Form N-Q EATON VANCE MUNICIPALS For: Oct 31

December 28, 2018 1:14 PM EST

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-04409

Investment Company Act File Number

Eaton Vance Municipals Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

July 31

Date of Fiscal Year End

October 31, 2018

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments

Eaton Vance Arizona Municipal Income Fund

Eaton Vance Connecticut Municipal Income Fund

Eaton Vance Minnesota Municipal Income Fund

Eaton Vance Municipal Opportunities Fund

Eaton Vance New Jersey Municipal Income Fund

Eaton Vance Pennsylvania Municipal Income Fund


Eaton Vance

Arizona Municipal Income Fund

October 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 97.6%

 

                                                 
Security   

Principal
Amount

(000’s omitted)

     Value  

Education — 13.4%

     

Arizona Board of Regents, (Arizona State University), 5.00%, 7/1/36

   $ 1,150      $ 1,281,330  

Arizona Board of Regents, (Arizona State University), 5.00%, 7/1/37

     170        183,918  

Arizona Board of Regents, (Arizona State University), Prerefunded to 7/1/22, 5.00%, 7/1/37

     830        909,514  

Arizona Board of Regents, (University of Arizona), 5.00%, 6/1/38

     1,500        1,658,100  

Glendale Industrial Development Authority, (Midwestern University), 5.00%, 5/15/25

     1,500        1,611,915  

Northern Arizona University, 5.00%, 6/1/38

     1,000        1,089,360  
     

 

 

 
      $ 6,734,137  
     

 

 

 

Electric Utilities — 7.6%

     

Pima County Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40

   $ 1,500      $ 1,575,435  

Pinal County Electrical District No. 3, 5.00%, 7/1/33

     1,000        1,108,530  

Salt River Project Agricultural Improvement and Power District, 5.00%, 1/1/35

     1,000        1,144,510  
     

 

 

 
      $ 3,828,475  
     

 

 

 

Escrowed/Prerefunded — 3.6%

     

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

   $ 270      $ 280,406  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34

     295        306,761  

Kyrene Elementary School District No. 28, Maricopa County, Prerefunded to 7/1/23, 5.50%, 7/1/30

     200        228,048  

Salt River Agricultural Improvement and Power District, Prerefunded to 1/1/19, 5.00%, 1/1/39

     1,000        1,005,130  
     

 

 

 
      $ 1,820,345  
     

 

 

 

General Obligations — 10.8%

     

Chandler Unified School District No. 80, 4.00%, 7/1/33

   $ 225      $ 233,570  

Maricopa County Community College District, Prerefunded to 7/1/19, 3.00%, 7/1/23

     785        790,503  

Scottsdale, 5.00%, 7/1/30

     250        288,508  

Scottsdale Unified School District No. 48, 5.00%, 7/1/31

     750        860,580  

Tempe, 5.375%, 7/1/21

     1,600        1,706,032  

Tempe, 5.00%, 7/1/30

     1,000        1,174,000  

Western Maricopa Education Center District No. 402, 4.50%, 7/1/34

     350        370,223  
     

 

 

 
      $ 5,423,416  
     

 

 

 

Hospital — 9.0%

     

Arizona Health Facilities Authority, (Scottsdale Lincoln Hospitals), 5.00%, 12/1/39

   $ 1,665      $ 1,801,630  

Maricopa County Industrial Development Authority, (Banner Health), 5.00%, 1/1/38

     1,000        1,095,260  

Yavapai County Industrial Development Authority, (Yavapai Regional Medical Center), 5.25%, 8/1/33

     500        538,845  

Yuma Industrial Development Authority, (Yuma Regional Medical Center), 5.00%, 8/1/32

     985        1,080,614  
     

 

 

 
      $ 4,516,349  
     

 

 

 

 

1

 

 


                                                 
Security   

Principal
Amount

(000’s omitted)

     Value  

Housing — 1.1%

     

Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37

   $ 500      $ 536,820  
     

 

 

 
      $ 536,820  
     

 

 

 

Industrial Development Revenue — 1.7%

     

Maricopa County Pollution Control Corp., (El Paso Electric Co.), 4.50%, 8/1/42

   $ 850      $ 869,363  
     

 

 

 
      $ 869,363  
     

 

 

 

Insured-Electric Utilities — 2.9%

     

Mesa, Utility System Revenue, (NPFG), 5.00%, 7/1/23

   $ 430      $ 479,239  

Mesa, Utility System Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23

     450        502,160  

Mesa, Utility System Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23

     120        133,909  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29

     320        341,494  
     

 

 

 
      $ 1,456,802  
     

 

 

 

Insured-General Obligations — 10.8%

     

Apache Junction Unified School District No. 43, (AGM), 5.00%, 7/1/24

   $ 1,200      $ 1,339,344  

Maricopa County Elementary School District No. 3, (AGM), 5.00%, 7/1/25

     2,670        3,061,422  

Sun City Fire District, (AGM), 4.00%, 1/1/37

     1,000        1,034,030  
     

 

 

 
      $ 5,434,796  
     

 

 

 

Insured-Lease Revenue/Certificates of Participation — 4.0%

     

Phoenix Civic Improvement Corp., (Civic Plaza), (NPFG), 5.50%, 7/1/41

   $ 1,635      $ 2,037,521  
     

 

 

 
      $ 2,037,521  
     

 

 

 

Insured-Special Tax Revenue — 2.8%

     

Glendale, Transportation Excise Tax Revenue, (AGM), 5.00%, 7/1/30

   $ 1,250      $ 1,404,750  
     

 

 

 
      $ 1,404,750  
     

 

 

 

Other Revenue — 2.2%

     

Salt Verde Financial Corp., Senior Gas Revenue, 5.00%, 12/1/37

   $ 1,000      $ 1,136,870  
     

 

 

 
      $ 1,136,870  
     

 

 

 

Senior Living/Life Care — 1.6%

     

Glendale Industrial Development Authority, (Terraces of Phoenix), 4.00%, 7/1/28

   $ 225      $ 221,445  

Tempe Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32

     230        242,586  

Tempe Industrial Development Authority, (Mirabella at ASU), 6.00%, 10/1/37(1)

     300        321,351  
     

 

 

 
      $ 785,382  
     

 

 

 

Special Tax Revenue — 9.0%

     

Arizona Sports and Tourism Authority, (Multipurpose Stadium Facility), 5.00%, 7/1/29

   $ 1,000      $ 1,054,640  

Mesa, Excise Tax Revenue, 5.00%, 7/1/32

     1,000        1,078,960  

Queen Creek, Excise Tax and State Shared Revenue, 5.00%, 8/1/30

     1,165        1,318,069  

Tempe, Transit Excise Tax Revenue, 5.00%, 7/1/37

     625        675,938  

Tempe, Transit Excise Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/37

     375        410,231  
     

 

 

 
      $ 4,537,838  
     

 

 

 

Transportation — 6.5%

     

Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/33

   $ 1,000      $ 1,116,120  

Phoenix Civic Improvement Corp., Airport Revenue, (AMT), 5.00%, 7/1/31

     2,000        2,171,900  
     

 

 

 
      $ 3,288,020  
     

 

 

 

Water and Sewer — 10.6%

     

Central Arizona Water Conservation District, 5.00%, 1/1/35

   $ 1,500      $ 1,669,545  

Gilbert Water Resources Municipal Property Corp., 4.00%, 7/1/36

     750        771,427  

Phoenix Civic Improvement Corp., Water System Revenue, 5.00%, 7/1/39

     1,500        1,653,495  

 

2

 

 


                                                 
Security   

Principal
Amount

(000’s omitted)

     Value  

Tucson, Water System Revenue, 5.00%, 7/1/32

   $ 545      $ 621,791  

Tucson, Water System Revenue, 5.00%, 7/1/35

     530        598,672  
     

 

 

 
      $ 5,314,930  
     

 

 

 

Total Tax-Exempt Investments — 97.6%
(identified cost $47,511,882)

      $ 49,125,814  
     

 

 

 

Other Assets, Less Liabilities — 2.4%

      $ 1,192,377  
     

 

 

 

Net Assets — 100.0%

      $ 50,318,191  
     

 

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

The Fund invests primarily in debt securities issued by Arizona 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. In order to reduce the risk associated with such economic developments, at October 31, 2018, 21.0% 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 7.1% to 13.9% of total investments.

 

(1)

Security exempt from registration pursuant to Rule 144A under 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 October 31, 2018, the aggregate value of these securities is $321,351 or 0.6% of the Fund’s net assets.

Futures Contracts

 

                                                                                                                            

Description

   Number of
Contracts
     Position      Expiration
Date
     Notional
Amount
    Value/
Unrealized

Appreciation
 

Interest Rate Futures

             

U.S. Long Treasury Bond

     20        Short        12/19/18      $     (2,762,500   $ 114,584  
             

 

 

 
              $     114,584  
             

 

 

 

 

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 Guaranty Corp.

At October 31, 2018, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

At October 31, 2018, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $114,584.

