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Eaton Vance

Arizona Municipal Income Fund

October 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 98.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 17.0%

 

Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1)

    $ 55      $ 60,483  

Arizona State University, 5.00%, 7/1/36

      1,150        1,351,480  

Arizona State University, 5.00%, 7/1/37

      170        184,176  

Arizona State University, Prerefunded to 7/1/22, 5.00%, 7/1/37

      830        913,183  

Arizona State University, Green Bonds, 5.00%, 7/1/40

      1,000        1,259,040  

Glendale Industrial Development Authority, (Midwestern University), 5.00%, 5/15/25

      1,500        1,630,635  

Northern Arizona University, 5.00%, 6/1/38

      1,000        1,170,170  

Pima County Community College District, 5.00%, 7/1/33

      300        373,266  

Pima County Community College District, 5.00%, 7/1/35

      720        891,346  

University of Arizona, 5.00%, 6/1/38

      1,500        1,778,445  

University of Arizona, 5.00%, 6/1/42

      500        622,760  
     

 

 

  
   $ 10,234,984  
     

 

 

  

Electric Utilities — 8.8%

 

Mesa, Utility Systems Revenue, 4.00%, 7/1/31

    $ 1,160      $ 1,317,377  

Pima County Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40

      1,500        1,545,705  

Pinal County Electrical District No. 3, 5.00%, 7/1/33

      1,000        1,191,350  

Salt River Project Agricultural Improvement and Power District, 5.00%, 1/1/35

      1,000        1,246,590  
     

 

 

  
   $ 5,301,022  
     

 

 

  

Escrowed/Prerefunded — 1.3%

 

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

    $ 270      $ 270,921  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34

      295        296,032  

Kyrene Elementary School District No. 28, Maricopa County, Prerefunded to 7/1/23, 5.50%, 7/1/30

      200        231,310  
     

 

 

  
   $ 798,263  
     

 

 

  

General Obligations — 7.7%

 

Chandler Unified School District No. 80, 4.00%, 7/1/33

    $ 225      $ 253,307  

Peoria Unified School District No. 11, 4.00%, 7/1/31

      350        405,499  

Scottsdale Unified School District No. 48, 5.00%, 7/1/31

      750        931,485  

Tempe, 5.00%, 7/1/30

      1,000        1,278,880  

Tempe, 5.375%, 7/1/21

      1,330        1,410,385  

Western Maricopa Education Center District No. 402, 4.50%, 7/1/34

      350        389,449  
     

 

 

  
   $ 4,669,005  
     

 

 

  

Hospital — 13.1%

 

Arizona Health Facilities Authority, (Banner Health), (LOC: MUFG Union Bank, N.A.), 1.21%, 1/1/46(2)

    $ 2,000      $ 2,000,000  

Arizona Health Facilities Authority, (Scottsdale Lincoln Hospitals), 5.00%, 12/1/39

      1,665        1,899,399  

Arizona Industrial Development Authority, (Phoenix Children’s Hospital), (LOC: JPMorgan Chase Bank, N.A.), 1.38%, 2/1/48(2)

      625        625,000  

Maricopa County Industrial Development Authority, (Banner Health), 5.00%, 1/1/38

      1,000        1,185,090  

Maricopa County Industrial Development Authority, (HonorHealth), 5.00%, 9/1/32

      400        492,012  

 

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Security    Principal
Amount
(000’s omitted)		      Value  

Yavapai County Industrial Development Authority, (Yavapai Regional Medical Center), 5.25%, 8/1/33

    $ 500      $ 565,500  

Yuma Industrial Development Authority, (Yuma Regional Medical Center), 5.00%, 8/1/32

      985        1,124,564  
     

 

 

  
   $ 7,891,565  
     

 

 

  

Housing — 1.0%

 

Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37

    $ 500      $ 590,005  
     

 

 

  
   $ 590,005  
     

 

 

  

Industrial Development Revenue — 1.9%

 

Maricopa County Pollution Control Corp., (El Paso Electric Co.), 3.60%, 2/1/40

    $ 250      $ 263,275  

Maricopa County Pollution Control Corp., (El Paso Electric Co.), 4.50%, 8/1/42

      850        886,406  
     

 

 

  
   $ 1,149,681  
     

 

 

  

Insured-Electric Utilities — 2.5%

 

Mesa, Utility Systems Revenue, (NPFG), 5.00%, 7/1/23

    $ 430      $ 488,256  

Mesa, Utility Systems Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23

      120        136,410  

Mesa, Utility Systems Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23

      450        511,538  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29

      320        343,798  
     

 

