Eaton Vance
National Municipal Opportunities Trust
June 30, 2022
Portfolio of Investments (Unaudited)
Corporate Bonds — 3.4% |
Security | Principal Amount (000's omitted) | Value | |
Hospital — 2.0% | |||
CommonSpirit Health, 3.347%, 10/1/29 | $ | 795 | $ 734,579 |
Montefiore Obligated Group, 4.287%, 9/1/50 | 3,240 | 2,391,666 | |
Tower Health, 4.451%, 2/1/50 | 3,905 | 2,643,685 | |
$ 5,769,930 | |||
Insured - Hospital — 0.5% | |||
Toledo Hospital, (AGM), 5.75%, 11/15/38 | $ | 1,440 | $ 1,487,442 |
$ 1,487,442 | |||
Other — 0.9% | |||
Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 2,430 | $ 2,769,568 |
$ 2,769,568 | |||
Total Corporate Bonds (identified cost $11,541,620) | $ 10,026,940 |
Tax-Exempt Municipal Obligations — 100.0% |
Security | Principal Amount (000's omitted) | Value | |
Education — 2.2% | |||
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49(1) | $ | 560 | $ 542,248 |
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 185 | 149,563 | |
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): | |||
5.375%, 6/15/38(1) | 210 | 209,435 | |
5.375%, 6/15/48(1) | 395 | 378,216 | |
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55 | 325 | 328,659 | |
District of Columbia, (District of Columbia International School): | |||
5.00%, 7/1/39 | 185 | 187,629 | |
5.00%, 7/1/49 | 185 | 185,080 | |
District of Columbia, (KIPP DC): | |||
4.00%, 7/1/39 | 100 | 94,237 | |
4.00%, 7/1/44 | 100 | 91,125 | |
4.00%, 7/1/49 | 135 | 120,019 | |
District of Columbia, (Rocketship DC Obligated Group): | |||
5.00%, 6/1/56(1) | 1,090 | 1,081,138 | |
5.00%, 6/1/61(1) | 355 | 346,072 |
Security | Principal Amount (000's omitted) | Value | |
Education (continued) | |||
Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53(1) | $ | 1,000 | $ 961,930 |
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/54(1) | 455 | 425,457 | |
Public Finance Authority, WI, (Roseman University of Health Sciences): | |||
4.00%, 4/1/52(1) | 250 | 200,558 | |
5.00%, 4/1/40(1) | 655 | 663,332 | |
5.00%, 4/1/50(1) | 175 | 175,208 | |
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence): | |||
5.00%, 10/15/49 | 70 | 66,212 | |
5.00%, 10/15/54 | 110 | 102,666 | |
$ 6,308,784 | |||
Electric Utilities — 2.9% | |||
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45 | $ | 5,750 | $ 5,315,990 |
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | 1,520 | 1,268,090 | |
New York Power Authority, 4.00%, 11/15/60 | 2,000 | 1,877,200 | |
$ 8,461,280 | |||
Escrowed/Prerefunded — 3.1% | |||
Central Texas Regional Mobility Authority, Prerefunded to 7/1/25, 5.00%, 1/1/45 | $ | 750 | $ 811,575 |
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), Prerefunded to 4/1/25, 5.00%, 4/1/47 | 445 | 478,967 | |
San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/50 | 6,400 | 6,862,400 | |
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33 | 770 | 823,446 | |
$ 8,976,388 | |||
General Obligations — 11.1% | |||
Broward County School Board, FL, 5.00%, 7/1/51(2) | $ | 5,000 | $ 5,606,650 |
Chicago Board of Education, IL, 5.00%, 12/1/42 | 6,410 | 6,410,641 | |
Chicago, IL, 5.50%, 1/1/49 | 5,000 | 5,248,450 | |
Detroit, MI: | |||
5.50%, 4/1/36 | 435 | 473,885 | |
5.50%, 4/1/40 | 680 | 734,624 | |
Illinois: | |||
4.25%, 12/1/37 | 6,000 | 5,869,320 | |
5.00%, 5/1/36 | 3,500 | 3,549,245 |
1
Eaton Vance
National Municipal Opportunities Trust
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Jackson County School District No. 6, OR, 0.00%, 6/15/41 | $ | 710 | $ 309,837 |
Township High School District No. 203, IL, 2.00%, 12/15/33 | 2,430 | 2,049,584 | |
Township of Freehold, NJ: | |||
1.00%, 10/15/29 | 575 | 495,460 | |
1.00%, 10/15/30 | 1,035 | 867,371 | |
1.00%, 10/15/31 | 975 | 788,678 | |
$ 32,403,745 | |||
Hospital — 10.2% | |||
Berks County Industrial Development Authority, PA, (Tower Health), 5.00%, 11/1/50 | $ | 1,460 | $ 1,284,596 |
California Health Facilities Financing Authority, (St. Joseph Health System), Prerefunded to 7/1/23, 5.00%, 7/1/37 | 165 | 170,282 | |
Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42 | 665 | 673,904 | |
