Eaton Vance
TABS5-to-15 Year Laddered Municipal Bond NextShares
October 31, 2019 (Unaudited)
Eaton Vance TABS5-to-15 Year Laddered Municipal Bond NextShares (the Fund), a diversified series of Eaton Vance NextShares Trust II, invests all of its investable assets in5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) and owns apro-rata interest in the Portfolio’s net assets. At October 31, 2019, the value of the Fund’s investment in the Portfolio was $7,435,263 and the Fund owned 1.1% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2019
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 95.4%
| Security | Principal Amount (000’s omitted) | Value | ||||||
Bond Bank — 0.2% | ||||||||
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35 | $ | 1,325 | $ | 1,548,448 | ||||
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| |||||||
| $ | 1,548,448 | |||||||
|
| |||||||
Education — 4.1% | ||||||||
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25 | $ | 200 | $ | 236,514 | ||||
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26 | 565 | 683,955 | ||||||
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/24 | 275 | 319,610 | ||||||
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/25 | 275 | 327,126 | ||||||
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/26 | 300 | 363,612 | ||||||
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/27 | 300 | 370,248 | ||||||
Colorado School of Mines, 4.00%, 12/1/34 | 890 | 1,004,365 | ||||||
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/25 | 875 | 1,037,111 | ||||||
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26 | 1,000 | 1,209,530 | ||||||
Florida Higher Educational Facilities Financing Authority, (Nova Southeastern University), 5.00%, 4/1/30 | 750 | 876,945 | ||||||
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | 505 | 615,464 | ||||||
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 1.20%, 8/15/34(1) | 5,000 | 5,000,000 | ||||||
Nevada System of Higher Education, 5.00%, 7/1/24 | 1,000 | 1,132,410 | ||||||
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29 | 200 | 216,290 | ||||||
Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (LOC: TD Bank, N.A.), 1.10%, 8/15/36(2) | 5,000 | 5,000,000 | ||||||
Saginaw Valley State University, MI, 5.00%, 7/1/26 | 750 | 908,730 | ||||||
Saginaw Valley State University, MI, 5.00%, 7/1/27 | 750 | 901,800 | ||||||
Saginaw Valley State University, MI, 5.00%, 7/1/28 | 1,000 | 1,198,730 | ||||||
University of New Mexico, (SPA: U.S. Bank, N.A.), 1.16%, 6/1/26(2) | 4,500 | 4,500,000 | ||||||
University of North Carolina at Greensboro, 5.00%, 4/1/33 | 1,085 | 1,242,065 | ||||||
Virginia Commonwealth University, 4.00%, 11/1/34 | 1,145 | 1,326,746 | ||||||
Western Michigan University, 5.00%, 11/15/24 | 300 | 353,277 | ||||||
|
| |||||||
| $ | 28,824,528 | |||||||
|
| |||||||
Electric Utilities — 2.7% | ||||||||
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | $ | 1,000 | $ | 1,182,590 | ||||
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25 | 365 | 435,460 | ||||||
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26 | 1,000 | 1,186,640 | ||||||
Fayetteville Public Works Commission, NC, 5.00%, 3/1/25 | 1,000 | 1,191,110 | ||||||
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | 250 | 296,395 | ||||||
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/24 | 100 | 116,258 | ||||||
Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | 735 | 886,329 | ||||||
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | 500 | 608,145 | ||||||
Orlando Utilities Commission, FL, Utility System Revenue, (SPA: TD Bank, N.A.), 1.19%, 10/1/33(2) | 5,000 | 5,000,000 | ||||||
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25 | 500 | 586,235 | ||||||
1
| Security | Principal Amount (000’s omitted) | Value | ||||||
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23 | $ | 125 | $ | 138,036 | ||||
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24 | 300 | 351,990 | ||||||
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26 | 250 | 304,572 | ||||||
Springfield Electric System Revenue, IL, 5.00%, 3/1/27 | 250 | 290,923 | ||||||
Springfield Electric System Revenue, IL, 5.00%, 3/1/28 | 250 | 290,025 | ||||||
Springfield Electric System Revenue, IL, 5.00%, 3/1/29 | 250 | 289,228 | ||||||
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/27 | 300 | 352,077 | ||||||
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/28 | 400 | 468,396 | ||||||
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/29 | 1,120 | 1,305,360 | ||||||
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/30 | 1,500 | 1,740,990 | ||||||
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/31 | 1,000 | 1,159,560 | ||||||
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/33 | 300 | 347,019 | ||||||
Walnut Energy Center Authority, CA, 5.00%, 1/1/33 | 250 | 290,235 | ||||||
|
| |||||||
| $ | 18,817,573 | |||||||
|
| |||||||
General Obligations — 27.8% |
| |||||||
Abilene Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32 | $ | 700 | $ | 806,764 | ||||
Addison, TX, 5.00%, 2/15/26 | 270 | 303,485 | ||||||
Alvin Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | 2,265 | 2,593,493 | ||||||
Anchorage, AK, 5.00%, 9/1/24 | 250 | 293,863 | ||||||
Anchorage, AK, 5.00%, 9/1/25 | 100 | 120,752 | ||||||
Anchorage, AK, 5.00%, 9/1/27 | 780 | 935,860 | ||||||
Austin, TX, 5.00%, 9/1/30 | 3,085 | 4,003,065 | ||||||
Belding Area Schools, MI, 5.00%, 5/1/28 | 250 | 301,208 | ||||||
Belding Area Schools, MI, 5.00%, 5/1/30 | 250 | 299,423 | ||||||
Birmingham, AL, 5.00%, 12/1/25 | 1,050 | 1,271,382 | ||||||
Birmingham, AL, 5.00%, 12/1/27 | 2,460 | 3,095,910 | ||||||
Burlington, VT, 5.00%, 11/1/25 | 300 | 358,911 | ||||||
Burlington, VT, 5.00%, 11/1/26 | 150 | 183,320 | ||||||
California, 4.00%, 9/1/26 | 320 | 376,608 | ||||||
California, 5.00%, 8/1/24 | 1,390 | 1,637,684 | ||||||
