Eaton Vance
Municipal Income Funds
Semiannual Report
March 31, 2024
California
Opportunities • Massachusetts • New York • Ohio
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04409
Eaton Vance Municipals Trust
(Exact Name of Registrant as Specified in Charter)
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)
September 30
Date of Fiscal Year End
March 31, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 05/27/1994 | 12/19/1985 | 6.66% | 3.77% | 1.76% | 2.96% |
| Class A with 3.25% Maximum Sales Charge | — | — | 3.14 | 0.40 | 1.09 | 2.62 |
| Class C at NAV | 08/31/2004 | 12/19/1985 | 6.21 | 3.03 | 1.01 | 2.35 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 5.21 | 2.03 | 1.01 | 2.35 |
| Class I at NAV | 03/03/2008 | 12/19/1985 | 6.68 | 4.03 | 2.01 | 3.20 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg California Municipal Bond Index | — | — | 7.12 | 3.15 | 1.60 | 2.67 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.75% | 1.50% | 0.50% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.28% | 2.52% | 3.53% |
| Taxable-Equivalent Distribution Rate | 7.14 | 5.50 | 7.69 |
| SEC 30-day Yield | 3.00 | 2.35 | 3.35 |
| Taxable-Equivalent SEC 30-day Yield | 6.53 | 5.12 | 7.30 |
| 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 |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 12/07/1993 | 04/18/1991 | 6.80% | 2.78% | 0.62% | 1.95% |
| Class A with 3.25% Maximum Sales Charge | — | — | 3.28 | (0.55) | (0.05) | 1.61 |
| Class C at NAV | 05/02/2006 | 04/18/1991 | 6.40 | 2.01 | (0.12) | 1.33 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 5.40 | 1.02 | (0.12) | 1.33 |
| Class I at NAV | 06/17/1993 | 04/18/1991 | 6.90 | 2.99 | 0.81 | 2.15 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg Massachusetts Municipal Bond Index | — | — | 7.09 | 2.43 | 1.34 | 2.40 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.79% | 1.54% | 0.59% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.14% | 2.39% | 3.34% |
| Taxable-Equivalent Distribution Rate | 6.26 | 4.76 | 6.66 |
| SEC 30-day Yield | 2.84 | 2.19 | 3.14 |
| Taxable-Equivalent SEC 30-day Yield | 5.67 | 4.36 | 6.26 |
| % Total Leverage5 | |
| Residual Interest Bond (RIB) Financing | 2.24% |
| Credit Quality (% of total investments)1,2 |
| 1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 04/15/1994 | 08/30/1990 | 8.99% | 4.27% | 1.54% | 2.67% |
| Class A with 3.25% Maximum Sales Charge | — | — | 5.51 | 0.91 | 0.87 | 2.33 |
| Class C at NAV | 09/30/2003 | 08/30/1990 | 8.59 | 3.49 | 0.77 | 2.06 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 7.59 | 2.49 | 0.77 | 2.06 |
| Class I at NAV | 03/03/2008 | 08/30/1990 | 9.10 | 4.48 | 1.74 | 2.88 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg New York Municipal Bond Index | — | — | 7.84 | 3.21 | 1.48 | 2.56 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.84% | 1.59% | 0.64% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.28% | 2.52% | 3.48% |
| Taxable-Equivalent Distribution Rate | 6.78 | 5.22 | 7.20 |
| SEC 30-day Yield | 3.00 | 2.36 | 3.31 |
| Taxable-Equivalent SEC 30-day Yield | 6.22 | 4.88 | 6.84 |
| % Total Leverage5 | |
| RIB Financing | 4.07% |
| Credit Quality (% of total investments)1,2 |
| 1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 12/07/1993 | 04/18/1991 | 7.07% | 2.71% | 1.31% | 2.53% |
| Class A with 3.25% Maximum Sales Charge | — | — | 3.54 | (0.61) | 0.65 | 2.19 |
| Class C at NAV | 02/03/2006 | 04/18/1991 | 6.54 | 1.82 | 0.53 | 1.93 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 5.54 | 0.83 | 0.53 | 1.93 |
| Class I at NAV | 08/03/2010 | 04/18/1991 | 7.04 | 2.79 | 1.49 | 2.73 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg Ohio Municipal Bond Index | — | — | 7.38 | 2.82 | 1.41 | 2.63 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.86% | 1.62% | 0.66% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.00% | 2.25% | 3.20% |
| Taxable-Equivalent Distribution Rate | 5.43 | 4.07 | 5.79 |
| SEC 30-day Yield | 2.79 | 2.13 | 3.08 |
| Taxable-Equivalent SEC 30-day Yield | 5.05 | 3.87 | 5.58 |
| % Total Leverage5 | |
| RIB Financing | 4.14% |
| 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. |
| Beginning
Account Value (10/1/23) |
Ending
Account Value (3/31/24) |
Expenses
Paid During Period* (10/1/23 – 3/31/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,066.60 | $3.87 | 0.75% |
| Class C | $1,000.00 | $1,062.10 | $7.73 | 1.50% |
| Class I | $1,000.00 | $1,066.80 | $2.58 | 0.50% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.25 | $3.79 | 0.75% |
| Class C | $1,000.00 | $1,017.50 | $7.57 | 1.50% |
| Class I | $1,000.00 | $1,022.50 | $2.53 | 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 183/366 (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 September 30, 2023. |
| Beginning
Account Value (10/1/23) |
Ending
Account Value (3/31/24) |
Expenses
Paid During Period* (10/1/23 – 3/31/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,068.00 | $4.19 | 0.81% |
| Class C | $1,000.00 | $1,064.00 | $8.05 | 1.56% |
| Class I | $1,000.00 | $1,069.00 | $3.16 | 0.61% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.95 | $4.09 | 0.81% |
| Class C | $1,000.00 | $1,017.20 | $7.87 | 1.56% |
| Class I | $1,000.00 | $1,021.95 | $3.08 | 0.61% |
| * | 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 183/366 (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 September 30, 2023. |
| Beginning
Account Value (10/1/23) |
Ending
Account Value (3/31/24) |
Expenses
Paid During Period* (10/1/23 – 3/31/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,089.90 | $4.75 | 0.91% |
| Class C | $1,000.00 | $1,085.90 | $8.66 | 1.66% |
| Class I | $1,000.00 | $1,091.00 | $3.71 | 0.71% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.45 | $4.60 | 0.91% |
| Class C | $1,000.00 | $1,016.70 | $8.37 | 1.66% |
| Class I | $1,000.00 | $1,021.45 | $3.59 | 0.71% |
| * | 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 183/366 (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 September 30, 2023. |
| Beginning
Account Value (10/1/23) |
Ending
Account Value (3/31/24) |
Expenses
Paid During Period* (10/1/23 – 3/31/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,070.70 | $4.71 | 0.91% |
| Class C | $1,000.00 | $1,065.40 | $8.57 | 1.66% |
| Class I | $1,000.00 | $1,070.40 | $3.67 | 0.71% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.45 | $4.60 | 0.91% |
| Class C | $1,000.00 | $1,016.70 | $8.37 | 1.66% |
| Class I | $1,000.00 | $1,021.45 | $3.59 | 0.71% |
| * | 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 183/366 (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 September 30, 2023. |
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |
| Futures Contracts | |||||
| Description | Number
of Contracts |
Position | Expiration
Date |
Notional
Amount |
Value/Unrealized
Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. Long Treasury Bond | (30) | Short | 6/18/24 | $(3,613,125) | $ (39,867) |
| $(39,867) | |||||
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| 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. |
| SPA | – Standby Bond Purchase Agreement |
| XLCA | – XL Capital Assurance, Inc. |
| March 31, 2024 | ||||
| California
Opportunities Fund |
Massachusetts Fund | New York Fund | Ohio Fund | |
| Assets | ||||
| Investments: | ||||
| Identified cost | $ 916,518,818 | $ 159,489,838 | $ 357,177,753 | $ 200,101,164 |
| Unrealized appreciation | 16,255,267 | 3,641,847 | 10,518,269 | 2,248,701 |
| Investments, at value | $932,774,085 | $163,131,685 | $367,696,022 | $202,349,865 |
| Cash | $ 122,896 | $ 13,345 | $ 646,911 | $ 88,382 |
| Deposits for derivatives collateral: | ||||
| Futures contracts | — | — | — | 144,312 |
| Interest receivable | 8,362,969 | 1,966,305 | 4,068,627 | 2,582,684 |
| Receivable for investments sold | 13,656,196 | — | 1,768,630 | — |
| Receivable for Fund shares sold | 1,973,849 | 80,784 | 635,264 | 303,598 |
| Trustees' deferred compensation plan | 64,310 | 56,254 | 102,689 | 55,872 |
| Total assets | $956,954,305 | $165,248,373 | $374,918,143 | $205,524,713 |
| Liabilities | ||||
| Payable for floating rate notes issued | $ — | $ 3,663,769 | $ 15,237,672 | $ 8,460,214 |
| Payable for investments purchased | — | 2,374,197 | — | — |
| Payable for when-issued securities | 63,487,280 | — | — | — |
| Payable for Fund shares redeemed | 2,673,793 | 242,567 | 451,408 | 1,507,937 |
| Payable for variation margin on open futures contracts | — | — | — | 7,500 |
| Distributions payable | 441,501 | 123,213 | 130,160 | 35,515 |
