Eaton Vance
TABS 5-to-15 Year Laddered Municipal Bond Fund
April 30, 2023 (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 April 30, 2023, the value of the Fund’s investment in the Portfolio was $685,065,513 and the Fund owned approximately 100% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
As of the close of business on May 19, 2023, the Fund received its pro-rata share of net assets from the Portfolio as part of a complete liquidation of the Portfolio. Subsequent to May 19, 2023, the Fund invests directly in securities.
1
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited)
Tax-Exempt Municipal Obligations — 95.0% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.7% | |||
Maine Municipal Bond Bank, 4.00%, 11/1/37 | $ | 1,000 | $ 1,016,000 |
Michigan Finance Authority, (Trinity Health Credit Group), 3.00%, 10/1/36 | 1,500 | 1,429,590 | |
Ohio Water Development Authority, 5.00%, 12/1/39 | 1,000 | 1,154,590 | |
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | 400 | 370,592 | |
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35 | 675 | 707,873 | |
$ 4,678,645 | |||
Education — 3.2% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.657%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 2,750 | $ 2,663,375 |
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | 505 | 543,764 | |
New York Dormitory Authority, (Rochester Institute of Technology): | |||
5.00%, 7/1/36 | 395 | 434,065 | |
5.00%, 7/1/37 | 840 | 917,381 | |
Ohio Higher Educational Facility Commission, (Kenyon College): | |||
5.00%, 7/1/35 | 1,840 | 2,121,667 | |
5.00%, 7/1/36 | 1,600 | 1,823,168 | |
5.00%, 7/1/37 | 2,000 | 2,250,360 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University): | |||
4.00%, 7/1/34 | 1,155 | 1,178,562 | |
4.00%, 9/1/34 | 350 | 366,979 | |
Poway Unified School District, CA, (Election of 2008), 0.00%, 8/1/35 | 1,000 | 653,490 | |
Saginaw Valley State University, MI: | |||
5.00%, 7/1/27 | 400 | 423,560 | |
5.00%, 7/1/28 | 1,000 | 1,059,520 | |
University of Mississippi Educational Building Corp.: | |||
4.00%, 10/1/37 | 350 | 361,200 | |
4.00%, 10/1/38 | 1,590 | 1,638,272 | |
Virginia College Building Authority, 4.00%, 2/1/33 | 1,000 | 1,042,330 | |
Virginia Public School Authority, Prince William County, 3.00%, 10/1/37 | 1,690 | 1,566,681 | |
West Lafayette School Building Corp., IN, 5.00%, 7/15/35 | 2,800 | 3,027,780 | |
$ 22,072,154 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities — 2.7% | |||
American Municipal Power, Inc., OH, (Prairie State Energy Campus): | |||
4.00%, 2/15/35 | $ | 5,690 | $ 5,875,380 |
4.00%, 2/15/36 | 1,000 | 1,012,910 | |
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | 1,000 | 1,051,450 | |
Clark County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 1/1/36 | 505 | 573,013 | |
Florida Municipal Power Agency, 3.00%, 10/1/33 | 1,875 | 1,768,612 | |
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | 250 | 264,398 | |
Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | 735 | 780,570 | |
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34 | 770 | 806,228 | |
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | 500 | 531,880 | |
Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.70% to 10/1/30 (Put Date), 10/1/46 | 2,730 | 2,795,029 | |
Tallahassee, FL, Energy System Revenue: | |||
5.00%, 10/1/30 | 1,500 | 1,539,600 | |
5.00%, 10/1/31 | 1,000 | 1,025,560 | |
5.00%, 10/1/33 | 300 | 307,122 | |
Walnut Energy Center Authority, CA, 5.00%, 1/1/33 | 250 | 254,973 | |
$ 18,586,725 | |||
Escrowed/Prerefunded — 0.1% | |||
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | $ | 150 | $ 156,632 |
Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33 | 300 | 300,855 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/30 | 250 | 259,167 | |
$ 716,654 | |||
General Obligations — 38.5% | |||
Aldine Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | $ | 300 | $ 307,875 |
Anne Arundel County, MD, 5.00%, 4/1/33 | 700 | 830,781 | |
Arlington Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/34 | 2,050 | 2,076,240 | |
4.00%, 2/15/36 | 1,000 | 1,036,470 | |
Auburn School District No. 408, WA, 4.00%, 12/1/35 | 775 | 786,478 | |
Auburn, AL, 5.00%, 8/1/37 | 1,915 | 2,179,155 | |
Bainbridge Island School District No. 303, WA, 4.00%, 12/1/36 | 400 | 408,784 |
2
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Barbers Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | $ | 2,970 | $ 3,439,052 |
