NPORT-EX 2 FJ2H.htm HTML

Eaton Vance

Pennsylvania Municipal Income Fund

October 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 102.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.2%

      

Northampton County Industrial Development Authority, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)

    $ 1,323      $ 330,859  
     

 

 

  
      $ 330,859  
     

 

 

  

Education — 13.3%

      

Allegheny County Higher Education Building Authority, (Carnegie Mellon University), 5.00%, 8/1/27

    $ 1,665      $ 2,114,600  

Allegheny County Higher Education Building Authority, (Carnegie Mellon University), (SPA: Bank of New York), 1.23%, 12/1/37(2)

      2,400        2,400,000  

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/30

      775        926,636  

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/31

      1,145        1,360,821  

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/37

      1,000        1,091,490  

Delaware County Authority, (Haverford College), 5.00%, 10/1/42

      1,470        1,750,285  

Delaware County Authority, (Villanova University), 5.00%, 8/1/40

      1,120        1,306,334  

Northampton County General Purpose Authority, (Lehigh University), 4.00%, 11/15/35

      500        561,860  

Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/24

      1,055        1,165,290  

Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/25

      510        573,021  

Pennsylvania Higher Educational Facilities Authority, (Drexel University), 4.00%, 5/1/36

      4,000        4,306,640  

Pennsylvania State University, 5.00%, 9/1/34

      1,585        1,922,748  

Philadelphia Industrial Development Authority, (La Salle University), 5.00%, 5/1/29

      795        915,140  

State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31

      2,645        2,776,245  

Union County Higher Educational Facilities Financing Authority, (Bucknell University), 5.00%, 4/1/37

      2,000        2,164,700  
     

 

 

  
      $ 25,335,810  
     

 

 

  

Escrowed/Prerefunded — 10.0%

      

Chester County Health and Education Facilities Authority, (Jefferson Health System), Prerefunded to 5/15/20, 5.00%, 5/15/40

    $ 2,170      $ 2,213,704  

Delaware County Regional Water Quality Control Authority, Prerefunded to 5/1/23, 5.00%, 5/1/33

      1,750        1,978,655  

Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/35

      775        779,782  

Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/40

      415        417,560  

Franklin County Industrial Development Authority, (The Chambersburg Hospital), Prerefunded to 7/1/20, 5.375%, 7/1/42

      1,000        1,027,410  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35

      4,220        4,413,276  

South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29

      1,500        1,541,835  

Southeastern Pennsylvania Transportation Authority, Federal Grant Receipts, Prerefunded to 6/1/21, 5.00%, 6/1/28

      600        635,850  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Washington County Industrial Development Authority, (Washington and Jefferson College), Prerefunded to 5/1/20, 5.25%, 11/1/30

    $ 2,300      $ 2,346,322  

Westmoreland County Municipal Authority, Prerefunded to 8/15/23, 5.00%, 8/15/32

      2,345        2,676,161  

Wilkes-Barre Finance Authority, (University of Scranton), Prerefunded to 11/1/20, 5.00%, 11/1/35

      1,000        1,037,350  
     

 

 

  
      $ 19,067,905  
     

 

 

  

General Obligations — 8.6%

      

Allegheny County, 5.00%, 11/1/43

    $ 1,000      $ 1,220,610  

Boyertown Area School District, 5.00%, 10/1/38

      1,000        1,128,400  

Chartiers Valley School District, 5.00%, 10/15/35

      1,000        1,162,230  

Delaware Valley Regional Finance Authority, 5.75%, 7/1/32

      4,500        6,244,740  

Hatboro-Horsham School District, 5.00%, 9/15/27

      1,100        1,232,803  

Lehigh County, 4.00%, 11/15/32(3)

      1,000        1,182,300  

Marple Newtown School District, 4.00%, 6/1/33

      500        584,295  

Marple Newtown School District, 4.00%, 6/1/34

      350        408,947  

Owen J. Roberts School District, 5.00%, 5/15/28

      535        601,490  

Penn-Delco School District, 4.00%, 6/1/45(3)

      1,500        1,616,760  

Seneca Valley School District, 5.00%, 4/1/31

      750        941,355  
     

 

 

  
      $ 16,323,930  
     

 

 

  

Hospital — 13.0%

      

