NPORT-EX 2 NPORT_FH2F_4588349040.htm HTML

Eaton Vance

National Municipal Opportunities Trust

June 30, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Corporate Bonds — 5.1%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Health Care — 2.4%

 

Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29

    $ 5,000      $ 5,257,797  

Tower Health, 4.451%, 2/1/50

      3,250        2,754,375  
     

 

 

  
      $ 8,012,172  
     

 

 

  

Hospital — 1.3%

 

CommonSpirit Health, 3.347%, 10/1/29

    $ 795      $ 861,886  

Montefiore Obligated Group, 4.287%, 9/1/50

      3,240        3,488,237  
     

 

 

  
      $ 4,350,123  
     

 

 

  

Insured-Hospital — 0.5%

 

Toledo Hospital, (AGM), 5.75%, 11/15/38

    $ 1,440      $ 1,755,543  
     

 

 

  
      $ 1,755,543  
     

 

 

  

Other — 0.9%

 

Morongo Band of Mission Indians, 7.00%, 10/1/39(1)

    $ 2,430      $ 3,203,736  
     

 

 

  
      $ 3,203,736  
     

 

 

  

Total Corporate Bonds — 5.1%
(identified cost $15,962,577)

       $ 17,321,574  
     

 

 

  

Tax-Exempt Municipal Obligations — 94.0%

 

Security   

Principal

Amount

(000’s omitted)

      Value  

Education — 2.3%

 

Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49(1)

    $ 560      $ 637,981  

Arizona Industrial Development Authority, (Pinecrest Academy of Nevada),
4.00%, 7/15/50(1)

      185        198,353  
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.):      

5.375%, 6/15/38(1)

      210        239,952  

5.375%, 6/15/48(1)

      395        444,758  

Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55

      325        384,910  
District of Columbia, (District of Columbia International School):      

5.00%, 7/1/39

      185        218,814  

5.00%, 7/1/49

      185        214,924  
District of Columbia, (KIPP DC):      

4.00%, 7/1/39

      100        112,997  

4.00%, 7/1/44

      100        112,300  

4.00%, 7/1/49

      135        151,003  

 

1

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  
District of Columbia, (Rocketship DC Obligated Group):      

5.00%, 6/1/56(1)

    $ 1,090      $ 1,237,630  

5.00%, 6/1/61(1)

      355        416,408  

Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53(1)

      1,000        1,184,290  

Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/54(1)

      455        495,490  
Public Finance Authority, WI, (Roseman University of Health Sciences):      

5.00%, 4/1/40(1)

      655        792,648  

5.00%, 4/1/50(1)

      175        208,721  

5.50%, 4/1/32

      165        170,623  

5.75%, 4/1/42

      415        428,803  

Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence):

      

5.00%, 10/15/49

      70        81,766  

5.00%, 10/15/54

      110        128,046  
     

 

 

  
      $ 7,860,417  
     

 

 

  

Electric Utilities — 3.2%

 

Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.),
4.50%, 3/1/30

    $ 340      $ 349,044  

Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45

      5,750        6,482,263  

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39

      1,520        1,659,186  

New York Power Authority, 4.00%, 11/15/60

      2,000        2,356,060  
     

 

 

  
      $ 10,846,553  
     

 

 

  

Escrowed/Prerefunded — 3.2%

 

Detroit, MI, Sewage Disposal System:      

Prerefunded to 7/1/22, 5.00%, 7/1/32

    $ 1,450      $ 1,520,340  

Prerefunded to 7/1/22, 5.25%, 7/1/39

      1,405        1,476,655  

Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.00%, 11/15/31

      1,000        1,018,130  

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        520,690  

Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42

      2,425        2,540,381  

Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21,
5.625%, 10/1/36

      750        760,253  

Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33

      770        894,378  

Will County Community Unit School District No. 365-U, IL, (Valley View), Prerefunded to 11/1/21, 5.75%, 11/1/32

      2,210        2,251,327  
     

 

 

  
      $ 10,982,154  
     

 

 

  

General Obligations — 8.9%

 

