NPORT-EX 2 NPORT_FJ1M_44678564_1121.htm html

Eaton Vance

North Carolina Municipal Income Fund

November 30, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Corporate Bonds — 0.4%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Hospital — 0.4%

 

Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32

    $ 760      $ 742,900  
     

 

 

  

Total Corporate Bonds — 0.4%
(identified cost $755,242)

       $ 742,900  
     

 

 

  

Tax-Exempt Municipal Obligations — 93.4%

 

Security   

Principal

Amount

(000’s omitted)

      Value  

Education — 8.9%

 

North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/25

    $ 365      $ 369,329  
North Carolina Capital Facilities Finance Agency, (Duke University):      

4.00%, 10/1/39

      1,300        1,462,240  

5.00%, 10/1/44

      2,000        2,369,220  

North Carolina Capital Facilities Finance Agency, (High Point University), 5.00%, 5/1/27

      300        361,491  

North Carolina State University at Raleigh, Prerefunded to 10/1/23, 5.00%, 10/1/42

      1,140        1,238,656  

University of North Carolina at Chapel Hill, 0.458%, (67% of 1 mo. USD LIBOR + 0.40%), 11/9/22 (Put Date), 12/1/41(1)

      750        751,102  
University of North Carolina at Charlotte:      

4.00%, 10/1/34

      770        889,165  

4.00%, 10/1/45

      250        290,615  

Prerefunded to 4/1/22, 5.00%, 4/1/32

      1,250        1,270,075  
University of North Carolina at Greensboro:      

4.00%, 4/1/35

      1,000        1,154,300  

5.00%, 4/1/26

      660        730,884  

University of North Carolina at Wilmington, 4.00%, 10/1/36

      1,500        1,774,560  
Western Carolina University, NC:      

4.00%, 4/1/45

      1,000        1,158,660  

5.00%, 10/1/36

      1,000        1,220,580  
     

 

 

  
   $ 15,040,877  
     

 

 

  

Electric Utilities — 1.0%

 

Greenville, NC, Combined Enterprise System Revenue:      

4.00%, 5/1/32

    $ 190      $ 238,416  

5.00%, 5/1/25

      1,190        1,373,188  
     

 

 

  
   $ 1,611,604  
     

 

 

  

Escrowed/Prerefunded — 4.6%

 

Durham Capital Financing Corp., NC:      

Prerefunded to 6/1/22, 5.00%, 6/1/32

    $ 1,700      $ 1,740,970  

Prerefunded to 6/1/23, 5.00%, 6/1/38

      1,000        1,071,320  

 

1

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

North Carolina Medical Care Commission, (Duke University Health System), Prerefunded to 6/1/22, 5.00%, 6/1/42

    $ 1,250      $ 1,280,125  

North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/30

      635        695,338  

North Carolina Municipal Power Agency No. 1, (Catawba), Prerefunded to
1/1/22, 5.00%, 1/1/31

      885        888,452  

University of North Carolina at Greensboro, Prerefunded to 4/1/22, 5.00%, 4/1/31

      1,020        1,036,381  

Watauga Public Facilities Corp., NC, Prerefunded to 6/1/22, 5.00%, 6/1/27

      1,000        1,024,100  
     

 

 

  
   $ 7,736,686  
     

 

 

  

General Obligations — 12.5%

      

Brunswick County, NC, 4.00%, 8/1/31

    $ 1,000      $ 1,238,840  

Charlotte, NC:

      

5.00%, 7/1/25

      1,875        2,179,725  

5.00%, 6/1/29(2)

      1,000        1,296,350  

Durham County, NC, 4.00%, 6/1/33

      1,785        2,161,581  
Forsyth County, NC:      

4.00%, 3/1/28

      735        858,054  

5.00%, 3/1/31

      1,000        1,277,040  

Greensboro, NC, 5.00%, 2/1/27

      650        715,416  

North Carolina, 5.00%, 6/1/30

      1,530        1,974,128  

Pender County, NC, 5.00%, 3/1/27

      1,015        1,199,223  

Randolph County, NC, Limited Obligation Bonds:

      

4.00%, 10/1/38

      1,000        1,185,100  

4.00%, 10/1/39

      500        591,450  

Wake County, NC, 5.00%, 3/1/22

      2,000        2,024,180  

Wilmington, NC, 5.00%, 5/1/27

      840        1,034,544  

Wilmington, NC, Limited Obligation Bonds:

      

