Eaton Vance
AMT-Free Municipal Income Fund
December 31, 2023
Portfolio of Investments (Unaudited)
Tax-Exempt Mortgage-Backed Securities — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
Housing — 0.4% | |||
California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35 | $ | 1,012 | $ 985,616 |
Total Tax-Exempt Mortgage-Backed Securities (identified cost $961,034) | $ 985,616 |
Tax-Exempt Municipal Obligations — 100.4% |
Security | Principal Amount (000's omitted) | Value | |
Education — 3.8% | |||
District of Columbia, (KIPP DC), 4.00%, 7/1/44 | $ | 105 | $ 98,667 |
Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | 25 | 22,683 | |
Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): | |||
4.00%, 4/1/40 | 1,400 | 1,421,448 | |
4.00%, 4/1/44 | 1,500 | 1,501,530 | |
Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48 | 2,000 | 2,225,660 | |
University of California, 5.25%, 5/15/35 | 3,555 | 3,581,449 | |
$ 8,851,437 | |||
Electric Utilities — 3.1% | |||
Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | $ | 1,355 | $ 1,087,564 |
Georgia Municipal Electric Power Authority, 5.00%, 1/1/39 | 2,000 | 2,000,640 | |
Seattle, WA, Municipal Light and Power Improvement Revenue, 4.00%, 7/1/47 | 2,500 | 2,517,475 | |
Utility Debt Securitization Authority, NY, Green Bonds, 5.00%, 12/15/49 | 1,500 | 1,674,405 | |
$ 7,280,084 | |||
Escrowed/Prerefunded — 3.8% | |||
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/37 | $ | 3,000 | $ 3,386,970 |
San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/34 | 5,235 | 5,360,221 | |
$ 8,747,191 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 20.0% | |||
Chicago Board of Education, IL: | |||
5.00%, 12/1/42 | $ | 390 | $ 385,952 |
5.00%, 12/1/44 | 2,000 | 1,991,980 | |
Chicago, IL: | |||
5.00%, 1/1/39 | 1,400 | 1,458,100 | |
5.00%, 1/1/44 | 1,490 | 1,529,678 | |
Del Valle Independent School District, TX, (PSF Guaranteed), 4.00%, 6/15/47 | 4,000 | 4,002,480 | |
District of Columbia, 4.00%, 2/1/46 | 3,500 | 3,533,530 | |
Hutto Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/53 | 3,000 | 3,295,680 | |
Illinois: | |||
4.00%, 11/1/40 | 1,000 | 1,001,770 | |
5.00%, 5/1/35 | 2,000 | 2,006,700 | |
5.50%, 5/1/39 | 205 | 227,089 | |
5.50%, 3/1/42 | 2,300 | 2,574,413 | |
5.75%, 5/1/45 | 210 | 231,237 | |
New York, NY: | |||
4.00%, 9/1/46 | 2,000 | 2,017,000 | |
4.00%, 4/1/50 | 2,000 | 2,005,060 | |
(SPA: TD Bank, N.A.), 4.00%, 9/1/49(1) | 600 | 600,000 | |
Northwest Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/47 | 3,000 | 3,039,270 | |
Prosper Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/47 | 3,500 | 3,534,265 | |
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24 | 1,220 | 1,202,786 | |
Spring Branch Independent School District, TX, (PSF Guaranteed), 4.50%, 2/1/47 | 8,750 | 9,106,737 | |
Washington Unified School District, CA, (Election of 2020), 4.125%, 8/1/46 | 2,820 | 2,888,216 | |
$ 46,631,943 | |||
Hospital — 8.2% | |||
Brevard County Health Facilities Authority, FL, (Health First Obligated Group): | |||
5.00%, 4/1/47 | $ | 2,500 | $ 2,689,425 |
5.00%, 4/1/52 | 2,500 | 2,655,775 | |
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34 | 3,000 | 3,029,490 | |
Colorado Health Facilities Authority, (CommonSpirit Health), 5.25%, 11/1/52 | 1,000 | 1,062,140 | |
Delaware Health Facilities Authority, (Beebe Medical Center): | |||
5.00%, 6/1/36 | 3,730 | 3,845,555 | |
5.00%, 6/1/37 | 1,000 | 1,025,370 |
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Eaton Vance
AMT-Free Municipal Income Fund
December 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | $ | 1,535 | $ 1,513,019 |
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | 1,010 | 1,078,498 | |
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39 | 2,100 | 2,120,475 | |
$ 19,019,747 | |||
Housing — 2.5% | |||
Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | $ | 1,250 | $ 1,076,113 |
Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.95%, 12/1/53 | 2,500 | 2,547,600 | |
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): | |||
5.00%, 7/1/37 | 500 | 515,190 | |
