Eaton Vance
Municipal Income Funds
Semiannual Report
February 29, 2024
Georgia •
Maryland • Missouri • North Carolina • Oregon
South
Carolina • Virginia
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)
August 31
Date of Fiscal Year End
February 29, 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 | 12/07/1993 | 12/23/1991 | 4.05% | 4.92% | 1.42% | 2.33% |
| Class A with 3.25% Maximum Sales Charge | — | — | 0.63 | 1.49 | 0.76 | 2.00 |
| Class C at NAV | 04/25/2006 | 12/23/1991 | 3.74 | 4.25 | 0.66 | 1.72 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 2.74 | 3.25 | 0.66 | 1.72 |
| Class I at NAV | 03/03/2008 | 12/23/1991 | 4.28 | 5.26 | 1.62 | 2.55 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 4.33% | 5.42% | 1.91% | 2.67% |
| Bloomberg Georgia Municipal Bond Index | — | — | 4.25 | 5.42 | 1.72 | 2.38 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.69% | 1.44% | 0.49% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.14% | 2.39% | 3.34% |
| Taxable-Equivalent Distribution Rate | 5.88 | 4.47 | 6.25 |
| SEC 30-day Yield | 2.80 | 2.15 | 3.09 |
| Taxable-Equivalent SEC 30-day Yield | 5.24 | 4.01 | 5.78 |
| 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 | 12/10/1993 | 02/03/1992 | 4.46% | 5.75% | 1.48% | 2.05% |
| Class A with 3.25% Maximum Sales Charge | — | — | 1.10 | 2.36 | 0.82 | 1.71 |
| Class C at NAV | 05/02/2006 | 02/03/1992 | 4.06 | 4.96 | 0.72 | 1.43 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 3.06 | 3.96 | 0.72 | 1.43 |
| Class I at NAV | 03/03/2008 | 02/03/1992 | 4.68 | 5.95 | 1.68 | 2.25 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 4.33% | 5.42% | 1.91% | 2.67% |
| Bloomberg Maryland Municipal Bond Index | — | — | 3.75 | 4.42 | 1.44 | 2.11 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.71% | 1.46% | 0.51% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.18% | 2.43% | 3.38% |
| Taxable-Equivalent Distribution Rate | 5.95 | 4.54 | 6.32 |
| SEC 30-day Yield | 2.93 | 2.28 | 3.22 |
| Taxable-Equivalent SEC 30-day Yield | 5.47 | 4.26 | 6.03 |
| 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 | 05/01/1992 | 3.82% | 4.82% | 1.36% | 2.40% |
| Class A with 3.25% Maximum Sales Charge | — | — | 0.41 | 1.40 | 0.70 | 2.07 |
| Class C at NAV | 02/16/2006 | 05/01/1992 | 3.44 | 4.11 | 0.60 | 1.79 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 2.44 | 3.11 | 0.60 | 1.79 |
| Class I at NAV | 08/03/2010 | 05/01/1992 | 4.04 | 5.15 | 1.58 | 2.62 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 4.33% | 5.42% | 1.91% | 2.67% |
| Bloomberg Missouri Municipal Bond Index | — | — | 3.98 | 5.25 | 1.89 | 2.64 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.71% | 1.46% | 0.51% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.55% | 2.80% | 3.75% |
| Taxable-Equivalent Distribution Rate | 6.54 | 5.16 | 6.91 |
| SEC 30-day Yield | 3.00 | 2.35 | 3.30 |
| Taxable-Equivalent SEC 30-day Yield | 5.53 | 4.33 | 6.08 |
| 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 | 10/23/1991 | 4.11% | 4.55% | 1.37% | 2.26% |
| Class A with 3.25% Maximum Sales Charge | — | — | 0.69 | 1.15 | 0.69 | 1.93 |
| Class C at NAV | 05/02/2006 | 10/23/1991 | 3.65 | 3.76 | 0.61 | 1.67 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 2.65 | 2.76 | 0.61 | 1.67 |
| Class I at NAV | 03/03/2008 | 10/23/1991 | 4.08 | 4.75 | 1.55 | 2.47 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 4.33% | 5.42% | 1.91% | 2.67% |
| Bloomberg North Carolina Municipal Bond Index | — | — | 4.00 | 4.40 | 1.42 | 2.15 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.68% | 1.43% | 0.48% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.18% | 2.43% | 3.38% |
| Taxable-Equivalent Distribution Rate | 5.84 | 4.46 | 6.21 |
| SEC 30-day Yield | 2.76 | 2.11 | 3.05 |
| Taxable-Equivalent SEC 30-day Yield | 5.07 | 3.87 | 5.60 |
| 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 | 12/28/1993 | 12/24/1991 | 4.17% | 4.63% | 1.37% | 2.56% |
| Class A with 3.25% Maximum Sales Charge | — | — | 0.83 | 1.18 | 0.70 | 2.23 |
| Class C at NAV | 03/02/2006 | 12/24/1991 | 3.69 | 3.86 | 0.63 | 1.94 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 2.69 | 2.86 | 0.63 | 1.94 |
| Class I at NAV | 08/03/2010 | 12/24/1991 | 4.15 | 4.84 | 1.57 | 2.75 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 4.33% | 5.42% | 1.91% | 2.67% |
| Bloomberg Oregon Municipal Bond Index | — | — | 4.37 | 4.82 | 1.65 | 2.54 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.73% | 1.48% | 0.53% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.44% | 2.69% | 3.64% |
| Taxable-Equivalent Distribution Rate | 6.98 | 5.46 | 7.39 |
| SEC 30-day Yield | 2.76 | 2.11 | 3.05 |
| Taxable-Equivalent SEC 30-day Yield | 5.60 | 4.28 | 6.19 |
| 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 | 02/14/1994 | 10/02/1992 | 3.47% | 4.28% | 1.29% | 2.43% |
| Class A with 3.25% Maximum Sales Charge | — | — | 0.07 | 0.87 | 0.61 | 2.10 |
| Class C at NAV | 01/12/2006 | 10/02/1992 | 3.09 | 3.54 | 0.55 | 1.82 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 2.09 | 2.54 | 0.55 | 1.82 |
| Class I at NAV | 03/03/2008 | 10/02/1992 | 3.69 | 4.61 | 1.49 | 2.64 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 4.33% | 5.42% | 1.91% | 2.67% |
| Bloomberg South Carolina Municipal Bond Index | — | — | 4.27 | 5.23 | 2.04 | 2.81 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.73% | 1.48% | 0.53% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.49% | 2.74% | 3.69% |
| Taxable-Equivalent Distribution Rate | 6.61 | 5.19 | 6.99 |
| SEC 30-day Yield | 2.95 | 2.30 | 3.24 |
| Taxable-Equivalent SEC 30-day Yield | 5.58 | 4.35 | 6.14 |
| 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 | 12/17/1993 | 07/26/1991 | 3.84% | 4.33% | 1.06% | 1.94% |
| Class A with 3.25% Maximum Sales Charge | — | — | 0.42 | 0.93 | 0.39 | 1.60 |
| Class C at NAV | 02/08/2006 | 07/26/1991 | 3.50 | 3.70 | 0.33 | 1.34 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 2.50 | 2.70 | 0.33 | 1.34 |
| Class I at NAV | 03/03/2008 | 07/26/1991 | 4.08 | 4.69 | 1.26 | 2.15 |
|
| ||||||
| Bloomberg Municipal Bond Index | — | — | 4.33% | 5.42% | 1.91% | 2.67% |
| Bloomberg Virginia Municipal Bond Index | — | — | 4.42 | 5.29 | 1.64 | 2.37 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.75% | 1.51% | 0.55% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.43% | 2.68% | 3.63% |
| Taxable-Equivalent Distribution Rate | 6.42 | 5.02 | 6.79 |
| SEC 30-day Yield | 2.86 | 2.21 | 3.15 |
| Taxable-Equivalent SEC 30-day Yield | 5.35 | 4.13 | 5.90 |
| 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. |
| 1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Georgia Municipal Bond Index is an unmanaged index of Georgia municipal bonds. Bloomberg Maryland Municipal Bond Index is an unmanaged index of Maryland municipal bonds. Bloomberg Missouri Municipal Bond Index is an unmanaged index of Missouri municipal bonds. Bloomberg North Carolina Municipal Bond Index is an unmanaged index of North Carolina municipal bonds. Bloomberg Oregon Municipal Bond Index is an unmanaged index of Oregon municipal bonds. Bloomberg South Carolina Municipal Bond Index is an unmanaged index of South Carolina municipal bonds. Bloomberg Virginia Municipal Bond Index is an unmanaged index of Virginia municipal bonds. 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. |
| Fund profiles subject to change due to active management. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,040.50 | $3.60 | 0.71% |
| Class C | $1,000.00 | $1,037.40 | $7.40 | 1.46% |
| Class I | $1,000.00 | $1,042.80 | $2.59 | 0.51% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.33 | $3.57 | 0.71% |
| Class C | $1,000.00 | $1,017.60 | $7.32 | 1.46% |
| Class I | $1,000.00 | $1,022.33 | $2.56 | 0.51% |
| * | 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 182/366 (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 August 31, 2023. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,044.60 | $3.76 | 0.74% |
| Class C | $1,000.00 | $1,040.60 | $7.56 | 1.49% |
| Class I | $1,000.00 | $1,046.80 | $2.75 | 0.54% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.18 | $3.72 | 0.74% |
| Class C | $1,000.00 | $1,017.45 | $7.47 | 1.49% |
| Class I | $1,000.00 | $1,022.18 | $2.72 | 0.54% |
| * | 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 182/366 (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 August 31, 2023. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,038.20 | $3.60 | 0.71% |
