Eaton Vance
TABS 5-to-15 Year Laddered Municipal Bond Fund
October 31, 2022 (Unaudited)
Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the Fund), a diversified series of Eaton Vance Municipals Trust II, invests all of its investable assets in 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) and owns a pro-rata interest in the Portfolio’s net assets. At October 31, 2022, the value of the Fund’s investment in the Portfolio was $594,649,972 and the Fund owned 99.8% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
1
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited)
Tax-Exempt Municipal Obligations — 99.0% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.5% | |||
Michigan Finance Authority, (Trinity Health Credit Group), 3.00%, 10/1/36 | $ | 1,500 | $ 1,257,645 |
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | 500 | 407,170 | |
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35 | 1,175 | 1,152,499 | |
$ 2,817,314 | |||
Education — 4.9% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 2.418%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 2,750 | $ 2,604,140 |
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | 505 | 523,604 | |
Miami University, OH, 5.00%, 9/1/32 | 735 | 796,137 | |
New York Dormitory Authority, (Rochester Institute of Technology): | |||
5.00%, 7/1/36 | 395 | 410,369 | |
5.00%, 7/1/37 | 840 | 869,459 | |
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), 5.00%, 10/1/32 | 1,500 | 1,614,870 | |
Ohio Higher Educational Facility Commission, (Kenyon College): | |||
5.00%, 7/1/35(2) | 1,840 | 1,860,038 | |
5.00%, 7/1/36(2) | 1,600 | 1,613,840 | |
5.00%, 7/1/37(2) | 2,000 | 2,009,980 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/34 | 350 | 336,189 | |
Poway Unified School District, Community Facilities District No. 6, CA, 0.00%, 8/1/35 | 1,000 | 562,480 | |
Saginaw Valley State University, MI: | |||
5.00%, 7/1/27 | 400 | 421,232 | |
5.00%, 7/1/28 | 1,000 | 1,050,610 | |
Texas A&M University, 4.00%, 5/15/34 | 1,000 | 990,460 | |
University of California: | |||
5.00%, 5/15/32(2) | 2,500 | 2,743,525 | |
5.00%, 5/15/33(2) | 1,780 | 1,958,801 | |
University of Houston, TX, 5.00%, 2/15/36 | 5,000 | 5,344,100 | |
University of Mississippi Educational Building Corp.: | |||
4.00%, 10/1/37 | 375 | 350,738 | |
4.00%, 10/1/38 | 1,590 | 1,473,723 | |
Virginia Public School Authority, (Prince William County), 3.00%, 10/1/37 | 1,690 | 1,376,447 | |
$ 28,910,742 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities — 3.1% | |||
American Municipal Power, Inc., OH, (Prairie State Energy Campus), 4.00%, 2/15/35 | $ | 5,690 | $ 5,200,660 |
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | 1,000 | 1,034,810 | |
Clark County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 1/1/36 | 505 | 532,800 | |
Florida Municipal Power Agency, 3.00%, 10/1/33 | 2,000 | 1,709,360 | |
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | 250 | 259,845 | |
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/33 | 2,100 | 2,243,556 | |
Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | 735 | 769,626 | |
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34 | 770 | 756,017 | |
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | 500 | 522,935 | |
Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.70% to 10/1/30 (Put Date), 10/1/46 | 2,730 | 2,609,470 | |
Tallahassee, FL, Energy System Revenue: | |||
5.00%, 10/1/30 | 1,500 | 1,539,225 | |
5.00%, 10/1/31 | 1,000 | 1,025,770 | |
5.00%, 10/1/33 | 300 | 307,395 | |
Walnut Energy Center Authority, CA, 5.00%, 1/1/33 | 250 | 256,033 | |
$ 18,767,502 | |||
Escrowed/Prerefunded — 0.2% | |||
Addison, TX, Prerefunded to 2/15/23, 5.00%, 2/15/26 | $ | 270 | $ 271,431 |
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | 150 | 155,988 | |
Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33 | 300 | 303,621 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/30 | 250 | 261,125 | |
$ 992,165 | |||
General Obligations — 29.0% | |||
Anne Arundel County, MD, 5.00%, 4/1/33 | $ | 700 | $ 774,529 |
Auburn, AL, 5.00%, 8/1/37 | 1,915 | 2,040,107 | |
Barbers Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | 2,970 | 3,182,503 | |
Belding Area Schools, MI, 5.00%, 5/1/30 | 225 | 236,160 | |
Bethel Park School District, PA, 4.00%, 8/1/35 | 650 | 611,240 | |
Beverly Hills Unified School District, CA, (Election of 2008), 4.00%, 8/1/38 | 3,500 | 3,377,045 | |
Birmingham, AL, 5.00%, 12/1/27 | 2,460 | 2,641,130 |
2
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Blanco Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | $ | 900 | $ 965,385 |
Brookline, MA, 5.00%, 3/15/31 | 3,100 | 3,388,083 | |
Burlington, VT: | |||
5.00%, 11/1/27 | 175 | 186,881 | |
5.00%, 11/1/29 | 75 | 81,711 | |
5.00%, 11/1/30 | 300 | 326,952 | |
California: | |||
4.00%, 10/1/37 | 1,225 | 1,190,724 | |
4.55%, 12/1/37 | 1,000 | 1,019,630 | |
5.00%, 9/1/35 | 6,500 | 7,119,060 | |
Cape May County, NJ, 3.00%, 10/1/31 | 1,000 | 910,100 | |
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33 | 875 | 548,721 | |
Chambers County Improvement District No. 1, TX: | |||
4.00%, 9/1/32 | 1,100 | 1,049,257 | |
4.00%, 9/1/33 | 1,000 | 941,200 | |
4.00%, 9/1/34 | 1,000 | 937,250 | |
Channelview Independent School District, TX, (PSF Guaranteed), 2.375%, 8/15/35 | 500 | 384,175 | |
Cheltenham School District, PA, 4.00%, 2/15/35 | 1,005 | 976,227 | |
Colonial School District, PA, 5.00%, 2/15/33 | 50 | 51,973 | |
Connecticut: | |||
4.00%, 6/1/32 | 325 | 324,766 | |
4.00%, 1/15/34 | 3,000 | 2,944,290 | |
4.00%, 1/15/35 | 3,000 | 2,875,320 | |
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33 | 100 | 101,061 | |
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | 630 | 668,613 | |
Coopersville Area Public Schools, MI, 4.00%, 5/1/35 | 430 | 403,731 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | 2,235 | 2,422,695 | |
Danville, VA, 4.00%, 9/1/33 | 3,490 | 3,522,352 | |
Delaware, 5.00%, 2/1/29 | 1,000 | 1,082,180 | |
Dublin City School District, OH, 5.00%, 12/1/29 | 500 | 543,640 | |
Easton Area School District, PA, 5.00%, 2/1/31 | 1,400 | 1,509,032 | |
Florida, (Department of Transportation), 2.00%, 7/1/33 | 1,595 | 1,200,046 | |
Forney Independent School District, TX, 0.00%, 8/15/37 | 275 | 131,423 | |
Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
3.00%, 8/15/35 | 400 | 334,840 | |
3.00%, 8/15/36 | 500 | 411,745 | |
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 400 | 404,604 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Georgia: | |||
5.00%, 7/1/30 | $ | 5,000 | $ 5,566,100 |
5.00%, 2/1/32 | 1,000 | 1,062,100 | |
Harlandale Independent School District, TX, 5.00%, 8/1/29 | 845 | 895,007 | |
Hawaii, 4.00%, 1/1/37 | 1,000 | 974,680 | |
Hennepin County, MN, 5.00%, 12/1/33 | 1,000 | 1,051,830 | |
Highland Park, IL, 4.00%, 12/30/29 | 830 | 852,236 | |
Hitchcock Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | 750 | 795,000 | |
Homewood, AL, 5.00%, 9/1/29 | 2,000 | 2,110,860 | |
Honolulu City and County, HI, 3.00%, 9/1/31 | 110 | 101,861 | |
Illinois: | |||
5.00%, 3/1/29 | 2,250 | 2,253,712 | |
5.00%, 3/1/29 | 2,000 | 2,003,300 | |
Irving, TX: | |||
4.00%, 9/15/36 | 2,025 | 1,977,190 | |
4.00%, 9/15/37 | 4,030 | 3,891,005 | |
4.00%, 9/15/37 | 1,135 | 1,095,854 | |
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29 | 1,000 | 1,010,430 | |
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28 | 2,370 | 2,496,582 | |
Kansas City, MO: | |||
3.00%, 2/1/35 | 950 | 832,247 | |
4.00%, 2/1/37 | 2,600 | 2,462,616 | |
Kennewick School District No. 17, WA, 4.00%, 12/1/33 | 655 | 659,677 | |
Lakeland, FL, 5.00%, 10/1/30 | 1,000 | 1,030,820 | |
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | 2,000 | 1,977,880 | |