Chicago Board of Education, IL, 5.00%, 12/1/42

    $ 6,410      $ 6,742,038  

Chicago, IL, 5.50%, 1/1/49

      5,000        6,324,000  
Detroit, MI:      

5.50%, 4/1/36

      435        552,541  

5.50%, 4/1/40

      680        856,460  

 

2

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  
Illinois:      

4.25%, 12/1/37

    $ 6,000      $ 6,871,440  

5.00%, 5/1/36

      3,500        3,841,915  

Jackson County School District No. 6, OR, 0.00%, 6/15/41

      710        406,276  

Township High School District No. 203, IL, 2.00%, 12/15/33

      2,430        2,517,577  
Township of Freehold, NJ:      

1.00%, 10/15/29

      575        567,767  

1.00%, 10/15/30

      1,035        1,007,707  

1.00%, 10/15/31

      975        937,404  
     

 

 

  
      $ 30,625,125  
     

 

 

  

Hospital — 10.7%

 

Berks County Industrial Development Authority, PA, (Tower Health), 5.00%, 11/1/50

    $ 1,460      $ 1,568,055  

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37

      165        180,155  

Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42

      665        712,860  

Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44

      670        764,309  

Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45

      310        341,946  

Hamilton County, OH, (UC Health), 4.00%, 9/15/50

      1,000        1,152,280  
Illinois Finance Authority, (Presence Health Network):      

3.75%, 2/15/34

      1,190        1,348,567  

4.00%, 2/15/36

      2,500        2,867,300  

Illinois Finance Authority, (Rush University Medical Center), 4.00%, 11/15/39

      1,000        1,099,670  

Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/45

      250        292,410  
Massachusetts Development Finance Agency, (Atrius Health):      

4.00%, 6/1/49

      1,555        1,763,961  

5.00%, 6/1/39

      255        315,835  

Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50

      1,040        1,202,542  

Montana Facility Finance Authority, (Bozeman Deaconess Health Services Obligated Group), 3.00%, 6/1/50(2)

      625        667,006  

Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group):

      

4.00%, 9/1/38

      1,000        1,174,060  

4.00%, 9/1/39

      1,000        1,171,500  

4.00%, 9/1/44

      1,500        1,739,970  

New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/59

      2,000        3,232,220  

New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45

      675        769,682  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(1)

      900        1,088,289  
Oklahoma Development Finance Authority, (OU Medicine):      

5.00%, 8/15/38

      310        376,083  

5.25%, 8/15/43

      3,415        4,196,318  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health):

      

5.00%, 11/15/45

      5        5,897  

5.00%, 11/15/45(3)

      3,975        4,688,035  

 

3

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(3)

    $ 3,500      $ 3,875,130  
     

 

 

  
      $ 36,594,080  
     

 

 

  

Housing — 1.6%

 

CSCDA Community Improvement Authority, CA, Essential Housing Revenue,
3.00%, 12/1/56(1)

    $ 315      $ 321,505  

Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.00%, 7/1/50

      425        526,337  
New York City Housing Development Corp., NY:      

2.35%, 11/1/40

      3,635        3,657,828  

3.85%, 11/1/42

      1,000        1,085,350  
     

 

 

  
      $ 5,591,020  
     

 

 

  

Industrial Development Revenue — 8.9%

 

Alabama Industrial Development Authority, (Pine City Fiber Co.), (AMT), 6.45%, 12/1/23

    $ 5,000      $ 5,007,850  

George L. Smith II Georgia World Congress Center Authority, (Signia Hotel Management, LLC), 4.00%, 1/1/54

      475        555,132  

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25
(Put Date), 8/1/35(1)

      725        837,041  
National Finance Authority, NH, (Covanta):      

4.625%, 11/1/42(1)

      1,415        1,492,783  

(AMT), 4.875%, 11/1/42(1)

      1,555        1,648,704  

New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT),
2.95%, 4/1/29(1)

      560        609,325  
New Jersey Economic Development Authority, (Continental Airlines):      