| Class C | $1,000.00 | $1,034.40 | $7.38 | 1.46% |
| Class I | $1,000.00 | $1,040.40 | $2.59 | 0.51% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.33 | $3.57 | 0.71% |
| Class C | $1,000.00 | $1,017.60 | $7.32 | 1.46% |
| Class I | $1,000.00 | $1,022.33 | $2.56 | 0.51% |
| * | 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 182/366 (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 August 31, 2023. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,041.10 | $3.60 | 0.71% |
| Class C | $1,000.00 | $1,036.50 | $7.39 | 1.46% |
| Class I | $1,000.00 | $1,040.80 | $2.59 | 0.51% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.33 | $3.57 | 0.71% |
| Class C | $1,000.00 | $1,017.60 | $7.32 | 1.46% |
| Class I | $1,000.00 | $1,022.33 | $2.56 | 0.51% |
| * | 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 182/366 (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 August 31, 2023. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,041.70 | $3.71 | 0.73% |
| Class C | $1,000.00 | $1,036.90 | $7.50 | 1.48% |
| Class I | $1,000.00 | $1,041.50 | $2.69 | 0.53% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.23 | $3.67 | 0.73% |
| Class C | $1,000.00 | $1,017.50 | $7.42 | 1.48% |
| Class I | $1,000.00 | $1,022.23 | $2.66 | 0.53% |
| * | 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 182/366 (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 August 31, 2023. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,034.70 | $3.74 | 0.74% |
| Class C | $1,000.00 | $1,030.90 | $7.52 | 1.49% |
| Class I | $1,000.00 | $1,036.90 | $2.73 | 0.54% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.18 | $3.72 | 0.74% |
| Class C | $1,000.00 | $1,017.45 | $7.47 | 1.49% |
| Class I | $1,000.00 | $1,022.18 | $2.72 | 0.54% |
| * | 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 182/366 (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 August 31, 2023. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,038.40 | $3.80 | 0.75% |
| Class C | $1,000.00 | $1,035.00 | $7.59 | 1.50% |
| Class I | $1,000.00 | $1,040.80 | $2.79 | 0.55% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.13 | $3.77 | 0.75% |
| Class C | $1,000.00 | $1,017.40 | $7.52 | 1.50% |
| Class I | $1,000.00 | $1,022.13 | $2.77 | 0.55% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (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 August 31, 2023. |
| Abbreviations: | |
| 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. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| SPA | – Standby Bond Purchase Agreement |
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at February 29, 2024. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at February 29, 2024. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at February 29, 2024. |
| (4) | Amount is less than 0.05%. |
| (5) | When-issued security. |
| (6) | 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 February 29, 2024, the aggregate value of these securities is $201,596 or 0.1% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by North Carolina 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 February 29, 2024, 7.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 4.0% of total investments. | |
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| 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. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |
| 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 February 29, 2024. |
| (2) | 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 February 29, 2024, the aggregate value of these securities is $257,628 or 0.4% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Virginia 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 February 29, 2024, 10.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.9% to 8.9% of total investments. | |
| 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. |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |
| February 29, 2024 | ||||
| Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
| Assets | ||||
| Investments: | ||||
| Identified cost | $ 113,177,107 | $ 79,789,911 | $ 94,543,851 | $ 184,470,895 |
| Unrealized appreciation (depreciation) | 952,483 | (784,397) | 1,825,536 | 3,879,758 |
| Investments, at value | $114,129,590 | $79,005,514 | $ 96,369,387 | $188,350,653 |
| Cash | $ 90,028 | $ 191,846 | $ 217,400 | $ 2,468,617 |
| Interest receivable | 1,204,084 | 847,537 | 1,181,078 | 1,885,130 |
| Receivable for investments sold | 500,198 | — | 1,010,138 | 4,055,000 |
| Receivable for Fund shares sold | 29,053 | 111,699 | 32,313 | 842,199 |
| Trustees' deferred compensation plan | 19,622 | 23,348 | 29,759 | 40,771 |
| Total assets | $115,972,575 | $80,179,944 | $ 98,840,075 | $197,642,370 |
| Liabilities | ||||
| Payable for when-issued securities | $ — | $ — | $ 1,000,000 | $ 506,395 |
| Payable for Fund shares redeemed | 141,412 | 101,585 | 135,894 | 761,357 |
| Distributions payable | 62,404 | 37,728 | 41,267 | 169,032 |
| Payable to affiliates: | ||||
| Investment adviser fee | 31,447 | 19,591 | 25,909 | 57,136 |
| Distribution and service fees | 7,629 | 6,777 | 12,616 | 12,768 |
| Trustees' deferred compensation plan | 19,622 | 23,348 | 29,759 | 40,771 |
| Accrued expenses | 63,027 | 55,544 | 67,560 | 90,015 |
| Total liabilities | $ 325,541 | $ 244,573 | $ 1,313,005 | $ 1,637,474 |
| Net Assets | $115,647,034 | $79,935,371 | $ 97,527,070 | $196,004,896 |
| Sources of Net Assets | ||||
| Paid-in capital | $ 122,878,438 | $ 86,917,095 | $100,735,572 | $ 206,592,244 |
| Accumulated loss | (7,231,404) | (6,981,724) | (3,208,502) | (10,587,348) |
| Net Assets | $115,647,034 | $79,935,371 | $ 97,527,070 | $196,004,896 |
| Class A Shares | ||||
| Net Assets | $ 32,927,854 | $ 28,262,383 | $ 57,300,910 | $ 51,218,629 |
| Shares Outstanding | 4,047,800 | 3,376,419 | 6,560,413 | 6,049,119 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 8.13 | $ 8.37 | $ 8.73 | $ 8.47 |
| Maximum
Offering Price Per Share (100 ÷ 96.75 of net asset value per share) |
$ 8.40 | $ 8.65 | $ 9.02 | $ 8.75 |
| Class C Shares | ||||
| Net Assets | $ 3,146,341 | $ 2,927,540 | $ 4,539,903 | $ 6,007,857 |
| Shares Outstanding | 361,635 | 320,648 | 470,844 | 659,738 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 8.70 | $ 9.13 | $ 9.64 | $ 9.11 |
| Class I Shares | ||||
| Net Assets | $ 79,572,839 | $ 48,745,448 | $ 35,686,257 | $ 138,778,410 |
| Shares Outstanding | 9,756,293 | 5,811,150 | 4,079,970 | 16,346,715 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 8.16 | $ 8.39 | $ 8.75 | $ 8.49 |
| 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. |
| February 29, 2024 | |||
| Oregon Fund | South Carolina Fund | Virginia Fund | |
| Assets | |||
| Investments: | |||
| Identified cost | $ 157,244,023 | $ 166,931,736 | $ 56,693,723 |
| Unrealized appreciation | 3,092,083 | 3,437,673 | 930,859 |
| Investments, at value | $160,336,106 | $170,369,409 | $57,624,582 |
| Cash | $ 1,556,617 | $ 464,684 | $ 106,127 |
| Interest receivable | 1,458,835 | 2,070,336 | 628,673 |
| Receivable for investments sold | — | 3,000,000 | — |
| Receivable for Fund shares sold | 500,218 | 274,835 | 12,203 |
| Trustees' deferred compensation plan | 41,584 | 42,521 | 42,896 |
| Total assets | $163,893,360 | $176,221,785 | $58,414,481 |
| Liabilities | |||
| Payable for Fund shares redeemed | $ 830,849 | $ 475,149 | $ 53,396 |
| Distributions payable | 19,599 | 124,348 | 27,160 |
| Payable to affiliates: | |||
| Investment adviser fee | 48,064 | 52,085 | 12,850 |
| Distribution and service fees | 14,878 | 14,763 | 6,492 |
| Trustees' deferred compensation plan | 41,584 | 42,521 | 42,896 |
| Accrued expenses | 84,198 | 88,748 | 53,014 |
| Total liabilities | $ 1,039,172 | $ 797,614 | $ 195,808 |
| Net Assets | $162,854,188 | $175,424,171 | $58,218,673 |
| Sources of Net Assets | |||
| Paid-in capital | $ 181,733,618 | $ 186,077,345 | $ 65,743,524 |
| Accumulated loss | (18,879,430) | (10,653,174) | (7,524,851) |
| Net Assets | $162,854,188 | $175,424,171 | $58,218,673 |
| Class A Shares | |||
| Net Assets | $ 73,089,401 | $ 70,450,783 | $ 33,654,825 |
| Shares Outstanding | 9,115,473 | 8,104,960 | 4,679,426 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 8.02 | $ 8.69 | $ 7.19 |
| Maximum
Offering Price Per Share (100 ÷ 96.75 of net asset value per share) |
$ 8.29 | $ 8.98 | $ 7.43 |
| Class C Shares | |||
| Net Assets | $ 4,417,406 | $ 4,758,681 | $ 1,520,135 |