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | 1,600 | 1,619,584 | |
Lone Star College System, TX, 3.00%, 2/15/36 | 1,695 | 1,388,629 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | 1,690 | 1,701,796 | |
Los Angeles Unified School District, CA, 4.00%, 7/1/36 | 3,000 | 2,923,980 | |
Massachusetts, 4.00%, 3/1/32 | 630 | 631,165 | |
McLean County Public Building Commission, IL, 5.00%, 12/1/28 | 200 | 206,704 | |
Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 425 | 417,244 | |
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | 360 | 362,077 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | 175 | 146,344 | |
Nevada, 2.125%, 5/1/38 | 2,000 | 1,347,720 | |
New Braunfels, TX, 5.00%, 2/1/32 | 795 | 849,450 |
3
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
New Waverly Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | $ | 500 | $ 498,145 |
New York, 5.00%, 3/15/31 | 3,000 | 3,350,160 | |
New York City, NY: | |||
5.00%, 8/1/32 | 5,000 | 5,534,800 | |
5.00%, 8/1/34 | 1,500 | 1,616,625 | |
5.25%, 10/1/39 | 2,000 | 2,151,200 | |
Newport-Mesa Unified School District, CA, (Election of 2005): | |||
0.00%, 8/1/35 | 3,435 | 1,939,367 | |
0.00%, 8/1/37 | 6,580 | 3,347,114 | |
Ohio: | |||
5.00%, 3/1/35 | 2,160 | 2,361,377 | |
5.00%, 5/1/35 | 500 | 547,130 | |
Pasadena Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/39(2) | 4,840 | 4,603,663 | |
4.125%, 2/15/40(2) | 3,575 | 3,424,099 | |
Pasadena, TX: | |||
4.00%, 2/15/28 | 500 | 505,870 | |
4.00%, 2/15/29 | 150 | 151,616 | |
4.00%, 2/15/30 | 440 | 443,938 | |
4.00%, 2/15/31 | 650 | 653,659 | |
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | 890 | 739,501 | |
Pennsylvania, 4.00%, 10/1/39 | 17,000 | 15,427,840 | |
Pflugerville, TX: | |||
5.00%, 8/1/33 | 1,000 | 1,088,590 | |
5.00%, 8/1/36 | 1,365 | 1,457,247 | |
Philadelphia, PA, 5.00%, 2/1/31 | 1,550 | 1,629,794 | |
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28 | 555 | 587,534 | |
Redmond, WA, 5.00%, 12/1/36 | 1,455 | 1,581,541 | |
Romeo Community Schools, MI, 5.00%, 5/1/30 | 700 | 733,306 | |
Romulus, MI: | |||
4.00%, 11/1/31 | 250 | 253,090 | |
4.00%, 11/1/32 | 100 | 100,917 | |
4.00%, 11/1/33 | 250 | 251,713 | |
San Francisco Unified School District, CA, (Election of 2016), 5.00%, 6/15/34 | 1,665 | 1,812,869 | |
San Jacinto Community College District, TX, 4.00%, 2/15/34 | 1,445 | 1,429,018 | |
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | 450 | 454,802 | |
Southfield Public Schools, MI, 5.00%, 5/1/27 | 1,000 | 1,063,690 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Stamford, CT: | |||
2.00%, 8/15/33 | $ | 805 | $ 596,376 |
4.00%, 8/1/27 | 265 | 270,014 | |
Texas Public Finance Authority, 4.00%, 2/1/34 | 2,000 | 1,920,380 | |
Tuloso-Midway Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/15/27 | 110 | 111,230 | |
4.00%, 8/15/29 | 545 | 548,782 | |
United Independent School District, TX: | |||
4.00%, 2/15/33 | 350 | 345,916 | |
4.00%, 2/15/34 | 535 | 527,617 | |
4.00%, 2/15/36 | 580 | 553,123 | |
4.00%, 2/15/37 | 600 | 560,484 | |
Washington, 4.00%, 7/1/27 | 5,000 | 5,143,150 | |
Westchester County, NY, 2.00%, 10/15/33 | 650 | 497,555 | |
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27 | 2,825 | 2,863,787 | |
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | 360 | 363,197 | |
Yosemite Community College District, CA, (Election of 2004), 0.00%, 8/1/37 | 165 | 80,964 | |
$172,638,851 | |||
Hospital — 12.2% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group): | |||
5.00%, 4/1/31 | $ | 1,750 | $ 1,800,942 |
5.00%, 4/1/33 | 2,925 | 2,992,187 | |
Bexar County Hospital District, TX, 5.00%, 2/15/37 | 1,800 | 1,904,508 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25 | 100 | 96,705 | |
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | 90 | 90,023 | |
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | 465 | 487,576 | |