 

3

 

 


Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

   $      $ 49,125,814      $      $ 49,125,814  

Total Investments

   $      $ 49,125,814      $      $ 49,125,814  

Futures Contracts

   $ 114,584      $      $      $ 114,584  

Total

   $     114,584      $     49,125,814      $     —      $     49,240,398  

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

4

 

 


Eaton Vance

Connecticut Municipal Income Fund

October 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 93.8%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Bond Bank — 1.6%

     

Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/34

   $ 1,000      $ 1,135,380  
     

 

 

 
      $ 1,135,380  
     

 

 

 

Education — 14.7%

     

Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/31

   $ 500      $ 530,150  

Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/32

     1,125        1,193,242  

Connecticut Health and Educational Facilities Authority, (Connecticut College), 5.00%, 7/1/30

     1,255        1,346,389  

Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47

     2,000        1,911,120  

Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 5.00%, 7/1/34

     1,475        1,616,305  

Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/37

     450        489,524  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/28

     135        145,895  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/29

     100        106,259  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/30

     125        131,024  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/33

     430        441,795  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/34

     1,085        1,108,544  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/36

     430        434,455  

University of Connecticut, 5.00%, 11/15/29

     1,000        1,085,790  
     

 

 

 
      $ 10,540,492  
     

 

 

 

Escrowed/Prerefunded — 9.2%

     

Connecticut Health and Educational Facilities Authority, (Fairfield University), Prerefunded to 7/1/20, 5.00%, 7/1/40

   $ 1,500      $ 1,571,475  

Connecticut Health and Educational Facilities Authority, (Middlesex Hospital), Prerefunded to 7/1/21, 5.00%, 7/1/24

     1,000        1,072,570  

Connecticut Health and Educational Facilities Authority, (Wesleyan University), Prerefunded to 7/1/20, 5.00%, 7/1/39

     2,000        2,095,300  

Connecticut Health and Educational Facilities Authority, (Yale-New Haven Hospital), Prerefunded to 7/1/20, 5.75%, 7/1/34

     1,000        1,058,160  

Connecticut, (Revolving Fund), Prerefunded to 6/1/19, 5.00%, 6/1/25

     500        509,045  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

     135        140,203  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34

     150        155,980  
     

 

 

 
      $ 6,602,733  
     

 

 

 

General Obligations — 18.7%

     

Colchester, 4.00%, 10/15/28

   $ 440      $ 470,756  

East Lyme, 4.00%, 7/15/22

     350        360,168  

East Lyme, 4.00%, 7/15/23

     525        539,716  

Enfield, 4.00%, 8/1/29

     500        536,605  

 

1

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Fairfield, 5.00%, 1/1/23

   $ 1,000      $ 1,111,220  

Greenwich, 4.00%, 7/15/29

     450        478,021  

Greenwich, 4.00%, 7/15/30

     250        263,543  

Greenwich, 4.00%, 7/15/32

     400        418,672  

North Haven, 5.00%, 7/15/23

     1,475        1,655,009  

North Haven, 5.00%, 7/15/25

     1,490        1,708,613  

Norwalk, 4.00%, 7/1/26

     1,975        2,058,621  

Redding, 5.625%, 10/15/19

     650        672,808  

Stamford, 4.00%, 7/1/25

     370        386,154  

University of Connecticut, State General Obligation, 5.00%, 2/15/21

     1,315        1,325,993  

University of Connecticut, State General Obligation, 5.00%, 2/15/28

     875        881,475  

Wilton, 5.25%, 7/15/19

     535        547,589  
     

 

 

 
      $ 13,414,963  
     

 

 

 

Hospital — 10.4%

     

Connecticut Health and Educational Facilities Authority, (Ascension Health), 5.00%, 11/15/40

   $ 1,000      $ 1,023,850  

Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/46

     1,000        927,250  

Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33

     2,015        2,237,315  

Connecticut Health and Educational Facilities Authority, (Western Connecticut Health Network), 5.00%, 7/1/29

     1,000        1,052,370  

Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 5.00%, 7/1/31

     500        549,525  

Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00%, 7/1/34

     1,520        1,658,168  
     

 

 

 
      $ 7,448,478  
     

 

 

 

Housing — 1.0%

     

Connecticut Housing Finance Authority, 4.00%, 11/15/38

   $ 750      $ 753,953  
     

 

 

 
      $ 753,953  
     

 

 

 

Industrial Development Revenue — 2.9%

     

Eastern Connecticut Resource Recovery Authority, (Wheelabrator Lisbon), (AMT), 5.50%, 1/1/20

   $ 2,045      $ 2,077,168  
     

 

 

 
      $ 2,077,168  
     

 

 

 

Insured-Education — 10.8%

     

Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/30

   $ 1,950      $ 2,317,653  

Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/31

     2,050        2,444,523  

Connecticut Health and Educational Facilities Authority, (Trinity College), (NPFG), 5.50%, 7/1/21

     2,865        3,020,827  
     

 

 

 
      $ 7,783,003  
     

 

 

 

Insured-General Obligations — 8.0%

     

Bridgeport, (AGM), 4.00%, 8/15/21

   $ 1,075      $ 1,116,044  

Bridgeport, (AGM), 5.00%, 8/15/32

     1,120        1,212,926  

Connecticut, (AMBAC), 5.25%, 6/1/20

     1,000        1,043,130  

Hartford, (AGC), 5.00%, 8/15/28

     500        510,715  

Hartford, (AGC), Prerefunded to 8/15/19, 5.00%, 8/15/28

     500        511,865  

Hartford, (AGM), 5.00%, 4/1/31

     240        254,179  

New Haven, (AGM), 5.00%, 8/1/25

     1,000        1,113,750  
     

 

 

 
      $ 5,762,609  
     

 

 

 

 

2

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Insured-Transportation — 2.5%

     

Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41

   $ 1,600      $ 1,777,424  
     

 

 

 
      $ 1,777,424  
     

 

 

 

Insured-Water and Sewer — 5.5%

     

South Central Connecticut Regional Water Authority, (NPFG), 5.25%, 8/1/24

   $ 3,420      $ 3,918,465  
     

 

 

 
      $ 3,918,465  
     

 

 

 

Special Tax Revenue — 3.0%

     

Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/29

   $ 2,000      $ 2,144,060  
     

 

 

 
      $ 2,144,060  
     

 

 

 

Student Loan — 1.2%

     

Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.00%, 11/15/30

   $ 630      $ 619,353  

Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.125%, 11/15/33

     225        220,180  
     

 

 

 
      $ 839,533  
     

 

 

 

Water and Sewer — 4.3%

     

Greater New Haven Water Pollution Control Authority, 5.00%, 8/15/32

   $ 1,000      $ 1,106,590  

Hartford County Metropolitan District, (Clean Water), 5.00%, 4/1/36

     1,500        1,599,135  

Stamford, (Water Pollution Control System), 5.00%, 9/15/29

     200        226,782  

Stamford, (Water Pollution Control System), 5.00%, 9/15/30

     125        141,156  
     

 

 

 
      $ 3,073,663  
     

 

 

 

Total Tax-Exempt Investments — 93.8%
(identified cost $65,301,605)

      $ 67,271,924  
     

 

 

 

Other Assets, Less Liabilities — 6.2%

      $ 4,419,161  
     

 

 

 

Net Assets — 100.0%

      $ 71,691,085  
     

 

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

The Fund invests primarily in debt securities issued by Connecticut 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. In order to reduce the risk associated with such economic developments, at October 31, 2018, 28.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 4.2% to 10.3% of total investments.

Futures Contracts

 

                                                                                                                            

Description

   Number of
Contracts
     Position      Expiration
Date
     Notional
Amount
    Value/
Unrealized

Appreciation
 

Interest Rate Futures

             

U.S. Long Treasury Bond

     9        Short        12/19/18      $     (1,243,125   $ 51,563  
             

 

 

 
              $     51,563  
             

 

 

 

 

3

 

 


Abbreviations:

 

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMBAC

  -   AMBAC Financial Group, Inc.

AMT

  -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

NPFG

  -   National Public Finance Guaranty Corp.
 