| Payable to affiliates: | ||||
| Investment adviser fee | 304,341 | 49,868 | 121,241 | 64,515 |
| Distribution and service fees | 41,039 | 16,263 | 37,552 | 16,816 |
| Trustees' deferred compensation plan | 64,310 | 56,254 | 102,689 | 55,872 |
| Interest expense and fees payable | — | 11,351 | 188,323 | 85,068 |
| Accrued expenses | 260,211 | 78,339 | 177,607 | 101,571 |
| Total liabilities | $ 67,272,475 | $ 6,615,821 | $ 16,446,652 | $ 10,335,008 |
| Net Assets | $889,681,830 | $158,632,552 | $358,471,491 | $195,189,705 |
| Sources of Net Assets | ||||
| Paid-in capital | $ 918,443,455 | $ 165,737,766 | $ 381,785,148 | $ 206,313,390 |
| Accumulated loss | (28,761,625) | (7,105,214) | (23,313,657) | (11,123,685) |
| Net Assets | $889,681,830 | $158,632,552 | $358,471,491 | $195,189,705 |
| Class A Shares | ||||
| Net Assets | $ 130,247,829 | $ 82,194,368 | $ 182,391,872 | $ 77,400,109 |
| Shares Outstanding | 12,835,781 | 10,244,130 | 19,404,502 | 9,258,911 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 10.15 | $ 8.02 | $ 9.40 | $ 8.36 |
| Maximum
Offering Price Per Share (100 ÷ 96.75 of net asset value per share) |
$ 10.49 | $ 8.29 | $ 9.72 | $ 8.64 |
| Class C Shares | ||||
| Net Assets | $ 16,178,753 | $ 2,793,168 | $ 7,700,734 | $ 4,402,757 |
| Shares Outstanding | 1,725,544 | 348,169 | 818,869 | 527,001 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 9.38 | $ 8.02 | $ 9.40 | $ 8.35 |
| March 31, 2024 | ||||
| California
Opportunities Fund |
Massachusetts Fund | New York Fund | Ohio Fund | |
| Class I Shares | ||||
| Net Assets | $743,255,248 | $73,645,016 | $168,378,885 | $113,386,839 |
| Shares Outstanding | 73,199,466 | 9,177,101 | 17,917,012 | 13,555,950 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 10.15 | $ 8.02 | $ 9.40 | $ 8.36 |
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
| Six Months Ended March 31, 2024 | ||||
| California
Opportunities Fund |
Massachusetts Fund | New York Fund | Ohio Fund | |
| Investment Income | ||||
| Interest income | $ 17,034,702 | $ 3,110,241 | $ 7,612,303 | $ 3,902,109 |
| Total investment income | $17,034,702 | $3,110,241 | $ 7,612,303 | $ 3,902,109 |
| Expenses | ||||
| Investment adviser fee | $ 1,658,129 | $ 280,654 | $ 702,409 | $ 362,118 |
| Distribution and service fees: | ||||
| Class A | 152,703 | 80,550 | 181,825 | 78,983 |
| Class C | 82,112 | 15,064 | 40,776 | 21,334 |
| Trustees’ fees and expenses | 26,902 | 5,261 | 11,612 | 6,458 |
| Custodian fee | 96,509 | 20,699 | 42,756 | 24,971 |
| Transfer and dividend disbursing agent fees | 117,094 | 31,042 | 86,535 | 43,216 |
| Legal and accounting services | 58,934 | 40,252 | 54,262 | 43,764 |
| Printing and postage | 5,877 | 1,294 | 10,222 | 1,829 |
| Registration fees | 1,693 | 5,976 | 3,136 | 4,088 |
| Interest expense and fees | — | 72,397 | 302,426 | 169,768 |
| Miscellaneous | 46,683 | 14,589 | 30,567 | 25,717 |
| Total expenses | $ 2,246,636 | $ 567,778 | $ 1,466,526 | $ 782,246 |
| Net investment income | $14,788,066 | $2,542,463 | $ 6,145,777 | $ 3,119,863 |
| Realized and Unrealized Gain (Loss) | ||||
| Net realized gain (loss): | ||||
| Investment transactions | $ (1,960,758) | $ (732,582) | $ (5,377,544) | $ (990,655) |
| Futures contracts | 558,979 | — | 146,121 | (16,633) |
| Net realized loss | $ (1,401,779) | $ (732,582) | $ (5,231,423) | $ (1,007,288) |
| Change in unrealized appreciation (depreciation): | ||||
| Investments | $ 35,798,128 | $ 8,119,233 | $ 29,170,175 | $ 11,181,679 |
| Futures contracts | — | — | (533,013) | (181,375) |
| Net change in unrealized appreciation (depreciation) | $35,798,128 | $8,119,233 | $28,637,162 | $11,000,304 |
| Net realized and unrealized gain | $34,396,349 | $7,386,651 | $23,405,739 | $ 9,993,016 |
| Net increase in net assets from operations | $49,184,415 | $9,929,114 | $29,551,516 | $13,112,879 |
| Six Months Ended March 31, 2024 (Unaudited) | ||||
| California
Opportunities Fund |
Massachusetts Fund | New York Fund | Ohio Fund | |
| Increase (Decrease) in Net Assets | ||||
| From operations: | ||||
| Net investment income | $ 14,788,066 | $ 2,542,463 | $ 6,145,777 | $ 3,119,863 |
| Net realized loss | (1,401,779) | (732,582) | (5,231,423) | (1,007,288) |
| Net change in unrealized appreciation (depreciation) | 35,798,128 | 8,119,233 | 28,637,162 | 11,000,304 |
| Net increase in net assets from operations | $ 49,184,415 | $ 9,929,114 | $ 29,551,516 | $ 13,112,879 |
| Distributions to shareholders: | ||||
| Class A | $ (2,088,648) | $ (1,287,093) | $ (3,066,171) | $ (1,230,641) |
| Class C | (219,318) | (38,771) | (112,525) | (53,067) |
| Class I | (12,203,647) | (1,197,271) | (2,866,982) | (1,811,928) |
| Total distributions to shareholders | $ (14,511,613) | $ (2,523,135) | $ (6,045,678) | $ (3,095,636) |
| Transactions in shares of beneficial interest: | ||||
| Class A | $ 8,722,370 | $ 889,723 | $ (7,394,433) | $ (5,497,427) |
| Class C | (1,240,653) | (962,235) | (1,865,810) | (396,417) |
| Class I | 138,736,409 | 4,075,178 | (992,198) | 1,039,929 |
| Net increase (decrease) in net assets from Fund share transactions | $146,218,126 | $ 4,002,666 | $ (10,252,441) | $ (4,853,915) |
| Net increase in net assets | $180,890,928 | $ 11,408,645 | $ 13,253,397 | $ 5,163,328 |
| Net Assets | ||||
| At beginning of period | $ 708,790,902 | $ 147,223,907 | $ 345,218,094 | $ 190,026,377 |
| At end of period | $889,681,830 | $158,632,552 | $358,471,491 | $195,189,705 |
| Year Ended September 30, 2023 | ||||
| California
Opportunities Fund |
Massachusetts Fund | New York Fund | Ohio Fund | |
| Increase (Decrease) in Net Assets | ||||
| From operations: | ||||
| Net investment income | $ 21,266,761 | $ 4,522,833 | $ 11,196,832 | $ 5,876,216 |
| Net realized loss | (9,523,642) | (1,746,218) | (11,066,174) | (1,427,027) |
| Net change in unrealized appreciation (depreciation) | 3,997,134 | 697,654 | 9,616,292 | (879,730) |
| Net increase in net assets from operations | $ 15,740,253 | $ 3,474,269 | $ 9,746,950 | $ 3,569,459 |
| Distributions to shareholders: | ||||
| Class A | $ (3,715,593) | $ (2,272,650) | $ (5,607,350) | $ (2,515,854) |
| Class C | (447,384) | (90,608) | (244,518) | (117,013) |
| Class I | (16,695,418) | (2,135,702) | (5,196,140) | (3,188,149) |
| Total distributions to shareholders | $ (20,858,395) | $ (4,498,960) | $ (11,048,008) | $ (5,821,016) |
| Transactions in shares of beneficial interest: | ||||
| Class A | $ (1,518,749) | $ 3,862,898 | $ (7,192,578) | $ (10,434,074) |
| Class C | (3,026,717) | (889,526) | (3,968,790) | (2,141,255) |
| Class I | 138,348,631 | 6,230,440 | 13,565,124 | 15,265,920 |
| Net increase in net assets from Fund share transactions | $133,803,165 | $ 9,203,812 | $ 2,403,756 | $ 2,690,591 |
| Net increase in net assets | $128,685,023 | $ 8,179,121 | $ 1,102,698 | $ 439,034 |
| Net Assets | ||||
| At beginning of year | $ 580,105,879 | $ 139,044,786 | $ 344,115,396 | $ 189,587,343 |
| At end of year | $708,790,902 | $147,223,907 | $345,218,094 | $190,026,377 |
| California Opportunities Fund — Class A | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 9.680 | $ 9.660 | $ 10.990 | $ 10.930 | $ 10.800 | $ 10.210 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.175 | $ 0.316 | $ 0.166 | $ 0.136 | $ 0.203 | $ 0.258 |
| Net realized and unrealized gain (loss) | 0.466 | 0.014 (2) | (1.291) | 0.089 | 0.177 | 0.590 |
| Total income (loss) from operations | $ 0.641 | $ 0.330 | $ (1.125) | $ 0.225 | $ 0.380 | $ 0.848 |
| Less Distributions | ||||||
| From net investment income | $ (0.171) | $ (0.310) | $ (0.168) | $ (0.136) | $ (0.214) | $ (0.258) |
| From net realized gain | — | — | (0.037) | (0.029) | (0.036) | — |
| Total distributions | $ (0.171) | $ (0.310) | $ (0.205) | $ (0.165) | $ (0.250) | $ (0.258) |
| Net asset value — End of period | $ 10.150 | $ 9.680 | $ 9.660 | $ 10.990 | $ 10.930 | $ 10.800 |
| Total Return(3) | 6.66% (4) | 3.37% | (10.35)% | 2.06% | 3.58% | 8.52% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $130,248 | $116,041 | $117,491 | $145,636 | $147,662 | $126,381 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.75% (5) | 0.75% | 0.71% | 0.69% | 0.71% | 0.76% |
| Interest and fee expense(6) | — | — | — | — | 0.01% | 0.04% |
| Total expenses | 0.75% (5) | 0.75% | 0.71% | 0.69% | 0.72% | 0.80% |
| Net investment income | 3.49% (5) | 3.17% | 1.59% | 1.23% | 1.88% | 2.47% |
