UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-23151
5-to-15 Year Laddered Municipal Bond Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
January 31
Date of Fiscal Year End
July 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Tax-Exempt Municipal Obligations — 96.5% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 0.2% | |||
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | $ | 500 | $ 494,880 |
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35 | 1,175 | 1,245,194 | |
$ 1,740,074 | |||
Education — 4.2% | |||
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 1.361%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1) | $ | 2,750 | $ 2,664,420 |
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26 | 1,000 | 1,095,620 | |
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | 505 | 555,490 | |
Miami University, OH, 5.00%, 9/1/32 | 735 | 872,438 | |
New York Dormitory Authority, (Rochester Institute of Technology): | |||
5.00%, 7/1/36 | 395 | 446,982 | |
5.00%, 7/1/37 | 840 | 948,142 | |
New York Dormitory Authority, (School Districts Revenue Bond Financing Program): | |||
5.00%, 10/1/32 | 1,500 | 1,735,620 | |
5.00%, 10/1/33 | 1,175 | 1,352,049 | |
Ohio Higher Educational Facility Commission, (Kenyon College): | |||
5.00%, 7/1/35(2) | 1,840 | 2,005,434 | |
5.00%, 7/1/36(2) | 1,600 | 1,739,376 | |
5.00%, 7/1/37(2) | 2,000 | 2,164,980 | |
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/34 | 350 | 375,973 | |
Saginaw Valley State University, MI: | |||
5.00%, 7/1/27 | 400 | 445,848 | |
5.00%, 7/1/28 | 1,000 | 1,111,830 | |
Texas A&M University, 4.00%, 5/15/34 | 1,000 | 1,074,380 | |
University of Florida, 4.00%, 7/1/31 | 4,000 | 4,420,960 | |
University of Houston, TX, 5.00%, 2/15/36 | 5,000 | 5,849,000 | |
$ 28,858,542 | |||
Electric Utilities — 3.9% | |||
Anaheim Housing and Public Improvements Authority, CA, Electric System Revenue: | |||
5.00%, 10/1/30 | $ | 3,630 | $ 4,113,697 |
5.00%, 10/1/34 | 2,000 | 2,232,860 | |
5.00%, 10/1/35 | 1,130 | 1,258,323 |
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities (continued) | |||
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | $ | 1,000 | $ 1,078,640 |
Energy Northwest, WA, 5.00%, 7/1/36 | 5,000 | 5,991,300 | |
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | 250 | 270,963 | |
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/33 | 2,100 | 2,438,100 | |
Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | 735 | 821,899 | |
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34 | 770 | 810,317 | |
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | 500 | 549,280 | |
Seattle, WA, Municipal Light and Power Revenue, 1.58%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1) | 2,000 | 1,978,100 | |
Springfield Electric System Revenue, IL: | |||
5.00%, 3/1/27 | 250 | 267,560 | |
5.00%, 3/1/28 | 250 | 266,910 | |
5.00%, 3/1/29 | 250 | 266,263 | |
Tallahassee, FL, Energy System Revenue: | |||
5.00%, 10/1/27 | 300 | 320,121 | |
5.00%, 10/1/28 | 400 | 426,212 | |
5.00%, 10/1/29 | 720 | 766,231 | |
5.00%, 10/1/30 | 1,500 | 1,594,680 | |
5.00%, 10/1/31 | 1,000 | 1,062,240 | |
5.00%, 10/1/33 | 300 | 318,279 | |
Walnut Energy Center Authority, CA, 5.00%, 1/1/33 | 250 | 264,105 | |
$ 27,096,080 | |||
Escrowed/Prerefunded — 0.7% | |||
Addison, TX, Prerefunded to 2/15/23, 5.00%, 2/15/26 | $ | 270 | $ 275,146 |
Franklin County, OH, Prerefunded to 6/1/23, 4.25%, 12/1/35 | 1,060 | 1,083,871 | |
Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33 | 300 | 309,372 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Prerefunded to 10/1/23, 5.00%, 10/1/24 | 150 | 160,136 | |
Prerefunded to 10/1/23, 5.00%, 10/1/25 | 100 | 106,757 | |
Prerefunded to 10/1/23, 5.00%, 10/1/26 | 1,100 | 1,174,327 | |
Prerefunded to 10/1/23, 5.00%, 10/1/27 | 50 | 53,379 | |
Prerefunded to 10/1/23, 5.00%, 10/1/29 | 125 | 133,446 | |
Prerefunded to 10/1/23, 5.00%, 10/1/30 | 250 | 266,892 | |
Prerefunded to 10/1/23, 5.00%, 10/1/32 | 225 | 240,203 | |
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Prerefunded to 3/1/24, 5.00%, 9/1/29 | 250 | 263,058 |
Security | Principal Amount (000's omitted) | Value | |
Escrowed/Prerefunded (continued) | |||
South Dakota Building Authority: | |||
Prerefunded to 6/1/25, 5.00%, 6/1/28 | $ | 210 | $ 228,982 |
Series 2015B, Prerefunded to 6/1/25, 5.00%, 6/1/30 | 200 | 218,078 | |
$ 4,513,647 | |||
General Obligations — 24.3% | |||
Anchorage, AK: | |||
5.00%, 9/1/25 | $ | 100 | $ 109,603 |
5.00%, 9/1/27 | 780 | 852,205 | |
Anne Arundel County, MD, 5.00%, 4/1/33 | 700 | 847,042 | |
Auburn, AL, 5.00%, 8/1/37(2) | 1,915 | 2,221,151 | |
Barbers Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | 2,970 | 3,516,510 | |
Belding Area Schools, MI: | |||
5.00%, 5/1/28 | 250 | 277,958 | |
