Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
October 31, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Municipal Obligations — 95.8%
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Bond Bank — 0.3% | | | | | | | | |
Vermont Municipal Bond Bank, 5.00%, 12/1/28 | | $ | 200 | | | $ | 234,944 | |
| | | | | | | | |
| | | | | | $ | 234,944 | |
| | | | | | | | |
Education — 5.5% | | | | | | | | |
Bethlehem Area School District Authority, PA, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1) | | $ | 2,300 | | | $ | 2,300,000 | |
Los Ranchos de Albuquerque, NM, (Albuquerque Academy): | | | | | | | | |
5.00%, 9/1/26 | | | 150 | | | | 176,559 | |
5.00%, 9/1/27 | | | 100 | | | | 120,274 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/32 | | | 465 | | | | 576,098 | |
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24 | | | 250 | | | | 280,397 | |
UCF Stadium Corp., FL, 5.00%, 3/1/23 | | | 250 | | | | 262,853 | |
University of Florida, 4.00%, 7/1/31 | | | 1,000 | | | | 1,229,830 | |
Vermont State Colleges, 5.00%, 7/1/24 | | | 100 | | | | 106,809 | |
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23 | | | 100 | | | | 105,580 | |
| | | | | | | | |
| | | | | | $ | 5,158,400 | |
| | | | | | | | |
Electric Utilities — 1.0% | | | | | | | | |
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23 | | $ | 175 | | | $ | 185,448 | |
Seattle, WA, Municipal Light and Power Revenue, 0.30%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(2) | | | 500 | | | | 504,580 | |
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25 | | | 250 | | | | 284,662 | |
| | | | | | | | |
| | | | | | $ | 974,690 | |
| | | | | | | | |
Escrowed/Prerefunded — 1.2% | | | | | | | | |
Michigan Finance Authority, (Trinity Health Credit Group), Prerefunded to 6/1/22, 5.00%, 12/1/27 | | $ | 500 | | | $ | 514,020 | |
Revere Local School District, OH, Prerefunded to 6/1/22, 5.00%, 12/1/27 | | | 200 | | | | 205,608 | |
Scotts Bluff County School District 0016, NE, (Gering Public Schools): | | | | | | | | |
Prerefunded to 5/30/22, 5.00%, 12/1/25 | | | 120 | | | | 123,330 | |
Prerefunded to 5/30/22, 5.00%, 12/1/26 | | | 115 | | | | 118,191 | |
Prerefunded to 5/30/22, 5.00%, 12/1/27 | | | 170 | | | | 174,718 | |
| | | | | | | | |
| | | | | | $ | 1,135,867 | |
| | | | | | | | |
General Obligations — 17.0% | | | | | | | | |
Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/32 | | $ | 500 | | | $ | 596,545 | |
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23 | | | 125 | | | | 134,578 | |
Campton Township, IL: | | | | | | | | |
5.00%, 12/15/22 | | | 200 | | | | 210,518 | |
5.00%, 12/15/23 | | | 105 | | | | 114,653 | |
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32 | | | 750 | | | | 909,127 | |
Decatur City Board of Education, AL, 5.00%, 2/1/25 | | | 50 | | | | 57,323 | |
1
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
El Monte Union High School District, CA, (Election of 2018): | | | | | | | | |
4.00%, 6/1/31 | | $ | 100 | | | $ | 115,134 | |
4.00%, 6/1/32 | | | 150 | | | | 172,412 | |
Grand Blanc Community Schools, MI, Prerefunded to 5/1/22, 4.00%, 5/1/27 | | | 455 | | | | 463,490 | |
Illinois: | | | | | | | | |
5.00%, 9/1/27 | | | 2,500 | | | | 2,989,775 | |
5.50%, 5/1/30 | | | 1,500 | | | | 1,919,160 | |
Lakeland, FL: | | | | | | | | |
5.00%, 10/1/22 | | | 100 | | | | 104,411 | |
5.00%, 10/1/24 | | | 50 | | | | 56,668 | |
