Eaton Vance
New York Municipal Opportunities Fund
December 31, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Municipal Obligations — 93.3%
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Bond Bank — 0.4% | |
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 4/15/32 | | $ | 245 | | | $ | 326,913 | |
| | | | | | | | |
| | | | | | $ | 326,913 | |
| | | | | | | | |
Cogeneration — 0.1% | |
Suffolk County Industrial Development Agency, NY, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | | $ | 120 | | | $ | 121,079 | |
| | | | | | | | |
| | | | | | $ | 121,079 | |
| | | | | | | | |
Education — 11.9% | |
Albany Capital Resource Corp., NY, (Empire Commons Student Housing, Inc.), 5.00%, 5/1/26 | | $ | 300 | | | $ | 353,874 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Global Concepts Charter School), 5.00%, 10/1/37 | | | 405 | | | | 485,627 | |
Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/29 | | | 100 | | | | 115,119 | |
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 4.00%, 7/1/36 | | | 200 | | | | 232,998 | |
Dutchess County Local Development Corp., NY, (Marist College), 5.00%, 7/1/29 | | | 130 | | | | 162,206 | |
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester): | | | | | | | | |
5.00%, 10/1/24 | | | 885 | | | | 987,439 | |
5.00%, 10/1/25 | | | 930 | | | | 1,072,597 | |
Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School), 5.00%, 6/1/40(1) | | | 165 | | | | 194,992 | |
Monroe County Industrial Development Corp., NY, (University of Rochester), 4.00%, 7/1/50 | | | 1,500 | | | | 1,741,155 | |
New York Dormitory Authority, (Rockefeller University), Green Bonds, 5.00%, 7/1/50 | | | 450 | | | | 567,481 | |
St. Lawrence County Industrial Development Agency, NY, (Clarkson University): | | | | | | | | |
5.00%, 9/1/29 | | | 90 | | | | 112,549 | |
5.00%, 9/1/34 | | | 125 | | | | 160,691 | |
5.00%, 9/1/35 | | | 125 | | | | 160,429 | |
Series 2021A, 5.00%, 9/1/30 | | | 50 | | | | 63,526 | |
Series 2021A, 5.00%, 9/1/31 | | | 90 | | | | 116,454 | |
Series 2021A, 5.00%, 9/1/32 | | | 70 | | | | 90,343 | |
Series 2021A, 5.00%, 9/1/33 | | | 100 | | | | 128,821 | |
Series 2021B, 5.00%, 9/1/30 | | | 225 | | | | 285,867 | |
Series 2021B, 5.00%, 9/1/31 | | | 260 | | | | 336,422 | |
Series 2021B, 5.00%, 9/1/32 | | | 200 | | | | 258,122 | |
Series 2021B, 5.00%, 9/1/33 | | | 225 | | | | 289,847 | |
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/35 | | | 1,000 | | | | 1,280,280 | |
1
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence): | | | | | | | | |
4.00%, 10/15/29 | | $ | 330 | | | $ | 365,119 | |
4.00%, 10/15/30 | | | 410 | | | | 473,222 | |
5.00%, 10/15/39 | | | 80 | | | | 93,811 | |
| | | | | | | | |
| | | | | | $ | 10,128,991 | |
| | | | | | | | |
Electric Utilities — 6.1% | |
Long Island Power Authority, NY, Electric System Revenue, 4.00%, 9/1/39 | | $ | 1,650 | | | $ | 1,975,611 | |
New York Power Authority: | | | | | | | | |
4.00%, 11/15/45 | | | 1,890 | | | | 2,233,583 | |
4.00%, 11/15/50 | | | 355 | | | | 416,966 | |
4.00%, 11/15/55 | | | 480 | | | | 561,259 | |
| | | | | | | | |
| | | | | | $ | 5,187,419 | |
| | | | | | | | |
Escrowed/Prerefunded — 2.0% | |
Chautauqua County Capital Resource Corp., NY, (Jamestown Center City Development Corp.), Prerefunded to 11/1/24, 1.75%, 11/1/31 | | $ | 1,650 | | | $ | 1,712,271 | |
| | | | | | | | |
| | | | | | $ | 1,712,271 | |
| | | | | | | | |
General Obligations — 3.9% | |
Hempstead, NY, 4.00%, 6/15/31 | | $ | 1,090 | | | $ | 1,316,317 | |
New York, NY: | | | | | | | | |
4.00%, 3/1/36 | | | 35 | | | | 41,471 | |
4.00%, 8/1/38 | | | 635 | | | | 746,334 | |
Puerto Rico, 8.00%, 7/1/35 | | | 800 | | | | 712,000 | |
Valley Stream, NY: | | | | | | | | |
2.00%, 5/15/25 | | | 235 | | | | 235,056 | |
2.125%, 5/15/26 | | | 240 | | | | 240,060 | |
| | | | | | | | |
| | | | | | $ | 3,291,238 | |
| | | | | | | | |
Hospital — 13.1% | |