Belding Area Schools, MI, 5.00%, 5/1/30 | 225 | 237,915 | |
Bethel Park School District, PA, 4.00%, 8/1/35 | 650 | 680,881 | |
Beverly Hills Unified School District, CA, (Election of 2008), 0.00%, 8/1/33 | 755 | 551,225 | |
Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/38 | 770 | 831,531 | |
Bexar County, TX, 3.00%, 6/15/30 | 6,000 | 5,941,440 | |
Birmingham, AL, 5.00%, 12/1/27 | 2,460 | 2,707,845 | |
Blanco Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | 900 | 1,040,886 | |
Boerne Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/37 | 1,000 | 1,012,740 | |
Bozeman High School District No. 7, MT, 3.00%, 12/1/34 | 500 | 489,610 | |
Burbank Unified School District, CA, (Election of 2013), 4.45% (0.00% to 8/1/23), 8/1/36 | 900 | 942,435 | |
Burlington, VT, 5.00%, 11/1/29 | 75 | 85,674 | |
California: | |||
2.85%, 12/1/32 | 2,040 | 1,998,302 | |
4.55%, 12/1/37 | 1,000 | 1,087,750 | |
Cape May County, NJ, 3.00%, 10/1/31 | 1,000 | 1,006,110 | |
Celina Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | 1,135 | 1,158,324 | |
Centennial School District No. 28Jt, OR, 5.00%, 6/15/34 | 835 | 961,302 | |
Chaffey Joint Union High School District, CA, (Election of 2012): | |||
0.00%, 8/1/30 | 450 | 361,481 | |
0.00%, 8/1/31 | 460 | 356,040 | |
0.00%, 8/1/32 | 530 | 394,453 | |
0.00%, 8/1/33 | 1,575 | 1,121,416 | |
Chambers County Improvement District No. 1, TX: | |||
4.00%, 9/1/32 | 1,100 | 1,131,493 | |
4.00%, 9/1/33 | 1,000 | 1,025,630 | |
4.00%, 9/1/34 | 1,000 | 1,024,530 | |
Channelview Independent School District, TX, (PSF Guaranteed), 2.375%, 8/15/35 | 500 | 442,810 | |
Cheltenham School District, PA, 4.00%, 2/15/35 | 1,005 | 1,054,778 | |
Chisholm Independent School District No. 695, MN: | |||
0.00%, 2/1/37 | 615 | 348,767 | |
0.00%, 2/1/38 | 820 | 438,003 | |
Clark County, NV, 4.00%, 6/1/36 | 175 | 178,182 | |
Cleveland Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/38 | 1,050 | 1,071,472 | |
College Station Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/32 | 320 | 331,731 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Colonial School District, PA, 5.00%, 2/15/33 | $ | 50 | $ 52,159 |
Comal County, TX, 4.00%, 2/1/33 | 5,580 | 5,743,550 | |
Connecticut: | |||
4.00%, 1/15/34 | 3,000 | 3,205,890 | |
4.00%, 1/15/35 | 3,000 | 3,178,230 | |
5.00%, 8/15/31 | 5,580 | 5,610,802 | |
Conroe, TX, 4.125%, 3/1/39 | 1,895 | 1,927,859 | |
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33 | 100 | 108,447 | |
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | 630 | 675,719 | |
Coopersville Area Public Schools, MI, 4.00%, 5/1/35 | 430 | 453,065 | |
Corona-Norco Unified School District, CA, (Election of 2014), 5.00%, 8/1/33 | 350 | 394,618 | |
Cupertino Union School District, CA, (Election of 2012), 5.00%, 8/1/33 | 555 | 602,530 | |
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | 2,235 | 2,613,251 | |
Danville, VA, 4.00%, 9/1/33 | 3,490 | 3,900,529 | |
David Douglas School District No. 40, OR: | |||
0.00%, 6/15/31 | 525 | 404,182 | |
0.00%, 6/15/34 | 1,850 | 1,248,195 | |
0.00%, 6/15/35 | 1,250 | 794,137 | |
0.00%, 6/15/36 | 1,690 | 1,001,714 | |
0.00%, 6/15/37 | 1,000 | 553,530 | |
0.00%, 6/15/38 | 750 | 388,763 | |
Del Valle Independent School District, TX, (PSF Guaranteed), 4.00%, 6/15/38 | 750 | 781,800 | |
Delaware, 5.00%, 2/1/29 | 1,000 | 1,119,740 | |
Dublin City School District, OH, 5.00%, 12/1/29 | 500 | 565,985 | |
El Paso Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/34 | 500 | 512,040 | |
Fairfax County, VA: | |||
4.00%, 10/1/35 | 4,225 | 4,442,461 | |
4.00%, 10/1/36 | 5,775 | 6,021,130 | |
Falls City Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/34 | 1,000 | 1,012,540 | |
Florida, (Department of Transportation), 2.00%, 7/1/33 | 1,535 | 1,339,303 | |
Forney Independent School District, TX, 0.00%, 8/15/37 | 275 | 153,164 | |
Fort Bend Independent School District, TX, (PSF Guaranteed): | |||
3.00%, 8/15/35 | 400 | 382,888 | |
3.00%, 8/15/36 | 500 | 461,925 | |
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 400 | 407,700 | |
Georgia: | |||
5.00%, 7/1/30 | 5,000 | 5,885,400 |
3
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Georgia: (continued) | |||
5.00%, 2/1/32 | $ | 1,000 | $ 1,092,060 |
Grand Forks County, ND, 4.00%, 10/1/35 | 1,480 | 1,570,709 | |
Hamilton County, IN, 4.00%, 12/31/38 | 1,305 | 1,340,927 | |
Harlandale Independent School District, TX, 5.00%, 8/1/29 | 845 | 924,396 | |
