Eaton Vance NextShares Trust II (EVLMC) N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-22983

Eaton Vance NextShares Trust II

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

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, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares (EVLMC)

Listing Exchange:  The NASDAQ Stock Market LLC

Semiannual Report

July 31, 2016

NextShares^TM is a trademark of NextShares Solutions LLC. Used with permission.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing in NextShares, investors should consider carefully the investment objectives, risks, charges and expenses. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report July 31, 2016

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	29
Officers and Trustees	34
Important Notices	35

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Performance^1,2

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA

% Cumulative Total Returns	Inception Date		Six Months			One Year			Five Years			Since Inception
Fund at NAV		03/30/2016		—			—			—			3.54	%
Fund at Market Price		—		—			—			—			3.82
Barclays 10 Year Municipal Bond Index		—		3.00	%		7.55	%		5.33	%		2.93	%
Barclays 15 Year Municipal Bond Index		—		3.79			8.89			6.35			3.56
% Total Annual Operating Expense Ratios3
Gross													0.57	%
Net													0.35
% Distribution Rates/Yields4
Distribution Rate at NAV													1.34	%
Distribution Rate at Market Price													1.34
SEC 30-day Yield — Subsidized													1.29
SEC 30-day Yield — Unsubsidized													–0.27

Fund Profile⁵

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than indicated. The Fund’s performance at market price will differ from its results at net asset value (NAV). Market price returns are based on the Fund’s price at the close of market trading. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Returns are before taxes unless otherwise noted. Performance less than or equal to one year is cumulative. For performance as of the most recent month-end, including historical trading premiums/discounts relative to NAV, please refer to eatonvance.com.

2

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Endnotes and Additional Disclosures

¹  Shares of NextShares funds are traded in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. Buyers and sellers of shares normally transact with each other, rather than with the fund. Market trading prices of NextShares are linked to the fund’s next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. Buyers and sellers of NextShares will not know the value of their purchases and sales until after the fund’s NAV is determined at the end of the trading day. Market trading prices may vary significantly from anticipated levels. NextShares do not offer investors the opportunity to buy and sell intraday based on current (versus end-of-day) determinations of fund value. NextShares trade execution prices will fluctuate based on changes in NAV. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. As a new type of fund, NextShares do not have an operating history and may initially be available through a limited number of brokers. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder’s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through authorized participants. In such transactions, a fund issues and redeems shares in exchange for the basket of securities, other instruments and/or cash that the fund specifies each business day. The basket is not intended to be representative of the fund’s current portfolio positions and may vary significantly from current positions.

²  Barclays 10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 8-12 years. Barclays 15 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 12-17 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/17. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30- day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

⁵  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁶  Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment- grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

3

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other funds. The actual Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 30, 2016 – July 31, 2016). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2016 – July 31, 2016).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions on purchases and sales of Fund shares. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (3/30/16)		Ending Account Value (7/31/16)		Expenses Paid During Period (3/30/16 – 7/31/16)			Annualized Expense Ratio
Actual*
	$	1,000.00	$	1,035.40	$	1.21	***		0.35	%
*     The Fund had not commenced operations on February 1, 2016. Actual expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 124/366 (to reflect the period from commencement of operations on March 30, 2016 to July 31, 2016). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on March 30, 2016. The Example reflects the expenses of both the Fund and the Portfolio.
	Beginning Account Value (2/1/16)		Ending Account Value (7/31/16)		Expenses Paid During Period (2/1/16 – 7/31/16)			Annualized Expense Ratio
Hypothetical**
(5% return per year before expenses)
	$	1,000.00	$	1,023.10	$	1.76	***		0.35	%

** Hypothetical expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on March 30, 2016. The Example reflects the expenses of both the Fund and the Portfolio.