5.00%, 5/1/30 | 225 | 249,473 | |
Bethel Park School District, PA, 4.00%, 8/1/35 | 650 | 684,950 | |
Birmingham, AL, 5.00%, 12/1/27 | 2,460 | 2,839,455 | |
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32 | 300 | 328,017 | |
Brookline, MA, 5.00%, 3/15/31 | 3,100 | 3,640,640 | |
Burlington, VT: | |||
5.00%, 11/1/27 | 175 | 201,901 | |
5.00%, 11/1/29 | 75 | 88,538 | |
5.00%, 11/1/30 | 300 | 352,503 | |
Series 2016A, 5.00%, 11/1/26 | 120 | 135,467 | |
California: | |||
4.00%, 8/1/36 | 5,000 | 5,197,850 | |
4.00%, 10/1/37 | 1,225 | 1,311,779 | |
5.00%, 8/1/32 | 1,590 | 1,766,458 | |
5.00%, 12/1/34 | 2,500 | 2,962,575 | |
Cape May County, NJ, 3.00%, 10/1/31 | 1,000 | 1,011,380 | |
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33 | 1,000 | 692,080 | |
Cheltenham School District, PA, 4.00%, 2/15/35 | 1,005 | 1,049,491 | |
Colonial School District, PA: | |||
5.00%, 2/15/32 | 100 | 109,136 | |
5.00%, 2/15/33 | 50 | 54,553 | |
Connecticut, 4.00%, 6/1/32 | 970 | 1,044,350 | |
Contra Costa Community College District, CA, (Election of 2014): | |||
4.00%, 8/1/32 | 650 | 710,430 | |
4.00%, 8/1/33 | 100 | 108,272 | |
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | 630 | 711,295 | |
Coopersville Area Public Schools, MI, 4.00%, 5/1/35(2) | 430 | 452,644 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Dallas, TX, 5.00%, 2/15/31 | $ | 3,465 | $ 3,517,460 |
Danville, VA, 4.00%, 9/1/33 | 3,790 | 4,243,701 | |
Delaware, 5.00%, 2/1/29 | 1,000 | 1,155,650 | |
Denton County, TX, 4.00%, 7/15/31 | 1,500 | 1,631,100 | |
Dowagiac Union School District, MI, 4.00%, 5/1/26 | 350 | 376,537 | |
Dublin City School District, OH, 5.00%, 12/1/29 | 500 | 583,575 | |
Easton Area School District, PA, 5.00%, 2/1/31 | 1,400 | 1,605,184 | |
Flower Mound, TX, 5.00%, 3/1/27 | 510 | 564,784 | |
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | 400 | 417,044 | |
Georgia: | |||
5.00%, 7/1/30 | 5,000 | 6,047,600 | |
5.00%, 2/1/32 | 1,000 | 1,127,050 | |
Harlandale Independent School District, TX, 5.00%, 8/1/29 | 845 | 949,104 | |
Hawaii, 5.00%, 1/1/30 | 3,730 | 4,335,155 | |
Hennepin County, MN, 5.00%, 12/1/33 | 1,000 | 1,118,740 | |
Highland Park, IL, 4.00%, 12/30/29 | 830 | 922,205 | |
Hitchcock Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37(2) | 750 | 856,717 | |
Homewood, AL: | |||
5.00%, 9/1/28 | 2,000 | 2,234,040 | |
5.00%, 9/1/29 | 2,000 | 2,226,600 | |
Honolulu City and County, HI, 3.00%, 9/1/31 | 110 | 112,063 | |
Illinois: | |||
Series 2022A, 5.00%, 3/1/29 | 2,250 | 2,499,817 | |
Series 2022B, 5.00%, 3/1/29 | 2,000 | 2,222,060 | |
Irving, TX: | |||
4.00%, 9/15/36 | 2,025 | 2,183,112 | |
4.00%, 9/15/37 | 5,165 | 5,532,077 | |
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29 | 1,000 | 1,043,940 | |
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28 | 2,370 | 2,716,399 | |
Kennewick School District No. 17, WA, 4.00%, 12/1/33 | 655 | 717,945 | |
Lakeland, FL: | |||
5.00%, 10/1/28 | 1,500 | 1,612,020 | |
5.00%, 10/1/30 | 1,000 | 1,071,450 | |
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | 2,000 | 2,157,460 | |
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | 1,600 | 1,692,112 | |
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | 1,690 | 1,763,549 | |
Los Angeles Unified School District, CA: | |||
4.00%, 7/1/33 | 1,585 | 1,755,514 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Los Angeles Unified School District, CA: (continued) | |||
4.00%, 7/1/36 | $ | 3,000 | $ 3,171,990 |
Maine, 5.00%, 6/1/30 | 1,605 | 1,923,560 | |
Massachusetts, 4.00%, 3/1/32 | 775 | 847,253 | |
McLean County Public Building Commission, IL, 5.00%, 12/1/28 | 200 | 214,842 | |
Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 425 | 455,813 | |
Miami-Dade County School District, FL, 5.00%, 3/15/28 | 300 | 322,149 | |
Miami-Dade County, FL, 5.00%, 7/1/29 | 1,000 | 1,086,260 | |
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | 410 | 421,574 | |
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | 175 | 155,650 | |
Navasota Independent School District, TX, (PSF Guaranteed), Prerefunded to 2/15/25, 5.00%, 2/15/28 | 195 | 210,204 | |
New Waverly Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | 500 | 543,490 | |
New York, 5.00%, 3/15/31 | 3,000 | 3,659,340 | |
New York City, NY: | |||
5.00%, 8/1/32 | 5,000 | 6,069,450 | |
5.00%, 8/1/34 | 1,500 | 1,768,755 | |
Ohio: | |||
5.00%, 3/1/35 | 2,160 | 2,570,422 | |
5.00%, 5/1/35 | 500 | 596,145 | |
Ohio, (Adult Correctional Building Fund): | |||
5.00%, 10/1/28 | 1,000 | 1,166,410 | |
5.00%, 10/1/29 | 1,500 | 1,777,395 | |
Pasadena, TX: | |||
4.00%, 2/15/28 | 500 | 524,345 | |
4.00%, 2/15/29 | 150 | 156,678 | |
4.00%, 2/15/30 | 440 | 458,000 | |
4.00%, 2/15/31 | 650 | 673,719 | |
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | 1,060 | 935,524 | |