4.00%, 6/1/35

      150        183,108  

4.00%, 6/1/37

      690        838,633  

Winston-Salem, NC, 4.00%, 6/1/29

      1,925        2,201,796  
     

 

 

  
   $ 20,959,168  
     

 

 

  

Hospital — 14.5%

      

Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health):

      

5.00% to 12/1/31 (Put Date), 1/15/49

    $ 1,000      $ 1,347,320  

5.00% to 12/1/28 (Put Date), 1/15/50

      1,500        1,914,075  
New Hanover County, NC, (New Hanover Regional Medical Center):      

Prerefunded to 10/1/27, 5.00%, 10/1/30

      250        307,870  

Prerefunded to 10/1/27, 5.00%, 10/1/36

      1,000        1,231,480  

North Carolina Medical Care Commission, (Cape Fear Valley Health System), Prerefunded to
10/1/22, 5.00%, 10/1/32

      2,000        2,080,200  

North Carolina Medical Care Commission, (CaroMont Health), 4.00%, 2/1/36

      1,350        1,637,644  

North Carolina Medical Care Commission, (Novant Health Obligated Group), 4.00%, 11/1/49

      3,500        4,083,275  

North Carolina Medical Care Commission, (Rex Healthcare, Inc.):

      

4.00%, 7/1/39

      1,000        1,161,980  

5.00%, 7/1/32

      1,000        1,143,690  

North Carolina Medical Care Commission, (Southeastern Regional Medical Center), 5.00%, 6/1/32

      1,645        1,681,371  

North Carolina Medical Care Commission, (Vidant Health), Prerefunded to 6/1/25, 5.00%, 6/1/31

      2,000        2,313,720  

 

2

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group),
2.20% to 12/1/22 (Put Date), 12/1/48

    $ 2,170      $ 2,189,834  

North Carolina Medical Care Commission, (WakeMed), 5.00%, 10/1/31

      2,000        2,073,520  

Spartanburg Regional Health Services District, Inc., SC, 5.00%, 4/15/28(2)

      1,000        1,227,500  
     

 

 

  
   $ 24,393,479  
     

 

 

  

Housing — 0.4%

      

North Carolina Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.00%, 7/1/35

    $ 725      $ 733,939  
     

 

 

  
   $ 733,939  
     

 

 

  

Industrial Development Revenue — 0.3%

      

Columbus County Industrial Facilities & Pollution Control Financing Authority, NC, (International Paper Co.), (AMT), 2.10% to 10/1/24 (Put Date), 3/1/27

    $ 500      $ 521,170  
     

 

 

  
   $ 521,170  
     

 

 

  

Insured-Education — 0.0%(3)

      

University of North Carolina, (AGC), 5.00%, 10/1/33

    $ 35      $ 35,133  
     

 

 

  
   $ 35,133  
     

 

 

  

Insured-Electric Utilities — 0.9%

      

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

    $ 1,335      $ 1,453,868  
     

 

 

  
   $ 1,453,868  
     

 

 

  

Insured-Transportation — 3.3%

      

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35

    $ 6,500      $ 5,064,865  

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

      440        479,776  
     

 

 

  
   $ 5,544,641  
     

 

 

  

Lease Revenue/Certificates of Participation — 16.6%

      

Asheville, NC, 5.00%, 4/1/25

    $ 1,530      $ 1,759,301  

Buncombe County, NC:

      

5.00%, 6/1/29

      750        833,527  

5.00%, 6/1/31

      1,000        1,111,370  

Buncombe County, NC, Limited Obligation Bonds:

      

4.00%, 6/1/34

      100        122,281  

4.00%, 6/1/35

      150        183,108  

4.00%, 6/1/36

      150        182,720  

5.00%, 6/1/31

      100        131,227  
Cabarrus County, NC, Limited Obligation Bonds:      

5.00%, 6/1/28

      1,600        1,957,184  

5.00%, 4/1/29

      1,000        1,176,790  

5.00%, 4/1/30

      1,000        1,183,890  
Charlotte, NC:      

4.00%, 6/1/35

      1,000        1,245,190  

4.00%, 6/1/39

      1,000        1,189,610  

Charlotte, NC, (Convention Facility), 4.00%, 6/1/39

      875        1,040,909  

Dare County, NC, Limited Obligation Bonds, 4.00%, 6/1/33

      200        245,386  

Davidson County, NC, Limited Obligation Bonds, 5.00%, 6/1/31

      2,010        2,392,503  

Durham Capital Financing Corp., NC, 5.00%, 10/1/31

      1,170        1,474,785  

Johnston County Finance Corp., NC, 4.00%, 4/1/36

      1,015        1,223,379  
Mooresville, NC, Limited Obligation Bonds:      