Brookhaven Local Development Corp., NY, (Long Island Community Hospital), 5.00%, 10/1/31 | | $ | 650 | | | $ | 833,736 | |
Build NYC Resource Corp., NY, (New York Methodist Hospital), Escrowed to Maturity, 5.00%, 7/1/24 | | | 400 | | | | 445,364 | |
Dutchess County Local Development Corp., NY, (Nuvance Health), 5.00%, 7/1/24 | | | 140 | | | | 155,334 | |
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): | | | | | | | | |
4.00%, 11/1/28 | | | 1,390 | | | | 1,540,454 | |
4.00%, 11/1/29 | | | 1,110 | | | | 1,221,832 | |
Nassau County Local Economic Assistance and Financing Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/22 | | | 1,000 | | | | 1,005,370 | |
Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/23 | | | 500 | | | | 534,380 | |
New York Dormitory Authority, (Catholic Health System Obligated Group): | | | | | | | | |
5.00%, 7/1/30 | | | 625 | | | | 748,400 | |
5.00%, 7/1/32 | | | 640 | | | | 761,856 | |
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/37 | | | 400 | | | | 464,332 | |
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50 | | | 1,000 | | | | 1,164,180 | |
2
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
New York Dormitory Authority, (Orange Regional Medical Center): | | | | | | | | |
5.00%, 12/1/23(1) | | $ | 400 | | | $ | 431,636 | |
5.00%, 12/1/24(1) | | | 600 | | | | 670,422 | |
5.00%, 12/1/25(1) | | | 500 | | | | 567,260 | |
5.00%, 12/1/26(1) | | | 500 | | | | 599,095 | |
| | | | | | | | |
| | | | | | $ | 11,143,651 | |
| | | | | | | | |
Housing — 2.2% | |
New York City Housing Development Corp., NY, 0.90% to 1/1/26 (Put Date), 11/1/60 | | $ | 1,000 | | | $ | 999,770 | |
Westchester County Local Development Corp., NY, (Purchase Housing Corp. II): | | | | | | | | |
5.00%, 6/1/24 | | | 165 | | | | 179,550 | |
5.00%, 6/1/25 | | | 170 | | | | 190,417 | |
5.00%, 6/1/26 | | | 170 | | | | 195,757 | |
5.00%, 6/1/27 | | | 240 | | | | 282,655 | |
| | | | | | | | |
| | | | | | $ | 1,848,149 | |
| | | | | | | | |
Industrial Development Revenue — 6.5% | |
Build NYC Resource Corp., NY, (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1) | | $ | 465 | | | $ | 493,644 | |
Essex County Industrial Development Agency, NY, (International Paper Co.), (AMT), 2.10% to 10/1/24 (Put Date), 3/1/27 | | | 625 | | | | 650,844 | |
New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), 2.875% to 7/1/25 (Put Date), 5/15/32 | | | 1,155 | | | | 1,236,404 | |
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.): | | | | | | | | |
(AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1) | | | 250 | | | | 266,123 | |
(AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1) | | | 1,000 | | | | 1,063,770 | |
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.00%, 10/1/30 | | | 1,000 | | | | 1,170,310 | |
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1) | | | 610 | | | | 630,496 | |
| | | | | | | | |
| | | | | | $ | 5,511,591 | |
| | | | | | | | |
Insured-Electric Utilities — 3.0% | |
Long Island Power Authority, NY, Electric System Revenue, (AGC), 5.25%, 9/1/29 | | $ | 255 | | | $ | 329,937 | |
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | | | 2,050 | | | | 2,197,251 | |
| | | | | | | | |
| | | | | | $ | 2,527,188 | |
| | | | | | | | |
Insured-General Obligations — 6.6% | |
Clinton County, NY, (AGM), (AMT), 3.50%, 6/1/27 | | $ | 1,000 | | | $ | 1,101,190 | |
East Ramapo Central School District, NY, (AGM), 4.00%, 12/15/27 | | | 765 | | | | 882,657 | |
Nassau County, NY, (AGM), 4.00%, 4/1/47 | | | 590 | | | | 697,156 | |
Yonkers, NY: | | | | | | | | |
(AGM), 5.00%, 2/15/31 | | | 810 | | | | 1,065,539 | |
Series 2021A, (AGM), 5.00%, 2/15/29 | | | 950 | | | | 1,201,227 | |
Series 2021B, (AGM), 5.00%, 2/15/29 | | | 540 | | | | 684,067 | |
| | | | | | | | |
| | | | | | $ | 5,631,836 | |
| | | | | | | | |
Insured-Other Revenue — 0.7% | |
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 5.00%, 1/1/30 | | $ | 500 | | | $ | 638,315 | |