| Shares Outstanding | 503,235 | 516,024 | 190,789 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 8.78 | $ 9.22 | $ 7.97 |
| Class I Shares | |||
| Net Assets | $ 85,347,381 | $ 100,214,707 | $ 23,043,713 |
| Shares Outstanding | 10,653,354 | 11,519,257 | 3,197,625 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 8.01 | $ 8.70 | $ 7.21 |
| 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 February 29, 2024 | ||||
| Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
| Investment Income | ||||
| Interest income | $ 2,107,317 | $ 1,450,756 | $ 1,836,035 | $ 3,511,692 |
| Total investment income | $ 2,107,317 | $1,450,756 | $1,836,035 | $ 3,511,692 |
| Expenses | ||||
| Investment adviser fee | $ 191,020 | $ 116,548 | $ 146,906 | $ 342,343 |
| Distribution and service fees: | ||||
| Class A | 34,101 | 27,988 | 53,421 | 51,270 |
| Class C | 15,960 | 15,034 | 21,721 | 29,357 |
| Trustees’ fees and expenses | 3,946 | 2,704 | 3,214 | 6,219 |
| Custodian fee | 18,564 | 14,608 | 16,346 | 26,306 |
| Transfer and dividend disbursing agent fees | 13,508 | 13,934 | 13,622 | 29,466 |
| Legal and accounting services | 39,774 | 35,816 | 29,520 | 42,070 |
| Printing and postage | 3,926 | 3,240 | 3,422 | 4,328 |
| Registration fees | 1,780 | 3,338 | 1,556 | 1,134 |
| Miscellaneous | 15,159 | 13,269 | 14,628 | 17,434 |
| Total expenses | $ 337,738 | $ 246,479 | $ 304,356 | $ 549,927 |
| Net investment income | $ 1,769,579 | $1,204,277 | $1,531,679 | $ 2,961,765 |
| Realized and Unrealized Gain (Loss) | ||||
| Net realized gain (loss): | ||||
| Investment transactions | $ (1,078,363) | $ (449,571) | $ (779,420) | $ (1,383,520) |
| Net realized loss | $(1,078,363) | $ (449,571) | $ (779,420) | $(1,383,520) |
| Change in unrealized appreciation (depreciation): | ||||
| Investments | $ 3,822,757 | $ 2,531,300 | $ 2,774,053 | $ 5,845,699 |
| Net change in unrealized appreciation (depreciation) | $ 3,822,757 | $2,531,300 | $2,774,053 | $ 5,845,699 |
| Net realized and unrealized gain | $ 2,744,394 | $2,081,729 | $1,994,633 | $ 4,462,179 |
| Net increase in net assets from operations | $ 4,513,973 | $3,286,006 | $3,526,312 | $ 7,423,944 |
| Six Months Ended February 29, 2024 | |||
| Oregon Fund | South Carolina Fund | Virginia Fund | |
| Investment Income | |||
| Interest income | $ 3,149,561 | $ 3,466,295 | $ 1,196,996 |
| Total investment income | $ 3,149,561 | $ 3,466,295 | $1,196,996 |
| Expenses | |||
| Investment adviser fee | $ 279,149 | $ 314,023 | $ 79,026 |
| Distribution and service fees: | |||
| Class A | 68,239 | 69,322 | 33,567 |
| Class C | 20,971 | 22,676 | 7,305 |
| Trustees’ fees and expenses | 5,121 | 5,704 | 2,091 |
| Custodian fee | 22,212 | 24,826 | 13,104 |
| Transfer and dividend disbursing agent fees | 23,426 | 17,672 | 14,524 |
| Legal and accounting services | 36,706 | 36,692 | 31,160 |
| Printing and postage | 6,106 | 5,266 | 2,594 |
| Registration fees | 626 | 446 | 2,266 |
| Interest expense and fees | 6,475 | 33,164 | — |
| Miscellaneous | 18,356 | 19,408 | 12,240 |
| Total expenses | $ 487,387 | $ 549,199 | $ 197,877 |
| Net investment income | $ 2,662,174 | $ 2,917,096 | $ 999,119 |
| Realized and Unrealized Gain (Loss) | |||
| Net realized gain (loss): | |||
| Investment transactions | $ (1,048,977) | $ (2,521,369) | $ (756,170) |
| Net realized loss | $(1,048,977) | $(2,521,369) | $ (756,170) |
| Change in unrealized appreciation (depreciation): | |||
| Investments | $ 4,384,179 | $ 5,568,135 | $ 1,943,178 |
| Net change in unrealized appreciation (depreciation) | $ 4,384,179 | $ 5,568,135 | $1,943,178 |
| Net realized and unrealized gain | $ 3,335,202 | $ 3,046,766 | $1,187,008 |
| Net increase in net assets from operations | $ 5,997,376 | $ 5,963,862 | $2,186,127 |
| Six Months Ended February 29, 2024 (Unaudited) | ||||
| Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
| Increase (Decrease) in Net Assets | ||||
| From operations: | ||||
| Net investment income | $ 1,769,579 | $ 1,204,277 | $ 1,531,679 | $ 2,961,765 |
| Net realized loss | (1,078,363) | (449,571) | (779,420) | (1,383,520) |
| Net change in unrealized appreciation (depreciation) | 3,822,757 | 2,531,300 | 2,774,053 | 5,845,699 |
| Net increase in net assets from operations | $ 4,513,973 | $ 3,286,006 | $ 3,526,312 | $ 7,423,944 |
| Distributions to shareholders: | ||||
| Class A | $ (509,541) | $ (443,961) | $ (894,273) | $ (782,322) |
| Class C | (37,548) | (38,352) | (59,377) | (71,099) |
| Class I | (1,200,482) | (744,943) | (558,487) | (2,084,990) |
| Total distributions to shareholders | $ (1,747,571) | $ (1,227,256) | $ (1,512,137) | $ (2,938,411) |
| Transactions in shares of beneficial interest: | ||||
| Class A | $ (4,132,305) | $ (972,451) | $ 3,758,740 | $ (3,226,255) |
| Class C | (256,593) | (561,863) | (462,014) | (559,108) |
| Class I | 1,397,605 | 2,952,490 | 4,763,428 | 8,543,531 |
| Net increase (decrease) in net assets from Fund share transactions | $ (2,991,293) | $ 1,418,176 | $ 8,060,154 | $ 4,758,168 |
| Net increase (decrease) in net assets | $ (224,891) | $ 3,476,926 | $10,074,329 | $ 9,243,701 |
| Net Assets | ||||
| At beginning of period | $ 115,871,925 | $ 76,458,445 | $ 87,452,741 | $ 186,761,195 |
| At end of period | $115,647,034 | $79,935,371 | $97,527,070 | $196,004,896 |
| Six Months Ended February 29, 2024 (Unaudited) | |||
| Oregon Fund | South Carolina Fund | Virginia Fund | |
| Increase (Decrease) in Net Assets | |||
| From operations: | |||
| Net investment income | $ 2,662,174 | $ 2,917,096 | $ 999,119 |
| Net realized loss | (1,048,977) | (2,521,369) | (756,170) |
| Net change in unrealized appreciation (depreciation) | 4,384,179 | 5,568,135 | 1,943,178 |
| Net increase in net assets from operations | $ 5,997,376 | $ 5,963,862 | $ 2,186,127 |
| Distributions to shareholders: | |||
| Class A | $ (1,162,314) | $ (1,163,543) | $ (560,443) |
| Class C | (58,712) | (62,265) | (19,930) |
| Class I | (1,421,916) | (1,682,508) | (391,970) |
| Total distributions to shareholders | $ (2,642,942) | $ (2,908,316) | $ (972,343) |
| Transactions in shares of beneficial interest: | |||
| Class A | $ 3,248,096 | $ (1,733,003) | $ (980,316) |
| Class C | (485,190) | (279,612) | (97,529) |
| Class I | 4,420,122 | 1,735,048 | 28,507 |
| Net increase (decrease) in net assets from Fund share transactions | $ 7,183,028 | $ (277,567) | $ (1,049,338) |
| Net increase in net assets | $ 10,537,462 | $ 2,777,979 | $ 164,446 |
| Net Assets | |||
| At beginning of period | $ 152,316,726 | $ 172,646,192 | $ 58,054,227 |
| At end of period | $162,854,188 | $175,424,171 | $58,218,673 |
| Year Ended August 31, 2023 | ||||
| Georgia Fund | Maryland Fund | Missouri Fund | North Carolina Fund | |
| Increase (Decrease) in Net Assets | ||||
| From operations: | ||||
| Net investment income | $ 3,042,241 | $ 2,033,291 | $ 2,528,368 | $ 4,409,333 |
| Net realized loss | (2,475,891) | (1,798,658) | (2,246,729) | (6,247,028) |
| Net change in unrealized appreciation (depreciation) | 1,099,915 | 830,420 | 614,910 | 3,052,019 |
| Net increase in net assets from operations | $ 1,666,265 | $ 1,065,053 | $ 896,549 | $ 1,214,324 |
| Distributions to shareholders: | ||||
| Class A | $ (948,825) | $ (787,936) | $ (1,496,698) | $ (1,271,332) |
| Class C | (64,420) | (61,577) | (110,859) | (109,546) |
| Class I | (2,002,879) | (1,158,576) | (891,955) | (3,007,333) |
| Total distributions to shareholders | $ (3,016,124) | $ (2,008,089) | $ (2,499,512) | $ (4,388,211) |
| Transactions in shares of beneficial interest: | ||||
| Class A | $ (2,456,610) | $ (7,089,245) | $ 8,810,384 | $ (2,712,028) |
| Class C | (441,340) | (765,966) | (329,553) | (1,282,323) |
| Class I | 2,299,965 | 3,247,365 | 7,164,311 | 18,625,941 |
| Net increase (decrease) in net assets from Fund share transactions | $ (597,985) | $ (4,607,846) | $15,645,142 | $ 14,631,590 |
| Net increase (decrease) in net assets | $ (1,947,844) | $ (5,550,882) | $14,042,179 | $ 11,457,703 |
| Net Assets | ||||
| At beginning of year | $ 117,819,769 | $ 82,009,327 | $ 73,410,562 | $ 175,303,492 |
| At end of year | $115,871,925 | $76,458,445 | $87,452,741 | $186,761,195 |
| Year Ended August 31, 2023 | |||
| Oregon Fund | South Carolina Fund | Virginia Fund | |
| Increase (Decrease) in Net Assets | |||
| From operations: | |||
| Net investment income | $ 4,866,304 | $ 4,020,807 | $ 1,748,752 |
| Net realized loss | (7,834,827) | (5,610,703) | (1,798,452) |