*** Absent an allocation of certain expenses to affiliates, expenses would be higher.

4

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2016
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $9,199,549)	$	9,306,572
Receivable from affiliate		10,870
Total assets	$	9,317,442
Liabilities
Payable to affiliate:
Operations agreement fee	$	364
Accrued expenses		26,453
Total liabilities	$	26,817
Net Assets	$	9,290,625
Sources of Net Assets
Paid-in capital	$	9,171,968
Accumulated net realized loss from Portfolio		(117	)
Accumulated undistributed net investment income		11,751
Net unrealized appreciation from Portfolio		107,023
Total	$	9,290,625
Net Asset Value Per Share
($9,290,625 ÷ 450,000 shares issued and outstanding)	$	20.65

5 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Statement of Operations (Unaudited)

Investment Income	Period Ended July 31, 2016(1)
Interest allocated from Portfolio	$	34,319
Expenses allocated from Portfolio		(6,025	)
Total investment income from Portfolio	$	28,294
Expenses
Operations agreement fee (Note 3)	$	860
Trustees’ fees and expenses		250
Custodian fee		6,281
Transfer and dividend disbursing agent fees		7,222
Legal and accounting services		9,702
Printing and postage		1,244
Registration fees		869
Listing fee		6,692
Intraday pricing fee		4,322
Miscellaneous		445
Total expenses	$	37,887
Deduct —
Allocation of expenses to affiliate	$	37,887
Total expense reductions	$	37,887
Net expenses	$	0
Net investment income	$	28,294
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(117	)
Net realized loss	$	(117	)
Change in unrealized appreciation (depreciation) —
Investments	$	107,023
Net change in unrealized appreciation (depreciation)	$	107,023
Net realized and unrealized gain	$	106,906
Net increase in net assets from operations	$	135,200

⁽¹⁾  For the period from the start of business, March 30, 2016, to July 31, 2016.

6 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Period Ended July 31, 2016 (Unaudited)(1)
From operations —
Net investment income	$	28,294
Net realized loss from investment transactions		(117	)
Net change in unrealized appreciation (depreciation) from investments		107,023
Net increase in net assets from operations	$	135,200
Distributions to shareholders —
From net investment income	$	(16,543	)
Total distributions to shareholders	$	(16,543	)
Transactions in Fund shares —
Proceeds from sale of shares	$	9,168,191
Transaction fees		11,977
Net increase in net assets from Fund share transactions	$	9,180,168
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(12,014	)
Portfolio transaction fee allocated from Portfolio		3,814
Net decrease in net assets from other capital	$	(8,200	)
Net increase in net assets	$	9,290,625
Net Assets
At beginning of period	$	—
At end of period	$	9,290,625
Accumulated undistributed net investment income included in net assets
At end of period	$	11,751
Changes in shares outstanding
Shares outstanding, beginning of period		—
Shares sold		450,000
Shares outstanding, end of period		450,000

⁽¹⁾  For the period from the start of business, March 30, 2016, to July 31, 2016.

7 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Financial Highlights

	Period Ended July 31, 2016 (Unaudited) (1)
Net asset value — Beginning of period	$	20.000
Income (Loss) From Operations
Net investment income(2)	$	0.112
Net realized and unrealized gain		0.601
Total income from operations	$	0.713
Less Distributions
From net investment income	$	(0.063	)
Total distributions	$	(0.063	)
Net asset value — End of period	$	20.650
Total Return on Net Asset Value(3)		3.54	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,291
Ratios (as a percentage of average daily net assets):(5)
Expenses		0.35	%(6)(7)
Net investment income		1.63	%(6)
Portfolio Turnover of the Portfolio		0	%(4)(8)(9)

⁽¹⁾  For the period from the start of business, March 30, 2016, to July 31, 2016.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of a market-determined premium or discount. Investment returns assume that all distributions have been reinvested at net asset value.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Annualized.

⁽⁷⁾  The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 2.21% of average daily net assets for the period ended July 31, 2016). Absent this reimbursement, total return would be lower.

⁽⁸⁾  For the period from the Portfolio’s start of business, March 28, 2016, to July 31, 2016.

⁽⁹⁾  Amount is less than 0.05%.