Allegheny County Hospital Development Authority, (UPMC Health System), 4.00%, 7/15/39

    $ 1,000      $ 1,111,900  

Allegheny County Hospital Development Authority, (UPMC Health System), 5.00%, 7/15/33

      1,000        1,255,680  

Bucks County Industrial Development Authority, (St. Luke’s University Health Network), 4.00%, 8/15/38

      1,500        1,645,095  

Centre County Hospital Authority, (Mount Nittany Medical Center), 5.00%, 11/15/30

      505        595,935  

Chester County Health and Education Facilities Authority, (Jefferson Health System), Prerefunded to 5/15/20, 5.00%, 5/15/40

      770        785,716  

Chester County Health and Education Facilities Authority, (Main Line Health System), 5.00%, 10/1/31

      1,350        1,669,774  

Geisinger Authority, (Geisinger Health System), (SPA: U.S. Bank, N.A.), 1.16%, 6/1/41(2)

      3,000        3,000,000  

Indiana County Hospital Authority, (Indiana Regional Medical Center), 6.00%, 6/1/39

      1,345        1,468,969  

Lancaster County Hospital Authority, (University of Pennsylvania Health System), 5.00%, 8/15/36

      650        777,387  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33

      2,700        2,828,034  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/35

      950        1,032,422  

Montgomery County Higher Education and Health Authority, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34

      1,000        1,124,200  

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42

      150        164,327  

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/37

      2,600        3,141,658  

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31

      2,550        2,598,628  

Philadelphia Hospitals and Higher Education Facilities Authority, (Children’s Hospital of Philadelphia), 5.00%, 7/1/28

      190        201,782  

Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 5.00%, 6/1/36

      1,000        1,247,640  
     

 

 

  
      $ 24,649,147  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Housing — 0.4%

      

Pennsylvania Higher Educational Facilities Authority, (University Properties, Inc.), 5.00%, 7/1/35

    $ 750      $ 860,685  
     

 

 

  
      $ 860,685  
     

 

 

  

Industrial Development Revenue — 1.4%

      

Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39

    $ 1,200      $ 1,203,828  

Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), 2.15%, 11/1/21

      1,500        1,516,995  
     

 

 

  
      $ 2,720,823  
     

 

 

  

Insured – Electric Utilities — 1.0%

      

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

    $ 1,475      $ 1,575,035  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35

      340        362,950  
     

 

 

  
      $ 1,937,985  
     

 

 

  

Insured – Escrowed/Prerefunded — 11.5%

      

Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/20

    $ 2,625      $ 2,607,806  

Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/21

      2,625        2,570,925  

Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/22

      3,625        3,499,430  

McKeesport Area School District, (AMBAC), Escrowed to Maturity, 0.00%, 10/1/25

      2,320        2,111,525  

Westmoreland County Municipal Authority, Series A, (FGIC), Escrowed to Maturity, 0.00%, 8/15/20

      5,780        5,719,599  

Westmoreland County Municipal Authority, Series C, (FGIC), Escrowed to Maturity, 0.00%, 8/15/20

      5,400        5,343,570  
     

 

 

  
      $ 21,852,855  
     

 

 

  

Insured – General Obligations — 16.7%

      