At October 31, 2018, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

At October 31, 2018, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $51,563.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

   $      $ 67,271,924      $      $ 67,271,924  

Total Investments

   $      $ 67,271,924      $      $ 67,271,924  

Futures Contracts

   $ 51,563      $      $      $ 51,563  

Total

   $     51,563      $     67,271,924      $     —      $     67,323,487  

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

4

 

 


Eaton Vance

Minnesota Municipal Income Fund

October 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 99.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Bond Bank — 2.6%

 

Minnesota Public Facilities Authority, (Revolving Fund), 5.00%, 3/1/29

   $ 2,000      $ 2,289,700  

Minnesota Public Facilities Authority, (Revolving Fund), 5.00%, 3/1/30

     1,000        1,139,870  
     

 

 

 
   $ 3,429,570  
     

 

 

 

Education — 15.0%

 

Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/29

   $ 2,250      $ 2,597,377  

Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/31

     1,000        1,144,040  

Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/34

     500        564,945  

Minnesota Higher Education Facilities Authority, (College of Saint Benedict), 4.00%, 3/1/36

     400        390,204  

Minnesota Higher Education Facilities Authority, (College of Saint Benedict), 5.00%, 3/1/37

     1,500        1,602,270  

Minnesota Higher Education Facilities Authority, (Gustavus Adolphus College), 5.00%, 10/1/35

     565        625,297  

Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/27

     500        563,390  

Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/28

     1,010        1,134,927  

Minnesota Higher Education Facilities Authority, (St. Catherine University), 5.00%, 10/1/32

     500        550,030  

Minnesota Higher Education Facilities Authority, (St. Olaf College), 4.00%, 10/1/35

     500        515,395  

Minnesota Higher Education Facilities Authority, (St. Olaf College), 5.00%, 12/1/29

     1,815        2,048,681  

Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 10/1/30

     650        736,859  

Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 4/1/35

     750        826,485  

Minnesota State Colleges and Universities, 5.00%, 10/1/28

     1,375        1,472,199  

Minnesota State Colleges and Universities, 5.00%, 10/1/30

     1,455        1,558,698  

University of Minnesota, 5.00%, 4/1/27

     500        577,150  

University of Minnesota, 5.00%, 8/1/27

     625        713,519  

University of Minnesota, 5.00%, 4/1/41

     2,000        2,208,100  
     

 

 

 
   $ 19,829,566  
     

 

 

 

Electric Utilities — 8.9%

 

Central Minnesota Municipal Power Agency, 5.00%, 1/1/32

   $ 2,100      $ 2,227,743  

Chaska, Electric System Revenue, 5.00%, 10/1/30

     550        613,118  

Hutchinson, Public Utility Revenue, 5.00%, 12/1/26

     350        380,334  

Minnesota Municipal Power Agency, 5.00%, 10/1/33

     250        277,478  

Minnesota Municipal Power Agency, 5.00%, 10/1/34

     250        276,905  

Minnesota Municipal Power Agency, 5.00%, 10/1/35

     200        221,066  

Northern Municipal Power Agency, 5.00%, 1/1/31

     670        736,725  

Northern Municipal Power Agency, 5.00%, 1/1/41

     240        261,271  

Rochester, Electric Utility Revenue, 5.00%, 12/1/29

     700        800,863  

Rochester, Electric Utility Revenue, 5.00%, 12/1/30

     700        797,090  

Rochester, Electric Utility Revenue, 5.00%, 12/1/42

     820        904,690  

St. Paul Port Authority, District Energy Revenue, 4.00%, 10/1/42

     1,250        1,250,900  

St. Paul Port Authority, District Energy Revenue, (AMT), 4.00%, 10/1/40

     1,000        970,110  

Western Minnesota Municipal Power Agency, 5.00%, 1/1/34

     1,000        1,103,030  

Western Minnesota Municipal Power Agency, 5.00%, 1/1/36

     900        1,003,554  
     

 

 

 
   $ 11,824,877  
     

 

 

 

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Escrowed/Prerefunded — 6.0%

 

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

   $ 270      $ 280,406  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34

     295        306,762  

Minnesota Higher Education Facilities Authority, (Carleton College), Prerefunded to 3/1/19, 5.00%, 3/1/40

     1,500        1,515,705  

Minnesota Higher Education Facilities Authority, (Gustavus Adolphus College), Prerefunded to 10/1/19, 5.00%, 10/1/31

     1,000        1,026,650  

Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/26

     280        306,597  

Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/27

     310        339,447  

Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/32

     560        613,194  

Minnesota Higher Education Facilities Authority, (University of St. Thomas), Prerefunded to 10/1/19, 5.00%, 10/1/39

     1,000        1,026,650  

St. Louis Park, (Park Nicollet Health Services), Prerefunded to 7/1/19, 5.75%, 7/1/39

     1,000        1,024,440  

University of Minnesota, Prerefunded to 12/1/20, 5.00%, 12/1/36

     500        529,360  

University of Minnesota, Prerefunded to 4/1/19, 5.125%, 4/1/34

     1,000        1,013,540  
     

 

 

 
   $ 7,982,751  
     

 

 

 

General Obligations — 33.8%

 

Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/27

   $ 1,000      $ 1,164,970  

Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/28

     1,040        1,204,923  

Buffalo-Hanover-Montrose Independent School District No. 877, 4.00%, 2/1/24

     2,000        2,103,820  

Centennial Independent School District No. 12, Circle Pines, 0.00%, 2/1/28

     1,000        738,410  

Centennial Independent School District No. 12, Circle Pines, 0.00%, 2/1/35

     350        183,732  

Chaska Independent School District No. 112, 4.00%, 2/1/23

     2,000        2,105,100  

Cloquet Independent School District No. 94, 5.00%, 2/1/30

     1,000        1,127,690  

Duluth, 5.00%, 2/1/31

     1,000        1,127,970  

Duluth, 5.00%, 2/1/34

     1,000        1,116,930  

Elk River Area Independent School District No. 728, 4.00%, 2/1/32

     2,000        2,067,840  

Fairmont Independent School District No. 2752, 5.00%, 2/1/34

     2,000        2,014,380  

Hennepin County Regional Railroad Authority, 4.00%, 12/1/29

     1,500        1,526,400  

Hennepin County, 5.00%, 12/1/35

     2,000        2,259,060  

Hopkins Independent School District No. 270, 4.00%, 2/1/25

     1,250        1,324,550  

Mahtomedi Independent School District No. 832, 5.00%, 2/1/31

     1,000        1,127,080  

Minneapolis Special School District No. 1, 5.00%, 2/1/31

     2,000        2,306,860  

Minneapolis-St. Paul Metropolitan Council, 5.00%, 3/1/28

     2,500        2,924,275  

Minneapolis-St. Paul Metropolitan Council, 5.00%, 3/1/26

     1,000        1,159,210  

Minnesota, 5.00%, 8/1/32

     2,000        2,258,240  

Minnesota, Prerefunded to 10/1/21, 5.00%, 10/1/27

     30        32,349  

Ramsey County, 4.00%, 2/1/24

     500        519,170  

Rosemount-Apple Valley-Eagan Independent School District No. 196, 4.00%, 2/1/28

     2,000        2,152,280  

Rosemount-Apple Valley-Eagan Independent School District No. 196, 5.00%, 2/1/27

     1,000        1,147,600  

Sartell-St. Stephen Independent School District No. 748, 0.00%, 2/1/32

     1,350        814,050  

Sartell-St. Stephen Independent School District No. 748, 0.00%, 2/1/37

     1,500        705,075  

Spring Lake Park Independent School District No. 16, 4.00%, 2/1/29

     1,075        1,138,758  

St. Louis Park Independent School District No. 283, 4.00%, 2/1/31

     2,000        2,107,680  

St. Paul, 5.00%, 12/1/27

     750        878,625  

St. Paul Independent School District No. 625, 4.00%, 2/1/25

     1,000        1,034,770  

Waconia Independent School District No. 110, 5.00%, 2/1/37

     1,250        1,382,400  

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Waseca Independent School District No. 829, 4.00%, 2/1/26

   $ 1,245      $ 1,343,181  

Waseca Independent School District No. 829, 4.00%, 2/1/28

     1,575        1,667,374  
     

 

 

 
   $ 44,764,752  
     

 

 

 

Hospital — 14.9%

 

Duluth Economic Development Authority, (Essentia Health Obligated Group), 5.00%, 2/15/37(1)

   $ 1,000      $ 1,077,680  

Kanabec County, (FirstLight Health System), 2.75%, 12/1/19

     750        748,327  

Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/30

     850        944,333  

Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/31

     500        552,010  

Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/32

     500        549,315  

Minneapolis and St. Paul Housing and Redevelopment Authority, (Allina Health System), 5.00%, 11/15/29

     915        1,038,626  

Minneapolis and St. Paul Housing and Redevelopment Authority, (Children’s Health Care), 5.25%, 8/15/35

     1,000        1,048,780  

Minneapolis, (Fairview Health Services), 5.00%, 11/15/44

     2,000        2,138,020  

Rochester, (Mayo Clinic), 5.00%, 11/15/38

     1,000        1,038,970  

Rochester, (Olmsted Medical Center), 5.875%, 7/1/30

     1,500        1,580,430  

St. Cloud, (CentraCare Health System), 5.00%, 5/1/46

     2,650        2,848,617  

St. Cloud, (CentraCare Health System), 5.125%, 5/1/30

     65        67,697  

St. Paul Housing and Redevelopment Authority, (Allina Health System), 5.25%, 11/15/29

     490        508,199  

St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/33

     1,000        1,118,620  

St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/34

     500        557,665  

St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/29

     500        557,735  

St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/30

     1,000        1,110,380  

St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/32

     1,995        2,198,809  
     

 

 

 
   $ 19,684,213  
     

 

 

 

Housing — 0.6%

 

Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37

   $ 915      $ 820,819  
     

 

 

 
   $ 820,819  
     

 

 

 

Insured-Electric Utilities — 6.9%

 

