15/32 | 4,180 | 3,584,893 | |
1.75%, 10/15/33 | 1,260 | 1,059,017 | |
Washington, 5.00%, 7/1/26 | 1,500 | 1,581,150 | |
Wylie Independent School District, TX, (PSF Guaranteed), 3.25% to 8/15/28 (Put Date), 8/15/41 | 5,675 | 5,572,112 | |
$ 58,042,051 | |||
Hospital — 6.5% | |||
Allegheny County Hospital Development Authority, PA, (UPMC), 5.25%, (SIFMA + 0.70%), 11/15/47(1) | $ | 4,500 | $ 4,445,460 |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/33 | 40 | 41,052 | |
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/27 | 3,500 | 3,733,310 | |
Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39 | 3,000 | 3,214,980 | |
$ 11,434,802 | |||
Housing — 16.2% | |||
Connecticut Housing Finance Authority: | |||
Social Bonds, 4.85%, (SIFMA + 0.30%), 11/15/50(1) | $ | 2,500 | $ 2,493,125 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Connecticut Housing Finance Authority: (continued) | |||
Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 11/15/53 | $ | 1,970 | $ 2,090,781 |
Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | 2,965 | 3,121,641 | |
Florida Housing Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 2.60%, 7/1/45 | 220 | 166,602 | |
Illinois Housing Development Authority: | |||
Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 10/1/52 | 955 | 995,702 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/52 | 1,420 | 1,531,626 | |
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.00%, 7/1/53 | 965 | 996,633 | |
Maine Housing Authority, Social Bonds, 3.125% to 5/1/24 (Put Date), 11/15/54 | 935 | 932,597 | |
Michigan Housing Development Authority, SFMR, Social Bonds, (LOC: Barclays Bank PLC), 4.50%, 6/1/46(2) | 5,000 | 5,000,000 | |
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | 1,690 | 1,777,660 | |
Nevada Housing Division, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/39 | 785 | 679,873 | |
New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.35%, 7/1/39 | 310 | 290,740 | |
Ohio Housing Finance Agency: | |||
3.35%, 9/1/49 | 540 | 442,087 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 2.25%, 9/1/40 | 210 | 158,579 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 2.45%, 9/1/45 | 460 | 331,536 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | 995 | 1,054,998 | |
Oklahoma Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 6.50%, 9/1/54 | 1,165 | 1,319,887 | |
Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | 1,940 | 2,038,591 | |
Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | 2,925 | 3,132,119 | |
$ 28,554,777 | |||
Insured - General Obligations — 2.0% | |||
Rancho Santiago Community College District, CA, (Election of 2002), (AGM), 0.00%, 9/1/28 | $ | 2,000 | $ 1,749,120 |
San Mateo County Community College District, CA, (Election of 2001), (NPFG), 0.00%, 9/1/27 | 2,000 | 1,798,240 | |
$ 3,547,360 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation — 0.5% | |||
Malibu, CA: | |||
5.00%, 11/1/38 | $ | 275 | $ 275,380 |
5.00%, 11/1/43 | 225 | 225,261 | |
5.00%, 11/1/48 | 375 | 375,390 | |
$ 876,031 | |||
Other Revenue — 4.8% | |||
Energy Southeast A Cooperative District, AL, 5.50% to 1/1/31 (Put Date), 11/1/53 | $ | 3,000 | $ 3,273,870 |
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 | 4,234,299 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 3/1/30 (Put Date), 7/1/53 | 1,000 | 1,060,800 | |
$ 8,568,969 | |||
Senior Living/Life Care — 0.3% | |||
Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.25%, 11/1/34 | $ | 500 | $ 568,765 |
$ 568,765 | |||
Special Tax Revenue — 0.7% | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/30 | $ | 1,000 | $ 1,157,230 |
$ 1,157,230 | |||
Transportation — 5.6% | |||
Maryland Department of Transportation, 3.00%, 9/1/32 | $ | 3,450 | $ 3,352,779 |
Metropolitan Washington Airports Authority, D.C., Aviation Revenue, (LOC: TD Bank, N.A.), 4.63%, 10/1/39(2) | 2,000 | 2,000,000 | |
Pennsylvania Turnpike Commission: | |||
(LOC: TD Bank, N.A.), 4.70%, 12/1/38(2) | 2,000 | 2,000,000 | |
(LOC: TD Bank, N.A.), 4.70%, 12/1/39(2) | 500 | 500,000 | |
Wisconsin, Transportation Revenue, 5.00%, 7/1/24 | 2,000 | 2,016,620 | |
$ 9,869,399 | |||
Water and Sewer — 3.8% | |||
Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/35 | $ | 75 | $ 88,761 |
Indiana Finance Authority, Green Bonds, 5.00%, 2/1/25 | 1,500 | 1,531,305 | |
North Texas Municipal Water District, 5.00%, 9/1/24 | 1,120 | 1,121,803 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | $ | 3,000 | $ 2,972,940 |
Washington Suburban Sanitary District, MD, 3.00%, 6/1/31 | 1,000 | 998,560 | |
$ 6,713,369 | |||
Total Tax-Exempt Municipal Obligations (identified cost $144,521,648) | $146,938,020 |
Taxable Municipal Obligations — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 0.4% | |||
Austin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/26 | $ | 665 | $ 659,919 |
Total Taxable Municipal Obligations (identified cost $648,096) | $ 659,919 |
U.S. Treasury Obligations — 12.7% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes: | |||
3.75%, 12/31/28 | $ | 10,247 | $ 10,189,761 |
4.125%, 11/15/32 | 12,000 | 12,159,844 | |
Total U.S. Treasury Obligations (identified cost $21,467,876) | $ 22,349,605 |
Short-Term Investments — 1.4% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(3) | 2,520,558 | $ 2,520,558 | |
Total Short-Term Investments (identified cost $2,520,558) | $ 2,520,558 | ||
Total Investments — 97.6% (identified cost $169,158,178) | $172,468,102 | ||
Other Assets, Less Liabilities — 2.4% | $ 4,317,192 | ||
Net Assets — 100.0% | $176,785,294 |
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, 2024. |
(2) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2024. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
At January 31, 2024, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
Texas | 12.4% |
Others, representing less than 10% individually | 71.1% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2024, 2.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 1.1% 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 |
Tax-Exempt Municipal Obligations — 78.6% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.8% | |||
Maine Municipal Bond Bank, 4.00%, 11/1/37 | $ | 1,575 | $ 1,670,886 |
Texas Water Development Board: | |||
4.50%, 10/15/37 | 2,000 | 2,197,740 | |
4.55%, 10/15/38 | 5,000 | 5,464,200 | |
4.70%, 10/15/41 | 2,500 | 2,714,050 | |
4.75%, 10/15/42 | 1,000 | 1,085,610 | |
$ 13,132,486 | |||
Education — 1.5% | |||
Bethlehem Area School District Authority, PA: | |||
3.914%, (67% of SOFR + 0.35%), 1/1/30(1) | $ | 3,970 | $ 3,904,614 |
3.914%, (67% of SOFR + 0.35%), 1/1/32(1) | 1,000 | 983,530 | |
Texas A&M University, 4.375%, 5/15/38 | 1,720 | 1,829,788 | |
University of Mississippi Educational Building Corp., 4.125%, 10/1/40 | 305 | 315,870 | |
$ 7,033,802 | |||
Electric Utilities — 1.5% | |||
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M), 5.25%, 7/1/64 | $ | 6,500 | $ 6,915,090 |
$ 6,915,090 | |||
Escrowed/Prerefunded — 0.0%(2) | |||
California School Finance Authority, (Aspire Public Schools), Escrowed to Maturity, 5.00%, 8/1/25(3) | $ | 25 | $ 25,793 |
$ 25,793 | |||
General Obligations — 27.6% | |||
Anna, TX, 4.125%, 2/15/41 | $ | 1,075 | $ 1,094,705 |
Apex, NC, 3.00%, 6/1/31 | 295 | 293,041 | |
Brookline, MA, 1.625%, 2/15/35 | 6,315 | 5,079,407 | |
Bryan, TX, 2.00%, 8/15/33 | 2,365 | 2,003,439 | |
Burleson, TX, 5.00%, 3/1/40 | 5,870 | 6,457,763 | |
California: | |||
5.00%, 12/1/26 | 5,325 | 5,675,918 | |
5.00%, 11/1/30 | 2,000 | 2,166,800 | |
5.50%, 12/1/52 | 570 | 629,844 | |
Chandler, AZ, 2.85%, 7/1/32 | 2,010 | 1,953,680 | |
College Station, TX, 2.95%, 2/15/29 | 780 | 773,807 | |
Commonwealth of Massachusetts, 4.00%, 2/1/40 | 700 | 732,389 | |
Concord, MA: | |||
4.00%, 1/15/40 | 1,140 | 1,213,610 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Concord, MA: (continued) | |||
4.00%, 1/15/41 | $ | 705 | $ 743,345 |
Conroe Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/39 | 2,975 | 2,663,101 | |
Crowley Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/39 | 345 | 394,987 | |
David Douglas School District No. 40, OR, 0.00%, 6/15/43 | 5,500 | 2,280,740 | |
Fairfax County, VA, 5.00%, 10/1/31(4) | 925 | 1,094,603 | |
Florida, (Department of Transportation), 2.00%, 7/1/33 | 900 | 780,849 | |
Forsyth County, NC, 4.00%, 6/1/43 | 505 | 520,317 | |
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26 | 1,000 | 928,060 | |
Glendale Unified School District, CA, 0.00%, 9/1/30 | 5,280 | 4,059,422 | |
Guilford County, NC, 3.00%, 5/1/37 | 2,025 | 1,922,839 | |
Hays Consolidated Independent School District, TX, (PSF Guaranteed): | |||
3.00%, 2/15/37 | 1,215 | 1,145,296 | |
3.25%, 2/15/32 | 3,000 | 3,015,390 | |
Kern Community College District, CA, (Election of 2016), 5.25%, 8/1/41 | 1,000 | 1,172,450 | |
Kilgore Independent School District, TX, (PSF Guaranteed), 2.50%, 2/15/36 | 2,340 | 2,092,241 | |
Lake Oswego, OR: | |||
2.55%, 6/1/34 | 1,550 | 1,430,898 | |
2.60%, 6/1/35 | 1,645 | 1,509,748 | |
Lewisville, TX: | |||
2.75%, 2/15/35 | 1,065 | 978,234 | |
2.75%, 2/15/36 | 1,760 | 1,598,608 | |
Lexington, MA, 4.00%, 2/1/42 | 905 | 943,435 | |
Massachusetts, 4.00%, 2/1/39 | 4,000 | 4,210,160 | |
Minnesota, 1.50%, 8/1/35 | 1,500 | 1,142,895 | |
Morris Township, NJ, 3.00%, 11/1/29 | 60 | 60,296 | |
Mountain View Whisman School District, CA, (Election of 2020): | |||
4.00%, 9/1/39 | 2,180 | 2,286,449 | |
4.00%, 9/1/40 | 975 | 1,015,804 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25 | 2,115 | 2,015,722 | |
New Braunfels, TX, 5.00%, 2/1/41 | 610 | 671,848 | |
New York, NY: | |||
5.00%, 3/15/37 | 1,000 | 1,190,710 | |
5.00%, 8/1/39 | 1,000 | 1,155,390 | |
5.00%, 3/15/40 | 1,500 | 1,740,870 | |
5.25%, 10/1/39 | 1,000 | 1,163,150 | |
5.25%, 10/1/42 | 6,000 | 6,851,220 | |
5.25%, 10/1/43 | 2,500 | 2,839,700 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Orange County, NC, 3.15%, 2/1/37 | $ | 1,345 | $ 1,284,045 |
Pennsylvania, 4.00%, 10/1/37 | 6,000 | 6,289,500 | |
Pickerington Local School District, OH: | |||
4.25%, 12/1/41 | 800 | 835,608 | |
4.25%, 12/1/42 | 285 | 296,238 | |
Plano, TX, 3.34%, 9/1/36 | 5,055 | 5,051,158 | |
Portland, ME, 2.50%, 4/1/36 | 1,760 | 1,558,603 | |
Prosper Independent School District, TX, (PSF Guaranteed), 1.625%, 2/15/33 | 4,730 | 3,919,609 | |
Richmond, VA, 2.70%, 7/15/39 | 3,000 | 2,490,300 | |
Santa Monica-Malibu Unified School District, CA, (Election of 2018): | |||
5.00%, 8/1/39 | 1,000 | 1,154,230 | |
5.00%, 8/1/42 | 2,000 | 2,274,460 | |
Sherman, TX: | |||
5.00%, 8/15/38 | 2,185 | 2,494,396 | |
5.00%, 8/15/43 | 2,785 | 3,098,842 | |
Solana Beach School District, CA, (Election of 2016), 4.00%, 8/1/30 | 70 | 73,749 | |
Somerville, MA, 1.875%, 10/15/36 | 4,490 | 3,565,374 | |
St. Charles County Francis Howell R-III School District, MO, 3.00%, 3/1/36 | 3,000 | 2,827,620 | |
Suffolk, VA, 2.95%, 2/1/30 | 1,030 | 1,029,475 | |
Washington, 5.00%, 7/1/26 | 6,000 | 6,324,600 | |
Worthington City School District, OH, 5.00%, 12/1/43 | 375 | 418,346 | |
$128,679,333 | |||
Hospital — 6.6% | |||
Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), (LOC: TD Bank, N.A.), 3.75%, 10/1/45(5) | $ | 14,000 | $ 14,000,000 |
Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39 | 3,000 | 3,214,980 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | 1,100 | 1,109,625 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 600 | 611,442 | |
University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 3.80%, 11/15/39(5) | 12,000 | 12,000,000 | |
$ 30,936,047 | |||
Housing — 10.0% | |||
Connecticut Housing Finance Authority: | |||
Social Bonds, 4.85%, (SIFMA + 0.30%), 11/15/50(1) | $ | 2,000 | $ 1,994,500 |
Social Bonds, 6.25%, 5/15/54 | 4,000 | 4,386,840 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 11/15/53 | 4,920 | 5,221,645 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Connecticut Housing Finance Authority: (continued) | |||
Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $ | 1,045 | $ 1,100,207 |
Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.50%, 11/15/31 | 4,910 | 4,049,130 | |
Florida Housing Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 2.60%, 7/1/45 | 500 | 378,640 | |
Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/52 | 4,260 | 4,594,878 | |
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | 2,900 | 3,050,423 | |
Nevada Housing Division, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/39 | 1,730 | 1,498,318 | |
New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.35%, 7/1/39 | 630 | 590,858 | |
Ohio Housing Finance Agency: | |||
3.35%, 9/1/49 | 1,175 | 961,949 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 2.25%, 9/1/40 | 590 | 445,533 | |
Social Bonds, (FHLMC), (FNMA), (GNMA), 2.45%, 9/1/45 | 1,120 | 807,218 | |
Oklahoma Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 6.50%, 9/1/54 | 2,000 | 2,265,900 | |
Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.50%, 10/1/53 | 6,250 | 6,625,625 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 1,000 | 935,300 | |
Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | 2,990 | 3,141,952 | |
Texas Department of Housing and Community Affairs: | |||
Social Bonds, (GNMA), 5.75%, 1/1/53 | 2,375 | 2,543,174 | |
Social Bonds, (GNMA), 6.00%, 1/1/54 | 2,000 | 2,210,060 | |
$ 46,802,150 | |||
Insured - Bond Bank — 1.1% | |||
Indianapolis Local Public Improvement Bond Bank, IN, (AGM), 4.00%, 6/1/36 | $ | 4,950 | $ 5,269,820 |
$ 5,269,820 | |||
Insured - Education — 2.6% | |||
Scott County School District Finance Corp., KY, (BAM), 5.00%, 9/1/41 | $ | 5,000 | $ 5,564,250 |
Texas State Technical College Financing System Improvement, (AGM), 5.50%, 8/1/42 | 5,750 | 6,513,715 | |
$ 12,077,965 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations — 1.2% | |||
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33 | $ | 3,435 | $ 2,185,931 |
Mauston School District, WI: | |||
(AGM), 1.70%, 3/1/35 | 1,500 | 1,185,690 | |
(AGM), 1.75%, 3/1/36 | 1,200 | 929,784 | |
Rialto Unified School District, CA, (Election of 2022): | |||
(BAM), 0.00%, 8/1/41 | 675 | 306,389 | |
(BAM), 0.00%, 8/1/42 | 700 | 300,636 | |
(BAM), 0.00%, 8/1/43 | 1,325 | 539,222 | |
$ 5,447,652 | |||
Insured - Housing — 0.9% | |||
Colorado Housing and Finance Authority, Social Bonds, (GNMA), 6.00%, 11/1/52 | $ | 3,980 | $ 4,263,495 |
$ 4,263,495 | |||
Insured - Special Tax Revenue — 0.2% | |||
Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.00%, 11/15/42 | $ | 1,000 | $ 1,114,220 |
$ 1,114,220 | |||
Lease Revenue/Certificates of Participation — 0.0%(2) | |||
Aspen Fire Protection District, CO, 4.00%, 12/1/24 | $ | 130 | $ 130,819 |
$ 130,819 | |||
Other Revenue — 2.3% | |||
California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 4.00% to 8/1/28 (Put Date), 5/1/53 | $ | 4,700 | $ 4,730,691 |
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31 | 965 | 992,657 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
5.00% to 3/1/30 (Put Date), 7/1/53 | 2,000 | 2,121,600 | |
5.00% to 6/1/29 (Put Date), 12/1/52 | 2,500 | 2,626,275 | |
$ 10,471,223 | |||
Senior Living/Life Care — 0.5% | |||
Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.25%, 11/1/36 | $ | 1,000 | $ 1,123,330 |
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | 1,000 | 1,034,790 | |
$ 2,158,120 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 8.8% | |||
Miami, FL: | |||
5.00%, 3/1/36 | $ | 1,000 | $ 1,172,110 |
5.00%, 3/1/37 | 1,250 | 1,451,837 | |
5.00%, 3/1/38 | 1,000 | 1,151,760 | |
Michigan Trunk Line Fund: | |||
4.00%, 11/15/39 | 15,545 | 16,232,089 | |
5.00%, 11/15/43 | 5,000 | 5,704,050 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/30 | 2,000 | 2,314,460 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/37 | 5,000 | 5,220,750 | |
4.00%, 2/15/39 | 6,095 | 6,237,867 | |
Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 11/15/39 | 1,215 | 1,438,645 | |
$ 40,923,568 | |||
Transportation — 1.7% | |||
Chicago, IL, (O'Hare International Airport), 5.25%, 1/1/37 | $ | 1,500 | $ 1,585,755 |
Massachusetts, (Rail Enhancement Program), 5.00%, 6/1/43 | 2,950 | 3,259,160 | |
North Texas Tollway Authority, 4.125%, 1/1/40 | 3,000 | 3,075,150 | |
$ 7,920,065 | |||
Water and Sewer — 9.3% | |||
Celina, TX, Waterworks and Sewer System Revenue, 1.75%, 9/1/33 | $ | 3,200 | $ 2,620,416 |
Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/29 | 1,250 | 1,381,512 | |
Louisville and Jefferson County Metropolitan Sewer District, KY, 5.00%, 5/15/42 | 4,825 | 5,510,681 | |
Mesquite, TX, Waterworks and Sewer System Revenue, 3.00%, 3/1/33 | 1,180 | 1,128,623 | |
Metropolitan Utilities District of Omaha Water System Revenue, NE, 4.375%, 12/1/41 | 4,545 | 4,730,572 | |
New York State Environmental Facilities Corp., (Clean Water and Drinking Water Revenue), 4.00%, 6/15/39 | 4,950 | 5,088,946 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 17,000 | 16,846,660 | |
Spotsylvania County Water and Sewer, VA, 4.00%, 12/1/37 | 720 | 761,688 | |
Virginia Beach, VA, Storm Water Utility Revenue, 3.00%, 11/15/39 | 3,745 | 3,335,260 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Washington Suburban Sanitary District, MD, 2.00%, 12/1/41 | $ | 1,000 | $ 702,530 |
Wisconsin, Environmental Improvement Fund Revenue, Green Bonds, 5.00%, 6/1/35 | 1,000 | 1,122,500 | |
$ 43,229,388 | |||
Total Tax-Exempt Municipal Obligations (identified cost $349,239,142) | $366,531,036 |
Taxable Municipal Obligations — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.1% | |||
Virginia Public School Authority, 0.75%, 8/1/24 | $ | 495 | $ 484,858 |
$ 484,858 | |||
Housing — 0.1% | |||
Pennsylvania Housing Finance Agency, SFMR, 5.457%, 4/1/37 | $ | 485 | $ 483,666 |
$ 483,666 | |||
Total Taxable Municipal Obligations (identified cost $964,898) | $ 968,524 |
U.S. Treasury Obligations — 18.6% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes: | |||
3.75%, 12/31/28 | $ | 66,658 | $ 66,285,652 |
4.125%, 11/15/32 | 20,000 | 20,266,406 | |
Total U.S. Treasury Obligations (identified cost $84,887,391) | $ 86,552,058 |
Short-Term Investments — 2.0% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(6) | 9,129,656 | $ 9,129,656 | |
Total Short-Term Investments (identified cost $9,129,656) | $ 9,129,656 | ||
Total Investments — 99.4% (identified cost $444,221,087) | $463,181,274 | ||
Other Assets, Less Liabilities — 0.6% | $ 2,762,405 | ||
Net Assets — 100.0% | $465,943,679 |
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, 2024. |
(2) | Amount is less than 0.05%. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2024, the aggregate value of these securities is $25,793 or less than 0.05% of the Fund's net assets. |
(4) | When-issued security. |
(5) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2024. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
At January 31, 2024, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
Texas | 17.6% |
Others, representing less than 10% individually | 61.2% |
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, 2024, 5.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.4% to 3.7% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
LOC | – Letter of Credit |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
January 31, 2024 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Assets | ||
Unaffiliated investments, at value (identified cost $166,637,620 and $435,091,431, respectively) | $ 169,947,544 | $ 454,051,618 |
Affiliated investments, at value (identified cost $2,520,558 and $9,129,656, respectively) | 2,520,558 | 9,129,656 |
Cash | 6,138,334 | — |
Interest receivable | 1,670,483 | 4,064,311 |
Dividends receivable from affiliated investments | 9,242 | 77,155 |
Receivable for investments sold | 1,001,500 | 26,398,472 |
Receivable for Fund shares sold | 46,696 | 936,400 |
Receivable from affiliates | — | 67,045 |
Trustees' deferred compensation plan | 71,109 | 41,140 |
Total assets | $181,405,466 | $494,765,797 |
Liabilities | ||
Payable for investments purchased | $ 1,499,667 | $ 25,890,085 |
Payable for when-issued securities | — | 1,094,210 |
Payable for Fund shares redeemed | 2,717,625 | 532,828 |
Distributions payable | 120,948 | 490,114 |
Payable to affiliates: | ||
Investment adviser and administration fee | 53,048 | 192,071 |
Distribution and service fees | 14,896 | 13,768 |
Trustees' deferred compensation plan | 71,109 | 41,140 |
Other | 793 | — |
Accrued expenses | 142,086 | 567,902 |
Total liabilities | $ 4,620,172 | $ 28,822,118 |
Net Assets | $176,785,294 | $465,943,679 |
Sources of Net Assets | ||
Paid-in capital | $ 187,880,287 | $ 482,539,057 |
Accumulated loss | (11,094,993) | (16,595,378) |
Net Assets | $176,785,294 | $465,943,679 |
Class A Shares | ||
Net Assets | $ 61,740,555 | $ 46,655,430 |
Shares Outstanding | 6,106,334 | 3,857,612 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.11 | $ 12.09 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 10.45 | $ 12.50 |
Class C Shares | ||
Net Assets | $ 2,098,250 | $ 4,436,615 |
Shares Outstanding | 208,264 | 367,005 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 10.07 | $ 12.09 |
Class I Shares | ||
Net Assets | $ 112,946,489 | $ 414,851,634 |
Shares Outstanding | 11,166,431 | 34,267,024 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.11 | $ 12.11 |
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, 2024 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Investment Income | ||
Dividend income from affiliated investments | $ 302,545 | $ 1,508,019 |
Interest income | 7,107,381 | 18,992,466 |
Total investment income | $ 7,409,926 | $20,500,485 |
Expenses | ||
Investment adviser and administration fee | $ 721,746 | $ 2,543,589 |
Distribution and service fees: | ||
Class A | 174,076 | 124,558 |
Class C | 26,505 | 45,383 |
Trustees’ fees and expenses | 13,039 | 33,708 |
Custodian fee | 52,399 | 123,115 |
Transfer and dividend disbursing agent fees | 76,997 | 814,458 |
Legal and accounting services | 72,110 | 67,961 |
Printing and postage | 9,119 | 60,448 |
Registration fees | 52,499 | 142,289 |
Miscellaneous | 33,559 | 34,455 |
Total expenses | $ 1,232,049 | $ 3,989,964 |
Deduct: | ||
Waiver and/or reimbursement of expenses by affiliates | $ 9,653 | $ 814,498 |
Total expense reductions | $ 9,653 | $ 814,498 |
Net expenses | $ 1,222,396 | $ 3,175,466 |
Net investment income | $ 6,187,530 | $17,325,019 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment transactions | $ (2,831,381) | $ (4,800,009) |
Net realized loss | $(2,831,381) | $ (4,800,009) |
Change in unrealized appreciation (depreciation): | ||
Investments | $ 130,204 | $ 3,231,302 |
Net change in unrealized appreciation (depreciation) | $ 130,204 | $ 3,231,302 |
Net realized and unrealized loss | $(2,701,177) | $ (1,568,707) |
Net increase in net assets from operations | $ 3,486,353 | $15,756,312 |
Year Ended January 31, 2024 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 6,187,530 | $ 17,325,019 |
Net realized loss | (2,831,381) | (4,800,009) |
Net change in unrealized appreciation (depreciation) | 130,204 | 3,231,302 |
Net increase in net assets from operations | $ 3,486,353 | $ 15,756,312 |
Distributions to shareholders: | ||
Class A | $ (1,881,418) | $ (1,536,273) |
Class C | (51,600) | (105,464) |
Class I | (3,950,376) | (15,091,430) |
Total distributions to shareholders | $ (5,883,394) | $ (16,733,167) |
Transactions in shares of beneficial interest: | ||
Class A | $ (15,301,276) | $ (5,503,095) |
Class C | (1,115,148) | (853,318) |
Class I | (34,282,953) | (90,732,471) |
Net decrease in net assets from Fund share transactions | $ (50,699,377) | $ (97,088,884) |
Net decrease in net assets | $ (53,096,418) | $ (98,065,739) |
Net Assets | ||
At beginning of year | $ 229,881,712 | $ 564,009,418 |
At end of year | $176,785,294 | $465,943,679 |
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 |
Short-Term Municipal Bond Fund — Class A | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 10.17 | $ 10.45 | $ 10.83 | $ 10.66 | $ 10.35 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.28 | $ 0.17 | $ 0.06 | $ 0.08(1) | $ 0.16(1) |
Net realized and unrealized gain (loss) | (0.07) | (0.30) | (0.32) | 0.40 | 0.31 |
Total income (loss) from operations | $ 0.21 | $ (0.13) | $ (0.26) | $ 0.48 | $ 0.47 |
Less Distributions | |||||
From net investment income | $ (0.27) | $ (0.15) | $ (0.05) | $ (0.08) | $ (0.16) |
From net realized gain | — | — | (0.07) | (0.23) | — |
Total distributions | $ (0.27) | $ (0.15) | $ (0.12) | $ (0.31) | $ (0.16) |
Net asset value — End of year | $ 10.11 | $ 10.17 | $ 10.45 | $ 10.83 | $ 10.66 |
Total Return(2) | 2.14% | (1.20)% | (2.39)% | 4.51% | 4.56% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $61,741 | $77,727 | $119,419 | $135,622 | $109,210 |
Ratios (as a percentage of average daily net assets): | |||||
Total expenses | 0.75% | 0.76% | 0.80% | 0.82% | 0.88% |
Net expenses | 0.75% (3) | 0.76% (3) | 0.80% | 0.82% | 0.88% |
Net investment income | 2.85% | 1.45% | 0.59% | 0.71% | 1.52% |
Portfolio Turnover | 92% | 109% | 96% | 176% | 51% |
(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 years ended January 31, 2024 and 2023.) |
Short-Term Municipal Bond Fund — Class C | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 10.14 | $ 10.39 | $ 10.79 | $ 10.64 | $ 10.32 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.21 | $ 0.07 | $ (0.02) | $ 0.01 | $ 0.08 |
Net realized and unrealized gain (loss) | (0.09) | (0.27) | (0.31) | 0.38 | 0.32 |
Total income (loss) from operations | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.39 | $ 0.40 |
Less Distributions | |||||
From net investment income | $ (0.19) | $ (0.05) | $ — | $ (0.01) | $ (0.08) |
From net realized gain | — | — | (0.07) | (0.23) | — |
Total distributions | $ (0.19) | $ (0.05) | $ (0.07) | $ (0.24) | $ (0.08) |
Net asset value — End of year | $10.07 | $10.14 | $10.39 | $10.79 | $ 10.64 |