| Portfolio Turnover | 88% (4) | 171% | 170% | 104% | 184% | 235% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| California Opportunities Fund — Class C | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.950 | $ 8.930 | $10.150 | $ 10.110 | $ 9.990 | $ 9.440 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.127 | $ 0.223 | $ 0.078 | $ 0.049 | $ 0.113 | $ 0.166 |
| Net realized and unrealized gain (loss) | 0.427 | 0.014 (2) | (1.178) | 0.069 | 0.166 | 0.550 |
| Total income (loss) from operations | $ 0.554 | $ 0.237 | $ (1.100) | $ 0.118 | $ 0.279 | $ 0.716 |
| Less Distributions | ||||||
| From net investment income | $ (0.124) | $ (0.217) | $ (0.083) | $ (0.049) | $ (0.123) | $ (0.166) |
| From net realized gain | — | — | (0.037) | (0.029) | (0.036) | — |
| Total distributions | $ (0.124) | $ (0.217) | $ (0.120) | $ (0.078) | $ (0.159) | $ (0.166) |
| Net asset value — End of period | $ 9.380 | $ 8.950 | $ 8.930 | $10.150 | $10.110 | $ 9.990 |
| Total Return(3) | 6.21% (4) | 2.62% | (10.92)% | 1.16% | 2.83% | 7.66% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $16,179 | $16,663 | $19,575 | $ 30,823 | $ 28,977 | $27,616 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.50% (5) | 1.50% | 1.46% | 1.44% | 1.46% | 1.51% |
| Interest and fee expense(6) | — | — | — | — | 0.01% | 0.04% |
| Total expenses | 1.50% (5) | 1.50% | 1.46% | 1.44% | 1.47% | 1.55% |
| Net investment income | 2.74% (5) | 2.42% | 0.81% | 0.48% | 1.13% | 1.72% |
| Portfolio Turnover | 88% (4) | 171% | 170% | 104% | 184% | 235% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| California Opportunities Fund — Class I | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 9.690 | $ 9.670 | $ 10.990 | $ 10.940 | $ 10.810 | $ 10.210 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.187 | $ 0.342 | $ 0.191 | $ 0.162 | $ 0.225 | $ 0.282 |
| Net realized and unrealized gain (loss) | 0.457 | 0.013 (2) | (1.280) | 0.080 | 0.181 | 0.602 |
| Total income (loss) from operations | $ 0.644 | $ 0.355 | $ (1.089) | $ 0.242 | $ 0.406 | $ 0.884 |
| Less Distributions | ||||||
| From net investment income | $ (0.184) | $ (0.335) | $ (0.194) | $ (0.163) | $ (0.240) | $ (0.284) |
| From net realized gain | — | — | (0.037) | (0.029) | (0.036) | — |
| Total distributions | $ (0.184) | $ (0.335) | $ (0.231) | $ (0.192) | $ (0.276) | $ (0.284) |
| Net asset value — End of period | $ 10.150 | $ 9.690 | $ 9.670 | $ 10.990 | $ 10.940 | $ 10.810 |
| Total Return(3) | 6.68% (4) | 3.63% | (10.03)% | 2.22% | 3.82% | 8.79% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $743,255 | $576,087 | $443,039 | $572,453 | $410,090 | $195,115 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.50% (5) | 0.50% | 0.46% | 0.44% | 0.46% | 0.51% |
| Interest and fee expense(6) | — | — | — | — | 0.01% | 0.04% |
| Total expenses | 0.50% (5) | 0.50% | 0.46% | 0.44% | 0.47% | 0.55% |
| Net investment income | 3.73% (5) | 3.43% | 1.83% | 1.47% | 2.08% | 2.68% |
| Portfolio Turnover | 88% (4) | 171% | 170% | 104% | 184% | 235% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| Massachusetts Fund — Class A | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.630 | $ 7.650 | $ 8.970 | $ 9.030 | $ 8.980 | $ 8.600 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.128 | $ 0.237 | $ 0.176 | $ 0.166 | $ 0.206 | $ 0.252 |
| Net realized and unrealized gain (loss) | 0.389 | (0.021) | (1.320) | (0.055) | 0.071 | 0.382 |
| Total income (loss) from operations | $ 0.517 | $ 0.216 | $ (1.144) | $ 0.111 | $ 0.277 | $ 0.634 |
| Less Distributions | ||||||
| From net investment income | $ (0.127) | $ (0.236) | $ (0.176) | $ (0.171) | $ (0.227) | $ (0.254) |
| Total distributions | $ (0.127) | $ (0.236) | $ (0.176) | $ (0.171) | $ (0.227) | $ (0.254) |
| Net asset value — End of period | $ 8.020 | $ 7.630 | $ 7.650 | $ 8.970 | $ 9.030 | $ 8.980 |
| Total Return(2) | 6.80% (3) | 2.75% | (12.89)% | 1.23% | 3.13% | 7.48% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $82,194 | $77,294 | $73,926 | $96,499 | $100,099 | $93,288 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.72% (4) | 0.70% | 0.68% | 0.65% | 0.68% | 0.71% |
| Interest and fee expense(5) | 0.09% (4) | 0.09% | 0.02% | 0.01% | 0.03% | 0.05% |
| Total expenses | 0.81% (4) | 0.79% | 0.70% | 0.66% | 0.71% | 0.76% |
| Net investment income | 3.22% (4) | 2.99% | 2.09% | 1.83% | 2.30% | 2.87% |
| Portfolio Turnover | 23% (3) | 39% | 46% | 26% | 15% | 49% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| Massachusetts Fund — Class C | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.630 | $ 7.650 | $ 8.960 | $ 9.040 | $ 8.990 | $ 8.610 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.098 | $ 0.177 | $ 0.111 | $ 0.098 | $ 0.140 | $ 0.186 |
| Net realized and unrealized gain (loss) | 0.389 | (0.021) | (1.308) | (0.072) | 0.073 | 0.382 |
| Total income (loss) from operations | $ 0.487 | $ 0.156 | $(1.197) | $ 0.026 | $ 0.213 | $ 0.568 |
| Less Distributions | ||||||
| From net investment income | $ (0.097) | $ (0.176) | $ (0.113) | $ (0.106) | $ (0.163) | $ (0.188) |
| Total distributions | $(0.097) | $(0.176) | $(0.113) | $(0.106) | $(0.163) | $ (0.188) |
| Net asset value — End of period | $ 8.020 | $ 7.630 | $ 7.650 | $ 8.960 | $ 9.040 | $ 8.990 |
| Total Return(2) | 6.40% (3) | 1.99% | (13.45)% | 0.39% | 2.40% | 6.55% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 2,793 | $ 3,581 | $ 4,452 | $ 8,464 | $ 9,811 | $12,518 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.47% (4) | 1.45% | 1.43% | 1.40% | 1.43% | 1.46% |
| Interest and fee expense(5) | 0.09% (4) | 0.09% | 0.02% | 0.01% | 0.03% | 0.05% |
| Total expenses | 1.56% (4) | 1.54% | 1.45% | 1.41% | 1.46% | 1.51% |
| Net investment income | 2.48% (4) | 2.24% | 1.31% | 1.08% | 1.56% | 2.12% |
| Portfolio Turnover | 23% (3) | 39% | 46% | 26% | 15% | 49% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| Massachusetts Fund — Class I | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.630 | $ 7.660 | $ 8.970 | $ 9.030 | $ 8.980 | $ 8.600 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.136 | $ 0.253 | $ 0.192 | $ 0.184 | $ 0.222 | $ 0.268 |
| Net realized and unrealized gain (loss) | 0.389 | (0.031) | (1.309) | (0.056) | 0.071 | 0.384 |
| Total income (loss) from operations | $ 0.525 | $ 0.222 | $ (1.117) | $ 0.128 | $ 0.293 | $ 0.652 |
| Less Distributions | ||||||
| From net investment income | $ (0.135) | $ (0.252) | $ (0.193) | $ (0.188) | $ (0.243) | $ (0.272) |
| Total distributions | $ (0.135) | $ (0.252) | $ (0.193) | $ (0.188) | $ (0.243) | $ (0.272) |
| Net asset value — End of period | $ 8.020 | $ 7.630 | $ 7.660 | $ 8.970 | $ 9.030 | $ 8.980 |
| Total Return(2) | 6.90% (3) | 2.82% | (12.60)% | 1.42% | 3.31% | 7.69% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $73,645 | $66,350 | $60,667 | $99,684 | $96,780 | $63,829 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.52% (4) | 0.50% | 0.48% | 0.45% | 0.48% | 0.51% |
| Interest and fee expense(5) | 0.09% (4) | 0.09% | 0.02% | 0.01% | 0.03% | 0.05% |
| Total expenses | 0.61% (4) | 0.59% | 0.50% | 0.46% | 0.51% | 0.56% |
| Net investment income | 3.42% (4) | 3.19% | 2.27% | 2.03% | 2.48% | 3.05% |
| Portfolio Turnover | 23% (3) | 39% | 46% | 26% | 15% | 49% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| New York Fund — Class A | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.770 | $ 8.790 | $ 10.400 | $ 10.470 | $ 10.380 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.158 | $ 0.275 | $ 0.191 | $ 0.162 | $ 0.216 | $ 0.265 |
| Net realized and unrealized gain (loss) | 0.628 | (0.024) | (1.527) | 0.179 | 0.103 | 0.580 |
| Total income (loss) from operations | $ 0.786 | $ 0.251 | $ (1.336) | $ 0.341 | $ 0.319 | $ 0.845 |
| Less Distributions | ||||||
| From net investment income | $ (0.156) | $ (0.271) | $ (0.191) | $ (0.162) | $ (0.229) | $ (0.265) |
| From net realized gain | — | — | (0.083) | (0.249) | — | — |
| Total distributions | $ (0.156) | $ (0.271) | $ (0.274) | $ (0.411) | $ (0.229) | $ (0.265) |
| Net asset value — End of period | $ 9.400 | $ 8.770 | $ 8.790 | $ 10.400 | $ 10.470 | $ 10.380 |
| Total Return(2) | 8.99% (3) | 2.77% | (13.09)% | 3.30% | 3.11% | 8.74% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $182,392 | $177,164 | $184,700 | $250,441 | $240,960 | $235,528 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.74% (4) | 0.71% | 0.68% | 0.65% | 0.67% | 0.69% |
| Interest and fee expense(5) | 0.17% (4) | 0.13% | 0.00% (6) | — | — | 0.04% |
| Total expenses | 0.91% (4) | 0.84% | 0.68% | 0.65% | 0.67% | 0.73% |
| Net investment income | 3.43% (4) | 3.00% | 1.96% | 1.55% | 2.07% | 2.63% |