8 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (the Fund) is a diversified series of Eaton Vance NextShares Trust II (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an exchange-traded managed fund operating pursuant to an order issued by the SEC granting an exemption from certain provisions of the 1940 Act. Individual shares of the Fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that offers NextShares, and may not be directly purchased or redeemed from the Fund. Market trading prices for the Fund are directly linked to the Fund’s next-computed net asset value per share (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. The Fund commenced operations on March 30, 2016. The Fund invests all of its investable assets in interests in 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio), a Massachusetts business trust having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (1.9% at July 31, 2016). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of July 31, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

H  Interim Financial Statements — The interim financial statements relating to July 31, 2016 and for the period then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions are paid in cash and cannot be automatically reinvested in additional shares of the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial

9

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.32% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee (“Direct Assets”) up to $1 billion and is payable monthly. On Direct Assets of $1 billion and over, the annual fee is reduced. For the period ended July 31, 2016, the Fund incurred no investment adviser fee on Direct Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

The Trust, on behalf of the Fund, has entered into an operations agreement with EVM pursuant to which EVM provides the Fund with services required for it to operate as a NextShares exchange-traded managed fund in accordance with the exemptive order obtained by EVM and the Trust. Pursuant to the agreement, the Fund pays EVM a monthly fee at an annual rate of 0.05% of the Fund’s average daily net assets provided the average net assets of NextShares funds sponsored by EVM (“Covered Assets”) are less than $10 billion. The annual rate is reduced if Covered Assets are $10 billion and above. For the period ended July 31, 2016, the operations agreement fee amounted to $860 or 0.05% (annualized) of the Fund’s average daily net assets.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.35% of the Fund’s average daily net assets through May 31, 2017. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $37,887 in total of the Fund’s operating expenses for the period ended July 31, 2016.

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Investment Transactions

For the period ended July 31, 2016, increases and decreases in the Fund’s investment in the Portfolio aggregated $9,200,300 and $20,728, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1H of the Portfolio’s Notes to Financial Statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as other capital on the Statement of Changes in Net Assets.

5  Capital Share Transactions

The Trust may issue an unlimited number of shares of capital stock (no par value per share) in one or more series (such as the Fund). The Fund issues and redeems shares only in blocks of 25,000 shares or multiples thereof (“Creation Units”). The Fund issues and redeems Creation Units in return for the securities, other instruments and/or cash (the “Basket”) that the Fund specifies each business day. Creation Units may be purchased or redeemed only by or through Authorized Participants, which are broker-dealers or institutional investors that have entered into agreements with the Fund’s distributor for this purpose. The Fund imposes a transaction fee on Creation Units issued and redeemed to offset the estimated cost to the Fund of processing the transaction, which is paid by the Authorized Participants directly to a third-party administrator. In addition, Authorized Participants pay the Fund a variable charge for converting the Basket to or from the desired portfolio composition. Such variable charges are reflected as transaction fees on the Statement of Changes in Net Assets.

10

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 90.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.0%(1)
New York Environmental Facilities Corp., Revolving Fund Revenue, 5.00%, 6/15/29	$	50	$	56,127
			$	56,127
Education — 5.7%
Alabama Public School and College Authority, 5.00%, 5/1/23	$	500	$	618,430
Alabama Public School and College Authority, 5.00%, 5/1/24		500		630,730
Brownsburg 1999 School Building Corp., IN, 4.00%, 8/5/26		350		413,462
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/21		500		584,505
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/24		500		620,325
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25		200		250,776
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		718,646
Florida Higher Educational Facilities Financial Authority, (Nova Southeastern University), 5.00%, 4/1/28		400		497,484
Florida Higher Educational Facilities Financial Authority, (Nova Southeastern University), 5.00%, 4/1/29		1,000		1,237,820
Florida Higher Educational Facilities Financial Authority, (Nova Southeastern University), 5.00%, 4/1/30		750		923,775
Florida Higher Educational Facilities Financial Authority, (Nova Southeastern University), 5.00%, 4/1/31		250		306,528
Harris County Cultural Education Facilities Finance Corp., TX, (Baylor College of Medicine), 5.00%, 11/15/21		1,000		1,193,930
Harris County Cultural Education Facilities Finance Corp., TX, (Baylor College of Medicine), 5.00%, 11/15/22		650		790,289
Kokomo-Center Schools Building Corp., IN, 5.00%, 1/15/23		430		517,836
Kokomo-Center Schools Building Corp., IN, 5.00%, 7/15/23		235		285,739
Kokomo-Center Schools Building Corp., IN, 5.00%, 1/15/24		450		550,373
Kokomo-Center Schools Building Corp., IN, 5.00%, 7/15/24		385		475,109
Kokomo-Center Schools Building Corp., IN, 5.00%, 7/15/25		540		674,433
Kokomo-Center Schools Building Corp., IN, 5.00%, 1/15/26		555		695,548
Kokomo-Center Schools Building Corp., IN, 5.00%, 7/15/26		680		857,983
Kokomo-Center Schools Building Corp., IN, 5.00%, 7/15/27		1,205		1,504,973
Kokomo-Center Schools Building Corp., IN, 5.00%, 7/15/28		1,365		1,697,350
Lawrence Township School Building Corp., IN, 4.00%, 1/15/28		690		812,551
Metropolitan State University of Denver, CO, (Aerospace and Engineering Sciences Building), 4.00%, 12/1/28		715		835,034
Metropolitan State University of Denver, CO, (Aerospace and Engineering Sciences Building), 4.00%, 12/1/29		500		577,035
Metropolitan State University of Denver, CO, (Aerospace and Engineering Sciences Building), 4.00%, 12/1/30		300		343,176
Metropolitan State University of Denver, CO, (Aerospace and Engineering Sciences Building), 4.00%, 12/1/31		300		340,473
Metropolitan State University of Denver, CO, (Aerospace and Engineering Sciences Building), 5.00%, 12/1/27		625		794,044

