% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 01/29/1999 | 1.91% | (3.26)% | 1.56% | 4.50% |
Fund at Market Price | — | (1.94) | (11.56) | 0.93 | 2.46 |
Bloomberg Municipal Bond Index | — | 1.94% | 0.49% | 1.65% | 2.28% |
% Premium/Discount to NAV3 | |
As of period end | (12.33)% |
Distributions4 | |
Total Distributions per share for the period | $0.246 |
Distribution Rate at NAV | 4.40% |
Taxable-Equivalent Distribution Rate at NAV | 7.43 |
Distribution Rate at Market Price | 5.02 |
Taxable-Equivalent Distribution Rate at Market Price | 8.47 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 30.16% |
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. |
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 | Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the ten year period is the impact of the 2016 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 94.5% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. |
3 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
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 or market price 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. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. 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, as applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s) will vary depending on your income, exemptions and deductions. Rates do not include local taxes. |
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 price volatility). 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. |
Important Notice to Shareholders | |
On January 26, 2023, the Fund’s Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the Fund’s By-Laws. |
Corporate Bonds — 2.5% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.5% | |||
Grand Canyon University, 4.125%, 10/1/24 | $ | 2,500 | $ 2,368,750 |
$ 2,368,750 | |||
Hospital — 1.1% | |||
Boston Medical Center Corp., 4.581%, 7/1/47 | $ | 835 | $ 702,288 |
Montefiore Obligated Group, 4.287%, 9/1/50 | 6,945 | 4,245,420 | |
$ 4,947,708 | |||
Other — 0.9% | |||
Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 3,470 | $ 3,706,932 |
$ 3,706,932 | |||
Total Corporate Bonds (identified cost $14,223,450) | $ 11,023,390 |
Tax-Exempt Municipal Obligations — 133.0% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.2% | |||
Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 | $ | 1,000 | $ 1,207,960 |
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 330 | 374,557 | |
Texas Water Development Board, 4.00%, 10/15/37(2) | 8,125 | 8,178,462 | |
$ 9,760,979 | |||
Cogeneration — 0.0%(3) | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(4) | $ | 630 | $ 113,437 |
$ 113,437 | |||
Education — 7.9% | |||
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49(1) | $ | 1,115 | $ 1,009,543 |
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 430 | 321,520 | |
California State University, 5.00%, 11/1/41(2) | 13,000 | 13,583,570 | |
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): | |||
5.375%, 6/15/38(1) | 350 | 336,556 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): (continued) | |||
5.375%, 6/15/48(1) | $ | 655 | $ 595,205 |
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55 | 325 | 315,920 | |
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49 | 390 | 383,304 | |
District of Columbia, (KIPP DC), 4.00%, 7/1/44 | 485 | 419,656 | |
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(1) | 250 | 224,685 | |
Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53(1) | 1,000 | 984,920 | |
Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/42(2) | 950 | 1,003,741 | |
Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59 | 5,580 | 6,521,011 | |
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33 | 770 | 779,232 | |
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35 | 1,640 | 1,978,316 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
4.00%, 4/1/52(1) | 245 | 185,806 | |
5.00%, 4/1/40(1) | 710 | 687,188 | |
5.00%, 4/1/50(1) | 360 | 331,099 | |
Tennessee State School Bond Authority, 5.00%, 11/1/52(2) | 5,000 | 5,472,600 | |