Hawaii, 4.00%, 1/1/37 | 1,000 | 1,025,960 | |
Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | 3,445 | 3,400,181 | |
Hennepin County, MN, 5.00%, 12/1/33 | 1,000 | 1,070,950 | |
Hitchcock Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | 750 | 849,750 | |
Homewood, AL, 5.00%, 9/1/29 | 2,000 | 2,145,160 | |
Honolulu City and County, HI, 3.00%, 9/1/31 | 110 | 110,846 | |
Houston, TX, 4.00%, 3/1/37 | 1,730 | 1,750,518 | |
Illinois: | |||
Series 2022A, 5.00%, 3/1/29 | 2,250 | 2,458,597 | |
Series 2022B, 5.00%, 3/1/29 | 2,000 | 2,185,420 | |
Irving, TX: | |||
4.00%, 9/15/36 | 2,025 | 2,097,313 | |
4.00%, 9/15/37 | 4,030 | 4,134,135 | |
4.00%, 9/15/37 | 1,135 | 1,164,328 | |
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29 | 1,000 | 1,007,640 | |
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28 | 2,370 | 2,551,945 | |
Kansas City, MO: | |||
3.00%, 2/1/35 | 950 | 913,320 | |
4.00%, 2/1/37 | 2,500 | 2,593,000 | |
Kennebunk, ME, 2.00%, 10/1/35 | 600 | 499,938 | |
Krum Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | 720 | 727,020 | |
Lake Washington School District No. 414, WA, 4.00%, 12/1/34 | 1,000 | 1,037,440 | |
Lakeland, FL, 5.00%, 10/1/30 | 1,000 | 1,034,160 | |
Lamar Consolidated Independent School District, TX, 5.00%, 2/15/37 | 1,895 | 2,180,235 | |
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | 2,000 | 2,177,560 | |
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | 1,600 | 1,643,072 | |
Lincoln, NE, 3.00%, 5/15/33 | 1,090 | 1,087,362 | |
Lockhart Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/33 | 200 | 204,976 | |
Lone Star College System, TX, 3.00%, 2/15/36 | 1,695 | 1,589,147 | |
Longview, TX, 4.00%, 9/1/37 | 1,100 | 1,104,763 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | $ | 1,690 | $ 1,760,034 |
Massachusetts, 4.00%, 5/1/36 | 5,050 | 5,224,174 | |
McLean County Public Building Commission, IL, 5.00%, 12/1/28 | 200 | 206,264 | |
Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 425 | 448,528 | |
Mildred Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35 | 425 | 399,343 | |
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | 360 | 366,480 | |
Monrovia Unified School District, CA, (Election of 2006): | |||
0.00%, 8/1/34 | 3,550 | 2,348,112 | |
0.00%, 8/1/36 | 1,830 | 1,061,473 | |
Montgomery County Municipal Utility District No. 46, TX, 4.00%, 3/1/29 | 1,295 | 1,309,828 | |
Morgan County School District, UT, 4.00%, 8/1/34 | 1,180 | 1,226,999 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | 175 | 154,896 | |
Nevada, 2.125%, 5/1/38 | 2,000 | 1,556,940 | |
New Braunfels, TX, 5.00%, 2/1/32 | 795 | 924,164 | |
New York City, NY, 5.25%, 10/1/39 | 2,000 | 2,325,560 | |
Newport-Mesa Unified School District, CA, (Election of 2005): | |||
0.00%, 8/1/35 | 3,435 | 2,287,504 | |
0.00%, 8/1/37 | 6,580 | 3,931,024 | |
Ohio, 5.00%, 5/1/35 | 500 | 593,235 | |
Omaha, NE: | |||
5.00%, 4/15/38 | 610 | 696,236 | |
5.00%, 4/15/39 | 1,115 | 1,266,395 | |
Palo Alto Unified School District, CA, (Election of 2008), 0.00%, 8/1/31 | 840 | 662,424 | |
Pasadena Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 2/15/39 | 4,840 | 4,959,451 | |
4.125%, 2/15/40 | 3,575 | 3,665,698 | |
Pasadena, TX: | |||
4.00%, 2/15/28 | 500 | 510,525 | |
4.00%, 2/15/29 | 150 | 153,006 | |
4.00%, 2/15/30 | 440 | 448,571 | |
4.00%, 2/15/31 | 650 | 662,213 | |
Pearland Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 500 | 518,295 | |
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | 890 | 774,727 | |
Pennsylvania, 4.00%, 10/1/39 | 17,000 | 17,092,140 |
4
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Pflugerville, TX, 5.00%, 8/1/36 | $ | 1,365 | $ 1,566,529 |
Quincy School District No. 144-101, WA, 4.00%, 12/1/34 | 800 | 816,440 | |
Racine County, WI: | |||
0.25%, 3/1/37 | 860 | 515,776 | |
0.50%, 3/1/38 | 870 | 523,566 | |
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28 | 555 | 598,334 | |
Red Oak Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/32 | 385 | 377,539 | |
Redmond, WA, 5.00%, 12/1/36 | 1,455 | 1,699,935 | |
Richardson Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 600 | 613,164 | |
Romeo Community Schools, MI, 5.00%, 5/1/30 | 700 | 742,245 | |
Romulus, MI: | |||
4.00%, 11/1/31 | 250 | 257,520 | |
4.00%, 11/1/32 | 100 | 102,903 | |
4.00%, 11/1/33 | 250 | 256,888 | |
San Antonio Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | 500 | 512,025 | |