Pennsylvania, 4.00%, 6/15/31 | 60 | 61,725 | |
Philadelphia, PA, 5.00%, 2/1/31 | 1,550 | 1,787,863 | |
Pittsburg Unified School District, CA, 5.00%, 8/1/28 | 920 | 1,046,334 | |
Ravenswood City School District, CA, (Election of 2016): | |||
5.00%, 8/1/27 | 530 | 593,637 | |
5.00%, 8/1/28 | 555 | 619,752 | |
5.00%, 8/1/29 | 575 | 640,688 | |
Redmond, WA, 5.00%, 12/1/36 | 1,455 | 1,740,486 | |
Romeo Community Schools, MI, 5.00%, 5/1/30 | 700 | 774,536 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Romulus, MI: | |||
4.00%, 11/1/31 | $ | 250 | $ 263,080 |
4.00%, 11/1/32 | 100 | 105,286 | |
4.00%, 11/1/33 | 250 | 262,205 | |
San Francisco Unified School District, CA, (Election of 2016), 5.00%, 6/15/34 | 2,165 | 2,521,900 | |
San Jacinto Community College District, TX, 4.00%, 2/15/34 | 1,445 | 1,570,325 | |
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | 450 | 478,611 | |
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29 | 300 | 315,972 | |
Southfield Public Schools, MI, 5.00%, 5/1/27 | 1,000 | 1,135,880 | |
St. Mary's County, MD: | |||
5.00%, 5/1/28 | 1,255 | 1,458,147 | |
5.00%, 5/1/30 | 1,245 | 1,492,369 | |
St. Vrain Valley School District RE-1J, CO: | |||
5.00%, 12/15/28 | 1,700 | 1,913,282 | |
5.00%, 12/15/29 | 1,000 | 1,125,460 | |
Stamford, CT, 4.00%, 8/1/27 | 555 | 590,326 | |
Texas Public Finance Authority, 4.00%, 2/1/34 | 2,000 | 2,070,280 | |
Torrance Unified School District, CA, (Election of 2014): | |||
5.00%, 8/1/30 | 515 | 571,799 | |
5.00%, 8/1/31 | 450 | 497,088 | |
Tuloso-Midway Independent School District, TX, (PSF Guaranteed): | |||
4.00%, 8/15/27 | 110 | 116,793 | |
4.00%, 8/15/28 | 530 | 560,157 | |
4.00%, 8/15/29 | 545 | 573,700 | |
United Independent School District, TX: | |||
4.00%, 2/15/33 | 350 | 369,016 | |
4.00%, 2/15/34 | 535 | 560,306 | |
4.00%, 2/15/35 | 525 | 546,084 | |
4.00%, 2/15/36 | 580 | 600,462 | |
4.00%, 2/15/37 | 600 | 617,076 | |
Washington: | |||
4.00%, 7/1/27 | 5,000 | 5,506,650 | |
5.00%, 8/1/28 | 1,485 | 1,657,201 | |
Wellesley, MA: | |||
5.00%, 4/1/30 | 1,890 | 2,279,170 | |
5.00%, 4/1/31 | 1,985 | 2,427,953 | |
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27 | 2,825 | 3,044,926 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | $ | 360 | $ 377,798 |
York County, PA, 5.00%, 6/1/27 | 1,225 | 1,313,580 | |
$168,416,341 | |||
Hospital — 14.0% | |||
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group): | |||
5.00%, 4/1/31 | $ | 1,750 | $ 1,917,475 |
5.00%, 4/1/33 | 2,925 | 3,167,190 | |
Arizona Health Facilities Authority, (Banner Health), 1.58%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1) | 5,000 | 4,946,600 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25 | 250 | 260,153 | |
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | 90 | 90,804 | |
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | 465 | 519,061 | |
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health): | |||
1.95% to 11/1/29 (Put Date), 1/15/48 | 4,500 | 4,312,800 | |
(SPA: JPMorgan Chase Bank N.A.), 1.87% to 8/5/22 (Put Date), 1/15/48(3) | 10,000 | 10,000,000 | |
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | 335 | 366,413 | |
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | 100 | 103,046 | |
Colorado Health Facilities Authority, (CommonSpirit Health): | |||
5.00%, 8/1/34 | 2,000 | 2,173,060 | |
5.00%, 8/1/35 | 3,000 | 3,252,420 | |
5.00% to 8/1/26 (Put Date), 8/1/49 | 5,000 | 5,376,500 | |
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | 150 | 162,950 | |
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32 | 3,000 | 3,386,040 | |
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | 400 | 412,564 | |
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | 1,000 | 991,240 | |
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33 | 4,000 | 4,061,240 | |
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27 | 500 | 549,350 | |
Illinois Finance Authority, (Rush University Medical Center): | |||
5.00%, 11/15/31 | 1,000 | 1,059,180 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Illinois Finance Authority, (Rush University Medical Center): (continued) | |||
5.00%, 11/15/32 | $ | 1,000 | $ 1,057,350 |
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 2.73%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(1) | 12,715 | 12,745,897 | |
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25 | 250 | 268,240 | |
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): | |||
5.00%, 10/1/30 | 2,000 | 2,166,680 | |
5.00%, 10/1/31 | 1,500 | 1,620,300 | |
5.00%, 10/1/32 | 2,000 | 2,155,100 | |
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | 1,000 | 1,050,460 | |
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | 370 | 385,026 | |