Total Return(2) | 1.27% | (1.89)% | (3.11)% | 3.70% | 3.88% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 2,098 | $ 3,252 | $ 4,603 | $ 7,473 | $24,622 |
Ratios (as a percentage of average daily net assets): | |||||
Total expenses | 1.50% | 1.51% | 1.55% | 1.57% | 1.63% |
Net expenses | 1.50% (3) | 1.51% (3) | 1.55% | 1.57% | 1.63% |
Net investment income (loss) | 2.10% | 0.71% | (0.16)% | 0.05% | 0.78% |
Portfolio Turnover | 92% | 109% | 96% | 176% | 51% |
(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 years ended January 31, 2024 and 2023.) |
Short-Term Municipal Bond Fund — Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 10.18 | $ 10.45 | $ 10.83 | $ 10.66 | $ 10.35 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.30 | $ 0.18 | $ 0.09 | $ 0.11 | $ 0.19 |
Net realized and unrealized gain (loss) | (0.07) | (0.27) | (0.32) | 0.40 | 0.30 |
Total income (loss) from operations | $ 0.23 | $ (0.09) | $ (0.23) | $ 0.51 | $ 0.49 |
Less Distributions | |||||
From net investment income | $ (0.30) | $ (0.18) | $ (0.08) | $ (0.11) | $ (0.18) |
From net realized gain | — | — | (0.07) | (0.23) | — |
Total distributions | $ (0.30) | $ (0.18) | $ (0.15) | $ (0.34) | $ (0.18) |
Net asset value — End of year | $ 10.11 | $ 10.18 | $ 10.45 | $ 10.83 | $ 10.66 |
Total Return(1) | 2.29% | (0.85)% | (2.14)% | 4.77% | 4.82% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $112,946 | $148,903 | $207,787 | $253,382 | $157,176 |
Ratios (as a percentage of average daily net assets): | |||||
Total expenses | 0.50% | 0.51% | 0.55% | 0.57% | 0.63% |
Net expenses | 0.50% (2) | 0.51% (2) | 0.55% | 0.57% | 0.63% |
Net investment income | 3.10% | 1.73% | 0.84% | 0.92% | 1.77% |
Portfolio Turnover | 92% | 109% | 96% | 176% | 51% |
(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 years ended January 31, 2024 and 2023.) |
Intermediate-Term Municipal Bond Fund — Class A | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 12.09 | $ 12.49 | $ 13.07 | $ 12.81 | $ 12.21 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.37 | $ 0.23 | $ 0.13 | $ 0.18 | $ 0.23 |
Net realized and unrealized gain (loss) | (0.01) | (0.40) | (0.53) | 0.39 | 0.64 |
Total income (loss) from operations | $ 0.36 | $ (0.17) | $ (0.40) | $ 0.57 | $ 0.87 |
Less Distributions | |||||
From net investment income | $ (0.36) | $ (0.23) | $ (0.13) | $ (0.18) | $ (0.23) |
From net realized gain | — | — | (0.05) | (0.13) | (0.04) |
Total distributions | $ (0.36) | $ (0.23) | $ (0.18) | $ (0.31) | $ (0.27) |
Net asset value — End of year | $ 12.09 | $ 12.09 | $ 12.49 | $ 13.07 | $ 12.81 |
Total Return(1) | 3.13% | (1.25)% | (3.08)% | 4.49% | 7.15% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $46,655 | $52,419 | $61,492 | $67,422 | $50,697 |
Ratios (as a percentage of average daily net assets):(2) | |||||
Total expenses | 1.00% | 1.03% | 1.02% | 0.99% | 0.98% |
Net expenses | 0.84% (3) | 0.87% (3) | 0.90% | 0.90% | 0.90% |
Net investment income | 3.20% | 1.96% | 1.09% | 1.41% | 1.81% |
Portfolio Turnover | 127% | 159% | 61% | 104% | 74% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(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 0.01% and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023, respectively). |
Intermediate-Term Municipal Bond Fund — Class C | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 12.08 | $ 12.48 | $ 13.07 | $ 12.81 | $ 12.21 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.29(1) | $ 0.14(1) | $ 0.04(1) | $ 0.09(1) | $ 0.13 |
Net realized and unrealized gain (loss) | (0.00) (2) | (0.39) | (0.54) | 0.38 | 0.64 |
Total income (loss) from operations | $ 0.29 | $ (0.25) | $ (0.50) | $ 0.47 | $ 0.77 |
Less Distributions | |||||
From net investment income | $ (0.28) | $ (0.15) | $ (0.04) | $ (0.08) | $ (0.13) |
From net realized gain | — | — | (0.05) | (0.13) | (0.04) |
Total distributions | $ (0.28) | $ (0.15) | $ (0.09) | $ (0.21) | $ (0.17) |
Net asset value — End of year | $12.09 | $12.08 | $12.48 | $ 13.07 | $ 12.81 |
Total Return(3) | 2.44% | (2.00)% | (3.88)% | 3.70% | 6.35% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 4,437 | $ 5,307 | $ 8,362 | $11,226 | $22,557 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.75% | 1.78% | 1.77% | 1.74% | 1.73% |
Net expenses | 1.59% (5) | 1.62% (5) | 1.65% | 1.65% | 1.65% |
Net investment income | 2.44% | 1.17% | 0.34% | 0.72% | 1.08% |
Portfolio Turnover | 127% | 159% | 61% | 104% | 74% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.005). |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to 0.01% and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023, respectively). |
Intermediate-Term Municipal Bond Fund — Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 12.10 | $ 12.50 | $ 13.09 | $ 12.82 | $ 12.22 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.40 | $ 0.26 | $ 0.17 | $ 0.22 | $ 0.26 |
Net realized and unrealized gain (loss) | (0.00) (1) | (0.40) | (0.54) | 0.39 | 0.64 |
Total income (loss) from operations | $ 0.40 | $ (0.14) | $ (0.37) | $ 0.61 | $ 0.90 |
Less Distributions | |||||
From net investment income | $ (0.39) | $ (0.26) | $ (0.17) | $ (0.21) | $ (0.26) |
From net realized gain | — | — | (0.05) | (0.13) | (0.04) |
Total distributions | $ (0.39) | $ (0.26) | $ (0.22) | $ (0.34) | $ (0.30) |
Net asset value — End of year | $ 12.11 | $ 12.10 | $ 12.50 | $ 13.09 | $ 12.82 |
Total Return(2) | 3.39% | (1.01)% | (2.90)% | 4.82% | 7.41% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $414,852 | $506,284 | $619,232 | $537,216 | $404,214 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.75% | 0.77% | 0.77% | 0.74% | 0.73% |
Net expenses | 0.59% (4) | 0.61% (4) | 0.65% | 0.65% | 0.65% |
Net investment income | 3.44% | 2.21% | 1.34% | 1.66% | 2.07% |
Portfolio Turnover | 127% | 159% | 61% | 104% | 74% |
(1) | Amount is less than $(0.005). |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(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 0.01% and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023, respectively). |
Year Ended January 31, 2024 | ||
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Tax-exempt income | $4,677,878 | $13,813,820 |
Ordinary income | $1,205,516 | $ 2,919,347 |
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 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Undistributed tax-exempt income | $ 65,631 | $ 475,490 |
Deferred capital losses | (14,663,453) | (36,083,167) |
Net unrealized appreciation | 3,623,777 | 19,502,413 |
Distributions payable | (120,948) | (490,114) |
Accumulated loss | $(11,094,993) | $(16,595,378) |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Deferred capital losses: | ||
Short-term | $9,904,486 | $27,818,413 |
Long-term | $4,758,967 | $ 8,264,754 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Aggregate cost | $168,844,324 | $443,678,862 |
Gross unrealized appreciation | $ 3,962,720 | $ 19,860,418 |
Gross unrealized depreciation | (338,942) | (358,006) |
Net unrealized appreciation | $ 3,623,778 | $ 19,502,412 |
Annual Fee Rate | ||
Average Daily Net Assets | Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund |
Up to $1 billion | 0.3500% | 0.5000% |
$1 billion but less than $2 billion | 0.3375% | 0.4750% |
$2 billion but less than $5 billion | 0.3250% | 0.4550% |
$5 billion and over | 0.3175% | 0.4400% |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Investment Adviser and Administration Fee | $721,746 | $2,543,589 |
Effective Annual Rate | 0.35% | 0.50% |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
EVM's Sub-Transfer Agent Fees | $5,980 | $5,269 |
EVD's Class A Sales Charges | $ 77 | $3,545 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ — | $ 450 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class A Distribution and Service Fees | $174,076 | $124,558 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class C Distribution Fees | $19,879 | $34,037 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class C Service Fees | $6,626 | $11,346 |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Class A | $1,873 | $ — |
Short-Term Municipal Bond Fund | Intermediate-Term Municipal Bond Fund | |
Purchases | ||
Investments (non-U.S. Government) | $ 129,475,762 | $ 457,822,291 |
U.S. Government and Agency Securities | 51,914,095 | 155,910,991 |
Total Purchases | $181,389,857 | $613,733,282 |
Sales | ||
Investments (non-U.S. Government) | $ 157,512,444 | $ 564,044,645 |
U.S. Government and Agency Securities | 59,975,093 | 108,775,089 |
Total Sales | $217,487,537 | $672,819,734 |
Short-Term Municipal Bond Fund | ||||||
Year Ended January 31, 2024 | Year Ended January 31, 2023 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 431,702 | $ 4,309,032 | 783,048 | $ 7,795,113 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 152,110 | 1,518,594 | 116,415 | 1,162,445 | ||
Redemptions | (2,118,258) | (21,128,902) | (4,686,641) | (46,907,196) | ||
Net decrease | (1,534,446) | $(15,301,276) | (3,787,178) | $ (37,949,638) |
Short-Term Municipal Bond Fund (continued) | ||||||
Year Ended January 31, 2024 | Year Ended January 31, 2023 | |||||
Shares | Amount | Shares | Amount | |||
Class C | ||||||
Sales | 17,099 | $ 169,006 | 73,863 | $ 729,992 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 4,133 | 41,112 | 1,323 | 13,128 | ||
Redemptions | (133,765) | (1,325,266) | (197,500) | (1,964,142) | ||
Net decrease | (112,533) | $ (1,115,148) | (122,314) | $ (1,221,022) | ||
Class I | ||||||
Sales | 2,389,210 | $ 23,964,022 | 6,020,814 | $ 60,254,992 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 277,896 | 2,774,821 | 194,391 | 1,942,905 | ||
Redemptions | (6,132,898) | (61,021,796) | (11,460,257) | (115,153,544) | ||
Net decrease | (3,465,792) | $(34,282,953) | (5,245,052) | $ (52,955,647) |
Intermediate-Term Municipal Bond Fund | ||||||
Year Ended January 31, 2024 | Year Ended January 31, 2023 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 1,163,376 | $ 13,811,622 | 1,824,390 | $ 21,436,685 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 59,370 | 701,621 | 42,738 | 502,881 | ||
Redemptions | (1,702,245) | (20,016,338) | (2,453,737) | (28,778,047) | ||
Net decrease | (479,499) | $ (5,503,095) | (586,609) | $ (6,838,481) | ||
Class C | ||||||
Sales | 83,293 | $ 987,954 | 117,657 | $ 1,382,809 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 4,570 | 54,038 | 2,971 | 34,873 | ||
Redemptions | (160,172) | (1,895,310) | (351,217) | (4,150,096) | ||
Net decrease | (72,309) | $ (853,318) | (230,589) | $ (2,732,414) | ||
Class I | ||||||
Sales | 18,509,621 | $ 219,341,382 | 29,555,474 | $ 350,119,216 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 657,484 | 7,775,156 | 410,084 | 4,827,083 | ||
Redemptions | (26,747,553) | (317,849,009) | (37,652,147) | (444,779,366) | ||
Net decrease | (7,580,448) | $ (90,732,471) | (7,686,589) | $ (89,833,067) |
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 | $20,836,467 | $131,364,596 | $(149,680,505) | $ — | $ — | $2,520,558 | $302,545 | 2,520,558 |
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 | $49,021,044 | $391,374,855 | $(431,266,243) | $ — | $ — | $9,129,656 | $1,508,019 | 9,129,656 |
• | 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 | $ — | $ 146,938,020 | $ — | $ 146,938,020 |
Taxable Municipal Obligations | — | 659,919 | — | 659,919 |
U.S. Treasury Obligations | — | 22,349,605 | — | 22,349,605 |
Short-Term Investments | 2,520,558 | — | — | 2,520,558 |
Total Investments | $ 2,520,558 | $ 169,947,544 | $ — | $172,468,102 |
Intermediate-Term Municipal Bond Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 366,531,036 | $ — | $ 366,531,036 |
Taxable Municipal Obligations | — | 968,524 | — | 968,524 |
U.S. Treasury Obligations | — | 86,552,058 | — | 86,552,058 |
Short-Term Investments | 9,129,656 | — | — | 9,129,656 |
Total Investments | $ 9,129,656 | $ 454,051,618 | $ — | $463,181,274 |
Boston, Massachusetts
March 20, 2024
TABS Short-Term Municipal Bond Fund | 79.51% |
TABS Intermediate-Term Municipal Bond Fund | 82.55% |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management 'Classic’ (2009-2020). |
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. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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. |
One Post Office Square
Boston, MA 02109
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
One Post Office Square
Boston, MA 02109
With exposures from 5 to 15 years, the Fund inherently holds overweight positions in longer-maturity bonds because the Index is composed mainly of bonds with 8-12 years remaining to maturity. During a period when longer-maturity bonds generally outperformed shorter-maturity bonds, the Fund’s out-of-Index exposure to bonds with maturities longer than 12 years benefited Index-relative returns, particularly when the municipal bond market rallied in November and December 2023.