McLean County Public Building Commission, IL, 5.00%, 12/1/22 | | | 250 | | | | 262,505 | |
New Jersey: | | | | | | | | |
4.00%, 6/1/31 | | | 500 | | | | 607,730 | |
5.00%, 6/1/26 | | | 1,500 | | | | 1,776,765 | |
New York, NY, (LOC: TD Bank, N.A.), 0.06%, 9/1/27(3) | | | 500 | | | | 500,000 | |
Ohio, (Adult Correctional Building Fund): | | | | | | | | |
5.00%, 10/1/29 | | | 500 | | | | 642,105 | |
5.00%, 10/1/30 | | | 750 | | | | 981,367 | |
Richland County School District No. 2, SC, 4.00%, 3/1/32 | | | 500 | | | | 601,310 | |
Rio Grande City Grulla Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/32 | | | 500 | | | | 620,070 | |
West Virginia, 5.00%, 12/1/30 | | | 820 | | | | 1,047,017 | |
Wickliffe School District, OH, 5.00%, 12/1/27 | | | 840 | | | | 1,026,312 | |
| | | | | | | | |
| | | | | | $ | 15,908,975 | |
| | | | | | | | |
Hospital — 16.1% | | | | | | | | |
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31 | | $ | 1,000 | | | $ | 1,221,460 | |
Arizona Health Facilities Authority, (Banner Health), (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1) | | | 2,000 | | | | 2,000,780 | |
Arizona Health Facilities Authority, (Phoenix Children’s Hospital), 1.90%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(2) | | | 500 | | | | 505,085 | |
Colorado Health Facilities Authority, (Vail Valley Medical Center): | | | | | | | | |
4.00%, 1/15/25 | | | 25 | | | | 27,630 | |
5.00%, 1/15/23 | | | 25 | | | | 26,414 | |
Duluth Economic Development Authority, MN, (St. Luke’s Hospital of Duluth Obligated Group): | | | | | | | | |
4.00%, 6/15/32 | | | 175 | | | | 206,097 | |
5.00%, 6/15/24(1) | | | 250 | | | | 272,110 | |
5.00%, 6/15/25(1) | | | 275 | | | | 308,225 | |
5.00%, 6/15/26(1) | | | 360 | | | | 412,952 | |
5.00%, 6/15/27(1) | | | 310 | | | | 362,867 | |
5.00%, 6/15/32(1) | | | 475 | | | | 595,213 | |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28 | | | 1,000 | | | | 1,243,940 | |
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.45%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(2) | | | 2,000 | | | | 2,015,900 | |
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.62%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2) | | | 945 | | | | 950,245 | |
New York City Health and Hospitals Corp., NY: | | | | | | | | |
3.00%, 2/15/24 | | | 535 | | | | 566,838 | |
5.00%, 2/15/24 | | | 740 | | | | 817,693 | |
2
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network): | | | | | | | | |
5.00%, 8/15/25 | | $ | 30 | | | $ | 34,874 | |
5.00%, 8/15/26 | | | 85 | | | | 101,691 | |
Pima County Industrial Development Authority, AZ, (Tucson Medical Center): | | | | | | | | |
5.00%, 4/1/31 | | | 225 | | | | 295,276 | |
5.00%, 4/1/32 | | | 1,000 | | | | 1,306,610 | |
Public Finance Authority, WI, (Renown Regional Medical Center): | | | | | | | | |
5.00%, 6/1/25 | | | 375 | | | | 433,140 | |
5.00%, 6/1/26 | | | 300 | | | | 356,841 | |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23 | | | 35 | | | | 37,979 | |
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | | | 35 | | | | 40,964 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.): | | | | | | | | |
5.00%, 12/1/21 | | | 150 | | | | 150,568 | |
5.00%, 12/1/22 | | | 200 | | | | 210,070 | |
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 7/29/26 (Put Date), 8/15/54 | | | 500 | | | | 599,250 | |
| | | | | | | | |
| | | | | | $ | 15,100,712 | |
| | | | | | | | |