San Antonio, TX, 4.00%, 8/1/34 | 1,000 | 1,090,220 | |
San Jacinto Community College District, TX, 4.00%, 2/15/34 | 1,445 | 1,550,485 | |
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | 450 | 464,953 | |
Southfield Public Schools, MI, 5.00%, 5/1/27 | 1,000 | 1,086,370 | |
Southside Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | 500 | 515,415 | |
Spokane County School District No. 81, WA, 5.00%, 12/1/36 | 3,500 | 3,898,755 | |
Spokane, WA, 4.00%, 12/1/36 | 2,980 | 3,051,788 | |
Stamford, CT: | |||
2.00%, 8/15/33 | 805 | 692,397 | |
4.00%, 8/1/27 | 265 | 272,303 | |
Sugar Land, TX, 4.00%, 2/15/36 | 1,000 | 1,023,760 | |
Texas Transportation Commission: | |||
5.00%, 4/1/34 | 16,500 | 17,359,155 | |
5.00%, 4/1/35 | 10,000 | 10,497,900 | |
Tukwila, WA, 4.00%, 12/1/35 | 500 | 516,255 | |
Tuloso-Midway Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/15/27 | 110 | 112,937 | |
4.00%, 8/15/29 | 545 | 558,930 | |
Tyler Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/36 | 2,000 | 2,143,120 | |
United Independent School District, TX: | |||
4.00%, 2/15/33 | 350 | 360,847 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
United Independent School District, TX: (continued) | |||
4.00%, 2/15/34 | $ | 535 | $ 551,933 |
4.00%, 2/15/36 | 580 | 590,968 | |
4.00%, 2/15/37 | 600 | 606,522 | |
Upper St. Clair Township, PA, 4.00%, 6/1/34 | 800 | 823,616 | |
Vestavia Hills, AL, 4.00%, 8/1/35 | 800 | 832,856 | |
West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/34 | 200 | 223,828 | |
Westchester County, NY, 2.00%, 10/15/33 | 650 | 572,793 | |
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | 360 | 371,383 | |
Wisconsin, 5.00%, 5/1/35 | 1,340 | 1,488,713 | |
Worthington City School District, OH: | |||
0.00%, 12/1/28 | 325 | 270,878 | |
0.00%, 12/1/29 | 400 | 322,188 | |
0.00%, 12/1/30 | 920 | 714,923 | |
0.00%, 12/1/31 | 395 | 295,464 | |
Yosemite Community College District, CA, (Election of 2004), 0.00%, 8/1/37 | 165 | 94,129 | |
$263,768,552 | |||
Hospital — 9.6% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/33 | $ | 2,925 | $ 3,131,768 |
Bexar County Hospital District, TX, 5.00%, 2/15/37 | 1,800 | 2,029,302 | |
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | 90 | 90,034 | |
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | 465 | 501,461 | |
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | 335 | 353,160 | |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | 100 | 103,142 | |
Colorado Health Facilities Authority, (CommonSpirit Health): | |||
5.00%, 8/1/28 | 7,035 | 7,641,417 | |
5.00%, 8/1/34 | 1,575 | 1,691,046 | |
5.00%, 8/1/35 | 2,650 | 2,826,119 | |
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32 | 3,000 | 3,326,280 | |
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | 350 | 357,340 | |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | 1,000 | 983,400 |
5
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33 | $ | 4,000 | $ 4,003,760 |
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27 | 500 | 531,015 | |
Illinois Finance Authority, (Rush University Medical Center): | |||
5.00%, 11/15/31 | 1,000 | 1,036,350 | |
5.00%, 11/15/32 | 1,000 | 1,034,050 | |
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): | |||
5.00%, 10/1/30 | 2,000 | 2,108,580 | |
5.00%, 10/1/31 | 1,500 | 1,578,645 | |
5.00%, 10/1/32 | 2,000 | 2,101,920 | |
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | 875 | 901,950 | |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | 370 | 372,893 | |
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/36 | 1,000 | 1,092,790 | |
Minneapolis, MN, (Allina Health System), 4.00%, 11/15/36 | 1,990 | 2,012,328 | |
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | 490 | 508,865 | |
Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | 1,000 | 1,054,280 | |
Montgomery County, OH, (Dayton Children's Hospital): | |||
5.00%, 8/1/32 | 750 | 863,452 | |
5.00%, 8/1/33 | 800 | 918,040 | |
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group): | |||
5.00%, 8/1/28 | 500 | 538,840 | |
5.00%, 8/1/29 | 500 | 540,110 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): | |||
5.00%, 7/1/27 | 700 | 746,235 | |
5.00%, 7/1/28 | 600 | 640,500 | |
5.00%, 7/1/31 | 275 | 293,035 | |
New York Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/30 | 150 | 158,301 | |
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25 | 405 | 408,762 | |
