Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2022
Portfolio of Investments (Unaudited)
Tax-Exempt Municipal Obligations — 87.6% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.2% | |||
Vermont Municipal Bond Bank, 5.00%, 12/1/28 | $ | 200 | $ 216,268 |
$ 216,268 | |||
Education — 6.9% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 0.486%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 1,000 | $ 986,880 |
Bethlehem Area School District Authority, PA, 0.538%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1) | 2,300 | 2,277,299 | |
Los Ranchos de Albuquerque, NM, (Albuquerque Academy): | |||
5.00%, 9/1/26 | 150 | 162,089 | |
5.00%, 9/1/27 | 100 | 109,451 | |
Miami University, OH, 5.00%, 9/1/30(2) | 500 | 574,715 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/32 | 465 | 492,282 | |
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24 | 250 | 262,467 | |
UCF Stadium Corp., FL, 5.00%, 3/1/23 | 250 | 255,052 | |
University of Florida, 4.00%, 7/1/31 | 1,000 | 1,078,660 | |
Vermont State Colleges, 5.00%, 7/1/24 | 100 | 102,367 | |
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23 | 100 | 102,203 | |
$ 6,403,465 | |||
Electric Utilities — 1.0% | |||
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23 | $ | 175 | $ 178,745 |
Seattle, WA, Municipal Light and Power Revenue, 0.69%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1) | 500 | 495,445 | |
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25 | 250 | 265,495 | |
$ 939,685 | |||
Escrowed/Prerefunded — 1.4% | |||
Michigan Finance Authority, (Trinity Health Credit Group), Prerefunded to 6/1/22, 5.00%, 12/1/27 | $ | 500 | $ 501,495 |
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Escrowed to Maturity, 5.00%, 10/1/22 | 150 | 152,046 | |
Revere Local School District, OH, Prerefunded to 6/1/22, 5.00%, 12/1/27 | 200 | 200,598 | |
Scotts Bluff County School District 0016, NE, (Gering Public Schools): | |||
Prerefunded to 5/30/22, 5.00%, 12/1/25 | 120 | 120,342 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
Scotts Bluff County School District 0016, NE, (Gering Public Schools): (continued) | |||
Prerefunded to 5/30/22, 5.00%, 12/1/26 | $ | 115 | $ 115,328 |
Prerefunded to 5/30/22, 5.00%, 12/1/27 | 170 | 170,484 | |
$ 1,260,293 | |||
General Obligations — 7.7% | |||
Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/32 | $ | 500 | $ 536,455 |
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23 | 125 | 128,590 | |
Campton Township, IL: | |||
5.00%, 12/15/22 | 200 | 203,998 | |
5.00%, 12/15/23 | 105 | 109,096 | |
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32 | 750 | 800,167 | |
Decatur City Board of Education, AL, 5.00%, 2/1/25 | 50 | 53,334 | |
El Monte Union High School District, CA, (Election of 2018): | |||
4.00%, 6/1/31 | 100 | 104,492 | |
4.00%, 6/1/32 | 150 | 156,388 | |
Lakeland, FL: | |||
5.00%, 10/1/22 | 100 | 101,464 | |
5.00%, 10/1/24 | 50 | 52,971 | |
McLean County Public Building Commission, IL, 5.00%, 12/1/22 | 250 | 254,587 | |
New Jersey, 4.00%, 6/1/31 | 500 | 522,525 | |
New York, NY: | |||
5.00%, 8/1/30 | 1,000 | 1,141,290 | |
(LOC: TD Bank, N.A.), 0.44%, 9/1/27(3) | 500 | 500,000 | |
Ohio, (Adult Correctional Building Fund): | |||
5.00%, 10/1/29 | 500 | 575,210 | |
5.00%, 10/1/30 | 750 | 870,030 | |
Richland County School District No. 2, SC, 4.00%, 3/1/32 | 400 | 425,424 | |
Wickliffe School District, OH, 5.00%, 12/1/27 | 490 | 543,072 | |
$ 7,079,093 | |||
Hospital — 15.2% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31 | $ | 1,000 | $ 1,095,550 |
Arizona Health Facilities Authority, (Banner Health), 0.69%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1) | 2,000 | 2,000,680 | |
Arizona Health Facilities Authority, (Phoenix Children's Hospital), 2.29%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(1) | 500 | 501,720 |
1
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Colorado Health Facilities Authority, (Vail Valley Medical Center): | |||