(AMT), 5.125%, 9/15/23

      485        512,815  

(AMT), 5.25%, 9/15/29

      1,900        2,009,383  

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35

      2,560        3,691,136  

New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):

      

(AMT), 4.375%, 10/1/45

      2,765        3,329,336  

(AMT), 5.00%, 10/1/40

      1,640        2,096,412  

Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(1)

      2,000        2,114,820  

Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35

      3,935        4,077,683  

Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)

      1,445        1,652,430  
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.):      

4.50%, 5/1/32(1)

      362        394,429  

5.25%, 5/1/44(1)

      345        405,109  

Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1)

      145        173,171  
     

 

 

  
      $ 30,607,559  
     

 

 

  

 

4

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Insured-General Obligations — 1.0%

 

Atlantic City, NJ, (AGM), 4.00%, 3/1/42

    $ 145      $ 163,388  

McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/30

      2,910        3,229,314  
     

 

 

  
      $ 3,392,702  
     

 

 

  

Insured-Housing — 0.1%

 

California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds:

      

(BAM), 3.00%, 5/15/51

    $ 90      $ 96,791  

(BAM), 4.00%, 5/15/46

      90        107,848  
     

 

 

  
      $ 204,639  
     

 

 

  

Insured-Other Revenue — 0.4%

 

New York City Industrial Development Agency, NY, (Yankee Stadium):      

(AGM), 3.00%, 3/1/38

    $ 390      $ 424,663  

(AGM), 3.00%, 3/1/49

      840        894,441  
     

 

 

  
      $ 1,319,104  
     

 

 

  

Insured-Special Tax Revenue — 4.9%

 

Miami-Dade County, FL, Professional Sports Franchise Facilities:      

(AGC), 6.875%, 10/1/34

    $ 4,000      $ 5,811,280  

(AGC), 7.00%, 10/1/39

      6,000        8,761,440  

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43

      960        348,643  
Tolomato Community Development District, FL:      

(AGM), 3.75%, 5/1/39

      720        805,054  

(AGM), 3.75%, 5/1/40

      860        960,327  
     

 

 

  
      $ 16,686,744  
     

 

 

  

Insured-Transportation — 8.1%

 

Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43

    $ 710      $ 762,561  

Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48(3)

      6,225        7,282,876  

New York Thruway Authority, (AGM), 3.00%, 1/1/46

      4,895        5,229,133  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):

      

(AGM), (AMT), 4.00%, 7/1/35

      460        505,131  

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

      1,295        1,419,618  
North Carolina Turnpike Authority, (Triangle Expressway System):      

(AGC), 0.00%, 1/1/35

      4,000        3,066,880  

(AGC), 0.00%, 1/1/36

      13,000        9,670,050  
     

 

 

  
      $ 27,936,249  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.8%

 

New Jersey Economic Development Authority, (School Facilities Construction):      

5.00%, 6/15/43

    $ 740      $ 909,875  

5.00%, 6/15/44

      4,260        5,287,810  
     

 

 

  
      $ 6,197,685  
     

 

 

  

 

5

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Other Revenue — 0.9%

 

Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1)

    $ 390      $ 469,938  

Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)

      605        726,412  

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37

      1,245        1,757,417  
     

 

 

  
      $ 2,953,767  
     

 

 

  

Senior Living/Life Care — 10.3%

 

ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31

    $ 1,295      $ 1,300,491  

Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37

      3,405        3,645,052  

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation):

      

5.00%, 7/15/37

      850        943,449  

5.00%, 7/15/42

      700        772,436  
California Public Finance Authority, (Enso Village), Green Bonds:      

2.375%, 11/15/28(1)

      135        136,943  

5.00%, 11/15/56(1)

      140        160,962  

Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50

      125        138,791  

Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38

      730        820,396  

District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32

      185        201,615  

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.):

      

5.75%, 1/1/28

      165        176,311  

6.375%, 1/1/33

      345        369,595  
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.):      

5.125%, 11/15/32

      300        315,834  

5.25%, 11/15/37

      275        289,317  
Iowa Finance Authority, (Lifespace Communities, Inc.):      