| Portfolio Turnover | 40% (3) | 54% | 59% | 63% | 125% | 114% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| (6) | Amount is less than 0.005%. |
| New York Fund — Class C | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.770 | $ 8.800 | $10.400 | $ 10.470 | $ 10.390 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.124 | $ 0.205 | $ 0.116 | $ 0.085 | $ 0.139 | $ 0.192 |
| Net realized and unrealized gain (loss) | 0.627 | (0.033) | (1.515) | 0.177 | 0.093 | 0.588 |
| Total income (loss) from operations | $ 0.751 | $ 0.172 | $ (1.399) | $ 0.262 | $ 0.232 | $ 0.780 |
| Less Distributions | ||||||
| From net investment income | $ (0.121) | $ (0.202) | $ (0.118) | $ (0.083) | $ (0.152) | $ (0.190) |
| From net realized gain | — | — | (0.083) | (0.249) | — | — |
| Total distributions | $(0.121) | $(0.202) | $ (0.201) | $ (0.332) | $ (0.152) | $ (0.190) |
| Net asset value — End of period | $ 9.400 | $ 8.770 | $ 8.800 | $10.400 | $10.470 | $10.390 |
| Total Return(2) | 8.59% (3) | 1.89% | (13.65)% | 2.53% | 2.25% | 8.03% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 7,701 | $ 8,975 | $12,833 | $ 22,375 | $ 31,347 | $ 40,711 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.49% (4) | 1.46% | 1.43% | 1.40% | 1.42% | 1.44% |
| Interest and fee expense(5) | 0.17% (4) | 0.13% | 0.00% (6) | — | — | 0.04% |
| Total expenses | 1.66% (4) | 1.59% | 1.43% | 1.40% | 1.42% | 1.48% |
| Net investment income | 2.68% (4) | 2.24% | 1.19% | 0.81% | 1.33% | 1.91% |
| Portfolio Turnover | 40% (3) | 54% | 59% | 63% | 125% | 114% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| (6) | Amount is less than 0.005%. |
| New York Fund — Class I | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.770 | $ 8.790 | $ 10.390 | $ 10.470 | $ 10.380 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.167 | $ 0.293 | $ 0.210 | $ 0.183 | $ 0.236 | $ 0.285 |
| Net realized and unrealized gain (loss) | 0.628 | (0.024) | (1.517) | 0.169 | 0.103 | 0.580 |
| Total income (loss) from operations | $ 0.795 | $ 0.269 | $ (1.307) | $ 0.352 | $ 0.339 | $ 0.865 |
| Less Distributions | ||||||
| From net investment income | $ (0.165) | $ (0.289) | $ (0.210) | $ (0.183) | $ (0.249) | $ (0.285) |
| From net realized gain | — | — | (0.083) | (0.249) | — | — |
| Total distributions | $ (0.165) | $ (0.289) | $ (0.293) | $ (0.432) | $ (0.249) | $ (0.285) |
| Net asset value — End of period | $ 9.400 | $ 8.770 | $ 8.790 | $ 10.390 | $ 10.470 | $ 10.380 |
| Total Return(2) | 9.10% (3) | 2.98% | (12.83)% | 3.41% | 3.30% | 8.96% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $168,379 | $159,079 | $146,582 | $191,239 | $165,573 | $136,913 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.54% (4) | 0.51% | 0.48% | 0.45% | 0.47% | 0.49% |
| Interest and fee expense(5) | 0.17% (4) | 0.13% | 0.00% (6) | — | — | 0.04% |
| Total expenses | 0.71% (4) | 0.64% | 0.48% | 0.45% | 0.47% | 0.53% |
| Net investment income | 3.63% (4) | 3.20% | 2.16% | 1.74% | 2.27% | 2.83% |
| Portfolio Turnover | 40% (3) | 54% | 59% | 63% | 125% | 114% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| (6) | Amount is less than 0.005%. |
| Ohio Fund — Class A | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.930 | $ 8.020 | $ 9.260 | $ 9.320 | $ 9.210 | $ 8.700 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.129 | $ 0.244 | $ 0.233 | $ 0.244 | $ 0.262 | $ 0.276 |
| Net realized and unrealized gain (loss) | 0.429 | (0.093) | (1.242) | (0.063) | 0.111 | 0.506 |
| Total income (loss) from operations | $ 0.558 | $ 0.151 | $ (1.009) | $ 0.181 | $ 0.373 | $ 0.782 |
| Less Distributions | ||||||
| From net investment income | $ (0.128) | $ (0.241) | $ (0.231) | $ (0.241) | $ (0.263) | $ (0.272) |
| Total distributions | $ (0.128) | $ (0.241) | $ (0.231) | $ (0.241) | $ (0.263) | $ (0.272) |
| Net asset value — End of period | $ 8.360 | $ 7.930 | $ 8.020 | $ 9.260 | $ 9.320 | $ 9.210 |
| Total Return(2) | 7.07% (3) | 1.81% | (11.06)% | 1.95% | 4.11% | 9.12% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $77,400 | $78,705 | $89,734 | $111,629 | $105,917 | $102,651 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.73% (4) | 0.70% | 0.70% | 0.68% | 0.69% | 0.71% |
| Interest and fee expense(5) | 0.18% (4) | 0.16% | 0.05% | 0.03% | 0.07% | 0.13% |
| Total expenses | 0.91% (4) | 0.86% | 0.75% | 0.71% | 0.76% | 0.84% |
| Net investment income | 3.14% (4) | 2.95% | 2.66% | 2.60% | 2.84% | 3.08% |
| Portfolio Turnover | 15% (3) | 28% | 17% | 3% | 11% | 11% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| Ohio Fund — Class C | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.930 | $ 8.010 | $ 9.260 | $ 9.320 | $ 9.200 | $ 8.700 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.098 | $ 0.181 | $ 0.168 | $ 0.173 | $ 0.193 | $ 0.209 |
| Net realized and unrealized gain (loss) | 0.419 | (0.082) | (1.252) | (0.062) | 0.121 | 0.496 |
| Total income (loss) from operations | $ 0.517 | $ 0.099 | $(1.084) | $ 0.111 | $ 0.314 | $ 0.705 |
| Less Distributions | ||||||
| From net investment income | $ (0.097) | $ (0.179) | $ (0.166) | $ (0.171) | $ (0.194) | $ (0.205) |
| Total distributions | $(0.097) | $(0.179) | $(0.166) | $ (0.171) | $ (0.194) | $ (0.205) |
| Net asset value — End of period | $ 8.350 | $ 7.930 | $ 8.010 | $ 9.260 | $ 9.320 | $ 9.200 |
| Total Return(2) | 6.54% (3) | 1.17% | (11.84)% | 1.19% | 3.45% | 8.19% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 4,403 | $ 4,561 | $ 6,697 | $11,078 | $10,805 | $13,233 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.48% (4) | 1.46% | 1.45% | 1.43% | 1.44% | 1.47% |
| Interest and fee expense(5) | 0.18% (4) | 0.16% | 0.05% | 0.03% | 0.07% | 0.13% |
| Total expenses | 1.66% (4) | 1.62% | 1.50% | 1.46% | 1.51% | 1.60% |
| Net investment income | 2.39% (4) | 2.19% | 1.90% | 1.85% | 2.09% | 2.35% |
| Portfolio Turnover | 15% (3) | 28% | 17% | 3% | 11% | 11% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| Ohio Fund — Class I | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.940 | $ 8.020 | $ 9.270 | $ 9.330 | $ 9.210 | $ 8.710 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.138 | $ 0.261 | $ 0.250 | $ 0.262 | $ 0.281 | $ 0.293 |
| Net realized and unrealized gain (loss) | 0.419 | (0.083) | (1.251) | (0.062) | 0.121 | 0.498 |
| Total income (loss) from operations | $ 0.557 | $ 0.178 | $ (1.001) | $ 0.200 | $ 0.402 | $ 0.791 |
| Less Distributions | ||||||
| From net investment income | $ (0.137) | $ (0.258) | $ (0.249) | $ (0.260) | $ (0.282) | $ (0.291) |
| Total distributions | $ (0.137) | $ (0.258) | $ (0.249) | $ (0.260) | $ (0.282) | $ (0.291) |
| Net asset value — End of period | $ 8.360 | $ 7.940 | $ 8.020 | $ 9.270 | $ 9.330 | $ 9.210 |
| Total Return(2) | 7.04% (3) | 2.14% | (10.98)% | 2.16% | 4.43% | 9.21% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $113,387 | $106,759 | $93,156 | $73,812 | $63,267 | $49,932 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.53% (4) | 0.50% | 0.50% | 0.48% | 0.49% | 0.51% |
| Interest and fee expense(5) | 0.18% (4) | 0.16% | 0.05% | 0.03% | 0.07% | 0.13% |
| Total expenses | 0.71% (4) | 0.66% | 0.55% | 0.51% | 0.56% | 0.64% |
| Net investment income | 3.34% (4) | 3.15% | 2.87% | 2.80% | 3.04% | 3.26% |
| Portfolio Turnover | 15% (3) | 28% | 17% | 3% | 11% | 11% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Floating Rate Notes Outstanding | $3,663,769 | $15,237,672 | $ 8,460,214 |
| Interest Rate or Range of Interest Rates (%) | 3.67 | 3.67 | 3.73 - 3.76 |
| Collateral for Floating Rate Notes Outstanding | $6,451,645 | $20,988,260 | $13,429,514 |
| Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Average Floating Rate Notes Outstanding | $3,640,000 | $15,200,000 | $ 8,435,000 |
| Average Interest Rate | 3.98% | 3.98% | 4.03% |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Deferred capital losses: | ||||
| Short-term | $27,018,051 | $3,951,959 | $10,703,623 | $7,026,966 |
| Long-term | $16,394,701 | $6,112,213 | $17,488,259 | $5,657,359 |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Aggregate cost | $916,717,092 | $155,788,098 | $341,784,920 | $191,205,107 |
| Gross unrealized appreciation | $ 21,620,840 | $ 4,996,833 | $ 14,982,350 | $ 5,490,514 |
| Gross unrealized depreciation | (5,563,847) | (1,317,015) | (4,308,920) | (2,845,837) |
| Net unrealized appreciation | $ 16,056,993 | $ 3,679,818 | $ 10,673,430 | $ 2,644,677 |
| Total Daily Net Assets | Annual
Asset Rate |
Daily
Income Rate |
| Up to $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
| Total Daily Net Assets | Annual
Asset Rate |