| Net change in unrealized appreciation (depreciation) | 4,476,471 | 3,803,547 | 409,949 |
| Net increase in net assets from operations | $ 1,507,948 | $ 2,213,651 | $ 360,249 |
| Distributions to shareholders: | |||
| Class A | $ (2,217,487) | $ (1,768,178) | $ (965,605) |
| Class C | (133,793) | (96,654) | (38,542) |
| Class I | (2,437,370) | (2,119,025) | (653,802) |
| Total distributions to shareholders | $ (4,788,650) | $ (3,983,857) | $ (1,657,949) |
| Transactions in shares of beneficial interest: | |||
| Class A | $ (9,950,539) | $ (6,207,872) | $ (3,674,759) |
| Class C | (2,073,635) | (2,314,952) | (1,244,885) |
| Class I | 6,102,904 | 29,040,071 | 3,387,449 |
| Net increase (decrease) in net assets from Fund share transactions | $ (5,921,270) | $ 20,517,247 | $ (1,532,195) |
| Net increase (decrease) in net assets | $ (9,201,972) | $ 18,747,041 | $ (2,829,895) |
| Net Assets | |||
| At beginning of year | $ 161,518,698 | $ 153,899,151 | $ 60,884,122 |
| At end of year | $152,316,726 | $172,646,192 | $58,054,227 |
| Georgia Fund — Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.930 | $ 8.020 | $ 8.870 | $ 8.800 | $ 8.770 | $ 8.370 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.120 | $ 0.203 | $ 0.143 | $ 0.147 | $ 0.197 | $ 0.227 |
| Net realized and unrealized gain (loss) | 0.198 | (0.091) | (0.850) | 0.074 | 0.029 | 0.399 |
| Total income (loss) from operations | $ 0.318 | $ 0.112 | $ (0.707) | $ 0.221 | $ 0.226 | $ 0.626 |
| Less Distributions | ||||||
| From net investment income | $ (0.118) | $ (0.202) | $ (0.143) | $ (0.151) | $ (0.196) | $ (0.226) |
| Total distributions | $ (0.118) | $ (0.202) | $ (0.143) | $ (0.151) | $ (0.196) | $ (0.226) |
| Net asset value — End of period | $ 8.130 | $ 7.930 | $ 8.020 | $ 8.870 | $ 8.800 | $ 8.770 |
| Total Return(2) | 4.05% (3) | 1.41% | (8.03)% | 2.52% | 2.62% | 7.61% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $32,928 | $36,206 | $39,103 | $48,535 | $45,047 | $42,894 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.71% (4) | 0.69% | 0.65% | 0.65% | 0.67% | 0.70% |
| Net investment income | 3.03% (4) | 2.54% | 1.69% | 1.66% | 2.26% | 2.67% |
| Portfolio Turnover | 20% (3) | 47% | 34% | 19% | 16% | 12% |
| (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. |
| Georgia Fund — Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.480 | $ 8.580 | $ 9.490 | $ 9.410 | $ 9.380 | $ 8.950 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.096 | $ 0.153 | $ 0.085 | $ 0.087 | $ 0.141 | $ 0.177 |
| Net realized and unrealized gain (loss) | 0.219 | (0.101) | (0.910) | 0.083 | 0.028 | 0.427 |
| Total income (loss) from operations | $ 0.315 | $ 0.052 | $(0.825) | $ 0.170 | $ 0.169 | $ 0.604 |
| Less Distributions | ||||||
| From net investment income | $ (0.095) | $ (0.152) | $ (0.085) | $ (0.090) | $ (0.139) | $ (0.174) |
| Total distributions | $(0.095) | $(0.152) | $(0.085) | $(0.090) | $(0.139) | $(0.174) |
| Net asset value — End of period | $ 8.700 | $ 8.480 | $ 8.580 | $ 9.490 | $ 9.410 | $ 9.380 |
| Total Return(2) | 3.74% (3) | 0.60% | (8.73)% | 1.81% | 1.83% | 6.84% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 3,146 | $ 3,312 | $ 3,783 | $ 4,939 | $ 5,271 | $ 5,749 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.46% (4) | 1.44% | 1.40% | 1.40% | 1.42% | 1.45% |
| Net investment income | 2.28% (4) | 1.79% | 0.93% | 0.92% | 1.51% | 1.95% |
| Portfolio Turnover | 20% (3) | 47% | 34% | 19% | 16% | 12% |
| (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. |
| Georgia Fund — Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.950 | $ 8.040 | $ 8.900 | $ 8.820 | $ 8.800 | $ 8.400 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.128 | $ 0.220 | $ 0.161 | $ 0.163 | $ 0.214 | $ 0.243 |
| Net realized and unrealized gain (loss) | 0.208 | (0.092) | (0.861) | 0.086 | 0.020 | 0.401 |
| Total income (loss) from operations | $ 0.336 | $ 0.128 | $ (0.700) | $ 0.249 | $ 0.234 | $ 0.644 |
| Less Distributions | ||||||
| From net investment income | $ (0.126) | $ (0.218) | $ (0.160) | $ (0.169) | $ (0.214) | $ (0.244) |
| Total distributions | $ (0.126) | $ (0.218) | $ (0.160) | $ (0.169) | $ (0.214) | $ (0.244) |
| Net asset value — End of period | $ 8.160 | $ 7.950 | $ 8.040 | $ 8.900 | $ 8.820 | $ 8.800 |
| Total Return(2) | 4.28% (3) | 1.61% | (7.93)% | 2.84% | 2.71% | 7.81% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $79,573 | $76,354 | $74,934 | $79,579 | $50,563 | $42,592 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.51% (4) | 0.49% | 0.45% | 0.45% | 0.47% | 0.49% |
| Net investment income | 3.22% (4) | 2.75% | 1.90% | 1.84% | 2.45% | 2.86% |
| Portfolio Turnover | 20% (3) | 47% | 34% | 19% | 16% | 12% |
| (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. |
| Maryland Fund — Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.140 | $ 8.230 | $ 9.190 | $ 9.010 | $ 9.070 | $ 8.670 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.126 | $ 0.207 | $ 0.159 | $ 0.162 | $ 0.203 | $ 0.235 |
| Net realized and unrealized gain (loss) | 0.233 | (0.091) | (0.967) | 0.181 | (0.057) | 0.398 |
| Total income (loss) from operations | $ 0.359 | $ 0.116 | $ (0.808) | $ 0.343 | $ 0.146 | $ 0.633 |
| Less Distributions | ||||||
| From net investment income | $ (0.129) | $ (0.206) | $ (0.152) | $ (0.163) | $ (0.206) | $ (0.233) |
| Total distributions | $ (0.129) | $ (0.206) | $ (0.152) | $ (0.163) | $ (0.206) | $ (0.233) |
| Net asset value — End of period | $ 8.370 | $ 8.140 | $ 8.230 | $ 9.190 | $ 9.010 | $ 9.070 |
| Total Return(2) | 4.46% (3) | 1.43% | (8.86)% | 3.84% | 1.64% | 7.43% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $28,262 | $28,435 | $35,914 | $46,218 | $38,368 | $37,847 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.74% (4) | 0.71% | 0.68% | 0.67% | 0.69% | 0.73% |
| Net investment income | 3.11% (4) | 2.53% | 1.82% | 1.78% | 2.27% | 2.69% |
| Portfolio Turnover | 19% (3) | 53% | 48% | 23% | 24% | 21% |
| (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. |
| Maryland Fund — Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.880 | $ 8.980 | $10.020 | $ 9.830 | $ 9.890 | $ 9.460 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.104 | $ 0.159 | $ 0.101 | $ 0.107 | $ 0.148 | $ 0.185 |
| Net realized and unrealized gain (loss) | 0.253 | (0.101) | (1.046) | 0.187 | (0.057) | 0.427 |
| Total income (loss) from operations | $ 0.357 | $ 0.058 | $ (0.945) | $ 0.294 | $ 0.091 | $ 0.612 |
| Less Distributions | ||||||
| From net investment income | $ (0.107) | $ (0.158) | $ (0.095) | $ (0.104) | $ (0.151) | $ (0.182) |
| Total distributions | $(0.107) | $(0.158) | $ (0.095) | $ (0.104) | $(0.151) | $ (0.182) |
| Net asset value — End of period | $ 9.130 | $ 8.880 | $ 8.980 | $10.020 | $ 9.830 | $ 9.890 |
| Total Return(2) | 4.06% (3) | 0.65% | (9.48)% | 3.00% | 0.94% | 6.55% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 2,928 | $ 3,402 | $ 4,221 | $ 5,804 | $ 8,767 | $10,728 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.49% (4) | 1.46% | 1.43% | 1.42% | 1.45% | 1.49% |
| Net investment income | 2.36% (4) | 1.79% | 1.06% | 1.08% | 1.52% | 1.94% |
| Portfolio Turnover | 19% (3) | 53% | 48% | 23% | 24% | 21% |
| (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. |
| Maryland Fund — Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.150 | $ 8.250 | $ 9.210 | $ 9.030 | $ 9.090 | $ 8.690 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.135 | $ 0.226 | $ 0.177 | $ 0.177 | $ 0.221 | $ 0.252 |
| Net realized and unrealized gain (loss) | 0.242 | (0.103) | (0.967) | 0.185 | (0.057) | 0.399 |
| Total income (loss) from operations | $ 0.377 | $ 0.123 | $ (0.790) | $ 0.362 | $ 0.164 | $ 0.651 |
| Less Distributions | ||||||
| From net investment income | $ (0.137) | $ (0.223) | $ (0.170) | $ (0.182) | $ (0.224) | $ (0.251) |
| Total distributions | $ (0.137) | $ (0.223) | $ (0.170) | $ (0.182) | $ (0.224) | $ (0.251) |
| Net asset value — End of period | $ 8.390 | $ 8.150 | $ 8.250 | $ 9.210 | $ 9.030 | $ 9.090 |
| Total Return(2) | 4.68% (3) | 1.51% | (8.66)% | 4.04% | 1.85% | 7.63% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $48,745 | $44,622 | $41,874 | $47,433 | $23,411 | $14,685 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.54% (4) | 0.51% | 0.48% | 0.47% | 0.49% | 0.52% |
| Net investment income | 3.31% (4) | 2.76% | 2.02% | 1.94% | 2.47% | 2.87% |
| Portfolio Turnover | 19% (3) | 53% | 48% | 23% | 24% | 21% |
| (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. |