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32 | 700 | 729,932 | |
Public Finance Authority, WI, (Renown Regional Medical Center), 5.00%, 6/1/36 | 2,310 | 2,441,347 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28 | 1,000 | 1,058,880 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | 150 | 153,602 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | $ | 625 | $ 648,925 |
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | 1,555 | 1,633,419 | |
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): | |||
5.00%, 12/1/25 | 285 | 297,349 | |
5.00%, 12/1/27 | 45 | 47,493 | |
5.00%, 12/1/28 | 320 | 338,390 | |
5.00%, 12/1/30 | 300 | 316,845 | |
5.00%, 12/1/31 | 185 | 195,121 | |
Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 5.00%, 10/1/40 | 9,000 | 9,788,310 | |
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | 1,000 | 1,040,970 | |
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | 400 | 422,072 | |
Wisconsin Health and Educational Facilities Authority, (Gundersen Health System), 4.00%, 10/15/33 | 425 | 446,463 | |
$ 66,038,288 | |||
Housing — 2.5% | |||
Alaska Housing Finance Corp.: | |||
Social Bonds, 5.00%, 6/1/32 | $ | 920 | $ 1,056,905 |
Social Bonds, 5.00%, 12/1/32 | 940 | 1,078,490 | |
Georgia Housing & Finance Authority, 3.65%, 12/1/32 | 185 | 187,538 | |
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA), (FNMA), (FHLMC), 4.35%, 7/1/37 | 3,035 | 3,080,070 | |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
1.50%, 1/1/31 | 300 | 256,212 | |
1.60%, 7/1/31 | 175 | 149,221 | |
Minnesota Housing Finance Agency: | |||
2019 Series A, 4.00%, 8/1/34 | 295 | 309,647 | |
2019 Series A, 4.00%, 8/1/35 | 440 | 458,656 | |
2019 Series C, 4.00%, 8/1/33 | 525 | 547,108 | |
2019 Series C, 4.00%, 8/1/34 | 240 | 249,151 | |
New York City Housing Development Corp., NY: | |||
2.65%, 11/1/27 | 60 | 58,613 | |
2.85%, 11/1/29 | 20 | 19,415 | |
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA): | |||
2.20%, 5/1/25 | 190 | 185,734 | |
2.40%, 11/1/26 | 150 | 145,772 | |
New York Mortgage Agency: | |||
2.30%, 10/1/30 | 1,000 | 915,780 |
6
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
New York Mortgage Agency: (continued) | |||
3.65%, 4/1/32 | $ | 120 | $ 119,664 |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 7,675 | 7,042,503 | |
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | 1,059 | 1,037,799 | |
Virginia Housing Development Authority, 2.55%, 5/1/27 | 90 | 87,177 | |
$ 16,985,455 | |||
Insured - Bond Bank — 1.6% | |||
Indianapolis Local Public Improvement Bond Bank, IN, (AGM), 4.00%, 6/1/36 | $ | 10,855 | $ 11,144,394 |
$ 11,144,394 | |||
Insured - Education — 0.3% | |||
New York Dormitory Authority, (School Districts Revenue Bond Financing Program): | |||
(AGM), 5.00%, 10/1/33 | $ | 500 | $ 558,940 |
(AGM), 5.00%, 10/1/35 | 800 | 883,632 | |
Troy University, AL, (AGM), 5.00%, 11/1/35 | 460 | 517,716 | |
$ 1,960,288 | |||
Insured - Electric Utilities — 0.7% | |||
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M): | |||
(AGM), 5.00%, 7/1/30 | $ | 250 | $ 285,053 |
(AGM), 5.00%, 7/1/31 | 275 | 316,971 | |
(AGM), 5.00%, 7/1/32 | 465 | 539,395 | |
(AGM), 5.00%, 7/1/33 | 360 | 418,860 | |
(AGM), 5.00%, 7/1/34 | 365 | 422,560 | |
(AGM), 5.00%, 7/1/35 | 310 | 353,803 | |
(AGM), 5.00%, 7/1/36 | 500 | 562,005 | |
(AGM), 5.00%, 7/1/37 | 490 | 543,714 | |
(AGM), 5.00%, 7/1/38 | 405 | 445,585 | |
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J), (AGM), 4.00%, 1/1/36 | 310 | 315,313 | |
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M): | |||
(AGM), 4.00%, 1/1/36 | 435 | 442,456 | |
(AGM), 4.00%, 1/1/37 | 470 | 475,743 | |
$ 5,121,458 | |||
Insured - General Obligations — 1.8% | |||
Brownsboro Independent School District, TX: | |||
(AGM), 5.00%, 8/15/32 | $ | 645 | $ 760,713 |
(AGM), 5.00%, 8/15/36 | 1,000 | 1,132,150 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Brownsboro Independent School District, TX: (continued) | |||
(AGM), 5.00%, 8/15/37 | $ | 1,000 | $ 1,114,430 |
Cattaraugus County, NY : | |||
(AGM), 4.00%, 5/15/36 | 960 | 1,013,616 | |
(AGM), 4.00%, 5/15/37 | 730 | 763,653 | |
Fort Bend County Municipal Utility District No. 58, TX: | |||
(BAM), 3.00%, 4/1/26 | 10 | 9,961 | |
(BAM), 3.00%, 4/1/32 | 360 | 357,271 | |
Hazelwood School District, MO, (BAM), 5.00%, 3/1/36 | 4,050 | 4,643,082 | |
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27 | 690 | 717,683 | |
Yonkers, NY: | |||