California, 5.00%, 8/1/26 | 2,010 | 2,431,557 | ||||||
California, 5.00%, 8/1/28 | 2,000 | 2,578,740 | ||||||
California, 5.00%, 8/1/32 | 1,590 | 1,930,387 | ||||||
Cape May County, NJ, 3.00%, 10/1/31 | 1,000 | 1,061,150 | ||||||
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33 | 1,000 | 689,060 | ||||||
Clark County, NV, 4.00%, 11/1/34 | 2,375 | 2,625,135 | ||||||
Collin County, TX, 5.00%, 2/15/25 | 1,605 | 1,908,441 | ||||||
Colonial School District, PA, 5.00%, 2/15/32 | 100 | 119,354 | ||||||
Colonial School District, PA, 5.00%, 2/15/33 | 200 | 238,090 | ||||||
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/32 | 650 | 784,771 | ||||||
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33 | 350 | 418,982 | ||||||
Cook County School District No. 25, (Arlington Heights), IL, 5.00%, 12/15/32 | 630 | 757,594 | ||||||
Dallas, TX, 5.00%, 2/15/29 | 2,775 | 3,163,111 | ||||||
Dallas, TX, 5.00%, 2/15/31 | 3,615 | 3,996,166 | ||||||
Delaware, 5.00%, 2/1/29 | 1,000 | 1,280,870 | ||||||
Denton County, TX, 4.00%, 7/15/31 | 1,500 | 1,739,925 | ||||||
District of Columbia, 5.00%, 6/1/33 | 6,690 | 7,732,770 | ||||||
Douglas County School District No.Re-1, CO, 4.00%, 12/15/34 | 3,000 | 3,464,550 | ||||||
Dowagiac Union School District, MI, 4.00%, 5/1/26 | 350 | 405,563 | ||||||
Dublin City School District, OH, 5.00%, 12/1/29 | 500 | 647,820 | ||||||
2
| Security | Principal Amount (000’s omitted) | Value | ||||||
Edgewood City School District, OH, 5.25%, 12/1/33 | $ | 500 | $ | 565,175 | ||||
Edinburg, TX, 5.00%, 3/1/25 | 310 | 366,612 | ||||||
Fayette County School District, GA, 5.25%, 9/1/24 | 1,175 | 1,396,699 | ||||||
Flower Mound, TX, 4.00%, 3/1/32 | 100 | 112,050 | ||||||
Flower Mound, TX, 5.00%, 3/1/27 | 510 | 619,543 | ||||||
Franklin County, OH, 4.25%, 12/1/35 | 1,250 | 1,357,400 | ||||||
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 400 | 446,156 | ||||||
Georgia, 5.00%, 2/1/32 | 1,000 | 1,233,850 | ||||||
Granville Exempted Village School District, OH, 5.00%, 12/1/26 | 500 | 605,745 | ||||||
Harlandale Independent School District, TX, 5.00%, 8/1/29 | 845 | 1,032,843 | ||||||
Hennepin County, MN, 5.00%, 12/1/33 | 1,000 | 1,227,570 | ||||||
Homewood, AL, 5.00%, 9/1/28 | 2,000 | 2,440,040 | ||||||
Homewood, AL, 5.00%, 9/1/29 | 2,000 | 2,428,660 | ||||||
Hudson City School District, OH, 4.00%, 12/1/32 | 100 | 112,022 | ||||||
Illinois, 5.00%, 10/1/26 | 3,650 | 4,185,637 | ||||||
Illinois, 5.00%, 2/1/27 | 2,730 | 3,124,867 | ||||||
Illinois, 5.00%, 1/1/28 | 5,655 | 6,343,213 | ||||||
Illinois, 5.00%, 3/1/28 | 2,000 | 2,105,680 | ||||||
Illinois, 5.00%, 4/1/29 | 1,190 | 1,299,159 | ||||||
Illinois, 5.00%, 3/1/34 | 6,000 | 6,274,860 | ||||||
Illinois, 5.00%, 3/1/35 | 5,000 | 5,225,000 | ||||||
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29 | 1,000 | 1,124,800 | ||||||
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28 | 2,370 | 2,883,366 | ||||||
La Joya Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26 | 485 | 534,164 | ||||||
Lakeland, FL, 5.00%, 10/1/25 | 635 | 753,358 | ||||||
Lakeland, FL, 5.00%, 10/1/28 | 1,500 | 1,765,035 | ||||||
Lakeland, FL, 5.00%, 10/1/30 | 1,000 | 1,172,940 | ||||||
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31 | 700 | 469,056 | ||||||
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | 1,600 | 1,828,144 | ||||||
Maine, 5.00%, 6/1/25 | 2,500 | 3,002,875 | ||||||
McLean County Public Building Commission, IL, 5.00%, 12/1/28 | 200 | 233,666 | ||||||
Miami-Dade County School District, FL, 5.00%, 3/15/28 | 300 | 354,813 | ||||||
Miami-Dade County, FL, 5.00%, 7/1/29 | 1,000 | 1,192,620 | ||||||
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | 560 | 616,728 | ||||||
MountainView-Los Altos Union High School District, CA, 0.00%, 8/1/27 | 175 | 153,988 | ||||||
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28 | 195 | 229,757 | ||||||
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29 | 340 | 400,088 | ||||||
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30 | 725 | 851,396 | ||||||
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31 | 885 | 1,036,662 | ||||||
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/32 | 720 | 842,170 | ||||||
Needham, MA, 4.00%, 8/1/32 | 1,165 | 1,364,926 | ||||||
New Hampshire, 4.00%, 12/1/33 | 2,285 | 2,661,157 | ||||||
New York, NY, 5.00%, 8/1/25 | 2,000 | 2,409,620 | ||||||
Oregon, 2.20%, 6/1/24 | 815 | 846,924 | ||||||
Oregon, 2.25%, 12/1/24 | 1,000 | 1,043,050 | ||||||
Oregon, 2.35%, 6/1/25 | 165 | 173,532 | ||||||
Oregon, 2.40%, 12/1/25 | 1,050 | 1,110,889 | ||||||
Oregon, 2.50%, 6/1/26 | 1,070 | 1,130,797 | ||||||
Oregon, 2.55%, 12/1/26 | 430 | 456,604 | ||||||
Oregon, (SPA: U.S. Bank, N.A.), 1.15%, 12/1/36(2) | 5,000 | 5,000,000 | ||||||
3
| Security | Principal Amount (000’s omitted) | Value | ||||||
Pasadena, TX, 4.00%, 2/15/28 | $ | 500 | $ | 560,835 | ||||
Pasadena, TX, 4.00%, 2/15/29 | 250 | 279,515 | ||||||
Pasadena, TX, 4.00%, 2/15/30 | 500 | 556,275 | ||||||
Pasadena, TX, 4.00%, 2/15/31 | 650 | 720,603 | ||||||
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | 1,060 | 925,369 | ||||||
Pennsylvania, 4.00%, 6/1/30 | 5,000 | 5,285,900 | ||||||
Pennsylvania, 4.00%, 6/15/31 | 235 | 256,103 | ||||||
Pennsylvania, 5.00%, 7/1/24 | 490 | 572,232 | ||||||
Philadelphia, PA, 5.00%, 2/1/24 | 1,050 | 1,207,206 | ||||||
Philadelphia, PA, 5.00%, 2/1/26 | 1,150 | 1,390,269 | ||||||
Philadelphia, PA, 5.00%, 2/1/31 | 2,250 | 2,837,835 | ||||||
Pittsburg Unified School District, CA, 5.00%, 8/1/28 | 920 | 1,170,571 | ||||||
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28 | 2,000 | 2,327,340 | ||||||
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/24 | 465 | 546,212 | ||||||
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/25 | 485 | 585,225 | ||||||
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/26 | 505 | 624,549 | ||||||
