NPORT-EX 2 NPORT_FH2F_93095332_1221.htm html

Eaton Vance

National Municipal Opportunities Trust

December 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

 

                                                 
Corporate Bonds — 5.1%      
Security   

Principal

Amount

(000’s omitted)

      Value  

Hospital — 3.7%

      

CommonSpirit Health, 3.347%, 10/1/29

    $ 795      $ 846,240  

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

      3,240        3,181,073  

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

      5,000        5,163,326  

Tower Health, 4.451%, 2/1/50

      3,905        3,539,726  
     

 

 

  
      $ 12,730,365  
     

 

 

  

Insured-Hospital — 0.5%

      

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

    $ 1,440      $ 1,682,690  
     

 

 

  
      $ 1,682,690  
     

 

 

  

Other — 0.9%

      

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

    $ 2,430      $ 3,214,769  
     

 

 

  
      $ 3,214,769  
     

 

 

  

Total Corporate Bonds — 5.1%
(identified cost $16,551,316)

       $ 17,627,824  
     

 

 

  

Tax-Exempt Municipal Obligations — 91.9%

      
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      $ 640,595  

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

      185        197,593  

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

      

5.375%, 6/15/38(1)

      210        235,504  

5.375%, 6/15/48(1)

      395        436,206  

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

      325        387,920  

District of Columbia, (District of Columbia International School):

      

5.00%, 7/1/39

      185        224,224  

5.00%, 7/1/49

      185        220,659  

District of Columbia, (KIPP DC):

      

4.00%, 7/1/39

      100        114,113  

4.00%, 7/1/44

      100        112,882  

4.00%, 7/1/49

      135        151,346  

District of Columbia, (Rocketship DC Obligated Group):

      

5.00%, 6/1/56(1)

      1,090        1,221,748  

5.00%, 6/1/61(1)

      355        411,030  

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

      1,000        1,149,070  

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

      455        497,570  

 

1

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

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

      

5.00%, 4/1/40(1)

    $ 655      $ 781,631  

5.00%, 4/1/50(1)

      175        205,970  

5.50%, 4/1/32

      165        166,792  

5.75%, 4/1/42

      415        419,395  

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

      

5.00%, 10/15/49

      70        80,749  

5.00%, 10/15/54

      110        126,477  
     

 

 

  
      $ 7,781,474  
     

 

 

  

Electric Utilities — 3.2%

 

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

    $ 340      $ 342,125  

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

      5,750        6,522,110  

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

      1,520        1,661,269  

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

      2,000        2,328,460  
     

 

 

  
      $ 10,853,964  
     

 

 

  

Escrowed/Prerefunded — 4.3%

 

Central Texas Regional Mobility Authority, Prerefunded to 7/1/25, 5.00%, 1/1/45

    $ 750      $ 866,040  

Detroit, MI, Sewage Disposal System:

      

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

      1,450        1,484,844  

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

      1,405        1,440,490  

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        509,837  

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

      2,425        2,482,472  

San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/50

      6,400        7,298,624  

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

      770        865,295  
     

 

 

  
      $ 14,947,602  
     

 

 

  

General Obligations — 8.8%

 

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

    $ 6,410      $ 6,624,543  

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

      5,000        6,145,800  

Detroit, MI:

      

5.50%, 4/1/36

      435        547,282  

5.50%, 4/1/40

      680        849,619  

Illinois:

      

4.25%, 12/1/37

      6,000        6,814,740  

5.00%, 5/1/36

      3,500        3,831,940  

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

      710        411,928  

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

      2,430        2,512,669  

Township of Freehold, NJ:

      

1.00%, 10/15/29

      575        565,409  

1.00%, 10/15/30

      1,035        1,005,523  

1.00%, 10/15/31

      975        933,036  
     

 

 

  
      $ 30,242,489  
     

 

 

  

 

2

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Hospital — 10.6%

 

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

    $ 1,460      $ 1,625,038  

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

      165        176,090  

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

      665        698,297  

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

      670        769,817  

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

      310        339,090  

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

      1,000        1,145,000  

Illinois Finance Authority, (Presence Health Network):

      

3.75%, 2/15/34

      1,190        1,334,085  

4.00%, 2/15/36

      2,500        2,834,750  

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

      1,000        1,087,370  

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

      250        291,788  

Massachusetts Development Finance Agency, (Atrius Health):