$ 35,133,872 | |||
Electric Utilities — 3.4% | |||
Austin, TX, Electric Utility Revenue, 5.25%, 11/15/53(2) | $ | 6,000 | $ 6,641,460 |
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | 4,040 | 3,383,217 | |
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 6.00%, 5/15/52 | 2,000 | 2,295,860 | |
New York Power Authority, Green Bonds, 4.00%, 11/15/55 | 3,000 | 2,879,340 | |
$ 15,199,877 | |||
Escrowed/Prerefunded — 7.1% | |||
California Health Facilities Financing Authority, (Sutter Health Obligation Group), Prerefunded to 8/15/23, 5.00%, 8/15/52(2) | $ | 10,000 | $ 10,033,500 |
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), Prerefunded to 7/1/24, 5.00%, 7/1/39 | 175 | 177,835 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
Massachusetts Development Finance Agency, (Children's Hospital), Prerefunded to 10/1/24, 5.00%, 10/1/46(2) | $ | 10,000 | $ 10,197,100 |
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31 | 205 | 205,283 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
Prerefunded to 4/1/30, 5.00%, 4/1/40(1) | 45 | 50,859 | |
Prerefunded to 4/1/30, 5.00%, 4/1/50(1) | 20 | 22,604 | |
Prerefunded to 4/1/32, 4.00%, 4/1/52(1) | 5 | 5,470 | |
Savannah Economic Development Authority, GA, (Marshes Skidaway), Prerefunded to 1/1/24, 7.125%, 1/1/38 | 4,960 | 5,061,283 | |
Will County, IL, Prerefunded to 11/15/25, 5.00%, 11/15/45(2) | 5,625 | 5,841,619 | |
$ 31,595,553 | |||
General Obligations — 15.3% | |||
Allegheny County, PA, 5.00%, 11/1/43(2) | $ | 2,875 | $ 3,068,344 |
Chicago Board of Education, IL, 5.00%, 12/1/42 | 8,160 | 7,845,432 | |
Chicago, IL: | |||
5.00%, 1/1/44 | 1,000 | 984,790 | |
5.75%, 1/1/33 | 1,500 | 1,597,845 | |
Cleveland, OH, 5.00%, 12/1/43(2) | 2,775 | 2,942,055 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/48 | 2,150 | 2,100,851 | |
Illinois: | |||
5.00%, 5/1/35 | 1,415 | 1,425,330 | |
5.00%, 12/1/42 | 3,020 | 3,079,675 | |
5.50%, 5/1/39 | 290 | 316,709 | |
5.75%, 5/1/45 | 295 | 320,488 | |
Jackson Public Schools, MI, 5.00%, 5/1/48(2) | 2,850 | 2,936,041 | |
Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/53 | 5,000 | 4,766,550 | |
Leander Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/39 | 17,900 | 8,372,546 | |
Massachusetts, 5.00%, 9/1/38(2) | 14,500 | 15,635,060 | |
Pennsylvania, 5.00%, 3/1/32(2) | 2,250 | 2,463,368 | |
Peters Township School District, PA, 5.00%, 9/1/40(2) | 2,750 | 2,979,707 | |
Puerto Rico, 0.00%, 7/1/33 | 3,000 | 1,762,410 | |
Township High School District No. 203, IL, 2.00%, 12/15/34 | 2,480 | 2,079,009 | |
Trenton Public Schools, MI, 5.00%, 5/1/42(2) | 2,850 | 3,053,404 | |
$ 67,729,614 |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 8.2% | |||
Allen County, OH, (Mercy Health), 4.00%, 8/1/47(2) | $ | 1,000 | $ 931,160 |
Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42 | 1,985 | 1,987,680 | |
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 | 1,185 | 1,097,713 | |
Chester County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 9/1/50 | 2,125 | 1,929,117 | |
Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.50%, 11/1/47 | 1,500 | 1,601,145 | |
Franklin County, OH, (Trinity Health Credit Group), 5.00%, 12/1/47(2) | 2,800 | 2,857,736 | |
Hamilton County, OH, (Cincinnati Children's Hospital Medical Center), 5.00%, 5/15/34 | 250 | 253,743 | |
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/47(2) | 3,550 | 3,643,684 | |
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/42(2) | 2,850 | 2,936,725 | |
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/48 | 1,495 | 1,313,866 | |
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | 100 | 100,046 | |
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31 | 45 | 45,055 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39(2) | 3,425 | 3,517,612 | |
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | 2,950 | 3,091,187 | |
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/48 | 750 | 698,280 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42 | 5,250 | 5,032,335 | |
