NPORT-EX 2 NPORT_FJ50_96027438_0423.htm
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2023
Portfolio of Investments (Unaudited)
Tax-Exempt Municipal Obligations — 97.0%
Security Principal
Amount
(000's omitted) 		Value
Bond Bank — 2.1%
Texas Water Development Board, 4.55%, 10/15/38 $     1,500 $ 1,647,240
      $ 1,647,240
Education — 4.6%
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) $     1,000 $   968,500
Bethlehem Area School District Authority, PA, 3.566%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1)       2,300  2,238,981
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24         250    255,310
Vermont State Colleges, 5.00%, 7/1/24         100    100,209
      $ 3,563,000
Electric Utilities — 5.8%
Foley Utilities Board, AL:       
5.00%, 11/1/30 $       755 $   863,637
5.00%, 11/1/31         900  1,044,261
Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.30% to 10/1/26 (Put Date), 10/1/46       1,700  1,704,862
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23         175    175,110
Seattle, WA, Municipal Light and Power Revenue, 4.11%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)         500    487,160
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25         250    257,745
      $ 4,532,775
Escrowed/Prerefunded — 0.0%(2)
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Escrowed to Maturity, 5.00%, 9/1/23 $        35 $    35,172
      $    35,172
General Obligations — 24.0%
Amarillo Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/27 $       750 $   813,075
Bexar County, TX, 3.00%, 6/15/30       2,350  2,327,064
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23          25     25,118
California, 2.85%, 12/1/32         500    489,780
Campton Township, IL, 5.00%, 12/15/23         105     105,995
Security Principal
Amount
(000's omitted) 		Value
General Obligations (continued)
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/28 $       535 $   459,100
Corpus Christi Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/24         395    404,555
David Douglas School District No. 40, OR:       
0.00%, 6/15/26         525    476,999
0.00%, 6/15/27         325    286,832
0.00%, 6/15/28         310    265,379
0.00%, 6/15/30         275    219,926
0.00%, 6/15/32         750    554,475
Decatur City Board of Education, AL, 5.00%, 2/1/25          50     51,735
Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32       1,000    986,990
Houston Independent School District, TX, (PSF Guaranteed), 4.00% to 6/1/25 (Put Date), 6/1/39       2,000  2,038,000
Illinois, 5.00%, 3/1/25       1,750  1,795,447
Lakeland, FL, 5.00%, 10/1/24          50     51,292
Lockhart Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/33         155    158,856
Minneapolis Special School District No. 1, MN, 5.00%, 2/1/24       1,000  1,013,530
North Carolina, 2.00%, 6/1/33       1,365  1,204,189
Pecos-Barstow-Toyah Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/24         625    634,406
Spring-Ford Area School District, PA:       
5.00%, 4/1/27         280    304,783
5.00%, 4/1/28         300    333,549
5.00%, 4/1/30         135    155,621
Torrance Unified School District, CA, (Election of 2008), 0.00%, 8/1/26       2,000  1,800,240
Victor Valley Union High School District, CA, (Election of 2008), Prerefunded to 8/1/23, 0.00%, 8/1/52       5,650  1,037,566
Worthington City School District, OH, 0.00%, 12/1/32         880    632,430
      $18,626,932
Hospital — 4.3%
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/25 $        25 $    25,329
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28       1,000  1,080,740
Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 5.00%, 8/15/25          30     30,933
Pennsylvania Economic Development Financing Authority, (UPMC), 5.00%, 5/15/31       1,000  1,135,970
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25          35      36,829
 
1
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security Principal
Amount
(000's omitted) 		Value
Hospital (continued)
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group):       
5.00% to 1/30/24 (Put Date), 8/15/54 $       500 $   506,025
5.00% to 7/29/26 (Put Date), 8/15/54         500    529,025
      $ 3,344,851
Housing — 13.7%
Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 $       500 $   535,325
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 4.00%, 7/1/49(3)       1,500  1,500,000
Maine Housing Authority, Social Bonds, 3.125% to 5/1/24 (Put Date), 11/15/54       2,500  2,487,950
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52       1,000  1,069,560
New York Mortgage Agency:       
2.05%, 4/1/28         230    215,331
2.10%, 10/1/28         135    126,125
2.25%, 4/1/30         325    297,342
2.30%, 10/1/30         395    361,733
Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54         750    808,770
Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53       1,000  1,067,090
Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53       2,000  2,164,440
      $10,633,666
Insured - Education — 0.9%
Troy University, AL, (AGM), 5.00%, 11/1/33 $       590 $   678,813
      $   678,813
Insured - Electric Utilities — 0.7%
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M):       
(AGM), 5.00%, 7/1/27 $       240 $   260,583
(AGM), 5.00%, 7/1/28         270    298,690
      $   559,273
Insured - Escrowed/Prerefunded — 0.1%
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25 $        50 $    51,902
      $    51,902
Security Principal
Amount
(000's omitted) 		Value
Insured - General Obligations — 3.7%
Glendale Union High School District No. 205, AZ, (AGM), 5.00%, 7/1/33 $       625 $   738,500
Rancho Santiago Community College District, CA, (Election of 2002):       
(AGM), 0.00%, 9/1/27         750    661,987
(AGM), 0.00%, 9/1/28       1,210  1,037,321
(AGM), 0.00%, 9/1/30         500    401,305
      $ 2,839,113
Insured - Lease Revenue/Certificates of Participation — 1.5%
Fairfield, CA, Certificates of Participation, (AGC), 0.00%, 4/1/33 $     1,330 $   948,091
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26         180    186,161
      $ 1,134,252
Insured - Special Tax Revenue — 0.0%(2)
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24 $        10 $    10,278
      $    10,278
Insured - Transportation — 1.4%
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/28 $     1,000 $ 1,102,760
      $ 1,102,760
Insured - Water and Sewer — 0.1%
Hamburg Municipal Authority, PA, Sewer Revenue, (AGM), 2.00%, 10/1/30 $        75 $    67,135
      $    67,135
Lease Revenue/Certificates of Participation — 1.2%
Aspen Fire Protection District, CO, 4.00%, 12/1/23 $       120 $   120,463
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23         225    227,372
Miami-Dade County School Board, FL, 5.00%, 2/1/24         300    303,570
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25         250    250,012
      $   901,417
Other Revenue — 6.0%
Black Belt Energy Gas District, AL, (Liq: Royal Bank of Canada), 4.00% to 12/1/31 (Put Date), 6/1/51 $       840 $   843,427
Fort Myers, FL, Capital Improvement Revenue:       
5.00%, 12/1/27         255    268,181
5.00%, 12/1/28         545    572,343
5.00%, 12/1/29         600     628,272
 