Medford Hospital Facilities Authority, OR, (Asante Health System): | |||
5.00%, 8/15/34 | 1,000 | 1,125,740 | |
5.00%, 8/15/36 | 1,000 | 1,117,590 | |
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | 490 | 523,972 | |
Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | 1,000 | 1,074,500 | |
Montgomery County, OH, (Dayton Children's Hospital): | |||
5.00%, 8/1/31 | 800 | 944,840 | |
5.00%, 8/1/32 | 750 | 864,240 | |
5.00%, 8/1/33 | 800 | 915,512 | |
5.00%, 8/1/35 | 1,750 | 1,986,145 | |
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group): | |||
5.00%, 8/1/28 | 500 | 556,720 | |
5.00%, 8/1/29 | 500 | 552,970 | |
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): | |||
5.00%, 7/1/27 | 700 | 779,114 | |
5.00%, 7/1/28 | 600 | 663,156 | |
5.00%, 7/1/30 | 520 | 568,963 | |
5.00%, 7/1/31 | 300 | 325,557 | |
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25 | 1,000 | 1,058,650 | |
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32 | 700 | 739,109 | |
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33 | 2,250 | 2,544,615 |
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Public Finance Authority, WI, (Renown Regional Medical Center): | |||
5.00%, 6/1/34 | $ | 1,320 | $ 1,454,402 |
5.00%, 6/1/36 | 2,310 | 2,528,249 | |
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28 | 1,000 | 1,094,890 | |
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | 150 | 155,271 | |
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25 | 500 | 542,230 | |
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | 625 | 659,056 | |
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | 1,555 | 1,680,520 | |
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): | |||
5.00%, 12/1/25 | 335 | 363,632 | |
5.00%, 12/1/27 | 45 | 48,981 | |
5.00%, 12/1/28 | 345 | 373,400 | |
5.00%, 12/1/30 | 400 | 430,308 | |
5.00%, 12/1/31 | 300 | 321,894 | |
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | 1,575 | 1,747,982 | |
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | 400 | 437,776 | |
$ 96,737,123 | |||
Housing — 2.5% | |||
Alaska Housing Finance Corp.: | |||
Social Bonds, 5.00%, 6/1/32 | $ | 920 | $ 1,065,590 |
Social Bonds, 5.00%, 12/1/32 | 940 | 1,085,973 | |
Georgia Housing & Finance Authority, 3.65%, 12/1/32 | 185 | 188,201 | |
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): | |||
1.50%, 1/1/31 | 300 | 264,657 | |
1.60%, 7/1/31 | 175 | 154,168 | |
Minnesota Housing Finance Agency: | |||
2019 Series A, 4.00%, 8/1/34 | 295 | 312,721 | |
2019 Series A, 4.00%, 8/1/35 | 440 | 465,375 | |
2019 Series C, 4.00%, 8/1/33 | 525 | 544,971 | |
2019 Series C, 4.00%, 8/1/34 | 240 | 247,534 | |
2019 Series C, 4.00%, 8/1/35 | 285 | 292,393 | |
New York City Housing Development Corp., NY: | |||
2.65%, 11/1/27 | 60 | 60,134 | |
2.85%, 11/1/29 | 125 | 124,973 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA): | |||
2.20%, 5/1/25 | $ | 190 | $ 189,958 |
2.25%, 11/1/25 | 225 | 225,049 | |
2.40%, 11/1/26 | 225 | 225,436 | |
New York Mortgage Agency: | |||
2.30%, 10/1/30 | 1,000 | 947,420 | |
3.65%, 4/1/32 | 120 | 120,254 | |
Seattle Housing Authority, WA: | |||
2.875%, 12/1/25 | 900 | 922,383 | |
3.00%, 12/1/26 | 920 | 948,097 | |
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | 7,675 | 7,363,395 | |
Tennessee Housing Development Agency, 2.80%, 7/1/26 | 250 | 254,800 | |
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | 1,063 | 1,056,090 | |
Virginia Housing Development Authority, 2.55%, 5/1/27 | 190 | 191,123 | |
Washington Housing Finance Commission: | |||
2.25%, 6/1/25 | 105 | 104,958 | |
2.30%, 12/1/25 | 130 | 129,801 | |
2.40%, 6/1/26 | 105 | 104,889 | |
$ 17,590,343 | |||
Industrial Development Revenue — 0.3% | |||
Loudoun County Economic Development Authority, VA, (Loudoun County Public Facilities) , 5.00%, 12/1/34 | $ | 1,960 | $ 2,346,924 |
$ 2,346,924 | |||
Insured - Education — 0.6% | |||
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), (AGM), 5.00%, 10/1/33 | $ | 1,625 | $ 1,873,300 |
University of Central Florida, (AGM), 4.00%, 10/1/34 | 1,805 | 1,966,782 | |
$ 3,840,082 | |||
Insured - Electric Utilities — 0.2% | |||
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J), (AGM), 4.00%, 1/1/36 | $ | 335 | $ 345,392 |
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M): | |||
(AGM), 4.00%, 1/1/36 | 435 | 448,493 | |
(AGM), 4.00%, 1/1/37 | 470 | 483,080 | |
$ 1,276,965 | |||
Insured - General Obligations — 1.0% | |||
Cattaraugus County, NY : | |||
(AGM), 4.00%, 5/15/36 | $ | 960 | $ 1,013,069 |
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Cattaraugus County, NY : (continued) | |||
(AGM), 4.00%, 5/15/37 | $ | 730 | $ 763,485 |
Fort Bend County Municipal Utility District No. 58, TX: | |||
(BAM), 3.00%, 4/1/26 | 10 | 10,253 | |
(BAM), 3.00%, 4/1/32 | 360 | 360,565 | |