(BAM), Series 2019A, 5.00%, 5/1/31 | 750 | 853,335 | |
(BAM), Series 2019B, 5.00%, 5/1/31 | 825 | 940,781 | |
$ 12,306,675 | |||
Insured - Lease Revenue/Certificates of Participation — 0.7% | |||
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | $ | 100 | $ 104,864 |
Fairfield, CA, Certificates of Participation: | |||
(AGC), 0.00%, 4/1/34 | 1,000 | 682,150 | |
(AGC), 0.00%, 4/1/37 | 5,000 | 2,884,900 | |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | 175 | 181,148 | |
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27 | 605 | 646,176 | |
Tahoe-Truckee Unified School District, CA, Certificates of Participation, (BAM), 5.00%, 6/1/31 | 180 | 193,777 | |
$ 4,693,015 | |||
Insured - Special Tax Revenue — 0.1% | |||
North Houston Development Corp., TX, Tax Increment Contract Revenue, (AGM), 3.00%, 9/1/36 | $ | 880 | $ 782,549 |
Vineyard Redevelopment Agency, UT, (AGM), 4.00%, 5/1/36 | 135 | 140,686 | |
$ 923,235 | |||
Insured - Transportation — 1.4% | |||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | $ | 275 | $ 288,426 |
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/30 | 1,000 | 1,098,540 | |
(AGM), 5.00%, 1/1/31 | 1,250 | 1,373,137 | |
(AGM), 5.00%, 1/1/32 | 1,650 | 1,811,898 | |
(AGM), 5.00%, 1/1/33 | 2,250 | 2,463,930 |
7
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
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 | $ 2,712,030 |
$ 9,747,961 | |||
Insured - Water and Sewer — 0.1% | |||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | $ | 250 | $ 263,438 |
Hamburg Municipal Authority, PA, Sewer Revenue: | |||
(AGM), 2.00%, 10/1/32 | 320 | 277,350 | |
(AGM), 2.00%, 10/1/34 | 30 | 25,023 | |
$ 565,811 | |||
Lease Revenue/Certificates of Participation — 3.8% | |||
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/31 | $ | 250 | $ 266,018 |
4.00%, 12/1/32 | 105 | 111,165 | |
Broward County School Board, FL, 5.00%, 7/1/29 | 500 | 532,560 | |
California Public Works Board, 4.00%, 5/1/36 | 305 | 318,063 | |
Colorado Department of Transportation: | |||
5.00%, 6/15/30 | 350 | 370,713 | |
5.00%, 6/15/31 | 310 | 328,154 | |
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue: | |||
5.00%, 6/1/29 | 3,000 | 3,287,250 | |
5.00%, 6/1/30 | 3,000 | 3,281,640 | |
Crown Point Multi-School Building Corp., IN: | |||
5.00%, 1/15/29 | 635 | 711,924 | |
5.00%, 7/15/29 | 730 | 825,915 | |
5.00%, 1/15/30 | 870 | 991,087 | |
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | 645 | 673,986 | |
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28 | 410 | 454,452 | |
Greene County, MO, Certificates of Participation, 4.00%, 3/1/35 | 2,000 | 2,078,980 | |
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | 1,495 | 1,574,863 | |
Mesa Water District, CA, Certificates of Participation, 5.00%, 3/15/33 | 350 | 409,640 | |
Minnehaha County, SD, Certificates of Participation, 5.00%, 12/1/38(2) | 1,425 | 1,615,180 | |
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/39 | 5,250 | 5,862,622 | |
Noblesville Multi-School Building Corp., IN, 3.00%, 7/15/33 | 275 | 275,561 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | $ | 500 | $ 526,670 |
Virginia Public Building Authority, 4.00%, 8/1/35 | 1,140 | 1,201,537 | |
$ 25,697,980 | |||
Other Revenue — 7.7% | |||
Black Belt Energy Gas District, AL, (Liq: Royal Bank of Canada), 4.00% to 12/1/31 (Put Date), 6/1/51 | $ | 2,020 | $ 2,028,242 |
Lafayette Parish School Board, LA, Sales Tax Revenue: | |||
5.00%, 4/1/29 | 320 | 364,083 | |
5.00%, 4/1/30 | 315 | 364,846 | |
5.00%, 4/1/32 | 325 | 387,936 | |
5.00%, 4/1/34 | 415 | 497,357 | |
5.00%, 4/1/35 | 425 | 503,570 | |
5.00%, 4/1/36 | 525 | 610,816 | |
5.00%, 4/1/37 | 500 | 574,945 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/34 | 2,425 | 2,662,335 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): | |||
5.00%, 4/1/27 | 500 | 532,500 | |
5.00%, 4/1/29 | 275 | 292,080 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
4.00% to 12/1/29 (Put Date), 9/1/52 | 23,115 | 23,025,776 | |
5.00% to 6/1/29 (Put Date), 12/1/52 | 5,500 | 5,773,790 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall): | |||
5.00%, 12/1/29 | 85 | 97,018 | |
5.00%, 12/1/31 | 250 | 286,680 | |
5.00%, 12/1/33 | 200 | 228,380 | |
5.00%, 12/1/34 | 300 | �� 340,230 | |
5.00%, 12/1/35 | 450 | 506,115 | |
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28 | 1,060 | 1,164,802 | |
Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | 11,500 | 11,503,220 | |