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/27 | 530 | 651,980 | ||||||
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28 | 555 | 680,635 | ||||||
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/29 | 575 | 701,983 | ||||||
Romeo Community Schools, MI, 5.00%, 5/1/30 | 700 | 838,383 | ||||||
Romulus, MI, 4.00%, 11/1/31 | 250 | 279,610 | ||||||
Romulus, MI, 4.00%, 11/1/32 | 300 | 334,179 | ||||||
Romulus, MI, 4.00%, 11/1/33 | 250 | 277,598 | ||||||
SCAGO Educational Facilities Corp. for Cherokee School District, SC, 5.00%, 12/1/23 | 500 | 571,465 | ||||||
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26 | 1,650 | 1,955,712 | ||||||
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | 635 | 718,020 | ||||||
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/31 | 120 | 135,398 | ||||||
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29 | 300 | 339,219 | ||||||
Seward County Unified School District No. 480, KS, 5.00%, 9/1/29 | 2,000 | 2,367,620 | ||||||
South Texas College District, 5.00%, 8/15/30 | 1,295 | 1,466,316 | ||||||
Southfield Public Schools, MI, 5.00%, 5/1/25 | 1,100 | 1,304,732 | ||||||
Southfield Public Schools, MI, 5.00%, 5/1/27 | 1,000 | 1,237,170 | ||||||
St. Vrain Valley School DistrictRE-1J, CO, 5.00%, 12/15/28 | 1,700 | 2,108,697 | ||||||
St. Vrain Valley School DistrictRE-1J, CO, 5.00%, 12/15/29 | 1,000 | 1,236,400 | ||||||
Stamford, CT, 4.00%, 8/1/27 | 650 | 747,207 | ||||||
Sun Valley, ID, 5.00%, 9/15/25 | 755 | 916,442 | ||||||
Sun Valley, ID, 5.00%, 9/15/26 | 695 | 863,989 | ||||||
Texas, (SPA: State Street Bank and Trust Co.), 1.21%, 12/1/42(2) | 7,040 | 7,040,000 | ||||||
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/30 | 515 | 633,785 | ||||||
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/31 | 450 | 548,699 | ||||||
Trussville, AL, 5.00%, 10/1/31 | 150 | 169,022 | ||||||
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | 510 | 580,895 | ||||||
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28 | 530 | �� | 601,412 | |||||
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29 | 545 | 616,248 | ||||||
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 570 | 642,373 | ||||||
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/25 | 600 | 730,086 | ||||||
Washington, 5.00%, 8/1/28 | 1,485 | 1,821,159 | ||||||
Washington, 5.00%, 8/1/29 | 1,400 | 1,710,184 | ||||||
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25 | 265 | 245,342 | ||||||
4
| Security | Principal Amount (000’s omitted) | Value | ||||||
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27 | $ | 2,825 | $ | 3,245,614 | ||||
Will County Community Unit School District No.365-U, IL, 4.00%, 1/1/30 | 750 | 827,385 | ||||||
Williamson County, TX, 5.00%, 2/15/28 | 300 | 345,276 | ||||||
York County, PA, 5.00%, 6/1/27 | 1,225 | 1,444,312 | ||||||
|
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| $ | 193,482,256 | |||||||
|
| |||||||
Hospital — 11.5% | ||||||||
Berks County Industrial Development Authority, PA, (Tower Health), 4.00%, 11/1/33 | $ | 200 | $ | 214,798 | ||||
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25 | 250 | 296,765 | ||||||
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | 100 | 107,453 | ||||||
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | 750 | 941,640 | ||||||
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37 | 40 | 41,715 | ||||||
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | 1,800 | 2,162,862 | ||||||
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/34 | 2,000 | 2,432,000 | ||||||
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/35 | 3,000 | 3,631,320 | ||||||
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00% to 8/1/26 (Put Date), 8/1/49 | 5,000 | 5,907,250 | ||||||
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | 150 | 178,553 | ||||||
Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 5.00%, 2/15/33 | 1,000 | 1,209,770 | ||||||
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/32 | 3,965 | 4,411,737 | ||||||
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33 | 4,000 | 4,447,680 | ||||||
Idaho Health Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/30 | 750 | 813,840 | ||||||
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27 | 500 | 605,375 | ||||||
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/31 | 1,000 | 1,156,830 | ||||||
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/32 | 1,000 | 1,153,170 | ||||||
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30 | 1,000 | 1,166,970 | ||||||
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25 | 250 | 292,767 | ||||||
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26 | 250 | 293,035 | ||||||
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27 | 250 | 291,830 | ||||||
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/30 | 2,000 | 2,396,080 | ||||||
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/31 | 1,500 | 1,789,410 | ||||||
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/32 | 2,000 | 2,375,260 | ||||||
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.69%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(3) | 5,000 | 5,012,550 | ||||||
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | 1,000 | 1,159,870 | ||||||
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | 595 | 673,718 | ||||||
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/24 | 550 | 633,149 | ||||||
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26 | 500 | 601,970 | ||||||
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28 | 245 | 291,993 | ||||||
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28 | 1,315 | 1,519,548 | ||||||
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24 | 500 | 586,135 | ||||||
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/27 | 1,500 | 1,633,635 | ||||||
5
