Eaton Vance
Taxable Municipal Bond Fund
August 31, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Corporate Bonds — 9.7% |
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Security | Principal Amount (000’s omitted) | Value | ||||||
Hospital — 9.7% |
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Little Co. of Mary Hospital of Indiana, Inc., 2.132%, 11/1/26 | $ | 400 | $ | 408,314 | ||||
Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29 | 500 | 526,754 | ||||||
St. Joseph’s University Medical Center, Inc., 4.584%, 7/1/27 | 500 | 562,882 | ||||||
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Total Corporate Bonds — 9.7% | $ | 1,497,950 | ||||||
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Taxable Municipal Obligations — 93.9% |
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Security | Principal Amount (000’s omitted) | Value | ||||||
Education — 3.3% |
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San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), | $ | 500 | $ | 503,625 | ||||
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$ | 503,625 | |||||||
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General Obligations — 31.0% |
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Academy Independent School District, TX, (PSF Guaranteed), 1.51%, 8/15/27 | $ | 250 | $ | 257,557 | ||||
Bradley, IL, 1.35%, 12/15/27 | 250 | 250,482 | ||||||
Chicago, IL, 7.045%, 1/1/29 | 215 | 250,598 | ||||||
Collin County, TX, 1.883%, 2/15/32 | 510 | 520,348 | ||||||
Detroit, MI, 2.511%, 4/1/25 | 530 | 532,952 | ||||||
Douglas County School District No. 17, NE, 2.102%, 6/15/34(1) | 625 | 629,375 | ||||||
Kauai County, HI, 1.50%, 8/1/27 | 600 | 615,120 | ||||||
Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 1.602%, 8/1/29 | 400 | 403,660 | ||||||
Long Beach Community College District, CA, 1.878%, 5/1/29 | 500 | 515,955 | ||||||
Nashua, NH, 1.40%, 1/15/32 | 255 | 245,851 | ||||||
Ojai Unified School District, CA: | ||||||||
1.819%, 8/1/29 | 300 | 308,952 | ||||||
1.919%, 8/1/30 | 230 | 237,438 | ||||||
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$ | 4,768,288 | |||||||
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Insured-Education — 3.3% |
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Connecticut State Health and Educational Facilities Authority, (Connecticut State University System), (BAM), 2.05%, 11/1/29 | $ | 500 | $ | 510,625 | ||||
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$ | 510,625 | |||||||
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Insured-General Obligations — 6.7% |
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Elmwood Park, IL, (AGM), 1.864%, 12/1/30 | $ | 500 | $ | 501,910 | ||||
Valley View School District, PA, (BAM), 2.20%, 5/15/26 | 525 | 527,678 | ||||||
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$ | 1,029,588 | |||||||
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Security | Principal Amount (000’s omitted) | Value | ||||||
Insured-Hospital — 3.3% |
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Maine Health and Higher Educational Facilities Authority, (Eastern Maine Medical Center), (AGM), 2.085%, 7/1/29 | $ | 500 | $ | 512,140 | ||||
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$ | 512,140 | |||||||
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Insured-Special Tax Revenue — 7.2% |
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Rio Elementary School District Community Facilities District No. 1, CA, (BAM), | $ | 500 | $ | 512,285 | ||||
St. Clair County Board of Education, AL: | ||||||||
(BAM), 1.31%, 2/1/26 | 200 | 201,570 | ||||||
(BAM), 1.85%, 2/1/28 | 390 | 397,905 | ||||||
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$ | 1,111,760 | |||||||
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Lease Revenue/Certificates of Participation — 2.5% |
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Beaufort County, NC, Limited Obligation Bonds, 2.00%, 6/1/29 | $ | 375 | $ | 388,260 | ||||
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$ | 388,260 | |||||||
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Senior Living/Life Care — 7.0% |
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Butler County Port Authority, OH, (Community First Solutions), 2.25%, 5/15/26 | $ | 355 | $ | 363,222 | ||||
California Public Finance Authority, (Enso Village), Green Bonds, 2.875%, 5/15/27(2) | 355 | 358,248 | ||||||
Indiana Finance Authority, (BHI Senior Living), 1.99%, 11/15/24 | 350 | 351,232 | ||||||