Allentown City School District, (BAM), 5.00%, 6/1/31

    $ 500      $ 589,175  

Allentown City School District, (BAM), 5.00%, 6/1/32

      1,000        1,175,490  

Allentown City School District, (BAM), 5.00%, 6/1/33

      1,000        1,173,080  

Armstrong School District, (BAM), 4.00%, 3/15/35

      500        569,785  

Armstrong School District, (BAM), 4.00%, 3/15/38

      1,000        1,127,330  

Bethlehem Area School District, (BAM), 5.00%, 8/1/32

      1,500        1,763,970  

Cambria County, (BAM), 5.00%, 8/1/30

      3,320        3,788,983  

Coatesville Area School District, (AGM), 5.00%, 8/1/25

      300        353,613  

Elizabeth Forward School District, (NPFG), 0.00%, 9/1/21

      2,170        2,104,423  

Elizabeth Forward School District, (NPFG), 0.00%, 9/1/22

      2,170        2,065,297  

Elizabeth Forward School District, (NPFG), 0.00%, 9/1/23

      2,170        2,024,285  

Erie School District, (AGM), 4.00%, 4/1/33

      1,000        1,133,410  

Hazelton School District, (NPFG), 0.00%, 3/1/21

      4,000        3,906,400  

Hopewell School District, (AGM), 0.00%, 9/1/22

      1,000        954,690  

Hopewell School District, (AGM), 0.00%, 9/1/26

      1,000        873,340  

Lake-Lehman School District, (NPFG), 0.00%, 4/1/26

      1,315        1,160,159  

Luzerne County, (AGM), 5.00%, 11/15/29

      1,000        1,174,000  

McKeesport Area School District, (AGM), 5.00%, 3/1/38

      60        65,765  

McKeesport Area School District, (AMBAC), 0.00%, 10/1/25

      1,100        973,852  

Montour School District, (AGM), 5.00%, 4/1/32

      1,000        1,165,880  

Montour School District, (AGM), 5.00%, 4/1/33

      1,960        2,279,362  

Philadelphia School District, (AGM), 5.00%, 9/1/34(3)

      1,000        1,248,980  
     

 

 

  
      $ 31,671,269  
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured – Hospital — 1.3%

      

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24

    $ 2,000      $ 2,409,720  
     

 

 

  
      $ 2,409,720  
     

 

 

  

Insured – Lease Revenue/Certificates of Participation — 6.4%

      

State Public School Building Authority, (Philadelphia School District), (AGM), 5.50%, 6/1/28(4)

    $ 6,250      $ 8,020,875  

State Public School Building Authority, (Philadelphia School District), (AGM), 5.50%, 6/1/28

      3,250        4,170,855  
     

 

 

  
      $ 12,191,730  
     

 

 

  

Insured – Special Tax Revenue — 1.1%

      

Puerto Rico Infrastructure Financing Authority, (BHAC), (FGIC), 5.50%, 7/1/20

    $ 2,000      $ 2,042,040  
     

 

 

  
      $ 2,042,040  
     

 

 

  

Insured – Transportation — 2.3%

      

Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38

    $ 2,000      $ 2,619,560  

Puerto Rico Highway and Transportation Authority, (AGC), 5.50%, 7/1/31

      1,500        1,716,165  
     

 

 

  
      $ 4,335,725  
     

 

 

  

Insured – Water and Sewer — 1.8%

      

Allegheny County Sanitary Authority, (BAM), 5.00%, 12/1/28

    $ 1,000      $ 1,132,320  

Pittsburgh Water and Sewer Authority, (AGM), 4.00%, 9/1/34

      2,000        2,297,100  
     

 

 

  
      $ 3,429,420  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.9%

      

Bucks County Community College Authority, 5.00%, 6/15/38

    $ 605      $ 749,214  

Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/34

      2,405        2,934,196  
     

 

 

  
      $ 3,683,410  
     

 

 

  

Other Revenue — 0.6%

      

Allentown Neighborhood Improvement Zone Development Authority, (City Center Project), 5.00%, 5/1/42(5)

    $ 1,000      $ 1,127,370  
     

 

 

  
      $ 1,127,370  
     

 

 

  

Senior Living/Life Care — 3.3%

      

Cumberland County Municipal Authority, (Diakon Lutheran Social Ministries), 5.00%, 1/1/31

    $ 500      $ 596,455  

Cumberland County Municipal Authority, (Diakon Lutheran Social Ministries), 5.00%, 1/1/39

      2,000        2,324,400  

Franklin County Industrial Development Authority, (Menno-Haven, Inc.), 5.00%, 12/1/33

      455        507,102  

Lancaster County Hospital Authority, (Brethren Village), 5.125%, 7/1/37

      1,265        1,381,557  

Lancaster Industrial Development Authority, (Garden Spot Village), Prerefunded to 5/1/23, 5.375%, 5/1/28

      300        326,790  

Montgomery County Industrial Development Authority, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33

      1,000        1,068,740  
     

 

 

  
      $ 6,205,044  
     

 

 

  

Special Tax Revenue — 0.6%

      

Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/24

    $ 18      $ 15,795  

Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/27

      34        27,239  

Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/29

      34        25,418  

Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/31

      43        29,921  

Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/33

      49        30,874  

Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/46

      463        120,959  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/51

    $ 377      $ 73,568  

Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40

      183        186,201  

Puerto Rico Sales Tax Financing Corp., 4.50%, 7/1/34

      36        38,473  

Puerto Rico Sales Tax Financing Corp., 4.536%, 7/1/53

      5        5,073  

Puerto Rico Sales Tax Financing Corp., 4.55%, 7/1/40

      18        18,443  

Puerto Rico Sales Tax Financing Corp., 4.75%, 7/1/53

      132        136,673  

Puerto Rico Sales Tax Financing Corp., 4.784%, 7/1/58

      73        75,389  

Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58

      334        351,468  
     

 

 

  
      $ 1,135,494  
     

 

 

  

Transportation — 4.1%

      

Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/32

    $ 1,500      $ 1,849,230  

Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41

      1,960        2,113,605  

Pennsylvania Turnpike Commission, 5.00%, 12/1/37

      1,500        1,842,795  

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27

      815        858,138  

Philadelphia, Airport Revenue, (AMT), 5.00%, 7/1/37

      1,000        1,187,150  
     

 

 

  
      $ 7,850,918  
     

 

 

  

Water and Sewer — 2.5%

      

Chester Water Authority, 5.00%, 12/1/35

    $ 795      $ 927,534  

Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 3.00%, 4/1/39

      2,500        2,559,925  

Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36

      1,250        1,296,313  
     

 

 

  
      $ 4,783,772  
     

 

 

  

Total Tax-Exempt Municipal Securities — 102.0%
(identified cost $181,438,821)

       $ 193,945,911  
     

 

 

  

Taxable Municipal Securities — 0.0%(6)

      
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.0%(6)

      

Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)

    $ 320      $ 80,000  
     

 

 

  

Total Taxable Municipal Securities — 0.0%(6)
(identified cost $320,005)

       $ 80,000  
     

 

 

  

Trust Units — 0.0%(6)

      
Security    Notional
Amount
(000’s omitted)		      Value  

Insured – Special Tax Revenue — 0.0%(6)

      

COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (non-taxable), 8/1/45(7)

    $ 300      $ 15,008  

COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (taxable), 8/1/45(7)

      99        13,591  
     

 

 

  

 

5

 

 

                                                 
Security    Notional
Amount
(000’s omitted)		      Value  

Total Trust Units — 0.0%(6)
(identified cost $25,082)

       $ 28,599  
     

 

 

  

Total Investments — 102.0%
(identified cost $181,783,908)

       $ 194,054,510  
     

 

 

  

Other Assets, Less Liabilities — (2.0)%

       $ (3,876,501 ) 
     

 

 

  

Net Assets — 100.0%

       $ 190,178,009  
     

 

 

  

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 Pennsylvania 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, 41.2% 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 0.9% to 13.6% of total investments.

 

(1)

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(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.

 

(3)

When-issued security.

 

(4)

Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(5)

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 $1,127,370 or 0.6% of the Fund’s net assets.

 

(6)

Amount is less than 0.05%.

 

(7)

Security was received in connection with the restructuring of an insured zero-coupon bond issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”) (the “Original Bond”). The notional amount of the combined taxable and tax-exempt trust units reflects the accreted amount of the Original Bond from original issuance through the restructuring date. Each trust certificate represents an ownership interest in various coupon paying and zero-coupon COFINA bonds and potential insurance payments pursuant to an insurance policy with National Public Finance Guarantee Corporation. The trust units have no stated coupon interest rate but accrete income to maturity at the annual rate of approximately 5.04%, the same rate as the Original Bond.

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

AMT

   -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BAM

   -   Build America Mutual Assurance Co.

BHAC

   -   Berkshire Hathaway Assurance Corp.

FGIC

   -   Financial Guaranty Insurance Company

NPFG

   -   National Public Finance Guarantee Corp.

SPA

   -   Standby Bond Purchase Agreement
 

 

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

 

6

 

 

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 Municipal Securities

    $ —      $ 193,945,911      $ —      $ 193,945,911  

Taxable Municipal Securities

      —        80,000        —        80,000  

Trust Units

      —        28,599        —        28,599  

Total Investments

    $     —      $     194,054,510      $     —      $     194,054,510  

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