Daily
Income Rate |
| Up to $20 million | 0.100% | 1.000% |
| $20 million but less than $40 million | 0.200% | 2.000% |
| $40 million but less than $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Investment Adviser Fee | $1,658,129 | $280,654 | $702,409 | $362,118 |
| Effective Annual Rate | 0.41% | 0.36% | 0.40% | 0.38% |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| EVM's Sub-Transfer Agent Fees | $5,661 | $5,944 | $15,357 | $5,299 |
| EVD's Class A Sales Charges | $6,068 | $ 935 | $ 2,333 | $3,704 |
| Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $5,293 | $ 180 | $ 250 | $ 82 |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Class A Distribution and Service Fees | $152,703 | $80,550 | $181,825 | $78,983 |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Class C Distribution Fees | $61,584 | $11,893 | $32,192 | $16,843 |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Class C Service Fees | $20,528 | $3,171 | $8,584 | $4,491 |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Class A | $260 | $ — (1) | $6,518 | $ — |
| Class C | $481 | $ — | $ 112 | $ — |
| (1) | Amount is less than $100. |
| California
Opportunities Fund |
Massachusetts
Fund |
New
York Fund |
Ohio
Fund | |
| Purchases | $890,929,417 | $42,028,167 | $147,759,331 | $29,194,339 |
| Sales | $711,497,575 | $35,058,326 | $171,394,143 | $32,163,793 |
| California Opportunities Fund | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 2,014,595 | $ 20,228,442 | 3,210,174 | $ 31,996,528 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 171,572 | 1,723,155 | 309,870 | 3,083,987 | ||
| Redemptions | (1,335,803) | (13,229,227) | (3,695,521) | (36,599,264) | ||
| Net increase (decrease) | 850,364 | $ 8,722,370 | (175,477) | $ (1,518,749) | ||
| Class C | ||||||
| Sales | 183,597 | $ 1,713,290 | 201,530 | $ 1,866,339 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 22,718 | 210,675 | 47,024 | 432,478 | ||
| Redemptions | (343,319) | (3,164,618) | (578,759) | (5,325,534) | ||
| Net decrease | (137,004) | $ (1,240,653) | (330,205) | $ (3,026,717) | ||
| Class I | ||||||
| Sales | 26,327,639 | $ 263,731,327 | 40,461,257 | $ 403,806,256 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 982,602 | 9,886,442 | 1,383,987 | 13,777,277 | ||
| Redemptions | (13,573,789) | (134,881,360) | (28,209,870) | (279,234,902) | ||
| Net increase | 13,736,452 | $ 138,736,409 | 13,635,374 | $ 138,348,631 | ||
| Massachusetts Fund | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 1,047,446 | $ 8,268,208 | 1,762,992 | $ 14,075,617 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 131,114 | 1,041,807 | 236,480 | 1,869,800 | ||
| Redemptions | (1,067,162) | (8,420,292) | (1,524,746) | (12,082,519) | ||
| Net increase | 111,398 | $ 889,723 | 474,726 | $ 3,862,898 | ||
| Massachusetts Fund (continued) | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class C | ||||||
| Sales | 9,073 | $ 72,879 | 19,774 | $ 156,020 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 4,611 | 36,553 | 10,292 | 81,356 | ||
| Redemptions | (135,014) | (1,071,667) | (142,299) | (1,126,902) | ||
| Net decrease | (121,330) | $ (962,235) | (112,233) | $ (889,526) | ||
| Class I | ||||||
| Sales | 2,685,514 | $ 21,379,887 | 4,263,610 | $ 33,675,931 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 98,553 | 782,383 | 196,992 | 1,558,745 | ||
| Redemptions | (2,303,171) | (18,087,092) | (3,688,754) | (29,004,236) | ||
| Net increase | 480,896 | $ 4,075,178 | 771,848 | $ 6,230,440 | ||
| New York Fund | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 1,116,765 | $ 10,259,785 | 2,956,765 | $ 27,189,945 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 287,689 | 2,667,852 | 539,993 | 4,935,256 | ||
| Redemptions | (2,207,321) | (20,322,070) | (4,296,846) | (39,317,779) | ||
| Net decrease | (802,867) | $ (7,394,433) | (800,088) | $ (7,192,578) | ||
| Class C | ||||||
| Sales | 59,689 | $ 557,124 | 136,187 | $ 1,249,195 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 10,761 | 99,721 | 23,669 | 216,342 | ||
| Redemptions | (274,777) | (2,522,655) | (595,567) | (5,434,327) | ||
| Net decrease | (204,327) | $ (1,865,810) | (435,711) | $ (3,968,790) | ||
| Class I | ||||||
| Sales | 3,357,466 | $ 31,127,313 | 8,667,264 | $ 78,887,976 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 270,230 | 2,505,128 | 490,416 | 4,483,152 | ||
| Redemptions | (3,858,846) | (34,624,639) | (7,684,416) | (69,806,004) | ||
| Net increase (decrease) | (231,150) | $ (992,198) | 1,473,264 | $ 13,565,124 | ||
| Ohio Fund | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 329,298 | $ 2,674,683 | 960,743 | $ 7,945,502 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 133,599 | 1,105,544 | 269,374 | 2,220,088 | ||
| Redemptions | (1,127,316) | (9,277,654) | (2,499,974) | (20,599,664) | ||
| Net decrease | (664,419) | $ (5,497,427) | (1,269,857) | $(10,434,074) | ||
| Class C | ||||||
| Sales | 15,789 | $ 130,595 | 63,311 | $ 523,333 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 5,962 | 49,264 | 13,162 | 108,413 | ||
| Redemptions | (70,205) | (576,276) | (336,880) | (2,773,001) | ||
| Net decrease | (48,454) | $ (396,417) | (260,407) | $ (2,141,255) | ||
| Class I | ||||||
| Sales | 2,564,983 | $ 21,050,908 | 7,075,687 | $ 58,372,473 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 207,697 | 1,719,908 | 360,288 | 2,972,355 | ||
| Redemptions | (2,669,172) | (21,730,887) | (5,597,265) | (46,078,908) | ||
| Net increase | 103,508 | $ 1,039,929 | 1,838,710 | $ 15,265,920 | ||
| Ohio
Fund | |
| Liability Derivative | |
| Futures contracts | $ (39,867) |
| Total | $(39,867) |
| California
Opportunities Fund |
New
York Fund |
Ohio
Fund | |
| Realized Gain (Loss) on Derivatives Recognized in Income | $558,979 (1) | $ 146,121(1) | $ (16,633)(1) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | $ — | $(533,013) (2) | $(181,375) (2) |
| (1) | Statements of Operations location: Net realized gain (loss): Futures contracts. |
| (2) | Statements of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
| California
Opportunities Fund |
New
York Fund |
Ohio
Fund | |
| Average Notional Cost: | |||
| Futures Contracts — Short | $247,000 | $1,913,000 | $3,527,000 |
| • | 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) |
| California Opportunities Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 2,200,806 | $ — | $ 2,200,806 |
| Tax-Exempt Mortgage-Backed Securities | — | 5,710,176 | — | 5,710,176 |
| Tax-Exempt Municipal Obligations | — | 783,756,883 | — | 783,756,883 |
| Taxable Municipal Obligations | — | 140,181,986 | — | 140,181,986 |
| Trust Units | — | 924,234 | — | 924,234 |
| Total Investments | $ — | $932,774,085 | $ — | $932,774,085 |
| Massachusetts Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 161,162,085 | $ — | $ 161,162,085 |
| Taxable Municipal Obligations | — | 1,969,600 | — | 1,969,600 |
| Total Investments | $ — | $163,131,685 | $ — | $163,131,685 |
| New York Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 1,312,338 | $ — | $ 1,312,338 |
| Tax-Exempt Municipal Obligations | — | 353,749,219 | — | 353,749,219 |
| Taxable Municipal Obligations | — | 12,634,465 | — | 12,634,465 |
| Total Investments | $ — | $367,696,022 | $ — | $367,696,022 |
| Ohio Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 199,612,492 | $ — | $ 199,612,492 |
| Taxable Municipal Obligations | — | 1,981,920 | — | 1,981,920 |
| Trust Units | — | 755,453 | — | 755,453 |
| Total Investments | $ — | $ 202,349,865 | $ — | $ 202,349,865 |
| Liability Description | ||||
| Futures Contracts | $ (39,867) | $ — | $ — | $ (39,867) |
| Total | $ (39,867) | $ — | $ — | $ (39,867) |
| Officers | |
| Kenneth
A. Topping President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
| * | Interested Trustee |
| U.S. Customer Privacy Notice | March 2024 |
| 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 information 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
| For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| 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 |
| U.S. Customer Privacy Notice — continued | March 2024 |
| Who we are | |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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.) |
| What
happens when I limit sharing for an account I hold jointly with someone else? |
Your choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| 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 does not jointly market. |