4.00%, 1/15/25 | $ | 25 | $ 25,868 |
5.00%, 1/15/23 | 25 | 25,554 | |
Duluth Economic Development Authority, MN, (St. Luke's Hospital of Duluth Obligated Group): | |||
4.00%, 6/15/32 | 175 | 175,550 | |
5.00%, 6/15/24 | 250 | 259,518 | |
5.00%, 6/15/25 | 275 | 289,360 | |
5.00%, 6/15/26 | 360 | 383,393 | |
5.00%, 6/15/27 | 310 | 333,312 | |
5.00%, 6/15/32 | 475 | 522,562 | |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28 | 1,000 | 1,109,580 | |
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.84%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(1) | 2,000 | 2,013,140 | |
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.01%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(1) | 915 | 918,806 | |
New York City Health and Hospitals Corp., NY: | |||
3.00%, 2/15/24 | 535 | 540,527 | |
5.00%, 2/15/24 | 740 | 773,322 | |
Northampton County General Purpose Authority, PA, (St. Luke's University Health Network): | |||
5.00%, 8/15/25 | 30 | 32,279 | |
5.00%, 8/15/26 | 85 | 93,045 | |
Pima County Industrial Development Authority, AZ, (Tucson Medical Center): | |||
5.00%, 4/1/31 | 225 | 258,779 | |
5.00%, 4/1/32 | 1,000 | 1,143,420 | |
Public Finance Authority, WI, (Renown Regional Medical Center): | |||
5.00%, 6/1/25 | 375 | 401,647 | |
5.00%, 6/1/26 | 300 | 327,732 | |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23 | 35 | 36,302 | |
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | 35 | 37,874 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22 | 200 | 203,636 | |
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 7/29/26 (Put Date), 8/15/54 | 500 | 544,190 | |
$14,047,346 |
Security | Principal Amount (000's omitted) | Value | |
Housing — 4.6% | |||
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
0.85%, 1/1/28 | $ | 100 | $ 89,415 |
0.95%, 7/1/28 | 285 | 253,462 | |
1.05%, 1/1/29 | 225 | 198,662 | |
1.15%, 7/1/29 | 250 | 219,220 | |
1.30%, 1/1/30 | 200 | 174,274 | |
(SPA: TD Bank, N.A.), 0.44%, 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 | 698,516 | |
New York Mortgage Agency: | |||
2.05%, 4/1/28 | 230 | 216,324 | |
2.10%, 10/1/28 | 250 | 234,325 | |
2.25%, 4/1/30 | 325 | 299,881 | |
2.30%, 10/1/30 | 395 | 363,534 | |
$ 4,247,613 | |||
Insured - Education — 0.6% | |||
Northern Arizona University, (BAM), 5.00%, 6/1/30 | $ | 450 | $ 509,647 |
$ 509,647 | |||
Insured - Escrowed / Prerefunded — 0.3% | |||
Albertville, AL, (BAM), Prerefunded to 6/1/22, 4.00%, 6/1/28 | $ | 250 | $ 250,555 |
$ 250,555 | |||
Insured - General Obligations — 2.4% | |||
Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/27 | $ | 305 | $ 306,644 |
Ludington Area School District, MI, (BAM), 5.00%, 11/1/31(2) | 1,575 | 1,818,085 | |
New Britain, CT: | |||
(BAM), 5.00%, 3/1/25 | 50 | 53,212 | |
(BAM), Escrowed to Maturity, 5.00%, 3/1/23 | 30 | 30,759 | |
$ 2,208,700 | |||
Insured - Lease Revenue/Certificates of Participation — 0.2% | |||
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | $ | 180 | $ 191,612 |
$ 191,612 | |||
Insured - Special Tax Revenue — 1.4% | |||
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24 | $ | 10 | $ 10,582 |
2
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Insured - Special Tax Revenue (continued) | |||
Vineyard Redevelopment Agency, UT: | |||
(AGM), 4.00%, 5/1/32 | $ | 420 | $ 444,251 |
(AGM), 5.00%, 5/1/27 | 315 | 347,618 | |
(AGM), 5.00%, 5/1/28 | 235 | 262,425 | |
(AGM), 5.00%, 5/1/29 | 200 | 225,750 | |
$ 1,290,626 | |||
Insured - Transportation — 3.0% | |||
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/28 | $ | 1,000 | $ 1,106,660 |
(AGM), 5.00%, 1/1/29 | 1,510 | 1,670,075 | |
$ 2,776,735 | |||
Insured - Water and Sewer — 1.5% | |||
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22 | $ | 25 | $ 25,124 |
Hamburg Municipal Authority, PA, Sewer Revenue: | |||
(AGM), 1.50%, 10/1/28 | 75 | 66,742 | |
(AGM), 2.00%, 10/1/30 | 75 | 67,696 | |