      

4.00%, 6/1/49

      1,555        1,781,315  

5.00%, 6/1/39

      255        315,642  

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

      1,040        1,180,514  

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

      625        668,512  

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

      

4.00%, 9/1/38

      1,000        1,154,480  

4.00%, 9/1/39

      1,000        1,152,470  

4.00%, 9/1/44

      1,500        1,713,105  

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

      2,000        3,227,600  

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

      675        732,118  

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

      900        1,066,365  

Oklahoma Development Finance Authority, (OU Medicine):

      

5.00%, 8/15/38

      310        375,484  

5.25%, 8/15/43

      3,415        4,188,737  

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

      

5.00%, 11/15/45(2)

      3,975        4,649,080  

5.00%, 11/15/45

      5        5,848  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(2)

      3,500        3,801,035  
     

 

 

  
      $ 36,313,630  
     

 

 

  

Housing — 2.3%

 

California Municipal Finance Authority, (CityView Apartments), Sustainability Bonds, 4.00%, 11/1/36(1)

    $ 1,100      $ 1,205,677  

CSCDA Community Improvement Authority, CA, Essential Housing Revenue:

      

2.80%, 3/1/47(1)

      300        274,488  

3.00%, 12/1/56(1)

      1,195        1,061,841  

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

      425        510,876  

 

3

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

New York City Housing Development Corp., NY:

      

2.35%, 11/1/40

    $ 3,635      $ 3,680,801  

3.85%, 11/1/42

      1,000        1,079,410  
     

 

 

  
      $ 7,813,093  
     

 

 

  

Industrial Development Revenue — 7.9%

 

George L. Smith II Georgia World Congress Center Authority, 4.00%, 1/1/54

    $ 475      $ 539,857  

Houston, TX, (United Airlines, Inc.), (AMT), 4.00%, 7/15/41

      2,810        3,015,748  

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

      725        816,408  

National Finance Authority, NH, (Covanta):

      

4.625%, 11/1/42(1)

      1,415        1,467,185  

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

      1,555        1,618,040  

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

      560        598,030  

New Jersey Economic Development Authority, (Continental Airlines):

      

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

      335        346,802  

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

      1,900        1,965,094  

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

      2,560        3,618,509  

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

      

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

      2,765        3,204,358  

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

      1,640        2,020,234  

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

      2,000        2,076,820  

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

      3,935        4,023,262  

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

      1,445        1,629,165  

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

      145        169,190  
     

 

 

  
      $ 27,108,702  
     

 

 

  

Insured-General Obligations — 1.0%

 

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

    $ 145      $ 162,017  

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

      2,910        3,159,824  
     

 

 

  
      $ 3,321,841  
     

 

 

  

Insured-Housing — 0.0%

 

California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds, (BAM), 3.00%, 5/15/51

    $ 90      $ 95,908  
     

 

 

  
      $ 95,908  
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 0.1%

 

Kentucky State University, Certificates of Participation, (BAM), 4.00%, 11/1/41

    $ 250      $ 302,410  
     

 

 

  
      $ 302,410  
     

 

 

  

Insured-Other Revenue — 0.4%

 

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

      

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

    $ 390      $ 420,572  

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

      840        884,176  
     

 

 

  
      $ 1,304,748  
     

 

 

  

 

4

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Insured-Special Tax Revenue — 4.8%

 

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

      

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

    $ 4,000      $ 5,705,000  

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

      6,000        8,611,860  

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

      960        346,435  

Tolomato Community Development District, FL:

      

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

      720        800,150  

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

      855        948,999  
     

 

 

  
      $ 16,412,444  
     

 

 

  

Insured-Transportation — 8.6%

 

Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AGM), (AMT), 4.00%, 1/1/46

    $ 1,470      $ 1,699,202  

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

      710        744,258  

Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48(2)

      6,225        7,219,195  

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

      4,895        5,158,889  

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

      

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

      460        496,262  

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

      1,295        1,395,168  

North Carolina Turnpike Authority, (Triangle Expressway System):

      

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

      4,000        3,068,920  

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

      13,000        9,670,440  
     

 

 

  
      $ 29,452,334  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.8%

 

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

      