| Security | Principal Amount (000’s omitted) | Value | ||||||
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | $ | 490 | $ | 573,388 | ||||
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31 | 1,000 | 1,184,740 | ||||||
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23 | 500 | 551,105 | ||||||
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24 | 500 | 561,950 | ||||||
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/28 | 1,340 | 1,503,118 | ||||||
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/29 | 775 | 868,256 | ||||||
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/25 | 400 | 475,336 | ||||||
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/28 | 500 | 621,100 | ||||||
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/29 | 500 | 617,355 | ||||||
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25 | 1,000 | 1,198,460 | ||||||
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27 | 700 | 857,948 | ||||||
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28 | 700 | 855,316 | ||||||
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30 | 520 | 630,282 | ||||||
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31 | 700 | 845,985 | ||||||
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24 | 100 | 116,760 | ||||||
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25 | 1,000 | 1,183,470 | ||||||
Norman Regional Hospital Authority, OK, 5.00%, 9/1/29 | 1,000 | 1,192,980 | ||||||
North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.00%, 6/1/34 | 1,140 | 1,163,347 | ||||||
North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group), 5.00%, 12/1/33 | 3,030 | 3,322,183 | ||||||
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28 | 1,000 | 1,206,760 | ||||||
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29 | 250 | 285,103 | ||||||
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | 150 | 163,899 | ||||||
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24 | 300 | 350,337 | ||||||
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25 | 500 | 600,610 | ||||||
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 625 | 726,425 | ||||||
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | 1,655 | 1,970,393 | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/24 | 350 | 410,595 | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25 | 335 | 403,250 | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/26 | 300 | 363,813 | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27 | 205 | 247,513 | ||||||
6
| Security | Principal Amount (000’s omitted) | Value | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28 | $ | 500 | $ | 601,875 | ||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30 | 400 | 477,556 | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31 | 400 | 476,488 | ||||||
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | 1,575 | 1,955,095 | ||||||
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | 400 | 481,576 | ||||||
Wisconsin Health and Educational Facilities Authority, (Ascension Health Senior Credit Group), 5.00%, 11/15/33 | 650 | 650,767 | ||||||
|
| |||||||
| $ | 80,125,812 | |||||||
|
| |||||||
Housing — 2.4% | ||||||||
Connecticut Housing Finance Authority, 3.60%, 11/15/30 | $ | 145 | $ | 153,394 | ||||
Georgia Housing & Finance Authority, 3.65%, 12/1/32 | 1,000 | 1,076,420 | ||||||
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.30%, 7/1/21 | 985 | 997,677 | ||||||
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/33 | 655 | 754,973 | ||||||
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/34 | 295 | 338,566 | ||||||
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/35 | 440 | 502,185 | ||||||
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/33 | 525 | 605,131 | ||||||
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/34 | 240 | 275,443 | ||||||
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/35 | 285 | 325,279 | ||||||
New York City Housing Development Corp., NY, 2.30%, 5/1/25 | 910 | 945,763 | ||||||
New York City Housing Development Corp., NY, 2.65%, 11/1/27 | 870 | 908,115 | ||||||
New York City Housing Development Corp., NY, 2.80%, 5/1/29 | 795 | 832,564 | ||||||
New York City Housing Development Corp., NY, 2.85%, 11/1/29 | 425 | 445,387 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.20%, 5/1/25 | 190 | 195,356 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.25%, 11/1/25 | 225 | 232,348 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.35%, 5/1/26 | 200 | 207,078 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26 | 225 | 237,532 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.50%, 11/1/27 | 140 | 147,510 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.60%, 5/1/28 | 110 | 116,062 | ||||||
New York Mortgage Agency, 3.65%, 4/1/32 | 1,000 | 1,080,570 | ||||||
Seattle Housing Authority, WA, 2.625%, 12/1/23 | 110 | 114,915 | ||||||
Seattle Housing Authority, WA, 2.75%, 12/1/24 | 480 | 507,547 | ||||||
Seattle Housing Authority, WA, 2.875%, 12/1/25 | 900 | 965,592 | ||||||
Seattle Housing Authority, WA, 3.00%, 12/1/26 | 920 | 999,985 | ||||||
Tennessee Housing Development Agency, 2.80%, 7/1/26 | 250 | 265,417 | ||||||
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | 1,758 | 1,917,802 | ||||||
Virginia Housing Development Authority, 2.55%, 5/1/27 | 630 | 654,778 | ||||||
Virginia Housing Development Authority, 3.80%, 12/1/35 | 785 | 853,232 | ||||||
Washington Housing Finance Commission, 2.25%, 6/1/25 | 105 | 109,408 | ||||||
Washington Housing Finance Commission, 2.30%, 12/1/25 | 130 | 135,780 | ||||||
Washington Housing Finance Commission, 2.40%, 6/1/26 | 105 | 109,742 | ||||||
|
| |||||||
| $ | 17,011,551 | |||||||
|
| |||||||
Insured-Education — 0.4% | ||||||||
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/28 | $ | 1,065 | $ | 1,303,794 | ||||