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), 1.95% to 11/1/29 (Put Date), 1/15/48 | 4,500 | 3,948,165 | |
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | 335 | 347,978 | |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | 100 | 93,948 | |
Colorado Health Facilities Authority, (CommonSpirit Health): | |||
5.00%, 8/1/28 | 7,035 | 7,318,651 | |
5.00%, 8/1/34 | 1,575 | 1,591,333 | |
5.00%, 8/1/35 | 2,650 | 2,670,113 |
4
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32 | $ | 3,000 | $ 3,120,720 |
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | 350 | 329,739 | |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | 1,000 | 855,880 | |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33 | 4,000 | 4,000,960 | |
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27 | 500 | 518,685 | |
Illinois Finance Authority, (Rush University Medical Center): | |||
5.00%, 11/15/31 | 1,000 | 1,017,980 | |
5.00%, 11/15/32 | 1,000 | 1,014,230 | |
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): | |||
5.00%, 10/1/30 | 2,000 | 2,048,020 | |
5.00%, 10/1/31 | 1,500 | 1,531,140 | |
5.00%, 10/1/32 | 2,000 | 2,038,140 | |
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | 875 | 887,259 | |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | 370 | 373,408 | |
Medford Hospital Facilities Authority, OR, (Asante Health System): | |||
5.00%, 8/15/34 | 1,000 | 1,031,070 | |
5.00%, 8/15/36 | 1,000 | 1,026,250 | |
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | 490 | 502,128 | |
Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | 1,000 | 1,023,580 | |
Montgomery County, OH, (Dayton Children's Hospital): | |||
5.00%, 8/1/32 | 750 | 800,107 | |
5.00%, 8/1/33 | 800 | 847,040 | |
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group): | |||
5.00%, 8/1/28 | 500 | 520,980 | |
5.00%, 8/1/29 | 500 | 518,150 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): | |||
5.00%, 7/1/27 | 700 | 733,782 | |
5.00%, 7/1/28 | 600 | 627,720 | |
5.00%, 7/1/31 | 275 | 286,391 | |
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25 | 735 | 741,894 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32 | $ | 700 | $ 705,096 |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33 | 2,250 | 2,382,142 | |
Public Finance Authority, WI, (Renown Regional Medical Center): | |||
5.00%, 6/1/34 | 1,320 | 1,349,264 | |
5.00%, 6/1/36 | 2,310 | 2,350,956 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28 | 1,000 | 1,039,580 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | 150 | 149,328 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 625 | 637,844 | |
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | 1,555 | 1,613,686 | |
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): | |||
5.00%, 12/1/25 | 335 | 346,333 | |
5.00%, 12/1/27 | 45 | 46,503 | |
5.00%, 12/1/28 | 345 | 356,295 | |
5.00%, 12/1/30 | 300 | 309,147 | |
5.00%, 12/1/31 | 210 | 215,903 | |
Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 5.00%, 10/1/40 | 9,000 | 9,146,880 | |
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | 1,575 | 1,637,827 | |
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | 400 | 415,776 | |
Wisconsin Health and Educational Facilities Authority, (Gundersen Health System), 4.00%, 10/15/33 | 425 | 402,063 | |
$ 72,842,005 | |||
Housing — 2.8% | |||
Alaska Housing Finance Corp.: | |||
Social Bonds, 5.00%, 6/1/32 | $ | 920 | $ 976,359 |
Social Bonds, 5.00%, 12/1/32 | 940 | 995,554 | |
Georgia Housing & Finance Authority, 3.65%, 12/1/32 | 185 | 174,908 | |
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA/FNMA/FHLMC), 4.35%, 7/1/37 | 3,035 | 2,943,100 | |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
1.50%, 1/1/31 | 300 | 235,503 | |
1.60%, 7/1/31 | 175 | 136,350 | |
Minnesota Housing Finance Agency: | |||
2019 Series A, 4.00%, 8/1/34 | 295 | 287,770 |
