NPORT-EX 2 NPORT_1039136632179412.htm

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Eaton Vance

National Municipal Opportunities Trust

December 31, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Corporate Bonds & Notes — 4.3%

Security		Principal Amount (000’s omitted)				Value
Health Care — 1.6%
Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29		$	5,000			$	5,355,463
						$	5,355,463
Hospital — 1.3%
CommonSpirit Health, 3.347%, 10/1/29		$	795			$	874,128
Montefiore Obligated Group, 4.287%, 9/1/50			3,240				3,548,897
						$	4,423,025
Insured-Hospital — 0.5%
Toledo Hospital, OH, (AGM), 5.75%, 11/15/38		$	1,440			$	1,726,660
						$	1,726,660
Other — 0.9%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)		$	2,430			$	2,833,404
						$	2,833,404
Total Corporate Bonds & Notes — 4.3% (identified cost $13,137,122)						$	14,338,552
Taxable Municipal Securities — 3.9%
Security		Principal Amount (000’s omitted)				Value
Escrowed/Prerefunded — 0.5%
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50%, 8/1/44		$	1,720			$	1,850,823
						$	1,850,823
General Obligations — 1.1%
Chicago, IL, 7.375%, 1/1/33		$	1,750			$	2,055,620
Chicago, IL, 7.781%, 1/1/35			1,400				1,712,718
						$	3,768,338

1

Security		Principal Amount (000’s omitted)				Value
Hospital — 1.3%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24		$	4,000			$	4,274,520
						$	4,274,520
Insured-Housing — 0.5%
Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41		$	1,610			$	1,627,984
						$	1,627,984
Transportation — 0.5%
Maryland Economic Development Corp., (Seagirt Marine Terminal), 4.75%, 6/1/42		$	1,500			$	1,608,284
						$	1,608,284
Total Taxable Municipal Securities — 3.9% (identified cost $12,038,969)						$	13,129,949
Tax-Exempt Municipal Securities — 92.6%
Security		Principal Amount (000’s omitted)				Value
Education — 2.1%
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49(1)		$	560			$	624,893
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1)			185				190,580
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/38(1)			210				229,843
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/48(1)			395				425,968
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55			325				379,304
District of Columbia, (District of Columbia International School), 5.00%, 7/1/39			185				220,292
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49			185				215,018
District of Columbia, (KIPP DC), 4.00%, 7/1/39			100				112,283
District of Columbia, (KIPP DC), 4.00%, 7/1/44			100				110,852
District of Columbia, (KIPP DC), 4.00%, 7/1/49			135				148,603
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/56(1)			1,090				1,154,811
Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53(1)			1,000				1,047,830
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/54(1)			455				477,504
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/40(1)			655				745,259
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/50(1)			175				195,853
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.50%, 4/1/32			165				171,882
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.75%, 4/1/42			415				431,488
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/49			70				78,041
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/54			110				122,196
						$	7,082,500

2

Security		Principal Amount (000’s omitted)				Value
Electric Utilities — 3.2%
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30		$	340			$	351,982
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45			5,750				6,536,427
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39			1,520				1,591,121
New York Power Authority, 4.00%, 11/15/60			2,000				2,333,460
						$	10,812,990
Escrowed/Prerefunded — 4.2%
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.00%, 7/1/32		$	1,450			$	1,554,777
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.25%, 7/1/39			1,405				1,511,752
Detroit, MI, Water Supply System, Prerefunded to 7/1/21, 5.25%, 7/1/41			2,725				2,793,452
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.00%, 11/15/31			1,000				1,042,160
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), Prerefunded to 4/1/25, 5.00%, 4/1/47			445				528,059
Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42			2,425				2,597,199
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36			750				780,255
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33			770				918,348
Will County Community Unit School District No. 365-U, IL, (Valley View), Prerefunded to 11/1/21, 5.75%, 11/1/32			2,210				2,312,213
						$	14,038,215
General Obligations — 8.1%
Chicago Board of Education, IL, 5.00%, 12/1/42		$	6,410			$	6,574,032
Chicago Board of Education, IL, 5.00%, 12/1/46			190				198,012
Chicago, IL, 5.50%, 1/1/49			5,000				5,882,100
Detroit, MI, 5.50%, 4/1/36			435				507,541
Detroit, MI, 5.50%, 4/1/40			680				792,676
Illinois, 4.25%, 12/1/37			6,000				6,482,700
Illinois, 5.00%, 5/1/36			3,500				3,741,150
Jackson County School District No. 6, OR, 0.00%, 6/15/41			710				402,698
Township of Freehold, NJ, 1.00%, 10/15/29			575				558,296
Township of Freehold, NJ, 1.00%, 10/15/30			1,035				994,387
Township of Freehold, NJ, 1.00%, 10/15/31			975				926,123
						$	27,059,715
Hospital — 10.2%
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		$	165			$	182,452
Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42			665				716,079
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44			670				763,599
Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45			310				330,993
Hamilton County, OH, (UC Health), 4.00%, 9/15/50			1,000				1,111,300
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34			1,190				1,353,363
Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36			2,500				2,886,250
Illinois Finance Authority, (Rush University Medical Center), 4.00%, 11/15/39			1,000				1,093,080