Housing — 5.0% | | | | | | | | |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | | | | | | | | |
0.85%, 1/1/28 | | $ | 100 | | | $ | 98,424 | |
0.95%, 7/1/28 | | | 285 | | | | 280,950 | |
1.05%, 1/1/29 | | | 250 | | | | 246,065 | |
1.15%, 7/1/29 | | | 250 | | | | 245,633 | |
1.30%, 1/1/30 | | | 200 | | | | 196,218 | |
(SPA: TD Bank, N.A.), 0.06%, 7/1/49(3) | | | 1,500 | | | | 1,500,000 | |
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49 | | | 700 | | | | 703,815 | |
New York City Housing Development Corp., NY, 1.80%, 11/1/21 | | | 165 | | | | 165,000 | |
New York Mortgage Agency: | | | | | | | | |
2.05%, 4/1/28 | | | 255 | | | | 263,642 | |
2.10%, 10/1/28 | | | 250 | | | | 258,968 | |
2.25%, 4/1/30 | | | 325 | | | | 334,002 | |
2.30%, 10/1/30 | | | 395 | | | | 405,961 | |
| | | | | | | | |
| | | | | | $ | 4,698,678 | |
| | | | | | | | |
Insured-Education — 0.6% | | | | | | | | |
Northern Arizona University, (BAM), 5.00%, 6/1/30 | | $ | 450 | | | $ | 584,015 | |
| | | | | | | | |
| | | | | | $ | 584,015 | |
| | | | | | | | |
Insured-Escrowed/Prerefunded — 0.3% | | | | | | | | |
Albertville, AL, (BAM), Prerefunded to 6/1/22, 4.00%, 6/1/28 | | $ | 250 | | | $ | 255,593 | |
| | | | | | | | |
| | | | | | $ | 255,593 | |
| | | | | | | | |
Insured-General Obligations — 1.0% | | | | | | | | |
Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/27 | | $ | 405 | | | $ | 445,702 | |
| Montgomery County Municipal Utility District No. 9, TX: | | | | | | | | |
(BAM), 3.00%, 4/1/26 | | | 250 | | | | 257,505 | |
(BAM), 3.00%, 4/1/27 | | | 100 | | | | 102,795 | |
3
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
| New Britain, CT: | | | | | | | | |
(BAM), 5.00%, 3/1/25 | | $ | 50 | | | $ | 57,075 | |
(BAM), Escrowed to Maturity, 5.00%, 3/1/23 | | | 105 | | | | 111,604 | |
(BAM), Escrowed to Maturity, 5.00%, 3/1/25 | | | 5 | | | | 5,740 | |
| | | | | | | | |
| | | | | | $ | 980,421 | |
| | | | | | | | |
Insured-Lease Revenue/Certificates of Participation — 0.2% | | | | | | | | |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | | $ | 180 | | | $ | 205,533 | |
| | | | | | | | |
| | | | | | $ | 205,533 | |
| | | | | | | | |
Insured-Special Tax Revenue — 1.5% | | | | | | | | |
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24 | | $ | 10 | | | $ | 11,296 | |
Vineyard Redevelopment Agency, UT: | | | | | | | | |
(AGM), 4.00%, 5/1/32 | | | 420 | | | | 501,585 | |
(AGM), 5.00%, 5/1/27 | | | 315 | | | | 381,355 | |
(AGM), 5.00%, 5/1/28 | | | 235 | | | | 290,601 | |
(AGM), 5.00%, 5/1/29 | | | 200 | | | | 251,870 | |
| | | | | | | | |
| | | | | | $ | 1,436,707 | |
| | | | | | | | |
Insured-Transportation — 3.3% | | | | | | | | |
New Orleans Aviation Board, LA: | | | | | | | | |
(AGM), 5.00%, 1/1/28 | | $ | 1,000 | | | $ | 1,233,450 | |
(AGM), 5.00%, 1/1/29 | | | 1,510 | | | | 1,856,922 | |
| | | | | | | | |
| | | | | | $ | 3,090,372 | |
| | | | | | | | |
Insured-Water and Sewer — 1.7% | | | | | | | | |
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22 | | $ | 25 | | | $ | 25,558 | |
Hamburg Municipal Authority, PA, Sewer Revenue: | | | | | | | | |
(AGM), 1.50%, 10/1/28 | | | 100 | | | | 101,423 | |
(AGM), 1.50%, 10/1/29 | | | 115 | | | | 115,427 | |
(AGM), 2.00%, 10/1/30 | | | 125 | | | | 128,367 | |
Pittsburgh Water and Sewer Authority, PA, (AGM), 0.70%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(2) | | | 1,000 | | | | 1,007,720 | |
