Eaton Vance
2021 Target Term Trust
December 31, 2020
PORTFOLIO OF INVESTMENTS (Unaudited)
Corporate Bonds & Notes — 80.9%
| | | | | | | | |
| Security | | Principal Amount (000’s omitted) | | | Value | |
Aerospace — 1.6% | |
Bombardier, Inc., 8.75%, 12/1/21(1) | | $ | 3,250 | | | $ | 3,385,411 | |
| | | | | | | | |
| | | $ | 3,385,411 | |
| | | | | | | | |
Air Transportation — 0.3% | |
Air Canada, 7.75%, 4/15/21(1) | | $ | 660 | | | $ | 664,125 | |
| | | | | | | | |
| | | $ | 664,125 | |
| | | | | | | | |
Automotive & Auto Parts — 5.8% | |
Ford Motor Credit Co., LLC, 1.104%, (3 mo. USD LIBOR + 0.88%), 10/12/21(2) | | $ | 3,497 | | | $ | 3,455,718 | |
Ford Motor Credit Co., LLC, 2.77%, (3 mo. USD LIBOR + 2.55%), 1/7/21(2) | | | 381 | | | | 380,966 | |
Ford Motor Credit Co., LLC, 3.20%, 1/15/21 | | | 220 | | | | 220,522 | |
Ford Motor Credit Co., LLC, 3.336%, 3/18/21 | | | 2,036 | | | | 2,043,635 | |
Ford Motor Credit Co., LLC, 3.47%, 4/5/21 | | | 909 | | | | 911,841 | |
Ford Motor Credit Co., LLC, 3.813%, 10/12/21 | | | 3,000 | | | | 3,039,375 | |
Ford Motor Credit Co., LLC, 5.875%, 8/2/21 | | | 2,137 | | | | 2,189,891 | |
| | | | | | | | |
| | | $ | 12,241,948 | |
| | | | | | | | |
Banking & Thrifts — 6.4% | |
CIT Group, Inc., 4.125%, 3/9/21 | | $ | 10,000 | | | $ | 10,035,000 | |
Deutsche Bank AG/New York NY, 4.25%, 10/14/21 | | | 3,500 | | | | 3,589,787 | |
| | | | | | | | |
| | | $ | 13,624,787 | |
| | | | | | | | |
Broadcasting — 2.6% | |
Netflix, Inc., 5.375%, 2/1/21 | | $ | 5,500 | | | $ | 5,530,938 | |
| | | | | | | | |
| | | $ | 5,530,938 | |
| | | | | | | | |
Cable & Satellite TV — 8.2% | |
CSC Holdings, LLC, 6.75%, 11/15/21 | | $ | 10,925 | | | $ | 11,437,109 | |
DISH DBS Corp., 6.75%, 6/1/21 | | | 5,845 | | | | 5,968,973 | |
| | | | | | | | |
| | | $ | 17,406,082 | |
| | | | | | | | |
Diversified Financial Services — 13.1% | |
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.50%, 5/15/21 | | $ | 4,000 | | | $ | 4,050,424 | |
Ally Financial, Inc., 4.25%, 4/15/21 | | | 4,000 | | | | 4,041,442 | |
DAE Funding, LLC, 5.25%, 11/15/21(1) | | | 4,000 | | | | 4,090,000 | |
Navient Corp., 6.625%, 7/26/21 | | | 7,000 | | | | 7,161,875 | |
Park Aerospace Holdings, Ltd., 3.625%, 3/15/21(1) | | | 3,000 | | | | 3,008,264 | |
Springleaf Finance Corp., 7.75%, 10/1/21 | | | 5,000 | | | | 5,268,750 | |
| | | | | | | | |
| | | $ | 27,620,755 | |
| | | | | | | | |
Diversified Media — 0.6% | |
Nielsen Co. Luxembourg S.a.r.l. (The), 5.50%, 10/1/21(1) | | $ | 1,169 | | | $ | 1,175,213 | |
| | | | | | | | |
| | | $ | 1,175,213 | |
| | | | | | | | |
Energy — 11.2% | |
DCP Midstream Operating, L.P., 4.75%, 9/30/21(1) | | $ | 5,000 | | | $ | 5,087,500 | |
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(1) | | | 3,185 | | | | 1,879,150 | |
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| | | | | | | | |
| Security | | Principal Amount (000’s omitted) | | | Value | |
Occidental Petroleum Corp., 2.60%, 8/13/21 | | $ | 6,000 | | | $ | 6,063,750 | |
Ovintiv, Inc., 3.90%, 11/15/21 | | | 5,000 | | | | 5,063,259 | |
Western Midstream Operating, L.P., 5.375%, 6/1/21 | | | 2,000 | | | | 2,020,000 | |
Williams Cos., Inc. (The), 7.875%, 9/1/21 | | | 2,000 | | | | 2,097,262 | |
Williams Partners, L.P., 4.00%, 11/15/21 | | | 1,500 | | | | 1,532,586 | |
| | | | | | | | |
| | | $ | 23,743,507 | |
| | | | | | | | |
Food & Drug Retail — 2.3% | |
Safeway, Inc., 4.75%, 12/1/21 | | $ | 4,782 | | | $ | 4,883,020 | |
| | | | | | | | |
| | | $ | 4,883,020 | |
| | | | | | | | |
Healthcare — 5.0% | |
Elanco Animal Health, Inc., 4.912%, 8/27/21 | | $ | 5,700 | | | $ | 5,838,937 | |
Teva Pharmaceutical Finance Co., B.V., 3.65%, 11/10/21 | | | 1,070 | | | | 1,086,387 | |
Teva Pharmaceutical Finance IV B.V., 3.65%, 11/10/21 | | | 3,500 | | | | 3,551,713 | |
| | | | | | | | |
| | | $ | 10,477,037 | |
| | | | | | | | |
Homebuilders & Real Estate — 2.9% | |
KB Home, 7.00%, 12/15/21 | | $ | 6,000 | | | $ | 6,221,250 | |
| | | | | | | | |
| | | $ | 6,221,250 | |
| | | | | | | | |
Hotels — 2.2% | |
Marriott International, Inc., 0.876%, (3 mo. USD LIBOR + 0.65%), 3/8/21(2) | | $ | 3,000 | | | $ | 3,001,216 | |
Marriott International, Inc., 3.125%, 10/15/21 | | | 1,600 | | | | 1,621,727 | |
| | | | | | | | |
| | | $ | 4,622,943 | |
| | | | | | | | |
Restaurant — 2.5% | |
Yum! Brands, Inc., 3.75%, 11/1/21 | | $ | 5,250 | | | $ | 5,321,531 | |
| | | | | | | | |