| U.S. Customer Privacy Notice — continued | March 2024 |
| Other important information | |
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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. |
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 01/06/1998 | 03/16/1978 | 8.88% | 3.76% | 1.01% | 2.52% |
| Class A with 3.25% Maximum Sales Charge | — | — | 5.29 | 0.43 | 0.36 | 2.18 |
| Class C at NAV | 05/02/2006 | 03/16/1978 | 8.52 | 2.86 | 0.25 | 1.90 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 7.52 | 1.86 | 0.25 | 1.90 |
| Class I at NAV | 03/16/1978 | 03/16/1978 | 9.03 | 4.01 | 1.27 | 2.78 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 1.00% | 1.75% | 0.75% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.48% | 2.73% | 3.74% |
| Taxable-Equivalent Distribution Rate | 5.89 | 4.61 | 6.31 |
| SEC 30-day Yield | 2.99 | 2.33 | 3.34 |
| Taxable-Equivalent SEC 30-day Yield | 5.04 | 3.94 | 5.63 |
| % Total Leverage5 | |
| Residual Interest Bond (RIB) Financing | 1.79% |
| Credit Quality (% of total investments)1,2 |
| 1 | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 04/05/1994 | 12/19/1985 | 8.33% | 4.61% | 1.77% | 3.24% |
| Class A with 3.25% Maximum Sales Charge | — | — | 4.86 | 1.21 | 1.10 | 2.90 |
| Class C at NAV | 12/03/1993 | 12/19/1985 | 7.93 | 3.82 | 1.02 | 2.63 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 6.93 | 2.82 | 1.02 | 2.63 |
| Class I at NAV | 07/01/1999 | 12/19/1985 | 8.47 | 4.87 | 2.02 | 3.50 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.75% | 1.50% | 0.50% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.65% | 2.90% | 3.90% |
| Taxable-Equivalent Distribution Rate | 6.17 | 4.90 | 6.59 |
| SEC 30-day Yield | 3.29 | 2.65 | 3.65 |
| Taxable-Equivalent SEC 30-day Yield | 5.56 | 4.48 | 6.17 |
| % Total Leverage5 | |
| RIB Financing | 1.29% |
| 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 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
| 4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
| 5 | Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes. |
| Fund profiles subject to change due to active management. |
| Beginning
Account Value (10/1/23) |
Ending
Account Value (3/31/24) |
Expenses
Paid During Period* (10/1/23 – 3/31/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,088.80 | $4.96 | 0.95% |
| Class C | $1,000.00 | $1,085.20 | $8.86 | 1.70% |
| Class I | $1,000.00 | $1,090.30 | $3.66 | 0.70% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.25 | $4.80 | 0.95% |
| Class C | $1,000.00 | $1,016.50 | $8.57 | 1.70% |
| Class I | $1,000.00 | $1,021.50 | $3.54 | 0.70% |
| * | 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 183/366 (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 September 30, 2023. |
| Beginning
Account Value (10/1/23) |
Ending
Account Value (3/31/24) |
Expenses
Paid During Period* (10/1/23 – 3/31/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,083.30 | $3.75 | 0.72% |
| Class C | $1,000.00 | $1,079.30 | $7.64 | 1.47% |
| Class I | $1,000.00 | $1,084.70 | $2.45 | 0.47% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.40 | $3.64 | 0.72% |
| Class C | $1,000.00 | $1,017.65 | $7.41 | 1.47% |
| Class I | $1,000.00 | $1,022.65 | $2.38 | 0.47% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (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 September 30, 2023. |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the 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 March 31, 2024. |
| (2) | When-issued security. |
| (3) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy. |
| (4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $3,170,548 or 1.4% of the Fund's net assets. |
| (5) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| At March 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: | |
| Texas | 17.7% |
| New York | 13.6% |
| California | 12.7% |
| Others, representing less than 10% individually | 59.7% |
| The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 22.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 10.4% to 14.8% 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 |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SPA | – Standby Bond Purchase Agreement |
| (6) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy. |
| (7) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
| (8) | Amount is less than 0.05%. |
| (9) | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2024. |
| At March 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 | 17.9% |
| California | 14.0% |
| Texas | 11.4% |
| Others, representing less than 10% individually | 57.5% |
| 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 March 31, 2024, 6.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 3.3% 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 |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |
| March 31, 2024 | ||
| AMT-Free Fund | National Fund | |
| Assets | ||
| Investments: | ||
| Identified cost | $ 220,544,507 | $ 4,160,039,123 |
| Unrealized appreciation | 7,467,005 | 119,922,286 |
| Investments, at value | $228,011,512 | $4,279,961,409 |
| Cash | $ 41,794 | $ 239,378 |
| Interest receivable | 2,620,685 | 49,679,948 |
| Receivable for investments sold | — | 46,365,869 |
| Receivable for Fund shares sold | 110,333 | 8,746,885 |
| Trustees' deferred compensation plan | 101,324 | 383,114 |
| Total assets | $230,885,648 | $4,385,376,603 |
| Liabilities | ||
| Payable for floating rate notes issued | $ 4,007,324 | $ 54,916,341 |
| Payable for when-issued securities | 5,962,608 | 115,545,217 |
| Payable for Fund shares redeemed | 507,422 | 8,989,398 |
| Distributions payable | 113,339 | 2,252,572 |
| Payable to affiliates: | ||
| Investment adviser fee | 80,818 | 1,132,247 |
| Distribution and service fees | 25,212 | 290,579 |
| Trustees' deferred compensation plan | 101,324 | 383,114 |
| Interest expense and fees payable | 50,584 | 524,398 |
| Accrued expenses | 104,008 | 973,448 |
| Total liabilities | $ 10,952,639 | $ 185,007,314 |
| Net Assets | $219,933,009 | $4,200,369,289 |
| Sources of Net Assets | ||
| Paid-in capital | $ 262,035,760 | $ 4,524,193,086 |
| Accumulated loss | (42,102,751) | (323,823,797) |
| Net Assets | $219,933,009 | $4,200,369,289 |
| Class A Shares | ||
| Net Assets | $ 105,133,787 | $ 1,191,678,107 |
| Shares Outstanding | 12,897,118 | 128,168,326 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 8.15 | $ 9.30 |
| Maximum
Offering Price Per Share (100 ÷ 96.75 of net asset value per share) |
$ 8.42 | $ 9.61 |
| Class C Shares | ||
| Net Assets | $ 2,981,014 | $ 44,876,792 |
| Shares Outstanding | 367,856 | 4,827,192 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 8.10 | $ 9.30 |
| Class I Shares | ||
| Net Assets | $ 111,818,208 | $ 2,963,814,390 |
| Shares Outstanding | 12,561,978 | 318,815,888 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 8.90 | $ 9.30 |
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
| Six Months Ended March 31, 2024 | ||
| AMT-Free Fund | National Fund | |
| Investment Income | ||
| Interest income | $ 5,077,764 | $ 88,616,009 |
| Total investment income | $ 5,077,764 | $ 88,616,009 |
| Expenses | ||
| Investment adviser fee | $ 481,998 | $ 6,399,231 |
| Distribution and service fees: | ||
| Class A | 130,520 | 1,451,765 |
| Class C | 16,587 | 225,449 |
| Trustees’ fees and expenses | 7,633 | 54,250 |
| Custodian fee | 32,593 | 338,830 |
| Transfer and dividend disbursing agent fees | 41,129 | 832,550 |
| Legal and accounting services | 45,604 | 156,662 |
| Printing and postage | 4,095 | 49,748 |
| Registration fees | 32,838 | 127,653 |
| Interest expense and fees | 111,945 | 1,101,887 |
| Miscellaneous | 21,827 | 117,799 |
| Total expenses | $ 926,769 | $ 10,855,824 |
| Net investment income | $ 4,150,995 | $ 77,760,185 |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss): | ||
| Investment transactions | $ 170,430 | $ (16,449,356) |
| Futures contracts | — | 1,196,126 |
| Net realized gain (loss) | $ 170,430 | $ (15,253,230) |
| Change in unrealized appreciation (depreciation): | ||
| Investments | $ 14,468,805 | $ 243,906,637 |
| Futures contracts | — | (4,363,160) |
| Net change in unrealized appreciation (depreciation) | $14,468,805 | $239,543,477 |
| Net realized and unrealized gain | $14,639,235 | $224,290,247 |
| Net increase in net assets from operations | $18,790,230 | $302,050,432 |
| Six Months Ended March 31, 2024 (Unaudited) | ||
| AMT-Free Fund | National Fund | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 4,150,995 | $ 77,760,185 |