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/29 | | | 180 | | | | 215,903 | |
| | | | | | | | |
| | | | | | $ | 1,594,398 | |
| | | | | | | | |
Lease Revenue/Certificates of Participation — 7.6% | | | | | | | | |
Aspen Fire Protection District, CO: | | | | | | | | |
4.00%, 12/1/23 | | $ | 120 | | | $ | 128,675 | |
4.00%, 12/1/25 | | | 255 | | | | 286,995 | |
4.00%, 12/1/26 | | | 225 | | | | 258,352 | |
Forsyth County, NC, Limited Obligation Bonds, 5.00%, 4/1/27 | | | 1,000 | | | | 1,224,860 | |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23 | | | 225 | | | | 246,951 | |
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities), 5.00%, 3/1/29 | | | 150 | | | | 188,676 | |
Indiana Finance Authority, (Stadium Project), (SPA: U.S. Bank, N.A.), 0.04%, 2/1/35(4) | | | 1,960 | | | | 1,960,000 | |
Lake Houston Redevelopment Authority, TX: | | | | | | | | |
5.00%, 9/1/27 | | | 175 | | | | 210,805 | |
5.00%, 9/1/28 | | | 225 | | | | 275,920 | |
5.00%, 9/1/29 | | | 225 | | | | 279,753 | |
5.00%, 9/1/30 | | | 235 | | | | 295,658 | |
Miami-Dade County School Board, FL, 5.00%, 2/1/24 | | | 300 | | | | 330,279 | |
4
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Palm Beach County School Board, FL, 5.00%, 8/1/31 | | $ | 1,000 | | | $ | 1,155,840 | |
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25 | | | 250 | | | | 256,030 | |
| | | | | | | | |
| | | | | | $ | 7,098,794 | |
| | | | | | | | |
Other Revenue — 9.5% | | | | | | | | |
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 0.40%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2) | | $ | 500 | | | $ | 501,815 | |
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 0.388%, (70% of 1 mo. USD LIBOR + 0.33%), 4/1/22 (Put Date), 10/1/47(2) | | | 2,000 | | | | 2,000,240 | |
Citizens Property Insurance Corp., FL, 5.00%, 6/1/22 | | | 100 | | | | 100,387 | |
Fort Myers, FL, Capital Improvement Revenue: | | | | | | | | |
5.00%, 12/1/27 | | | 330 | | | | 388,093 | |
5.00%, 12/1/28 | | | 545 | | | | 639,498 | |
5.00%, 12/1/29 | | | 600 | | | | 703,242 | |
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50 | | | 1,500 | | | | 1,743,120 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.62%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2) | | | 2,000 | | | | 2,007,040 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/26 | | | 275 | | | | 329,956 | |
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22 | | | 300 | | | | 313,683 | |
West Virginia School Building Authority, Lottery Revenue: | | | | | | | | |
5.00%, 7/1/24 | | | 100 | | | | 112,067 | |
5.00%, 7/1/25 | | | 100 | | | | 115,926 | |
| | | | | | | | |
| | | | | | $ | 8,955,067 | |
| | | | | | | | |
Senior Living/Life Care — 5.6% | | | | | | | | |
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31 | | $ | 1,225 | | | $ | 1,432,356 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | | | | | | | | |
5.00%, 11/15/24 | | | 60 | | | | 67,178 | |
5.00%, 11/15/25 | | | 60 | | | | 69,212 | |
5.00%, 11/15/29 | | | 830 | | | | 939,867 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23 | | | 100 | | | | 108,362 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/22 | | | 150 | | | | 155,879 | |
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24 | | | 50 | | | | 54,601 | |
Virginia Small Business Financing Authority, (LifeSpire of Virginia): | | | | | | | | |
3.00%, 12/1/24 | | | 220 | | | | 233,383 | |