Southeastern Ohio Port Authority, OH, (Memorial Health System Obligated Group): | |||
5.00%, 12/1/43 | 875 | 707,131 | |
5.50%, 12/1/43 | 750 | 660,293 | |
West Virginia Hospital Finance Authority, (West Virginia Health System Obligated Group), 4.375%, 6/1/53 | 4,075 | 3,940,240 | |
$ 36,344,748 | |||
Housing — 1.4% | |||
CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57(1) | $ | 6,425 | $ 4,239,729 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA,FNMA,FHLMC), 4.70%, 7/1/53 | $ | 2,000 | $ 1,956,160 |
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31 | 180 | 176,400 | |
$ 6,372,289 | |||
Industrial Development Revenue — 8.7% | |||
Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.70%, 5/1/53 | $ | 3,385 | $ 3,401,891 |
Cleveland, OH, (Continental Airlines), 5.375%, 9/15/27 | 555 | 556,693 | |
Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52(1) | 1,500 | 1,395,270 | |
Houston, TX, (United Airlines, Inc.), (AMT), 4.00%, 7/15/41 | 3,850 | 3,360,934 | |
Iowa Finance Authority, (Iowa Fertilizer Co.), 5.00%, 12/1/50 | 1,500 | 1,506,750 | |
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1) | 1,075 | 1,079,827 | |
National Finance Authority, NH, (Covanta): | |||
4.625%, 11/1/42(1) | 1,580 | 1,350,537 | |
(AMT), 4.875%, 11/1/42(1) | 1,740 | 1,537,220 | |
New Jersey Economic Development Authority, (Continental Airlines): | |||
(AMT), 5.125%, 9/15/23 | 15 | 15,007 | |
(AMT), 5.25%, 9/15/29 | 4,815 | 4,827,519 | |
(AMT), 5.50%, 6/1/33 | 750 | 757,973 | |
(AMT), 5.625%, 11/15/30 | 4,535 | 4,597,266 | |
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/47 | 750 | 742,643 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40 | 10,140 | 10,273,949 | |
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | 1,000 | 1,135,040 | |
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35 | 2,000 | 1,956,520 | |
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1) | 300 | 294,696 | |
$ 38,789,735 | |||
Insured - Education — 0.6% | |||
Massachusetts College Building Authority, (AGC), 5.50%, 5/1/39 | $ | 1,000 | $ 1,192,590 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Education (continued) | |||
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(2) | $ | 1,365 | $ 1,623,982 |
$ 2,816,572 | |||
Insured - Electric Utilities — 4.6% | |||
Cleveland, OH, Public Power System Revenue: | |||
(NPFG), 0.00%, 11/15/27 | $ | 710 | $ 607,121 |
(NPFG), 0.00%, 11/15/38 | 2,000 | 1,006,780 | |
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project J), (AGM), 5.00%, 7/1/64 | 3,125 | 3,255,563 | |
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), (AGM), 5.25%, 5/15/53(2) | 4,000 | 4,379,960 | |
Ohio Municipal Electric Generation Agency: | |||
(NPFG), 0.00%, 2/15/25 | 815 | 763,777 | |
(NPFG), 0.00%, 2/15/26 | 3,000 | 2,713,650 | |
Puerto Rico Electric Power Authority: | |||
(NPFG), 5.25%, 7/1/29 | 1,515 | 1,502,168 | |
(NPFG), 5.25%, 7/1/32 | 250 | 247,085 | |
(NPFG), 5.25%, 7/1/34 | 1,445 | 1,427,992 | |
South Carolina Public Service Authority, (AGM), 5.75%, 12/1/52 | 4,000 | 4,472,800 | |
$ 20,376,896 | |||
Insured - Escrowed/Prerefunded — 0.1% | |||
Bay City Brownfield Redevelopment Authority, MI, (BAM), Prerefunded to 10/1/23, 5.375%, 10/1/38 | $ | 500 | $ 503,150 |
$ 503,150 | |||
Insured - General Obligations — 0.8% | |||
Canal Winchester Local School District, OH, (NPFG), 0.00%, 12/1/30 | $ | 2,455 | $ 1,906,725 |
Detroit School District, MI, (AGM), 5.25%, 5/1/32 | 300 | 346,815 | |
Massachusetts, (AMBAC), 5.50%, 8/1/30 | 1,000 | 1,161,360 | |
$ 3,414,900 | |||
Insured - Hospital — 0.1% | |||
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ | 250 | $ 256,305 |
$ 256,305 | |||
Insured - Lease Revenue/Certificates of Participation — 1.2% | |||
New Jersey Economic Development Authority, (Motor Vehicle Surcharges): | |||
(AGC), 0.00%, 7/1/26 | $ | 760 | $ 675,488 |
(AGC), 0.00%, 7/1/27 | 2,020 | 1,730,009 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Lease Revenue/Certificates of Participation (continued) | |||
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28 | $ | 1,000 | $ 1,103,370 |