Security	Principal Amount (000’s omitted)		Value
Education (continued)
New Hope Cultural Education Facilities Finance Corp., TX, (Texas A&M University - Cain Hall Redevelopment), 5.00%, 4/1/22	$	175	$	210,110
New Hope Cultural Education Facilities Finance Corp., TX, (Texas A&M University - Cain Hall Redevelopment), 5.00%, 4/1/24		220		274,384
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		239,172
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/23		100		119,636
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/26		150		182,484
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/27		425		513,919
Red River Education Financing Corp., TX, (Texas Christian University), 5.00%, 3/15/21		120		141,770
Red River Education Financing Corp., TX, (Texas Christian University), 5.00%, 3/15/23		120		148,192
Red River Education Financing Corp., TX, (Texas Christian University), 5.00%, 3/15/24		100		126,268
Red River Education Financing Corp., TX, (Texas Christian University), 5.00%, 3/15/31		375		468,600
S. M. Educational Building Corp., MS, 5.00%, 9/1/25		250		321,873
Saginaw Valley State University, MI, 5.00%, 7/1/26		750		947,347
Saginaw Valley State University, MI, 5.00%, 7/1/27		750		939,322
Saginaw Valley State University, MI, 5.00%, 7/1/28		1,000		1,239,800
Tarrant County Cultural Education Facilities Finance Corp., TX, (Hendrick Medical Center), 5.00%, 9/1/22		520		623,121
Tarrant County Cultural Education Facilities Finance Corp., TX, (Hendrick Medical Center), 5.00%, 9/1/23		250		304,903
Western Michigan University, 5.00%, 11/15/24		500		634,660
			$	27,183,918
Electric Utilities — 3.2%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,236,310
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25		500		625,960
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26		1,000		1,251,450
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/24		100		125,406
Marquette Board of Light and Power, MI, 5.00%, 7/1/21		350		413,199
Marquette Board of Light and Power, MI, 5.00%, 7/1/22		230		277,339
Marquette Board of Light and Power, MI, 5.00%, 7/1/23		450		552,361
Marquette Board of Light and Power, MI, 5.00%, 7/1/24		475		590,919
Marquette Board of Light and Power, MI, 5.00%, 7/1/25		345		435,138
Marquette Board of Light and Power, MI, 5.00%, 7/1/26		775		989,721
Minnesota Municipal Power Agency, 5.00%, 10/1/21(2)		225		267,845
Minnesota Municipal Power Agency, 5.00%, 10/1/22(2)		200		242,670
Minnesota Municipal Power Agency, 5.00%, 10/1/23(2)		230		284,588
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		639,560