3.00%, 12/1/25 | | | 210 | | | | 225,876 | |
3.00%, 12/1/26 | | | 225 | | | | 244,552 | |
4.00%, 12/1/31 | | | 500 | | | | 568,180 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | | | | | | | | |
4.00%, 11/15/22 | | | 70 | | | | 72,218 | |
4.00%, 11/15/23 | | | 75 | | | | 79,570 | |
4.00%, 11/15/24 | | | 115 | | | | 124,930 | |
4.00%, 11/15/25 | | | 125 | | | | 138,696 | |
4.00%, 11/15/26 | | | 120 | | | | 135,306 | |
4.00%, 11/15/27 | | | 120 | | | | 137,250 | |
4.00%, 11/15/28 | | | 105 | | | | 121,554 | |
4.00%, 11/15/29 | | | 140 | | | | 163,975 | |
4.00%, 11/15/30 | | | 190 | | | | 222,393 | |
| | | | | | | | |
| | | | | | $ | 5,295,338 | |
| | | | | | | | |
5
| | | | | | | | |
| Security | | Principal
Amount
(000’s omitted) | | | Value | |
Special Tax Revenue — 2.1% | | | | | | | | |
Allentown Neighborhood Improvement Zone Development Authority, PA: | | | | | | | | |
5.00%, 5/1/24(1) | | $ | 150 | | | $ | 163,234 | |
5.00%, 5/1/25(1) | | | 500 | | | | 560,175 | |
Dallas, TX, Hotel Occupancy Tax Revenue, 4.00%, 8/15/32(1) | | | 1,000 | | | | 1,120,490 | |
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26 | | | 100 | | | | 106,491 | |
| | | | | | | | |
| | | | | | $ | 1,950,390 | |
| | | | | | | | |
Transportation — 13.3% | | | | | | | | |
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area): | | | | | | | | |
0.50%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(2) | | $ | 1,000 | | | $ | 1,011,950 | |
0.95%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2) | | | 500 | | | | 503,645 | |
Central Texas Regional Mobility Authority: | | | | | | | | |
5.00%, 1/1/25 | | | 500 | | | | 556,530 | |
5.00%, 1/1/27 | | | 500 | | | | 582,395 | |
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/25 | | | 660 | | | | 768,035 | |
Hawaii, Highway Revenue: | | | | | | | | |
5.00%, 1/1/28 | | | 500 | | | | 622,125 | |
5.00%, 1/1/30 | | | 250 | | | | 317,038 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | | | 250 | | | | 289,868 | |
Metropolitan Transportation Authority, NY: | | | | | | | | |
5.00%, 11/15/28 | | | 750 | | | | 867,105 | |
Green Bonds, 5.00%, 11/15/25 | | | 2,030 | | | | 2,363,549 | |
Green Bonds, 5.00%, 11/15/26 | | | 1,000 | | | | 1,193,970 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 5.00%, 12/1/26 | | | 1,000 | | | | 1,184,560 | |
North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 2/1/24 | | | 1,000 | | | | 1,096,200 | |
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/22 | | | 100 | | | | 101,601 | |
Triborough Bridge and Tunnel Authority, NY, 0.414%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(2) | | | 1,000 | | | | 1,001,320 | |
| | | | | | | | |
| | | | | | $ | 12,459,891 | |
| | | | | | | | |
Water and Sewer — 3.0% | | | | | | | | |
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25 | | $ | 55 | | | $ | 62,335 | |
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/24 | | | 500 | | | | 560,195 | |
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24 | | | 335 | | | | 379,572 | |
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28 | | | 500 | | | | 577,070 | |
North Penn Water Authority, PA: | | | | | | | | |
0.31%, (SIFMA + 0.26%), 11/1/21(2) | | | 500 | | | | 500,000 | |
0.51%, (SIFMA + 0.46%), 11/1/23(2) | | | 400 | | | | 400,836 | |
Western Riverside Water and Wastewater Financing Authority, CA, 4.00%, 9/1/25 | | | 300 | | | | 336,675 | |
| | | | | | | | |