3

Security		Principal Amount (000’s omitted)				Value
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/45		$	250			$	289,345
Massachusetts Development Finance Agency, (Atrius Health), 4.00%, 6/1/49			1,555				1,710,469
Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39			255				307,986
Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50			1,040				1,201,824
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/38			1,000				1,154,130
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/39			1,000				1,151,610
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/44			1,500				1,703,355
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/59			2,000				3,108,240
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45			675				742,406
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(1)			900				1,057,581
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38			310				369,176
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43			3,415				4,091,785
Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45			5				5,878
Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45(2)			3,975				4,673,368
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(2)			3,500				3,911,705
						$	33,915,974
Housing — 1.1%
California Department of Veterans Affairs, Home Purchase Revenue, 3.60%, 12/1/43		$	1,895			$	2,082,775
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.00%, 7/1/50			425				481,045
New York City Housing Development Corp., NY, 3.85%, 11/1/42			1,000				1,084,700
						$	3,648,520
Industrial Development Revenue — 9.9%
Alabama Industrial Development Authority, (Pine City Fiber Co.), (AMT), 6.45%, 12/1/23		$	5,000			$	5,001,050
Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29			3,192				3,208,243
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1)			725				826,580
National Finance Authority, NH, (Covanta), 4.625%, 11/1/42(1)			1,415				1,459,106
National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42(1)			1,555				1,612,675
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(1)			560				578,222
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23			485				514,042
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29			1,900				2,011,435
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35			2,560				3,723,827
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.375%, 10/1/45			2,765				3,182,211
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40			1,640				2,009,886
Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(1)			2,000				2,068,260
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35			3,935				4,086,222

4

Security		Principal Amount (000’s omitted)				Value
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)		$	1,445			$	1,594,904
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32(1)			390				437,057
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(1)			345				394,404
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1)			145				166,228
						$	32,874,352
Insured-General Obligations — 1.0%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42		$	145			$	161,840
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/30			2,910				3,268,396
						$	3,430,236
Insured-Other Revenue — 0.4%
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/38		$	390			$	425,174
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/49			910				956,838
						$	1,382,012
Insured-Special Tax Revenue — 5.1%
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 6.875%, 10/1/34		$	4,000			$	5,856,720
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39			6,000				8,810,760
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43			960				360,979
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39			720				820,238
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40			860				977,846
						$	16,826,543
Insured-Transportation — 8.0%
Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43		$	710			$	767,233
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48(2)			6,225				7,064,130
New York Thruway Authority, (AGM), 3.00%, 1/1/46			4,895				5,194,721
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/35			460				491,202
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37			1,295				1,378,916
North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35			4,000				2,878,520
North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/36			13,000				9,050,080
						$	26,824,802
Lease Revenue/Certificates of Participation — 1.8%
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/43		$	740			$	879,290
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/44			4,260				5,124,951
						$	6,004,241
Other Revenue — 0.9%
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1)		$	390			$	442,061
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)			605				673,395
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37			1,245				1,778,396
						$	2,893,852