5.00%, 7/1/42 | 1,250 | 1,267,837 | |
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(2) | 285 | 285,000 | |
$ 5,691,740 | |||
Insured - Education — 0.9% | |||
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $ | 1,750 | $ 1,991,045 |
$ 1,991,045 | |||
Insured - Electric Utilities — 1.6% | |||
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29 | $ | 2,865 | $ 2,440,407 |
Omaha Public Power District, NE, (AGM), 4.00%, 2/1/51 | 1,315 | 1,315,868 | |
$ 3,756,275 | |||
Insured - General Obligations — 2.1% | |||
McCamey Independent School District, TX, (AGM), 4.00%, 2/15/53 | $ | 3,500 | $ 3,389,750 |
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38 | 1,500 | 1,525,275 | |
$ 4,915,025 | |||
Insured - Lease Revenue/Certificates of Participation — 2.9% | |||
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31 | $ | 8,680 | $ 6,817,706 |
$ 6,817,706 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Other Revenue — 0.5% | |||
Hudson Yards Infrastructure Corp., NY, (AGM), 4.00%, 2/15/47 | $ | 1,155 | $ 1,156,709 |
$ 1,156,709 | |||
Insured - Special Tax Revenue — 6.9% | |||
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | $ | 10,600 | $ 6,656,482 |
Massachusetts, Dedicated Tax Revenue: | |||
(NPFG), 5.50%, 1/1/27 | 6,000 | 6,518,280 | |
(NPFG), 5.50%, 1/1/30 | 2,565 | 2,993,432 | |
$ 16,168,194 | |||
Insured - Transportation — 6.7% | |||
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39 | $ | 7,120 | $ 3,341,629 |
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38 | 11,000 | 12,364,110 | |
$ 15,705,739 | |||
Insured - Water and Sewer — 0.9% | |||
Michigan Finance Authority, (Detroit Water and Sewerage Department): | |||
(AGM), 5.00%, 7/1/32 | $ | 655 | $ 658,354 |
(AGM), 5.00%, 7/1/33 | 565 | 568,249 | |
(AGM), 5.00%, 7/1/35 | 280 | 281,459 | |
(AGM), 5.00%, 7/1/37 | 565 | 567,203 | |
$ 2,075,265 | |||
Lease Revenue/Certificates of Participation — 5.3% | |||
Maryland Stadium Authority, Built to Learn Revenue, 4.00%, 6/1/52 | $ | 2,550 | $ 2,517,692 |
New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 1,000 | 1,003,780 | |
New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 4,000 | 4,436,800 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/50 | 2,500 | 2,606,475 | |
New Jersey Transportation Trust Fund Authority, (Transportation System), 4.00%, 6/15/36 | 1,665 | 1,740,341 | |
$ 12,305,088 | |||
Other Revenue — 3.7% | |||
Black Belt Energy Gas District, AL, (Liq: Royal Bank of Canada), 4.00% to 12/1/31 (Put Date), 6/1/51 | $ | 2,500 | $ 2,519,250 |
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | 1,600 | 1,505,904 |
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Eaton Vance
AMT-Free Municipal Income Fund
December 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
California Community Choice Financing Authority, Clean Energy Project Revenue: | |||
Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | $ | 750 | $ 797,340 |
Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54 | 1,660 | 1,798,328 | |
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(2) | 1,200 | 480,000 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | 1,500 | 1,596,240 | |
$ 8,697,062 | |||
Senior Living/Life Care — 3.4% | |||
California Public Finance Authority, (Enso Village), Green Bonds, 2.375%, 11/15/28(3) | $ | 140 | $ 139,773 |
Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/46 | 1,150 | 904,291 | |
National Finance Authority, NH, (The Vista): | |||
5.25%, 7/1/39(3) | 265 | 242,875 | |
5.625%, 7/1/46(3) | 360 | 324,990 | |
5.75%, 7/1/54(3) | 775 | 693,594 | |
New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | 1,000 | 910,800 | |
Pompano Beach, FL, (John Knox Village), 4.00%, 9/1/41 | 1,270 | 1,075,589 | |
Saint Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/35 | 1,700 | 1,617,788 | |
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/30(3) | 1,730 | 1,671,768 | |
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(3) | 245 | 210,666 | |
$ 7,792,134 | |||
Special Tax Revenue — 15.0% | |||
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.25%, 7/1/42 | $ | 2,250 | $ 2,609,100 |