| | | $ | 5,321,531 | |
| | | | | | | | |
Super Retail — 1.2% | |
Macy’s Retail Holdings, LLC, 3.45%, 1/15/21 | | $ | 2,500 | | | $ | 2,493,750 | |
| | | | | | | | |
| | | $ | 2,493,750 | |
| | | | | | | | |
Technology — 2.7% | |
Dell International, LLC/EMC Corp., 5.875%, 6/15/21(1) | | $ | 5,638 | | | $ | 5,655,196 | |
| | | | | | | | |
| | | $ | 5,655,196 | |
| | | | | | | | |
Telecommunications — 12.3% | |
CenturyLink, Inc., 6.45%, 6/15/21 | | $ | 6,500 | | | $ | 6,637,865 | |
Hughes Satellite Systems Corp., 7.625%, 6/15/21 | | | 6,500 | | | | 6,670,625 | |
Sprint Communications, Inc., 11.50%, 11/15/21 | | | 2,000 | | | | 2,173,750 | |
Sprint Corp., 7.25%, 9/15/21 | | | 10,175 | | | | 10,599,806 | |
| | | | | | | | |
| | | $ | 26,082,046 | |
| | | | | | | | |
| |
Total Corporate Bonds & Notes
(identified cost $169,914,760) | | | $ | 171,149,539 | |
| | | | | | | | |
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Short-Term Investments — 18.7%
Commercial Paper — 9.4%
| | | | | | | | |
| Security | | Principal Amount (000’s omitted) | | | Value | |
Banco Santander, 0.299%, 6/30/21(1)(3)(4) | | $ | 10,000 | | | $ | 9,984,313 | |
Societe Generale, 0.280%, 6/30/21(1)(3)(4) | | | 10,000 | | | | 9,988,185 | |
| | | | | | | | |
| |
Total Commercial Paper
(identified cost $19,971,000) | | | $ | 19,972,498 | |
| | | | | | | | |
|
Other — 9.3% | |
| | |
| Description | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 0.11%(5) | | | 19,616,364 | | | $ | 19,616,364 | |
| | | | | | | | |
| |
Total Other
(identified cost $19,616,364) | | | $ | 19,616,364 | |
| | | | | | | | |
| |
Total Short-Term Investments
(identified cost $39,587,364) | | | $ | 39,588,862 | |
| | | | | | | | |
| |
Total Investments — 99.6%
(identified cost $209,502,124) | | | $ | 210,738,401 | |
| | | | | | | | |
| |
Other Assets, Less Liabilities — 0.4% | | | $ | 925,123 | |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 211,663,524 | |
| | | | | | | | |
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 December 31, 2020, the aggregate value of these securities is $44,917,357 or 21.2% of the Trust’s net assets. |
| (2) | Variable rate security. The stated interest rate represents the rate in effect at December 31, 2020. |
| (3) | Rate shown is the discount rate at date of purchase. |
| (4) | Security exempt from registration under Section 4(2) of the Securities Act of 1933, as amended. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At December 31, 2020, the aggregate value of these securities is $19,972,498, representing 9.4% of the Trust’s net assets. |
| (5) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of December 31, 2020. |
Abbreviations:
| | | | |
LIBOR | | - | | London Interbank Offered Rate |
Currency Abbreviations:
| | | | |
USD | | - | | United States Dollar |
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The Trust did not have any open derivative instruments at December 31, 2020.
At December 31, 2020, the value of the Trust’s investment in affiliated funds was $19,616,364, which represents 9.3% of the Trust’s net assets. Transactions in affiliated funds by the Trust for the fiscal year to date ended December 31, 2020 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name of affiliated fund | | Value,
beginning of
period | | | Purchases | | | Sales
proceeds | | | Net
realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | | | Value, end of
period | | | Dividend
income | | | Units, end
of period | |
Short-Term Investments | |
Eaton Vance Cash Reserves Fund, LLC | | $ | 2,952,215 | | | $ | 121,683,155 | | | $ | (105,020,375 | ) | | $ | 483 | | | $ | 886 | | | $ | 19,616,364 | | | $ | 6,609 | | | | 19,616,364 | |
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 December 31, 2020, 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 & Notes | | $ | — | | | $ | 171,149,539 | | | $ | — | | | $ | 171,149,539 | |
Short-Term Investments - Commercial Paper | | | — | | | | 19,972,498 | | | | — | | | | 19,972,498 | |
Other | | | — | | | | 19,616,364 | | | | — | | | | 19,616,364 | |
Total Investments | | $ | — | | | $ | 210,738,401 | | | $ | — | | | $ | 210,738,401 | |
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.
Effective January 4, 2021, the name of Eaton Vance 2021 Target Term Trust was changed from Eaton Vance High Income 2021 Target Term Trust.
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