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Eaton Vance

TABS Short-Term Municipal Bond Fund

October 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 97.1%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Education — 2.3%

      

Noblesville Multi-School Building Corp., IN, 5.00%, 7/15/22

    $ 3,075      $ 3,348,859  

Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23

      225        257,020  

University of Texas, Prerefunded to 2/15/20, 5.00%, 8/15/23

      2,975        3,007,517  
     

 

 

  
      $ 6,613,396  
     

 

 

  

Electric Utilities — 1.3%

      

Denton, TX, Utility System Revenue, 5.00%, 12/1/26

    $ 1,000      $ 1,236,300  

Lakeland, FL, Energy System Revenue, 2.75%, 10/1/28

      500        527,385  

Seattle, WA, Municipal Light and Power Revenue, 1.61%, (SIFMA + 0.49%), 11/1/23 (Put Date), 11/1/46(1)

      1,000        1,005,350  

Southern California Public Power Authority, 5.00%, 7/1/27

      1,000        1,064,230  
     

 

 

  
      $ 3,833,265  
     

 

 

  

Escrowed/Prerefunded — 8.1%

      

Fairfax County, VA, Prerefunded to 4/1/20, 4.00%, 4/1/23

    $ 500      $ 505,720  

Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/23

      5,000        4,724,300  

Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/25

      5,750        5,250,957  

Leander Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/49

      33,580        7,916,821  

St. Mary Hospital Authority, PA, (Catholic Health East), Prerefunded to 5/15/20, 5.00%, 11/15/22

      5,000        5,102,050  
     

 

 

  
      $ 23,499,848  
     

 

 

  

General Obligations — 35.2%

      

Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/26

    $ 2,000      $ 2,466,160  

Birmingham, AL, 5.00%, 12/1/28

      1,475        1,868,545  

Branford, CT, 2.00%, 10/15/27

      1,000        1,004,650  

Brown County, WI, 4.00%, 11/1/21

      620        637,521  

California, 2.111%, (70% of 1 mo. USD LIBOR + 0.70%), 12/1/20 (Put Date), 12/1/28(1)

      7,500        7,522,425  

Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/22

      155        149,321  

Clark County, NV, 5.00%, 12/1/27

      2,500        3,167,925  

Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23

      150        140,962  

College Station, TX, 5.00%, 2/15/24

      230        241,111  

Columbia County, WI, 4.00%, 8/1/29

      1,100        1,256,838  

Columbus, OH, 5.00%, 4/1/31

      5,295        6,820,595  

Cuyahoga County, OH, 4.00%, 12/1/37

      2,000        2,043,400  

Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24

      3,000        2,799,690  

El Dorado Union High School District, CA, 0.00%, 8/1/21

      45        44,004  

Fairfax County, VA, 4.00%, 4/1/23

      500        506,055  

Florida Board of Education, 4.00%, 6/1/26

      3,000        3,204,720  

Florida Board of Education, 5.00%, 6/1/22

      830        848,401  

Fort Worth, TX, 5.00%, 3/1/28

      1,130        1,426,275  

 

1

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Glasscock County Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/23

    $ 300      $ 300,921  

Hawaii, 5.00%, 10/1/29

      2,500        3,145,825  

Hazelwood School District, MO, 4.00%, 3/1/28

      3,295        3,770,897  

Houston Independent School District, TX, (PSF Guaranteed), 2.20% to 6/1/20 (Put Date), 6/1/39

      2,000        2,009,360  

Hutto Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22

      525        505,491  

Illinois Community College District No. 525, 3.00%, 6/1/25

      500        517,365  

Johnston County, NC, 5.00%, 2/1/24

      2,500        2,892,200  

Joliet Community College District No. 525, IL, 4.00%, 6/1/26

      2,080        2,224,248  

Katy Independent School District, TX, (PSF Guaranteed), 1.562%, (67% of 1 mo. USD LIBOR + 0.28%), 8/16/21 (Put Date), 8/15/36(1)