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 4.00%, 12/1/51 | 2,500 | 2,465,100 | |
Louisiana, Gasoline and Fuels Tax Revenue, (LOC: TD Bank, N.A.), 4.00%, 5/1/43(1) | 5,000 | 5,000,000 | |
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 4.00%, 7/1/51 | 1,405 | 1,403,693 | |
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | 5,000 | 4,751,900 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 5/1/39 | 1,000 | 1,048,040 | |
4.00%, 5/1/45 | 2,795 | 2,806,851 | |
5.00%, 11/1/46(4) | 2,000 | 2,232,020 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/39 | $ | 3,000 | $ 3,106,140 |
New York State Urban Development Corp., Personal Income Tax Revenue, Green Bonds, 4.00%, 3/15/50 | 2,500 | 2,501,675 | |
New York Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/44 | 1,000 | 1,010,530 | |
Puerto Rico Sales Tax Financing Corp.: | |||
0.00%, 7/1/51 | 4,500 | 1,056,420 | |
5.00%, 7/1/58 | 2,817 | 2,833,846 | |
Tampa, FL, (Central and Lower Basin Stormwater Improvements), 5.00%, 5/1/46 | 2,000 | 2,190,900 | |
$ 35,016,215 | |||
Transportation — 5.4% | |||
Atlanta, GA, Airport Revenue, Green Bonds, 5.00%, 7/1/48 | $ | 2,000 | $ 2,231,120 |
Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/48(4) | 2,000 | 2,231,120 | |
Denver City and County, CO, Airport System Revenue, 5.25%, 11/15/53 | 2,000 | 2,238,140 | |
Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45 | 225 | 231,964 | |
New Jersey Turnpike Authority, 5.25%, 1/1/52 | 1,000 | 1,124,530 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 4.00%, 12/1/42 | 2,400 | 2,400,744 | |
South Jersey Transportation Authority, NJ, 4.625%, 11/1/47 | 1,500 | 1,553,295 | |
Texas Transportation Commission, 0.00%, 8/1/40 | 1,000 | 468,040 | |
$ 12,478,953 | |||
Water and Sewer — 3.7% | |||
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
4.00%, 6/15/41 | $ | 4,500 | $ 4,587,075 |
4.00%, 6/15/51 | 2,000 | 1,988,320 | |
5.25%, 6/15/52(4) | 1,000 | 1,124,830 |
3
Eaton Vance
AMT-Free Municipal Income Fund
December 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): (continued) | |||
(SPA: Mizuho Bank, Ltd.), 4.00%, 6/15/44(1) | $ | 1,000 | $ 1,000,000 |
$ 8,700,225 | |||
Total Tax-Exempt Municipal Obligations (identified cost $223,242,803) | $233,797,777 | ||
Total Investments — 100.8% (identified cost $224,203,837) | $234,783,393 | ||
Other Assets, Less Liabilities — (0.8)% | $ (1,867,886) | ||
Net Assets — 100.0% | $232,915,507 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at December 31, 2023. |
(2) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy. |
(3) | 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, 2023, the aggregate value of these securities is $3,283,666 or 1.4% of the Fund's net assets. |
(4) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
At December 31, 2023, the concentration of the Fund’s investments in the various states determined as a percentage of net assets, is as follows: |
Texas | 16.0% |
New York | 14.1% |
California | 10.8% |
Others, representing less than 10% individually | 59.9% |
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 December 31, 2023, 22.4% 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 10.2% to 15.0% of total investments. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
Liq | – Liquidity Provider |
LOC | – Letter of Credit |
NPFG | – National Public Finance Guarantee Corp. |
PSF | – Permanent School Fund |
SPA | – Standby Bond Purchase Agreement |
The Fund did not have any open derivative instruments at December 31, 2023.
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.
4
Eaton Vance
AMT-Free Municipal Income Fund
December 31, 2023
Portfolio of Investments (Unaudited) — continued
At December 31, 2023, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Mortgage-Backed Securities | $ — | $ 985,616 | $ — | $ 985,616 |
Tax-Exempt Municipal Obligations | — | 233,797,777 | — | 233,797,777 |
Total Investments | $ — | $234,783,393 | $ — | $234,783,393 |
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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