5

Security		Principal Amount (000’s omitted)				Value
Senior Living/Life Care — 10.2%
ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31		$	1,295			$	1,321,496
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37			3,405				3,570,210
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/37			850				917,983
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/42			700				752,591
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50			125				134,084
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38			730				807,760
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32			185				193,009
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28			165				175,540
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33			345				367,180
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32			300				321,294
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37			275				293,964
Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38			1,500				1,560,810
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55			510				556,400
Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 5.00%, 11/15/39			1,800				2,010,474
Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 6.125%, 11/15/26			500				517,550
Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 6.50%, 11/15/31			1,600				1,656,352
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33(1)			470				518,072
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38(1)			310				338,024
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(1)			1,650				1,767,513
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.00%, 10/1/24			685				719,921
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(1)			265				275,637
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(1)			360				378,266
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(1)			780				821,636
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/31			1,235				1,351,732
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/32			1,295				1,414,645
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/32			80				89,771
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/33			50				55,924
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/34			55				61,413
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/39			175				193,636

6

Security		Principal Amount (000’s omitted)				Value
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53		$	605			$	660,714
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39			550				598,400
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49			2,560				2,789,197
Public Finance Authority, WI, (Mary’s Woods at Marylhurst), 5.25%, 5/15/37(1)			630				679,171
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41			1,335				1,483,986
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32			255				260,924
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42			735				750,913
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37(1)			900				972,765
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37			1,000				1,086,940
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51(1)			1,335				1,410,294
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49(1)			305				329,150
						$	34,165,341
Special Tax Revenue — 1.9%
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50		$	140			$	144,296
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/39			1,500				1,774,155
New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/47			4,000				4,485,080
						$	6,403,531
Student Loan — 0.6%
Massachusetts Educational Financing Authority, 6.00%, 1/1/28		$	415			$	420,117
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43			1,445				1,517,640
						$	1,937,757
Transportation — 23.2%
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/37		$	2,550			$	2,975,518
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/38			5,000				5,818,950
Central Texas Regional Mobility Authority, 5.00%, 1/1/45			750				856,185
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25			1,345				1,459,863
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26			1,140				1,236,934
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30			1,125				1,267,571
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31			1,735				1,952,795
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44(2)			2,125				2,430,936
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44			10				11,440
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(1)			3,000				2,943,390
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43			875				939,487
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41			1,065				1,219,308
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/43(2)			3,750				4,571,662
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29			2,060				2,189,100
Illinois Toll Highway Authority, 5.00%, 1/1/41(2)			5,575				6,595,002
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55			1,520				1,855,555
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34			1,250				1,384,275
New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38			20,000				11,934,600
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/48			750				869,603
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50			2,115				2,328,594
North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(2)			2,660				2,753,020

7

Security		Principal Amount (000’s omitted)				Value
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45		$	6,000			$	7,414,260
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/50			6,400				7,095,936
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37			140				163,894
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38			260				303,532
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39			135				157,287
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35			180				230,170
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58			1,555				1,866,327
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/38			850				438,974
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42			445				501,155
Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/49			1,500				1,750,605
						$	77,515,928
Water and Sewer — 0.7%
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34		$	2,070			$	2,352,803
						$	2,352,803
Total Tax-Exempt Municipal Securities — 92.6% (identified cost $267,310,877)						$	309,169,312
Total Investments — 100.8% (identified cost $292,486,968)						$	336,637,813
Other Assets, Less Liabilities — (0.8)%						$	(2,691,744	)
Net Assets — 100.0%						$	333,946,069

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

At December 31, 2020, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

New York			15.2	%
Illinois			14.4	%
Florida			10.4	%
Others, representing less than 10% individually			60.0	%

The Trust 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 December 31, 2020, 15.4% 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 0.1% to 7.9% of total investments.

(1) 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 December 31, 2020, the aggregate value of these securities is $29,670,336 or 8.9% of the Trust’s net assets.

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

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.

The Trust did not have any open derivative instruments at December 31, 2020.

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.

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At December 31, 2020, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

Asset Description		Level 1				Level 2				Level 3				Total
Corporate Bonds & Notes		$	—			$	14,338,552			$	—			$	14,338,552
Taxable Municipal Securities			—				13,129,949				—				13,129,949
Tax-Exempt Municipal Securities			—				309,169,312				—				309,169,312
Total Investments		$	—			$	336,637,813			$	—			$	336,637,813

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For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

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