5
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Minnesota Housing Finance Agency: (continued) | |||
2019 Series A, 4.00%, 8/1/35 | $ | 440 | $ 426,483 |
2019 Series C, 4.00%, 8/1/33 | 525 | 499,810 | |
2019 Series C, 4.00%, 8/1/34 | 240 | 225,638 | |
2019 Series C, 4.00%, 8/1/35 | 285 | 264,326 | |
New York City Housing Development Corp., NY: | |||
2.65%, 11/1/27 | 60 | 56,345 | |
2.85%, 11/1/29 | 20 | 18,270 | |
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA): | |||
2.20%, 5/1/25 | 190 | 182,539 | |
2.40%, 11/1/26 | 150 | 141,268 | |
New York Mortgage Agency: | |||
2.30%, 10/1/30 | 1,000 | 864,850 | |
3.65%, 4/1/32 | 120 | 119,317 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 7,675 | 7,007,045 | |
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | 1,059 | 1,020,940 | |
Virginia Housing Development Authority, 2.55%, 5/1/27 | 90 | 85,395 | |
$ 16,661,770 | |||
Industrial Development Revenue — 0.4% | |||
Loudoun County Economic Development Authority, VA, (Loudoun County Public Facilities) , 5.00%, 12/1/34 | $ | 1,960 | $ 2,128,815 |
$ 2,128,815 | |||
Insured - Bond Bank — 1.7% | |||
Indianapolis Local Public Improvement Bond Bank, IN, (AGM), 4.00%, 6/1/36 | $ | 10,855 | $ 9,987,903 |
$ 9,987,903 | |||
Insured - Education — 1.2% | |||
New York Dormitory Authority, (School Districts Revenue Bond Financing Program): | |||
(AGM), 5.00%, 10/1/33 | $ | 1,625 | $ 1,767,155 |
(AGM), 5.00%, 10/1/33 | 500 | 529,025 | |
(AGM), 5.00%, 10/1/34 | 1,250 | 1,314,900 | |
(AGM), 5.00%, 10/1/35 | 800 | 839,576 | |
Troy University, AL, (AGM), 5.00%, 11/1/35 | 1,000 | 1,041,230 | |
University of Central Florida, (AGM), 4.00%, 10/1/34 | 1,805 | 1,784,351 | |
$ 7,276,237 | |||
Insured - Electric Utilities — 0.3% | |||
Lubbock, TX, Electric Light & Power System Revenue, (AGM), 5.00%, 4/15/31 | $ | 645 | $ 700,876 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Electric Utilities (continued) | |||
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J), (AGM), 4.00%, 1/1/36 | $ | 310 | $ 291,121 |
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M): | |||
(AGM), 4.00%, 1/1/36 | 435 | 408,509 | |
(AGM), 4.00%, 1/1/37 | 470 | 436,752 | |
$ 1,837,258 | |||
Insured - General Obligations — 1.1% | |||
Cattaraugus County, NY : | |||
(AGM), 4.00%, 5/15/36 | $ | 960 | $ 930,048 |
(AGM), 4.00%, 5/15/37 | 730 | 690,062 | |
Fairfield, CA, (AGC), 0.00%, 4/1/37 | 5,000 | 2,472,300 | |
Fort Bend County Municipal Utility District No. 58, TX: | |||
(BAM), 3.00%, 4/1/26 | 10 | 9,647 | |
(BAM), 3.00%, 4/1/32 | 360 | 317,606 | |
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27 | 690 | 705,580 | |
Yonkers, NY: | |||
(BAM), Series 2019A, 5.00%, 5/1/31 | 750 | 807,458 | |
(BAM), Series 2019B, 5.00%, 5/1/31 | 825 | 888,203 | |
$ 6,820,904 | |||
Insured - Lease Revenue/Certificates of Participation — 0.2% | |||
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | $ | 100 | $ 104,003 |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | 175 | 181,008 | |
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27 | 605 | 637,978 | |
$ 922,989 | |||
Insured - Special Tax Revenue — 0.1% | |||
North Houston Development Corp., TX, Tax Increment Contract Revenue, (AGM), 3.00%, 9/1/36 | $ | 880 | $ 687,755 |
Vineyard Redevelopment Agency, UT, (AGM), 4.00%, 5/1/36 | 135 | 130,975 | |
$ 818,730 | |||
Insured - Transportation — 1.5% | |||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | $ | 275 | $ 285,678 |
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/30 | 1,000 | 1,036,630 | |
(AGM), 5.00%, 1/1/31 | 1,250 | 1,289,988 | |
(AGM), 5.00%, 1/1/32 | 1,650 | 1,695,128 | |
(AGM), 5.00%, 1/1/33 | 2,250 | 2,301,322 |
6
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation (continued) | |||
New Orleans Aviation Board, LA: (continued) | |||
(AGM), 5.00%, 1/1/34 | $ | 2,485 | $ 2,534,128 |
$ 9,142,874 | |||