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 | 2,400 | 1,983,288 | |
$ 5,492,155 | |||
Insured - Other Revenue — 0.3% | |||
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | $ | 590 | $ 730,898 |
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46 | 560 | 430,214 | |
$ 1,161,112 | |||
Insured - Special Tax Revenue — 5.1% | |||
Garden State Preservation Trust, NJ, (AGM), 0.00%, 11/1/25 | $ | 5,250 | $ 4,824,697 |
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | 4,210 | 2,426,560 | |
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29 | 1,000 | 1,129,100 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42 | 4,000 | 3,761,760 | |
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/37 | 20,700 | 10,569,213 | |
$ 22,711,330 | |||
Insured - Transportation — 5.6% | |||
Alameda Corridor Transportation Authority, CA, (NPFG), 0.00%, 10/1/33 | $ | 12,425 | $ 8,462,295 |
Chicago, IL, (O'Hare International Airport), (AGM), 5.50%, 1/1/43 | 935 | 936,103 | |
New Jersey Economic Development Authority, (The Goethals Bridge Replacement): | |||
(AGM), (AMT), 5.00%, 1/1/31 | 850 | 856,128 | |
(AGM), (AMT), 5.125%, 1/1/39 | 1,500 | 1,506,585 | |
New York Thruway Authority, (AGM), 3.00%, 1/1/46 | 2,555 | 1,993,002 | |
Ohio Turnpike Commission: | |||
(NPFG), 5.50%, 2/15/24 | 350 | 355,404 | |
(NPFG), 5.50%, 2/15/26 | 1,000 | 1,052,600 | |
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AGM), (AMT), 5.00%, 12/31/57 | 5,500 | 5,627,325 | |
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38 | 2,500 | 2,811,150 | |
Philadelphia Parking Authority, PA, (AMBAC), 5.25%, 2/15/29 | 1,005 | 1,006,538 | |
$ 24,607,130 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Water and Sewer — 7.2% | |||
DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35(2) | $ | 17,985 | $ 18,901,156 |
Jefferson County, AL, Sewer Revenue: | |||
(AGM), 0.00%, 10/1/34 | 6,000 | 3,018,300 | |
(AGM), 0.00%, 10/1/35 | 6,680 | 3,146,280 | |
(AGM), 0.00%, 10/1/36 | 7,000 | 3,080,630 | |
(AGM), 5.00%, 10/1/44 | 3,750 | 3,815,287 | |
$ 31,961,653 | |||
Lease Revenue/Certificates of Participation — 4.6% | |||
Baltimore, MD, (Harbor Point), 4.875%, 6/1/42 | $ | 555 | $ �� 528,244 |
Michigan State Building Authority, 5.00%, 10/15/51(2) | 2,850 | 2,933,220 | |
New Jersey Economic Development Authority, (Portal North Bridge Project), 5.00%, 11/1/52 | 3,500 | 3,672,410 | |
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/48 | 8,000 | 8,241,040 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program): | |||
4.00%, 6/15/39 | 1,100 | 1,067,473 | |
4.25%, 6/15/44(5) | 1,000 | 982,890 | |
5.25%, 6/15/43 | 2,730 | 2,864,698 | |
$ 20,289,975 | |||
Other Revenue — 1.9% | |||
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $ | 5,055 | $ 4,683,457 |
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6) | 1,925 | 346,500 | |
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51 | 1,665 | 1,735,130 | |
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1) | 485 | 498,827 | |
Military Installation Development Authority, UT, 4.00%, 6/1/41 | 500 | 402,665 | |
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 890 | 877,033 | |
$ 8,543,612 | |||
Senior Living/Life Care — 5.6% | |||
California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29(1) | $ | 230 | $ 215,243 |
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50 | 215 | 196,923 | |
Colorado Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58 | 1,510 | 1,091,896 | |
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32 | 265 | 256,719 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Franklin County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44 | $ | 650 | $ 639,067 |
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/32 | 725 | 680,565 | |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.): | |||
5.00%, 11/15/33(1) | 775 | 800,513 | |
5.00%, 11/15/38(1) | 545 | 552,265 | |
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(1) | 310 | 272,391 | |
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/38 | 3,715 | 3,310,622 | |