| Net realized gain (loss) | 170,430 | (15,253,230) |
| Net change in unrealized appreciation (depreciation) | 14,468,805 | 239,543,477 |
| Net increase in net assets from operations | $ 18,790,230 | $ 302,050,432 |
| Distributions to shareholders: | ||
| Class A | $ (1,869,946) | $ (22,268,581) |
| Class C | (47,005) | (695,423) |
| Class I | (2,193,074) | (54,782,288) |
| Total distributions to shareholders | $ (4,110,025) | $ (77,746,292) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (2,494,005) | $ (3,758,232) |
| Class C | (491,049) | (3,468,383) |
| Class I | (12,202,937) | 300,160,979 |
| Net increase (decrease) in net assets from Fund share transactions | $ (15,187,991) | $ 292,934,364 |
| Net increase (decrease) in net assets | $ (507,786) | $ 517,238,504 |
| Net Assets | ||
| At beginning of period | $ 220,440,795 | $ 3,683,130,785 |
| At end of period | $219,933,009 | $4,200,369,289 |
| Year Ended September 30, 2023 | ||
| AMT-Free Fund | National Fund | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 8,754,263 | $ 133,637,938 |
| Net realized loss | (5,868,207) | (49,314,855) |
| Net change in unrealized appreciation (depreciation) | 1,277,150 | 4,443,142 |
| Net increase in net assets from operations | $ 4,163,206 | $ 88,766,225 |
| Distributions to shareholders: | ||
| Class A | $ (3,899,645) | $ (43,200,549) |
| Class C | (114,999) | (1,519,512) |
| Class I | (4,682,937) | (86,466,621) |
| Total distributions to shareholders | $ (8,697,581) | $ (131,186,682) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (11,277,440) | $ (49,788,169) |
| Class C | (1,635,102) | (10,052,301) |
| Class I | (418,520) | 658,700,475 |
| Net increase (decrease) in net assets from Fund share transactions | $ (13,331,062) | $ 598,860,005 |
| Net increase (decrease) in net assets | $ (17,865,437) | $ 556,439,548 |
| Net Assets | ||
| At beginning of year | $ 238,306,232 | $ 3,126,691,237 |
| At end of year | $220,440,795 | $3,683,130,785 |
| AMT-Free Fund — Class A | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.620 | $ 7.790 | $ 9.290 | $ 9.250 | $ 9.250 | $ 8.870 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.145 | $ 0.280 | $ 0.227 | $ 0.236 | $ 0.274 | $ 0.317 |
| Net realized and unrealized gain (loss) | 0.528 | (0.171) | (1.495) | 0.053 | 0.011 (2) | 0.381 |
| Total income (loss) from operations | $ 0.673 | $ 0.109 | $ (1.268) | $ 0.289 | $ 0.285 | $ 0.698 |
| Less Distributions | ||||||
| From net investment income | $ (0.143) | $ (0.279) | $ (0.232) | $ (0.249) | $ (0.285) | $ (0.318) |
| Total distributions | $ (0.143) | $ (0.279) | $ (0.232) | $ (0.249) | $ (0.285) | $ (0.318) |
| Net asset value — End of period | $ 8.150 | $ 7.620 | $ 7.790 | $ 9.290 | $ 9.250 | $ 9.250 |
| Total Return(3) | 8.88% (4) | 1.29% | (13.85)% | 3.14% | 3.12% | 8.02% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $105,134 | $100,835 | $113,933 | $157,981 | $158,729 | $150,853 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.85% (5) | 0.83% | 0.79% | 0.76% | 0.78% | 0.81% |
| Interest and fee expense(6) | 0.10% (5) | 0.17% | 0.07% | 0.04% | 0.14% | 0.23% |
| Total expenses | 0.95% (5) | 1.00% | 0.86% | 0.80% | 0.92% | 1.04% |
| Net investment income | 3.62% (5) | 3.50% | 2.61% | 2.53% | 2.97% | 3.51% |
| Portfolio Turnover | 25% (4) | 53% | 60% | 32% | 58% | 33% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| AMT-Free Fund — Class C | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.580 | $ 7.740 | $ 9.240 | $ 9.200 | $ 9.200 | $ 8.820 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.114 | $ 0.219 | $ 0.159 | $ 0.167 | $ 0.204 | $ 0.249 |
| Net realized and unrealized gain (loss) | 0.519 | (0.162) | (1.493) | 0.051 | 0.011 (2) | 0.380 |
| Total income (loss) from operations | $ 0.633 | $ 0.057 | $(1.334) | $ 0.218 | $ 0.215 | $ 0.629 |
| Less Distributions | ||||||
| From net investment income | $ (0.113) | $ (0.217) | $ (0.166) | $ (0.178) | $ (0.215) | $ (0.249) |
| Total distributions | $(0.113) | $(0.217) | $(0.166) | $(0.178) | $ (0.215) | $ (0.249) |
| Net asset value — End of period | $ 8.100 | $ 7.580 | $ 7.740 | $ 9.240 | $ 9.200 | $ 9.200 |
| Total Return(3) | 8.52% (4) | 0.51% | (14.59)% | 2.38% | 2.36% | 7.24% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 2,981 | $ 3,258 | $ 4,906 | $ 9,017 | $15,094 | $19,715 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.60% (5) | 1.58% | 1.54% | 1.51% | 1.53% | 1.56% |
| Interest and fee expense(6) | 0.10% (5) | 0.17% | 0.07% | 0.04% | 0.14% | 0.23% |
| Total expenses | 1.70% (5) | 1.75% | 1.61% | 1.55% | 1.67% | 1.79% |
| Net investment income | 2.87% (5) | 2.74% | 1.83% | 1.80% | 2.23% | 2.78% |
| Portfolio Turnover | 25% (4) | 53% | 60% | 32% | 58% | 33% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| AMT-Free Fund — Class I | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.320 | $ 8.500 | $ 10.150 | $ 10.110 | $ 10.100 | $ 9.680 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.169 | $ 0.328 | $ 0.271 | $ 0.283 | $ 0.323 | $ 0.370 |
| Net realized and unrealized gain (loss) | 0.579 | (0.182) | (1.644) | 0.055 | 0.023 (2) | 0.422 |
| Total income (loss) from operations | $ 0.748 | $ 0.146 | $ (1.373) | $ 0.338 | $ 0.346 | $ 0.792 |
| Less Distributions | ||||||
| From net investment income | $ (0.168) | $ (0.326) | $ (0.277) | $ (0.298) | $ (0.336) | $ (0.372) |
| Total distributions | $ (0.168) | $ (0.326) | $ (0.277) | $ (0.298) | $ (0.336) | $ (0.372) |
| Net asset value — End of period | $ 8.900 | $ 8.320 | $ 8.500 | $ 10.150 | $ 10.110 | $ 10.100 |
| Total Return(3) | 9.03% (4) | 1.49% | (13.64)% | 3.36% | 3.48% | 8.34% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $111,818 | $116,348 | $119,467 | $184,002 | $168,113 | $145,788 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.60% (5) | 0.58% | 0.54% | 0.51% | 0.53% | 0.56% |
| Interest and fee expense(6) | 0.10% (5) | 0.17% | 0.07% | 0.04% | 0.14% | 0.23% |
| Total expenses | 0.70% (5) | 0.75% | 0.61% | 0.55% | 0.67% | 0.79% |
| Net investment income | 3.87% (5) | 3.75% | 2.84% | 2.77% | 3.21% | 3.76% |
| Portfolio Turnover | 25% (4) | 53% | 60% | 32% | 58% | 33% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| National Fund — Class A | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 | $ 9.650 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.175 | $ 0.340 | $ 0.224 | $ 0.223 | $ 0.265 | $ 0.322 |
| Net realized and unrealized gain (loss) | 0.550 | (0.037) | (1.507) | 0.082 | 0.119 | 0.491 |
| Total income (loss) from operations | $ 0.725 | $ 0.303 | $ (1.283) | $ 0.305 | $ 0.384 | $ 0.813 |
| Less Distributions | ||||||
| From net investment income | $ (0.175) | $ (0.333) | $ (0.247) | $ (0.235) | $ (0.284) | $ (0.323) |
| Total distributions | $ (0.175) | $ (0.333) | $ (0.247) | $ (0.235) | $ (0.284) | $ (0.323) |
| Net asset value — End of period | $ 9.300 | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 |
| Total Return(2) | 8.33% (3) | 3.38% | (12.62)% | 2.99% | 3.84% | 8.57% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $1,191,678 | $1,126,345 | $1,179,909 | $1,558,418 | $1,620,505 | $1,605,407 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.66% (4) | 0.67% | 0.64% | 0.61% | 0.64% | 0.68% |
| Interest and fee expense(5) | 0.06% (4) | 0.08% | 0.03% | 0.02% | 0.05% | 0.12% |
| Total expenses | 0.72% (4) | 0.75% | 0.67% | 0.63% | 0.69% | 0.80% |
| Net investment income | 3.83% (4) | 3.73% | 2.30% | 2.15% | 2.61% | 3.26% |
| Portfolio Turnover | 38% (3) | 86% | 151% | 56% | 105% | 89% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| National Fund — Class C | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.750 | $ 8.780 | $10.310 | $ 10.240 | $ 10.140 | $ 9.650 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.141 | $ 0.271 | $ 0.148 | $ 0.146 | $ 0.190 | $ 0.252 |
| Net realized and unrealized gain (loss) | 0.550 | (0.036) | (1.504) | 0.081 | 0.119 | 0.488 |
| Total income (loss) from operations | $ 0.691 | $ 0.235 | $ (1.356) | $ 0.227 | $ 0.309 | $ 0.740 |
| Less Distributions | ||||||
| From net investment income | $ (0.141) | $ (0.265) | $ (0.174) | $ (0.157) | $ (0.209) | $ (0.250) |
| Total distributions | $ (0.141) | $ (0.265) | $ (0.174) | $ (0.157) | $ (0.209) | $ (0.250) |
| Net asset value — End of period | $ 9.300 | $ 8.750 | $ 8.780 | $10.310 | $ 10.240 | $ 10.140 |
| Total Return(2) | 7.93% (3) | 2.60% | (13.28)% | 2.22% | 3.08% | 7.77% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $44,877 | $45,670 | $55,558 | $ 94,851 | $131,330 | $172,417 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.41% (4) | 1.42% | 1.39% | 1.36% | 1.39% | 1.43% |
