Parametric
TABS 10-to-20 Year Laddered Municipal Bond Fund
October 31, 2022
Portfolio of Investments (Unaudited)
Tax-Exempt Municipal Obligations — 91.3% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.0% | |||
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/36 | $ | 265 | $ 209,589 |
$ 209,589 | |||
Education — 0.5% | |||
University of Michigan, 4.00%, 4/1/38 | $ | 60 | $ 56,503 |
$ 56,503 | |||
Electric Utilities — 2.7% | |||
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/35 | $ | 50 | $ 48,775 |
Omaha Public Power District, NE, 4.00%, 2/1/42 | 250 | 229,443 | |
$ 278,218 | |||
General Obligations — 31.9% | |||
Anne Arundel County, MD, 5.00%, 4/1/33 | $ | 255 | $ 282,150 |
Bethel Park School District, PA, 4.00%, 8/1/35 | 250 | 235,092 | |
California: | |||
4.00%, 9/1/32 | 125 | 126,108 | |
4.00%, 10/1/37 | 250 | 243,005 | |
Campbell, CA, (Election of 2018), 5.00%, 9/1/40 | 250 | 265,257 | |
Chambers County Improvement District No. 1, TX: | |||
4.00%, 9/1/33 | 200 | 188,240 | |
4.00%, 9/1/34 | 75 | 70,294 | |
Colonial School District, PA, 5.00%, 2/15/36 | 100 | 103,596 | |
Coopersville Area Public Schools, MI, 4.00%, 5/1/37 | 250 | 231,207 | |
Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
3.00%, 8/15/35 | 100 | 83,710 | |
3.00%, 8/15/36 | 120 | 98,819 | |
Georgia, 4.00%, 8/1/35 | 270 | 266,395 | |
Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | 200 | 187,118 | |
Laredo Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/39 | 200 | 211,980 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/33 | 125 | 126,298 | |
Monterey Peninsula Community College District, CA, 4.00%, 8/1/33 | 50 | 50,262 | |
Pennsylvania: | |||
4.00%, 10/1/39 | 125 | 113,440 | |
4.125%, 10/1/41 | 200 | 182,508 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Pflugerville, TX, 5.00%, 8/1/33 | $ | 180 | $ 195,946 |
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/34 | 100 | 56,966 | |
$ 3,318,391 | |||
Hospital — 15.1% | |||
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | $ | 250 | $ 234,870 |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | 195 | 166,897 | |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/31 | 50 | 50,347 | |
New York City Health and Hospitals Corp., NY: | |||
5.00%, 2/15/37 | 325 | 338,250 | |
5.00%, 2/15/38 | 345 | 357,544 | |
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/39 | 250 | 181,337 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | 150 | 138,956 | |
Tampa, FL, (H. Lee Moffitt Cancer Center), 5.00%, 7/1/35 | 100 | 101,437 | |
$ 1,569,638 | |||
Housing — 0.8% | |||
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | $ | 84 | $ 80,981 |
$ 80,981 | |||
Insured - Special Tax Revenue — 2.5% | |||
Vineyard Redevelopment Agency, UT: | |||
(AGM), 4.00%, 5/1/33 | $ | 150 | $ 148,983 |
(AGM), 4.00%, 5/1/35 | 115 | 112,499 | |
$ 261,482 | |||
Insured - Transportation — 3.4% | |||
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/32 | $ | 100 | $ 102,735 |
(AGM), 5.00%, 1/1/33 | 100 | 102,281 | |
(AGM), 5.00%, 1/1/34 | 150 | 152,965 | |
$ 357,981 | |||
Lease Revenue/Certificates of Participation — 7.2% | |||
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/33 | $ | 150 | $ 150,777 |
Ottawa County Building Authority, MI, 4.00%, 5/1/41 | 400 | 370,392 |
1
Parametric
TABS 10-to-20 Year Laddered Municipal Bond Fund
October 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/38 | $ | 115 | $ 121,397 |
South San Francisco Public Facilities Financing Authority, CA, (Orange Memorial Park), 5.00%, 6/1/40 | 100 | 105,405 | |
$ 747,971 | |||
Other Revenue — 4.5% | |||
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/41 | $ | 300 | $ 309,912 |