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 | 670 | 617,526 | |
Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45 | 300 | 235,209 | |
Illinois Finance Authority, (Presence Health Network): | |||
3.75%, 2/15/34 | 1,190 | 1,168,413 | |
4.00%, 2/15/36 | 2,500 | 2,504,700 | |
Illinois Finance Authority, (Rush University Medical Center), 4.00%, 11/15/39 | 1,000 | 964,900 | |
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/45 | 250 | 233,952 | |
Massachusetts Development Finance Agency, (Atrius Health): | |||
4.00%, 6/1/49 | 1,555 | 1,682,572 | |
5.00%, 6/1/39 | 255 | 292,238 | |
Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50 | 1,040 | 950,539 | |
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group): | |||
4.00%, 9/1/38 | 1,000 | 991,660 | |
4.00%, 9/1/39 | 1,000 | 987,920 | |
4.00%, 9/1/44 | 1,500 | 1,423,980 | |
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/59 | 2,000 | 2,183,560 | |
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45 | 675 | 518,947 | |
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | 3,000 | 3,113,160 | |
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(1) | 900 | 935,676 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health): | |||
5.00%, 11/15/45(2) | $ | 3,975 | $ 4,153,517 |
5.00%, 11/15/45 | 5 | 5,225 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children's Medical Center), 5.25%, 12/1/39(2) | 3,500 | 3,646,755 | |
Washington Health Care Facilities Authority, (MultiCare Health System), 4.50%, 8/15/43 | 1,000 | 1,000,380 | |
$ 29,739,611 | |||
Housing — 2.0% | |||
California Municipal Finance Authority, (CityView Apartments), Sustainability Bonds, 4.00%, 11/1/36(1) | $ | 1,100 | $ 955,669 |
CSCDA Community Improvement Authority Orange Portfolio, CA, 3.00%, 3/1/57(1) | 1,195 | 865,252 | |
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.00%, 7/1/50 | 425 | 426,411 | |
New York City Housing Development Corp., NY: | |||
2.35%, 11/1/40 | 3,635 | 2,793,570 | |
3.85%, 11/1/42 | 1,000 | 948,730 | |
$ 5,989,632 | |||
Industrial Development Revenue — 8.1% | |||
Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52(1) | $ | 1,000 | $ 933,550 |
Houston, TX, (United Airlines, Inc.), (AMT), 4.00%, 7/15/41 | 2,400 | 2,052,048 | |
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1) | 725 | 737,630 | |
National Finance Authority, NH, (Covanta): | |||
4.625%, 11/1/42(1) | 1,415 | 1,280,589 | |
(AMT), 4.875%, 11/1/42(1) | 1,555 | 1,465,867 | |
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(1) | 560 | 494,682 | |
New Jersey Economic Development Authority, (Continental Airlines): | |||
(AMT), 5.125%, 9/15/23 | 335 | 337,191 | |
(AMT), 5.25%, 9/15/29 | 1,900 | 1,921,926 | |
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 | 2,560 | 2,876,518 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): | |||
(AMT), 4.375%, 10/1/45 | 2,765 | 2,539,376 | |
(AMT), 5.00%, 10/1/40 | 1,640 | 1,653,251 | |
Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(1) | 2,000 | 1,840,620 |
2
Eaton Vance
National Municipal Opportunities Trust
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Industrial Development Revenue (continued) | |||
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35 | $ | 3,935 | $ 3,937,833 |
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1) | 1,445 | 1,321,149 | |
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1) | 145 | 142,232 | |
$ 23,534,462 | |||
Insured - Education — 1.9% | |||
New York Dormitory Authority, Personal Income Tax Revenue, (BAM), 5.00%, 10/1/42(2) | $ | 5,000 | $ 5,450,950 |
$ 5,450,950 | |||
Insured - Electric Utilities — 1.3% | |||
New York Power Authority, Green Transmission Revenue, (AGM), 4.00%, 11/15/47(2) | $ | 3,750 | $ 3,674,475 |
$ 3,674,475 | |||
Insured - General Obligations — 1.1% | |||
Atlantic City, NJ, (AGM), 4.00%, 3/1/42 | $ | 145 | $ 144,443 |
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/30 | 2,910 | 3,032,686 | |
$ 3,177,129 | |||
Insured - Lease Revenue/Certificates of Participation — 0.1% | |||