11 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/30	$	1,000	$	1,269,790
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/22		500		590,230
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/23		500		600,315
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		500		620,100
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23		125		144,696
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24		300		372,237
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		315,805
South Carolina Public Service Authority, 5.00%, 12/1/26		1,000		1,284,900
Springfield, IL, Electric System Revenue, 5.00%, 3/1/21		500		582,235
Springfield, IL, Electric System Revenue, 5.00%, 3/1/22		500		594,970
Springfield, IL, Electric System Revenue, 5.00%, 3/1/27		250		308,590
Springfield, IL, Electric System Revenue, 5.00%, 3/1/28		250		306,410
Springfield, IL, Electric System Revenue, 5.00%, 3/1/29		250		303,493
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		309,233
			$	15,535,470
Escrowed / Prerefunded — 0.1%
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), Prerefunded to 6/15/18, 5.50%, 6/15/22	$	25	$	27,318
Washington State University, Prerefunded to 4/1/19, 5.00%, 4/1/32		15		16,732
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32		500		616,870
			$	660,920
General Obligations — 36.0%
Addison, TX, 5.00%, 2/15/26	$	270	$	330,299
Agua Fria Union High School District No. 216, AZ, 3.00%, 7/1/27		330		358,175
Agua Fria Union High School District No. 216, AZ, 4.00%, 7/1/28		450		529,744
Agua Fria Union High School District No. 216, AZ, 4.00%, 7/1/29		275		322,116
Alaska, 5.00%, 8/1/30		1,000		1,246,110
Allen Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/21		2,000		2,364,820
Anchorage, AK, 5.00%, 9/1/23		750		932,542
Anchorage, AK, 5.00%, 9/1/24		750		951,420

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Anchorage, AK, 5.00%, 9/1/25	$	750	$	967,575
Anchorage, AK, 5.00%, 9/1/27		780		988,892
Arkansas, 4.00%, 6/1/28		500		585,390
Avon Community School Building Corp., IN, 5.00%, 7/10/21		500		589,570
Avon, OH, 4.00%, 12/1/31		590		684,058
Belding Area Schools, MI, 5.00%, 5/1/28		250		313,398
Belding Area Schools, MI, 5.00%, 5/1/30		250		309,828
Birmingham Public Schools, MI, 4.00%, 11/1/21(2)		500		574,285
Birmingham Public Schools, MI, 4.00%, 11/1/22(2)		300		349,995
Birmingham Public Schools, MI, 4.00%, 11/1/23(2)		1,325		1,568,601
Brookline, MA, 4.00%, 3/1/30		435		518,933
Brookline, MA, 4.00%, 3/1/31		250		296,785
Burlington, VT, 5.00%, 11/1/21		600		714,192
Burlington, VT, 5.00%, 11/1/22		450		546,691
Burlington, VT, 5.00%, 11/1/23		450		555,264
Burlington, VT, 5.00%, 11/1/24		400		501,080
Burlington, VT, 5.00%, 11/1/25		400		506,780
Burlington, VT, 5.00%, 11/1/26		250		320,643
Burlington, VT, 5.00%, 11/1/27		225		286,218
Burlington, VT, 5.00%, 11/1/28		370		467,088
California, 4.00%, 9/1/26		750		919,680
California, 4.00%, 9/1/27		740		897,931
California, 4.00%, 9/1/28		750		902,355
California, 4.00%, 9/1/31		500		584,475
Central Dauphin School District, PA, 5.00%, 2/1/29		500		627,585
Clark County School District, NV, 5.00%, 6/15/22		500		606,595
Clark County School District, NV, 5.00%, 6/15/23		500		617,230
Clark County School District, NV, 5.00%, 6/15/24		500		627,600
Clark County School District, NV, 5.00%, 6/15/25		500		635,385
Clark County School District, NV, 5.00%, 6/15/29		250		313,395
Clark County School District, NV, Series C, 4.00%, 6/15/31		1,000		1,131,830
Clark County School District, NV, Series D, 4.00%, 6/15/31		750		848,872
Cook and DuPage Counties Township High School District No. 210, IL, 4.00%, 1/1/21		750		841,552
Crowley Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/28		100		116,931
Cuyahoga Community College District, OH, 4.00%, 2/1/27		1,000		1,175,570
Cuyahoga Community College District, OH, 4.00%, 2/1/28		750		873,315
Dare County, NC, Limited Obligation Bonds, 4.00%, 6/1/31		125		142,431
Deer Valley Unified School District No. 97, AZ, 2.00%, 7/1/22		250		260,893
Deer Valley Unified School District No. 97, AZ, 5.00%, 7/1/23		250		310,860
Delaware County, OH, 1.50%, 12/1/21		130		133,530
Delaware County, OH, 1.50%, 12/1/22		110		112,273
Delaware County, OH, 4.00%, 12/1/27		150		177,329
Delaware County, OH, 4.00%, 12/1/28		255		298,281

