Parametric
TABS Short-Term Municipal Bond Fund
October 31, 2023
Portfolio of Investments (Unaudited)
| Tax-Exempt Municipal Obligations — 91.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 3.4% | |||
| Maine Municipal Bond Bank, 3.00%, 11/1/35 | $ | 1,700 | $ 1,426,963 |
| New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 9/15/31 | 300 | 329,910 | |
| Texas Water Development Board: | |||
| 4.50%, 10/15/37 | 1,000 | 995,480 | |
| 4.55%, 10/15/38 | 3,500 | 3,471,860 | |
| $ 6,224,213 | |||
| Education — 7.3% | |||
| Alabama Public School and College Authority, Social Bonds, 4.00%, 11/1/36 | $ | 1,500 | $ 1,415,775 |
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.80% to 2/10/26 (Put Date), 7/1/48 | 5,000 | 4,822,150 | |
| Texas A&M University, 4.00%, 5/15/33 | 1,290 | 1,283,705 | |
| University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49 | 3,000 | 2,995,680 | |
| University of Texas, 5.00%, 8/15/24 | 1,000 | 1,009,410 | |
| Will, Grundy, and Kendall Counties Community School District No. 201, IL: | |||
| 5.00%, 10/15/27 | 705 | 732,728 | |
| 5.00%, 10/15/28 | 1,000 | 1,047,700 | |
| $ 13,307,148 | |||
| Electric Utilities — 0.6% | |||
| Denton, TX, Utility System Revenue, 5.00%, 12/1/26 | $ | 1,000 | $ 1,024,120 |
| $ 1,024,120 | |||
| Escrowed/Prerefunded — 4.1% | |||
| Arizona, Certificates of Participation, Escrowed to Maturity, 5.00%, 10/1/24 | $ | 2,000 | $ 2,018,060 |
| Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/25 | 5,750 | 5,364,980 | |
| New York Dormitory Authority, Personal Income Tax Revenue: | |||
| Escrowed to Maturity, 5.00%, 2/15/25 | 120 | 121,920 | |
| Escrowed to Maturity, 5.00%, 2/15/25 | 50 | 50,825 | |
| $ 7,555,785 | |||
| General Obligations — 30.6% | |||
| Abilene, TX, 5.00%, 2/15/25 | $ | 20 | $ 20,265 |
| Auburn, ME, 2.00%, 11/1/34 | 1,250 | 913,800 | |
| Bellevue School District No. 405, WA, 4.00%, 12/1/33 | 1,580 | 1,553,409 | |
| Braintree, MA, 1.50%, 10/15/31 | 1,975 | 1,502,382 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| California: | |||
| 5.00%, 10/1/32 | $ | 3,000 | $ 3,193,920 |
| 5.50%, 12/1/52 | 1,205 | 1,295,905 | |
| Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36 | 750 | 420,480 | |
| Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23 | 100 | 99,577 | |
| Columbia School District, MO, 2.10%, 3/1/27 | 1,040 | 948,116 | |
| Commonwealth of Massachusetts, 4.00%, 11/1/35 | 1,000 | 984,690 | |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/27 | 1,225 | 1,273,326 | |
| Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24 | 3,000 | 2,909,670 | |
| Edina, MN, 5.00%, 2/1/30 | 125 | 131,996 | |
| Florida, 4.00%, 6/1/35 | 1,080 | 1,065,906 | |
| Frisco, TX, 2.00%, 2/15/33 | 1,000 | 780,480 | |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | 2,000 | 1,836,200 | |
| Houston Independent School District, TX, (PSF Guaranteed), 4.00% to 6/1/25 (Put Date), 6/1/39 | 1,000 | 995,530 | |
| Illinois, 5.00%, 3/1/25 | 5,250 | 5,293,155 | |
| Knox County, TN, 2.90%, 6/1/32 | 1,460 | 1,271,806 | |
| Liberty Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/27 | 2,010 | 2,085,114 | |
| Meramec Valley R-III School District, MO, 3.00%, 3/1/35 | 30 | 25,487 | |
| Mountain View Whisman School District, CA, (Election of 2020), 4.00%, 9/1/32 | 10 | 10,123 | |
| Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/24 | 900 | 873,063 | |
| New York: | |||
| 5.00%, 3/15/31 | 5,250 | 5,699,505 | |
| 5.00%, 3/15/32 | 2,500 | 2,730,350 | |
| New York, NY, 5.00%, 8/1/30 | 1,500 | 1,600,725 | |
| North Carolina, 2.00%, 6/1/33 | 1,250 | 984,488 | |
| Oconee County, GA, 4.00%, 1/1/34 | 15 | 14,964 | |
| Ohio, 5.00%, 12/15/23 | 500 | 500,680 | |
| Orange County, NC, 3.10%, 2/1/36 | 1,445 | 1,230,504 | |
| Pennsylvania, 4.00%, 5/1/32 | 2,005 | 1,942,685 | |
| Rutherford County, TN, 1.50%, 4/1/33 | 2,000 | 1,500,120 | |
| Somerville, MA: | |||
| 1.75%, 10/15/32 | 4,180 | 3,277,747 | |
| 1.75%, 10/15/33 | 1,260 | 967,025 | |
| Washington, 5.00%, 7/1/26 | 1,500 | 1,548,585 | |
| Wylie Independent School District, TX, (PSF Guaranteed), 3.25% to 8/15/28 (Put Date), 8/15/41(1) | 4,975 | 4,354,717 | |