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32

   $ 1,150      $ 1,222,024  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35

     305        321,025  

Southern Minnesota Municipal Power Agency, (NPFG), 0.00%, 1/1/25

     9,000        7,518,150  
     

 

 

 
   $ 9,061,199  
     

 

 

 

Insured-Escrowed/Prerefunded — 0.4%

 

St. Cloud, (CentraCare Health System), (AGC), Prerefunded to 5/1/19, 5.50%, 5/1/39

   $ 500      $ 508,790  
     

 

 

 
   $ 508,790  
     

 

 

 

Insured-Hospital — 0.6%

 

Minneapolis and St. Paul Housing and Redevelopment Authority, (Children’s Hospitals and Clinics), (AGM), 5.00%, 8/15/34

   $ 750      $ 780,518  
     

 

 

 
   $ 780,518  
     

 

 

 

Lease Revenue/Certificates of Participation — 2.4%

 

Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/34

   $ 1,000      $ 1,087,780  

Minnesota, 5.00%, 6/1/29

     1,335        1,472,492  

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Minnetonka Independent School District No. 276, 5.00%, 3/1/29

   $ 560      $ 565,146  
     

 

 

 
   $ 3,125,418  
     

 

 

 

Other Revenue — 1.7%

 

Center City, (Hazelden Betty Ford Foundation), 4.00%, 11/1/28

   $ 825      $ 855,732  

Center City, (Hazelden Betty Ford Foundation), 5.00%, 11/1/27

     400        444,076  

Center City, (Hazelden Betty Ford Foundation), 5.00%, 11/1/29

     300        329,769  

Minneapolis, (YMCA of the Greater Twin Cities), 4.00%, 6/1/29

     260        269,638  

Minneapolis, (YMCA of the Greater Twin Cities), 4.00%, 6/1/30

     250        257,415  

Minneapolis, (YMCA of the Greater Twin Cities), 4.00%, 6/1/31

     100        102,364  
     

 

 

 
   $ 2,258,994  
     

 

 

 

Senior Living/Life Care — 3.4%

 

Apple Valley, (PHS Apple Valley Senior Housing, Inc.), 5.00%, 9/1/43

   $ 1,000      $ 1,042,800  

North Oaks, (Waverly Gardens), 4.00%, 10/1/25

     1,600        1,675,760  

North Oaks, (Waverly Gardens), 4.00%, 10/1/26

     1,680        1,749,384  
     

 

 

 
   $ 4,467,944  
     

 

 

 

Transportation — 2.5%

 

Minneapolis-St. Paul Metropolitan Airports Commission, 5.00%, 1/1/27

   $ 1,000      $ 1,161,110  

Minneapolis-St. Paul Metropolitan Airports Commission, Series 2010A, 5.00%, 1/1/35

     1,000        1,028,000  

Minneapolis-St. Paul Metropolitan Airports Commission, Series 2014A, 5.00%, 1/1/35

     1,000        1,082,040  
     

 

 

 
   $ 3,271,150  
     

 

 

 

Total Tax-Exempt Investments — 99.7%
(identified cost $131,918,601)

      $ 131,810,561  
     

 

 

 

Other Assets, Less Liabilities — 0.3%

 

   $ 458,882  
     

 

 

 

Net Assets — 100.0%

 

   $ 132,269,443  
     

 

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

The Fund invests primarily in debt securities issued by Minnesota 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. In order to reduce the risk associated with such economic developments, at October 31, 2018, 7.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 6.9% of total investments.

 

(1)

When-issued security.

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

NPFG

  -   National Public Finance Guaranty Corp.
 

 

The Fund did not have any open derivative instruments at October 31, 2018.

 

4

 

 


Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

   $     —      $ 131,810,561      $      $ 131,810,561  

Total Investments

   $      $     131,810,561      $     —      $     131,810,561  

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

5

 

 


Eaton Vance

New Jersey Municipal Income Fund

October 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 95.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Education — 7.1%

 

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/30

   $ 1,765      $ 1,960,174  

New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/37

     355        365,476  

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/26

     2,200        2,494,932  

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/36

     805        921,717  

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/42

     1,000        1,132,790  

New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19, 7.50%, 12/1/32

     2,565        2,647,490  

New Jersey Institute of Technology, 5.00%, 7/1/32

     980        1,052,422  
     

 

 

 
   $ 10,575,001  
     

 

 

 

Escrowed/Prerefunded — 4.6%

 

New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33

   $ 165      $ 168,384  

New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32

     2,250        2,463,300  

New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.50%, 7/1/29

     1,135        1,161,650  

New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.75%, 7/1/39

     1,135        1,163,511  

New Jersey Institute of Technology, Prerefunded to 7/1/22, 5.00%, 7/1/32

     430        472,308  

New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30

     1,215        1,334,544  
     

 

 

 
   $ 6,763,697  
     

 

 

 

General Obligations — 7.6%

 

Burlington County Bridge Commission, 5.00%, 8/1/27

   $ 400      $ 469,192  

Burlington County Bridge Commission, 5.00%, 8/1/30

     500        580,740  

Burlington County Bridge Commission, 5.00%, 8/1/31

     410        474,333  

Burlington County Bridge Commission, 5.00%, 8/1/32

     250        288,093  

Burlington County Bridge Commission, 5.00%, 10/1/36

     1,000        1,122,940  

Gloucester County Improvement Authority, 4.00%, 4/1/35

     4,320        4,428,648  

Jersey City, 5.00%, 11/1/33

     800        903,136  

Morris County Improvement Authority, (Lincoln Park), 4.00%, 3/15/27

     700        763,357  

Ocean County, 5.00%, 9/1/27

     1,805        2,144,773  
     

 

 

 
   $ 11,175,212  
     

 

 

 

Hospital — 16.9%

 

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35

   $ 750      $ 787,560  

Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42

     1,100        1,175,064  

New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 4.00%, 7/1/41

     1,500        1,502,010  

New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27

     175        175,466  

New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 4.00%, 7/1/47

     1,000        970,050  

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32

   $ 1,415      $ 1,588,875  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39

     2,750        3,028,932  

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/32

     400        439,620  

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/33

     1,155        1,266,261  

New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/31

     2,650        2,966,066  

New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48

     3,000        2,732,670  

New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/28

     1,000        1,101,430  

New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/29

     500        547,195  

New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33

     3,000        3,074,550  

New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: JPMorgan Chase Bank, N.A.), 1.25%, 7/1/43(1)

     3,560        3,560,000  
     

 

 

 
   $ 24,915,749  
     

 

 

 

Industrial Development Revenue — 4.9%

 

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33

   $ 1,875      $ 2,039,081  

New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30

     255        283,430  

New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30

     430        477,941  

New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39

     4,370        4,484,625  
     

 

 

 
   $ 7,285,077  
     

 

 

 

Insured-Electric Utilities — 2.8%

 

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

   $ 3,935      $ 4,156,029  
     

 

 

 
   $ 4,156,029  
     

 

 

 

Insured-Escrowed/Prerefunded — 2.2%

 

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26

   $ 380      $ 448,681  

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34

     650        652,847  

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34

     1,290        1,295,728  

South Jersey Port Corp., (Marine Terminal), (AGC), Prerefunded to 1/1/19, 5.75%, 1/1/34

     900        905,787  
     

 

 

 
   $ 3,303,043  
     

 

 

 

Insured-General Obligations — 8.5%

 

Atlantic City, (AGM), 5.00%, 3/1/37

   $ 1,500      $ 1,621,860  

Bayonne, (AGM), 5.00%, 8/1/25

     615        693,203  

Bayonne, (AGM), 5.00%, 8/1/26

     865        965,444  

Hudson County Improvement Authority, (Harrison Parking), (AGC), Prerefunded to 1/1/19, 5.25%, 1/1/39

     2,785        2,800,429  

Irvington Township, (AGM), 0.00%, 7/15/22

     295        265,459  

Irvington Township, (AGM), 0.00%, 7/15/23

     4,460        3,878,996  

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Lakewood Township, (BAM), 4.00%, 11/1/26

   $ 250      $ 267,657  

Lakewood Township, (BAM), 4.00%, 11/1/27

     120        127,744  

Paterson, (BAM), 5.00%, 1/15/26

     1,305        1,384,487  

Trenton, (BAM), 5.00%, 12/1/26

     500        567,445  
     

 

 

 
   $ 12,572,724  
     

 

 

 

Insured-Hospital — 2.8%

 

New Jersey Economic Development Authority, (Hillcrest Health Services), (AMBAC), 0.00%, 1/1/19

   $ 4,100      $ 4,084,338  
     

 

 

 
   $ 4,084,338  
     

 

 

 

Insured-Special Tax Revenue — 10.0%

 

Garden State Preservation Trust, (AGM), 0.00%, 11/1/24

   $ 6,000      $ 5,015,760  

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), 5.25%, 7/1/26

     1,620        1,818,304  

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26

     6,500        4,889,365  

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27

     3,590        2,571,158  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

     1,650        420,057  
     

 

 