| | | | | | $ | 2,816,683 | |
| | | | | | | | |
| | |
Total Tax-Exempt Municipal Obligations — 95.8%
(identified cost $86,912,280) | | | | | | $ | 89,935,468 | |
| | | | | | | | |
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| | | | | | | | |
| | |
Short-Term Investments — 12.2% | | | | | | | | |
| | |
| Description | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 0.09%(5) | | | 11,415,234 | | | $ | 11,415,234 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(identified cost $11,415,234) | | | | | | $ | 11,415,234 | |
| | | | | | | | |
| | |
Total Investments — 108.0%
(identified cost $98,327,514) | | | | | | $ | 101,350,702 | |
| | | | | | | | |
| | |
Other Assets, Less Liabilities — (8.0)% | | | | | | $ | (7,508,956 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 93,841,746 | |
| | | | | | | | |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
At October 31, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:
| | | | |
New York | | | 12.2 | % |
Others, representing less than 10% individually | | | 83.6 | % |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At October 31, 2021, 8.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.0% to 6.0% of total investments.
| (1) | When-issued security. For a floating rate security, interest rate will be determined after October 31, 2021. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at October 31, 2021. |
| (3) | 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, 2021. |
| (4) | 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, 2021. |
| (5) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2021. |
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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 |
| | |
SFMR | | - | | Single Family Mortgage Revenue |
| | |
SIFMA | | - | | Securities Industry and Financial Markets Association Municipal Swap Index |
| | |
SOFR | | - | | Secured Overnight Financing Rate |
| | |
SPA | | - | | Standby Bond Purchase Agreement |
|
Currency Abbreviations: |
| | |
USD | | - | | United States Dollar |
The Fund did not have any open derivative instruments at October 31, 2021.
At October 31, 2021, the value of the Fund’s investment in affiliated funds was $11,415,234, which represents 12.2% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended October 31, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name | | Value,
beginning of
period | | | Purchases | | | Sales
proceeds | | | Net
realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | | | Value, end of
period | | | Dividend
income | | | Units, end
of period | |
Short-Term Investments | |
Eaton Vance Cash Reserves Fund, LLC | | $ | 15,536,959 | | | $ | 41,561,687 | | | $ | (45,683,431 | ) | | $ | 19 | | | $ | — | | | $ | 11,415,234 | | | $ | 6,061 | | | | 11,415,234 | |
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 October 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
| | | | | | | | | | | | | | | | |
| Asset Description | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Tax-Exempt Municipal Obligations | | $ | — | | | $ | 89,935,468 | | | $ | — | | | $ | 89,935,468 | |
Short-Term Investments | | | — | | | | 11,415,234 | | | | — | | | | 11,415,234 | |
Total Investments | | $ | — | | | $ | 101,350,702 | | | $ | — | | | $ | 101,350,702 | |
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
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