NPORT-EX 2 NPORT_8773560359044076.htm HTML

Eaton Vance

Massachusetts Municipal Income Fund

December 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 99.6%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 2.5%

 

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34

    $ 3,105      $ 4,432,977  
     

 

 

  
   $ 4,432,977  
     

 

 

  

Education — 25.1%

 

Massachusetts Development Finance Agency, (Babson College), 5.00%, 10/1/42

    $ 1,500      $ 1,788,105  

Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/29

      1,000        1,227,690  

Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/39

      2,000        2,373,860  

Massachusetts Development Finance Agency, (Boston University), 5.00%, 10/1/46

      3,000        3,541,260  

Massachusetts Development Finance Agency, (Boston University), (LOC: TD Bank, N.A.), 1.52%, 10/1/42(1)

      2,750        2,750,000  

Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/33

      1,550        1,776,982  

Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/35

      1,660        1,896,948  

Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34

      2,570        3,127,767  

Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35

      1,100        1,126,983  

Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33

      1,950        2,219,510  

Massachusetts Development Finance Agency, (Olin College), 5.00%, 11/1/38

      1,750        1,956,273  

Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/31

      620        765,861  

Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/32

      770        949,495  

Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/38

      340        410,887  

Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36

      1,575        1,818,479  

Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46

      2,000        2,373,260  

Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/42

      3,150        3,732,592  

Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32

      5,000        7,111,000  

Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo), 1.60%, 2/15/26(1)

      3,000        3,000,000  
     

 

 

  
   $ 43,946,952  
     

 

 

  

Escrowed/Prerefunded — 1.9%

 

Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 7.25%, 1/1/32

    $ 1,900      $ 2,015,254  

Massachusetts Development Finance Agency, (UMass Memorial), Prerefunded to 7/1/21, 5.50%, 7/1/31

      1,040        1,107,798  

Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20

      245        245,000  
     

 

 

  
   $ 3,368,052  
     

 

 

  

General Obligations — 29.5%

 

Belmont, 4.00%, 2/15/29

    $ 1,195      $ 1,435,673  

Belmont, 4.00%, 2/15/30

      1,245        1,488,111  

Belmont, 4.00%, 2/15/31

      1,045        1,242,045  

Belmont, 4.00%, 3/15/31

      2,910        3,463,220  

Boston, 4.00%, 3/1/31

      3,000        3,312,510  

Danvers, 4.00%, 8/15/30

      600        721,422  

 

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Security    Principal
Amount
(000’s omitted)		      Value  

Danvers, 4.00%, 8/15/33

    $ 540      $ 641,050  

Danvers, 5.25%, 7/1/36

      2,800        2,963,996  

Franklin, 4.00%, 5/15/30

      200        238,824  

Franklin, 4.00%, 5/15/32

      455        536,964  

Franklin, 4.00%, 5/15/33

      455        531,936  

Franklin, 5.00%, 5/15/29

      210        269,541  

Harvard, 4.00%, 8/15/30

      1,025        1,232,429  

Harvard, 4.00%, 8/15/31

      1,270        1,521,092  

Lexington, 4.00%, 2/1/29

      1,855        2,225,852  

Lincoln, 4.00%, 3/1/30

      2,120        2,533,782  

Lincoln, 4.00%, 3/1/31

      2,205        2,622,627  

Manchester Essex Regional School District, 4.00%, 2/1/41

      1,075        1,204,183  

Manchester Essex Regional School District, 4.00%, 2/1/42

      975        1,089,523  

Massachusetts, 4.00%, 9/1/38

      650        749,898  

Massachusetts, 5.00%, 3/1/31

      3,000        3,445,110  

Massachusetts, (SPA: Barclays Bank PLC), 1.64%, 3/1/26(1)

      4,300        4,300,000  

Medford, 5.00%, 7/15/29

      735        946,489  

Plymouth, 5.00%, 5/1/26

      710        745,606  

Plymouth, 5.00%, 5/1/28

      1,160        1,217,548  

Plymouth, 5.00%, 5/1/31

      1,090        1,142,451  

Plymouth, 5.00%, 5/1/32

      1,000        1,047,570  

Shrewsbury, 4.00%, 7/15/33

      2,370        2,791,481  

Swampscott, 5.00%, 1/15/26

      355        436,391  

Wayland, 5.00%, 2/1/33

      1,790        1,860,240  

Wayland, 5.00%, 2/1/36

      2,680        2,782,510  

Winchester, 5.00%, 4/15/36

      775        810,340  
     

 

 

  
   $ 51,550,414  
     

 

 

  

Hospital — 11.5%

 

Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/27

    $ 1,100      $ 1,171,896  

Massachusetts Development Finance Agency, (Beth Israel Lahey Health), 5.00%, 7/1/33

      625        778,675  

Massachusetts Development Finance Agency, (Beth Israel Lahey Health), 5.00%, 7/1/38

      600        734,748  

Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/27

      1,000        1,210,510  

Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31

      1,840        2,140,638  

Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/36

      1,690        2,016,778  

Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40

      2,000        2,289,640  

Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/37

      1,600        1,948,752  

Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/44

      1,100        1,214,147  

Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41

      2,795        3,189,514  

Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31

      55        58,285  

Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/21

      800        841,216  

Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35

      1,645        1,674,297  

Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29

      750        752,438  
     

 