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.40%, 10/1/44 | 1,480 | 1,291,848 | |
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 2,710 | 1,812,611 | |
National Finance Authority, NH, (The Vista): | |||
5.25%, 7/1/39(1) | 780 | 701,540 | |
5.625%, 7/1/46(1) | 465 | 417,184 | |
5.75%, 7/1/54(1) | 1,270 | 1,131,138 | |
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): | |||
5.00%, 7/1/32 | 200 | 191,264 | |
5.00%, 7/1/33 | 125 | 118,630 | |
5.00%, 7/1/34 | 130 | 122,389 | |
Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27(1) | 1,200 | 1,157,376 | |
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/41 | 2,095 | 1,631,816 | |
Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39(1) | 775 | 651,093 | |
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1) | 145 | 157,622 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41 | 2,665 | 2,484,046 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44 | 4,030 | 3,934,086 | |
Warren County, OH, (Otterbein Homes Obligated Group), 5.75%, 7/1/33 | 275 | 275,478 | |
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/39(1) | 750 | 600,510 | |
$ 24,694,835 | |||
Special Tax Revenue — 15.8% | |||
Cleveland, OH, Income Tax Revenue: | |||
5.00%, 10/1/39(2) | $ | 550 | $ 586,443 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Cleveland, OH, Income Tax Revenue: (continued) | |||
5.00%, 10/1/43(2) | $ | 2,200 | $ 2,328,304 |
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | 275 | 223,660 | |
New River Community Development District, FL, (Capital Improvements): | |||
5.00%, 5/1/13(6) | 90 | 0 | |
5.35%, 5/1/38(6) | 35 | 0 | |
5.75%, 5/1/38 | 120 | 120,980 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 8/1/39(2) | 6,500 | 6,510,010 | |
5.00%, 8/1/39(2) | 12,400 | 12,583,768 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43(2) | 14,100 | 14,940,642 | |
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45(2) | 5,600 | 5,473,384 | |
New York Thruway Authority, Personal Income Tax Revenue, Green Bonds, 5.00%, 3/15/55(2) | 10,000 | 10,745,500 | |
Puerto Rico Sales Tax Financing Corp.: | |||
0.00%, 7/1/24 | 126 | 120,557 | |
0.00%, 7/1/27 | 251 | 211,335 | |
0.00%, 7/1/29 | 246 | 188,574 | |
0.00%, 7/1/31 | 316 | 219,212 | |
0.00%, 7/1/33 | 357 | 223,282 | |
0.00%, 7/1/46 | 3,403 | 919,627 | |
0.00%, 7/1/51 | 2,773 | 552,243 | |
4.50%, 7/1/34 | 286 | 286,712 | |
4.536%, 7/1/53 | 36 | 32,222 | |
5.00%, 7/1/58 | 4,752 | 4,552,131 | |
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 580 | 579,931 | |
Southern Hills Plantation I Community Development District, FL: | |||
Series A1, 5.80%, 5/1/35 | 193 | 171,729 | |
Series A2, 5.80%, 5/1/35 | 165 | 110,774 | |
Sterling Hill Community Development District, FL, 6.20%, 5/1/35 | 552 | 281,404 | |
Tolomato Community Development District, FL, 3.25%, 5/1/40 | 1,900 | 1,468,396 | |
Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 5/15/47(2) | 4,275 | 4,738,795 | |
Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue, 4.00%, 5/15/48 | 2,000 | 1,908,460 | |
$ 70,078,075 |
Security | Principal Amount (000's omitted) | Value | |
Transportation — 15.2% | |||
Chicago, IL, (O'Hare International Airport), (AMT), 5.50%, 1/1/55(2) | $ | 4,500 | $ 4,755,240 |
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30 | 1,000 | 1,006,950 | |
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey: | |||
5.00%, 7/1/37(2) | 1,825 | 1,936,818 | |
5.00%, 7/1/47(2) | 6,525 | 6,771,058 | |
Denver City and County, CO, Airport System Revenue, (AMT), 5.75%, 11/15/45 | 2,500 | 2,804,175 | |
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 3,000 | 3,098,220 | |
Minneapolis-St. Paul Metropolitan Airports Commission, MN, 4.25%, 1/1/52 | 1,500 | 1,469,280 | |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
(AMT), 5.00%, 12/1/39 | 1,060 | 1,101,743 | |
(AMT), 5.00%, 7/1/41 | 2,150 | 2,137,616 | |
(AMT), 5.00%, 7/1/46 | 2,485 | 2,420,340 | |
(AMT), 5.25%, 1/1/50 | 1,055 | 1,051,012 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/38 | 4,550 | 4,749,563 | |