12 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Delaware County, OH, 4.00%, 12/1/29	$	175	$	203,086
Denton, TX, 5.00%, 2/15/29		1,595		2,025,937
Denton, TX, 5.00%, 2/15/31		1,360		1,712,893
Dowagiac Union School District, MI, 4.00%, 5/1/21		350		395,395
Dowagiac Union School District, MI, 4.00%, 5/1/22		325		371,764
Dowagiac Union School District, MI, 4.00%, 5/1/23		350		406,182
Dowagiac Union School District, MI, 4.00%, 5/1/24		250		293,663
Dowagiac Union School District, MI, 4.00%, 5/1/25		630		742,934
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		414,484
DuPage County Community Unit School District No. 200, IL, 4.00%, 11/1/21		2,000		2,281,400
DuPage County Community Unit School District No. 200, IL, 4.00%, 11/1/22		1,500		1,735,035
Duplin County, NC, Limited Obligation Bonds, 5.00%, 4/1/27		1,880		2,370,436
Edgewood City School District, OH, 5.25%, 12/1/33		500		615,945
Edinburg Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31		1,075		1,348,630
Edinburg, TX, 5.00%, 3/1/21		330		385,565
Edinburg, TX, 5.00%, 3/1/22		1,215		1,449,143
Edinburg, TX, 5.00%, 3/1/23		1,235		1,498,759
Edinburg, TX, 5.00%, 3/1/24		815		1,006,924
Edinburg, TX, 5.00%, 3/1/25		310		388,573
Elgin, IL, 3.00%, 12/15/22		1,410		1,535,913
Elgin, IL, 3.00%, 12/15/23		1,645		1,797,985
Elgin, IL, 3.00%, 12/15/24		1,770		1,938,044
Ennis Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/22		500		613,785
Flower Mound, TX, 4.00%, 3/1/27		1,000		1,187,480
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/27		1,500		1,238,535
Glen Rock Board of Education, NJ, 5.00%, 9/1/30		500		633,275
Glen Rock Board of Education, NJ, 5.00%, 9/1/31		750		944,677
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		643,240
Healdsburg Unified School District, CA, (Election of 2012), 0.00%, 8/1/26		100		78,924
Huber Heights City School District, OH, 5.00%, 12/1/26		840		1,072,302
Illinois, 5.00%, 2/1/23		500		565,400
Illinois, 5.00%, 3/1/24		200		221,378
Illinois, 5.00%, 2/1/26		950		1,068,170
Illinois, 5.50%, 7/1/26		200		229,156
Issaquah School District No. 411, WA, 4.00%, 12/1/31		2,000		2,324,560
Jourdanton Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/21		530		579,576
Jourdanton Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/22		155		179,623
Jourdanton Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/23		340		400,187