| $ 55,836,495 | |||
1
Parametric
TABS Short-Term Municipal Bond Fund
October 31, 2023
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Hospital — 11.7% | |||
| Allegheny County Hospital Development Authority, PA, (UPMC), 4.89%, (SIFMA + 0.70%), 11/15/47(2) | $ | 4,500 | $ 4,455,585 |
| Arlington County Industrial Development Authority, VA, (Virginia Hospital Center), 5.00% to 7/1/31 (Put Date), 7/1/53 | 1,500 | 1,552,395 | |
| Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/33 | 40 | 37,409 | |
| Missouri Health and Educational Facilities Authority, (Mercy Health): | |||
| 5.00%, 6/1/26 | 2,500 | 2,551,000 | |
| 5.00%, 6/1/27 | 3,500 | 3,602,410 | |
| Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39 | 3,000 | 3,085,980 | |
| Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/31/24 (Put Date), 8/15/54 | 6,000 | 6,008,640 | |
| $ 21,293,419 | |||
| Housing — 16.0% | |||
| Connecticut Housing Finance Authority: | |||
| 1.85%, 11/15/31 | $ | 190 | $ 151,654 |
| Social Bonds, 4.49%, (SIFMA + 0.30%), 11/15/50(2) | 2,500 | 2,490,950 | |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 11/15/53 | 1,970 | 1,997,718 | |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | 2,965 | 3,018,429 | |
| Florida Housing Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 2.60%, 7/1/45 | 220 | 142,604 | |
| Illinois Housing Development Authority: | |||
| Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 10/1/52 | 1,910 | 1,925,242 | |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/52 | 1,455 | 1,514,931 | |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.00%, 7/1/53 | 990 | 989,287 | |
| Maine Housing Authority, Social Bonds, 3.125% to 5/1/24 (Put Date), 11/15/54 | 2,000 | 1,987,920 | |
| Michigan Housing Development Authority, SFMR, Social Bonds, (LOC: Barclays Bank PLC), 4.00%, 6/1/46(3) | 5,000 | 5,000,000 | |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | 1,690 | 1,719,947 | |
| Nevada Housing Division, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/39 | 785 | 611,672 | |
| New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.35%, 7/1/39 | 310 | 255,936 | |
| New York Housing Finance Agency, Sustainability Bonds, 1.10%, 5/1/26 | 625 | 566,750 | |
| Security | Principal Amount (000's omitted) | Value | |
| Housing (continued) | |||
| Ohio Housing Finance Agency: | |||
| 3.35%, 9/1/49 | $ | 540 | $ 388,147 |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 2.25%, 9/1/40 | 210 | 151,668 | |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 2.45%, 9/1/45 | 460 | 335,046 | |
| Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | 995 | 1,021,566 | |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | 1,945 | 1,975,284 | |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | 2,960 | 3,043,324 | |
| $ 29,288,075 | |||
| Insured - Education — 0.2% | |||
| William S Hart Union High School District, CA, (Election 2001), (AGM), 0.00%, 9/1/29 | $ | 500 | $ 389,405 |
| $ 389,405 | |||
| Insured - General Obligations — 4.0% | |||
| Rancho Santiago Community College District, CA, (Election of 2002): | |||
| (AGM), 0.00%, 9/1/28 | $ | 2,000 | $ 1,635,460 |
| (AGM), 0.00%, 9/1/30 | 1,500 | 1,119,960 | |
| Rialto Unified School District, CA, (Election of 2022): | |||
| (BAM), 0.00%, 8/1/31 | 365 | 258,066 | |
| (BAM), 0.00%, 8/1/32 | 500 | 336,455 | |
| (BAM), 0.00%, 8/1/33 | 240 | 153,562 | |
| San Jose Unified School District, CA, (Election of 2002), (NPFG), 0.00%, 8/1/28 | 2,500 | 2,053,525 | |
| San Mateo County Community College District, CA, (Election of 2001), (NPFG), 0.00%, 9/1/27 | 2,000 | 1,717,140 | |
| $ 7,274,168 | |||
| Lease Revenue/Certificates of Participation — 0.5% | |||
| Malibu, CA: | |||
| 5.00%, 11/1/38 | $ | 275 | $ 275,195 |
| 5.00%, 11/1/43 | 225 | 225,115 | |
| 5.00%, 11/1/48 | 375 | 375,146 | |
| $ 875,456 | |||
| Other Revenue — 4.5% | |||
| Energy Southeast A Cooperative District, AL, 5.50% to 1/1/31 (Put Date), 11/1/53 | $ | 3,000 | $ 3,052,770 |
2
Parametric
TABS Short-Term Municipal Bond Fund
October 31, 2023
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue (continued) | |||
| Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49 | $ | 4,185 | $ 4,181,192 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 3/1/30 (Put Date), 7/1/53 | 1,000 | 993,960 | |
| $ 8,227,922 | |||
| Senior Living/Life Care — 0.3% | |||
| Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.25%, 11/1/34 | $ | 500 | $ 520,880 |
| $ 520,880 | |||
| Special Tax Revenue — 0.6% | |||
| New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/30 | $ | 1,000 | $ 1,071,840 |
| $ 1,071,840 | |||
| Transportation — 3.3% | |||
| Maryland Department of Transportation, 3.00%, 9/1/32 | $ | 3,500 | $ 3,103,800 |
| Pennsylvania Turnpike Commission, (LOC: TD Bank, N.A.), 4.07%, 12/1/39(3) | 1,000 | 1,000,000 | |
| Wisconsin, Transportation Revenue, 5.00%, 7/1/24 | 2,000 | 2,016,460 | |
| $ 6,120,260 | |||
| Water and Sewer — 4.0% | |||
| Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/35 | $ | 75 | $ 81,610 |
| Indiana Finance Authority, Green Bonds, 5.00%, 2/1/25 | 1,500 | 1,522,545 | |
| North Texas Municipal Water District, 5.00%, 9/1/24 | 1,120 | 1,123,730 | |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | 3,000 | 2,737,350 | |
| Washington Suburban Sanitary District, MD, 3.00%, 6/1/31 | 2,000 | 1,801,440 | |
| $ 7,266,675 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $171,633,283) | $166,275,861 | ||
| Taxable Municipal Obligations — 1.6% |
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue — 1.6% | |||
| Texas Natural Gas Securitization Finance Corp., 5.102%, 4/1/35 | $ | 3,000 | $ 2,905,950 |
| Total Taxable Municipal Obligations (identified cost $3,009,749) | $ 2,905,950 | ||
| U.S. Treasury Obligations — 6.2% |
| Security | Principal Amount (000's omitted) | Value | |
| U.S. Treasury Notes, 4.125%, 11/15/32 | $ | 12,000 | $ 11,307,188 |
| Total U.S. Treasury Obligations (identified cost $11,342,344) | $ 11,307,188 | ||
| Short-Term Investments — 0.4% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.25%(4) | 716,558 | $ 716,558 | |
| Total Short-Term Investments (identified cost $716,558) | $ 716,558 | ||
| Total Investments — 99.3% (identified cost $186,701,934) | $181,205,557 | ||
| Other Assets, Less Liabilities — 0.7% | $ 1,220,167 | ||
| Net Assets — 100.0% | $182,425,724 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Multi-step coupon security. Interest rate represents the rate in effect at October 31, 2023. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at October 31, 2023. |
| (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, 2023. |
| (4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2023. |
| At October 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | |
| Texas | 15.9% |
| Others, representing less than 10% individually | 76.8% |
3
Parametric
TABS Short-Term Municipal Bond Fund
October 31, 2023
Portfolio of Investments (Unaudited) — continued
| 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, 2023, 4.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 2.1% of total investments. |
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
The Fund did not have any open derivative instruments at October 31, 2023.
Affiliated Investments
At October 31, 2023, the value of the Fund’s investment in funds that may be deemed to be affiliated was $716,558, which represents 0.4% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended October 31, 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) | $20,836,467 | $112,570,713 | $(132,690,622) | $ — | $ — | $716,558 | $269,269 | 716,558 |
| (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.
4
Parametric
TABS Short-Term Municipal Bond Fund
October 31, 2023
Portfolio of Investments (Unaudited) — continued
At October 31, 2023, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $166,275,861 | $ — | $166,275,861 |
| Taxable Municipal Obligations | — | 2,905,950 | — | 2,905,950 |
| U.S. Treasury Obligations | — | 11,307,188 | — | 11,307,188 |
| Short-Term Investments | 716,558 | — | — | 716,558 |
| Total Investments | $716,558 | $180,488,999 | $ — | $181,205,557 |
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.
5