0001752724-23-147509.txt : 20230628 0001752724-23-147509.hdr.sgml : 20230628 20230628095113 ACCESSION NUMBER: 0001752724-23-147509 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230430 FILED AS OF DATE: 20230628 DATE AS OF CHANGE: 20230628 PERIOD START: 20240131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE MUNICIPALS TRUST II CENTRAL INDEX KEY: 0000914529 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08134 FILM NUMBER: 231049809 BUSINESS ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-482-8260 MAIL ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 0000914529 S000027034 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund C000081348 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class A EALTX C000081349 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class C ECLTX C000081350 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class I EILTX NPORT-P 1 primary_doc.xml NPORT-P false 0000914529 XXXXXXXX S000027034 C000081348 C000081350 C000081349 EATON VANCE MUNICIPALS TRUST II 811-08134 0000914529 54930020USKP27DTI683 TWO INTERNATIONAL PLACE BOSTON 02110 617-482-8260 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund S000027034 549300QIT7499LS0I197 2024-01-31 2023-04-30 N 685277665.47 1956628.88 683321036.59 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N 5-to-15 Year Laddered Municipal Bond Portfolio 549300QIT7499LS0I197 5-to-15 Year Laddered Municipal Bond Portfolio 000000000 56898961.94000000 NS USD 685063501.70000000 100.2549994829 Long EC RF US N N/A N N N 2023-05-23 EATON VANCE MUNICIPALS TRUST II James Kirchner James Kirchner Treasurer XXXX NPORT-EX 2 NPORT_FG8B_69817520_0423.htm
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.
11
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.
12