Kentucky State University, Certificates of Participation, (BAM), 4.00%, 11/1/41 | $ | 250 | $ 251,047 |
$ 251,047 | |||
Insured - Other Revenue — 0.2% | |||
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46 | $ | 840 | $ 648,816 |
$ 648,816 | |||
Insured - Special Tax Revenue — 5.5% | |||
Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42 | $ | 2,000 | $ 1,861,020 |
Miami-Dade County, FL, Professional Sports Franchise Facilities: | |||
(AGC), 6.875%, 10/1/34 | 4,000 | 5,062,360 | |
(AGC), 7.00%, 10/1/39 | 6,000 | 7,578,300 | |
Tolomato Community Development District, FL: | |||
(AGM), 3.75%, 5/1/39 | 720 | 718,099 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Special Tax Revenue (continued) | |||
Tolomato Community Development District, FL: (continued) | |||
(AGM), 3.75%, 5/1/40 | $ | 855 | $ 838,738 |
$ 16,058,517 | |||
Insured - Transportation — 7.6% | |||
Chicago, IL, (O'Hare International Airport), (AGM), 5.50%, 1/1/43 | $ | 710 | $ 718,399 |
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48 | 6,225 | 5,751,651 | |
New York Thruway Authority, (AGM), 3.00%, 1/1/46 | 4,895 | 3,957,314 | |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
(AGM), (AMT), 4.00%, 7/1/35 | 460 | 451,831 | |
(AGM), (AMT), 4.00%, 7/1/37 | 1,295 | 1,261,265 | |
North Carolina Turnpike Authority, (Triangle Expressway System): | |||
(AGC), 0.00%, 1/1/35 | 4,000 | 2,444,120 | |
(AGC), 0.00%, 1/1/36 | 13,000 | 7,568,340 | |
$ 22,152,920 | |||
Lease Revenue/Certificates of Participation — 1.8% | |||
New Jersey Economic Development Authority, (School Facilities Construction): | |||
5.00%, 6/15/43 | $ | 740 | $ 768,364 |
5.00%, 6/15/44 | 4,260 | 4,432,019 | |
$ 5,200,383 | |||
Other Revenue — 1.7% | |||
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $ | 2,300 | $ 2,169,107 |
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1) | 390 | 417,710 | |
Military Installation Development Authority, UT, 4.00%, 6/1/41 | 500 | 407,910 | |
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 605 | 640,471 | |
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | 1,245 | 1,338,524 | |
$ 4,973,722 | |||
Senior Living/Life Care — 9.5% | |||
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37 | $ | 3,405 | $ 3,438,675 |
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation): | |||
5.00%, 7/15/37 | 850 | 840,259 | |
5.00%, 7/15/42 | 700 | 677,614 | |
California Public Finance Authority, (Enso Village), Green Bonds, 5.00%, 11/15/56(1) | 140 | 128,230 |
3
Eaton Vance
National Municipal Opportunities Trust
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50 | $ | 125 | $ 118,639 |
Colorado Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58 | 1,110 | 906,959 | |
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38 | 730 | 704,808 | |
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32 | 185 | 182,567 | |
Florida Development Finance Corp., (Mayflower Retirement Community), 4.00%, 6/1/41(1) | 625 | 513,706 | |
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.): | |||
5.75%, 1/1/28 | 165 | 166,167 | |
6.375%, 1/1/33 | 345 | 348,188 | |
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.): | |||
5.125%, 11/15/32 | 300 | 302,700 | |
5.25%, 11/15/37 | 275 | 277,351 | |
Iowa Finance Authority, (Lifespace Communities, Inc.): | |||
4.125%, 5/15/38 | 1,500 | 1,313,880 | |
5.00%, 5/15/55 | 410 | 378,963 | |
Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 5.00%, 11/15/39 | 1,800 | 1,824,210 | |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.): | |||
5.00%, 11/15/33(1) | 470 | 499,619 | |
5.00%, 11/15/38(1) | 310 | 321,761 | |
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(1) | 1,650 | 1,737,235 | |
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.00%, 10/1/24 | 525 | 531,090 | |
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 1,480 | 1,225,484 | |
National Finance Authority, NH, (The Vista): | |||
5.25%, 7/1/39(1) | 265 | 244,269 | |
5.625%, 7/1/46(1) | 360 | 337,734 | |
5.75%, 7/1/54(1) | 780 | 730,376 | |
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): | |||