Patterson Joint Unified School District, CA, (Election 2018): | |||
(BAM), 5.00%, 8/1/28 | 1,065 | 1,181,032 | |
(BAM), 5.00%, 8/1/29 | 1,000 | 1,107,340 | |
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27 | 690 | 747,036 | |
Yonkers, NY: | |||
(BAM), Series 2019A, 5.00%, 5/1/31 | 750 | 870,960 | |
(BAM), Series 2019B, 5.00%, 5/1/31 | 825 | 958,056 | |
$ 7,011,796 | |||
Insured - Lease Revenue/Certificates of Participation — 0.2% | |||
Clermont County Port Authority, OH, (West Clermont Local School District): | |||
(BAM), 5.00%, 12/1/26 | $ | 250 | $ 274,403 |
(BAM), 5.00%, 12/1/29 | 100 | 109,118 | |
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | 175 | 188,664 | |
Pasco County School Board, FL: | |||
(BAM), 5.00%, 8/1/27 | 605 | 675,894 | |
(BAM), 5.00%, 8/1/29 | 310 | 343,678 | |
$ 1,591,757 | |||
Insured - Other Revenue — 0.4% | |||
New York Dormitory Authority, School Districts Revenue Bond Financing Program: | |||
(AGM), 5.00%, 10/1/33 | $ | 500 | $ 564,150 |
(AGM), 5.00%, 10/1/34 | 1,250 | 1,407,162 | |
(AGM), 5.00%, 10/1/35 | 800 | 899,320 | |
$ 2,870,632 | |||
Insured - Special Tax Revenue — 0.0%(4) | |||
Vineyard Redevelopment Agency, UT, (AGM), 4.00%, 5/1/36 | $ | 135 | $ 143,698 |
$ 143,698 | |||
Insured - Transportation — 1.5% | |||
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | $ | 275 | $ 299,599 |
New Orleans Aviation Board, LA: | |||
(AGM), 5.00%, 1/1/30 | 1,000 | 1,127,590 |
Security | Principal Amount (000's omitted) | Value | |
Insured - Transportation (continued) | |||
New Orleans Aviation Board, LA: (continued) | |||
(AGM), 5.00%, 1/1/31 | $ | 1,250 | $ 1,400,462 |
(AGM), 5.00%, 1/1/32 | 1,650 | 1,841,301 | |
(AGM), 5.00%, 1/1/33 | 2,450 | 2,725,208 | |
(AGM), 5.00%, 1/1/34 | 2,485 | 2,755,418 | |
$ 10,149,578 | |||
Insured - Water and Sewer — 0.1% | |||
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | $ | 250 | $ 269,828 |
Hamburg Municipal Authority, PA, Sewer Revenue: | |||
(AGM), 2.00%, 10/1/32 | 370 | 335,742 | |
(AGM), 2.00%, 10/1/34 | 100 | 85,451 | |
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/28 | 250 | 274,027 | |
$ 965,048 | |||
Lease Revenue/Certificates of Participation — 3.9% | |||
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28 | $ | 1,000 | $ 1,058,520 |
Aspen Fire Protection District, CO: | |||
4.00%, 12/1/30 | 235 | 256,087 | |
4.00%, 12/1/31 | 250 | 270,283 | |
4.00%, 12/1/32 | 205 | 221,644 | |
Broward County School Board, FL: | |||
5.00%, 7/1/27 | 500 | 554,720 | |
5.00%, 7/1/29 | 500 | 550,360 | |
California Public Works Board: | |||
4.00%, 5/1/36 | 880 | 941,090 | |
5.00%, 11/1/29 | 1,000 | 1,117,520 | |
Colorado Department of Transportation: | |||
5.00%, 6/15/30 | 350 | 386,134 | |
5.00%, 6/15/31 | 310 | 341,883 | |
Colorado, (Building Excellent Schools Today), 5.00%, 3/15/33 | 1,150 | 1,351,457 | |
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue: | |||
5.00%, 6/1/29 | 3,000 | 3,349,890 | |
5.00%, 6/1/30 | 3,000 | 3,333,240 | |
Duchesne School District Municipal Building Authority, UT, 5.00%, 6/1/36 | 1,150 | 1,246,404 | |
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26 | 200 | 219,862 | |
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | 645 | 687,389 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28 | $ | 410 | $ 470,290 |
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | 1,495 | 1,641,166 | |
Moulton Niguel Water District, CA, Certificates of Participation, 3.00%, 9/1/35 | 815 | 795,106 | |
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26 | 2,000 | 2,185,320 | |
Palm Beach County School Board, FL, 5.00%, 8/1/31 | 4,000 | 4,291,040 | |
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | 500 | 548,065 | |
Virginia Public Building Authority, 4.00%, 8/1/35 | 1,140 | 1,219,823 | |
$ 27,037,293 | |||
Other Revenue — 12.0% | |||
Fort Myers, FL, Capital Improvement Revenue: | |||
5.00%, 12/1/32 | $ | 825 | $ 903,012 |
5.00%, 12/1/33 | 640 | 700,301 | |
5.00%, 12/1/34 | 510 | 557,711 | |
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26 | 150 | 169,289 | |
Kentucky Public Energy Authority, Gas Supply Revenue: | |||
4.00%, 7/1/24 | 5,000 | 5,101,550 | |
4.00% to 2/1/28 (Put Date), 2/1/50 | 11,500 | 11,783,475 | |
4.00% to 8/1/30 (Put Date), 8/1/52 | 2,950 | 2,996,846 | |
Knoxville, TN, Gas System Revenue, 4.00%, 3/1/33 | 3,245 | 3,470,073 | |
Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49 | 5,000 | 5,298,400 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City): | |||
5.00%, 12/1/32 | 2,355 | 2,686,419 | |
5.00%, 12/1/34 | 2,425 | 2,739,498 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): | |||
5.00%, 4/1/27 | 500 | 556,505 | |
5.00%, 4/1/29 | 275 | 305,044 | |
Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