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29 | 1,000 | 1,218,700 | ||||||
|
| |||||||
| $ | 2,522,494 | |||||||
|
| |||||||
7
| Security | Principal Amount (000’s omitted) | Value | ||||||
Insured-Escrowed/Prerefunded — 0.0%(4) | ||||||||
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25 | $ | 100 | $ | 119,259 | ||||
|
| |||||||
| $ | 119,259 | |||||||
|
| |||||||
Insured-General Obligations — 0.8% | ||||||||
Albertville, AL, (BAM), 4.00%, 6/1/28 | $ | 1,130 | $ | 1,204,252 | ||||
Albertville, AL, (BAM), Series A, 4.00%, 6/1/30 | 1,505 | 1,598,114 | ||||||
Albertville, AL, (BAM), Series C, 4.00%, 6/1/30 | 610 | 647,741 | ||||||
New Britain, CT, (BAM), 5.00%, 3/1/25 | 135 | 158,443 | ||||||
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25 | 5 | 5,949 | ||||||
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25 | 470 | 517,273 | ||||||
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24 | 325 | 374,897 | ||||||
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27 | 690 | 792,617 | ||||||
|
| |||||||
| $ | 5,299,286 | |||||||
|
| |||||||
Insured-Lease Revenue/Certificates of Participation — 0.9% | ||||||||
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25 | $ | 1,350 | $ | 1,583,941 | ||||
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29 | 1,235 | 1,466,229 | ||||||
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26 | 250 | 297,728 | ||||||
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | 100 | 118,066 | ||||||
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | 400 | 470,352 | ||||||
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | 200 | 234,506 | ||||||
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24 | 410 | 478,306 | ||||||
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25 | 305 | 365,039 | ||||||
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26 | 355 | 433,657 | ||||||
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27 | 605 | 735,983 | ||||||
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29 | 310 | 374,052 | ||||||
|
| |||||||
| $ | 6,557,859 | |||||||
|
| |||||||
Insured-Special Tax Revenue — 0.1% | ||||||||
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/24 | $ | 115 | $ | 135,532 | ||||
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25 | 420 | 508,998 | ||||||
|
| |||||||
| $ | 644,530 | |||||||
|
| |||||||
Insured-Transportation — 1.8% | ||||||||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/24 | $ | 350 | $ | 410,333 | ||||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25 | 500 | 602,515 | ||||||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26 | 320 | 385,213 | ||||||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | 375 | 450,488 | ||||||
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/30 | 1,000 | 1,227,390 | ||||||
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/31 | 1,250 | 1,523,913 | ||||||
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32 | 1,650 | 2,004,684 | ||||||
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33 | 2,450 | 2,967,954 | ||||||
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34 | 2,485 | 3,004,166 | ||||||
|
| |||||||
| $ | 12,576,656 | |||||||
|
| |||||||
Insured-Water and Sewer — 0.1% | ||||||||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/24 | $ | 150 | $ | 174,255 | ||||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | 250 | 296,890 | ||||||
|
| |||||||
| $ | 471,145 | |||||||
|
| |||||||
8
| Security | Principal Amount (000’s omitted) | Value | ||||||
Lease Revenue/Certificates of Participation — 6.6% | ||||||||
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28 | $ | 1,000 | $ | 1,130,960 | ||||
Broward County School Board, FL, 5.00%, 7/1/25 | 500 | 600,435 | ||||||
Broward County School Board, FL, 5.00%, 7/1/27 | 500 | 609,625 | ||||||
Broward County School Board, FL, 5.00%, 7/1/29 | 500 | 605,465 | ||||||
Broward County School Board, FL, Series A, 5.00%, 7/1/24 | 1,250 | 1,459,775 | ||||||
California Public Works Board, 5.00%, 11/1/29 | 1,000 | 1,228,770 | ||||||
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26 | 500 | 609,700 | ||||||
Colorado Department of Transportation, 5.00%, 6/15/30 | 350 | 420,917 | ||||||
Colorado Department of Transportation, 5.00%, 6/15/31 | 310 | 371,699 | ||||||
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25 | 500 | 589,355 | ||||||
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29 | 3,000 | 3,725,580 | ||||||
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30 | 3,000 | 3,705,990 | ||||||
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26 | 200 | 240,616 | ||||||
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23 | 135 | 151,100 | ||||||
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24 | 550 | 631,109 | ||||||
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25 | 570 | 667,584 | ||||||
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26 | 595 | 697,691 | ||||||
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27 | 620 | 719,553 | ||||||
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | 645 | 743,350 | ||||||
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28 | 410 | 514,132 | ||||||
Kentucky Property and Buildings Commission, 5.00%, 4/1/27 | 1,710 | 2,077,325 | ||||||
Kentucky Property and Buildings Commission, 5.00%, 11/1/27 | 2,350 | 2,822,561 | ||||||
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | 1,495 | 1,788,663 | ||||||
Medina City School District, OH, 5.00%, 12/1/24 | 300 | 350,658 | ||||||
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/25 | 1,405 | 1,691,128 | ||||||
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26 | 2,000 | 2,394,380 | ||||||
Oklahoma County Finance Authority, OK, (MidwestCity-Del City Public Schools), 5.00%, 10/1/24 | 850 | 995,342 | ||||||
Oklahoma County Finance Authority, OK, (MidwestCity-Del City Public Schools), 5.00%, 10/1/25 | 1,000 | 1,199,530 | ||||||