 

  
   $ 1,480,002  
     

 

 

  

Insured-General Obligations — 10.5%

 

Apache Junction Unified School District No. 43, (AGM), 5.00%, 7/1/24

    $ 1,200      $ 1,399,020  

Marana Unified School District No. 6, (AGM), 4.00%, 7/1/37

      500        571,910  

Maricopa County Elementary School District No. 3, (AGM), 5.00%, 7/1/25

      2,670        3,214,413  

Sun City Fire District, (AGM), 4.00%, 1/1/37

      1,000        1,132,120  
     

 

 

  
   $ 6,317,463  
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 4.1%

 

Phoenix Civic Improvement Corp., (Civic Plaza), (NPFG), 5.50%, 7/1/41

    $ 1,635      $ 2,460,430  
     

 

 

  
   $ 2,460,430  
     

 

 

  

Insured-Special Tax Revenue — 2.4%

 

Glendale, Transportation Excise Tax Revenue, (AGM), 5.00%, 7/1/30

    $ 1,250      $ 1,472,638  
     

 

 

  
   $ 1,472,638  
     

 

 

  

Other Revenue — 2.2%

 

Salt Verde Financial Corp., Senior Gas Revenue, 5.00%, 12/1/37

    $ 1,000      $ 1,346,260  
     

 

 

  
   $ 1,346,260  
     

 

 

  

Senior Living/Life Care — 1.4%

 

Glendale Industrial Development Authority, (Terraces of Phoenix), 4.00%, 7/1/28

    $ 225      $ 234,299  

Tempe Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32

      230        245,884  

Tempe Industrial Development Authority, (Mirabella at ASU), 6.00%, 10/1/37(1)

      300        345,591  
     

 

 

  
   $ 825,774  
     

 

 

  

Special Tax Revenue — 9.8%

 

Arizona Sports and Tourism Authority, (Multipurpose Stadium Facility), 5.00%, 7/1/29

    $ 1,000      $ 1,069,370  

Mesa, Excise Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/32

      1,000        1,100,220  

Pinal County, Pledged Revenue, 4.00%, 8/1/33

      600        691,812  

Pinal County, Pledged Revenue, 4.00%, 8/1/36

      500        567,655  

Queen Creek, Excise Tax and State Shared Revenue, 5.00%, 8/1/30

      1,165        1,412,830  

Tempe, Transit Excise Tax Revenue, 5.00%, 7/1/37

      625        679,844  

Tempe, Transit Excise Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/37

      375        412,065  
     

 

 

  
   $ 5,933,796  
     

 

 

  

 

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Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 5.6%

 

Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/33

    $ 1,000      $ 1,151,340  

Phoenix Civic Improvement Corp., Airport Revenue, (AMT), 5.00%, 7/1/31

      2,000        2,232,100  
     

 

 

  
   $ 3,383,440  
     

 

 

  

Water and Sewer — 9.4%

 

Central Arizona Water Conservation District, 5.00%, 1/1/35

    $ 1,500      $ 1,778,220  

Gilbert Water Resources Municipal Property Corp., 4.00%, 7/1/36

      750        836,595  

Phoenix Civic Improvement Corp., Water System Revenue, 5.00%, 7/1/39

      1,500        1,720,740  

Tucson, Water System Revenue, 5.00%, 7/1/32

      545        674,089  

Tucson, Water System Revenue, 5.00%, 7/1/35

      530        651,089  
     

 

 

  
   $ 5,660,733  
     

 

 

  

Total Tax-Exempt Investments — 98.7%
(identified cost $54,728,418)

       $ 59,515,061  
     

 

 

  

Other Assets, Less Liabilities — 1.3%

       $ 761,088  
     

 

 

  

Net Assets — 100.0%

       $ 60,276,149  
     

 

 

  

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 Arizona 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 October 31, 2019, 19.7% 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 6.6% to 13.1% of total investments.

 

(1)

Security exempt from registration pursuant to Rule 144A under 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 October 31, 2019, the aggregate value of these securities is $406,074 or 0.7% of the Fund’s net assets.

 

(2)

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 October 31, 2019.

Abbreviations:

 

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.

LOC

   -   Letter of Credit

NPFG

   -   National Public Finance Guarantee Corp.

The Fund did not have any open derivative instruments at October 31, 2019.

 

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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 October 31, 2019, 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 Investments

    $ —      $ 59,515,061      $ —      $ 59,515,061  

Total Investments

    $ —      $     59,515,061      $ —      $     59,515,061  

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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