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Eaton Vance

Connecticut Municipal Income Fund

October 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 95.3%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Bond Bank — 1.5%

     

Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/34

   $ 1,000      $ 1,228,010  
     

 

 

 
      $ 1,228,010  
     

 

 

 

Education — 18.1%

     

Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/31

   $ 500      $ 542,340  

Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/32

     1,125        1,218,949  

Connecticut Health and Educational Facilities Authority, (Connecticut College), 5.00%, 7/1/30

     1,255        1,358,625  

Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47

     2,000        2,181,580  

Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 5.00%, 7/1/34

     1,475        1,733,833  

Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/37

     450        537,705  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/28

     135        159,813  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/29

     100        117,192  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/30

     125        144,934  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/33

     430        492,384  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/34

     1,085        1,239,450  

Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/36

     430        488,514  

Connecticut Health and Educational Facilities Authority, (University of New Haven), 5.00%, 7/1/34

     810        959,397  

Connecticut Health and Educational Facilities Authority, (University of New Haven), 5.00%, 7/1/35

     850        1,004,088  

Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27

     1,000        1,269,330  

University of Connecticut, 5.00%, 11/15/29

     1,000        1,099,460  
     

 

 

 
      $ 14,547,594  
     

 

 

 

Escrowed/Prerefunded — 8.7%

     

Connecticut Health and Educational Facilities Authority, (Fairfield University), Prerefunded to 7/1/20, 5.00%, 7/1/40

   $ 1,500      $ 1,537,950  

Connecticut Health and Educational Facilities Authority, (Middlesex Hospital), Prerefunded to 7/1/21, 5.00%, 7/1/24

     1,000        1,062,880  

Connecticut Health and Educational Facilities Authority, (Wesleyan University), Prerefunded to 7/1/20, 5.00%, 7/1/39

     2,000        2,051,260  

Connecticut Health and Educational Facilities Authority, (Western Connecticut Health Network), Prerefunded to 7/1/21, 5.00%, 7/1/29

     1,000        1,062,880  

Connecticut Health and Educational Facilities Authority, (Yale-New Haven Hospital), Prerefunded to 7/1/20, 5.75%, 7/1/34

     1,000        1,029,860  

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

     135        135,460  

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

     150        150,525  
     

 

 

 
      $ 7,030,815  
     

 

 

 

 

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Security    Principal
Amount
(000’s omitted)
     Value  

General Obligations — 17.6%

     

Colchester, 4.00%, 10/15/28

   $ 440      $ 495,796  

Connecticut, 5.00%, 4/15/30

     1,150        1,451,219  

Connecticut, 5.00%, 4/15/39

     100        122,489  

East Lyme, 4.00%, 7/15/22

     350        356,545  

East Lyme, 4.00%, 7/15/23

     525        534,823  

Enfield, 4.00%, 8/1/29

     500        591,095  

Fairfield, 5.00%, 1/1/23

     1,000        1,121,210  

Greenwich, 4.00%, 7/15/29

     450        503,105  

Greenwich, 4.00%, 7/15/30

     250        277,773  

Greenwich, 4.00%, 7/15/32

     400        441,524  

North Haven, 5.00%, 7/15/23

     1,475        1,682,621  

North Haven, 5.00%, 7/15/25

     1,490        1,792,083  

Norwalk, 4.00%, 7/1/26

     1,975        2,066,758  

Rocky Hill, 4.00%, 1/15/33

     1,000        1,165,240  

Stamford, 4.00%, 7/1/25

     370        387,512  

Stamford, 4.00%, 6/1/33

     1,000        1,159,610  
     

 

 

 
      $ 14,149,403  
     

 

 

 

Hospital — 10.5%

     

Connecticut Health and Educational Facilities Authority, (Ascension Health), 5.00%, 11/15/40

   $ 1,000      $ 1,001,180  

Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/38

     1,500        1,659,660  

Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/46

     1,000        1,055,550  

Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33

     2,015        2,408,066  

Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00%, 7/1/31

     500        577,315  

Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00%, 7/1/34

     1,520        1,735,916  
     

 

 

 
      $ 8,437,687  
     

 

 

 

Housing — 1.0%

     

Connecticut Housing Finance Authority, 4.00%, 11/15/38

   $ 750      $ 813,750  
     

 

 

 
      $ 813,750  
     

 

 

 

Industrial Development Revenue — 1.3%

     