 

  
   $ 20,021,534  
     

 

 

  

Housing — 1.7%

 

Massachusetts Housing Finance Agency, (Mill Road Apartments), 2.16%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(2)

    $ 2,970      $ 2,970,000  
     

 

 

  
   $ 2,970,000  
     

 

 

  

 

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Security    Principal
Amount
(000’s omitted)		      Value  

Industrial Development Revenue — 0.8%

 

National Finance Authority, (Covanta), 4.625%, 11/1/42(3)

    $ 670      $ 704,498  

National Finance Authority, (Covanta), (AMT), 4.875%, 11/1/42(3)

      740        784,193  
     

 

 

  
   $ 1,488,691  
     

 

 

  

Insured-Education — 4.3%

 

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(4)

    $ 5,460      $ 7,512,523  
     

 

 

  
   $ 7,512,523  
     

 

 

  

Insured-Escrowed/Prerefunded — 0.0%

 

Massachusetts Turnpike Authority, (NPFG), Escrowed to Maturity, 5.00%, 1/1/20

    $ 35      $ 35,000  
     

 

 

  
   $ 35,000  
     

 

 

  

Insured-Special Tax Revenue — 5.0%

 

Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/26

    $ 1,760      $ 2,074,864  

Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30

      4,955        6,602,438  
     

 

 

  
   $ 8,677,302  
     

 

 

  

Insured-Transportation — 4.5%

 

Massachusetts Turnpike Authority, Metropolitan Highway System, (NPFG), 0.00%, 1/1/22

    $ 8,000      $ 7,786,400  
     

 

 

  
   $ 7,786,400  
     

 

 

  

Senior Living/Life Care — 0.9%

 

Massachusetts Development Finance Agency, (Carleton-Willard Village), 4.00%, 12/1/42

    $ 490      $ 530,234  

Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.00%, 12/1/42

      525        606,370  

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33(3)

      205        234,220  

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38(3)

      135        152,665  
     

 

 

  
   $ 1,523,489  
     

 

 

  

Special Tax Revenue — 2.4%

 

Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/26

    $ 2,000      $ 2,469,440  

Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/31

      1,240        1,700,040  
     

 

 

  
   $ 4,169,480  
     

 

 

  

Student Loan — 3.0%

 

Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/21

    $ 5,000      $ 5,268,250  
     

 

 

  
   $ 5,268,250  
     

 

 

  

Transportation — 6.1%

 

Massachusetts, (Accelerated Bridge Program), 5.00%, 6/15/27

    $ 2,000      $ 2,331,740  

Massachusetts Port Authority, 5.00%, 7/1/28

      3,750        3,821,738  

Massachusetts Port Authority, (AMT), 5.00%, 7/1/31

      1,555        1,963,343  

Massachusetts Port Authority, (AMT), 5.00%, 7/1/34

      2,110        2,534,110  
     

 

 

  
   $ 10,650,931  
     

 

 

  

Water and Sewer — 0.4%

 

Springfield Water and Sewer Commission, 4.00%, 4/15/30

    $ 225      $ 269,390  

Springfield Water and Sewer Commission, 4.00%, 4/15/33

      335        389,957  
     

 

 

  
   $ 659,347  
     

 

 

  

Total Tax-Exempt Investments — 99.6%
(identified cost $160,621,217)

       $ 174,061,342  
     

 

 

  

 

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Taxable Municipal Securities — 0.6%

 

Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Hospital — 0.6%

 

Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.89%, 7/1/25

    $ 1,000      $ 1,066,810  
     

 

 

  

Total Taxable Municipal Securities — 0.6%
(identified cost $1,000,000)

       $ 1,066,810  
     

 

 

  

Total Investments — 100.2%
(identified cost $161,621,217)

       $ 175,128,152  
     

 

 

  

Other Assets, Less Liabilities — (0.2)%

 

    $ (390,730 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 174,737,422  
     

 

 

  

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 Massachusetts 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, 2019, 14.3% 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 0.6% to 8.2% of total investments.

 

(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, 2019.

 

(2)

Floating rate security. The stated interest rate represents the rate in effect at December 31, 2019.

 

(3)

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 December 31, 2019, the aggregate value of these securities is $1,875,576 or 1.1% of the Fund’s net assets.

 

(4)

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

Abbreviations:

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

   -   Buld America Mutual Assurance Co.

LOC

   -   Letter of Credit

NPFG

   -   National Public Finance Guarantee Corp.

SIFMA

   -   Securities Industry and Financial Markets Association Municipal Swap Index

SPA

   -   Standby Bond Purchase Agreement
 

 

The Fund did not have any open derivative instruments at December 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 December 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

    $     —      $     174,061,342      $     —      $     174,061,342  

Taxable Municipal Securities

      —        1,066,810        —        1,066,810  

Total Investments

    $ —      $ 175,128,152      $ —      $ 175,128,152  

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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