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32 | 1,000 | 1,038,400 | |
$ 52,783,121 | |||
Senior Living/Life Care — 1.2% | |||
Baltimore County, MD, (Riderwood Village, Inc.): | |||
4.00%, 1/1/30 | $ | 1,655 | $ 1,667,032 |
4.00%, 1/1/31 | 250 | 251,665 | |
4.00%, 1/1/32 | 350 | 351,134 |
8
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Senior Living/Life Care (continued) | |||
Baltimore County, MD, (Riderwood Village, Inc.): (continued) | |||
4.00%, 1/1/33 | $ | 600 | $ 601,380 |
4.00%, 1/1/34 | 685 | 684,904 | |
4.00%, 1/1/35 | 615 | 608,918 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/28 | 50 | 50,651 | |
5.00%, 11/15/30 | 910 | 918,163 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | 100 | 102,856 | |
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | 1,035 | 1,051,167 | |
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | 310 | 321,582 | |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | 1,000 | 932,700 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Series 2016A, 5.00%, 10/1/30 | 180 | 181,733 | |
Series 2016A, 5.00%, 10/1/31 | 325 | 327,619 | |
$ 8,051,504 | |||
Special Tax Revenue — 7.6% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/26 | $ | 100 | $ 103,301 |
5.00%, 5/1/27 | 450 | 469,921 | |
5.00%, 5/1/28 | 520 | 547,279 | |
5.00%, 5/1/29 | 550 | 582,796 | |
5.00%, 5/1/30 | 650 | 692,042 | |
5.00%, 5/1/31 | 675 | 721,494 | |
5.00%, 5/1/32 | 725 | 777,773 | |
Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 4.00%, 11/1/38(3) | 5,300 | 5,300,000 | |
Connecticut, Special Tax Obligation, (Transportation Infrastructure): | |||
5.00%, 7/1/29 | 2,565 | 2,932,949 | |
5.00%, 7/1/34 | 1,000 | 1,188,960 | |
Downtown Smyrna Development Authority, GA, 4.00%, 2/1/35 | 360 | 386,593 | |
Miami-Dade County, FL, Special Obligation Bonds: | |||
5.00%, 4/1/29 | 900 | 955,377 | |
5.00%, 4/1/30 | 950 | 1,008,729 | |
5.00%, 4/1/31 | 895 | 950,329 | |
5.00%, 4/1/32 | 735 | 780,225 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/36 | $ | 1,000 | $ 1,034,670 |
4.00%, 8/1/37 | 1,995 | 2,014,312 | |
5.00%, 8/1/33 | 1,190 | 1,216,275 | |
5.25%, 11/1/37 | 2,500 | 2,948,800 | |
2022 Series B, 4.00%, 11/1/37 | 5,365 | 5,457,922 | |
2022 Series D, 4.00%, 11/1/37 | 5,660 | 5,789,954 | |
2022 Series F, 5.00%, 2/1/36 | 1,000 | 1,162,080 | |
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/37 | 6,950 | 7,108,946 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | 1,800 | 1,891,980 | |
New York State Urban Development Corp., Personal Income Tax Revenue: | |||
4.00%, 3/15/35 | 2,885 | 3,022,355 | |
4.00%, 3/15/39 | 2,900 | 2,917,139 | |
$ 51,962,201 | |||
Transportation — 6.7% | |||
Central Texas Regional Mobility Authority: | |||
4.00%, 1/1/34 | $ | 70 | $ 72,267 |
5.00%, 1/1/27 | 2,140 | 2,251,066 | |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/28 | 150 | 154,401 | |
5.00%, 1/1/29 | 150 | 154,566 | |
5.00%, 1/1/30 | 500 | 515,395 | |
5.00%, 1/1/31 | 1,000 | 1,030,780 | |
5.25%, 1/1/28 | 2,905 | 3,162,412 | |
5.25%, 1/1/29 | 3,060 | 3,333,044 | |
5.25%, 1/1/30 | 1,000 | 1,086,370 | |
5.25%, 1/1/31 | 1,000 | 1,084,530 | |
5.25%, 1/1/32 | 2,565 | 2,778,228 | |
Clark County, NV, Highway Revenue, 5.00%, 7/1/33 | 840 | 857,480 | |
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | 1,450 | 1,556,053 | |
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | 500 | 521,030 | |
Illinois Toll Highway Authority: | |||
5.00%, 1/1/29 | 175 | 184,506 | |
5.00%, 12/1/32 | 350 | 368,070 | |
Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
5.00%, 5/15/33 | 225 | 256,433 | |
5.00%, 5/15/34 | 250 | 262,615 |
9
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Metropolitan Transportation Authority, NY, 3.646%, (67% of SOFR + 0.43%), 11/1/26(1) | $ | 1,980 | $ 1,953,290 |
New Orleans Aviation Board, LA, 5.00%, 1/1/28 | 150 | 161,178 | |
North Texas Tollway Authority: | |||
4.125%, 1/1/39 | 6,000 | 6,109,680 | |
5.00%, 1/1/37 | 1,350 | 1,521,639 | |
Pennsylvania Turnpike Commission: | |||
5.00%, 12/1/35 | 500 | 565,745 | |
5.00%, 12/1/36 | 1,165 | 1,306,827 | |
5.00%, 12/1/38 | 4,000 | 4,106,680 | |
5.00%, 12/1/39 | 1,000 | 1,115,960 | |
Port Authority of New York and New Jersey, 4.00%, 7/15/36 | 1,390 | 1,457,999 | |
Port of Seattle, WA: | |||
5.00%, 3/1/27 | 100 | 102,308 | |
5.00%, 3/1/29 | 250 | 255,245 | |
Portland, ME, Airport Revenue: | |||
Green Bonds, 5.00%, 1/1/29 | 225 | 251,177 | |