Pittsburgh Water and Sewer Authority, PA, (AGM), 1.09%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(1) | 1,000 | 1,000,920 | |
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/29 | 180 | 193,127 | |
$ 1,353,609 | |||
Lease Revenue/Certificates of Participation — 3.9% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/23 | $ | 120 | $ 122,976 |
4.00%, 12/1/25 | 255 | 266,108 | |
4.00%, 12/1/26 | 225 | 236,887 | |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23 | 225 | 234,792 | |
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities), 5.00%, 3/1/29 | 150 | 169,273 | |
Lake Houston Redevelopment Authority, TX: | |||
5.00%, 9/1/27 | 175 | 188,505 | |
5.00%, 9/1/28 | 225 | 244,071 | |
5.00%, 9/1/29 | 225 | 245,603 | |
5.00%, 9/1/30 | 235 | 258,082 | |
Miami-Dade County School Board, FL, 5.00%, 2/1/24 | 300 | 313,290 | |
Palm Beach County School Board, FL, 5.00%, 8/1/31 | 1,000 | 1,062,640 | |
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25 | 250 | 250,545 | |
$ 3,592,772 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue — 7.3% | |||
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 0.79%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(1) | $ | 500 | $ 497,160 |
Fort Myers, FL, Capital Improvement Revenue: | |||
5.00%, 12/1/27 | 330 | 356,961 | |
5.00%, 12/1/28 | 545 | 587,979 | |
5.00%, 12/1/29 | 600 | 646,248 | |
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50 | 1,500 | 1,530,360 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/26 | 275 | 301,774 | |
San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | 2,400 | 2,250,000 | |
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22 | 300 | 303,897 | |
West Virginia School Building Authority, Lottery Revenue: | |||
5.00%, 7/1/24 | 100 | 105,422 | |
5.00%, 7/1/25 | 100 | 107,562 | |
$ 6,687,363 | |||
Senior Living/Life Care — 5.1% | |||
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31 | $ | 1,225 | $ 1,302,273 |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/24 | 60 | 63,311 | |
5.00%, 11/15/25 | 60 | 64,327 | |
5.00%, 11/15/29 | 830 | 875,551 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23 | 100 | 103,392 | |
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24 | 50 | 51,422 | |
Virginia Small Business Financing Authority, (LifeSpire of Virginia): | |||
3.00%, 12/1/24 | 220 | 217,094 | |
3.00%, 12/1/25 | 210 | 204,836 | |
3.00%, 12/1/26 | 225 | 216,763 | |
4.00%, 12/1/31 | 500 | 488,310 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | |||
4.00%, 11/15/22 | 70 | 70,493 | |
4.00%, 11/15/23 | 75 | 76,442 | |
4.00%, 11/15/24 | 115 | 118,237 | |
4.00%, 11/15/25 | 125 | 129,371 | |
4.00%, 11/15/26 | 120 | 124,482 |
3
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): (continued) | |||
4.00%, 11/15/27 | $ | 120 | $ 124,584 |
4.00%, 11/15/28 | 105 | 108,911 | |
4.00%, 11/15/29 | 140 | 145,068 | |
4.00%, 11/15/30 | 190 | 196,243 | |
$ 4,681,110 | |||
Special Tax Revenue — 0.8% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/24 | $ | 150 | $ 155,187 |
5.00%, 5/1/25 | 500 | 523,770 | |
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26 | 100 | 102,296 | |
$ 781,253 | |||
Transportation — 17.0% | |||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area): | |||
0.74%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1) | $ | 2,000 | $ 1,952,220 |
0.89%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(1) | 1,000 | 988,210 | |
1.34%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(1) | 500 | 499,680 | |
Central Texas Regional Mobility Authority: | |||
5.00%, 1/1/25 | 500 | 517,835 | |
5.00%, 1/1/27 | 500 | 529,815 | |
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/25 | 660 | 705,190 | |
Hawaii, Highway Revenue: | |||
5.00%, 1/1/28 | 500 | 561,650 | |
5.00%, 1/1/30 | 250 | 283,090 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | 250 | 268,875 | |