| Missouri Fund — Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.550 | $ 8.710 | $ 9.760 | $ 9.690 | $ 9.670 | $ 9.270 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.144 | $ 0.257 | $ 0.198 | $ 0.191 | $ 0.256 | $ 0.286 |
| Net realized and unrealized gain (loss) | 0.178 | (0.164) | (1.050) | 0.071 | 0.032 | 0.401 |
| Total income (loss) from operations | $ 0.322 | $ 0.093 | $ (0.852) | $ 0.262 | $ 0.288 | $ 0.687 |
| Less Distributions | ||||||
| From net investment income | $ (0.142) | $ (0.253) | $ (0.198) | $ (0.192) | $ (0.268) | $ (0.287) |
| Total distributions | $ (0.142) | $ (0.253) | $ (0.198) | $ (0.192) | $ (0.268) | $ (0.287) |
| Net asset value — End of period | $ 8.730 | $ 8.550 | $ 8.710 | $ 9.760 | $ 9.690 | $ 9.670 |
| Total Return(2) | 3.82% (3) | 1.08% | (8.82)% | 2.72% | 3.04% | 7.57% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $57,301 | $52,300 | $44,538 | $52,362 | $50,698 | $49,542 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.71% (4) | 0.71% | 0.69% | 0.66% | 0.69% | 0.71% |
| Net investment income | 3.39% (4) | 2.97% | 2.14% | 1.97% | 2.67% | 3.07% |
| Portfolio Turnover | 27% (3) | 59% | 15% | 19% | 17% | 19% |
| (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. |
| Missouri Fund — Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 9.440 | $ 9.620 | $10.770 | $ 10.700 | $ 10.670 | $ 10.230 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.124 | $ 0.211 | $ 0.142 | $ 0.131 | $ 0.203 | $ 0.239 |
| Net realized and unrealized gain (loss) | 0.198 | (0.184) | (1.150) | 0.070 | 0.043 | 0.441 |
| Total income (loss) from operations | $ 0.322 | $ 0.027 | $ (1.008) | $ 0.201 | $ 0.246 | $ 0.680 |
| Less Distributions | ||||||
| From net investment income | $ (0.122) | $ (0.207) | $ (0.142) | $ (0.131) | $ (0.216) | $ (0.240) |
| Total distributions | $(0.122) | $(0.207) | $ (0.142) | $ (0.131) | $ (0.216) | $ (0.240) |
| Net asset value — End of period | $ 9.640 | $ 9.440 | $ 9.620 | $10.770 | $10.700 | $10.670 |
| Total Return(2) | 3.44% (3) | 0.29% | (9.42)% | 1.89% | 2.35% | 6.75% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 4,540 | $ 4,934 | $ 5,364 | $ 7,215 | $ 7,210 | $ 7,594 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.46% (4) | 1.46% | 1.44% | 1.41% | 1.44% | 1.46% |
| Net investment income | 2.64% (4) | 2.21% | 1.38% | 1.22% | 1.92% | 2.32% |
| Portfolio Turnover | 27% (3) | 59% | 15% | 19% | 17% | 19% |
| (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. |
| Missouri Fund — Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.560 | $ 8.720 | $ 9.770 | $ 9.710 | $ 9.680 | $ 9.280 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.153 | $ 0.275 | $ 0.216 | $ 0.211 | $ 0.275 | $ 0.305 |
| Net realized and unrealized gain (loss) | 0.188 | (0.165) | (1.049) | 0.060 | 0.041 | 0.401 |
| Total income (loss) from operations | $ 0.341 | $ 0.110 | $ (0.833) | $ 0.271 | $ 0.316 | $ 0.706 |
| Less Distributions | ||||||
| From net investment income | $ (0.151) | $ (0.270) | $ (0.217) | $ (0.211) | $ (0.286) | $ (0.306) |
| Total distributions | $ (0.151) | $ (0.270) | $ (0.217) | $ (0.211) | $ (0.286) | $ (0.306) |
| Net asset value — End of period | $ 8.750 | $ 8.560 | $ 8.720 | $ 9.770 | $ 9.710 | $ 9.680 |
| Total Return(2) | 4.04% (3) | 1.29% | (8.62)% | 2.82% | 3.33% | 7.78% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $35,686 | $30,219 | $23,509 | $28,155 | $23,490 | $14,770 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.51% (4) | 0.51% | 0.49% | 0.46% | 0.49% | 0.50% |
| Net investment income | 3.59% (4) | 3.17% | 2.33% | 2.17% | 2.86% | 3.26% |
| Portfolio Turnover | 27% (3) | 59% | 15% | 19% | 17% | 19% |
| (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. |
| North Carolina Fund — Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.260 | $ 8.390 | $ 9.280 | $ 9.190 | $ 9.190 | $ 8.810 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.127 | $ 0.196 | $ 0.144 | $ 0.166 | $ 0.207 | $ 0.242 |
| Net realized and unrealized gain (loss) | 0.209 | (0.131) | (0.889) | 0.091 | 0.013 | 0.379 |
| Total income (loss) from operations | $ 0.336 | $ 0.065 | $ (0.745) | $ 0.257 | $ 0.220 | $ 0.621 |
| Less Distributions | ||||||
| From net investment income | $ (0.126) | $ (0.195) | $ (0.145) | $ (0.167) | $ (0.220) | $ (0.241) |
| Total distributions | $ (0.126) | $ (0.195) | $ (0.145) | $ (0.167) | $ (0.220) | $ (0.241) |
| Net asset value — End of period | $ 8.470 | $ 8.260 | $ 8.390 | $ 9.280 | $ 9.190 | $ 9.190 |
| Total Return(2) | 4.11% (3) | 0.78% | (8.09)% | 2.82% | 2.44% | 7.19% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $51,219 | $53,236 | $56,810 | $66,171 | $64,513 | $62,294 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.71% (4) | 0.68% | 0.66% | 0.65% | 0.67% | 0.70% |
| Interest and fee expense(5) | — | — | — | — | — | 0.04% |
| Total expenses | 0.71% (4) | 0.68% | 0.66% | 0.65% | 0.67% | 0.74% |
| Net investment income | 3.08% (4) | 2.34% | 1.63% | 1.79% | 2.28% | 2.73% |
| Portfolio Turnover | 36% (3) | 100% | 18% | 24% | 21% | 37% |
| (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). |
| North Carolina Fund — Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.890 | $ 9.030 | $ 9.980 | $ 9.880 | $ 9.880 | $ 9.480 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.103 | $ 0.142 | $ 0.084 | $ 0.105 | $ 0.150 | $ 0.191 |
| Net realized and unrealized gain (loss) | 0.219 | (0.140) | (0.950) | 0.100 | 0.014 | 0.397 |
| Total income (loss) from operations | $ 0.322 | $ 0.002 | $(0.866) | $ 0.205 | $ 0.164 | $ 0.588 |
| Less Distributions | ||||||
| From net investment income | $ (0.102) | $ (0.142) | $ (0.084) | $ (0.105) | $ (0.164) | $ (0.188) |
| Total distributions | $(0.102) | $(0.142) | $(0.084) | $(0.105) | $ (0.164) | $ (0.188) |
| Net asset value — End of period | $ 9.110 | $ 8.890 | $ 9.030 | $ 9.980 | $ 9.880 | $ 9.880 |
| Total Return(2) | 3.65% (3) | 0.02% | (8.71)% | 2.09% | 1.69% | 6.30% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 6,008 | $ 6,418 | $ 7,812 | $ 9,200 | $11,741 | $13,809 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.46% (4) | 1.43% | 1.41% | 1.40% | 1.42% | 1.45% |
| Interest and fee expense(5) | — | — | — | — | — | 0.04% |
| Total expenses | 1.46% (4) | 1.43% | 1.41% | 1.40% | 1.42% | 1.49% |
| Net investment income | 2.33% (4) | 1.59% | 0.88% | 1.05% | 1.53% | 2.00% |
| Portfolio Turnover | 36% (3) | 100% | 18% | 24% | 21% | 37% |
| (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). |
| North Carolina Fund — Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.290 | $ 8.420 | $ 9.310 | $ 9.210 | $ 9.210 | $ 8.840 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.135 | $ 0.214 | $ 0.162 | $ 0.183 | $ 0.226 | $ 0.257 |
| Net realized and unrealized gain (loss) | 0.199 | (0.132) | (0.889) | 0.103 | 0.012 | 0.373 |
| Total income (loss) from operations | $ 0.334 | $ 0.082 | $ (0.727) | $ 0.286 | $ 0.238 | $ 0.630 |
| Less Distributions | ||||||
| From net investment income | $ (0.134) | $ (0.212) | $ (0.163) | $ (0.186) | $ (0.238) | $ (0.260) |
| Total distributions | $ (0.134) | $ (0.212) | $ (0.163) | $ (0.186) | $ (0.238) | $ (0.260) |
| Net asset value — End of period | $ 8.490 | $ 8.290 | $ 8.420 | $ 9.310 | $ 9.210 | $ 9.210 |
| Total Return(2) | 4.08% (3) | 0.98% | (7.88)% | 3.14% | 2.64% | 7.27% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $138,778 | $127,108 | $110,681 | $89,655 | $64,747 | $54,578 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.51% (4) | 0.48% | 0.46% | 0.45% | 0.47% | 0.49% |
| Interest and fee expense(5) | — | — | — | — | — | 0.04% |
| Total expenses | 0.51% (4) | 0.48% | 0.46% | 0.45% | 0.47% | 0.53% |
| Net investment income | 3.27% (4) | 2.56% | 1.84% | 1.98% | 2.47% | 2.88% |
| Portfolio Turnover | 36% (3) | 100% | 18% | 24% | 21% | 37% |
| (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). |
| Oregon Fund — Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.830 | $ 7.990 | $ 8.940 | $ 8.910 | $ 8.830 | $ 8.440 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.134 | $ 0.245 | $ 0.162 | $ 0.164 | $ 0.216 | $ 0.255 |
| Net realized and unrealized gain (loss) | 0.189 | (0.163) | (0.945) | 0.033 | 0.093 | 0.390 |
| Total income (loss) from operations | $ 0.323 | $ 0.082 | $ (0.783) | $ 0.197 | $ 0.309 | $ 0.645 |
| Less Distributions | ||||||
| From net investment income | $ (0.133) | $ (0.242) | $ (0.167) | $ (0.167) | $ (0.229) | $ (0.255) |
| Total distributions | $ (0.133) | $ (0.242) | $ (0.167) | $ (0.167) | $ (0.229) | $ (0.255) |