 
   $ 14,714,644  
     

 

 

 

Insured-Transportation — 2.1%

 

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31

   $ 2,015      $ 2,179,303  

South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33

     850        876,495  
     

 

 

 
   $ 3,055,798  
     

 

 

 

Lease Revenue/Certificates of Participation — 1.6%

 

New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33

   $ 1,540      $ 1,562,576  

New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33

     795        811,306  
     

 

 

 
   $ 2,373,882  
     

 

 

 

Other Revenue — 0.8%

 

New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32

   $ 1,000      $ 1,125,740  
     

 

 

 
   $ 1,125,740  
     

 

 

 

Senior Living/Life Care — 5.0%

 

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28

   $ 1,345      $ 1,346,937  

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38

     2,230        2,232,832  

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29

     1,250        1,317,263  

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/34

     2,450        2,526,856  
     

 

 

 
   $ 7,423,888  
     

 

 

 

Special Tax Revenue — 0.5%

 

New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27

   $ 275      $ 275,113  

New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37

     525        525,126  
     

 

 

 
   $ 800,239  
     

 

 

 

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Student Loan — 4.0%

 

New Jersey Higher Education Student Assistance Authority, (AMT), 3.25%, 12/1/29

   $ 2,000      $ 1,924,040  

New Jersey Higher Education Student Assistance Authority, (AMT), 3.271%, (3 mo. USD LIBOR + 0.95%), 6/1/36(2)

     2,995        3,022,194  

New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/34

     950        943,293  
     

 

 

 
   $ 5,889,527  
     

 

 

 

Transportation — 13.6%

 

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/28

   $ 2,000      $ 2,210,100  

New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/37

     1,500        1,571,355  

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43

     275        294,588  

New Jersey Turnpike Authority, 3.25%, 1/1/38

     1,250        1,158,588  

New Jersey Turnpike Authority, 4.00%, 1/1/43

     1,090        1,084,932  

New Jersey Turnpike Authority, 5.00%, 1/1/45

     2,780        2,994,894  

Newark Housing Authority, (Newark Marine Terminal), 4.00%, 1/1/37

     1,500        1,509,780  

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34

     4,950        5,395,054  

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35

     2,545        2,798,736  

South Jersey Transportation Authority, 5.00%, 11/1/31

     1,000        1,079,950  
     

 

 

 
   $ 20,097,977  
     

 

 

 

Total Tax-Exempt Municipal Securities — 95.0%
(identified cost $136,442,719)

      $ 140,312,565  
     

 

 

 

Taxable Municipal Securities — 3.5%

 

Security    Principal
Amount
(000’s omitted)
     Value  

General Obligations — 0.4%

 

Atlantic City, 7.50%, 3/1/40

   $ 445      $ 565,733  
     

 

 

 
   $ 565,733  
     

 

 

 

Transportation — 3.1%

 

New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(3)

   $ 4,250      $ 4,647,630  
     

 

 

 
   $ 4,647,630  
     

 

 

 

Total Taxable Municipal Securities — 3.5%
(identified cost $5,108,013)

      $ 5,213,363  
     

 

 

 

Total Investments — 98.5%
(identified cost $141,550,732)

      $ 145,525,928  
     

 

 

 

Other Assets, Less Liabilities — 1.5%

 

   $ 2,232,336  
     

 

 

 

Net Assets — 100.0%

 

   $ 147,758,264  
     

 

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

The Fund invests primarily in debt securities issued by New Jersey 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. In order to reduce the risk

 

4

 

 


associated with such economic developments, at October 31, 2018, 28.8% 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 1.6% to 10.0% of total investments.

 

(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 October 31, 2018.

 

(2)

Floating rate security. The stated interest rate represents the rate in effect at October 31, 2018.

 

(3)

Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

Abbreviations:

 

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMBAC

  -   AMBAC Financial Group, Inc.

AMT

  -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BAM

  -   Build America Mutual Assurance Co.

LIBOR

  -   London Interbank Offered Rate

NPFG

  -   National Public Finance Guaranty Corp.

XLCA

  -   XL Capital Assurance, Inc.
 

 

Currency Abbreviations:

 

USD

  -   United States Dollar

The Fund did not have any open derivative instruments at October 31, 2018.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

   $      $ 140,312,565      $      $ 140,312,565  

Taxable Municipal Securities

            5,213,363               5,213,363  

Total Investments

   $     —      $     145,525,928      $     —      $     145,525,928  

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

5

 

 


Eaton Vance

Pennsylvania Municipal Income Fund

October 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 101.2%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.2%

     

Northampton County Industrial Development Authority, (Northampton Generating),
5.00%, 12/31/23(1)

   $ 1,323      $ 397,031  
     

 

 

 
      $ 397,031  
     

 

 

 

Education — 10.9%

     

Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/34

   $ 1,000      $ 1,023,080  

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/30

     775        866,241  

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/31

     1,145        1,274,957  

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/37

     1,000        1,067,040  

Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University),
5.00%, 3/1/24

     1,055        1,140,360  

Pennsylvania Higher Educational Facilities Authority, (Bryn Mawr College), 5.00%, 12/1/26

     255        289,211  

Pennsylvania Higher Educational Facilities Authority, (Drexel University), 4.00%, 5/1/36

     4,000        3,955,320  

Pennsylvania State University, 5.00%, 9/1/34

     1,585        1,790,543  

Philadelphia Authority for Industrial Development, (Temple University), 5.00%, 4/1/30

     2,500        2,789,700  

State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31

     2,645        2,816,660  

Union County Higher Educational Facilities Financing Authority, (Bucknell University), 5.00%, 4/1/37

     2,000        2,144,960  
     

 

 

 
      $ 19,158,072  
     

 

 

 

Escrowed/Prerefunded — 12.1%

     

Chester County, Prerefunded to 7/15/19, 5.00%, 7/15/27

   $ 790      $ 806,882  

Chester County, Prerefunded to 7/15/19, 5.00%, 7/15/28

     325        331,945  

Chester County Health and Education Facilities Authority, (Jefferson Health System), Prerefunded to 5/15/20, 5.00%, 5/15/40

     2,170        2,264,287  

Dauphin County General Authority, (Pinnacle Health System), Prerefunded to 6/1/19, 6.00%, 6/1/29

     2,015        2,062,433  

Delaware County Regional Water Quality Control Authority, Prerefunded to 5/1/23,
5.00%, 5/1/33

     1,750        1,948,398  

Northampton County General Purpose Authority, (Lehigh University), Prerefunded to 5/15/19, 5.00%, 11/15/39

     1,000        1,016,830  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35

     4,220        4,501,812  

South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29

     1,500        1,579,890  

Southeastern Pennsylvania Transportation Authority, Federal Grant Receipts, Prerefunded to 6/1/21, 5.00%, 6/1/28

     600        642,222  

Washington County Industrial Development Authority, (Washington and Jefferson College), Prerefunded to 5/1/20, 5.25%, 11/1/30

     2,300        2,407,617  

Westmoreland County Municipal Authority, Prerefunded to 8/15/23, 5.00%, 8/15/32

     2,345        2,622,413  

Wilkes-Barre Finance Authority, (University of Scranton), Prerefunded to 11/1/20,
5.00%, 11/1/35

     1,000        1,054,620  
     

 

 

 
      $ 21,239,349  
     

 

 

 

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

General Obligations — 8.9%

     

Boyertown Area School District, 5.00%, 10/1/38

   $ 1,000      $ 1,082,590  

Chartiers Valley School District, 5.00%, 10/15/35

     1,000        1,098,060  

Chester County, 5.00%, 7/15/27

     210        214,383  

Chester County, 5.00%, 7/15/28

     85        86,762  

Delaware Valley Regional Finance Authority, 5.75%, 7/1/32

     4,500        5,482,170  

Delaware Valley Regional Finance Authority, Variable Rate, 2.272%, 9/1/24 (Put Date), (67% of 1 mo. USD LIBOR +0.76%), 9/1/48(2)

     5,000        4,980,000  

Hatboro-Horsham School District, 5.00%, 9/15/27

     1,100        1,214,565  

Owen J. Roberts School District, 5.00%, 5/15/28

     535        589,843  

Seneca Valley School District, 5.00%, 4/1/31

     750        860,932  
     

 

 

 
      $ 15,609,305  
     

 

 

 

Hospital — 13.0%

     

Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34

   $ 3,000      $ 3,073,530  

Centre County Hospital Authority, (Mount Nittany Medical Center), 5.00%, 11/15/30

     505        557,172  

Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40

     770        794,586  

Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29

     2,205        2,250,820  

Franklin County Industrial Development Authority, (The Chambersburg Hospital),
5.375%, 7/1/42

     1,000        1,043,370  

Indiana County Hospital Authority, (Indiana Regional Medical Center), 6.00%, 6/1/39

     1,345        1,426,467  

Lancaster County Hospital Authority, (University of Pennsylvania Health System),
5.00%, 8/15/36