Green Bonds, 5.00%, 1/1/31 | 370 | 415,454 | |
Salt Lake City, UT, (Salt Lake City International Airport): | |||
5.00%, 7/1/28 | 1,370 | 1,487,272 | |
5.00%, 7/1/31 | 300 | 332,466 | |
5.00%, 7/1/32 | 660 | 728,647 | |
5.00%, 7/1/33 | 600 | 660,162 | |
5.00%, 7/1/34 | 450 | 492,543 | |
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | 2,920 | 3,258,866 | |
$ 45,912,384 | |||
Water and Sewer — 4.0% | |||
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 4.00%, 11/1/28(3) | $ | 3,295 | $ 3,295,000 |
Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/37 | 800 | 822,424 | |
Indiana Finance Authority, (CWA Authority, Inc.), 4.00%, 10/1/36 | 1,475 | 1,514,869 | |
Louisville and Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | 275 | 287,306 | |
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | 575 | 606,596 | |
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | 1,700 | 1,764,532 | |
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | 500 | 534,285 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 4.00%, 6/15/37 | $ | 155 | $ 158,970 |
Portland, OR, Sewer System Revenue, 3.00%, 3/1/37 | 710 | 649,025 | |
Rapid City, SD, Water Revenue: | |||
4.00%, 11/1/29 | 600 | 620,808 | |
4.00%, 11/1/30 | 670 | 692,318 | |
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/37 | 2,545 | 2,649,701 | |
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue: | |||
4.00%, 10/1/36 | 500 | 538,855 | |
4.00%, 10/1/37 | 250 | 265,598 | |
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 2,950 | 2,928,081 | |
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31 | 1,315 | 1,323,337 | |
Texas Water Development Board: | |||
4.00%, 8/1/35 | 4,115 | 4,349,308 | |
4.00%, 10/15/36 | 500 | 512,295 | |
4.00%, 10/15/36 | 700 | 720,734 | |
Victoria, TX, Utility System Revenue: | |||
5.00%, 12/1/29 | 475 | 540,009 | |
5.00%, 12/1/30 | 495 | 569,097 | |
5.00%, 12/1/34 | 605 | 701,957 | |
5.00%, 12/1/35 | 635 | 728,986 | |
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27 | 405 | 429,600 | |
$ 27,203,691 | |||
Total Tax-Exempt Municipal Obligations (identified cost $643,848,783) | $650,920,191 |
Short-Term Investments — 4.3% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.78%(4) | 29,154,183 | $ 29,154,183 | |
Total Short-Term Investments (identified cost $29,154,183) | $ 29,154,183 | ||
Total Investments — 99.3% (identified cost $673,002,966) | $680,074,374 | ||
Other Assets, Less Liabilities — 0.7% | $ 4,992,296 | ||
Net Assets — 100.0% | $685,066,670 |
10
5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
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, 2023. |
(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 April 30, 2023. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2023. |
At April 30, 2023, the concentration of the Portfolio’s investments in the various states and territories, determined as a percentage of net assets, is as follows: |
Texas | 20.5% |
Others, representing less than 10% individually | 74.5% |
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 April 30, 2023, 6.8% 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 0.5% to 5.1% 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 |
Liq | – Liquidity Provider |
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 April 30, 2023.
Affiliated Investments
At April 30, 2023, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $29,154,183, which represents 4.3% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended April 30, 2023 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) | $55,719,647 | $73,716,486 | $(100,281,950) | $ — | $ — | $29,154,183 | $529,866 | 29,154,183 |
(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.
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5-to-15 Year Laddered Municipal Bond Portfolio
April 30, 2023
Portfolio of Investments (Unaudited) — continued
At April 30, 2023, 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 | $ — | $650,920,191 | $ — | $650,920,191 |
Short-Term Investments | 29,154,183 | — | — | 29,154,183 |
Total Investments | $29,154,183 | $650,920,191 | $ — | $680,074,374 |
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.
Subsequent Event
As of the close of business on May 19, 2023, the Portfolio made a pro-rata distribution of its net assets to each interest holder and the Portfolio was terminated.
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