4.125%, 5/15/38

      1,500        1,676,550  

5.00%, 5/15/55

      510        596,108  
Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group):      

5.00%, 11/15/39

      1,800        2,126,178  

6.125%, 11/15/26

      500        509,075  

6.50%, 11/15/31

      1,600        1,629,008  
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):      

5.00%, 11/15/33(1)

      470        531,405  

5.00%, 11/15/38(1)

      310        347,188  

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(1)

      1,650        1,806,205  

Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.00%, 10/1/24

      685        728,299  
National Finance Authority, NH, (The Vista):      

5.25%, 7/1/39(1)

      265        280,238  

5.625%, 7/1/46(1)

      360        383,566  

5.75%, 7/1/54(1)

      780        832,213  
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village):      

5.00%, 1/1/31

      1,235        1,350,781  

5.00%, 1/1/32

      1,295        1,414,062  

 

6

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group):      

5.00%, 7/1/32

    $ 80      $ 94,198  

5.00%, 7/1/33

      50        58,749  

5.00%, 7/1/34

      55        64,507  

5.00%, 7/1/39

      175        203,646  

Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53

      605        708,836  
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton):      

7.25%, 6/1/39

      550        586,751  

7.50%, 6/1/49

      2,560        2,733,645  

Public Finance Authority, WI, (Mary’s Woods at Marylhurst), 5.25%, 5/15/37(1)

      630        695,803  

Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41

      1,335        1,583,043  
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):      

6.00%, 12/1/32

      255        258,323  

6.25%, 12/1/42

      735        744,070  

Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37(1)

      900        1,001,196  

Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37

      1,000        1,146,360  

Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51(1)

      1,335        1,436,206  

Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49(1)

      305        343,436  
     

 

 

  
      $ 35,140,837  
     

 

 

  

Special Tax Revenue — 1.9%

 

Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50

    $ 140      $ 161,753  

New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/39

      1,500        1,777,575  

New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/47

      4,000        4,530,840  
     

 

 

  
      $ 6,470,168  
     

 

 

  

Student Loan — 0.5%

 

Massachusetts Educational Financing Authority, 6.00%, 1/1/28

    $ 415      $ 422,686  

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43

      1,445        1,498,132  
     

 

 

  
      $ 1,920,818  
     

 

 

  

Transportation — 24.6%

 

Atlanta, GA, Airport Revenue:      

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

    $ 2,550      $ 2,993,649  

(AMT), 4.00%, 7/1/38

      5,000        5,857,900  

Central Texas Regional Mobility Authority, 5.00%, 1/1/45

      750        858,173  
Chicago, IL, (O’Hare International Airport):      

(AMT), 5.00%, 1/1/25

      1,345        1,435,397  

(AMT), 5.00%, 1/1/26

      1,140        1,216,084  
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):      

5.25%, 11/1/30

      1,125        1,252,496  

5.25%, 11/1/31

      1,735        1,930,760  
Delaware River and Bay Authority of Delaware and New Jersey:      

4.00%, 1/1/44(3)

      2,125        2,435,951  

4.00%, 1/1/44

      10        11,463  

 

7

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(1)

    $ 2,590      $ 2,849,751  

Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43

      875        929,793  
Hawaii, Airports System Revenue:      

(AMT), 5.00%, 7/1/41

      1,065        1,230,810  

(AMT), 5.00%, 7/1/43(3)

      3,750        4,593,600  

Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29

      2,060        2,269,729  

Illinois Toll Highway Authority, 5.00%, 1/1/41(3)

      5,575        6,638,543  

Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55

      1,520        1,942,864  
Metropolitan Washington Airports Authority, D.C.:      

(AMT), 4.00%, 10/1/37(2)

      265        323,197  

(AMT), 4.00%, 10/1/38(2)

      335        407,538  

(AMT), 4.00%, 10/1/39(2)

      400        485,316  

(AMT), 4.00%, 10/1/41(2)

      265        319,479  

(AMT), 4.00%, 10/1/51(2)