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/47 | 5,000 | 5,071,850 | |
Port Authority of New York and New Jersey: | |||
5.00%, 10/15/42(2) | 6,250 | 6,574,812 | |
(AMT), 4.00%, 9/1/33(2) | 7,200 | 7,219,944 | |
South Jersey Transportation Authority, NJ, 5.25%, 11/1/52 | 1,500 | 1,583,610 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35 | 205 | 214,217 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 6,000 | 5,931,180 | |
Texas Transportation Commission, 0.00%, 8/1/37 | 725 | 357,005 | |
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/39 | 750 | 325,763 | |
Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39 | 1,435 | 1,326,944 | |
Virginia Small Business Financing Authority, (Elizabeth River Crossings Opco, LLC), (AMT), 4.00%, 1/1/38 | 4,750 | 4,440,252 | |
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52 | 1,000 | 990,800 | |
$ 67,338,392 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer — 10.1% | |||
Atlanta, GA, Water and Wastewater Revenue: | |||
5.00%, 11/1/40(2) | $ | 10,000 | $ 10,231,300 |
5.00%, 11/1/47(2) | 14,100 | 14,752,830 | |
Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/43(2) | 9,550 | 9,567,572 | |
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34 | 4,130 | 4,173,696 | |
Sussex County Municipal Utilities Authority, NJ, 0.00%, 12/1/36 | 1,250 | 720,575 | |
Texas Water Development Board, 4.00%, 10/15/47(2) | 5,500 | 5,412,715 | |
$ 44,858,688 | |||
Total Tax-Exempt Municipal Obligations (identified cost $592,710,489) | $ 590,144,884 |
Taxable Municipal Obligations — 5.5% |
Security | Principal Amount (000's omitted) | Value | |
Cogeneration — 0.0%(3) | |||
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(4) | $ | 300 | $ 54,006 |
$ 54,006 | |||
Escrowed/Prerefunded — 0.6% | |||
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42 | $ | 2,394 | $ 2,480,567 |
$ 2,480,567 | |||
General Obligations — 2.3% | |||
Atlantic City, NJ, 7.50%, 3/1/40 | $ | 6,880 | $ 7,758,438 |
Chicago, IL, 7.75%, 1/1/42 | 2,424 | 2,478,686 | |
$ 10,237,124 | |||
Hospital — 1.3% | |||
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ | 6,000 | $ 5,959,500 |
$ 5,959,500 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Education — 0.5% | |||
Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41 | $ | 2,745 | $ 2,021,336 |
$ 2,021,336 | |||
Insured - Transportation — 0.3% | |||
Alameda Corridor Transportation Authority, CA: | |||
(AMBAC), 0.00%, 10/1/32 | $ | 1,285 | $ 783,233 |
(AMBAC), 0.00%, 10/1/33 | 1,000 | 572,750 | |
$ 1,355,983 | |||
Lease Revenue/Certificates of Participation — 0.2% | |||
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(7) | $ | 750 | $ 764,902 |
$ 764,902 | |||
Special Tax Revenue — 0.3% | |||
American Samoa Economic Development Authority: | |||
2.47%, 9/1/24(1) | $ | 475 | $ 455,226 |
3.72%, 9/1/27(1) | 1,115 | 993,978 | |
$ 1,449,204 | |||
Student Loan — 0.0%(3) | |||
Massachusetts Educational Financing Authority, 4.70%, 1/1/30 | $ | 90 | $ 89,783 |
$ 89,783 | |||
Total Taxable Municipal Obligations (identified cost $24,373,424) | $ 24,412,405 |
Trust Units — 0.6% |
Security | Notional Amount (000's omitted) | Value | |
Transportation — 0.6% | |||
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 2,610 | $ 2,635,447 |
Total Trust Units (identified cost $2,629,367) | $ 2,635,447 | ||
Total Investments — 141.6% (identified cost $633,936,730) | $ 628,216,126 | ||
Other Assets, Less Liabilities — (41.6)% | $(184,457,691) | ||
Net Assets — 100.0% | $ 443,758,435 |
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 May 31, 2023, the aggregate value of these securities is $27,841,605 or 6.3% of the Trust's net assets. |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
(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) | When-issued security. |
(6) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
(7) | 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 May 31, 2023, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows: |
New York | 16.9% |
Texas | 11.5% |
Others, representing less than 10% individually | 69.4% |