| Interest and fee expense(5) | 0.06% (4) | 0.08% | 0.03% | 0.02% | 0.05% | 0.12% |
| Total expenses | 1.47% (4) | 1.50% | 1.42% | 1.38% | 1.44% | 1.55% |
| Net investment income | 3.08% (4) | 2.98% | 1.52% | 1.41% | 1.87% | 2.57% |
| Portfolio Turnover | 38% (3) | 86% | 151% | 56% | 105% | 89% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| National Fund — Class I | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 | $ 9.650 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.186 | $ 0.363 | $ 0.248 | $ 0.248 | $ 0.289 | $ 0.341 |
| Net realized and unrealized gain (loss) | 0.551 | (0.037) | (1.507) | 0.082 | 0.120 | 0.495 |
| Total income (loss) from operations | $ 0.737 | $ 0.326 | $ (1.259) | $ 0.330 | $ 0.409 | $ 0.836 |
| Less Distributions | ||||||
| From net investment income | $ (0.187) | $ (0.356) | $ (0.271) | $ (0.260) | $ (0.309) | $ (0.346) |
| Total distributions | $ (0.187) | $ (0.356) | $ (0.271) | $ (0.260) | $ (0.309) | $ (0.346) |
| Net asset value — End of period | $ 9.300 | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 |
| Total Return(2) | 8.47% (3) | 3.64% | (12.40)% | 3.24% | 4.10% | 8.83% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $2,963,814 | $2,511,115 | $1,891,224 | $2,347,177 | $1,797,038 | $1,348,563 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.41% (4) | 0.42% | 0.39% | 0.36% | 0.39% | 0.43% |
| Interest and fee expense(5) | 0.06% (4) | 0.08% | 0.03% | 0.02% | 0.05% | 0.12% |
| Total expenses | 0.47% (4) | 0.50% | 0.42% | 0.38% | 0.44% | 0.55% |
| Net investment income | 4.08% (4) | 3.98% | 2.55% | 2.39% | 2.85% | 3.45% |
| Portfolio Turnover | 38% (3) | 86% | 151% | 56% | 105% | 89% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| AMT-Free
Fund |
National
Fund | |
| Floating Rate Notes Outstanding | $4,007,324 | $54,916,341 |
| Interest Rate or Range of Interest Rates (%) | 3.67 | 3.64 - 3.68 |
| Collateral for Floating Rate Notes Outstanding | $5,463,760 | $74,340,045 |
| AMT-Free
Fund |
National
Fund | |
| Average Floating Rate Notes Outstanding | $5,372,951 | $54,800,000 |
| Average Interest Rate | 4.17% | 4.02% |
| AMT-Free
Fund |
National
Fund | |
| Deferred capital losses: | ||
| Short-term | $26,756,879 | $294,364,229 |
| Long-term | $23,706,355 | $123,914,103 |
| AMT-Free
Fund |
National
Fund | |
| Aggregate cost | $216,455,126 | $4,111,634,189 |
| Gross unrealized appreciation | $ 9,823,938 | $ 148,576,399 |
| Gross unrealized depreciation | (2,274,876) | (35,165,520) |
| Net unrealized appreciation | $ 7,549,062 | $ 113,410,879 |
| Total Daily Net Assets | Annual
Asset Rate |
Daily
Income Rate |
| Up to $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
| AMT-Free
Fund |
National
Fund | |
| Investment Adviser Fee | $481,998 | $6,399,231 |
| Effective Annual Rate | 0.43% | 0.33% |
| AMT-Free
Fund |
National
Fund | |
| EVM's Sub-Transfer Agent Fees | $5,388 | $82,380 |
| EVD's Class A Sales Charges | $ 812 | $18,616 |
| Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ — | $ 6,534 |
| AMT-Free
Fund |
National
Fund | |
| Class A Distribution and Service Fees | $130,520 | $1,451,765 |
| AMT-Free
Fund |
National
Fund | |
| Class C Distribution Fees | $12,440 | $169,087 |
| AMT-Free
Fund |
National
Fund | |
| Class C Service Fees | $4,147 | $56,362 |
| AMT-Free
Fund |
National
Fund | |
| Class A | $ — (1) | $ 125 |
| Class C | $ — | $1,071 |
| (1) | Amount is less than $100. |
| AMT-Free
Fund |
National
Fund | |
| Purchases | $56,332,530 | $1,812,659,295 |
| Sales | $65,958,512 | $1,503,298,186 |
| AMT-Free Fund | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 1,071,119 | $ 8,651,609 | 1,888,917 | $ 14,993,570 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 191,793 | 1,540,989 | 412,323 | 3,293,503 | ||
| Redemptions | (1,596,485) | (12,686,603) | (3,699,939) | (29,564,513) | ||
| Net decrease | (333,573) | $ (2,494,005) | (1,398,699) | $(11,277,440) | ||
| Class C | ||||||
| Sales | 64,629 | $ 519,768 | 132,801 | $ 1,060,779 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 5,575 | 44,572 | 13,573 | 107,806 | ||
| Redemptions | (132,299) | (1,055,389) | (350,028) | (2,803,687) | ||
| Net decrease | (62,095) | $ (491,049) | (203,654) | $ (1,635,102) | ||
| AMT-Free Fund (continued) | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class I | ||||||
| Sales | 1,497,106 | $ 13,093,521 | 7,686,554 | $ 67,351,799 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 213,721 | 1,874,811 | 462,122 | 4,032,283 | ||
| Redemptions | (3,129,392) | (27,171,269) | (8,214,826) | (71,802,602) | ||
| Net decrease | (1,418,565) | $(12,202,937) | (66,150) | $ (418,520) | ||
| National Fund | ||||||
| Six
Months Ended March 31, 2024 (Unaudited) |
Year
Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 10,320,050 | $ 94,607,356 | 17,509,254 | $ 159,744,009 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 2,088,244 | 19,147,473 | 4,046,834 | 36,759,694 | ||
| Redemptions | (12,986,017) | (117,513,061) | (27,121,465) | (246,291,872) | ||
| Net decrease | (577,723) | $ (3,758,232) | (5,565,377) | $ (49,788,169) | ||
| Class C | ||||||
| Sales | 748,307 | $ 6,874,141 | 1,180,431 | $ 10,743,048 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 68,398 | 626,714 | 151,181 | 1,373,270 | ||
| Redemptions | (1,210,304) | (10,969,238) | (2,435,564) | (22,168,619) | ||
| Net decrease | (393,599) | $ (3,468,383) | (1,103,952) | $ (10,052,301) | ||
| Class I | ||||||
| Sales | 93,138,790 | $ 848,493,465 | 195,677,015 | $ 1,778,704,708 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 4,883,772 | 44,799,199 | 7,485,180 | 67,982,627 | ||
| Redemptions | (66,286,888) | (593,131,685) | (131,390,441) | (1,187,986,860) | ||
| Net increase | 31,735,674 | $ 300,160,979 | 71,771,754 | $ 658,700,475 | ||
| National
Fund | |
| Realized Gain (Loss) on Derivatives Recognized in Income | $ 1,196,126(1) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | $(4,363,160) (2) |
| (1) | Statement of Operations location: Net realized gain (loss): Futures contracts. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
| National
Fund | |
| Average Notional Cost: | |
| Futures Contracts — Short | $31,317,000 |
| • | 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) |
| AMT-Free Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Mortgage-Backed Securities | $ — | $ 944,978 | $ — | $ 944,978 |
| Tax-Exempt Municipal Obligations | — | 227,066,534 | — | 227,066,534 |
| Total Investments | $ — | $ 228,011,512 | $ — | $ 228,011,512 |
| National Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 45,108,882 | $ — | $ 45,108,882 |
| Tax-Exempt Municipal Obligations | — | 3,960,062,666 | — | 3,960,062,666 |
| Taxable Municipal Obligations | — | 274,789,861 | — | 274,789,861 |
| Total Investments | $ — | $4,279,961,409 | $ — | $4,279,961,409 |
| Officers | |
| Kenneth
A. Topping President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
| * | Interested Trustee |
| U.S. Customer Privacy Notice | March 2024 |
| 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 information 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
| For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| 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 |
| U.S. Customer Privacy Notice — continued | March 2024 |
| Who we are | |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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.) |
| What
happens when I limit sharing for an account I hold jointly with someone else? |
Your choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| 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 does not jointly market. |
| U.S. Customer Privacy Notice — continued | March 2024 |
| Other important information | |
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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. |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of 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) | Principal Financial Officer’s Section 302 certification. | |
| (a)(2)(ii) | Principal Executive Officer’s Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Eaton Vance Municipals Trust | ||
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
Date: May 17, 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 | ||
| Principal Financial Officer |
Date: May 17, 2024
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer |
Date: May 17, 2024