| Net asset value — End of period | $ 8.020 | $ 7.830 | $ 7.990 | $ 8.940 | $ 8.910 | $ 8.830 |
| Total Return(2) | 4.17% (3) | 1.03% | (8.84)% | 2.23% | 3.57% | 7.80% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $73,089 | $68,300 | $79,721 | $92,849 | $83,651 | $82,490 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.72% (4) | 0.70% | 0.66% | 0.65% | 0.67% | 0.70% |
| Interest and fee expense(5) | 0.01% (4) | 0.03% | — | — | — | 0.07% |
| Total expenses | 0.73% (4) | 0.73% | 0.66% | 0.65% | 0.67% | 0.77% |
| Net investment income | 3.43% (4) | 3.09% | 1.91% | 1.83% | 2.46% | 2.99% |
| Portfolio Turnover | 23% (3) | 86% | 42% | 25% | 36% | 36% |
| (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). |
| Oregon Fund — Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.580 | $ 8.750 | $ 9.790 | $ 9.750 | $ 9.660 | $ 9.250 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.115 | $ 0.202 | $ 0.107 | $ 0.107 | $ 0.164 | $ 0.210 |
| Net realized and unrealized gain (loss) | 0.199 | (0.173) | (1.034) | 0.042 | 0.104 | 0.409 |
| Total income (loss) from operations | $ 0.314 | $ 0.029 | $(0.927) | $ 0.149 | $ 0.268 | $ 0.619 |
| Less Distributions | ||||||
| From net investment income | $ (0.114) | $ (0.199) | $ (0.113) | $ (0.109) | $ (0.178) | $ (0.209) |
| Total distributions | $(0.114) | $(0.199) | $(0.113) | $(0.109) | $ (0.178) | $ (0.209) |
| Net asset value — End of period | $ 8.780 | $ 8.580 | $ 8.750 | $ 9.790 | $ 9.750 | $ 9.660 |
| Total Return(2) | 3.69% (3) | 0.33% | (9.52)% | 1.54% | 2.82% | 6.80% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 4,417 | $ 4,814 | $ 7,009 | $ 9,935 | $11,102 | $10,332 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.47% (4) | 1.45% | 1.41% | 1.40% | 1.42% | 1.45% |
| Interest and fee expense(5) | 0.01% (4) | 0.03% | — | — | — | 0.07% |
| Total expenses | 1.48% (4) | 1.48% | 1.41% | 1.40% | 1.42% | 1.52% |
| Net investment income | 2.69% (4) | 2.33% | 1.15% | 1.09% | 1.71% | 2.26% |
| Portfolio Turnover | 23% (3) | 86% | 42% | 25% | 36% | 36% |
| (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). |
| Oregon Fund — Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.830 | $ 7.980 | $ 8.940 | $ 8.900 | $ 8.820 | $ 8.440 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.142 | $ 0.261 | $ 0.179 | $ 0.180 | $ 0.232 | $ 0.267 |
| Net realized and unrealized gain (loss) | 0.179 | (0.154) | (0.956) | 0.045 | 0.093 | 0.385 |
| Total income (loss) from operations | $ 0.321 | $ 0.107 | $ (0.777) | $ 0.225 | $ 0.325 | $ 0.652 |
| Less Distributions | ||||||
| From net investment income | $ (0.141) | $ (0.257) | $ (0.183) | $ (0.185) | $ (0.245) | $ (0.272) |
| Total distributions | $ (0.141) | $ (0.257) | $ (0.183) | $ (0.185) | $ (0.245) | $ (0.272) |
| Net asset value — End of period | $ 8.010 | $ 7.830 | $ 7.980 | $ 8.940 | $ 8.900 | $ 8.820 |
| Total Return(2) | 4.15% (3) | 1.36% | (8.77)% | 2.55% | 3.76% | 7.89% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $85,347 | $79,202 | $74,789 | $77,593 | $57,461 | $41,343 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.52% (4) | 0.50% | 0.47% | 0.45% | 0.47% | 0.49% |
| Interest and fee expense(5) | 0.01% (4) | 0.03% | — | — | — | 0.07% |
| Total expenses | 0.53% (4) | 0.53% | 0.47% | 0.45% | 0.47% | 0.56% |
| Net investment income | 3.63% (4) | 3.29% | 2.11% | 2.02% | 2.65% | 3.13% |
| Portfolio Turnover | 23% (3) | 86% | 42% | 25% | 36% | 36% |
| (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). |
| South Carolina Fund — Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.540 | $ 8.620 | $ 9.510 | $ 9.440 | $ 9.390 | $ 9.080 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.143 | $ 0.205 | $ 0.165 | $ 0.172 | $ 0.216 | $ 0.254 |
| Net realized and unrealized gain (loss) | 0.149 | (0.082) | (0.891) | 0.071 | 0.058 | 0.318 |
| Total income (loss) from operations | $ 0.292 | $ 0.123 | $ (0.726) | $ 0.243 | $ 0.274 | $ 0.572 |
| Less Distributions | ||||||
| From net investment income | $ (0.142) | $ (0.203) | $ (0.164) | $ (0.173) | $ (0.224) | $ (0.262) |
| Total distributions | $ (0.142) | $ (0.203) | $ (0.164) | $ (0.173) | $ (0.224) | $ (0.262) |
| Net asset value — End of period | $ 8.690 | $ 8.540 | $ 8.620 | $ 9.510 | $ 9.440 | $ 9.390 |
| Total Return(2) | 3.47% (3) | 1.44% | (7.69)% | 2.59% | 2.97% | 6.41% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $70,451 | $70,953 | $77,965 | $90,752 | $78,914 | $72,517 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.70% (4) | 0.66% | 0.65% | 0.64% | 0.65% | 0.69% |
| Interest and fee expense(5) | 0.04% (4) | 0.07% | 0.02% | 0.01% | 0.04% | 0.06% |
| Total expenses | 0.74% (4) | 0.73% | 0.67% | 0.65% | 0.69% | 0.75% |
| Net investment income | 3.37% (4) | 2.38% | 1.81% | 1.81% | 2.31% | 2.78% |
| Portfolio Turnover | 57% (3) | 72% | 12% | 20% | 28% | 19% |
| (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). |
| South Carolina Fund — Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 9.060 | $ 9.140 | $10.090 | $ 10.010 | $ 9.960 | $ 9.640 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.118 | $ 0.148 | $ 0.102 | $ 0.110 | $ 0.155 | $ 0.198 |
| Net realized and unrealized gain (loss) | 0.159 | (0.081) | (0.950) | 0.078 | 0.058 | 0.327 |
| Total income (loss) from operations | $ 0.277 | $ 0.067 | $ (0.848) | $ 0.188 | $ 0.213 | $ 0.525 |
| Less Distributions | ||||||
| From net investment income | $ (0.117) | $ (0.147) | $ (0.102) | $ (0.108) | $ (0.163) | $ (0.205) |
| Total distributions | $(0.117) | $(0.147) | $ (0.102) | $ (0.108) | $ (0.163) | $ (0.205) |
| Net asset value — End of period | $ 9.220 | $ 9.060 | $ 9.140 | $10.090 | $10.010 | $ 9.960 |
| Total Return(2) | 3.09% (3) | 0.74% | (8.44)% | 1.89% | 2.17% | 5.53% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 4,759 | $ 4,954 | $ 7,333 | $ 11,030 | $ 14,085 | $17,750 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.45% (4) | 1.41% | 1.40% | 1.39% | 1.40% | 1.44% |
| Interest and fee expense(5) | 0.04% (4) | 0.07% | 0.02% | 0.01% | 0.04% | 0.06% |
| Total expenses | 1.49% (4) | 1.48% | 1.42% | 1.40% | 1.44% | 1.50% |
| Net investment income | 2.62% (4) | 1.62% | 1.05% | 1.09% | 1.57% | 2.05% |
| Portfolio Turnover | 57% (3) | 72% | 12% | 20% | 28% | 19% |
| (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). |
| South Carolina Fund — Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.540 | $ 8.620 | $ 9.520 | $ 9.450 | $ 9.400 | $ 9.090 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.151 | $ 0.224 | $ 0.182 | $ 0.191 | $ 0.234 | $ 0.272 |
| Net realized and unrealized gain (loss) | 0.160 | (0.084) | (0.899) | 0.071 | 0.058 | 0.318 |
| Total income (loss) from operations | $ 0.311 | $ 0.140 | $ (0.717) | $ 0.262 | $ 0.292 | $ 0.590 |
| Less Distributions | ||||||
| From net investment income | $ (0.151) | $ (0.220) | $ (0.183) | $ (0.192) | $ (0.242) | $ (0.280) |
| Total distributions | $ (0.151) | $ (0.220) | $ (0.183) | $ (0.192) | $ (0.242) | $ (0.280) |
| Net asset value — End of period | $ 8.700 | $ 8.540 | $ 8.620 | $ 9.520 | $ 9.450 | $ 9.400 |
| Total Return(2) | 3.69% (3) | 1.64% | (7.60)% | 2.80% | 3.17% | 6.62% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $100,215 | $96,738 | $68,602 | $70,780 | $56,246 | $41,726 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.50% (4) | 0.46% | 0.45% | 0.44% | 0.45% | 0.49% |
| Interest and fee expense(5) | 0.04% (4) | 0.07% | 0.02% | 0.01% | 0.04% | 0.06% |
| Total expenses | 0.54% (4) | 0.53% | 0.47% | 0.45% | 0.49% | 0.55% |
| Net investment income | 3.57% (4) | 2.61% | 2.01% | 2.01% | 2.50% | 2.97% |
| Portfolio Turnover | 57% (3) | 72% | 12% | 20% | 28% | 19% |
| (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). |
| Virginia Fund — Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.040 | $ 7.190 | $ 8.100 | $ 8.060 | $ 8.030 | $ 7.710 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.120 | $ 0.205 | $ 0.168 | $ 0.176 | $ 0.201 | $ 0.232 |
| Net realized and unrealized gain (loss) | 0.147 | (0.161) | (0.914) | 0.037 | 0.042 | 0.317 |
| Total income (loss) from operations | $ 0.267 | $ 0.044 | $ (0.746) | $ 0.213 | $ 0.243 | $ 0.549 |
| Less Distributions | ||||||
| From net investment income | $ (0.117) | $ (0.194) | $ (0.164) | $ (0.173) | $ (0.213) | $ (0.229) |
| Total distributions | $ (0.117) | $ (0.194) | $ (0.164) | $ (0.173) | $ (0.213) | $ (0.229) |
| Net asset value — End of period | $ 7.190 | $ 7.040 | $ 7.190 | $ 8.100 | $ 8.060 | $ 8.030 |