Insured - Water and Sewer — 0.1% | |||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | $ | 250 | $ 258,782 |
Hamburg Municipal Authority, PA, Sewer Revenue: | |||
(AGM), 2.00%, 10/1/32 | 320 | 253,046 | |
(AGM), 2.00%, 10/1/34 | 30 | 21,959 | |
$ 533,787 | |||
Lease Revenue/Certificates of Participation — 3.0% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/30 | $ | 235 | $ 236,741 |
4.00%, 12/1/31 | 250 | 250,158 | |
4.00%, 12/1/32 | 205 | 205,195 | |
Broward County School Board, FL, 5.00%, 7/1/29 | 500 | 522,680 | |
California Public Works Board, 4.00%, 5/1/36 | 880 | 854,638 | |
Colorado Department of Transportation: | |||
5.00%, 6/15/30 | 350 | 365,586 | |
5.00%, 6/15/31 | 310 | 323,590 | |
Colorado, (Building Excellent Schools Today), 5.00%, 3/15/33 | 1,150 | 1,240,126 | |
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue: | |||
5.00%, 6/1/29 | 3,000 | 3,133,800 | |
5.00%, 6/1/30 | 3,000 | 3,125,670 | |
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | 645 | 658,158 | |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28 | 410 | 440,791 | |
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | 1,495 | 1,544,574 | |
Palm Beach County School Board, FL, 5.25%, 8/1/39 | 3,000 | 3,133,680 | |
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | 500 | 519,395 | |
Virginia Public Building Authority, 4.00%, 8/1/35 | 1,140 | 1,127,015 | |
$ 17,681,797 | |||
Other Revenue — 10.2% | |||
Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 2.20%, 11/1/38(3) | $ | 5,300 | $ 5,300,000 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
Knoxville, TN, Gas System Revenue, 4.00%, 3/1/33 | $ | 3,245 | $ 3,220,338 |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/34 | 2,425 | 2,532,597 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): | |||
5.00%, 4/1/27 | 500 | 527,055 | |
5.00%, 4/1/29 | 275 | 288,970 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
4.00% to 12/1/29 (Put Date), 9/1/52 | 23,115 | 21,315,266 | |
5.00% to 6/1/29 (Put Date), 12/1/52 | 5,500 | 5,398,855 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall): | |||
5.00%, 12/1/27 | 100 | 106,547 | |
5.00%, 12/1/29 | 325 | 352,394 | |
5.00%, 12/1/31 | 250 | 270,950 | |
5.00%, 12/1/32 | 550 | 594,770 | |
5.00%, 12/1/33 | 200 | 215,470 | |
5.00%, 12/1/34 | 300 | 322,236 | |
5.00%, 12/1/35 | 700 | 750,582 | |
New York City Educational Construction Fund, NY, 5.00%, 4/1/29 | 2,765 | 2,985,813 | |
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28 | 1,060 | 1,134,518 | |
San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | 4,000 | 3,625,320 | |
Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | 11,500 | 10,799,190 | |
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32 | 1,000 | 1,034,530 | |
$ 60,775,401 | |||
Senior Living/Life Care — 1.4% | |||
Baltimore County, MD, (Riderwood Village, Inc.): | |||
4.00%, 1/1/30 | $ | 1,655 | $ 1,646,559 |
4.00%, 1/1/31 | 250 | 246,713 | |
4.00%, 1/1/32 | 350 | 342,083 | |
4.00%, 1/1/33 | 600 | 580,050 | |
4.00%, 1/1/34 | 685 | 659,559 | |
4.00%, 1/1/35 | 615 | 575,117 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/28 | 50 | 50,602 | |
5.00%, 11/15/30 | 910 | 916,598 |
7
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | $ | 100 | $ 102,441 |
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | 1,035 | 1,054,313 | |
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | 310 | 316,851 | |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | 1,000 | 926,070 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Series 2016A, 5.00%, 10/1/30 | 280 | 281,764 | |
Series 2016A, 5.00%, 10/1/31 | 675 | 678,058 | |
$ 8,376,778 | |||
Special Tax Revenue — 9.9% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/26 | $ | 200 | $ 202,098 |
5.00%, 5/1/27 | 450 | 454,716 | |
5.00%, 5/1/28 | 575 | 580,307 | |
5.00%, 5/1/29 | 550 | 553,768 | |