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$ | 1,072,702 | |||||||
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Special Tax Revenue — 4.9% |
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Massachusetts Bay Transportation Authority, Sales Tax Revenue, 1.525%, 7/1/27 | $ | 500 | $ | 512,095 | ||||
New York Dormitory Authority, Personal Income Tax Revenue, 1.538%, 3/15/27 | 235 | 237,261 | ||||||
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$ | 749,356 | |||||||
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Student Loan — 6.0% |
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Massachusetts Educational Financing Authority, 2.305%, 7/1/29 | $ | 500 | $ | 506,210 | ||||
Rhode Island Student Loan Authority, 2.373%, 12/1/28 | 400 | 413,164 | ||||||
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$ | 919,374 | |||||||
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Transportation — 11.8% |
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Broward County, FL, Airport System Revenue, 2.734%, 10/1/30 | $ | 500 | $ | 531,120 | ||||
Miami-Dade County, FL, Aviation Revenue, 2.449%, 10/1/29 | 500 | 522,665 | ||||||
New Jersey Turnpike Authority, 1.713%, 1/1/29 | 500 | 504,445 | ||||||
San Jose, CA, Airport Revenue, 1.209%, 3/1/25 | 250 | 251,690 | ||||||
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$ | 1,809,920 | |||||||
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Water and Sewer — 6.9% |
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Arkansas Community Water System Public Water Authority: | ||||||||
1.67%, 10/1/28 | $ | 300 | $ | 305,130 | ||||
1.98%, 10/1/29 | 250 | 254,715 | ||||||
Columbia, SC, Waterworks and Sewer System Revenue, 1.72%, 2/1/29 | 500 | 509,705 | ||||||
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$ | 1,069,550 | |||||||
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Total Taxable Municipal Obligations — 93.9% | $ | 14,445,188 | ||||||
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Short-Term Investments — 0.3% | ||||||||
Description | Units | Value | ||||||
Eaton Vance Cash Reserves Fund, LLC, 0.07%(3) | 40,555 | $ | 40,555 | |||||
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Total Short-Term Investments — 0.3% | $ | 40,555 | ||||||
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Total Investments — 103.9% | $ | 15,983,693 | ||||||
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Other Assets, Less Liabilities — (3.9)% | $ | (605,582 | ) | |||||
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Net Assets — 100.0% | $ | 15,378,111 | ||||||
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The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
At August 31, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:
California | 16.8 | % | ||
Others, representing less than 10% individually | 77.1 | % |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At August 31, 2021, 19.8% 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 6.3% to 13.5% of total investments.
(1) | When-issued security. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2021, the aggregate value of these securities is $358,248 or 2.3% of the Fund’s net assets. |
(3) | 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 August 31, 2021. |
Abbreviations: | ||||
AGM | - | Assured Guaranty Municipal Corp. | ||
BAM | - | Build America Mutual Assurance Co. | ||
PSF | - | Permanent School Fund |
The Fund did not have any open derivative instruments at August 31, 2021.
At August 31, 2021, the value of the Fund’s investment in affiliated funds was $40,555, which represents 0.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended August 31, 2021 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 | $ | — | $ | 19,524,679 | $ | (19,484,124 | ) | $ | — | $ | — | $ | 40,555 | $ | 4,203 | 40,555 |
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.) |
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• | 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 August 31, 2021, 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 | ||||||||||||
Corporate Bonds | $ | — | $ | 1,497,950 | $ | — | $ | 1,497,950 | ||||||||
Taxable Municipal Obligations | — | 14,445,188 | — | 14,445,188 | ||||||||||||
Short-Term Investments | — | 40,555 | — | 40,555 | ||||||||||||
Total Investments | $ | — | $ | 15,983,693 | $ | — | $ | 15,983,693 |
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.
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