Oklahoma County Finance Authority, OK, (MidwestCity-Del City Public Schools), 5.00%, 10/1/26 | 1,000 | 1,222,970 | ||||||
Oklahoma County Finance Authority, OK, (Western Heights Public Schools), 5.00%, 9/1/23 | 1,250 | 1,421,725 | ||||||
Orange County School Board, FL, 5.00%, 8/1/32 | 1,935 | 2,275,521 | ||||||
Pennington County, SD, Certificates of Participation, 5.00%, 6/1/27 | 1,300 | 1,542,489 | ||||||
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30 | 385 | 469,600 | ||||||
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | 500 | 600,255 | ||||||
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27 | 850 | 1,029,367 | ||||||
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28 | 950 | 1,145,605 | ||||||
South Dakota Building Authority, 5.00%, 6/1/26 | 500 | 613,165 | ||||||
South Dakota Building Authority, 5.00%, 6/1/27 | 635 | 735,051 | ||||||
South Dakota Building Authority, 5.00%, 6/1/28 | 210 | 248,760 | ||||||
South Dakota Building Authority, Series 2015B, 5.00%, 6/1/30 | 200 | 235,312 | ||||||
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/24 | 360 | 376,952 | ||||||
Virginia Public Building Authority, 4.00%, 8/1/35 | 1,140 | 1,329,160 | ||||||
|
| |||||||
| $ | 45,988,925 | |||||||
|
| |||||||
9
| Security | Principal Amount (000’s omitted) | Value | ||||||
Other Revenue — 11.6% | ||||||||
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34 | $ | 905 | $ | 1,035,338 | ||||
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/33 | 690 | 795,342 | ||||||
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/34 | 810 | 931,378 | ||||||
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/35 | 760 | 871,393 | ||||||
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.622%, (70% of 1 mo. USD LIBOR + 0.20%), 4/1/21 (Put Date), 10/1/47(3) | 2,500 | 2,501,725 | ||||||
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/28 | 1,000 | 1,198,570 | ||||||
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/29 | 1,000 | 1,195,230 | ||||||
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/32 | 825 | 977,468 | ||||||
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/33 | 640 | 757,082 | ||||||
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/34 | 510 | 601,560 | ||||||
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26 | 150 | 184,125 | ||||||
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00%, 7/1/24 | 5,000 | 5,511,150 | ||||||
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49 | 5,000 | 5,550,100 | ||||||
Kentucky Public Energy Authority, Gas Supply Revenue, 2.481%, (67% of 1 mo. USD LIBOR + 1.12%), 6/1/25 (Put Date), 12/1/49(3) | 10,000 | 9,960,200 | ||||||
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/30 | 400 | 458,948 | ||||||
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/31 | 250 | 286,233 | ||||||
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/32 | 365 | 417,144 | ||||||
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/33 | 300 | 341,640 | ||||||
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/34 | 475 | 540,198 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/32 | 2,355 | 2,950,415 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/34 | 2,425 | 3,016,748 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27 | 500 | 607,560 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29 | 275 | 332,021 | ||||||
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 4.00% to 12/2/24 (Put Date), 8/1/49 | 2,500 | 2,806,150 | ||||||
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 9/1/23 (Put Date), 4/1/48 | 1,000 | 1,081,410 | ||||||
Mississippi Development Bank, Special Obligation Bond, (East Mississippi Correctional Facility), 5.00%, 8/1/25 | 1,000 | 1,178,710 | ||||||
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25 | 1,270 | 1,498,740 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/27 | 200 | 254,656 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/28 | 250 | 324,713 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/29 | 325 | 429,114 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/31 | 250 | 327,358 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/32 | 550 | 716,985 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/33 | 300 | 390,450 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/34 | 300 | 388,392 | ||||||
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/35 | 700 | 903,350 | ||||||
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28 | 1,060 | 1,330,035 | ||||||
San Diego Association of Governments, CA,(Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27 | 1,000 | 1,014,030 | ||||||
Spartanburg County School District No. 7, SC, Special Obligation Bonds, 5.00%, 12/1/24 | 350 | 411,534 | ||||||
Tennergy Corp., TN, Gas Supply Revenue, 5.00% to 10/1/24 (Put Date), 2/1/50 | 12,000 | 13,827,120 | ||||||
10
| Security | Principal Amount (000’s omitted) | Value | ||||||
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49 | $ | 5,000 | $ | 5,517,500 | ||||
Virginia Resources Authority, 5.00%, 11/1/28 | 3,135 | 3,610,109 | ||||||
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/31 | 2,500 | 2,977,600 | ||||||
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32 | 1,000 | 1,185,000 | ||||||
|
| |||||||
| $ | 81,194,524 | |||||||
|
| |||||||
Senior Living/Life Care — 2.4% | ||||||||
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23 | $ | 2,500 | $ | 2,514,975 | ||||
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/24 | 160 | 183,128 | ||||||
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/28 | 1,480 | 1,743,677 | ||||||
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/33 | 875 | 997,255 | ||||||
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28 | 50 | 57,288 | ||||||
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30 | 910 | 1,035,525 | ||||||