      2,000        2,000,040  

Lake County Community College District No. 532, IL, 4.00%, 6/1/21

      4,230        4,410,156  

Leander Independent School District, TX, 0.00%, 8/15/20

      3,000        2,967,060  

Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/22

      700        673,981  

Manhattan Beach Unified School District, CA, (Election of 2016), 3.00%, 9/1/26

      230        259,394  

Manhattan Beach Unified School District, CA, (Election of 2016), 3.00%, 9/1/27

      270        307,406  

Massachusetts, 5.00%, 12/1/24

      5,000        5,930,250  

Miami-Dade County, FL, 5.00%, 7/1/26

      1,000        1,234,360  

Montgomery County, MD, 5.00%, 12/1/27

      5,000        5,903,600  

Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/23

      945        901,473  

Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/24

      900        843,993  

New York, 5.00%, 8/1/26

      1,000        1,231,660  

Ocean City, NJ, 3.00%, 9/15/30

      1,000        1,044,100  

Ocean City, NJ, 3.00%, 9/15/31

      1,000        1,039,390  

Ohio, 5.00%, 6/15/27

      2,500        2,807,975  

Peralta Community College District, CA, 5.00%, 8/1/23

      140        159,603  

Rose Tree Media School District, PA, 5.00%, 4/1/27

      1,000        1,212,390  

Schaumburg, IL, 4.00%, 12/1/25

      1,150        1,241,448  

South Orange-Maplewood School District, NJ, 2.00%, 8/15/27

      1,000        1,003,060  

Springfield School District No. 19, OR, 5.00%, 6/15/30

      855        1,012,850  

Sugar Land, TX, 5.00%, 2/15/23

      1,105        1,237,114  

Tennessee, 3.00%, 10/1/26

      275        279,331  

Travis County, TX, Limited Tax Obligations, 2.00%, 3/1/27

      1,140        1,165,410  

Upper Merion Area School District, PA, 2.30%, 2/15/24

      725        725,515  

Vistancia Community Facilities District, AZ, 5.00%, 7/15/21

      610        626,208  

Vistancia Community Facilities District, AZ, 5.00%, 7/15/25

      1,350        1,384,722  

Wentzville R-IV School District, MO, 0.00%, 3/1/29

      290        226,452  

West Chester Area School District, PA, 4.00%, 5/15/28

      1,365        1,518,945  

West Valley-Mission Community College District, CA, 5.00%, 8/1/25

      300        366,837  

Williamson County, TN, 4.00%, 4/1/28

      1,000        1,154,540  

Williamson County, TN, 5.00%, 4/1/25

      3,475        4,162,772  

Wilton, CT, 2.00%, 5/1/27

      360        368,345  

Wilton, CT, 2.00%, 5/1/28

      220        224,099  

Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23, 8/15/41(2)

      1,000        1,008,370  
     

 

 

  
      $ 102,147,754  
     

 

 

  

Hospital — 11.8%

      

Grand Traverse County Hospital Finance Authority, MI, (Munson Healthcare), 5.00%, 7/1/20

    $ 445      $ 455,573  

Indiana Finance Authority, (Community Foundation of Northwest Indiana Obligated Group), 5.00%, 9/1/25

      650        774,826  

Indiana Finance Authority, (Indiana University Health), 5.00%, 3/1/20

      6,395        6,472,827  

 

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Security   

Principal

Amount

(000’s omitted)

      Value  

Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.50%, (SIFMA + 0.38%), 10/18/22 (Put Date), 1/1/35(1)

    $ 1,000      $ 1,002,010  

Michigan Finance Authority, (McLaren Health Care), 5.00%, 2/15/28

      1,000        1,256,650  

Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/26

      2,500        3,057,025  

Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/27

      3,500        4,374,160  

New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/22

      1,950        1,999,198  

Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/24 (Put Date), 5/15/57

      4,000        4,568,200  

Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/31/24 (Put Date), 8/15/54

      6,000        6,882,300  

Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 1.77%, (SIFMA + 0.65%), 7/31/24 (Put Date), 8/15/54(1)

      2,200        2,207,722  

Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/20

      1,130        1,161,245  
     

 

 

  
      $ 34,211,736  
     

 

 

  

Housing — 2.3%

      

New York Housing Finance Agency, (Affordable Housing Corp.), 2.65%, 5/1/23

    $ 2,500      $ 2,540,225  

New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22

      4,000        4,017,600  
     

 

 

  
      $ 6,557,825  
     

 

 

  

Insured – General Obligations — 0.7%

      