4.00% to 12/1/28 (Put Date), 5/1/52 | 13,560 | 13,842,319 | |
5.00% to 6/1/29 (Put Date), 12/1/52(2) | 5,500 | 5,894,790 | |
New York City Cultural Resources Trust, NY, (Carnegie Hall): | |||
5.00%, 12/1/27 | 100 | 114,226 | |
5.00%, 12/1/29 | 325 | 381,475 | |
5.00%, 12/1/31 | 250 | 292,548 | |
5.00%, 12/1/32 | 550 | 641,723 |
Security | Principal Amount (000's omitted) | Value | |
Other Revenue (continued) | |||
New York City Cultural Resources Trust, NY, (Carnegie Hall): (continued) | |||
5.00%, 12/1/33 | $ | 200 | $ 232,516 |
5.00%, 12/1/34 | 300 | 347,700 | |
5.00%, 12/1/35 | 700 | 809,522 | |
New York City Educational Construction Fund, NY, 5.00%, 4/1/29 | 2,765 | 3,217,907 | |
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/36 | 5,000 | 5,877,100 | |
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28 | 1,060 | 1,206,513 | |
San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | 4,000 | 3,885,160 | |
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49 | 5,000 | 5,133,250 | |
Wisconsin, Environmental Improvement Fund Revenue: | |||
5.00%, 6/1/31 | 2,400 | 2,603,040 | |
5.00%, 6/1/32 | 1,000 | 1,084,030 | |
$ 82,831,942 | |||
Senior Living/Life Care — 1.3% | |||
Baltimore County, MD, (Riderwood Village, Inc.): | |||
4.00%, 1/1/30 | $ | 1,655 | $ 1,784,603 |
4.00%, 1/1/31 | 250 | 268,008 | |
4.00%, 1/1/32 | 350 | 372,998 | |
4.00%, 1/1/33 | 600 | 634,614 | |
4.00%, 1/1/34 | 685 | 721,915 | |
4.00%, 1/1/35 | 615 | 644,495 | |
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): | |||
5.00%, 11/15/28 | 50 | 52,624 | |
5.00%, 11/15/30 | 910 | 952,260 | |
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | 100 | 108,009 | |
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | 1,035 | 1,099,936 | |
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | 310 | 329,710 | |
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | 1,000 | 975,690 | |
North Carolina Medical Care Commission, (United Methodist Retirement Homes): | |||
Series 2016A, 5.00%, 10/1/30 | 230 | 241,337 | |
Series 2016A, 5.00%, 10/1/31 | 675 | 711,740 | |
$ 8,897,939 |
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue — 7.4% | |||
Allentown Neighborhood Improvement Zone Development Authority, PA: | |||
5.00%, 5/1/26 | $ | 500 | $ 537,495 |
5.00%, 5/1/27 | 450 | 490,653 | |
5.00%, 5/1/28 | 575 | 632,287 | |
5.00%, 5/1/29 | 550 | 609,318 | |
5.00%, 5/1/30 | 650 | 724,659 | |
5.00%, 5/1/31 | 675 | 756,189 | |
5.00%, 5/1/32 | 725 | 816,328 | |
Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 1.69% to 8/17/22 (Put Date), 11/1/38(5) | 6,000 | 6,000,000 | |
Downtown Smyrna Development Authority, GA, 4.00%, 2/1/35 | 360 | 387,972 | |
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32 | 500 | 551,905 | |
Miami-Dade County, FL, Special Obligation Bonds: | |||
5.00%, 4/1/29 | 900 | 993,951 | |
5.00%, 4/1/30 | 950 | 1,047,052 | |
5.00%, 4/1/31 | 895 | 986,433 | |
5.00%, 4/1/32 | 735 | 809,816 | |
New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
4.00%, 11/1/35 | 2,235 | 2,366,887 | |
4.00%, 5/1/36 | 1,925 | 2,005,831 | |
4.00%, 11/1/36 | 1,000 | 1,042,800 | |
5.00%, 8/1/33 | 1,190 | 1,258,806 | |
5.00%, 8/1/35(2) | 3,000 | 3,546,900 | |
2022 Series B, 4.00%, 11/1/37 | 5,365 | 5,525,092 | |
2022 Series C, 5.00%, 2/1/36 | 3,310 | 3,876,473 | |
2022 Series D, 4.00%, 11/1/37 | 5,660 | 5,878,023 | |
2022 Series F, 5.00%, 2/1/36 | 1,000 | 1,171,140 | |
New York Dormitory Authority, Personal Income Tax Revenue: | |||
4.00%, 3/15/36 | 1,000 | 1,044,610 | |
5.00%, 3/15/33 | 2,000 | 2,340,120 | |
5.00%, 3/15/37 | 3,000 | 3,495,570 | |
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | 1,800 | 1,961,082 | |
Successor Agency to San Mateo Redevelopment Agency, CA: | |||
5.00%, 8/1/26 | 100 | 108,658 | |
5.00%, 8/1/29 | 130 | 140,105 | |
$ 51,106,155 | |||
Transportation — 12.9% | |||
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27 | $ | 2,005 | $ 2,238,823 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area): | |||
1.63%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1) | $ | 4,000 | $ 3,870,640 |
2.95% to 4/1/26 (Put Date), 4/1/47 | 1,745 | 1,777,946 | |
Central Texas Regional Mobility Authority: | |||
4.00%, 1/1/34 | 200 | 206,500 | |
5.00%, 1/1/27 | 2,300 | 2,494,097 | |
Chicago, IL, (O'Hare International Airport): | |||
5.00%, 1/1/26 | 1,000 | 1,094,940 | |
5.00%, 1/1/28 | 150 | 159,992 | |
5.00%, 1/1/29 | 150 | 159,531 | |
5.00%, 1/1/30 | 500 | 530,695 | |
5.00%, 1/1/31 | 1,000 | 1,059,350 | |
5.00%, 1/1/33 | 125 | 131,996 | |
5.25%, 1/1/28 | 2,905 | 3,268,851 | |
5.25%, 1/1/29 | 3,060 | 3,426,007 | |
5.25%, 1/1/30 | 1,000 | 1,115,670 | |
5.25%, 1/1/31 | 1,000 | 1,109,740 | |
5.25%, 1/1/32 | 2,565 | 2,837,146 | |
Clark County, NV, Highway Revenue, 5.00%, 7/1/33 | 840 | 883,176 | |