     650        721,994  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33

     2,700        2,743,146  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/35

     950        921,804  

Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39

     3,250        3,330,957  

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42

     150        149,537  

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/37

     2,600        2,871,960  

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System),
5.00%, 5/15/31

     2,550        2,649,373  

Philadelphia Hospitals and Higher Education Facilities Authority, (Children’s Hospital of Philadelphia), 5.00%, 7/1/28

     190        202,314  
     

 

 

 
      $ 22,737,030  
     

 

 

 

Housing — 0.4%

     

Pennsylvania Higher Educational Facilities Authority, (University Properties, Inc.),
5.00%, 7/1/35

   $ 750      $ 784,425  
     

 

 

 
      $ 784,425  
     

 

 

 

Industrial Development Revenue — 1.3%

     

Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39

   $ 1,200      $ 1,238,112  

Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39

     1,000        1,015,770  
     

 

 

 
      $ 2,253,882  
     

 

 

 

Insured-Electric Utilities — 1.1%

     

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

   $ 1,475      $ 1,557,851  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35

     340        357,863  
     

 

 

 
      $ 1,915,714  
     

 

 

 

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Insured-Escrowed/Prerefunded — 15.7%

     

Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/19

   $ 2,500      $ 2,475,750  

Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/20

     2,625        2,537,404  

Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/21

     2,625        2,475,007  

Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/22

     3,625        3,326,771  

McKeesport Area School District, (AMBAC), Escrowed to Maturity, 0.00%, 10/1/25

     2,320        1,911,634  

State Public School Building Authority, (Harrisburg School District), (AGC), Prerefunded to 5/15/19, 4.75%, 11/15/33

     2,000        2,031,000  

State Public School Building Authority, (Harrisburg School District), (AGC), Prerefunded to 5/15/19, 5.00%, 11/15/33

     1,335        1,357,468  

State Public School Building Authority, (Harrisburg School District), (AGC), Prerefunded to 5/15/19, 5.00%, 11/15/33

     335        340,638  

State Public School Building Authority, (Harrisburg School District), (AGC), Prerefunded to 5/15/19, 5.00%, 11/15/33

     330        335,554  

Westmoreland County Municipal Authority, Series A, (FGIC), Escrowed to Maturity, 0.00%, 8/15/20

     5,780        5,548,684  

Westmoreland County Municipal Authority, Series C, (FGIC), Escrowed to Maturity, 0.00%, 8/15/20

     5,400        5,183,892  
     

 

 

 
      $ 27,523,802  
     

 

 

 

Insured-General Obligations — 14.8%

     

Allentown City School District, (BAM), 5.00%, 6/1/31

   $ 500      $ 546,065  

Allentown City School District, (BAM), 5.00%, 6/1/32

     1,000        1,088,670  

Allentown City School District, (BAM), 5.00%, 6/1/33

     1,000        1,085,220  

Bethlehem Area School District, (BAM), 5.00%, 8/1/32

     1,500        1,663,575  

Cambria County, (BAM), 5.00%, 8/1/30

     3,320        3,634,935  

Coatesville Area School District, (AGM), 5.00%, 8/1/25

     300        336,195  

Elizabeth Forward School District, (NPFG), 0.00%, 9/1/21

     2,170        2,004,082  

Elizabeth Forward School District, (NPFG), 0.00%, 9/1/22

     2,170        1,940,457  

Elizabeth Forward School District, (NPFG), 0.00%, 9/1/23

     2,170        1,873,925  

Hazelton School District, (NPFG), 0.00%, 3/1/21

     4,000        3,742,120  

Hopewell School District, (AGM), 0.00%, 9/1/22

     1,000        897,950  

Hopewell School District, (AGM), 0.00%, 9/1/26

     1,000        774,510  

Lake-Lehman School District, (NPFG), 0.00%, 4/1/26

     1,315        1,035,431  

Luzerne County, (AGM), 5.00%, 11/15/29

     1,000        1,103,310  

McKeesport Area School District, (AGM), 5.00%, 3/1/38

     60        63,337  

McKeesport Area School District, (AMBAC), 0.00%, 10/1/25

     1,100        866,558  

Montour School District, (AGM), 5.00%, 4/1/32

     1,000        1,110,170  

Montour School District, (AGM), 5.00%, 4/1/33

     1,960        2,169,524  
     

 

 

 
      $ 25,936,034  
     

 

 

 

Insured-Hospital — 1.3%

     

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24

   $ 2,000      $ 2,340,960  
     

 

 

 
      $ 2,340,960  
     

 

 

 

Insured-Lease Revenue/Certificates of Participation — 6.9%

     

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31

   $ 1,000      $ 1,014,710  

State Public School Building Authority, (Philadelphia School District), (AGM),
5.50%, 6/1/28(3)

     6,250        7,292,312  

State Public School Building Authority, (Philadelphia School District), (AGM),
5.50%, 6/1/28

     3,250        3,795,285  
     

 

 

 
      $ 12,102,307  
     

 

 

 

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Insured-Special Tax Revenue — 1.4%

     

Puerto Rico Infrastructure Financing Authority, (BHAC) (FGIC), 5.50%, 7/1/20

   $ 2,000      $ 2,097,460  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

     1,490        379,324  
     

 

 

 
      $ 2,476,784  
     

 

 

 

Insured-Transportation — 2.4%

     

Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38

   $ 2,000      $ 2,430,040  

Puerto Rico Highway and Transportation Authority, (AGC), 5.50%, 7/1/31

     1,500        1,704,375  
     

 

 

 
      $ 4,134,415  
     

 

 

 

Insured-Water and Sewer — 3.3%

     

Allegheny County Sanitary Authority, (BAM), 5.00%, 12/1/28

   $ 1,000      $ 1,099,010  

Westmoreland County Municipal Authority, (BAM), 5.00%, 8/15/38

     2,330        2,521,806  

Westmoreland County Municipal Authority, (FGIC), 0.00%, 8/15/19

     2,235        2,190,233  
     

 

 

 
      $ 5,811,049  
     

 

 

 

Lease Revenue/Certificates of Participation — 1.5%

     

Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue,
5.00%, 6/1/34

   $ 2,405      $ 2,638,934  
     

 

 

 
      $ 2,638,934  
     

 

 

 

Senior Living/Life Care — 1.2%

     

Franklin County Industrial Development Authority, (Menno-Haven, Inc.), 5.00%, 12/1/33

   $ 455      $ 466,944  

Lancaster County Hospital Authority, (Brethren Village), 5.125%, 7/1/37

     1,265        1,310,110  

Lancaster Industrial Development Authority, (Garden Spot Village), 5.375%, 5/1/28

     300        323,349  
     

 

 

 
      $ 2,100,403  
     

 

 

 

Special Tax Revenue — 0.5%

     

Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/38

   $ 7,500      $ 894,750  
     

 

 

 
      $ 894,750  
     

 

 

 

Transportation — 3.0%

     

Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/35

   $ 775      $ 795,080  

Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/40

     415        425,271  

Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT),
5.00%, 11/1/41

     1,960        2,059,823  

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27

     815        861,651  

Philadelphia, Airport Revenue, (AMT), 5.00%, 7/1/37

     1,000        1,080,930  
     

 

 

 
      $ 5,222,755  
     

 

 

 

Water and Sewer — 1.3%

     

Chester Water Authority, 5.00%, 12/1/35

   $ 795      $ 886,028  

Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36

     1,250        1,309,450  
     

 

 

 
      $ 2,195,478  
     

 

 

 

Total Tax-Exempt Municipal Securities — 101.2%
(identified cost $172,270,701)

      $ 177,472,479  
     

 

 

 

 

4

 

 


                                                 

Taxable Municipal Securities — 0.0%(4)

     
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.0%(4)

     

Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)

   $ 241      $ 72,244  
     

 

 

 

Total Taxable Municipal Securities — 0.0%(4)
(identified cost $240,816)

      $ 72,244  
     

 

 

 

Total Investments — 101.2%
(identified cost $172,511,517)

      $ 177,544,723  
     

 

 

 

Other Assets, Less Liabilities — (1.2)%

      $ (2,110,459
     

 

 

 

Net Assets — 100.0%

      $ 175,434,264  
     

 

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

The Fund invests primarily in debt securities issued by Pennsylvania 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. In order to reduce the risk associated with such economic developments, at October 31, 2018, 46.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.2% to 14.7% of total investments.

 

(1)

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(2)

Floating rate security. The stated interest rate represents the rate in effect at October 31, 2018.

 

(3)

Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(4)

Amount is less than 0.05%.

Abbreviations:

 

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMBAC

  -   AMBAC Financial Group, Inc.

AMT

  -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BAM

  -   Build America Mutual Assurance Co.

BHAC

  -   Berkshire Hathaway Assurance Corp.

FGIC

  -   Financial Guaranty Insurance Company

LIBOR

  -   London Interbank Offered Rate

NPFG

  -   National Public Finance Guaranty Corp.
 

 

Currency Abbreviations:

 

USD

  -   United States Dollar

The Fund did not have any open derivative instruments at October 31, 2018.