| | | | | | | | |
| | | | | | $ | 638,315 | |
| | | | | | | | |
3
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Insured-Solid Waste — 1.2% | |
Onondaga County Resource Recovery Agency, NY: | | | | | | | | |
(AGM), (AMT), 5.00%, 5/1/26 | | $ | 150 | | | $ | 175,245 | |
(AGM), (AMT), 5.00%, 5/1/28 | | | 740 | | | | 884,241 | |
| | | | | | | | |
| | | | | | $ | 1,059,486 | |
| | | | | | | | |
Insured-Water and Sewer — 0.4% | |
Buffalo Municipal Water Finance Authority, NY: | | | | | | | | |
(AGM), 5.00%, 7/1/29 | | $ | 125 | | | $ | 148,355 | |
(AGM), 5.00%, 7/1/31 | | | 140 | | | | 166,020 | |
| | | | | | | | |
| | | | | | $ | 314,375 | |
| | | | | | | | |
Lease Revenue/Certificates of Participation — 0.7% | |
Hudson Yards Infrastructure Corp., NY, 5.00%, 2/15/42 | | $ | 475 | | | $ | 561,611 | |
| | | | | | | | |
| | | | | | $ | 561,611 | |
| | | | | | | | |
Other Revenue — 4.3% | |
Albany Parking Authority, NY, 5.00%, 7/15/23 | | $ | 700 | | | $ | 744,877 | |
New York City Cultural Resources Trust, NY, (Lincoln Center for the Performing Arts, Inc.), 5.00%, 12/1/32 | | | 1,250 | | | | 1,633,238 | |
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/30 | | | 330 | | | | 414,503 | |
New York Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/52 | | | 750 | | | | 878,205 | |
| | | | | | | | |
| | | | | | $ | 3,670,823 | |
| | | | | | | | |
Senior Living/Life Care — 8.6% | |
Brookhaven Local Development Corp., NY, (Jefferson’s Ferry): | | | | | | | | |
4.00%, 11/1/45 | | $ | 300 | | | $ | 333,081 | |
5.25%, 11/1/25 | | | 750 | | | | 876,398 | |
Broome County Local Development Corp., NY, (Good Shepherd Village at Endwell, Inc.), 3.50%, 7/1/25 | | | 455 | | | | 488,574 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/23 | | | 1,455 | | | | 1,568,665 | |
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/34 | | | 1,000 | | | | 1,161,690 | |
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 3.25%, 7/1/22 | | | 120 | | | | 121,690 | |
Westchester County Local Development Corp., NY, (Kendal on Hudson): | | | | | | | | |
4.00%, 1/1/23 | | | 175 | | | | 178,080 | |
5.00%, 1/1/28 | | | 1,090 | | | | 1,132,902 | |
5.00%, 1/1/34 | | | 480 | | | | 497,198 | |
Westchester County Local Development Corp., NY, (Miriam Osborn Memorial Home Association): | | | | | | | | |
5.00%, 7/1/24 | | | 340 | | | | 377,152 | |
5.00%, 7/1/25 | | | 260 | | | | 297,981 | |
5.00%, 7/1/26 | | | 290 | | | | 330,881 | |
| | | | | | | | |
| | | | | | $ | 7,364,292 | |
| | | | | | | | |
Solid Waste — 0.7% | |
Onondaga County Resource Recovery Agency, NY, (AMT), 5.00%, 5/1/25 | | $ | 540 | | | $ | 609,422 | |
| | | | | | | | |
| | | | | | $ | 609,422 | |
| | | | | | | | |
Special Tax Revenue — 8.7% | |
American Samoa Economic Development Authority, 5.00%, 9/1/38(1) | | $ | 100 | | | $ | 123,859 | |
4
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Nassau County Interim Finance Authority, NY, Sales Tax Revenue: | | | | | | | | |
4.00%, 11/15/35 | | $ | 250 | | | $ | 309,465 | |
5.00%, 11/15/35 | | | 250 | | | | 334,045 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | | | | | | | | |
3.00%, 11/1/37 | | | 490 | | | | 532,537 | |
4.00%, 11/1/38 | | | 475 | | | | 560,728 | |
4.00%, 5/1/41 | | | 950 | | | | 1,115,119 | |
New York Dormitory Authority, Sales Tax Revenue: | | | | | | | | |
5.00%, 3/15/40 | | | 1,000 | | | | 1,229,850 | |
(AMT), 5.00%, 3/15/30 | | | 1,875 | | | | 2,366,119 | |
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/38 | | | 695 | | | | 830,608 | |
| | | | | | | | |
| | | | | | $ | 7,402,330 | |
| | | | | | | | |
Transportation — 10.9% | |
Albany County Airport Authority, NY, (AMT), 5.00%, 12/15/25 | | $ | 500 | | | $ | 580,980 | |
New York Thruway Authority: | | | | | | | | |
5.00%, 1/1/39 | | | 95 | | | | 120,322 | |
5.00%, 1/1/40 | | | 905 | | | | 1,144,517 | |
5.00%, 1/1/51 | | | 200 | | | | 229,906 | |