5.00%, 1/1/31 | 1,235 | 1,249,820 | |
5.00%, 1/1/32 | 1,295 | 1,306,888 | |
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): | |||
5.00%, 7/1/32 | 80 | 78,642 | |
5.00%, 7/1/33 | 50 | 48,884 | |
5.00%, 7/1/34 | 55 | 53,549 | |
5.00%, 7/1/39 | 175 | 166,345 |
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/41 | $ | 780 | $ 647,533 |
Public Finance Authority, WI, (Mary's Woods at Marylhurst), 5.25%, 5/15/37(1) | 630 | 603,005 | |
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1) | 100 | 99,640 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41 | 1,335 | 1,383,768 | |
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 4.00%, 12/1/38 | 535 | 446,934 | |
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37(1) | 900 | 863,487 | |
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37 | 1,000 | 1,032,910 | |
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51(1) | 1,335 | 1,203,182 | |
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49(1) | 305 | 275,223 | |
Wisconsin Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries), 4.00%, 1/1/47 | 500 | 406,105 | |
$ 27,616,399 | |||
Special Tax Revenue — 5.6% | |||
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | $ | 140 | $ 114,229 |
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/39 | 1,500 | 1,498,365 | |
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 3/15/45 | 1,000 | 976,780 | |
New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/47 | 4,000 | 3,842,680 | |
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/44(2) | 6,900 | 7,473,597 | |
Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40 | 1,700 | 1,600,669 | |
Tolomato Community Development District, FL, 3.25%, 5/1/40 | 1,200 | 939,720 | |
$ 16,446,040 | |||
Student Loan — 0.5% | |||
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43 | $ | 1,445 | $ 1,451,228 |
$ 1,451,228 | |||
Transportation — 22.5% | |||
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/38 | $ | 5,000 | $ 4,924,100 |
4
Eaton Vance
National Municipal Opportunities Trust
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Chicago, IL, (O'Hare International Airport): | |||
(AMT), 5.00%, 1/1/25 | $ | 1,345 | $ 1,364,045 |
(AMT), 5.00%, 1/1/26 | 1,140 | 1,155,458 | |
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport): | |||
5.25%, 11/1/30 | 1,125 | 1,163,475 | |
5.25%, 11/1/31 | 1,735 | 1,792,845 | |
Delaware River and Bay Authority of Delaware and New Jersey: | |||
4.00%, 1/1/44(2) | 2,125 | 2,116,288 | |
4.00%, 1/1/44 | 10 | 9,959 | |
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(1) | 2,590 | 2,593,004 | |
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43 | 875 | 891,914 | |
Hawaii, Airports System Revenue: | |||
(AMT), 5.00%, 7/1/41 | 1,065 | 1,097,887 | |
(AMT), 5.00%, 7/1/43(2) | 3,750 | 3,917,100 | |
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29 | 2,060 | 2,064,511 | |
Illinois Toll Highway Authority, 5.00%, 1/1/41(2) | 5,575 | 5,857,207 | |
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 1,520 | 1,581,560 | |
Metropolitan Washington Airports Authority, D.C., (AMT), 4.00%, 10/1/38 | 335 | 329,844 | |
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34 | 1,250 | 1,270,063 | |
New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38 | 20,000 | 9,270,800 | |
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/48 | 750 | 769,350 | |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
(AMT), 5.00%, 12/1/39 | 2,400 | 2,497,032 | |
(AMT), 5.25%, 1/1/50 | 2,115 | 2,168,488 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/48 | 6,000 | 6,210,540 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project): | |||
4.00%, 12/31/37 | 140 | 128,918 | |
4.00%, 12/31/38 | 260 | 237,302 | |
4.00%, 12/31/39 | 135 | 122,487 | |
5.00%, 12/31/35 | 180 | 187,047 | |
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 1,555 | 1,547,256 | |
Texas Transportation Commission, (Central Texas Turnpike System): | |||
0.00%, 8/1/38 | 850 | 400,928 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Texas Transportation Commission, (Central Texas Turnpike System): (continued) | |||