5.00%, 6/15/43

    $ 740      $ 894,845  

5.00%, 6/15/44

      4,260        5,215,007  
     

 

 

  
      $ 6,109,852  
     

 

 

  

Other Revenue — 1.6%

 

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

    $ 390      $ 461,393  

Metropolitan Pier and Exposition Authority, IL, (McCormick Place), 4.00%, 6/15/52(3)

      2,000        2,271,020  

Military Installation Development Authority, UT, 4.00%, 6/1/52

      500        502,125  

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

      605        713,900  

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

      1,245        1,746,474  
     

 

 

  
      $ 5,694,912  
     

 

 

  

Senior Living/Life Care — 10.4%

 

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

    $ 3,405      $ 3,599,868  

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

      

5.00%, 7/15/37

      850        929,738  

5.00%, 7/15/42

      700        762,279  

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

      

2.375%, 11/15/28(1)

      135        136,423  

5.00%, 11/15/56(1)

      140        160,206  

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

      125        137,412  

Colorado Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58

      400        417,296  

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

      730        820,243  

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

      185        199,672  

Florida Development Finance Corp., (Mayflower Retirement Community), 4.00%, 6/1/41(1)

      625        696,569  

 

5

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

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

      

5.75%, 1/1/28

    $ 165      $ 172,361  

6.375%, 1/1/33

      345        361,036  

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

      

5.125%, 11/15/32

      300        309,882  

5.25%, 11/15/37

      275        283,992  

Iowa Finance Authority, (Lifespace Communities, Inc.):

      

4.125%, 5/15/38

      1,500        1,623,960  

5.00%, 5/15/55

      510        585,159  

Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 5.00%, 11/15/39

      1,800        2,113,758  

Massachusetts Development Finance Agency, (Linden Ponds, Inc.):

      

5.00%, 11/15/33(1)

      470        525,441  

5.00%, 11/15/38(1)

      310        343,638  

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

      1,650        1,780,894  

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

      525        555,434  

Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza):

      

4.00%, 12/1/51

      410        449,483  

4.00%, 12/1/56

      1,070        1,169,489  

National Finance Authority, NH, (The Vista):

      

5.25%, 7/1/39(1)

      265        282,077  

5.625%, 7/1/46(1)

      360        385,470  

5.75%, 7/1/54(1)

      780        836,207  

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

      

5.00%, 1/1/31

      1,235        1,334,430  

5.00%, 1/1/32

      1,295        1,397,409  

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

      

5.00%, 7/1/32

      80        89,442  

5.00%, 7/1/33

      50        55,811  

5.00%, 7/1/34

      55        61,317  

5.00%, 7/1/39

      175        193,917  

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

      605        694,461  

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

      

7.25%, 6/1/39

      550        576,350  

7.50%, 6/1/49

      2,560        2,685,261  

Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/41(3)

      780        814,507  

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

      630        688,325  

South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1)

      100        103,458  

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

      1,335        1,572,924  

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):

      

4.00%, 12/1/38

      535        594,492  

4.00%, 12/1/46

      500        545,080  

4.00%, 12/1/56

      425        456,654  

 

6

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

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

    $ 900      $ 996,318  

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

      1,000        1,135,940  

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

      1,335        1,412,804  

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

      305        341,624  

Wisconsin Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries), 4.00%, 1/1/57

      500        529,815  
     

 

 

  
      $ 35,918,326  
     

 

 

  

Special Tax Revenue — 2.2%

 

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

    $ 140      $ 158,597  

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

      1,500        1,767,750  

New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 3/15/45

      1,000        1,196,620  

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

      4,000        4,493,280  
     

 

 

  
      $ 7,616,247  
     

 

 

  

Student Loan — 0.4%

 

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

    $ 1,445      $ 1,478,914  
     

 

 

  
      $ 1,478,914  
     

 

 

  

Transportation — 20.5%

 

Atlanta, GA, Airport Revenue:

      

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

    $ 2,550      $ 2,957,923  

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

      5,000        5,790,900  

Chicago, IL, (O’Hare International Airport):

      

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

      1,345        1,404,637  

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

      1,140        1,190,548  

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):

      

5.25%, 11/1/30

      1,125        1,223,156  

5.25%, 11/1/31

      1,735        1,885,719  

Delaware River and Bay Authority of Delaware and New Jersey:

      

4.00%, 1/1/44(2)

      2,125        2,462,535  

4.00%, 1/1/44

      10        11,588  

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

      2,590        2,828,643  

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

      875        938,998  

Hawaii, Airports System Revenue:

      

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

      1,065        1,207,966  

(AMT), 5.00%, 7/1/43(2)

      3,750        4,540,125  

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

      2,060        2,235,533  

Illinois Toll Highway Authority, 5.00%, 1/1/41(2)

      5,575        6,522,415  

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

      1,520        1,877,580  

Metropolitan Washington Airports Authority, D.C.:

      

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

      265        318,567  

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

      335        401,608  

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

      265        315,400  

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

      1,250        1,365,475  

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

      20,000        13,351,200  

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

      1,500        1,763,355  

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

      750        878,040  

 

7

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

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

    $ 2,115      $ 2,334,685  

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

      6,000        7,370,760  

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

      

4.00%, 12/31/37

      140        163,222  

4.00%, 12/31/38

      260        302,424  

4.00%, 12/31/39

      135        156,743  

5.00%, 12/31/35

      180        225,641  

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

      1,555        1,863,590  

Texas Transportation Commission, (Central Texas Turnpike System):

      

0.00%, 8/1/38

      850        468,316  

5.00%, 8/15/42

      445        496,331  

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

      1,500        1,783,110  
     

 

 

  
      $ 70,636,733  
     

 

 

  

Water and Sewer — 0.7%

 

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

    $ 2,070      $ 2,291,821  
     

 

 

  
      $ 2,291,821  
     

 

 

  

Total Tax-Exempt Municipal Obligations — 91.9%
(identified cost $272,474,514)

       $ 315,697,444  
     

 

 

  

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      $ 1,750,513  
     

 

 

  
      $ 1,750,513  
     

 

 

  

General Obligations — 1.2%

 

Chicago, IL:

      

7.375%, 1/1/33

    $ 1,750      $ 2,292,937  

7.781%, 1/1/35

      1,400        1,960,140  
     

 

 

  
      $ 4,253,077  
     

 

 

  

Hospital — 1.3%

 

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

    $ 4,000      $ 4,498,120  
     

 

 

  
      $ 4,498,120  
     

 

 

  

Insured-Education — 0.5%

 

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

    $ 1,610      $ 1,667,284  
     

 

 

  
      $ 1,667,284  
     

 

 

  

 

8

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Insured-Housing — 0.4%

 

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

    $ 1,500      $ 1,534,935  
     

 

 

  
      $ 1,534,935  
     

 

 

  

Insured-Special Tax Revenue — 0.4%

 

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

    $ 1,160      $ 1,209,520  
     

 

 

  
      $ 1,209,520  
     

 

 

  

Special Tax Revenue — 0.6%

 

American Samoa Economic Development Authority:

      

2.47%, 9/1/24(1)

    $ 525      $ 526,675  

3.72%, 9/1/27(1)

      1,370        1,382,782  
     

 

 

  
      $ 1,909,457  
     

 

 

  

Transportation — 0.5%

 

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

    $ 1,500      $ 1,590,315  
     

 

 

  
      $ 1,590,315  
     

 

 

  

Total Taxable Municipal Obligations — 5.4%
(identified cost $16,555,924)

       $ 18,413,221  
     

 

 

  

Total Investments — 102.4%
(identified cost $305,581,754)

       $ 351,738,489  
     

 

 

  

Other Assets, Less Liabilities — (2.4)%

 

    $ (8,104,744 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 343,633,745  
     

 

 

  

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

At December 31, 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

      14.7 % 

Others, representing less than 10% individually

      69.8 % 

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, 2021, 16.2% 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 7.8% 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, 2021, the aggregate value of these securities is $35,577,742 or 10.4% of the Trust’s net assets.

 

(2)

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

 

(3)

When-issued security.

 

9

 

 

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, 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 December 31, 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

    $ —      $ 17,627,824      $ —      $ 17,627,824  

Tax-Exempt Municipal Obligations

      —        315,697,444        —        315,697,444  

Taxable Municipal Obligations

      —        18,413,221        —        18,413,221  

Total Investments

    $     —      $     351,738,489      $     —      $     351,738,489  

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.

 

10