The Trust 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 May 31, 2023, 18.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 10.5% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
May 31, 2023 | |
Assets | |
Investments, at value (identified cost $633,936,730) | $628,216,126 |
Cash | 808,555 |
Interest receivable | 7,525,297 |
Receivable for investments sold | 17,030,415 |
Total assets | $653,580,393 |
Liabilities | |
Payable for floating rate notes issued | $191,678,476 |
Due to broker for floating rate notes redeemed | 5,760,000 |
Payable for investments purchased | 9,448,384 |
Payable for when-issued securities | 954,410 |
Payable to affiliates: | |
Investment adviser fee | 225,197 |
Administration fee | 112,598 |
Trustees' fees | 7,395 |
Interest expense and fees payable | 1,418,440 |
Accrued expenses | 217,058 |
Total liabilities | $209,821,958 |
Net Assets | $443,758,435 |
Sources of Net Assets | |
Common shares, $0.01 par value, unlimited number of shares authorized | $396,672 |
Additional paid-in capital | 478,589,158 |
Accumulated loss | (35,227,395) |
Net Assets | $443,758,435 |
Common Shares Issued and Outstanding | 39,667,163 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding | $11.19 |
Six Months Ended | |
May 31, 2023 | |
Investment Income | |
Interest income | $14,379,052 |
Total investment income | $14,379,052 |
Expenses | |
Investment adviser fee | $1,339,483 |
Administration fee | 669,741 |
Trustees’ fees and expenses | 20,783 |
Custodian fee | 54,059 |
Transfer and dividend disbursing agent fees | 9,282 |
Legal and accounting services | 66,360 |
Printing and postage | 32,367 |
Interest expense and fees | 3,896,174 |
Miscellaneous | 35,825 |
Total expenses | $6,124,074 |
Net investment income | $8,254,978 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $(2,450,196) |
Net realized loss | $(2,450,196) |
Change in unrealized appreciation (depreciation): | |
Investments | $1,402,535 |
Net change in unrealized appreciation (depreciation) | $1,402,535 |
Net realized and unrealized loss | $(1,047,661) |
Net increase in net assets from operations | $7,207,317 |
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $8,254,978 | $20,603,930 |
Net realized loss | (2,450,196) | (22,781,359) |
Net change in unrealized appreciation (depreciation) | 1,402,535 | (93,763,672) |
Net increase (decrease) in net assets from operations | $7,207,317 | $(95,941,101) |
Distributions to common shareholders | $(9,758,122) | $(22,173,944) |
Net decrease in net assets | $(2,550,805) | $(118,115,045) |
Net Assets | ||
At beginning of period | $446,309,240 | $564,424,285 |
At end of period | $443,758,435 | $446,309,240 |
Six Months Ended | |
May 31, 2023 | |
Cash Flows From Operating Activities | |
Net increase in net assets from operations | $7,207,317 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Investments purchased | (85,214,341) |
Investments sold | 113,361,322 |
Net amortization/accretion of premium (discount) | 278,101 |
Decrease in interest receivable | 396,394 |
Increase in payable to affiliate for investment adviser fee | 8,703 |
Increase in payable to affiliate for administration fee | 4,351 |
Decrease in payable to affiliate for Trustees' fees | (1,626) |
Increase in interest expense and fees payable | 175,679 |
Decrease in accrued expenses | (29,784) |
Net change in unrealized appreciation (depreciation) from investments | (1,402,535) |
Net realized loss from investments | 2,450,196 |
Net cash provided by operating activities | $37,233,777 |
Cash Flows From Financing Activities | |
Cash distributions paid to common shareholders | $(9,758,122) |
Proceeds from secured borrowings | 16,000,000 |
Repayment of secured borrowings | (47,520,000) |
Net cash used in financing activities | $(41,278,122) |
Net decrease in cash | $(4,044,345) |
Cash at beginning of period | $4,852,900 |
Cash at end of period | $808,555 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest and fees | $3,720,495 |