Commonwealth Transportation Board, VA, 5.00%, 9/15/30 | 1,240 | 1,385,576 | |
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | 1,450 | 1,601,612 | |
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | 500 | 536,515 | |
Hawaii, Highway Revenue, 5.00%, 1/1/31 | 805 | 933,824 | |
Illinois Toll Highway Authority: | |||
5.00%, 1/1/29 | 175 | 191,216 | |
5.00%, 12/1/32 | 350 | 378,861 | |
Massachusetts Bay Transportation Authority, 4.00%, 7/1/36 | 2,900 | 3,088,761 | |
Massachusetts Department of Transportation, 5.00%, 1/1/30 | 4,235 | 4,911,118 | |
Metropolitan Transportation Authority, NY: | |||
1.455%, (67% of SOFR + 0.43%), 11/1/26(1) | 2,500 | 2,359,500 | |
5.00%, 11/15/41 | 415 | 417,843 | |
5.25%, 11/15/30 | 500 | 532,680 | |
Green Bonds, 4.00%, 11/15/32 | 5,000 | 5,118,000 | |
New Orleans Aviation Board, LA, 5.00%, 1/1/28 | 150 | 166,887 | |
North Carolina, Grant Anticipation Revenue Vehicle Bonds: | |||
5.00%, 3/1/29 | 450 | 481,855 | |
5.00%, 3/1/30 | 400 | 427,400 | |
Pennsylvania Turnpike Commission: | |||
5.00%, 12/1/35 | 500 | 573,685 |
Security | Principal Amount (000's omitted) | Value | |
Transportation (continued) | |||
Pennsylvania Turnpike Commission: (continued) | |||
5.00%, 12/1/36 | $ | 1,165 | $ 1,323,405 |
Port Authority of New York and New Jersey: | |||
4.00%, 7/15/36 | 1,415 | 1,466,831 | |
5.00%, 9/1/34 | 3,595 | 4,083,992 | |
Port of Seattle, WA: | |||
5.00%, 3/1/27 | 100 | 106,004 | |
5.00%, 3/1/29 | 250 | 264,328 | |
Portland, ME, Airport Revenue: | |||
Green Bonds, 5.00%, 1/1/29 | 225 | 254,876 | |
Green Bonds, 5.00%, 1/1/31 | 370 | 418,814 | |
Salt Lake City, UT, (Salt Lake City International Airport): | |||
5.00%, 7/1/28 | 1,370 | 1,538,948 | |
5.00%, 7/1/31 | 300 | 338,499 | |
5.00%, 7/1/32 | 660 | 741,833 | |
5.00%, 7/1/33 | 600 | 671,856 | |
5.00%, 7/1/34 | 450 | 502,407 | |
San Francisco City and County Airport Commission, CA, (San Francisco International Airport): | |||
5.00%, 5/1/35 | 1,950 | 2,245,035 | |
5.00%, 5/1/36 | 1,710 | 1,961,267 | |
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29 | 14,400 | 16,217,136 | |
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport): | |||
5.00%, 12/1/31 | 2,920 | 3,304,827 | |
5.00%, 12/1/34 | 1,005 | 1,119,892 | |
Wisconsin, Transportation Revenue, 5.00%, 7/1/31 | 2,950 | 3,111,276 | |
$ 89,141,659 | |||
Water and Sewer — 4.9% | |||
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29 | $ | 115 | $ 124,511 |
Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 1.44%, 11/1/28(5) | 3,395 | 3,395,000 | |
Fort Worth, TX, Water and Sewer System Revenue, 5.00%, 2/15/34 | 4,015 | 4,739,868 | |
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28 | 1,500 | 1,628,055 | |
Hillsborough County, FL, Wastewater Impact Fee: | |||
5.00%, 5/1/27 | 2,315 | 2,628,428 | |
5.00%, 5/1/29 | 1,220 | 1,429,840 | |
King County, WA, Sewer Revenue, 1.56%, (SIFMA + 0.23%), 1/1/27 (Put Date), 1/1/40(1) | 2,500 | 2,450,275 | |
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | 575 | 612,202 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27 | $ | 1,000 | $ 1,063,370 |
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | 1,700 | 1,802,017 | |
Mesa, AZ, Utility Systems Revenue: | |||
5.00%, 7/1/27 | 600 | 668,292 | |
5.00%, 7/1/29 | 500 | 555,115 | |
Portland, OR, Water System Revenue, 4.00%, 4/1/35 | 1,555 | 1,685,838 | |
Rapid City, SD, Water Revenue: | |||
4.00%, 11/1/29 | 600 | 633,858 | |
4.00%, 11/1/30 | 670 | 706,535 | |
5.00%, 11/1/27 | 515 | 564,651 | |
Salt Lake City, UT, Public Utilities Revenue: | |||
4.00%, 2/1/37 | 2,600 | 2,738,892 | |
5.00%, 2/1/36 | 3,000 | 3,576,510 | |
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31 | 1,655 | 1,697,914 | |
Wyoming, MI, Water Supply System Revenue: | |||
5.00%, 6/1/27 | 405 | 451,340 | |
5.00%, 6/1/28 | 550 | 611,639 | |
$ 33,764,150 | |||
Total Tax-Exempt Municipal Obligations (identified cost $674,562,257) | $667,927,768 |
Short-Term Investments — 2.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(6) | 17,379,110 | $ 17,379,110 | |
Total Short-Term Investments (identified cost $17,379,110) | $ 17,379,110 | ||
Total Investments — 99.0% (identified cost $691,941,367) | $685,306,878 | ||
Other Assets, Less Liabilities — 1.0% | $ 6,692,813 | ||
Net Assets — 100.0% | $691,999,691 |
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 July 31, 2022. |
(2) | When-issued security. |
(3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2022. |
(4) | Amount is less than 0.05%. |
(5) | 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 July 31, 2022. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
At July 31, 2022, the concentration of the Portfolio's investments in the various states and territories, determined as a percentage of net assets, is as follows: |