% 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 | 3.23% | 2.03% | 3.25% |
Class A with 3.25% Maximum Sales Charge | — | — | (0.12) | 1.36 | 2.91 |
Class C at NAV | 02/01/2010 | 02/01/2010 | 2.54 | 1.27 | 2.63 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 1.54 | 1.27 | 2.63 |
Class I at NAV | 02/01/2010 | 02/01/2010 | 3.49 | 2.28 | 3.51 |
Bloomberg 10 Year Municipal Bond Index | — | — | 2.49% | 2.24% | 2.97% |
Bloomberg 15 Year Municipal Bond Index | — | — | 3.62 | 2.50 | 3.48 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 0.67% | 1.42% | 0.42% |
Net | 0.65 | 1.40 | 0.40 |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.74% | 1.98% | 2.99% |
SEC 30-day Yield – Subsidized | 2.58 | 1.92 | 2.92 |
SEC 30-day Yield – Unsubsidized | 2.58 | 1.92 | 2.92 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2014 | $12,971 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2014 | $1,412,255 | 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 5/31/24. 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. 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. | |
Important Notice to Shareholders | |
On May 19, 2023, the Fund received its pro rata share of net assets from 5-to-15 Year Laddered Municipal Bond Portfolio, the Portfolio the Fund previously invested in, and the Portfolio was terminated. As of May 20, 2023, the Fund invests its assets directly. |
Beginning Account Value (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,034.50 | $3.33** | 0.65% |
Class C | $1,000.00 | $1,030.60 | $7.17** | 1.40% |
Class I | $1,000.00 | $1,034.90 | $2.05** | 0.40% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.93 | $3.31** | 0.65% |
Class C | $1,000.00 | $1,018.15 | $7.12** | 1.40% |
Class I | $1,000.00 | $1,023.19 | $2.04** | 0.40% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 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, 2023. |
** | Absent an allocation of certain expenses to affiliate(s), expenses would be higher. |
Tax-Exempt Municipal Obligations — 94.2% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.6% | |||
Maine Municipal Bond Bank, 4.00%, 11/1/37 | $ | 1,000 | $ 1,060,880 |
Michigan Finance Authority, (Trinity Health Credit Group), 3.00%, 10/1/36 | 1,500 | 1,413,810 | |
New Hampshire Municipal Bond Bank, 3.00%, 8/15/34 | 2,000 | 1,961,160 | |
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | 75 | 72,071 | |
$ 4,507,921 | |||
Education — 2.4% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 4.014%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 2,750 | $ 2,712,407 |
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/37(2) | 1,280 | 1,553,344 | |
Duneland School Building Corp., IN, 4.00%, 1/15/35 | 1,915 | 2,073,313 | |
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | 505 | 533,608 | |
Ohio State University, Green Bonds, 4.00%, 12/1/38 | 765 | 800,580 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University): | |||
4.00%, 7/1/34 | 1,155 | 1,175,120 | |
4.00%, 9/1/34 | 350 | 368,337 | |
Poway Unified School District, CA, (Election of 2008), 0.00%, 8/1/35 | 1,000 | 683,650 | |
University of Mississippi Educational Building Corp., 4.00%, 10/1/38 | 1,540 | 1,607,082 | |
Virginia College Building Authority, 4.00%, 2/1/33 | 1,000 | 1,035,720 | |
Virginia Public School Authority, Prince William County, 3.00%, 10/1/37 | 1,690 | 1,565,363 | |
West Lafayette School Building Corp., IN, 5.00%, 7/15/35 | 2,800 | 3,000,284 | |
$ 17,108,808 | |||
Electric Utilities — 2.2% | |||
American Municipal Power, Inc., OH, (Prairie State Energy Campus): | |||
4.00%, 2/15/35 | $ | 5,690 | $ 5,979,621 |
4.00%, 2/15/36 | 1,000 | 1,041,220 | |
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | 1,000 | 1,034,390 | |
Clark County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 1/1/36 | 505 | 573,852 | |
Florida Municipal Power Agency, 3.00%, 10/1/33 | 1,825 | 1,761,307 | |
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | 250 | 258,775 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities (continued) | |||
Los Angeles Department of Water and Power, CA, Power System Revenue, (SPA: Barclays Bank PLC), 3.70%, 7/1/34(3) | $ | 1,000 | $ 1,000,000 |
Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | 735 | 765,517 | |
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | 500 | 522,765 | |
Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.70% to 10/1/30 (Put Date), 10/1/46 | 2,730 | 2,772,588 | |
$ 15,710,035 | |||
Escrowed/Prerefunded — 0.0%(4) | |||
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | $ | 150 | $ 153,336 |
$ 153,336 | |||
General Obligations — 45.6% | |||
Aldine Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | $ | 300 | $ 306,909 |
Amarillo Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/37 | 2,725 | 2,791,844 | |
Arlington Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | 2,050 | 2,061,193 | |
Auburn School District No. 408, WA, 4.00%, 12/1/35 | 775 | 784,618 | |
Bainbridge Island School District No. 303, WA, 4.00%, 12/1/36 | 400 | 408,824 | |
Belding Area Schools, MI, 5.00%, 5/1/30 | 225 | 234,585 | |
Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/38 | 715 | 769,283 | |
Bexar County, TX, 3.00%, 6/15/30 | 6,000 | 6,008,400 | |
Boerne Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/37 | 1,000 | 1,018,690 | |
Brookline, MA: | |||
3.10%, 3/15/33 | 1,620 | 1,615,918 | |
3.15%, 3/15/34 | 1,405 | 1,379,879 | |
Burbank Unified School District, CA, (Election of 2013), 4.45%, 8/1/36 | 900 | 957,132 | |
Burlington, VT, 5.00%, 11/1/29 | 45 | 50,979 | |
California: | |||
2.85%, 12/1/32 | 1,885 | 1,829,958 | |
3.00%, 11/1/35 | 7,250 | 7,210,197 | |
4.55%, 12/1/37 | 1,000 | 1,093,610 | |
Cape May County, NJ, 3.00%, 10/1/31 | 1,000 | 1,002,570 | |
Celina Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | 1,135 | 1,154,227 | |
Celina, TX: | |||
1.625%, 9/1/32 | 3,170 | 2,623,746 | |
1.75%, 9/1/34 | 3,280 | 2,622,065 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Centennial School District No. 28Jt, OR, 5.00%, 6/15/34 | $ | 835 | $ 948,585 |
Chaffey Joint Union High School District, CA, (Election of 2012): | |||
0.00%, 8/1/30 | 450 | 359,820 | |
0.00%, 8/1/31 | 460 | 354,444 | |
0.00%, 8/1/32 | 530 | 392,709 | |
0.00%, 8/1/33 | 700 | 498,008 | |
Chambers County Improvement District No. 1, TX: | |||
4.00%, 9/1/32 | 1,100 | 1,122,407 | |
4.00%, 9/1/33 | 1,000 | 1,018,520 | |
4.00%, 9/1/34 | 1,000 | 1,019,390 | |
Chandler, AZ: | |||
2.60%, 7/1/30 | 3,150 | 3,019,086 | |
2.85%, 7/1/32 | 1,925 | 1,871,061 | |
Channelview Independent School District, TX, (PSF Guaranteed), 2.375%, 8/15/35 | 500 | 418,730 | |
Chisholm Independent School District No. 695, MN, 0.00%, 2/1/38 | 820 | 455,756 | |
Clark County, NV: | |||
4.00%, 12/1/35 | 1,820 | 1,898,078 | |
4.00%, 6/1/36 | 175 | 179,620 | |
Coconino County Unified School District No. 1, AZ: | |||
1.50%, 7/1/32 | 1,745 | 1,444,267 | |
1.75%, 7/1/34 | 2,055 | 1,664,262 | |
College Station Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/32 | 320 | 325,939 | |
College Station, TX: | |||
3.35%, 2/15/34 | 2,085 | 2,083,353 | |
3.45%, 2/15/35 | 2,150 | 2,152,365 | |
Colonial School District, PA, 5.00%, 2/15/33 | 50 | 51,391 | |
Comal County, TX, 4.00%, 2/1/33 | 5,580 | 5,698,240 | |
Connecticut: | |||
4.00%, 1/15/34 | 3,000 | 3,203,910 | |
4.00%, 1/15/35 | 3,000 | 3,185,460 | |
Conroe, TX, 4.125%, 3/1/39 | 1,895 | 1,972,316 | |
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33 | 100 | 107,567 | |
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | 630 | 665,545 | |
Cupertino Union School District, CA, (Election of 2012), 5.00%, 8/1/33 | 555 | 593,012 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | 2,235 | 2,611,530 | |
Dallas Center-Grimes Community School District, IA: | |||
3.00%, 5/1/35 | 1,075 | 1,026,270 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Dallas Center-Grimes Community School District, IA: (continued) | |||
3.00%, 5/1/36 | $ | 910 | $ 854,162 |
David Douglas School District No. 40, OR: | |||
0.00%, 6/15/31 | 525 | 414,220 | |
0.00%, 6/15/34 | 1,850 | 1,294,889 | |
0.00%, 6/15/35 | 1,250 | 833,712 | |
0.00%, 6/15/36 | 1,690 | 1,062,875 | |
0.00%, 6/15/37 | 1,000 | 590,640 | |
0.00%, 6/15/38 | 750 | 415,508 | |
Dedham, MA, 3.30%, 4/1/36 | 775 | 760,732 | |
Del Valle Independent School District, TX, (PSF Guaranteed), 4.00%, 6/15/38 | 750 | 774,075 | |
El Paso Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/34 | 500 | 507,625 | |
Euless, TX, 5.00%, 2/15/34 | 125 | 145,336 | |
Falls City Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/15/34 | 570 | 573,488 | |
Prerefunded to 8/15/25, 4.00%, 8/15/34 | 430 | 436,592 | |
Florida, (Department of Transportation), 2.00%, 7/1/33 | 1,535 | 1,331,781 | |
Forney Independent School District, TX, 0.00%, 8/15/37 | 275 | 156,538 | |
Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
3.00%, 8/15/35 | 400 | 384,408 | |
3.00%, 8/15/36 | 500 | 466,190 | |
Frenship Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/36 | 2,315 | 2,209,737 | |
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 400 | 404,016 | |
Georgia, 5.00%, 2/1/32 | 1,000 | 1,072,430 | |
Glen Rose Independent School District, TX, (PSF Guaranteed): | |||
5.00%, 8/15/30 | 560 | 642,320 | |
5.00%, 8/15/32 | 935 | 1,069,481 | |
5.00%, 8/15/33 | 1,020 | 1,166,105 | |
5.00%, 8/15/34 | 330 | 376,454 | |
Grosse Pointe Public School System, MI, 3.00%, 5/1/36 | 1,580 | 1,486,938 | |
Guilford County, NC, 3.00%, 5/1/35 | 2,220 | 2,177,243 | |
Harlandale Independent School District, TX, 5.00%, 8/1/29 | 845 | 909,397 | |
Harrisburg School District No. 41-2, SD: | |||
2.00%, 8/1/32 | 2,230 | 1,954,394 | |
2.00%, 8/1/33 | 1,305 | 1,121,948 | |
Hawaii, 4.00%, 1/1/37 | 1,000 | 1,039,470 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | $ | 3,445 | $ 3,462,673 |
Hays County, TX, 3.00%, 2/15/37 | 1,750 | 1,575,455 | |
Hempstead, NY: | |||
2.00%, 6/15/33 | 6,035 | 5,111,102 | |
2.00%, 6/15/34 | 6,190 | 5,151,999 | |
Hennepin County, MN, 5.00%, 12/1/33 | 1,000 | 1,054,970 | |
Henrico County, VA, 3.35%, 8/1/36 | 4,970 | 4,963,489 | |
Homewood, AL, 5.00%, 9/1/29 | 2,000 | 2,104,580 | |
Honolulu City and County, HI, 3.00%, 9/1/31 | 110 | 110,233 | |
Houston, TX, 4.00%, 3/1/37 | 1,730 | 1,765,586 | |
Illinois: | |||
Series 2022A, 5.00%, 3/1/29 | 2,250 | 2,452,702 | |
Series 2022B, 5.00%, 3/1/29 | 2,000 | 2,180,180 | |
Independence School District, MO, 3.25%, 3/1/38 | 3,455 | 3,257,374 | |
Iowa City Community School District, 2.75%, 6/1/30 | 2,850 | 2,742,754 | |
Kansas City, MO: | |||
3.00%, 2/1/35 | 900 | 858,357 | |
4.00%, 2/1/37 | 2,500 | 2,645,675 | |
Kennebunk, ME, 2.00%, 10/1/35 | 600 | 498,858 | |
Knox County, TN: | |||
3.00%, 6/1/34 | 2,815 | 2,717,742 | |
3.00%, 6/1/35 | 3,490 | 3,317,908 | |
Knoxville, TN, 3.00%, 5/1/39 | 3,365 | 3,079,379 | |
Krum Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | 720 | 723,737 | |
Lake Oswego, OR, 2.50%, 6/1/33 | 1,405 | 1,300,651 | |
Lake Washington School District No. 414, WA, 4.00%, 12/1/34 | 1,000 | 1,030,700 | |
Lane County School District No. 40, OR, 0.00%, 6/15/38 | 1,000 | 541,510 | |
Lexington, MA: | |||
3.10%, 2/15/34 | 1,290 | 1,267,399 | |
3.15%, 2/15/35 | 595 | 584,189 | |
3.20%, 2/15/36 | 1,195 | 1,172,522 | |
Lincoln, NE, 3.00%, 5/15/33 | 1,040 | 1,030,422 | |
Lone Star College System, TX, 3.00%, 2/15/36 | 1,695 | 1,595,097 | |
Longview, TX, 4.00%, 9/1/37 | 1,100 | 1,136,993 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | 1,690 | 1,734,684 | |
Loudoun County, VA, 3.25%, 12/1/35 | 910 | 902,665 | |
Malakoff Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35 | 2,580 | 2,437,481 | |
Marathon County, WI, 2.00%, 2/1/32 | 1,350 | 1,173,379 | |
Massachusetts, 4.00%, 5/1/36 | 5,050 | 5,229,982 | |
McKinney, TX, 2.50%, 8/15/35 | 2,080 | 1,850,139 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | $ | 325 | $ 345,898 |
Mildred Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35 | 425 | 407,592 | |
Mill Valley School District, CA: | |||
2.80%, 8/1/31 | 110 | 109,095 | |
2.90%, 8/1/32 | 1,375 | 1,372,057 | |
3.00%, 8/1/33 | 1,235 | 1,227,676 | |
3.00%, 8/1/34 | 2,200 | 2,177,560 | |
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | 360 | 361,127 | |
Monrovia Unified School District, CA, (Election of 2006), 0.00%, 8/1/34 | 3,550 | 2,535,161 | |
Montgomery County Municipal Utility District No. 46, TX, 4.00%, 3/1/29 | 1,295 | 1,303,081 | |
Morgan County School District, UT, 4.00%, 8/1/34 | 1,180 | 1,219,707 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | 175 | 156,758 | |
Nebo School District, UT, 2.125%, 7/1/34 | 4,515 | 3,901,908 | |
Nevada, 2.125%, 5/1/38 | 2,000 | 1,577,360 | |
New York, NY, 5.25%, 10/1/39 | 2,000 | 2,326,300 | |
Newport News, VA, 3.00%, 2/1/37 | 915 | 851,700 | |
Newport-Mesa Unified School District, CA, (Election of 2005): | |||
0.00%, 8/1/35 | 3,435 | 2,407,317 | |
0.00%, 8/1/37 | 6,580 | 4,196,592 | |
Orange County, NC: | |||
3.25%, 8/1/36 | 3,325 | 3,295,407 | |
3.30%, 8/1/37 | 3,475 | 3,420,234 | |
Pasadena Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/39 | 4,840 | 4,996,429 | |
4.125%, 2/15/40 | 3,575 | 3,699,767 | |
Pasadena, TX: | |||
4.00%, 2/15/28 | 500 | 503,360 | |
4.00%, 2/15/29 | 150 | 151,037 | |
4.00%, 2/15/30 | 440 | 443,054 | |
4.00%, 2/15/31 | 650 | 654,115 | |
Pearland Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 250 | 259,708 | |
Pecos Barstow Toyah Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/38 | 1,575 | 1,613,997 | |
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | 890 | 800,706 | |
Pennsylvania, 4.00%, 10/1/37 | 17,000 | 17,820,250 | |
Plano, TX, 3.28%, 9/1/35 | 4,900 | 4,896,472 | |
Portland, ME, 2.50%, 4/1/35 | 1,765 | 1,592,383 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Portland, OR, (Transportation Project), 2.00%, 10/1/35 | $ | 2,395 | $ 1,978,102 |
Quincy School District No. 144-101, WA, 4.00%, 12/1/34 | 800 | 810,912 | |
Racine County, WI: | |||
0.25%, 3/1/37 | 785 | 476,628 | |
0.50%, 3/1/38 | 870 | 519,277 | |
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28 | 555 | 588,544 | |
Richardson Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 600 | 610,932 | |
Richmond, VA: | |||
2.60%, 7/15/37 | 7,845 | 6,735,246 | |
2.65%, 7/15/38 | 8,055 | 6,778,041 | |
River Falls School District, WI, 3.20%, 4/1/32 | 2,185 | 2,159,938 | |