| Total Return(2) | 3.84% (3) | 0.62% | (9.30)% | 2.67% | 3.09% | 7.26% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $33,655 | $33,859 | $38,319 | $46,788 | $48,031 | $49,860 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.75% (4) | 0.70% | 0.69% | 0.67% | 0.68% | 0.71% |
| Interest and fee expense(5) | — | 0.05% | 0.02% | 0.01% | 0.08% | 0.11% |
| Total expenses | 0.75% (4) | 0.75% | 0.71% | 0.68% | 0.76% | 0.82% |
| Net investment income | 3.43% (4) | 2.87% | 2.19% | 2.18% | 2.53% | 2.98% |
| Portfolio Turnover | 47% (3) | 72% | 19% | 33% | 17% | 22% |
| (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). |
| Virginia Fund — Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.800 | $ 7.970 | $ 8.980 | $ 8.920 | $ 8.900 | $ 8.540 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.104 | $ 0.166 | $ 0.122 | $ 0.128 | $ 0.156 | $ 0.193 |
| Net realized and unrealized gain (loss) | 0.166 | (0.180) | (1.013) | 0.056 | 0.034 | 0.356 |
| Total income (loss) from operations | $ 0.270 | $(0.014) | $(0.891) | $ 0.184 | $ 0.190 | $ 0.549 |
| Less Distributions | ||||||
| From net investment income | $ (0.100) | $ (0.156) | $ (0.119) | $ (0.124) | $ (0.170) | $ (0.189) |
| Total distributions | $(0.100) | $(0.156) | $(0.119) | $(0.124) | $(0.170) | $(0.189) |
| Net asset value — End of period | $ 7.970 | $ 7.800 | $ 7.970 | $ 8.980 | $ 8.920 | $ 8.900 |
| Total Return(2) | 3.50% (3) | (0.18)% | (9.99)% | 2.08% | 2.17% | 6.53% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 1,520 | $ 1,584 | $ 2,895 | $ 4,551 | $ 4,289 | $ 4,114 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.50% (4) | 1.46% | 1.44% | 1.42% | 1.43% | 1.46% |
| Interest and fee expense(5) | — | 0.05% | 0.02% | 0.01% | 0.08% | 0.11% |
| Total expenses | 1.50% (4) | 1.51% | 1.46% | 1.43% | 1.51% | 1.57% |
| Net investment income | 2.69% (4) | 2.10% | 1.44% | 1.42% | 1.77% | 2.24% |
| Portfolio Turnover | 47% (3) | 72% | 19% | 33% | 17% | 22% |
| (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). |
| Virginia Fund — Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.050 | $ 7.210 | $ 8.120 | $ 8.070 | $ 8.050 | $ 7.730 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.127 | $ 0.220 | $ 0.184 | $ 0.192 | $ 0.217 | $ 0.247 |
| Net realized and unrealized gain (loss) | 0.157 | (0.171) | (0.914) | 0.048 | 0.032 | 0.318 |
| Total income (loss) from operations | $ 0.284 | $ 0.049 | $ (0.730) | $ 0.240 | $ 0.249 | $ 0.565 |
| Less Distributions | ||||||
| From net investment income | $ (0.124) | $ (0.209) | $ (0.180) | $ (0.190) | $ (0.229) | $ (0.245) |
| Total distributions | $ (0.124) | $ (0.209) | $ (0.180) | $ (0.190) | $ (0.229) | $ (0.245) |
| Net asset value — End of period | $ 7.210 | $ 7.050 | $ 7.210 | $ 8.120 | $ 8.070 | $ 8.050 |
| Total Return(2) | 4.08% (3) | 0.69% | (9.09)% | 3.00% | 3.17% | 7.46% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $23,044 | $22,612 | $19,671 | $23,589 | $19,401 | $16,767 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.55% (4) | 0.50% | 0.49% | 0.47% | 0.48% | 0.50% |
| Interest and fee expense(5) | — | 0.05% | 0.02% | 0.01% | 0.08% | 0.11% |
| Total expenses | 0.55% (4) | 0.55% | 0.51% | 0.48% | 0.56% | 0.61% |
| Net investment income | 3.63% (4) | 3.08% | 2.39% | 2.36% | 2.72% | 3.16% |
| Portfolio Turnover | 47% (3) | 72% | 19% | 33% | 17% | 22% |
| (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). |
| Oregon
Fund |
South
Carolina Fund | |
| Average Floating Rate Notes Outstanding | $290,110 | $1,550,000 |
| Average Interest Rate | 4.49% | 4.30% |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Deferred capital losses: | ||||
| Short-term | $3,440,769 | $2,247,480 | $1,291,998 | $5,564,490 |
| Long-term | $3,669,738 | $3,463,746 | $2,991,712 | $7,201,574 |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Deferred capital losses: | |||
| Short-term | $ 8,485,263 | $5,994,080 | $3,458,417 |
| Long-term | $11,916,688 | $5,443,054 | $4,449,918 |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Aggregate cost | $113,127,151 | $ 79,801,154 | $94,512,700 | $184,787,252 |
| Gross unrealized appreciation | $ 2,313,589 | $ 1,527,638 | $ 2,646,457 | $ 4,920,576 |
| Gross unrealized depreciation | (1,311,150) | (2,323,278) | (789,770) | (1,357,175) |
| Net unrealized appreciation (depreciation) | $ 1,002,439 | $ (795,640) | $ 1,856,687 | $ 3,563,401 |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Aggregate cost | $157,679,190 | $167,013,612 | $56,485,051 |
| Gross unrealized appreciation | $ 5,646,811 | $ 4,207,531 | $ 1,681,733 |
| Gross unrealized depreciation | (2,989,895) | (851,734) | (542,202) |
| Net unrealized appreciation | $ 2,656,916 | $ 3,355,797 | $ 1,139,531 |
| 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% |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Investment Adviser Fee | $191,020 | $116,548 | $146,906 | $342,343 |
| Effective Annual Rate | 0.34% | 0.31% | 0.33% | 0.37% |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Investment Adviser Fee | $279,149 | $314,023 | $79,026 |
| Effective Annual Rate | 0.37% | 0.37% | 0.28% |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| EVM's Sub-Transfer Agent Fees | $1,802 | $3,058 | $2,894 | $7,426 |
| EVD's Class A Sales Charges | $ 196 | $3,772 | $1,711 | $2,560 |
| Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ 151 | $1,176 | $3,712 | $ — |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| EVM's Sub-Transfer Agent Fees | $2,612 | $2,000 | $4,822 |
| EVD's Class A Sales Charges | $7,207 | $2,862 | $ —(1) |
| Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ 825 | $ — | $ — |
| (1) | Amount is less than $100. |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Class A Distribution and Service Fees | $34,101 | $27,988 | $53,421 | $51,270 |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Class A Distribution and Service Fees | $68,239 | $69,322 | $33,567 |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Class C Distribution Fees | $12,600 | $11,869 | $17,148 | $23,177 |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Class C Distribution Fees | $16,556 | $17,902 | $5,767 |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Class C Service Fees | $3,360 | $3,165 | $4,573 | $6,180 |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Class C Service Fees | $4,415 | $4,774 | $1,538 |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Class A | $ — | $ — | $767 | $ — |
| Class C | $ 499 | $ — (1) | $203 | $ 536 |
| (1) | Amount is less than $100. |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Class A | $ — | $2,099 | $ — |
| Class C | $ — | $ — | $ — (1) |
| (1) | Amount is less than $100. |
| Georgia
Fund |
Maryland
Fund |
Missouri
Fund |
North
Carolina Fund | |
| Purchases | $22,637,698 | $15,150,528 | $35,000,090 | $66,732,931 |
| Sales | $23,239,361 | $14,102,355 | $23,951,189 | $68,584,802 |
| Oregon
Fund |
South
Carolina Fund |
Virginia
Fund | |
| Purchases | $38,550,787 | $ 95,526,831 | $27,442,793 |
| Sales | $34,600,259 | $103,052,468 | $28,803,279 |
| Georgia Fund | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 76,877 | $ 611,619 | 506,402 | $ 4,061,838 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 60,554 | 481,040 | 110,339 | 879,710 | ||
| Redemptions | (654,075) | (5,224,964) | (928,617) | (7,398,158) | ||
| Net decrease | (516,644) | $ (4,132,305) | (311,876) | $ (2,456,610) | ||
| Class C | ||||||
| Sales | 53,485 | $ 448,966 | 41,813 | $ 352,960 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 4,046 | 34,394 | 7,022 | 59,891 | ||
| Redemptions | (86,244) | (739,953) | (99,559) | (854,191) | ||
| Net decrease | (28,713) | $ (256,593) | (50,724) | $ (441,340) | ||
| Class I | ||||||
| Sales | 1,804,197 | $ 14,401,168 | 3,250,983 | $ 25,928,281 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 108,571 | 865,891 | 171,381 | 1,370,333 | ||
| Redemptions | (1,757,303) | (13,869,454) | (3,141,737) | (24,998,649) | ||
| Net increase | 155,465 | $ 1,397,605 | 280,627 | $ 2,299,965 | ||
| Maryland Fund | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 289,780 | $ 2,397,670 | 245,137 | $ 2,001,877 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 43,321 | 353,069 | 74,663 | 609,324 | ||
| Redemptions | (450,949) | (3,723,190) | (1,187,598) | (9,700,446) | ||
| Net decrease | (117,848) | $ (972,451) | (867,798) | $ (7,089,245) | ||