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/32 | 500 | 578,780 | |
Maine Turnpike Authority, 5.00%, 7/1/31 | 1,400 | 1,627,570 | |
Metropolitan Transportation Authority, NY: | |||
Series 2015F, 5.00%, 11/15/28 | 750 | 794,820 | |
Green Bonds, 5.00%, 11/15/25 | 2,030 | 2,163,615 | |
Green Bonds, 5.00%, 11/15/26 | 1,000 | 1,078,980 | |
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 5.00%, 12/1/26 | 1,000 | 1,065,830 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 2/1/24 | $ | 1,000 | $ 1,038,200 |
Triborough Bridge and Tunnel Authority, NY, 0.568%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(1) | 979 | 977,554 | |
$15,631,914 | |||
Water and Sewer — 7.1% | |||
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25 | $ | 55 | $ 58,387 |
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/24 | 500 | 525,370 | |
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24 | 335 | 355,549 | |
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28 | 500 | 536,235 | |
King County, WA, Sewer Revenue, 0.67%, (SIFMA + 0.23%), 1/1/27 (Put Date), 1/1/40(1) | 2,000 | 1,996,040 | |
North Penn Water Authority, PA, 0.90%, (SIFMA + 0.46%), 11/1/23(1) | 400 | 399,684 | |
South Central Connecticut Regional Water Authority: | |||
4.00%, 8/1/23(2) | 1,000 | 1,022,020 | |
5.00%, 8/1/26(2) | 1,220 | 1,333,057 | |
Western Riverside Water and Wastewater Financing Authority, CA, 4.00%, 9/1/25 | 300 | 312,975 | |
$ 6,539,317 | |||
Total Tax-Exempt Municipal Obligations (identified cost $83,965,553) | $80,688,976 |
Short-Term Investments — 13.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.30%(4) | 12,624,558 | $12,624,558 | |
Total Short-Term Investments (identified cost $12,624,558) | $12,624,558 | ||
Total Investments — 101.3% (identified cost $96,590,111) | $93,313,534 | ||
Other Assets, Less Liabilities — (1.3)% | $(1,203,879) | ||
Net Assets — 100.0% | $92,109,655 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Floating rate security. The stated interest rate represents the rate in effect at April 30, 2022. |
(2) | When-issued security. |
4
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2022
Portfolio of Investments (Unaudited) — continued
(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 April 30, 2022. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2022. |
At April 30, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows: | |
New York | 12.6% |
Others, representing less than 10% individually | 75.0% |
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 April 30, 2022, 9.2% 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 3.4% to 5.8% of total investments. |
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 |
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 |
The Fund did not have any open derivative instruments at April 30, 2022.
Affiliated Investments
At April 30, 2022, the value of the Fund's investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Liquidity Fund) and Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) was $12,624,558, which represents 13.7% of the Fund's net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended April 30, 2022 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/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $9,633,863 | $15,094,195 | $(24,727,602) | $(457) | $1 | $ — | $1,729 | — |
Liquidity Fund | — | 12,717,814 | (93,256) | — | — | 12,624,558 | 459 | 12,624,558 |
Total | $(457) | $1 | $12,624,558 | $2,188 |
Fair Value Measurements
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.
5
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2022
Portfolio of Investments (Unaudited) — continued
At April 30, 2022, 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 | $ — | $80,688,976 | $ — | $80,688,976 |
Short-Term Investments | 12,624,558 | — | — | 12,624,558 |
Total Investments | $12,624,558 | $80,688,976 | $ — | $93,313,534 |
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.
6