Romeo Community Schools, MI, 5.00%, 5/1/30 | 700 | 731,528 | |
Romulus, MI: | |||
4.00%, 11/1/31 | 250 | 255,360 | |
4.00%, 11/1/32 | 100 | 101,448 | |
4.00%, 11/1/33 | 250 | 252,688 | |
Round Rock, TX, 4.00%, 8/15/38 | 725 | 750,179 | |
San Antonio Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | 500 | 510,470 | |
San Jacinto Community College District, TX, 4.00%, 2/15/34 | 1,445 | 1,567,059 | |
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | 450 | 459,225 | |
Somerville, MA, 1.75%, 10/15/34 | 4,335 | 3,562,373 | |
Southside Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | 500 | 514,025 | |
Spokane, WA, 4.00%, 12/1/36 | 2,980 | 3,069,013 | |
St. Charles County Francis Howell R-III School District, MO, 3.00%, 3/1/33 | 6,430 | 6,253,175 | |
St. Charles School District, MO, 3.00%, 3/1/38 | 1,200 | 1,082,460 | |
Stamford, CT, 2.00%, 8/15/33 | 805 | 699,650 | |
Sugar Land, TX, 4.00%, 2/15/36 | 1,000 | 1,019,970 | |
Travis County, TX: | |||
3.375%, 3/1/38 | 2,585 | 2,419,017 | |
3.375%, 3/1/38 | 605 | 566,153 | |
Tukwila, WA, 4.00%, 12/1/35 | 500 | 515,915 | |
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29 | 545 | 553,878 | |
Tyler Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/36 | 2,000 | 2,125,300 | |
Umatilla School District No. 6R, Umatilla County, OR: | |||
0.00%, 6/15/29 | 115 | 97,267 | |
0.00%, 6/15/30 | 110 | 90,354 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Union County, NC: | |||
3.00%, 9/1/35 | $ | 1,500 | $ 1,452,435 |
3.00%, 9/1/36 | 2,175 | 2,058,442 | |
United Independent School District, TX: | |||
4.00%, 2/15/33 | 350 | 358,516 | |
4.00%, 2/15/34 | 535 | 549,814 | |
4.00%, 2/15/36 | 580 | 592,592 | |
4.00%, 2/15/37 | 600 | 608,808 | |
Upper St. Clair Township, PA, 4.00%, 6/1/34 | 800 | 819,152 | |
Vestavia Hills, AL, 4.00%, 8/1/35 | 800 | 827,440 | |
Village of Dobbs Ferry, NY: | |||
2.85%, 10/15/35 | 475 | 423,429 | |
3.00%, 10/15/36 | 490 | 447,434 | |
Wake County, NC, 3.00%, 4/1/37 | 1,330 | 1,264,883 | |
Washington, 5.00%, 8/1/39 | 1,205 | 1,321,017 | |
West St. Paul-Mendota Heights-Eagan Independent School District No. 197, MN, 3.55%, 2/1/36 | 7,615 | 7,660,995 | |
Westchester County, NY, 2.00%, 10/15/33 | 650 | 550,115 | |
Wichita Falls Independent School District, TX, (PSF Guaranteed), 3.00%, 2/1/38 | 3,000 | 2,744,670 | |
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | 360 | 367,456 | |
Williamson County, TX, 3.00%, 2/15/33 | 3,250 | 3,162,315 | |
Willis Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/34 | 1,705 | 1,670,269 | |
Wisconsin Rapids School District, 2.00%, 4/1/34 | 1,030 | 826,132 | |
Worthington City School District, OH: | |||
0.00%, 12/1/28 | 100 | 85,890 | |
0.00%, 12/1/29 | 340 | 283,060 | |
0.00%, 12/1/30 | 715 | 574,953 | |
0.00%, 12/1/31 | 295 | 228,725 | |
Yosemite Community College District, CA, (Election of 2004), 0.00%, 8/1/37 | 165 | 100,594 | |
Ysleta Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/37 | 405 | 415,967 | |
$323,534,576 | |||
Hospital — 10.2% | |||
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | $ | 90 | $ 90,036 |
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | 465 | 494,435 | |
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | 335 | 348,323 | |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | 100 | 102,469 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Colorado Health Facilities Authority, (CommonSpirit Health): | |||
5.00%, 8/1/28 | $ | 7,035 | $ 7,517,882 |
5.00%, 8/1/35 | 2,650 | 2,854,023 | |
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32 | 3,000 | 3,290,880 | |
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | 350 | 361,529 | |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | 950 | 957,286 | |
Grand Forks County, ND, Prerefunded to 10/1/30, 4.00%, 10/1/35 | 345 | 376,229 | |
Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), (LOC: TD Bank, N.A.), 3.75%, 10/1/45(3) | 5,000 | 5,000,000 | |
Illinois Finance Authority, (Rush University Medical Center): | |||
5.00%, 11/15/31 | 1,000 | 1,017,260 | |
5.00%, 11/15/32 | 1,000 | 1,017,090 | |
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): | |||
5.00%, 10/1/30 | 2,000 | 2,081,320 | |
5.00%, 10/1/31 | 1,500 | 1,559,595 | |
5.00%, 10/1/32 | 2,000 | 2,078,200 | |
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | 875 | 891,275 | |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | 250 | 251,348 | |
Minneapolis, MN, (Allina Health System), 4.00%, 11/15/36 | 1,990 | 2,066,098 | |
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | 440 | 447,564 | |
Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | 1,000 | 1,039,790 | |
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group): | |||
5.00%, 8/1/28 | 500 | 532,100 | |
5.00%, 8/1/29 | 500 | 532,715 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): | |||
5.00%, 7/1/27 | 700 | 735,231 | |
5.00%, 7/1/28 | 600 | 630,288 | |
5.00%, 7/1/31 | 275 | 288,789 | |
New York Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/30 | 150 | 156,777 | |
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32 | 700 | 723,044 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Public Finance Authority, WI, (Renown Regional Medical Center), 5.00%, 6/1/36 | $ | 2,310 | $ 2,476,551 |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | 150 | 152,676 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 625 | 636,919 | |
University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 3.80%, 11/15/39(3) | 27,865 | 27,865,000 | |
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | 1,555 | 1,602,785 | |
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): | |||
5.00%, 12/1/25 | 285 | 293,217 | |
5.00%, 12/1/28 | 180 | 187,094 | |
5.00%, 12/1/30 | 300 | 311,925 | |
5.00%, 12/1/31 | 70 | 72,659 | |
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | 125 | 128,626 | |
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | 400 | 416,396 | |
Wisconsin Health and Educational Facilities Authority, (Gundersen Health System), 4.00%, 10/15/33 | 425 | 449,858 | |
$ 72,035,282 | |||
Housing — 6.2% | |||
Colorado Housing and Finance Authority, Social Bonds, (GNMA), 5.75%, 11/1/53 | $ | 5,000 | $ 5,357,800 |
Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.45%, 5/15/31 | 1,220 | 1,012,942 | |
Georgia Housing & Finance Authority, 3.65%, 12/1/32 | 185 | 185,172 | |
Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/53 | 3,500 | 3,913,980 | |
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/37 | 3,035 | 3,183,169 | |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
Social Bonds, 1.50%, 1/1/31 | 300 | 254,097 | |
Social Bonds, 1.60%, 7/1/31 | 175 | 148,200 | |
Minnesota Housing Finance Agency: | |||
2019 Series A, 4.00%, 8/1/34 | 295 | 304,859 | |
2019 Series A, 4.00%, 8/1/35 | 440 | 454,463 | |
2019 Series C, 4.00%, 8/1/33 | 525 | 553,129 | |
2019 Series C, 4.00%, 8/1/34 | 240 | 248,021 | |
(FHLMC), (FNMA), (GNMA), 2.55%, 7/1/39 | 1,375 | 1,119,044 | |
New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | 3,000 | 3,240,180 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
New York City Housing Development Corp., NY: | |||
2.65%, 11/1/27 | $ | 60 | $ 58,806 |
2.85%, 11/1/29 | 20 | 19,335 | |
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26 | 150 | 146,394 | |
New York Mortgage Agency, 3.65%, 4/1/32 | 95 | 94,780 | |
Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 6.25%, 10/1/53 | 5,845 | 6,413,134 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 7,675 | 7,178,427 | |
Tennessee Housing Development Agency, (Residential Finance Program), Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 1/1/54 | 3,000 | 3,289,080 | |
Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 6.00%, 1/1/54 | 5,000 | 5,525,150 | |
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | 1,059 | 1,064,062 | |
Virginia Housing Development Authority, 2.55%, 5/1/27 | 90 | 87,340 | |
$ 43,851,564 | |||
Insured - Bond Bank — 1.6% | |||
Indianapolis Local Public Improvement Bond Bank, IN, (AGM), 4.00%, 6/1/36 | $ | 10,855 | $ 11,556,342 |
$ 11,556,342 | |||
Insured - Electric Utilities — 0.6% | |||
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 & 4 Project M): | |||
(AGM), 4.00%, 1/1/37 | $ | 470 | $ 485,515 |
(AGM), 5.00%, 7/1/30 | 250 | 281,093 | |
(AGM), 5.00%, 7/1/31 | 275 | 313,814 | |
(AGM), 5.00%, 7/1/32 | 465 | 538,242 | |
(AGM), 5.00%, 7/1/33 | 330 | 381,671 | |
(AGM), 5.00%, 7/1/34 | 365 | 421,371 | |
(AGM), 5.00%, 7/1/35 | 310 | 355,077 | |
(AGM), 5.00%, 7/1/36 | 500 | 568,580 | |
(AGM), 5.00%, 7/1/37 | 490 | 552,352 | |
(AGM), 5.00%, 7/1/38 | 405 | 452,814 | |
$ 4,350,529 | |||
Insured - General Obligations — 0.6% | |||
Fort Bend County Municipal Utility District No. 58, TX: | |||
(BAM), 3.00%, 4/1/26 | $ | 10 | $ 9,940 |
(BAM), 3.00%, 4/1/32 | 360 | 351,691 | |
Mauston School District, WI, (AGM), 1.60%, 3/1/34 | 2,565 | 2,032,198 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Rialto Unified School District, CA, (Election of 2022): | |||
(BAM), 0.00%, 8/1/34 | $ | 400 | $ 272,624 |
(BAM), 0.00%, 8/1/35 | 425 | 274,886 | |
(BAM), 0.00%, 8/1/36 | 500 | 305,565 | |
(BAM), 0.00%, 8/1/37 | 750 | 430,808 | |
(BAM), 0.00%, 8/1/38 | 500 | 270,705 | |
$ 3,948,417 | |||
Insured - Lease Revenue/Certificates of Participation — 0.6% | |||
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | $ | 100 | $ 103,298 |
Fairfield, CA, Certificates of Participation: | |||
(AGC), 0.00%, 4/1/34 | 1,000 | 703,620 | |
(AGC), 0.00%, 4/1/37 | 5,000 | 3,042,800 | |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | 75 | 76,526 | |
Tahoe-Truckee Unified School District, CA, Certificates of Participation, (BAM), 5.00%, 6/1/31 | 90 | 95,140 | |
$ 4,021,384 | |||
Insured - Special Tax Revenue — 0.1% | |||
North Houston Development Corp., TX, Tax Increment Contract Revenue, (AGM), 3.00%, 9/1/36 | $ | 880 | $ 787,890 |
Vineyard Redevelopment Agency, UT, (AGM), 4.00%, 5/1/36 | 135 | 143,033 | |
$ 930,923 | |||
Insured - Transportation — 0.4% | |||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | $ | 275 | $ 283,665 |
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34 | 2,485 | 2,692,672 | |
$ 2,976,337 | |||
Insured - Water and Sewer — 0.1% | |||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | $ | 250 | $ 259,288 |
Hamburg Municipal Authority, PA, Sewer Revenue: | |||
(AGM), 2.00%, 10/1/32 | 320 | 273,981 | |
(AGM), 2.00%, 10/1/34 | 30 | 24,844 | |
$ 558,113 | |||
Lease Revenue/Certificates of Participation — 3.0% | |||
Colorado Department of Transportation: | |||
5.00%, 6/15/30 | $ | 350 | $ 365,407 |
5.00%, 6/15/31 | 310 | 322,924 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue: | |||
5.00%, 6/1/29 | $ | 3,000 | $ 3,228,480 |
5.00%, 6/1/30 | 3,000 | 3,231,420 | |
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | 645 | 666,511 | |
Greene County, MO, Certificates of Participation, 4.00%, 3/1/35 | 2,000 | 2,133,060 | |
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | 1,495 | 1,555,293 | |
Los Angeles Unified School District, CA, Sustainability Bonds, 5.00%, 10/1/38 | 2,450 | 2,881,347 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/39 | 5,250 | 6,027,630 | |
Noblesville Multi-School Building Corp., IN, 3.00%, 7/15/33 | 275 | 273,232 | |
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | 500 | 516,825 | |
$ 21,202,129 | |||
Other Revenue — 6.1% | |||
California Community Choice Financing Authority, Clean Energy Project Revenue: | |||
Green Bonds, 4.00% to 8/1/28 (Put Date), 5/1/53 | $ | 5,300 | $ 5,334,609 |
Green Bonds, 4.00% to 8/1/31 (Put Date), 2/1/52 | 2,020 | 2,038,907 | |
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50 | 5,000 | 5,010,400 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): | |||
5.00%, 4/1/27 | 500 | 524,190 | |
5.00%, 4/1/29 | 275 | 287,713 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
4.00% to 12/1/29 (Put Date), 9/1/52 | 23,115 | 23,143,663 | |
5.00% to 3/1/30 (Put Date), 7/1/53 | 2,500 | 2,652,000 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/29 | 85 | 95,438 | |
Philadelphia Energy Authority: | |||
Sustainability Bonds, 5.00%, 11/1/33 | 850 | 996,565 | |
Sustainability Bonds, 5.00%, 11/1/38 | 850 | 961,580 | |
Sustainability Bonds, 5.00%, 11/1/43 | 750 | 825,593 | |
Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | 1,150 | 1,152,576 | |
$ 43,023,234 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care — 1.4% | |||
Baltimore County, MD, (Riderwood Village, Inc.): | |||
4.00%, 1/1/30 | $ | 1,655 | $ 1,683,416 |
4.00%, 1/1/31 | 250 | 254,237 | |
4.00%, 1/1/32 | 350 | 355,768 | |
4.00%, 1/1/33 | 600 | 609,480 | |
4.00%, 1/1/34 | 685 | 694,960 | |
4.00%, 1/1/35 | 615 | 621,408 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/28 | 50 | 50,721 | |
5.00%, 11/15/30 | 910 | 922,813 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | 100 | 101,879 | |
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | 1,035 | 1,049,273 | |
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | 310 | 316,910 | |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | 1,000 | 954,590 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Series 2016A, 5.00%, 10/1/30 | 10 | 10,121 | |
Series 2016A, 5.00%, 10/1/31 | 300 | 303,705 | |
Washington Housing Finance Commission, WA, (Emerald Heights), 5.00%, 7/1/38 | 1,580 | 1,665,320 | |
$ 9,594,601 | |||
Special Tax Revenue — 4.2% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/28 | $ | 420 | $ 441,626 |
5.00%, 5/1/29 | 450 | 477,198 | |
5.00%, 5/1/30 | 425 | 454,520 | |
5.00%, 5/1/31 | 575 | 619,045 | |
5.00%, 5/1/32 | 725 | 786,161 | |
Connecticut, Special Tax Obligation Bonds: | |||
5.00%, 7/1/34 | 1,000 | 1,192,360 | |
5.00%, 7/1/39 | 3,000 | 3,500,310 | |
Miami-Dade County, FL, Special Obligation Bonds: | |||
5.00%, 4/1/30 | 950 | 994,526 | |
5.00%, 4/1/31 | 895 | 936,752 | |
5.00%, 4/1/32 | 735 | 768,979 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 8/1/37 | 1,995 | 2,017,344 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue: (continued) | |||
4.00%, 2/1/38 | $ | 310 | $ 320,035 |
5.00%, 8/1/33 | 1,190 | 1,198,425 | |
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/37 | 6,950 | 7,219,660 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | 1,800 | 1,850,238 | |
New York State Urban Development Corp., Personal Income Tax Revenue: | |||