5.00%, 5/1/30 | 650 | 649,721 | |
5.00%, 5/1/31 | 675 | 669,688 | |
5.00%, 5/1/32 | 725 | 715,343 | |
Connecticut, Special Tax Obligation, (Transportation Infrastructure): | |||
5.00%, 7/1/29(2) | 2,565 | 2,793,182 | |
5.00%, 7/1/34(2) | 1,000 | 1,084,620 | |
Connecticut, Special Tax Revenue, 4.00%, 5/1/36 | 2,640 | 2,516,131 | |
Downtown Smyrna Development Authority, GA, 4.00%, 2/1/35 | 360 | 353,120 | |
Miami-Dade County, FL, Special Obligation Bonds: | |||
5.00%, 4/1/29 | 900 | 938,349 | |
5.00%, 4/1/30 | 950 | 988,931 | |
5.00%, 4/1/31 | 895 | 934,890 | |
5.00%, 4/1/32 | 735 | 767,516 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/35 | 2,235 | 2,121,171 | |
4.00%, 5/1/36 | 1,925 | 1,816,084 | |
4.00%, 11/1/36 | 1,000 | 940,570 | |
5.00%, 8/1/33 | 1,190 | 1,215,764 | |
5.00%, 8/1/35 | 3,000 | 3,183,930 | |
5.25%, 11/1/37 | 2,750 | 2,952,070 | |
2022 Series B, 4.00%, 11/1/37 | 5,365 | 4,982,475 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue: (continued) | |||
2022 Series C, 5.00%, 2/1/36 | $ | 3,310 | $ 3,492,944 |
2022 Series D, 4.00%, 11/1/37 | 5,660 | 5,256,442 | |
2022 Series F, 5.00%, 2/1/36 | 1,000 | 1,055,270 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/36 | 1,000 | 946,020 | |
4.00%, 2/15/37 | 6,950 | 6,491,300 | |
5.00%, 3/15/37 | 3,000 | 3,177,870 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | 1,800 | 1,861,542 | |
New York State Urban Development Corp., Personal Income Tax Revenue: | |||
4.00%, 3/15/35 | 2,885 | 2,766,571 | |
4.00%, 3/15/39 | 2,900 | 2,649,788 | |
$ 59,112,191 | |||
Transportation — 10.8% | |||
Central Texas Regional Mobility Authority: | |||
4.00%, 1/1/34 | $ | 70 | $ 65,983 |
5.00%, 1/1/27 | 2,140 | 2,196,303 | |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/28 | 150 | 153,917 | |
5.00%, 1/1/29 | 150 | 153,605 | |
5.00%, 1/1/30 | 500 | 510,945 | |
5.00%, 1/1/31 | 1,000 | 1,019,830 | |
5.25%, 1/1/28 | 2,905 | 3,075,959 | |
5.25%, 1/1/29 | 3,060 | 3,237,725 | |
5.25%, 1/1/30 | 1,000 | 1,056,400 | |
5.25%, 1/1/31 | 1,000 | 1,054,460 | |
5.25%, 1/1/32 | 2,565 | 2,677,629 | |
Clark County, NV, Highway Revenue, 5.00%, 7/1/33 | 840 | 858,631 | |
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | 1,450 | 1,511,001 | |
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | 500 | 517,485 | |
Hawaii, Highway Revenue, 5.00%, 1/1/31 | 805 | 871,332 | |
Illinois Toll Highway Authority: | |||
5.00%, 1/1/29 | 175 | 182,630 | |
5.00%, 12/1/32 | 350 | 363,101 | |
Massachusetts Bay Transportation Authority, 4.00%, 7/1/36 | 2,900 | 2,770,834 | |
Massachusetts Department of Transportation, 5.00%, 1/1/30 | 4,135 | 4,463,608 | |
Metropolitan Transportation Authority, NY: | |||
2.467%, (67% of SOFR + 0.43%), 11/1/26(1) | 1,980 | 1,905,869 |
8
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Metropolitan Transportation Authority, NY: (continued) | |||
5.00%, 11/15/41 | $ | 415 | $ 415,261 |
New Orleans Aviation Board, LA, 5.00%, 1/1/28 | 150 | 157,394 | |
North Texas Tollway Authority: | |||
4.125%, 1/1/39 | 6,000 | 5,566,140 | |
5.00%, 1/1/37 | 1,500 | 1,584,990 | |
Pennsylvania Turnpike Commission: | |||
5.00%, 12/1/35 | 500 | 521,410 | |
5.00%, 12/1/36 | 1,165 | 1,217,472 | |
(LOC: TD Bank, N.A.), 2.22%, 12/1/39(3) | 10,000 | 10,000,000 | |
Port Authority of New York and New Jersey: | |||
4.00%, 7/15/36 | 1,390 | 1,308,296 | |
5.00%, 9/1/34 | 3,595 | 3,778,021 | |
Port of Seattle, WA: | |||
5.00%, 3/1/27 | 100 | 102,652 | |
5.00%, 3/1/29 | 250 | 256,228 | |
Portland, ME, Airport Revenue: | |||
Green Bonds, 5.00%, 1/1/29 | 225 | 236,423 | |
Green Bonds, 5.00%, 1/1/31 | 370 | 388,800 | |
Salt Lake City, UT, (Salt Lake City International Airport): | |||
5.00%, 7/1/28 | 1,370 | 1,444,377 | |
5.00%, 7/1/31 | 300 | 314,475 | |
5.00%, 7/1/32 | 660 | 686,380 | |
5.00%, 7/1/33 | 600 | 618,948 | |
5.00%, 7/1/34 | 450 | 460,931 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport): | |||