Wisconsin, Environmental Improvement Fund Revenue: | |||
5.00%, 6/1/34 | 50 | 51,639 | |
5.00%, 6/1/35 | 100 | 103,179 | |
$ 464,730 | |||
Senior Living/Life Care — 13.0% | |||
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32 | $ | 350 | $ 342,083 |
Maryland Health and Higher Educational Facilities Authority, (Broadmead): | |||
5.00%, 7/1/31 | 150 | 154,743 | |
5.00%, 7/1/32 | 220 | 226,622 | |
Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities), 5.00%, 8/1/35 | 150 | 151,809 | |
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): | |||
4.00%, 11/15/31 | 200 | 183,816 | |
4.00%, 11/15/36 | 220 | 190,546 | |
4.00%, 11/15/41 | 125 | 103,560 | |
$ 1,353,179 | |||
Special Tax Revenue — 4.8% | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/38 | $ | 250 | $ 229,705 |
5.25%, 11/1/37 | 250 | 268,370 | |
$ 498,075 | |||
Transportation — 2.0% | |||
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36 | $ | 200 | $ 203,032 |
$ 203,032 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer — 0.9% | |||
Louisville & Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | $ | 100 | $ 94,537 |
$ 94,537 | |||
Total Tax-Exempt Municipal Obligations (identified cost $10,528,977) | $ 9,494,307 |
Short-Term Investments — 8.0% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.88%(1) | 829,135 | $ 829,135 | |
Total Short-Term Investments (identified cost $829,135) | $ 829,135 | ||
Total Investments — 99.3% (identified cost $11,358,112) | $10,323,442 | ||
Other Assets, Less Liabilities — 0.7% | $ 74,010 | ||
Net Assets — 100.0% | $10,397,452 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | 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 Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
New York | 16.2% |
Pennsylvania | 10.8% |
California | 10.4% |
Others, representing less than 10% individually | 53.9% |
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, 2022, 6.0% of total investments are backed by bond insurance of a financial guaranty assurance agency. |
Abbreviations: | |
AGM | – Assured Guaranty Municipal Corp. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
PSF | – Permanent School Fund |
2
Parametric
TABS 10-to-20 Year Laddered Municipal Bond Fund
October 31, 2022
Portfolio of Investments (Unaudited) — continued
The Fund did not have any open derivative instruments at October 31, 2022.
Investments in Affiliated Funds
At October 31, 2022, the value of the Fund's investment in funds that may be deemed to be affiliated was $829,135, which represents 8.0% of the Fund's net assets. Transactions in affiliated funds by the Fund 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 | Units/Shares, end of period |
Short-Term Investments | ||||||||
Eaton Vance Cash Reserves Fund, LLC | $1,399,552 | $3,905,604 | $(5,305,386) | $230 | $ — | $ — | $154 | — |
Liquidity Fund, Institutional Class(1) | — | 12,438,027 | (11,608,892) | — | — | 829,135 | 11,401 | 829,135 |
Total | $230 | $ — | $829,135 | $11,555 |
(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 Fund's investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $9,494,307 | $ — | $ 9,494,307 |
Short-Term Investments | 829,135 | — | — | 829,135 |
Total Investments | $829,135 | $9,494,307 | $ — | $10,323,442 |
Plan of Liquidation
In December 2022, the Board of Trustees of Eaton Vance Municipals Trust II, on behalf of the Fund, approved the liquidation of the Fund, which is expected to take place on or about January 20, 2023. Effective as of the close of business on January 13, 2023, shares of the Fund will no longer be available for purchase or exchange.
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.
3