4.00%, 3/15/35 | 2,885 | 3,060,293 | |
4.00%, 3/15/39 | 2,900 | 2,984,825 | |
Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 11/15/39 | 1,000 | 1,184,070 | |
$ 30,006,367 | |||
Transportation — 3.2% | |||
Central Texas Regional Mobility Authority, 4.00%, 1/1/34 | $ | 70 | $ 73,173 |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/28 | 150 | 152,303 | |
5.00%, 1/1/29 | 150 | 152,247 | |
5.00%, 1/1/30 | 500 | 507,510 | |
5.00%, 1/1/31 | 1,000 | 1,014,530 | |
5.25%, 1/1/32 | 2,565 | 2,730,212 | |
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | 1,450 | 1,531,838 | |
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | 500 | 510,110 | |
Illinois Toll Highway Authority: | |||
5.00%, 1/1/29 | 175 | 181,867 | |
5.00%, 12/1/32 | 350 | 363,072 | |
Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
5.00%, 5/15/33 | 225 | 252,873 | |
5.00%, 5/15/34 | 250 | 257,190 | |
Maryland Department of Transportation, 3.00%, 9/1/32 | 4,800 | 4,664,736 | |
Metropolitan Transportation Authority, NY, 3.994%, (67% of SOFR + 0.43%), 11/1/26(1) | 1,440 | 1,424,650 | |
New Orleans Aviation Board, LA, 5.00%, 1/1/28 | 150 | 158,185 | |
North Texas Tollway Authority, 4.125%, 1/1/39 | 6,000 | 6,202,740 | |
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/29 | 225 | 247,151 | |
Salt Lake City, UT, (Salt Lake City International Airport): | |||
5.00%, 7/1/31 | 300 | 328,362 | |
5.00%, 7/1/32 | 660 | 722,218 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Salt Lake City, UT, (Salt Lake City International Airport): (continued) | |||
5.00%, 7/1/33 | $ | 600 | $ 656,364 |
5.00%, 7/1/34 | 450 | 491,778 | |
$ 22,623,109 | |||
Water and Sewer — 5.1% | |||
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 4.65%, 11/1/28(3) | $ | 3,200 | $ 3,200,000 |
Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/37 | 800 | 818,688 | |
Indiana Finance Authority, (CWA Authority, Inc.), 4.00%, 10/1/36 | 1,475 | 1,549,974 | |
Indiana Finance Authority, (CWA Authority, Inc.), Green Bonds, 4.00%, 10/1/37 | 1,595 | 1,658,688 | |
Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/39 | 5,000 | 5,544,750 | |
Louisville and Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | 275 | 293,915 | |
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | 575 | 600,622 | |
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | 1,700 | 1,733,133 | |
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | 500 | 526,525 | |
Metropolitan Utilities District of Omaha Water System Revenue, NE, 3.25%, 12/1/31 | 1,720 | 1,716,061 | |
New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 4.00%, 6/15/37 | 155 | 161,037 | |
Portland, OR, Sewer System Revenue, 3.00%, 3/1/37 | 710 | 656,949 | |
Rapid City, SD, Water Revenue: | |||
4.00%, 11/1/29 | 600 | 612,498 | |
4.00%, 11/1/30 | 670 | 684,211 | |
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, 4.00%, 10/1/37 | 185 | 199,704 | |
Santa Maria, CA, Water & Wastewater Revenue, 3.00%, 2/1/35 | 2,565 | 2,540,145 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 2,950 | 2,923,391 | |
Southeast Energy Authority, AL, (Project No. 6), (Liq: Royal Bank of Canada), 5.00% to 6/1/30 (Put Date), 1/1/54 | 1,500 | 1,592,985 | |
Texas Water Development Board: | |||
4.00%, 8/1/35 | 4,115 | 4,396,425 | |
4.00%, 10/15/36 | 500 | 513,585 | |
4.00%, 10/15/36 | 700 | 723,793 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Washington Suburban Sanitary District, MD, 2.00%, 6/1/34 | $ | 2,000 | $ 1,699,020 |
Winston-Salem, NC, Water & Sewer System Revenue, 2.375%, 6/1/38 | 2,085 | 1,691,998 | |
$ 36,038,097 | |||
Total Tax-Exempt Municipal Obligations (identified cost $650,050,055) | $667,731,104 |
U.S. Treasury Obligations — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes, 3.75%, 12/31/28 | $ | 118 | $ 117,341 |
Total U.S. Treasury Obligations (identified cost $116,751) | $ 117,341 |
Short-Term Investments — 5.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(5) | 36,302,705 | $ 36,302,705 | |
Total Short-Term Investments (identified cost $36,302,705) | $ 36,302,705 | ||
Total Investments — 99.4% (identified cost $686,469,511) | $704,151,150 | ||
Other Assets, Less Liabilities — 0.6% | $ 4,599,425 | ||
Net Assets — 100.0% | $708,750,575 |
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, 2024. |
(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, 2024. |
(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, 2024. |
At January 31, 2024, the concentration of the Fund’s investments in the various states determined as a percentage of net assets, is as follows: |
Texas | 18.1% |
Others, representing less than 10% individually | 76.1% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2024, 4.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 3.1% 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 |
Liq | – Liquidity Provider |
LOC | – Letter of Credit |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
January 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $650,166,806) | $ 667,848,445 |
Affiliated investments, at value (identified cost $36,302,705) | 36,302,705 |
Cash | 68,565 |
Interest receivable | 6,964,215 |
Dividends receivable from affiliated investments | 131,643 |
Receivable for investments sold | 206,426 |
Receivable for Fund shares sold | 1,267,091 |
Trustees' deferred compensation plan | 34,256 |
Total assets | $712,823,346 |
Liabilities | |
Payable for investments purchased | $ 117,128 |
Payable for when-issued securities | 1,540,083 |
Payable for Fund shares redeemed | 1,572,623 |
Distributions payable | 243,524 |
Payable to affiliates: | |
Investment adviser fee | 185,451 |
Distribution and service fees | 23,689 |
Trustees' deferred compensation plan | 34,256 |
Other | 6,221 |
Accrued expenses | 349,796 |
Total liabilities | $ 4,072,771 |
Net Assets | $708,750,575 |
Sources of Net Assets | |
Paid-in capital | $ 764,914,177 |
Accumulated loss | (56,163,602) |
Net Assets | $708,750,575 |
Class A Shares | |
Net Assets | $ 55,676,436 |
Shares Outstanding | 4,540,427 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.26 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 12.67 |
Class C Shares | |
Net Assets | $ 13,690,694 |
Shares Outstanding | 1,117,071 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 12.26 |
Class I Shares | |
Net Assets | $ 639,383,445 |
Shares Outstanding | 52,183,723 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.25 |
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, 2024 | |
Investment Income | |
Dividend income from affiliated investments | $ 784,829 |
Dividend income allocated from Portfolio | 607,836 |
Interest income allocated from Portfolio | 6,254,464 |
Interest income | 16,595,430 |
Expenses allocated from Portfolio | (697,437) |
Total investment income | $ 23,545,122 |
Expenses | |
Investment adviser and administration fee | $ 1,536,516 |
Distribution and service fees: | |
Class A | 154,569 |
Class C | 166,117 |
Trustees’ fees and expenses | 44,341 |
Custodian fee | 180,258 |
Transfer and dividend disbursing agent fees | 256,027 |
Legal and accounting services | 65,815 |
Printing and postage | 27,460 |
Registration fees | 75,294 |
Miscellaneous | 34,895 |
Total expenses | $ 2,541,292 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 247,093 |
Total expense reductions | $ 247,093 |
Net expenses | $ 2,294,199 |
Net investment income | $ 21,250,923 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (5,324,986) |
Investment transactions allocated from Portfolio | (797,421) |
Net realized loss | $ (6,122,407) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 19,575,102 |
Investments allocated from Portfolio | (13,149,521) |
Net change in unrealized appreciation (depreciation) | $ 6,425,581 |
Net realized and unrealized gain | $ 303,174 |
Net increase in net assets from operations | $ 21,554,097 |
Year Ended January 31, | ||
2024 | 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 21,250,923 | $ 15,433,083 |
Net realized loss | (6,122,407) | (40,253,585) |
Net change in unrealized appreciation (depreciation) | 6,425,581 | (5,317,574) |
Net increase (decrease) in net assets from operations | $ 21,554,097 | $ (30,138,076) |
Distributions to shareholders: | ||
Class A | $ (1,714,898) | $ (1,368,606) |
Class C | (335,289) | (300,648) |
Class I | (18,170,240) | (13,662,672) |
Total distributions to shareholders | $ (20,220,427) | $ (15,331,926) |
Transactions in shares of beneficial interest: | ||
Class A | $ (7,243,039) | $ (15,662,442) |
Class C | (6,675,645) | (8,866,410) |
Class I | 90,960,347 | (237,643,793) |
Net increase (decrease) in net assets from Fund share transactions | $ 77,041,663 | $(262,172,645) |
Other capital: | ||
Portfolio transaction fee contributed to Portfolio | $ — | $ (675,116) |
Portfolio transaction fee allocated from Portfolio | — | 674,003 |
Net decrease in net assets from other capital | $ — | $ (1,113) |
Net increase (decrease) in net assets | $ 78,375,333 | $(307,643,760) |
Net Assets | ||
At beginning of year | $ 630,375,242 | $ 938,019,002 |
At end of year | $708,750,575 | $ 630,375,242 |
Class A | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 12.21 | $ 12.70 | $ 13.24 | $ 12.90 | $ 12.22 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.33 | $ 0.24 | $ 0.18 | $ 0.21 | $ 0.24 |
Net realized and unrealized gain (loss) | 0.05 | (0.49) | (0.54) | 0.34 | 0.68 |
Total income (loss) from operations | $ 0.38 | $ (0.25) | $ (0.36) | $ 0.55 | $ 0.92 |
Less Distributions | |||||
From net investment income | $ (0.33) | $ (0.24) | $ (0.18) | $ (0.21) | $ (0.24) |
Total distributions | $ (0.33) | $ (0.24) | $ (0.18) | $ (0.21) | $ (0.24) |
Net asset value — End of year | $ 12.26 | $ 12.21 | $ 12.70 | $ 13.24 | $ 12.90 |
Total Return(1) | 3.23% | (1.88)% | (2.73)% | 4.34% | 7.56% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $55,676 | $62,567 | $81,892 | $88,983 | $85,608 |
Ratios (as a percentage of average daily net assets):(2)(3) | |||||
Total expenses | 0.68% | 0.68% | 0.66% | 0.68% | 0.67% |
Net expenses | 0.64% (4) | 0.65% (4) | 0.65% | 0.65% | 0.65% |
Net investment income | 2.93% | 2.02% | 1.39% | 1.65% | 1.88% |
Portfolio Turnover of the Portfolio(5) | 6% | 84% | 22% | 51% | 28% |
Portfolio Turnover of the Fund | 52% (6) | — | — | — | — |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(3) | Includes the Fund’s share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
(4) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s and Portfolio’s investment in the Liquidity Fund (equal to 0.01% and less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023, respectively). |
(5) | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
(6) | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |
Class C | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 12.20 | $ 12.69 | $ 13.23 | $ 12.89 | $ 12.22 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.24 | $ 0.15 | $ 0.08 | $ 0.12 | $ 0.14 |
Net realized and unrealized gain (loss) | 0.06 | (0.49) | (0.54) | 0.34 | 0.67 |
Total income (loss) from operations | $ 0.30 | $ (0.34) | $ (0.46) | $ 0.46 | $ 0.81 |
Less Distributions | |||||
From net investment income | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.12) | $ (0.14) |
Total distributions | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.12) | $ (0.14) |
Net asset value — End of year | $ 12.26 | $ 12.20 | $ 12.69 | $ 13.23 | $ 12.89 |
Total Return(1) | 2.54% | (2.62)% | (3.47)% | 3.56% | 6.68% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $13,691 | $20,513 | $30,795 | $37,239 | $41,689 |
Ratios (as a percentage of average daily net assets):(2)(3) | |||||
Total expenses | 1.43% | 1.43% | 1.41% | 1.43% | 1.42% |
Net expenses | 1.39% (4) | 1.40% (4) | 1.40% | 1.40% | 1.40% |
Net investment income | 2.17% | 1.26% | 0.64% | 0.91% | 1.13% |
Portfolio Turnover of the Portfolio(5) | 6% | 84% | 22% | 51% | 28% |
Portfolio Turnover of the Fund | 52% (6) | — | — | — | — |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(3) | Includes the Fund’s share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
(4) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s and Portfolio’s investment in the Liquidity Fund (equal to 0.01% and less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023, respectively). |
(5) | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
(6) | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |
Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 12.20 | $ 12.69 | $ 13.23 | $ 12.89 | $ 12.21 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.36 | $ 0.27 | $ 0.22 | $ 0.25 | $ 0.27 |
Net realized and unrealized gain (loss) | 0.05 | (0.49) | (0.54) | 0.34 | 0.68 |
Total income (loss) from operations | $ 0.41 | $ (0.22) | $ (0.32) | $ 0.59 | $ 0.95 |
Less Distributions | |||||
From net investment income | $ (0.36) | $ (0.27) | $ (0.22) | $ (0.25) | $ (0.27) |
Total distributions | $ (0.36) | $ (0.27) | $ (0.22) | $ (0.25) | $ (0.27) |
Net asset value — End of year | $ 12.25 | $ 12.20 | $ 12.69 | $ 13.23 | $ 12.89 |
Total Return(1) | 3.49% | (1.64)% | (2.49)% | 4.60% | 7.83% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $639,383 | $547,295 | $825,332 | $776,298 | $596,099 |
Ratios (as a percentage of average daily net assets):(2)(3) | |||||
Total expenses | 0.43% | 0.43% | 0.41% | 0.43% | 0.42% |
Net expenses | 0.39% (4) | 0.40% (4) | 0.40% | 0.40% | 0.40% |
Net investment income | 3.17% | 2.25% | 1.64% | 1.89% | 2.12% |
Portfolio Turnover of the Portfolio(5) | 6% | 84% | 22% | 51% | 28% |
Portfolio Turnover of the Fund | 52% (6) | — | — | — | — |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(3) | Includes the Fund’s share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
(4) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s and Portfolio’s investment in the Liquidity Fund (equal to 0.01% and less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023, respectively). |
(5) | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
(6) | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |
withdrawals. The Portfolio transaction fee was recorded as a component of capital transactions on the Statements of Changes in Net Assets. Effective after
the close of business on December 23, 2022, the Portfolio transaction fee was discontinued.