 

5

 

 


Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

   $      $ 177,472,479      $      $ 177,472,479  

Taxable Municipal Securities

            72,244               72,244  

Total Investments

   $     —      $     177,544,723      $     —      $     177,544,723  

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

6

 

 


Eaton Vance

Municipal Opportunities Fund

October 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 92.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Bond Bank — 0.5%

     

Ohio Water Development Authority, Water Pollution Control Loan Fund, 1.82%,
(SIFMA + 0.22%), 12/1/20(1)

   $ 5,000      $ 4,993,850  
     

 

 

 
      $ 4,993,850  
     

 

 

 

Cogeneration — 0.6%

     

New York City Industrial Development Agency, NY, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28

   $ 6,260      $ 6,323,977  
     

 

 

 
      $ 6,323,977  
     

 

 

 

Education — 4.2%

     

Arizona State University, 5.00%, 7/1/33

   $ 500      $ 556,950  

Arizona State University, 5.00%, 7/1/34

     580        644,774  

Build NYC Resource Corp., NY, (Ethical Culture Fieldston School), 5.00%, 6/1/24

     600        673,014  

California Infrastructure and Economic Development Bank, (The Colburn School),
2.60%, (SIFMA + 1.00%), 6/1/20 (Put Date), 8/1/37(1)

     3,000        3,022,110  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/29

     250        285,908  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/31

     600        678,048  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/33

     450        506,119  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/35

     1,125        1,255,309  

California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/37

     1,400        1,554,756  

Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28(2)

     590        580,926  

Delaware County Authority, PA, (Villanova University), 5.00%, 8/1/22

     600        655,338  

Florida Higher Educational Facilities Financing Authority, (Jacksonville University),
4.50%, 6/1/33(2)

     2,535        2,562,479  

Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/29

     465        508,329  

Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/31

     500        544,765  

Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/32

     1,695        1,841,617  

Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester), 5.00%, 10/1/26

     980        1,095,905  

Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester), 5.00%, 10/1/27

     1,035        1,161,394  

Monroe County Industrial Development Corp., NY, (St. John Fisher College), 5.00%, 6/1/21

     1,000        1,066,730  

Monroe County Industrial Development Corp., NY, (University of Rochester), Series 2017C, 5.00%, 7/1/29

     650        753,350  

Monroe County Industrial Development Corp., NY, (University of Rochester), Series 2017D, 5.00%, 7/1/29

     750        869,250  

New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/26

     2,460        2,762,974  

New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/22

     510        560,220  

New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/23

     275        307,268  

New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/24

     300        340,506  

New York Dormitory Authority, (Pratt Institute), 5.00%, 7/1/25

     500        557,780  

New York Dormitory Authority, (Pratt Institute), 5.00%, 7/1/26

     545        606,471  

Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/25

     1,000        1,124,680  

Romeoville, IL, (Lewis University), 5.00%, 10/1/24

     500        543,075  

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Romeoville, IL, (Lewis University), 5.00%, 10/1/26

   $ 500      $ 540,350  

University of Arkansas, 5.00%, 11/1/24

     475        538,493  

University of Arkansas, 5.00%, 11/1/25

     500        574,250  

University of Idaho, 5.00%, 4/1/24

     500        561,570  

University of North Carolina at Chapel Hill, 1.912%, (67% of 1 mo. USD LIBOR + 0.40%), 11/9/22 (Put Date), 12/1/41(1)

     7,600        7,604,864  

University of North Carolina at Charlotte, 4.00%, 4/1/37

     625        633,819  

University of North Carolina at Greensboro, 5.00%, 4/1/27

     400        467,512  

West Virginia University, 2.13%, (SIFMA + 0.53%), 10/1/19 (Put Date), 10/1/41(1)

     3,500        3,502,100  
     

 

 

 
      $ 42,043,003  
     

 

 

 

Electric Utilities — 4.0%

     

Arkansas River Power Authority, CO, 5.00%, 10/1/27

   $ 2,255      $ 2,506,545  

Arkansas River Power Authority, CO, 5.00%, 10/1/28

     1,110        1,237,595  

Arkansas River Power Authority, CO, 5.00%, 10/1/29

     2,000        2,215,820  

Escambia County, FL, (Gulf Power Co.), 2.10% to 4/11/19 (Put Date), 7/1/22

     250        249,570  

Long Island Power Authority, NY, Electric System Revenue, 2.329%, (70% of 1 mo. LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(1)

     16,000        15,970,560  

Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/29

     500        570,800  

Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 5.00%, 1/1/28

     1,515        1,749,567  

Monroe County Development Authority, GA, (Georgia Power Co.), 2.00% to 6/13/19 (Put Date), 7/1/25

     2,000        1,993,080  

Montgomery County Industrial Development Authority, PA, (Exelon Generation Co., LLC), 2.55% to 6/1/20 (Put Date), 6/1/29

     1,750        1,742,720  

Montgomery County Industrial Development Authority, PA, (Exelon Generation Co., LLC), (AMT), 2.70% to 4/1/20 (Put Date), 10/1/34

     1,500        1,494,405  

Nebraska Public Power District, 5.00%, 1/1/24

     750        841,050  

Omaha Public Power District, NE, 5.00%, 2/1/25

     550        624,960  

Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25

     2,525        2,843,478  

Salem County Pollution Control Financing Authority, NJ, (Exelon Generation Co., LLC), (AMT), 2.50% to 3/1/19 (Put Date), 3/1/25

     1,000        998,950  

Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/26

     1,165        1,310,951  

Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/27

     1,000        1,123,970  

Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/25

     520        583,040  

Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/26

     675        760,880  

Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/27

     660        748,711  

Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/28

     500        563,980  

Vernon, CA, Electric System Revenue, 5.125%, 8/1/21

     95        96,973  
     

 

 

 
      $ 40,227,605  
     

 

 

 

Escrowed/Prerefunded — 0.1%

     

Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/26

   $ 500      $ 542,970  

Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21

     40        41,000  
     

 

 

 
      $ 583,970  
     

 

 

 

General Obligations — 16.3%

     

Alvin Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/25

   $ 2,100      $ 2,355,066  

Ann Arbor Public Schools, MI, 5.00%, 5/1/23

     865        963,065  

Ann Arbor Public Schools, MI, 5.00%, 5/1/27

     1,000        1,132,400  

 

2

 

 


                                                 
Security   Principal
Amount
(000’s omitted)
    Value  

Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/25

  $ 1,865     $ 2,142,866  

Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/26

    2,000       2,323,780  

Burlington, VT, 5.00%, 11/1/21

    600       642,876  

Burlington, VT, 5.00%, 11/1/22

    500       545,480  

Burlington, VT, 5.00%, 11/1/23

    500       552,930  

Burlington, VT, 5.00%, 11/1/24

    400       447,100  

Burlington, VT, 5.00%, 11/1/25

    500       564,375  

Burlington, VT, 5.00%, 11/1/28

    185       208,471  

California, 2.03%, (70% of 1 mo. USD LIBOR + 0.83%), 12/1/23 (Put Date), 12/1/29(1)

    12,000       12,000,120  

Chelsea School District, MI, 4.00%, 5/1/24

    765       821,970  

Chelsea School District, MI, 4.00%, 5/1/25

    765       826,269  

Chicago, IL, 5.00%, 12/1/22

    2,230       2,313,759  

Chicago, IL, 5.625%, 1/1/30

    6,000       6,655,380  

Chicago, IL, 6.00%, 1/1/38

    4,000       4,446,280  

Chicago Board of Education, IL, 5.00%, 12/1/25

    6,195       6,426,445  

Chicago Board of Education, IL, 5.00%, 12/1/26

    2,905       3,006,355  

Chicago Park District, IL, 5.00%, 1/1/24

    500       547,240  

Clackamas Community College District, OR, 0.00%, 6/15/21

    385       362,801  

Clark County School District, NV, 5.00%, 6/15/29

    1,250       1,410,875  

Dallas, TX, 5.00%, 2/15/25

    1,000       1,133,970  

Delaware Valley Regional Finance Authority, PA, 2.272%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(1)

    8,000       7,968,000  

Durand Area Schools, MI, 5.00%, 5/1/22

    840       913,727  

Durand Area Schools, MI, 5.00%, 5/1/23

    960       1,061,491  

Elmira, NY, 3.75%, 7/16/19(2)

    2,000       2,004,360  

Fern Ridge School District 28J, Lane and Douglas Counties, OR, 4.00%, 6/15/22

    875       926,669  

Fern Ridge School District 28J, Lane and Douglas Counties, OR, 4.00%, 6/15/23

    960       1,028,064  

Harper Creek Community Schools, MI, 4.00%, 5/1/25

    1,070       1,152,390  

Harper Creek Community Schools, MI, 4.00%, 5/1/26

    1,045       1,128,537  

Haslett Public Schools, MI, 4.00%, 5/1/25

    1,780       1,922,560  

Honolulu City and County, HI, 1.91%, (SIFMA + 0.31%), 9/1/20 (Put Date), 9/1/24(1)