Cypress Hill Municipal Utility District No. 1, TX, (BAM), 3.00%, 9/1/29

    $ 805      $ 836,017  

Cypress Hill Municipal Utility District No. 1, TX, (BAM), 3.00%, 9/1/31

      610        628,739  

Washington, (NPFG), 0.00%, 6/1/21

      620        608,121  
     

 

 

  
      $ 2,072,877  
     

 

 

  

Insured – Housing — 0.1%

      

Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.35%, 7/1/21

    $ 140      $ 141,939  
     

 

 

  
      $ 141,939  
     

 

 

  

Insured – Lease Revenue/Certificates of Participation — 0.1%

      

Conotton Valley Union Local School District, OH, (MAC), 5.00%, 12/1/26

    $ 300      $ 358,422  
     

 

 

  
      $ 358,422  
     

 

 

  

Insured – Water and Sewer — 0.1%

      

Harris County Municipal Utility District No. 374, TX, (BAM), 3.00%, 9/1/26

    $ 335      $ 356,175  
     

 

 

  
      $ 356,175  
     

 

 

  

Lease Revenue/Certificates of Participation — 6.8%

      

Colorado, (Building Excellent Schools Today), 5.00%, 3/15/27

    $ 3,275      $ 4,084,842  

Colorado, (Rural Colorado), 5.00%, 12/15/25

      6,000        7,267,740  

Malibu, CA, 5.00%, 11/1/38

      275        275,740  

Malibu, CA, 5.00%, 11/1/43

      225        225,594  

Malibu, CA, 5.00%, 11/1/48

      375        376,035  

Montgomery County, MD, (Metrorail Garage Projects), 5.00%, 6/1/20

      610        623,164  

Ohio, (Voting System Acquisition Project), 5.00%, 9/1/28

      5,150        6,553,787  

Volusia County School Board, FL, 5.00%, 8/1/21

      325        345,985  
     

 

 

  
      $ 19,752,887  
     

 

 

  

Other Revenue — 3.6%

      

California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.839%, (70% of 3 mo. USD LIBOR + 0.37%), 4/1/20 (Put Date), 4/1/38(1)

    $ 6,500      $ 6,504,745  

Johnson County Public Building Commission, KS, (Courthouse and Medical Examiner’s Facility), 5.00%, 9/1/25

      3,325        4,031,662  
     

 

 

  
      $ 10,536,407  
     

 

 

  

 

3

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Senior Living/Life Care — 0.5%

      

Colorado Health Facilities Authority, (The Evangelical Lutheran Good Samaritan Society), Prerefunded to 6/1/27, 5.00%, 6/1/47

    $ 1,075      $ 1,339,966  
     

 

 

  
      $ 1,339,966  
     

 

 

  

Special Tax Revenue — 4.1%

      

Central Puget Sound Regional Transit Authority, WA, Sales Tax and Motor Vehicle Tax Revenue, Green Bonds, 1.57%, (SIFMA + 0.45%), 11/1/23 (Put Date), 11/1/45(1)

    $ 1,000      $ 1,000,440  

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28

      5,770        6,941,714  

Reno, NV, Sales Tax Revenue, 5.00%, 6/1/25

      750        882,720  

Sales Tax Asset Receivable Corp., 5.00%, 10/15/27

      1,500        1,771,755  

Westminster, CO, Sales & Use Tax, 5.00%, 12/1/19

      1,135        1,138,292  
     

 

 

  
      $ 11,734,921  
     

 

 

  

Transportation — 14.1%

      

Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/25

    $ 2,500      $ 2,751,675  

Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.019%, (70% of 3 mo. USD LIBOR + 0.55%), 4/1/21 (Put Date), 4/1/45(1)

      10,000        10,017,400  

E-470 Public Highway Authority, CO, 1.629%, (67% of 1 mo. USD LIBOR + 0.42%), 9/1/21 (Put Date), 9/1/39(1)

      5,000        5,000,200  

Illinois Toll Highway Authority, 5.00%, 1/1/27

      3,000        3,667,770  

Illinois Toll Highway Authority, 5.00%, 1/1/28

      3,000        3,735,120  

Massachusetts Department of Transportation, 5.00%, 1/1/32

      1,000        1,270,320  

Pennsylvania Turnpike Commission, 1.82%, (SIFMA + 0.70%), 12/1/23(1)

      3,000        3,024,120  

South Carolina Transportation Infrastructure Bank, 1.811%, (67% of 1 mo. USD LIBOR + 0.45%), 10/1/22 (Put Date), 10/1/31(1)