      1,470        1,744,140  

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34

      1,250        1,394,612  

New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38

      20,000        13,060,600  

New Jersey Turnpike Authority, 4.00%, 1/1/51

      1,500        1,781,535  

New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/48

      750        888,518  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50

      2,115        2,394,666  

North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(3)

      2,660        2,683,328  

San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45

      6,000        7,437,599  

San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/50

      6,400        7,197,376  

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project):

      

4.00%, 12/31/37

      140        164,804  

4.00%, 12/31/38

      260        305,406  

4.00%, 12/31/39

      135        158,217  

5.00%, 12/31/35

      180        229,352  

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58

      1,555        1,919,352  
Texas Transportation Commission, (Central Texas Turnpike System):      

0.00%, 8/1/38

      850        461,406  

5.00%, 8/15/42

      445        494,653  

Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/49

      1,500        1,809,075  
     

 

 

  
      $ 84,107,132  
     

 

 

  

Water and Sewer — 0.7%

 

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34

    $ 2,070      $ 2,341,605  
     

 

 

  
      $ 2,341,605  
     

 

 

  

Total Tax-Exempt Municipal Obligations — 94.0%
(identified cost $274,274,886)

       $ 321,778,358  
     

 

 

  

 

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Taxable Municipal Obligations — 5.4%

 

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

    $ 1,685      $ 1,773,580  
     

 

 

  
      $ 1,773,580  
     

 

 

  

General Obligations — 1.2%

 

Chicago, IL:      

7.375%, 1/1/33

    $ 1,750      $ 2,313,605  

7.781%, 1/1/35

      1,400        1,949,892  
     

 

 

  
      $ 4,263,497  
     

 

 

  

Hospital — 1.3%

 

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24

    $ 4,000      $ 4,583,040  
     

 

 

  
      $ 4,583,040  
     

 

 

  

Insured-Housing — 0.9%

 

Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41

    $ 1,610      $ 1,666,930  

Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University), (AGM), 3.508%, 7/1/41

      1,500        1,579,500  
     

 

 

  
      $ 3,246,430  
     

 

 

  

Insured-Special Tax Revenue — 0.4%

 

Houston Uptown Development Authority, TX, Tax Increment Contract Revenue, (AGM), 3.464%, 9/1/40

    $ 1,160      $ 1,206,110  
     

 

 

  
      $ 1,206,110  
     

 

 

  

Special Tax Revenue — 0.6%

 

American Samoa Economic Development Authority:      

2.47%, 9/1/24(1)

    $ 525      $ 525,026  

3.72%, 9/1/27(1)

      1,400        1,399,692  
     

 

 

  
      $ 1,924,718  
     

 

 

  

Transportation — 0.5%

 

Maryland Economic Development Corp., (Seagirt Marine Terminal), 4.75%, 6/1/42    $ 1,500      $ 1,557,765  
     

 

 

  
   $ 1,557,765  
     

 

 

  

Total Taxable Municipal Obligations — 5.4%
(identified cost $16,587,300)

 

    $ 18,555,140  
     

 

 

  

Total Investments — 104.5%
(identified cost $306,824,763)

 

    $ 357,655,072  
     

 

 

  

Other Assets, Less Liabilities — (4.5)%

 

    $ (15,299,766 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 342,355,306  
     

 

 

  

 

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

At June 30, 2021, 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

      15.5 % 

Illinois

      14.6 % 

Others, representing less than 10% individually

      69.9 % 

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 June 30, 2021, 15.1% 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 7.6% 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 June 30, 2021, the aggregate value of these securities is $33,723,753 or 9.9% of the Trust’s net assets.

 

(2)

When-issued security.

 

(3)

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 June 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.

 

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At June 30, 2021, 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

    $ —      $ 17,321,574      $ —      $ 17,321,574  

Tax-Exempt Municipal Obligations

      —        321,778,358        —        321,778,358  

Taxable Municipal Obligations

      —        18,555,140        —        18,555,140  

Total Investments

    $ —      $     357,655,072      $ —      $     357,655,072  

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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