    4,000       3,997,000  

Illinois, 5.00%, 8/1/20

    3,000       3,094,530  

Illinois, 5.00%, 10/1/22

    2,000       2,077,600  

Illinois, 5.00%, 2/1/24

    5,000       5,200,650  

Illinois, 5.00%, 2/1/25

    10,000       10,412,600  

Illinois, 5.00%, 2/1/27

    5,000       5,194,750  

Illinois, 5.00%, 2/1/28

    10,000       10,319,800  

Illinois, 5.00%, 11/1/28

    10,000       10,314,300  

Illinois, Series 2016, 5.00%, 11/1/18

    3,500       3,500,000  

Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/26

    900       1,000,035  

Laredo Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22

    1,425       1,298,318  

Manchester Community Schools, MI, 5.00%, 5/1/24

    1,300       1,462,409  

Manchester Community Schools, MI, 5.00%, 5/1/25

    750       854,565  

Mansfield Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/25

    1,665       1,868,097  

Massachusetts, 2.12%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(1)

    4,630       4,589,163  

Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/26

    750       849,300  

Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/27

    1,000       1,124,810  

Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/28

    500       559,885  

Mobile County, AL, 5.00%, 6/1/23

    860       956,827  

Mobile County, AL, 5.00%, 6/1/24

    250       282,640  

New York, NY, 2.18%, (SIFMA + 0.58%), 4/1/19 (Put Date), 8/1/27(1)

    4,000       4,003,760  

New York, NY, 5.00%, 8/1/25

    1,000       1,109,800  

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

New York, NY, 5.00%, 8/1/29

   $ 450      $ 496,652  

Norfolk, VA, 5.00%, 9/1/33

     1,850        2,099,417  

Ottawa County, MI, 5.00%, 11/1/22

     500        552,280  

Ottawa County, MI, 5.00%, 11/1/24

     250        285,655  

Ottawa County, MI, 5.00%, 11/1/25

     300        347,037  

Roseville Community Schools, MI, 5.00%, 5/1/23

     1,405        1,553,537  

Saugatuck Public Schools, MI, 4.00%, 5/1/25

     1,085        1,175,272  

Sedgwick County Unified School District No. 265, KS, 5.00%, 10/1/26

     1,000        1,154,400  

Sherwood School District No. 88J, Washington, Clackamas and Yamhill Counties, OR, 5.00%, 6/15/23

     1,510        1,678,561  

Sherwood School District No. 88J, Washington, Clackamas and Yamhill Counties, OR, 5.00%, 6/15/24

     2,000        2,259,440  

St. Joseph Public Schools, MI, 5.00%, 5/1/28

     1,880        2,120,565  

St. Joseph Public Schools, MI, 5.00%, 5/1/29

     1,650        1,855,936  

Texas, (Texas Transportation Commission), 5.00%, 10/1/24

     1,000        1,137,800  

Thornapple Kellogg School, MI, 5.00%, 5/1/24

     400        448,228  

Upper Merion Area School District, PA, 5.00%, 1/15/29

     500        561,305  

Upper Merion Area School District, PA, 5.00%, 1/15/30

     300        335,517  

Walled Lake Consolidated School District, MI, 4.00%, 5/1/24

     740        793,924  

Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/29

     685        670,012  
     

 

 

 
   $ 163,532,048  
     

 

 

 

Hospital — 20.8%

 

Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.00%, 8/1/41

   $ 940      $ 995,610  

Augusta Development Authority, GA, (AU Health System, Inc.), 5.00%, 7/1/26

     2,525        2,800,831  

Augusta Development Authority, GA, (AU Health System, Inc.), 5.00%, 7/1/27

     2,635        2,932,254  

Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/19

     620        630,993  

Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/21

     1,140        1,196,954  

Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/23

     930        997,444  

Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/25

     1,125        1,220,985  

Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/20

     780        806,848  

Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/22

     1,660        1,764,381  

Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/24

     1,350        1,458,121  

Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/26

     1,000        1,088,340  

Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/20

     240        248,261  

Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/22

     265        281,663  

Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/24

     290        313,226  

Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/26

     320        348,269  

Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/29

     1,410        1,460,252  

Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/31

     3,215        3,304,120  

Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/28

     1,740        1,840,207  

Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/32

     2,110        2,185,116  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23

     100        108,444  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/27

     360        389,592  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/28

     300        323,313  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/29

     110        118,056  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/30

     150        160,403  

California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/35

     250        264,170  

California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/25

     200        218,250  

California Statewide Communities Development Authority, (Cottage Health System Obligated Group), 5.00%, 11/1/26

     425        477,037  

 

4

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/29

   $ 1,500      $ 1,606,950  

Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Corp.), 2.484%, (68% of 1 mo. USD LIBOR + 0.95%), 7/1/20 (Put Date), 7/1/49(1)

     13,665        13,707,635  

Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 2.062%, (67% of 1 mo. USD LIBOR + 0.55%), 7/1/19 (Put Date), 7/1/49(1)

     4,465        4,465,313  

Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36

     1,910        2,018,087  

Decatur Hospital Authority, TX, (Wise Regional Health System), 4.00%, 9/1/20

     225        229,052  

Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/21

     330        346,668  

Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/22

     150        159,654  

Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/23

     200        215,150  

Deschutes County Hospital Facilities Authority, OR, (St. Charles Health System), 4.00%, 1/1/33

     500        504,325  

Fredericksburg Economic Development Authority, VA, (Mary Washington Healthcare), 5.00%, 6/15/24

     1,000        1,101,600  

Halifax Hospital Medical Center, FL, 5.00%, 6/1/27

     2,890        3,192,583  

Halifax Hospital Medical Center, FL, 5.00%, 6/1/29

     1,830        1,999,861  

Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34

     5,300        5,061,553  

Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/28

     8,000        9,146,880  

Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/23

     1,000        1,083,860  

Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/28

     1,670        1,816,910  

Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.125%, 6/1/26

     475        494,523  

Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.25%, 6/1/27

     415        432,795  

Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.375%, 6/1/28

     455        474,547  

Indiana Finance Authority, (Parkview Health), 5.00%, 11/1/26

     1,200        1,386,132  

Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/29

     505        504,556  

Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/30

     1,605        1,589,913  

Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 4.00%, 9/1/24

     475        505,980  

Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 4.00%, 9/1/25

     550        587,933  

Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 5.00%, 9/1/28

     795        893,977  

Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 5.00%, 9/1/31

     600        664,182  

Lexington County Health Services District, Inc., SC, 5.00%, 11/1/27

     200        226,780  

Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), 5.00%, 11/15/24

     1,000        1,108,500  

Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), 5.00%, 11/15/28

     1,830        1,970,947  

Maryland Health and Higher Educational Facilities Authority, (Meritus Medical Center), 5.00%, 7/1/23

     1,000        1,095,980  

Maryland Health and Higher Educational Facilities Authority, (Meritus Medical Center), 5.00%, 7/1/24

     1,775        1,968,333  

Maryland Health and Higher Educational Facilities Authority, (Meritus Medical Center), 5.00%, 7/1/28

     1,300        1,423,851  

Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/32

     500        534,015  

Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/27

     125        131,398  

 

5

 

 


                                                 
Security   Principal
Amount
(000’s omitted)
    Value  

Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/25

  $ 500     $ 562,545  

Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/27

    1,100       1,225,664  

Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/22

    2,835       3,005,922  

Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/26

    1,150       1,301,340  

Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/28

    2,000       2,238,320  

Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/29

    2,700       3,000,294  

Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), Series I 2016, 5.00%, 7/1/27

    1,150       1,285,504  

Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), Series L 2017, 5.00%, 7/1/27

    1,460       1,663,349  

Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25

    285       294,576  

Michigan Finance Authority, (McLaren Health Care), 2.301%, (68% of 1 mo. USD LIBOR + 0.75%), 10/15/20 (Put Date), 10/15/38(1)

    6,250       6,288,250  

Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/27

    1,400       1,517,922  

Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/26

    1,000       1,113,460  

Montana Facility Finance Authority, (Billings Clinic Obligated Group), 2.15%, (SIFMA + 0.55%), 8/15/23 (Put Date), 8/15/37(1)

    10,000       10,003,600  

Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/29

    1,000       1,084,970  

New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/32

    500       550,955  

New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/33

    1,000       1,097,120  

New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/34

    1,070       1,169,670  

New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/35

    1,550       1,688,244  

New Jersey Health Care Facilities Financing Authority, (Barnabas Health), 5.00%, 7/1/23

    605       658,730  

New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center Obligated Group), 5.00%, 7/1/30

    500       541,680  

New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/29

    2,600       2,891,460  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/24

    1,000       1,127,850  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28

    1,305       1,490,140  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39

    1,560       1,718,231  

New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48

    20,000       18,217,800  

New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/27

    1,000       1,108,530  

New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/29

    500       547,195  

New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.00%, 7/1/27

    500       553,285  

New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/29

    750       872,370  

New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/22

    440       480,528  

New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/23

    600       666,468  

New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/25

    2,000       2,285,300  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/22(2)

    700       755,608  

 

6

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/25(2)

   $ 1,000      $ 1,107,270  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/27(2)

     500        548,655  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/28