2
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2023
Portfolio of Investments (Unaudited) — continued
Security Principal
Amount
(000's omitted) 		Value
Other Revenue (continued)
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52 $     2,250 $ 2,362,005
      $ 4,674,228
Senior Living/Life Care — 4.5%
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31 $     1,225 $ 1,233,158
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.):       
5.00%, 11/15/24          60     60,857
5.00%, 11/15/25          60     61,301
5.00%, 11/15/29         830    839,429
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23         100    100,337
Colorado Health Facilities Authority, (Commonspirit Health Obligations), 5.25%, 11/1/34         500    567,260
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24          50     49,850
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home):       
4.00%, 11/15/23          75     74,712
4.00%, 11/15/24          65     64,256
4.00%, 11/15/25         125    122,549
4.00%, 11/15/27          45     43,317
4.00%, 11/15/28          30     28,592
4.00%, 11/15/29          50     47,160
4.00%, 11/15/30         190    177,280
      $ 3,470,058
Special Tax Revenue — 3.9%
Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 4.00%, 11/1/38(3) $     3,000 $ 3,000,000
      $ 3,000,000
Transportation — 7.7%
Hawaii, Highway Revenue, 5.00%, 1/1/29 $     2,500 $ 2,672,975
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25         250    261,435
Metropolitan Washington Airports Authority, D.C., (LOC: TD Bank, N.A.), 4.00%, 10/1/39(3)       1,850  1,850,000
Ohio, Major New State Infrastructure Project Revenue, 5.00%, 12/15/32       1,000  1,174,040
      $ 5,958,450
Water and Sewer — 10.8%
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25 $        55 $    56,514
Security Principal
Amount
(000's omitted) 		Value
Water and Sewer (continued)
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 4.00%, 11/1/28(3) $     3,000 $ 3,000,000
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24         335    344,547
Miami-Dade County, FL, Water and Sewer System Revenue, 5.00%, 10/1/24       1,000  1,028,640
North Penn Water Authority, PA, 4.32%, (SIFMA + 0.46%), 11/1/23(1)         400    399,996
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, Green Bonds, 4.00% to 10/1/29 (Put Date), 10/1/48       1,000  1,075,050
Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51       2,500  2,481,425
      $ 8,386,172
Total Tax-Exempt Municipal Obligations
(identified cost $74,654,312) 		    $75,217,487
    
Short-Term Investments — 2.2%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.78%(4)   1,680,224 $ 1,680,224
Total Short-Term Investments
(identified cost $1,680,224) 		    $ 1,680,224
Total Investments — 99.2%
(identified cost $76,334,536) 		    $76,897,711
Other Assets, Less Liabilities — 0.8%     $   627,391
Net Assets — 100.0%     $77,525,102
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) Amount is less than 0.05%.
(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.
 
3
Parametric
TABS 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2023
Portfolio of Investments (Unaudited) — continued
At April 30, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows:
 Texas 14.4%
 California 10.5%
 Others, representing less than 10% individually 72.1%
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 April 30, 2023, 8.4% 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 0.3% to 6.8% 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
LOC – Letter of Credit
PSF – Permanent School Fund
SFMR – Single Family Mortgage Revenue
SIFMA – Securities Industry and Financial Markets Association Municipal Swap Index
SOFR – Secured Overnight Financing Rate
 
The Fund did not have any open derivative instruments at April 30, 2023.
Affiliated Investments
At April 30, 2023, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,680,224, which represents 2.2% of the Fund's net assets. Transactions in such investments by the Fund 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) $6,057,601 $20,537,395 $(24,914,772) $ — $ — $1,680,224 $83,499 1,680,224
(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 1-to-10 Year Laddered Municipal Bond Fund
April 30, 2023
Portfolio of Investments (Unaudited) — continued
At April 30, 2023, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
Asset Description  Level 1  Level 2  Level 3  Total 
Tax-Exempt Municipal Obligations $      — $75,217,487 $ — $75,217,487
Short-Term Investments 1,680,224        —  —  1,680,224
Total Investments $1,680,224 $75,217,487 $ — $76,897,711
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