3.00%, 10/1/38

      215        241,067  

4.00%, 10/1/31

      145        180,165  

4.00%, 10/1/32

      130        160,789  

 

3

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

4.00%, 10/1/33

    $ 150      $ 185,201  

4.00%, 10/1/34

      130        159,554  

North Carolina Turnpike Authority, (Monroe Expressway System), 5.00%, 7/1/39

      500        665,395  

North Carolina, Limited Obligation Bonds:

      

3.00%, 5/1/34

      1,000        1,130,980  

4.00%, 5/1/33

      1,000        1,200,960  

5.00%, 5/1/29

      1,000        1,223,640  

Orange County Public Facilities Co., NC, 4.00%, 10/1/31

      400        470,792  

Scotland County, NC, Limited Obligation Bonds:

      

5.00%, 12/1/29

      500        607,105  

5.00%, 12/1/31

      55        66,364  

5.00%, 12/1/33

      250        300,868  
Wake County, NC, Limited Obligation Bonds:      

5.00%, 3/1/26

      1,000        1,186,440  

5.00%, 9/1/35

      1,000        1,285,600  

Wayne County, NC, Limited Obligation Bonds, 5.00%, 6/1/28

      500        610,715  

Winston-Salem, NC, 5.00%, 6/1/27

      750        836,310  
     

 

 

  
   $ 27,965,105  
     

 

 

  

Other Revenue — 1.4%

      

Durham County Industrial Facilities & Pollution Control Financing Authority, NC,
(Research Triangle Institute):

      

5.00%, 2/1/24

    $ 1,000      $ 1,095,620  

5.00%, 2/1/25

      1,035        1,176,474  
     

 

 

  
   $ 2,272,094  
     

 

 

  

Senior Living/Life Care — 7.6%

      

North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31

    $ 2,000      $ 2,336,280  

North Carolina Medical Care Commission, (EveryAge), 4.00%, 9/1/47

      1,970        2,197,082  

North Carolina Medical Care Commission, (Galloway Ridge), 5.00%, 1/1/30

      1,310        1,497,225  

North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/40

      600        680,592  

North Carolina Medical Care Commission, (Plantation Village, Inc.), 4.00%, 1/1/41(2)

      1,000        1,112,900  

North Carolina Medical Care Commission, (The Forest at Duke):

      

4.00%, 9/1/33

      355        416,333  

4.00%, 9/1/34

      370        432,623  

4.00%, 9/1/41

      1,125        1,295,055  

North Carolina Medical Care Commission, (The Pines at Davidson), 5.00%, 1/1/38

      1,000        1,104,230  

North Carolina Medical Care Commission, (Twin Lakes Community), 5.00%, 1/1/44

      595        671,719  

North Carolina Medical Care Commission, (United Church Homes and Services), Prerefunded to 9/1/23, 5.00%, 9/1/46

      1,000        1,108,850  
     

 

 

  
   $ 12,852,889  
     

 

 

  

Solid Waste — 0.6%

      

Mecklenburg County, NC, Special Obligation, 5.00%, 1/1/26

    $ 1,000      $ 1,003,950  
     

 

 

  
   $ 1,003,950  
     

 

 

  

Special Tax Revenue — 0.1%

      

American Samoa Economic Development Authority, 5.00%, 9/1/38(4)

    $ 100      $ 123,975  
     

 

 

  
   $ 123,975  
     

 

 

  

 

4

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Transportation — 12.4%

      

Charlotte, NC, (Charlotte Douglas International Airport):

      

(AMT), 4.00%, 7/1/36

    $ 630      $ 734,479  

(AMT), 4.00%, 7/1/37

      1,000        1,163,490  

(AMT), 5.00%, 7/1/34

      1,150        1,498,048  

(AMT), 5.00%, 7/1/42

      550        661,782  

North Carolina Turnpike Authority, (Triangle Expressway System):

      

4.00%, 1/1/33

      2,000        2,352,380  

5.00%, 1/1/40

      2,500        3,031,975  

5.00%, 1/1/43

      500        614,895  

North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/34

      4,000        5,060,480  
Raleigh-Durham Airport Authority, NC:      

(AMT), Series 2017A, 5.00%, 5/1/36

      2,000        2,401,580  

(AMT), Series 2020A, 5.00%, 5/1/36

      2,580        3,260,449  
     

 