Year Ended January 31, | ||
2024 | 2023 | |
Tax-exempt income | $18,981,186 | $14,786,419 |
Ordinary income | $ 1,239,241 | $ 545,507 |
Undistributed tax-exempt income | $ 476,890 |
Deferred capital losses | (59,555,231) |
Net unrealized appreciation | 3,158,263 |
Distributions payable | (243,524) |
Accumulated loss | $(56,163,602) |
Aggregate cost | $700,992,887 |
Gross unrealized appreciation | $ 6,270,864 |
Gross unrealized depreciation | (3,112,601) |
Net unrealized appreciation | $ 3,158,263 |
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, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 1,519,484 | $ 18,112,382 | 1,248,153 | $ 14,928,446 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 111,044 | 1,323,295 | 91,217 | 1,085,155 | |
Redemptions | (2,216,184) | (26,678,716) | (2,662,574) | (31,676,043) | |
Net decrease | (585,656) | $ (7,243,039) | (1,323,204) | $ (15,662,442) | |
Class C | |||||
Sales | 77,081 | $ 920,635 | 181,603 | $ 2,165,075 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 22,182 | 264,328 | 19,945 | 236,978 | |
Redemptions | (663,494) | (7,860,608) | (946,397) | (11,268,463) | |
Net decrease | (564,231) | $ (6,675,645) | (744,849) | $ (8,866,410) | |
Class I | |||||
Sales | 25,956,534 | $ 311,039,152 | 25,794,132 | $ 307,646,291 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 1,286,871 | 15,326,653 | 924,341 | 10,997,652 | |
Redemptions | (19,931,882) | (235,405,458) | (46,888,880) | (556,287,736) | |
Net increase (decrease) | 7,311,523 | $ 90,960,347 | (20,170,407) | $(237,643,793) |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss)(1) | Change in unrealized appreciation (depreciation)(1) | Value, end of period | Dividend income(1) | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $55,719,647 | $397,006,964 | $(416,423,906) | $ — | $ — | $36,302,705 | $1,392,665 | 36,302,705 |
(1) | Includes allocation from the Portfolio for the period that the Fund was investing in the Portfolio. |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 667,731,104 | $ — | $ 667,731,104 |
U.S. Treasury Obligations | — | 117,341 | — | 117,341 |
Short-Term Investments | 36,302,705 | — | — | 36,302,705 |
Total Investments | $ 36,302,705 | $ 667,848,445 | $ — | $704,151,150 |
Boston, Massachusetts
March 20, 2024
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management ‘Classic’ (2009-2020). |
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. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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. |
One Post Office Square
Boston, MA 02109
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02109
% 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 | 2.15% | 1.83% | 1.86% |
Class A with 3.25% Maximum Sales Charge | — | — | (1.19) | 1.17 | 1.47 |
Class C at NAV | 05/04/2015 | 05/04/2015 | 1.39 | 1.07 | 1.17 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 0.39 | 1.07 | 1.17 |
Class I at NAV | 05/04/2015 | 05/04/2015 | 2.40 | 2.08 | 2.12 |
Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | — | — | 2.10% | 1.59% | 1.72% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 0.80% | 1.55% | 0.55% |
Net | 0.65 | 1.40 | 0.40 |
% Distribution Rates/Yields4 | Class A | Class C | Class I |
Distribution Rate | 2.76% | 2.00% | 3.01% |
SEC 30-day Yield – Subsidized | 2.66 | 1.99 | 3.00 |
SEC 30-day Yield – Unsubsidized | 2.45 | 1.79 | 2.78 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 05/04/2015 | $11,069 | N.A. |
Class I, at minimum investment | $1,000,000 | 05/04/2015 | $1,201,908 | 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.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 5/31/24. 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. 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. |
Beginning Account Value (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,025.10 | $3.32** | 0.65% |
Class C | $1,000.00 | $1,021.20 | $7.13** | 1.40% |
Class I | $1,000.00 | $1,026.40 | $1.99** | 0.39% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.93 | $3.31** | 0.65% |
Class C | $1,000.00 | $1,018.15 | $7.12** | 1.40% |
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, 2023. |
** | Absent an allocation of certain expenses to affiliate(s), expenses would be higher. |
Tax-Exempt Municipal Obligations — 97.4% |
Security | Principal Amount (000's omitted) | Value | |
Education — 6.4% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 4.014%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 1,000 | $ 986,330 |
Bethlehem Area School District Authority, PA, 3.914%, (67% of SOFR + 0.35%), 1/1/32(1) | 2,300 | 2,262,119 | |
Connecticut Health and Educational Facilities Authority, (Yale University), 2.95% to 7/1/27 (Put Date), 7/1/49(2) | 1,250 | 1,252,800 | |
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24 | 250 | 252,602 | |
$ 4,753,851 | |||
Electric Utilities — 7.3% | |||
Foley Utilities Board, AL: | |||
5.00%, 11/1/30 | $ | 755 | $ 850,689 |
5.00%, 11/1/31 | 900 | 1,028,565 | |
Fremont, NE, Combined Utilities Revenue, 1.75%, 7/15/33 | 1,600 | 1,323,520 | |
Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.30% to 10/1/26 (Put Date), 10/1/46 | 1,700 | 1,694,186 | |
Seattle, WA, Municipal Light and Power Revenue, 4.80%, (SIFMA + 0.25%), 5/1/45(1) | 500 | 486,865 | |
$ 5,383,825 | |||
General Obligations — 31.6% | |||
Bexar County, TX, 3.00%, 6/15/30 | $ | 2,350 | $ 2,353,290 |
California, 2.85%, 12/1/32 | 500 | 485,400 | |
Columbia School District, MO, 2.10%, 3/1/27 | 500 | 480,470 | |
David Douglas School District No. 40, OR: | |||
0.00%, 6/15/26 | 525 | 487,001 | |
0.00%, 6/15/27 | 325 | 292,201 | |
0.00%, 6/15/28 | 310 | 270,187 | |
0.00%, 6/15/30 | 155 | 126,759 | |
0.00%, 6/15/32 | 750 | 570,360 | |
Decatur City Board of Education, AL, 5.00%, 2/1/25 | 50 | 50,969 | |
Fairfax County, VA, 5.00%, 10/1/31(2) | 1,000 | 1,183,355 | |
Forest Lake, MN, 2.15%, 2/1/27 | 300 | 289,506 | |
Frisco, TX, 2.00%, 2/15/33 | 415 | 361,162 | |
Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | 1,000 | 1,005,130 | |
Illinois, 5.00%, 3/1/25 | 1,750 | 1,780,590 | |
Knox County, TN, 2.90%, 6/1/32 | 2,000 | 1,906,180 | |
Lakeland, FL, 5.00%, 10/1/24 | 50 | 50,624 | |
Lewisville, TX, 2.75%, 2/15/33 | 1,530 | 1,435,522 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Lockhart Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/33 | $ | 155 | $ 156,562 |
Loudoun County, VA, 1.625%, 12/1/34 | 1,000 | 806,150 | |
Marathon County, WI, 2.00%, 2/1/32 | 985 | 856,132 | |
North Carolina, 2.00%, 6/1/33 | 1,365 | 1,187,004 | |
Orange County, NC, 2.875%, 2/1/32 | 450 | 432,680 | |
Pennsylvania, 4.00%, 5/1/32 | 500 | 530,670 | |
Rochester, MN, 1.25%, 2/1/31 | 1,195 | 989,508 | |
Rutherford County, TN, 1.50%, 4/1/33 | 1,500 | 1,216,245 | |
Sheldon Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/32 | 200 | 198,286 | |
Somerville, MA, 1.75%, 10/15/33 | 3,000 | 2,521,470 | |
Spring-Ford Area School District, PA: | |||
5.00%, 4/1/27 | 280 | 300,048 | |
5.00%, 4/1/28 | 300 | 328,194 | |
5.00%, 4/1/30 | 135 | 153,495 | |
Umatilla School District No. 6R, OR: | |||
0.00%, 6/15/25 | 70 | 66,982 | |
0.00%, 6/15/26 | 20 | 18,561 | |
0.00%, 6/15/27 | 150 | 134,951 | |
Worthington City School District, OH, 0.00%, 12/1/32 | 460 | 343,657 | |
$23,369,301 | |||
Hospital — 3.9% | |||
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/25 | $ | 25 | $ 25,172 |
Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), (LOC: TD Bank, N.A.), 3.75%, 10/1/45(3) | 700 | 700,000 | |
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Vanderbilt University Medical Center), 5.00%, 7/1/28 | 1,000 | 1,083,880 | |
Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 5.00%, 8/15/25 | 30 | 30,597 | |
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | 35 | 36,166 | |
University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 3.80%, 11/15/39(3) | 1,000 | 1,000,000 | |
$ 2,875,815 | |||
Housing — 14.8% | |||
Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $ | 495 | $ 521,151 |
Maine Housing Authority, Social Bonds, 3.125% to 5/1/24 (Put Date), 11/15/54 | 1,165 | 1,162,006 | |
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | 965 | 1,015,055 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
New York Mortgage Agency, 2.10%, 10/1/28 | $ | 135 | $ 124,573 |
North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 4.65%, 7/1/36(3) | 3,405 | 3,405,000 | |
Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | 745 | 789,923 | |
Pennsylvania Housing Finance Agency, SFMR, 2.10%, 4/1/28 | 915 | 849,513 | |
Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | 1,000 | 1,050,820 | |
Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | 1,915 | 2,050,601 | |
$10,968,642 | |||
Insured - General Obligations — 1.4% | |||
Rancho Santiago Community College District, CA, (Election of 2002), (AGM), 0.00%, 9/1/28 | $ | 1,210 | $ 1,058,218 |
$ 1,058,218 | |||
Insured - Lease Revenue/Certificates of Participation — 0.3% | |||
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | $ | 180 | $ 183,566 |
$ 183,566 | |||
Insured - Special Tax Revenue — 0.0%(4) | |||
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24 | $ | 10 | $ 10,129 |
$ 10,129 | |||
Insured - Water and Sewer — 0.1% | |||
Hamburg Municipal Authority, PA, Sewer Revenue, (AGM), 2.00%, 10/1/30 | $ | 75 | $ 67,142 |
$ 67,142 | |||
Lease Revenue/Certificates of Participation — 0.8% | |||
Miami-Dade County School Board, FL, 5.00%, 2/1/24 | $ | 300 | $ 300,000 |
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25 | 250 | 249,947 | |
$ 549,947 | |||
Other Revenue — 5.9% | |||
California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 4.00% to 8/1/31 (Put Date), 2/1/52 | $ | 840 | $ 847,863 |
Fort Myers, FL, Capital Improvement Revenue: | |||
5.00%, 12/1/27 | 255 | 264,147 | |
5.00%, 12/1/28 | 470 | 486,351 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
Fort Myers, FL, Capital Improvement Revenue: (continued) | |||
5.00%, 12/1/29 | $ | 600 | $ 619,572 |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 3/1/30 (Put Date), 7/1/53 | 2,000 | 2,121,600 | |
$ 4,339,533 | |||
Senior Living/Life Care — 4.4% | |||
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31 | $ | 1,225 | $ 1,245,764 |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/24 | 60 | 60,299 | |
5.00%, 11/15/25 | 60 | 60,731 | |
5.00%, 11/15/29 | 830 | 841,827 | |
Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.25%, 11/1/34 | 500 | 568,765 | |
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24 | 50 | 49,861 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | |||
4.00%, 11/15/24 | 65 | 64,763 | |
4.00%, 11/15/25 | 125 | 123,889 | |
4.00%, 11/15/28 | 30 | 29,145 | |
4.00%, 11/15/29 | 50 | 48,192 | |
4.00%, 11/15/30 | 140 | 133,804 | |
$ 3,227,040 | |||
Special Tax Revenue — 1.6% | |||
Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 4.65%, 11/1/38(3) | $ | 1,215 | $ 1,215,000 |
$ 1,215,000 | |||
Transportation — 11.9% | |||
Hawaii, Highway Revenue, 5.00%, 1/1/29 | $ | 2,500 | $ 2,620,075 |
Maryland Department of Transportation, 3.00%, 9/1/32 | 500 | 485,910 | |
New York State Thruway Authority, 5.00%, 1/1/30(2) | 915 | 1,034,293 | |
Ohio, Major New State Infrastructure Project Revenue, 5.00%, 12/15/32 | 1,000 | 1,155,710 | |
Pennsylvania Turnpike Commission, (LOC: TD Bank, N.A.), 4.70%, 12/1/38(3) | 3,500 | 3,500,000 | |
$ 8,795,988 | |||
Water and Sewer — 7.0% | |||
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25 | $ | 55 | $ 55,736 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/29 | $ | 1,500 | $ 1,657,815 |
Miami-Dade County, FL, Water and Sewer System Revenue, 5.00%, 10/1/24 | 1,000 | 1,013,200 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 2,500 | 2,477,450 | |
$ 5,204,201 | |||
Total Tax-Exempt Municipal Obligations (identified cost $71,254,461) | $72,002,198 |
Short-Term Investments — 6.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(5) | 4,512,016 | $ 4,512,016 | |
Total Short-Term Investments (identified cost $4,512,016) | $ 4,512,016 | ||
Total Investments — 103.5% (identified cost $75,766,477) | $76,514,214 | ||
Other Assets, Less Liabilities — (3.5)% | $ (2,557,070) | ||
Net Assets — 100.0% | $73,957,144 |
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, 2024. |
(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, 2024. |
(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, 2024. |
At January 31, 2024, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
Pennsylvania | 12.9% |
Texas | 11.2% |
Others, representing less than 10% individually | 73.3% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2024, 1.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 1.5% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