Eastern Connecticut Resource Recovery Authority, (Wheelabrator Lisbon), (AMT), 5.50%, 1/1/20

   $ 1,070      $ 1,073,788  
     

 

 

 
      $ 1,073,788  
     

 

 

 

Insured – Education — 9.2%

     

Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/30

   $ 1,950      $ 2,600,657  

Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/31

     2,050        2,766,003  

Connecticut Health and Educational Facilities Authority, (Trinity College), (NPFG), 5.50%, 7/1/21

     1,960        2,058,020  
     

 

 

 
      $ 7,424,680  
     

 

 

 

Insured – Escrowed/Prerefunded — 1.4%

     

Bridgeport, (AGM), 4.00%, 8/15/21

   $ 1,075      $ 1,128,632  
     

 

 

 
      $ 1,128,632  
     

 

 

 

 

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Security    Principal
Amount
(000’s omitted)
     Value  

Insured – General Obligations — 5.3%

     

Bridgeport, (AGM), 5.00%, 8/15/32

   $ 1,120      $ 1,328,510  

Connecticut, (AMBAC), 5.25%, 6/1/20

     1,000        1,023,360  

Hartford, (AGC), 5.00%, 8/15/28

     500        501,300  

Hartford, (AGM), 5.00%, 4/1/31

     240        258,214  

New Haven, (AGM), 5.00%, 8/1/25

     1,000        1,143,920  
     

 

 

 
      $ 4,255,304  
     

 

 

 

Insured – Transportation — 2.2%

     

Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41

   $ 1,600      $ 1,786,160  
     

 

 

 
      $ 1,786,160  
     

 

 

 

Insured – Water and Sewer — 5.0%

     

South Central Connecticut Regional Water Authority, (NPFG), 5.25%, 8/1/24

   $ 3,420      $ 4,053,110  
     

 

 

 
      $ 4,053,110  
     

 

 

 

Senior Living/Life Care — 1.5%

     

Connecticut Health and Educational Facilities Authority, (Covenant Home, Inc.), 5.00%, 12/1/34

   $ 1,000      $ 1,182,930  
     

 

 

 
      $ 1,182,930  
     

 

 

 

Special Tax Revenue — 2.7%

     

Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/29

   $ 2,000      $ 2,208,820  
     

 

 

 
      $ 2,208,820  
     

 

 

 

Student Loan — 1.0%

     

Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.00%, 11/15/30

   $ 555      $ 582,611  

Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.125%, 11/15/33

     210        225,639  
     

 

 

 
      $ 808,250  
     

 

 

 

Transportation — 1.4%

     

Connecticut Airport Authority, (Ground Transportation Center), (AMT), 4.00%, 7/1/49

   $ 1,000      $ 1,089,620  
     

 

 

 
      $ 1,089,620  
     

 

 

 

Water and Sewer — 6.9%

     

Greater New Haven Water Pollution Control Authority, 5.00%, 8/15/32

   $ 1,000      $ 1,150,630  

Hartford County Metropolitan District, (Clean Water), 5.00%, 4/1/36

     1,500        1,617,720  

South Central Connecticut Regional Water Authority, 4.00%, 8/1/34

     450        523,710  

South Central Connecticut Regional Water Authority, 5.00%, 8/1/32

     355        455,596  

Stamford, (Water Pollution Control System), 4.00%, 4/1/44

     1,000        1,119,710  

Stamford, (Water Pollution Control System), 5.00%, 9/15/29

     200        239,384  

Stamford, (Water Pollution Control System), 5.00%, 9/15/30

     125        148,995  

Stamford, (Water Pollution Control System), 5.00%, 4/1/33

     100        128,011  

Stamford, (Water Pollution Control System), 5.00%, 4/1/34

     100        127,801  
     

 

 

 
      $ 5,511,557  
     

 

 

 

Total Tax-Exempt Investments — 95.3%
(identified cost $71,638,991)

      $ 76,730,110  
     

 

 

 

Other Assets, Less Liabilities — 4.7%

      $ 3,766,500  
     

 

 

 

Net Assets — 100.0%

      $ 80,496,610  
     

 

 

 

 

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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 Connecticut 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, 24.3% 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 3.0% to 8.3% of total investments.

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.

NPFG

  -   National Public Finance Guarantee Corp.

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

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

   $      $ 76,730,110      $      $ 76,730,110  

Total Investments

   $     —      $     76,730,110      $     —      $     76,730,110  

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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