 

  
   $ 20,779,558  
     

 

 

  

Water and Sewer — 8.3%

      

Asheville, NC, Water System Revenue, Green Bonds, 5.00%, 8/1/32

    $ 430      $ 582,186  

Brunswick County, NC, (Water and Wastewater Systems), 5.00%, 4/1/30

      750        859,905  

Brunswick County, NC, Enterprise Systems Revenue, 4.00%, 4/1/34

      700        850,262  
Buncombe County Metropolitan Sewerage District, NC:      

5.00%, 7/1/26

      305        341,289  

5.00%, 7/1/28

      540        604,249  

Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue, 5.00%, 8/1/29

      1,375        1,647,126  

Cary, NC, Combined Enterprise System Revenue, 5.00%, 12/1/30

      675        841,907  

Charlotte, NC, Storm Water Fee Revenue:

      

3.00%, 12/1/36

      400        455,656  

3.00%, 12/1/37

      400        452,744  

Charlotte, NC, Water and Sewer System Revenue, 4.00%, 7/1/36

      500        613,715  

Durham, NC, Utility System Revenue:

      

4.00%, 8/1/34

      250        312,778  

5.00%, 8/1/29

      250        324,850  

Greensboro, NC, Combined Enterprise System Revenue, Green Bonds, 4.00%, 6/1/30

      1,065        1,245,709  

High Point, NC, Combined Enterprise System Revenue, 4.00%, 11/1/34

      1,000        1,214,780  

Lincoln County, NC, Enterprise System Revenue:

      

3.00%, 8/1/35

      250        279,788  

3.00%, 8/1/38

      200        221,592  

3.00%, 8/1/40

      160        175,917  

Union County, NC, Enterprise Systems Revenue:

      

5.00%, 6/1/28

      750        945,442  

5.00%, 6/1/30

      835        1,071,130  

5.00%, 6/1/32

      725        927,340  
     

 

 

  
   $ 13,968,365  
     

 

 

  

Total Tax-Exempt Municipal Obligations — 93.4%
(identified cost $147,462,509)

       $ 156,996,501  
     

 

 

  

 

5

 

 

                                                 

Taxable Municipal Obligations — 0.6%

 

Security   

Principal

Amount

(000’s omitted)

      Value  

Lease Revenue/Certificates of Participation — 0.1%

 

Wilmington, NC, Limited Obligation Bonds, 2.03%, 6/1/30

    $ 200      $ 204,262  
     

 

 

  
      $ 204,262  
     

 

 

  

Other Revenue — 0.5%

 

Greensboro, NC, (Coliseum Complex):

      

1.719%, 4/1/28

    $ 280      $ 279,776  

2.431%, 4/1/33

      500        510,625  
     

 

 

  
      $ 790,401  
     

 

 

  

Total Taxable Municipal Obligations — 0.6%
(identified cost $980,000)

       $ 994,663  
     

 

 

  

Total Investments — 94.4%
(identified cost $149,197,751)

       $ 158,734,064  
     

 

 

  

Other Assets, Less Liabilities — 5.6%

       $ 9,434,339  
     

 

 

  

Net Assets — 100.0%

       $ 168,168,403  
     

 

 

  

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 North Carolina 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 November 30, 2021, 4.4% 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 0.9% to 3.5% of total investments.

 

(1)

Floating rate security. The stated interest rate represents the rate in effect at November 30, 2021.

 

(2)

When-issued security.

 

(3)

Amount is less than 0.05%.

 

(4)

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 November 30, 2021, the aggregate value of these securities is $123,975 or 0.1% of the Fund’s net assets.

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AMT

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

FHLMC

   -   Federal Home Loan Mortgage Corp.

FNMA

   -   Federal National Mortgage Association

GNMA

   -   Government National Mortgage Association

LIBOR

   -   London Interbank Offered Rate

NPFG

   -   National Public Finance Guarantee Corp.

 

6

 

 

Currency Abbreviations:

 

USD     -     United States Dollar

The Fund did not have any open derivative instruments at November 30, 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 November 30, 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  

Corporate Bonds

    $ —      $ 742,900      $ —      $ 742,900  

Tax-Exempt Municipal Obligations

      —        156,996,501        —        156,996,501  

Taxable Municipal Obligations

      —        994,663        —        994,663  

Total Investments

    $ —      $     158,734,064      $ —      $     158,734,064  

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