5.00%, 5/1/35 | 1,950 | 2,038,120 | |
5.00%, 5/1/36 | 1,710 | 1,777,630 | |
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | 2,920 | 3,065,504 | |
$ 64,586,699 | |||
Water and Sewer — 4.4% | |||
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 2.22% , 11/1/28(3) | $ | 3,295 | $ 3,295,000 |
Fort Worth, TX, Water and Sewer System Revenue, 5.00%, 2/15/34 | 4,015 | 4,369,926 | |
Hillsborough County, FL, Wastewater Impact Fee, 5.00%, 5/1/29 | 1,220 | 1,303,179 | |
Indiana Finance Authority, (CWA Authority, Inc.), 4.00%, 10/1/36 | 1,475 | 1,391,633 | |
Louisville & Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | 275 | 259,977 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | $ | 575 | $ 583,481 |
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | 1,700 | 1,696,855 | |
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | 500 | 524,955 | |
Portland, OR, Sewer System Revenue, 3.00%, 3/1/37 | 860 | 691,535 | |
Rapid City, SD, Water Revenue: | |||
4.00%, 11/1/29 | 600 | 609,186 | |
4.00%, 11/1/30 | 670 | 679,789 | |
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/37 | 2,600 | 2,437,578 | |
Southeast Energy Authority A Cooperative District, AL, 4.00% to 12/1/31 (Put Date), 12/1/51 | 2,950 | 2,657,537 | |
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31 | 1,315 | 1,204,330 | |
Texas Water Development Board, 4.00%, 8/1/35 | 4,115 | 3,976,859 | |
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27 | 405 | 426,761 | |
$ 26,108,581 | |||
Total Tax-Exempt Municipal Obligations (identified cost $629,895,131) | $589,741,293 |
Short-Term Investments — 3.9% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%(4) | 23,481,417 | $ 23,481,417 | |
Total Short-Term Investments (identified cost $23,481,417) | $ 23,481,417 | ||
Total Investments — 102.9% (identified cost $653,376,548) | $613,222,710 | ||
Other Assets, Less Liabilities — (2.9)% | $(17,368,040) | ||
Net Assets — 100.0% | $595,854,670 |
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 October 31, 2022. |
(2) | When-issued security. |
(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, 2022. |
9
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2022. |
At October 31, 2022, the concentration of the Portfolio’s investments in the various states and territories, determined as a percentage of net assets, is as follows: |
New York | 14.9% |
Texas | 13.9% |
Others, representing less than 10% individually | 70.2% |
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, 2022, 6.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 5.2% of total investments. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
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 |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
The Portfolio did not have any open derivative instruments at October 31, 2022.
Investments in Affiliated Funds
At October 31, 2022, the value of the Portfolio’s investment in funds that may be deemed to be affiliated was $23,481,417, which represents 3.9% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended October 31, 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 | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | $ — | $271,378,451 | $(247,897,034) | $ — | $ — | $23,481,417 | $324,378 | 23,481,417 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
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.
At October 31, 2022, 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 Municipal Obligations | $ — | $589,741,293 | $ — | $589,741,293 |
Short-Term Investments | 23,481,417 | — | — | 23,481,417 |
Total Investments | $23,481,417 | $589,741,293 | $ — | $613,222,710 |
10
5-to-15 Year Laddered Municipal Bond Portfolio
October 31, 2022
Portfolio of Investments (Unaudited) — continued
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.
11