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | 100 | 118,151 | ||||||
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26 | 640 | 646,688 | ||||||
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | 1,035 | 1,189,091 | ||||||
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21 | 250 | 268,082 | ||||||
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | 250 | 291,252 | ||||||
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22 | 225 | 242,699 | ||||||
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | 1,000 | 1,047,560 | ||||||
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/23 | 600 | 660,252 | ||||||
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/29 | 600 | 698,898 | ||||||
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/30 | 200 | 231,664 | ||||||
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31 | 250 | 288,867 | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/24 | 150 | 172,514 | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/25 | 100 | 114,563 | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/26 | 1,100 | 1,253,978 | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/27 | 50 | 56,900 | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/29 | 125 | 141,629 | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/32 | 225 | 253,381 | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/30 | 200 | 235,360 | ||||||
11
| Security | Principal Amount (000’s omitted) | Value | ||||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/31 | $ | 675 | $ | 791,910 | ||||
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/30 | 250 | 282,710 | ||||||
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32 | 400 | 461,612 | ||||||
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/33 | 500 | 575,670 | ||||||
|
| |||||||
| $ | 16,555,279 | |||||||
|
| |||||||
Special Tax Revenue — 3.2% | ||||||||
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/26 | $ | 100 | $ | 119,623 | ||||
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/31 | 1,000 | 1,229,380 | ||||||
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32 | 500 | 613,190 | ||||||
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/25 | 250 | 298,755 | ||||||
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/26 | 1,025 | 1,252,898 | ||||||
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/29 | 900 | 1,086,615 | ||||||
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/30 | 950 | 1,142,290 | ||||||
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/31 | 895 | 1,072,586 | ||||||
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/32 | 735 | 880,280 | ||||||
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 10/1/32 | 1,200 | 1,317,600 | ||||||
Mississippi Development Bank, Special Obligation Bonds, (Hinds County School District), 4.00%, 3/1/25 | 470 | 529,502 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | 1,800 | 2,141,640 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34 | 5,000 | 6,022,800 | ||||||
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/33 | 1,190 | 1,375,402 | ||||||
Oregon Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/31 | 1,300 | 1,520,272 | ||||||
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26 | 100 | 118,468 | ||||||
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29 | 140 | 164,930 | ||||||
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32 | 1,000 | 1,226,450 | ||||||
|
| |||||||
| $ | 22,112,681 | |||||||
|
| |||||||
Transportation — 14.0% | ||||||||
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), 4.00%, 1/1/31 | $ | 1,000 | $ | 1,059,250 | ||||
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27 | 2,755 | 3,388,430 | ||||||
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.10% to 4/1/22 (Put Date), 4/1/45 | 2,000 | 2,037,760 | ||||||
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47 | 1,800 | 1,955,286 | ||||||
Central Florida Expressway Authority, 4.00%, 7/1/35 | 5,350 | 5,991,358 | ||||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/26 | 1,000 | 1,204,700 | ||||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28 | 150 | 175,136 | ||||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29 | 150 | 174,779 | ||||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30 | 500 | 580,640 | ||||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31 | 1,000 | 1,157,630 | ||||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33 | 125 | 144,155 | ||||||
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/28 | 2,905 | 3,607,865 | ||||||
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/29 | 3,060 | 3,787,729 | ||||||
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/30 | 1,000 | 1,232,310 | ||||||
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/31 | 1,000 | 1,227,170 | ||||||
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/32 | 2,565 | 3,140,022 | ||||||
Clark County, NV, Highway Revenue, 5.00%, 7/1/33 | 3,000 | 3,445,290 | ||||||
12
| Security | Principal Amount (000’s omitted) | Value | ||||||
Commonwealth Transportation Board, VA, 5.00%, 9/15/30 | $ | 1,240 | $ | 1,521,914 | ||||
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30 | 2,545 | 2,634,915 | ||||||
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/24 | 650 | 767,864 | ||||||
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | 1,650 | 1,995,856 | ||||||
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/32 | 2,100 | 2,533,335 | ||||||
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | 500 | 583,365 | ||||||
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29 | 1,000 | 1,164,080 | ||||||
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30 | 750 | 870,450 | ||||||
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | 650 | 775,476 | ||||||
Illinois Toll Highway Authority, 5.00%, 1/1/29 | 175 | 208,331 | ||||||