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41 | | | 1,000 | | | | 1,099,320 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | | | | | | | | |
4.00%, 12/1/39 | | | 650 | | | | 757,036 | |
4.00%, 12/1/42 | | | 200 | | | | 231,094 | |
(AMT), 4.00%, 12/1/40 | | | 50 | | | | 57,739 | |
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport): | | | | | | | | |
(AMT), 5.00%, 4/1/24 | | | 795 | | | | 871,725 | |
(AMT), 5.00%, 4/1/28 | | | 520 | | | | 638,451 | |
(AMT), 5.00%, 4/1/29 | | | 275 | | | | 343,261 | |
(AMT), 5.00%, 4/1/30 | | | 455 | | | | 565,779 | |
Port Authority of New York and New Jersey: | | | | | | | | |
4.00%, 11/1/41 | | | 200 | | | | 237,162 | |
(AMT), 3.00%, 10/1/28 | | | 135 | | | | 151,045 | |
(AMT), 5.00%, 11/1/30 | | | 1,100 | | | | 1,391,764 | |
(AMT), 5.00%, 10/15/35 | | | 740 | | | | 882,879 | |
| | | | | | | | |
| | | | | | $ | 9,302,980 | |
| | | | | | | | |
Water and Sewer — 1.3% | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | | | | | | | | |
4.00%, 6/15/40 | | $ | 145 | | | $ | 171,607 | |
5.00%, 6/15/45 | | | 325 | | | | 392,119 | |
5.00%, 6/15/48 | | | 440 | | | | 529,320 | |
| | | | | | | | |
| | | | | | $ | 1,093,046 | |
| | | | | | | | |
| | |
Total Tax-Exempt Municipal Obligations — 93.3%
(identified cost $75,737,273) | | | | | | $ | 79,447,006 | |
| | | | | | | | |
5
| | | | | | | | |
Taxable Municipal Obligations — 3.2% | |
| | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Education — 1.2% | |
New York Dormitory Authority, (State University of New York), 1.366%, 7/1/25 | | $ | 1,000 | | | $ | 996,080 | |
| | | | | | | | |
| | | | | | $ | 996,080 | |
| | | | | | | | |
General Obligations — 1.1% | |
New York, NY, 1.50%, 8/1/28 | | $ | 1,000 | | | $ | 978,480 | |
| | | | | | | | |
| | | | | | $ | 978,480 | |
| | | | | | | | |
Special Tax Revenue — 0.9% | |
New York Dormitory Authority, Personal Income Tax Revenue, 1.538%, 3/15/27 | | $ | 745 | | | $ | 738,965 | |
| | | | | | | | |
| | | $ | 738,965 | |
| | | | | | | | |
| | |
Total Taxable Municipal Obligations — 3.2%
(identified cost $2,745,000) | | | | | | $ | 2,713,525 | |
| | | | | | | | |
|
Miscellaneous — 0.2% | |
| | |
| Security | | Units | | | Value | |
Real Estate — 0.2% | |
CMS Liquidating Trust(1)(2)(3) | | | 150 | | | $ | 185,249 | |
| | | | | | | | |
| | |
Total Miscellaneous — 0.2%
(identified cost $480,000) | | | | | | $ | 185,249 | |
| | | | | | | | |
| | |
Total Investments — 96.7%
(identified cost $78,962,273) | | | | | | $ | 82,345,780 | |
| | | | | | | | |
| |
Other Assets, Less Liabilities — 3.3% | | | $ | 2,787,514 | |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 85,133,294 | |
| | | | | | | | |
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 York 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, 2021, 12.4% 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 0.4% to 9.3% of total investments.
| (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, 2021, the aggregate value of these securities is $5,226,546 or 6.1% of the Fund’s net assets. |
| (2) | Non-income producing security. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
6
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. |
| | |
NPFG | | - | | National Public Finance Guarantee Corp. |
The Fund did not have any open derivative instruments at December 31, 2021.
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, 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 | |
Tax-Exempt Municipal Obligations | | $ | — | | | $ | 79,447,006 | | | $ | — | | | $ | 79,447,006 | |
Taxable Municipal Obligations | | | — | | | | 2,713,525 | | | | — | | | | 2,713,525 | |
Miscellaneous | | | — | | | | — | | | | 185,249 | | | | 185,249 | |
Total Investments | | $ | — | | | $ | 82,160,531 | | | $ | 185,249 | | | $ | 82,345,780 | |
| * | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended December 31, 2021 is not presented.
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.
7