LOC | – Letter of Credit |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
January 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $71,254,461) | $ 72,002,198 |
Affiliated investments, at value (identified cost $4,512,016) | 4,512,016 |
Cash | 511,528 |
Interest receivable | 508,770 |
Dividends receivable from affiliated investments | 20,954 |
Receivable for Fund shares sold | 75,523 |
Trustees' deferred compensation plan | 14,749 |
Total assets | $77,645,738 |
Liabilities | |
Payable for when-issued securities | $ 3,464,227 |
Payable for Fund shares redeemed | 102,952 |
Payable to affiliates: | |
Investment adviser and administration fee | 19,406 |
Distribution and service fees | 3,849 |
Trustees' deferred compensation plan | 14,749 |
Other | 11,567 |
Accrued expenses | 71,844 |
Total liabilities | $ 3,688,594 |
Net Assets | $73,957,144 |
Sources of Net Assets | |
Paid-in capital | $ 76,076,850 |
Accumulated loss | (2,119,706) |
Net Assets | $73,957,144 |
Class A Shares | |
Net Assets | $ 7,361,871 |
Shares Outstanding | 714,717 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.30 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 10.65 |
Class C Shares | |
Net Assets | $ 2,627,869 |
Shares Outstanding | 255,124 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 10.30 |
Class I Shares | |
Net Assets | $ 63,967,404 |
Shares Outstanding | 6,203,696 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.31 |
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, 2024 | |
Investment Income | |
Dividend income from affiliated investments | $ 202,976 |
Interest income | 2,545,402 |
Total investment income | $2,748,378 |
Expenses | |
Investment adviser and administration fee | $ 242,676 |
Distribution and service fees: | |
Class A | 21,269 |
Class C | 29,957 |
Trustees’ fees and expenses | 5,328 |
Custodian fee | 26,739 |
Transfer and dividend disbursing agent fees | 31,287 |
Legal and accounting services | 40,858 |
Printing and postage | 7,456 |
Registration fees | 55,888 |
Miscellaneous | 13,108 |
Total expenses | $ 474,566 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 126,114 |
Total expense reductions | $ 126,114 |
Net expenses | $ 348,452 |
Net investment income | $2,399,926 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (592,196) |
Net realized loss | $ (592,196) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (234,194) |
Net change in unrealized appreciation (depreciation) | $ (234,194) |
Net realized and unrealized loss | $ (826,390) |
Net increase in net assets from operations | $1,573,536 |
Year Ended January 31, | ||
2024 | 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 2,399,926 | $ 1,500,697 |
Net realized loss | (592,196) | (2,441,229) |
Net change in unrealized appreciation (depreciation) | (234,194) | (225,244) |
Net increase (decrease) in net assets from operations | $ 1,573,536 | $ (1,165,776) |
Distributions to shareholders: | ||
Class A | $ (238,475) | $ (178,045) |
Class C | (61,531) | (30,862) |
Class I | (1,963,426) | (1,334,584) |
Total distributions to shareholders | $ (2,263,432) | $ (1,543,491) |
Transactions in shares of beneficial interest: | ||
Class A | $ (1,553,313) | $ (5,085,490) |
Class C | (538,303) | (309,226) |
Class I | 3,260,776 | (12,082,234) |
Net increase (decrease) in net assets from Fund share transactions | $ 1,169,160 | $(17,476,950) |
Net increase (decrease) in net assets | $ 479,264 | $(20,186,217) |
Net Assets | ||
At beginning of year | $ 73,477,880 | $ 93,664,097 |
At end of year | $73,957,144 | $ 73,477,880 |
Class A | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 10.37 | $ 10.59 | $ 10.91 | $ 10.60 | $ 10.24 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.29 | $ 0.17 | $ 0.10 | $ 0.13 | $ 0.17 |
Net realized and unrealized gain (loss) | (0.07) | (0.21) | (0.30) | 0.31 | 0.36 |
Total income (loss) from operations | $ 0.22 | $ (0.04) | $ (0.20) | $ 0.44 | $ 0.53 |
Less Distributions | |||||
From net investment income | $ (0.29) | $ (0.17) | $ (0.10) | $ (0.13) | $ (0.17) |
From net realized gain | — | (0.01) | (0.02) | — | — |
Total distributions | $ (0.29) | $ (0.18) | $ (0.12) | $ (0.13) | $ (0.17) |
Net asset value — End of year | $10.30 | $10.37 | $ 10.59 | $ 10.91 | $ 10.60 |
Total Return(1) | 2.15% | (0.37)% | (1.87)% | 4.19% | 5.23% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 7,362 | $ 9,006 | $14,526 | $22,853 | $19,901 |
Ratios (as a percentage of average daily net assets):(2) | |||||
Total expenses | 0.81% | 0.80% | 0.78% | 0.81% | 0.83% |
Net expenses | 0.64% (3) | 0.64% (3) | 0.65% | 0.65% | 0.65% |
Net investment income | 2.99% | 1.57% | 0.92% | 1.23% | 1.64% |
Portfolio Turnover | 82% | 90% | 34% | 81% | 41% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(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 0.01% of average daily net assets for the years ended January 31, 2024 and 2023). |
Class C | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 10.37 | $ 10.59 | $ 10.91 | $ 10.59 | $ 10.24 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.21 | $ 0.09 | $ 0.02 | $ 0.05 | $ 0.09 |
Net realized and unrealized gain (loss) | (0.07) | (0.21) | (0.30) | 0.32 | 0.35 |
Total income (loss) from operations | $ 0.14 | $ (0.12) | $ (0.28) | $ 0.37 | $ 0.44 |
Less Distributions | |||||
From net investment income | $ (0.21) | $ (0.09) | $ (0.02) | $ (0.05) | $ (0.09) |
From net realized gain | — | (0.01) | (0.02) | — | — |
Total distributions | $ (0.21) | $ (0.10) | $ (0.04) | $ (0.05) | $ (0.09) |
Net asset value — End of year | $10.30 | $10.37 | $10.59 | $10.91 | $10.59 |
Total Return(1) | 1.39% | (1.12)% | (2.60)% | 3.52% | 4.35% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 2,628 | $ 3,198 | $ 3,591 | $ 3,994 | $ 3,875 |
Ratios (as a percentage of average daily net assets):(2) | |||||
Total expenses | 1.56% | 1.55% | 1.53% | 1.56% | 1.58% |
Net expenses | 1.39% (3) | 1.39% (3) | 1.40% | 1.40% | 1.40% |
Net investment income | 2.24% | 0.89% | 0.17% | 0.48% | 0.90% |
Portfolio Turnover | 82% | 90% | 34% | 81% | 41% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(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 0.01% of average daily net assets for the years ended January 31, 2024 and 2023). |
Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 10.38 | $ 10.60 | $ 10.92 | $ 10.61 | $ 10.25 |
Income (Loss) From Operations | |||||
Net investment income | $ 0.31 | $ 0.20 | $ 0.13 | $ 0.16 | $ 0.20 |
Net realized and unrealized gain (loss) | (0.07) | (0.22) | (0.30) | 0.31 | 0.36 |
Total income (loss) from operations | $ 0.24 | $ (0.02) | $ (0.17) | $ 0.47 | $ 0.56 |
Less Distributions | |||||
From net investment income | $ (0.31) | $ (0.19) | $ (0.13) | $ (0.16) | $ (0.20) |
From net realized gain | — | (0.01) | (0.02) | — | — |
Total distributions | $ (0.31) | $ (0.20) | $ (0.15) | $ (0.16) | $ (0.20) |
Net asset value — End of year | $ 10.31 | $ 10.38 | $ 10.60 | $ 10.92 | $ 10.61 |
Total Return(1) | 2.40% | (0.12)% | (1.62)% | 4.45% | 5.49% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $63,967 | $61,275 | $75,548 | $66,298 | $47,792 |
Ratios (as a percentage of average daily net assets):(2) | |||||
Total expenses | 0.56% | 0.55% | 0.53% | 0.56% | 0.58% |
Net expenses | 0.39% (3) | 0.39% (3) | 0.40% | 0.40% | 0.40% |
Net investment income | 3.23% | 1.88% | 1.17% | 1.46% | 1.88% |
Portfolio Turnover | 82% | 90% | 34% | 81% | 41% |
(1) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(2) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(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 0.01% of average daily net assets for the years ended January 31, 2024 and 2023). |
Year Ended January 31, | ||
2024 | 2023 | |
Tax-exempt income | $2,082,606 | $1,360,117 |
Ordinary income | $ 180,826 | $ 152,565 |
Long-term capital gains | $ — | $ 30,809 |
Undistributed tax-exempt income | $ 15,978 |
Deferred capital losses | (3,026,522) |
Net unrealized appreciation | 890,838 |
Accumulated loss | $(2,119,706) |
Aggregate cost | $75,623,376 |
Gross unrealized appreciation | $ 1,170,735 |
Gross unrealized depreciation | (279,897) |
Net unrealized appreciation | $ 890,838 |
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, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 76,311 | $ 780,068 | 127,739 | $ 1,306,576 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 23,387 | 237,363 | 17,448 | 177,448 | |
Redemptions | (253,620) | (2,570,744) | (648,240) | (6,569,514) | |
Net decrease | (153,922) | $ (1,553,313) | (503,053) | $ (5,085,490) | |
Class C | |||||
Sales | 5,386 | $ 54,883 | 69,657 | $ 699,085 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 6,059 | 61,483 | 3,041 | 30,862 | |
Redemptions | (64,743) | (654,669) | (103,349) | (1,039,173) | |
Net decrease | (53,298) | $ (538,303) | (30,651) | $ (309,226) |
Year Ended January 31, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 2,674,876 | $ 27,244,712 | 5,026,077 | $ 51,335,670 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 193,284 | 1,963,280 | 131,048 | 1,333,361 | |
Redemptions | (2,568,409) | (25,947,216) | (6,379,165) | (64,751,265) | |
Net increase (decrease) | 299,751 | $ 3,260,776 | (1,222,040) | $(12,082,234) |
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 | $6,057,601 | $60,484,807 | $(62,030,392) | $ — | $ — | $4,512,016 | $202,976 | 4,512,016 |
• | 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 | $ — | $ 72,002,198 | $ — | $ 72,002,198 |
Short-Term Investments | 4,512,016 | — | — | 4,512,016 |
Total Investments | $ 4,512,016 | $ 72,002,198 | $ — | $76,514,214 |
Boston, Massachusetts
March 20, 2024
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management ‘Classic’ (2009-2020). |
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. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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. |
One Post Office Square
Boston, MA 02109
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02109
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, 2023 and January 31, 2024 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 | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 86,050 | $ | 86,500 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 86,050 | $ | 86,500 | ||||
|
|
|
|
Parametric TABS Intermediate-Term Municipal Bond Fund
Fiscal Years Ended | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 45,250 | $ | 45,700 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 1,825 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 47,075 | $ | 45,700 | ||||
|
|
|
|
Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund
Fiscal Years Ended | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 17,650 | $ | 50,500 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 0 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 17,650 | $ | 50,500 | ||||
|
|
|
|
Parametric TABS Short-Term Municipal Bond Fund
Fiscal Years Ended | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 44,950 | $ | 45,400 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 1,825 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 46,775 | $ | 45,400 | ||||
|
|
|
|
Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund
Fiscal Years Ended | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 34,750 | $ | 35,200 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 2,175 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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|
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Total | $ | 36,925 | $ | 35,200 | ||||
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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, 2024, 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 | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 228,650 | $ | 263,300 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 5,825 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 234,475 | $ | 263,300 | ||||
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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 | 1/31/23 | 1/31/24 | ||||||
Registrant(1) | $ | 5,825 | $ | 0 | ||||
Eaton Vance(2) | $ | 52,836 | $ | 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.
(i) Not applicable.
(j) Not applicable.
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) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Municipals Trust II
By: | /s/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President |
Date: March 25, 2024
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 25, 2024
By: | /s/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President |
Date: March 25, 2024