Illinois Toll Highway Authority, 5.00%, 12/1/32 | 350 | 410,392 | ||||||
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24 | 250 | 291,565 | ||||||
Kentucky Turnpike Authority, 5.00%, 7/1/33 | 500 | 559,520 | ||||||
Massachusetts Department of Transportation, 5.00%, 1/1/30 | 5,000 | 6,340,950 | ||||||
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27 | 1,500 | 1,834,980 | ||||||
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41 | 415 | 453,915 | ||||||
Metropolitan Transportation Authority, NY, 2.181%, (67% of 1 mo. USD LIBOR + 0.82%), 2/1/22 (Put Date), 11/1/26(3) | 6,625 | 6,692,376 | ||||||
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29 | 2,435 | 3,037,784 | ||||||
New Orleans Aviation Board, LA, 5.00%, 1/1/28 | 150 | 182,867 | ||||||
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/26 | 3,000 | 3,651,780 | ||||||
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/29 | 550 | 645,128 | ||||||
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/30 | 400 | 467,560 | ||||||
Pennsylvania Turnpike Commission, 1.82%, (SIFMA + 0.70%), 12/1/23(3) | 5,000 | 5,040,200 | ||||||
Port Authority of New York and New Jersey, 5.00%, 9/1/34 | 3,595 | 4,603,613 | ||||||
Port of Seattle, WA, 5.00%, 3/1/25 | 150 | 175,214 | ||||||
Port of Seattle, WA, 5.00%, 3/1/27 | 250 | 290,762 | ||||||
Port of Seattle, WA, 5.00%, 3/1/29 | 250 | 289,713 | ||||||
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/28 | 1,370 | 1,702,526 | ||||||
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/31 | 300 | 375,102 | ||||||
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/32 | 660 | 822,056 | ||||||
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/33 | 600 | 744,912 | ||||||
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/34 | 650 | 805,109 | ||||||
Texas Transportation Commission, 5.00%, 4/1/33 | 50 | 57,376 | ||||||
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/34 | 1,000 | 608,820 | ||||||
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/35 | 500 | 285,215 | ||||||
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | 2,920 | 3,662,089 | ||||||
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34 | 1,005 | 1,247,416 | ||||||
Wisconsin, Transportation Revenue, 5.00%, 7/1/31 | 3,450 | 3,996,928 | ||||||
Wisconsin, Transportation Revenue, 5.00%, 7/1/32 | 700 | 808,815 | ||||||
|
| |||||||
| $ | 97,449,779 | |||||||
|
| |||||||
Water and Sewer — 4.8% | ||||||||
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25 | $ | 300 | $ | 362,445 | ||||
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29 | 115 | 136,258 | ||||||
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30 | 100 | 117,871 | ||||||
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28 | 1,500 | 1,783,110 | ||||||
King County, WA, Sewer Revenue, 4.00%, 7/1/33 | 5,000 | 5,460,300 | ||||||
13
| Security | Principal Amount (000’s omitted) | Value | ||||||
Los Angeles, CA, Wastewater System Revenue, (LOC: The Toronto-Dominion Bank), 0.80%, 6/1/32(2) | $ | 5,500 | $ | 5,500,000 | ||||
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | 575 | 663,734 | ||||||
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27 | 1,000 | 1,133,460 | ||||||
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | 1,895 | 2,135,665 | ||||||
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27 | 600 | 737,520 | ||||||
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | 500 | 610,405 | ||||||
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: Barclays Bank PLC), 1.30%, 6/15/50(1) | 5,000 | 5,000,000 | ||||||
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: JPMorgan Chase Bank, N.A.), 1.35%, 6/15/50(1) | 5,000 | 5,000,000 | ||||||
Rapid City, SD, Water Revenue, 4.00%, 11/1/29 | 600 | 678,426 | ||||||
Rapid City, SD, Water Revenue, 4.00%, 11/1/30 | 670 | 754,561 | ||||||
Rapid City, SD, Water Revenue, 5.00%, 11/1/26 | 1,000 | 1,206,460 | ||||||
Rapid City, SD, Water Revenue, 5.00%, 11/1/27 | 515 | 617,804 | ||||||
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26 | 500 | 588,740 | ||||||
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27 | 505 | 607,222 | ||||||
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28 | 550 | 657,426 | ||||||
|
| |||||||
| $ | 33,751,407 | |||||||
|
| |||||||
TotalTax-Exempt Investments — 95.4% | $ | 665,053,992 | ||||||
|
| |||||||
Other Assets, Less Liabilities — 4.6% | $ | 31,826,101 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 696,880,093 | ||||||
|
| |||||||
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 Portfolio’s investments in the various states, determined as a percentage of net assets, is less than 10% individually.
The Portfolio 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, 4.2% 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 1.9% to 2.3% of total investments.
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at October 31, 2019. |
| (2) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at October 31, 2019. |
| (3) | Floating rate security. The stated interest rate represents the rate in effect at October 31, 2019. |
| (4) | Amount is less than 0.05%. |
14
Abbreviations:
AGM | - | Assured Guaranty Municipal Corp. | ||
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 | ||
Liq | - | Liquidity Provider | ||
LOC | - | Letter of Credit | ||
PSF | - | Permanent School Fund | ||
SIFMA | - | Securities Industry and Financial Markets Association Municipal Swap Index | ||
SPA | - | Standby Bond Purchase Agreement | ||
Currency Abbreviations:
USD | - | United States Dollar | ||
The Portfolio 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 Portfolio’s investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 665,053,992 | $ | — | $ | 665,053,992 | ||||||||
Total Investments | $ | — | $ | 665,053,992 | $ | — | $ | 665,053,992 | ||||||||
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
15