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period (Common shares) | $11.250 | $14.230 | $14.130 | $13.790 | $12.700 | $13.250 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.208 | $0.519 | $0.612 | $0.574 | $0.542 | $0.611 |
Net realized and unrealized gain (loss) | (0.022) | (2.940) | 0.060 | 0.327 | 1.117 | (0.528) |
Distributions to APS shareholders: From net investment income(1) | — | — | — | — | — | (0.004) |
Total income (loss) from operations | $0.186 | $(2.421) | $0.672 | $0.901 | $1.659 | $0.079 |
Less Distributions to Common Shareholders | ||||||
From net investment income | $(0.246) | $(0.559) | $(0.572) | $(0.561) | $(0.569) | $(0.629) |
Total distributions to common shareholders | $(0.246) | $(0.559) | $(0.572) | $(0.561) | $(0.569) | $(0.629) |
Net asset value — End of period (Common shares) | $11.190 | $11.250 | $14.230 | $14.130 | $13.790 | $12.700 |
Market value — End of period (Common shares) | $9.810 | $10.250 | $13.700 | $13.250 | $12.880 | $11.050 |
Total Investment Return on Net Asset Value(2) | 1.91%(3) | (16.96)% | 4.95% | 7.15% | 13.83% | 1.04% |
Total Investment Return on Market Value(2) | (1.94)%(3) | (21.41)% | 7.75% | 7.57% | 22.10% | (5.22)% |
Ratios/Supplemental Data | ||||||
Net assets applicable to common shares, end of period (000’s omitted) | $443,758 | $446,309 | $564,424 | $560,302 | $546,984 | $302,013 |
Ratios (as a percentage of average daily net assets applicable to common shares):(4) | ||||||
Expenses excluding interest and fees | 0.99%(5) | 1.04% | 0.98% | 1.05% | 1.19% | 1.29% |
Interest and fee expense(6) | 1.74%(5) | 0.81% | 0.29% | 0.71% | 1.27% | 1.61% |
Total expenses | 2.73%(5) | 1.85% | 1.27% | 1.76% | 2.46% | 2.90% |
Net investment income | 3.68%(5) | 4.23% | 4.28% | 4.18% | 4.02% | 4.71% |
Portfolio Turnover | 14%(3) | 23% | 7% | 12% | 17% | 32% |
(1) | Computed using average common shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Ratios do not reflect the effect of dividend payments to APS shareholders, if any. |
(5) | Annualized. |
(6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and, for the year ended November 30, 2018, iMTP Shares issued to redeem a portion of the Trust’s APS. As of November 30, 2018, the Trust had no APS and iMTP Shares outstanding. |
APS | – Auction Preferred Shares |
iMTP Shares | – Institutional MuniFund Term Preferred Shares |
Aggregate cost | $440,839,925 |
Gross unrealized appreciation | $15,639,859 |
Gross unrealized depreciation | (19,942,134) |
Net unrealized depreciation | $(4,302,275) |
• | 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 | $ — | $ 11,023,390 | $ — | $ 11,023,390 |
Tax-Exempt Municipal Obligations | — | 590,144,884 | — | 590,144,884 |
Taxable Municipal Obligations | — | 24,412,405 | — | 24,412,405 |
Trust Units | — | 2,635,447 | — | 2,635,447 |
Total Investments | $ — | $628,216,126 | $ — | $628,216,126 |
Number of Shares | ||||
Nominees for Trustee | For | Withheld | ||
Alan C. Bowser | 31,109,073 | 1,637,181 | ||
Keith Quinton | 30,751,786 | 1,994,468 | ||
Marcus L. Smith | 31,203,577 | 1,542,677 | ||
Nancy A. Wiser | 31,088,296 | 1,657,958 |
Officers | |
Eric A. Stein President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser(1) | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Anchal Pachnanda*(2) | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Mr. Bowser began serving as Trustee effective January 4, 2023. |
(2) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
One Congress Street, Suite 1
Boston, MA 02114-2016
6201 15th Avenue
Brooklyn, NY 11219
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
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 required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
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
No activity to report for the registrant’s most recent fiscal year end.
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 Municipal Income Trust | ||
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: July 25, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: July 25, 2023
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: July 25, 2023