      11,445        11,455,758  
     

 

 

  
      $ 40,922,363  
     

 

 

  

Water and Sewer — 6.1%

      

Charleston, SC, Waterworks and Sewer System Revenue, 1.617%, (70% of 1 mo. USD LIBOR + 0.37%), 1/1/22 (Put Date), 1/1/35(1)

    $ 5,000      $ 5,007,100  

Houston, TX, Combined Utility System Revenue, 1.61%, (70% of 1 mo. USD LIBOR + 0.36%), 8/1/21 (Put Date), 5/15/34(1)

      3,500        3,502,345  

Indianapolis, IN, Water System Revenue, 5.00%, 10/1/27

      1,500        1,892,820  

Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25

      500        594,990  

Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/19

      1,020        1,022,958  

Oklahoma City Water Utilities Trust, OK, 4.00%, 7/1/25

      1,000        1,100,090  

Riverside, CA, Water System Revenue, 1.75%, (SIFMA + 0.63%), 1/15/20
(Put Date), 10/1/35(1)

      870        871,575  

San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, Green Bonds, 2.125% to 10/1/23 (Put Date), 10/1/48

      2,500        2,573,675  

Sanford, NC, Enterprise Systems Revenue, 5.00%, 6/1/27

      605        756,595  

Sanford, NC, Enterprise Systems Revenue, 5.00%, 6/1/29

      305        394,950  
     

 

 

  
      $ 17,717,098  
     

 

 

  

Total Tax-Exempt Municipal Securities — 97.1%
(identified cost $273,328,214)

       $ 281,796,879  
     

 

 

  

 

4

 

 

                                                 

Taxable Municipal Securities — 1.2%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 0.2%

      

New York Environmental Facilities Corp., NY, 2.42%, 1/15/23

    $ 530      $ 538,676  
     

 

 

  
      $ 538,676  
     

 

 

  

Lease Revenue/Certificates of Participation — 0.3%

      

Oregon Department of Administrative Services, (Elliott State Forest), 3.169%, 5/1/26

    $ 1,000      $ 1,056,880  
     

 

 

  
      $ 1,056,880  
     

 

 

  

Special Tax Revenue — 0.7%

      

New York Urban Development Corp., Personal Income Tax Revenue, 3.20%, 3/15/22

    $ 900      $ 925,083  

Successor Agency to San Diego Redevelopment Agency, CA, 3.25%, 9/1/22

      600        621,702  

Successor Agency to San Diego Redevelopment Agency, CA, 3.375%, 9/1/23

      450        473,121  
     

 

 

  
      $ 2,019,906  
     

 

 

  

Total Taxable Municipal Securities — 1.2%
(identified cost $3,495,969)

       $ 3,615,462  
     

 

 

  

Total Investments — 98.3%
(identified cost $276,824,183)

       $ 285,412,341  
     

 

 

  

Other Assets, Less Liabilities — 1.7%

       $ 4,915,716  
     

 

 

  

Net Assets — 100.0%

       $ 290,328,057  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

At October 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

 

                        

Texas

      11.7 % 

California

      11.6 % 

Others, representing less than 10% individually

      75.0 % 

The Fund invests primarily in debt securities issued by 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, 1.0% 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 0.1% to 0.6% of total investments.

 

(1)

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

 

(2)

Multi-step coupon security. Interest rate represents the rate in effect at October 31, 2019.

 

5

 

 

Abbreviations:

 

BAM

   -   Build America Mutual Assurance Co.

FHLMC

   -   Federal Home Loan Mortgage Corp.

FNMA

   -   Federal National Mortgage Association

GNMA

   -   Government National Mortgage Association

LIBOR

   -   London Interbank Offered Rate

MAC

   -   Municipal Assurance Corp.

NPFG

   -   National Public Finance Guarantee Corp.

PSF

   -   Permanent School Fund

SIFMA

   -   Securities Industry and Financial Markets Association Municipal Swap Index

USD

   -   United States Dollar
 

 

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 Municipal Securities

    $ —      $ 281,796,879      $ —      $ 281,796,879  

Taxable Municipal Securities

      —        3,615,462        —        3,615,462  

Total Investments

    $     —      $     285,412,341      $     —      $     285,412,341  

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.

 

6