New York | 16.1% |
Others, representing less than 10% individually | 80.4% |
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 July 31, 2022, 4.1% 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 1.0% to 3.1% 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 |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SOFR | – Secured Overnight Financing Rate |
SPA | – Standby Bond Purchase Agreement |
July 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $674,562,257) | $ 667,927,768 |
Affiliated investment, at value (identified cost $17,379,110) | 17,379,110 |
Cash | 61,412 |
Interest receivable | 6,531,230 |
Dividends receivable from affiliated investment | 37,941 |
Receivable for investments sold | 19,011,793 |
Receivable from affiliates | 26,951 |
Total assets | $710,976,205 |
Liabilities | |
Payable for when-issued securities | $ 18,676,031 |
Payable to affiliate: | |
Investment adviser fee | 179,970 |
Accrued expenses | 120,513 |
Total liabilities | $ 18,976,514 |
Net Assets applicable to investors' interest in Portfolio | $691,999,691 |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Dividend income from affiliated investment | $ 64,389 |
Interest income | 9,155,500 |
Total investment income | $ 9,219,889 |
Expenses | |
Investment adviser fee | $ 1,261,621 |
Trustees’ fees and expenses | 25,603 |
Custodian fee | 95,780 |
Legal and accounting services | 30,271 |
Miscellaneous | 10,207 |
Total expenses | $ 1,423,482 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 50,003 |
Total expense reductions | $ 50,003 |
Net expenses | $ 1,373,479 |
Net investment income | $ 7,846,410 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (24,150,971) |
Net realized loss | $(24,150,971) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (23,793,611) |
Net change in unrealized appreciation (depreciation) | $(23,793,611) |
Net realized and unrealized loss | $(47,944,582) |
Net decrease in net assets from operations | $(40,098,172) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 7,846,410 | $ 16,140,421 |
Net realized gain (loss) | (24,150,971) | 3,510,528 |
Net change in unrealized appreciation (depreciation) | (23,793,611) | (43,090,606) |
Net decrease in net assets from operations | $ (40,098,172) | $ (23,439,657) |
Capital transactions: | ||
Contributions | $ 19,420,169 | $ 108,966,195 |
Withdrawals | (225,741,514) | (58,460,755) |
Portfolio transaction fee | 368,223 | 250,960 |
Net increase (decrease) in net assets from capital transactions | $(205,953,122) | $ 50,756,400 |
Net increase (decrease) in net assets | $(246,051,294) | $ 27,316,743 |
Net Assets | ||
At beginning of period | $ 938,050,985 | $ 910,734,242 |
At end of period | $ 691,999,691 | $938,050,985 |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (1) | 0.35% (2)(3) | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 2.00% (2) | 1.69% | 1.94% | 2.17% | 2.16% | 2.01% |
Portfolio Turnover | 34% (4) | 22% | 51% | 28% | 78% | 35% |
Total Return(1) | (4.01)% (4) | (2.44)% | 4.66% | 7.88% | 3.11% | 3.83% |
Net assets, end of period (000’s omitted) | $692,000 | $938,051 | $910,734 | $729,373 | $612,428 | $676,300 |
(1) | The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.01% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018). Absent this reimbursement, total return would be lower. |
(2) | Annualized. |
(3) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(4) | Not annualized. |
Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.3200% |
$1 billion but less than $2.5 billion | 0.3075% |
$2.5 billion but less than $5 billion | 0.2950% |
$5 billion and over | 0.2875% |
Aggregate cost | $ 691,929,291 |
Gross unrealized appreciation | $ 9,743,704 |
Gross unrealized depreciation | (16,366,117) |
Net unrealized depreciation | $ (6,622,413) |
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 | $ — | $92,308,326 | $(74,929,216) | $ — | $ — | $17,379,110 | $64,389 | 17,379,110 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Municipal Obligations | $ — | $ 667,927,768 | $ — | $ 667,927,768 |
Short-Term Investments | 17,379,110 | — | — | 17,379,110 |
Total Investments | $17,379,110 | $667,927,768 | $ — | $685,306,878 |
Officers of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund and 5-to-15 Year Laddered Municipal Bond Portfolio | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund and 5-to-15 Year Laddered Municipal Bond Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
5-to-15 Year Laddered Municipal Bond Portfolio | ||
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | September 16, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | September 16, 2022 | |
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | September 16, 2022 |