| Maryland Fund (continued) | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class C | ||||||
| Sales | 17,584 | $ 158,603 | 40,752 | $ 364,170 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 3,907 | 34,664 | 6,231 | 55,469 | ||
| Redemptions | (84,094) | (755,130) | (133,758) | (1,185,605) | ||
| Net decrease | (62,603) | $ (561,863) | (86,775) | $ (765,966) | ||
| Class I | ||||||
| Sales | 1,532,405 | $ 12,626,159 | 2,552,445 | $ 20,840,579 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 75,346 | 615,536 | 120,205 | 983,606 | ||
| Redemptions | (1,268,491) | (10,289,205) | (2,275,857) | (18,576,820) | ||
| Net increase | 339,260 | $ 2,952,490 | 396,793 | $ 3,247,365 | ||
| Missouri Fund | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 981,869 | $ 8,306,585 | 2,054,111 | $ 17,816,649 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 95,741 | 818,378 | 158,168 | 1,363,848 | ||
| Redemptions | (634,204) | (5,366,223) | (1,208,394) | (10,370,113) | ||
| Net increase | 443,406 | $ 3,758,740 | 1,003,885 | $ 8,810,384 | ||
| Class C | ||||||
| Sales | 30,493 | $ 295,354 | 37,852 | $ 359,604 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 5,350 | 50,437 | 9,407 | 89,444 | ||
| Redemptions | (87,683) | (807,805) | (82,378) | (778,601) | ||
| Net decrease | (51,840) | $ (462,014) | (35,119) | $ (329,553) | ||
| Class I | ||||||
| Sales | 922,536 | $ 7,916,119 | 1,803,892 | $ 15,508,473 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 47,280 | 405,055 | 74,213 | 640,375 | ||
| Redemptions | (419,223) | (3,557,746) | (1,043,628) | (8,984,537) | ||
| Net increase | 550,593 | $ 4,763,428 | 834,477 | $ 7,164,311 | ||
| North Carolina Fund | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 294,681 | $ 2,461,899 | 1,120,952 | $ 9,392,064 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 82,804 | 686,155 | 133,226 | 1,109,186 | ||
| Redemptions | (770,505) | (6,374,309) | (1,579,911) | (13,213,278) | ||
| Net decrease | (393,020) | $ (3,226,255) | (325,733) | $ (2,712,028) | ||
| Class C | ||||||
| Sales | 18,400 | $ 165,427 | 99,699 | $ 892,772 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 7,726 | 68,837 | 11,859 | 106,189 | ||
| Redemptions | (88,457) | (793,372) | (254,805) | (2,281,284) | ||
| Net decrease | (62,331) | $ (559,108) | (143,247) | $ (1,282,323) | ||
| Class I | ||||||
| Sales | 4,747,859 | $ 39,478,226 | 9,115,758 | $ 76,404,953 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 139,663 | 1,161,901 | 173,612 | 1,449,715 | ||
| Redemptions | (3,881,282) | (32,096,596) | (7,099,016) | (59,228,727) | ||
| Net increase | 1,006,240 | $ 8,543,531 | 2,190,354 | $ 18,625,941 | ||
| Oregon Fund | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 1,426,096 | $ 11,266,666 | 1,304,585 | $ 10,351,362 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 142,617 | 1,119,598 | 265,740 | 2,107,029 | ||
| Redemptions | (1,172,286) | (9,138,168) | (2,828,442) | (22,408,930) | ||
| Net increase (decrease) | 396,427 | $ 3,248,096 | (1,258,117) | $ (9,950,539) | ||
| Class C | ||||||
| Sales | 11,426 | $ 99,909 | 12,491 | $ 108,737 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 6,260 | 53,741 | 14,155 | 122,851 | ||
| Redemptions | (75,826) | (638,840) | (266,439) | (2,305,223) | ||
| Net decrease | (58,140) | $ (485,190) | (239,793) | $ (2,073,635) | ||
| Oregon Fund (continued) | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class I | ||||||
| Sales | 2,601,654 | $ 20,514,079 | 4,559,635 | $ 36,203,534 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 171,515 | 1,344,596 | 292,086 | 2,313,660 | ||
| Redemptions | (2,239,317) | (17,438,553) | (4,100,438) | (32,414,290) | ||
| Net increase | 533,852 | $ 4,420,122 | 751,283 | $ 6,102,904 | ||
| South Carolina Fund | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 418,525 | $ 3,578,025 | 1,588,707 | $ 13,704,987 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 119,992 | 1,021,937 | 187,279 | 1,606,368 | ||
| Redemptions | (746,377) | (6,332,965) | (2,511,149) | (21,519,227) | ||
| Net decrease | (207,860) | $ (1,733,003) | (735,163) | $ (6,207,872) | ||
| Class C | ||||||
| Sales | 74,517 | $ 673,427 | 64,973 | $ 598,130 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 5,633 | 50,860 | 9,513 | 86,509 | ||
| Redemptions | (111,265) | (1,003,899) | (329,483) | (2,999,591) | ||
| Net decrease | (31,115) | $ (279,612) | (254,997) | $ (2,314,952) | ||
| Class I | ||||||
| Sales | 1,975,653 | $ 16,770,668 | 6,668,241 | $ 57,312,792 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 130,967 | 1,117,092 | 178,683 | 1,534,527 | ||
| Redemptions | (1,911,660) | (16,152,712) | (3,477,491) | (29,807,248) | ||
| Net increase | 194,960 | $ 1,735,048 | 3,369,433 | $ 29,040,071 | ||
| Virginia Fund | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 226,575 | $ 1,567,775 | 436,271 | $ 3,130,931 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 67,970 | 477,222 | 117,192 | 832,610 | ||
| Redemptions | (424,692) | (3,025,313) | (1,070,011) | (7,638,300) | ||
| Net decrease | (130,147) | $ (980,316) | (516,548) | $ (3,674,759) | ||
| Class C | ||||||
| Sales | 2,703 | $ 21,284 | 17,673 | $ 140,242 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 2,262 | 17,579 | 4,463 | 35,063 | ||
| Redemptions | (17,300) | (136,392) | (182,204) | (1,420,190) | ||
| Net decrease | (12,335) | $ (97,529) | (160,068) | $ (1,244,885) | ||
| Class I | ||||||
| Sales | 1,063,977 | $ 7,473,698 | 1,898,880 | $ 13,507,574 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 44,008 | 309,276 | 70,944 | 505,665 | ||
| Redemptions | (1,115,838) | (7,754,467) | (1,493,106) | (10,625,790) | ||
| Net increase (decrease) | (7,853) | $ 28,507 | 476,718 | $ 3,387,449 | ||
| • | 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) |
| Georgia Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 112,364,400 | $ — | $ 112,364,400 |
| Taxable Municipal Obligations | — | 1,765,190 | — | 1,765,190 |
| Total Investments | $ — | $114,129,590 | $ — | $114,129,590 |
| Maryland Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 74,072,618 | $ — | $ 74,072,618 |
| Taxable Municipal Obligations | — | 4,489,380 | — | 4,489,380 |
| Trust Units | — | 443,516 | — | 443,516 |
| Total Investments | $ — | $ 79,005,514 | $ — | $ 79,005,514 |
| Missouri Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 1,008,504 | $ — | $ 1,008,504 |
| Tax-Exempt Municipal Obligations | — | 92,545,034 | — | 92,545,034 |
| Taxable Municipal Obligations | — | 2,497,327 | — | 2,497,327 |
| Trust Units | — | 318,522 | — | 318,522 |
| Total Investments | $ — | $ 96,369,387 | $ — | $ 96,369,387 |
| North Carolina Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 600,850 | $ — | $ 600,850 |
| Tax-Exempt Municipal Obligations | — | 184,617,887 | — | 184,617,887 |
| Taxable Municipal Obligations | — | 2,777,107 | — | 2,777,107 |
| Trust Units | — | 354,809 | — | 354,809 |
| Total Investments | $ — | $188,350,653 | $ — | $188,350,653 |
| Oregon Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 152,385,885 | $ — | $ 152,385,885 |
| Taxable Municipal Obligations | — | 7,950,221 | — | 7,950,221 |
| Total Investments | $ — | $160,336,106 | $ — | $160,336,106 |
| South Carolina Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 167,252,750 | $ — | $ 167,252,750 |
| Taxable Municipal Obligations | — | 2,657,020 | — | 2,657,020 |
| Trust Units | — | 459,639 | — | 459,639 |
| Total Investments | $ — | $170,369,409 | $ — | $170,369,409 |
| Virginia Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 57,146,734 | $ — | $ 57,146,734 |
| Taxable Municipal Obligations | — | 477,848 | — | 477,848 |
| Total Investments | $ — | $ 57,624,582 | $ — | $ 57,624,582 |
| 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 |
| Privacy Notice | April 2021 |
| FACTS | WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does
Eaton Vance share? |
Can
you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To
limit our sharing |
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| Privacy Notice — continued | April 2021 |
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How
does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment
Management Affiliates |
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) | 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: | April 22, 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: | April 22, 2024 | |
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | April 22, 2024 | |