5.00%, 8/15/42 | $ | 445 | $ 452,925 |
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51(2) | 5,000 | 5,382,550 | |
Virginia Small Business Financing Authority, (95 Express Lanes LLC), (AMT), 4.00%, 1/1/39 | 675 | 632,381 | |
Virginia Small Business Financing Authority, (Elizabeth River Crossings Opco, LLC): | |||
(AMT), 4.00%, 1/1/38(3) | 1,000 | 944,590 | |
(AMT), 4.00%, 1/1/40(3) | 1,000 | 931,970 | |
Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/49 | 1,500 | 1,530,930 | |
$ 65,544,754 | |||
Water and Sewer — 1.1% | |||
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34 | $ | 2,070 | $ 2,137,006 |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/48 | 895 | 979,276 | |
$ 3,116,282 | |||
Total Tax-Exempt Municipal Obligations (identified cost $290,513,236) | $291,176,564 |
Taxable Municipal Obligations — 5.6% |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded — 0.6% | |||
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50%, 8/1/44 | $ | 1,645 | $ 1,665,842 |
$ 1,665,842 | |||
General Obligations — 1.3% | |||
Chicago, IL: | |||
7.375%, 1/1/33 | $ | 1,750 | $ 1,978,060 |
7.781%, 1/1/35 | 1,400 | 1,655,948 | |
$ 3,634,008 |
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Eaton Vance
National Municipal Opportunities Trust
June 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Hospital — 1.4% | |||
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ | 4,000 | $ 4,216,120 |
$ 4,216,120 | |||
Insured - Education — 0.5% | |||
Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41 | $ | 1,610 | $ 1,327,590 |
$ 1,327,590 | |||
Insured - Housing — 0.4% | |||
Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University), (AGM), 3.508%, 7/1/41 | $ | 1,500 | $ 1,239,270 |
$ 1,239,270 | |||
Insured - Special Tax Revenue — 0.3% | |||
Houston Uptown Development Authority, TX, Tax Increment Contract Revenue, (AGM), 3.464%, 9/1/40 | $ | 1,160 | $ 948,416 |
$ 948,416 | |||
Special Tax Revenue — 0.6% | |||
American Samoa Economic Development Authority: | |||
2.47%, 9/1/24(1) | $ | 525 | $ 511,922 |
3.72%, 9/1/27(1) | 1,370 | 1,304,912 | |
$ 1,816,834 | |||
Transportation — 0.5% | |||
Maryland Economic Development Corp., (Seagirt Marine Terminal), 4.75%, 6/1/42 | $ | 1,500 | $ 1,399,410 |
$ 1,399,410 | |||
Total Taxable Municipal Obligations (identified cost $16,514,119) | $ 16,247,490 | ||
Total Investments — 109.0% (identified cost $318,568,975) | $317,450,994 | ||
Other Assets, Less Liabilities — (9.0)% | $(26,232,847) | ||
Net Assets — 100.0% | $291,218,147 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2022, the aggregate value of these securities is $31,901,127 or 11.0% of the Trust's net assets. |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
(3) | When-issued security. |
At June 30, 2022, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows: |
New York | 21.5% |
Illinois | 14.6% |
Florida | 10.5% |
Others, representing less than 10% individually | 50.2% |
The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At June 30, 2022, 17.8% 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 2.8% to 7.8% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
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Eaton Vance
National Municipal Opportunities Trust
June 30, 2022
Portfolio of Investments (Unaudited) — continued
The Trust did not have any open derivative instruments at June 30, 2022.
Fair Value Measurements
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 June 30, 2022, the hierarchy of inputs used in valuing the Trust's investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 10,026,940 | $ — | $ 10,026,940 |
Tax-Exempt Municipal Obligations | — | 291,176,564 | — | 291,176,564 |
Taxable Municipal Obligations | — | 16,247,490 | — | 16,247,490 |
Total Investments | $ — | $317,450,994 | $ — | $317,450,994 |
For information on the Trust's policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements included in its semiannual or annual report to shareholders.
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