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Jourdanton Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/24	$	340	$	405,637
Jourdanton Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/25		555		667,981
Jourdanton Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/26		500		607,370
Judson Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/21		180		212,600
Kane and DeKalb Counties Community Unit School District No. 301, IL, 3.00%, 1/1/22		195		209,019
Kane and DeKalb Counties Community Unit School District No. 301, IL, 3.00%, 1/1/23		200		214,366
Kane and DeKalb Counties Community Unit School District No. 301, IL, 3.00%, 1/1/24		100		107,437
Kane and DeKalb Counties Community Unit School District No. 302, IL, 3.00%, 2/1/27		625		660,056
Kane and DeKalb Counties Community Unit School District No. 302, IL, 5.00%, 2/1/26		390		487,051
Kent, WA, 4.00%, 12/1/29		1,000		1,152,860
Kent, WA, 4.00%, 12/1/30		1,000		1,149,850
Kyle, TX, 4.00%, 8/15/21		250		284,595
Kyle, TX, 4.00%, 8/15/30		500		568,915
La Porte Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/22		1,025		1,242,905
Lake County Community Consolidated School District No. 50, IL, 5.00%, 1/1/21		500		580,415
Lake County Community High School District No. 115, IL, 4.00%, 11/1/24(2)		1,000		1,190,670
Lake County, FL, 5.00%, 6/1/28		650		805,168
Lakeland, FL, 5.00%, 10/1/25		635		791,547
Lakeland, FL, 5.00%, 10/1/28		1,500		1,828,905
Lakeland, FL, 5.00%, 10/1/30		1,000		1,207,650
Lakewood, OH, 4.00%, 12/1/29		500		578,465
Lakewood, OH, 4.00%, 12/1/30		400		463,040
Lansing School District, MI, 5.00%, 5/1/24		1,485		1,837,613
Laredo Community College District, TX, 4.00%, 8/1/21		125		141,878
Laredo Community College District, TX, 4.00%, 8/1/22		240		275,650
Laredo Community College District, TX, 5.00%, 8/1/23		165		202,622
Laredo Community College District, TX, 5.00%, 8/1/24		140		174,670
Laredo Community College District, TX, 5.00%, 8/1/25		110		139,135
Laredo Community College District, TX, 5.00%, 8/1/26		320		408,304
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		1,050		649,530
Lewisville Independent School District, TX, 5.00%, 8/15/26		1,500		1,927,335
Little Rock School District, AR, 3.00%, 2/1/23		400		423,352
Little Rock School District, AR, 3.00%, 2/1/24		250		264,605
Little Rock School District, AR, 3.00%, 2/1/25		250		262,990

13 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Massachusetts, 5.00%, 7/1/24	$	1,500	$	1,914,570
Massachusetts, 5.00%, 7/1/25		1,000		1,296,110
Massachusetts, 5.00%, 7/1/26		1,000		1,315,630
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		244,934
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		370,875
Miami-Dade County, FL, (Building Better Communities Program), 5.00%, 7/1/21		1,440		1,712,923
Miami-Dade County, FL, (Building Better Communities Program), 5.00%, 7/1/22		1,000		1,217,260
Miami-Dade County, FL, (Building Better Communities Program), 5.00%, 7/1/23		1,000		1,243,060
Miami-Dade County, FL, (Building Better Communities Program), 5.00%, 7/1/28		1,580		1,997,246
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		860		997,686
Minneapolis Special School District No. 1, MN, 3.00%, 2/1/23		250		274,650
Monroe, NC, Limited Obligation Bonds, 3.00%, 3/1/23		500		551,635
Monroe, NC, Limited Obligation Bonds, 4.00%, 3/1/21		310		351,122
Monroe, NC, Limited Obligation Bonds, 5.00%, 3/1/22		350		421,309
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27		375		301,298
North East Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/25		1,925		2,506,908
Northwest Local School District Board of Education, OH, 4.00%, 12/1/30		300		335,973
Oakland Schools Intermediate School District, MI, 5.00%, 5/1/25		920		1,180,084
Olentangy Local School District, OH, 4.00%, 12/1/27		415		496,772
Olentangy Local School District, OH, 4.00%, 12/1/30		630		734,057
Owen J. Roberts School District, PA, 4.00%, 5/15/29		750		839,910
Pasadena, TX, 4.00%, 2/15/28		500		575,955
Pasadena, TX, 4.00%, 2/15/29		250		285,870
Pasadena, TX, 4.00%, 2/15/30		500		568,085
Pasadena, TX, 4.00%, 2/15/31		750		846,525
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		826,440
Pennsylvania, 4.00%, 6/15/31		885		982,040
Pennsylvania, 5.00%, 7/1/24		650		804,284
Peoria, IL, 5.00%, 1/1/27		500		617,585
Port Arthur Independent School District, TX, 5.00%, 2/15/22		500		598,545
Prince George’s County, MD, 4.00%, 7/1/28		1,000		1,198,080
Prince George’s County, MD, 4.00%, 7/1/29		1,000		1,191,080
Prince George’s County, MD, 4.00%, 7/1/30		1,000		1,186,100
Prince George’s County, MD, 4.00%, 7/1/31		1,000		1,180,160
Romeo Community Schools, MI, 5.00%, 5/1/21		750		880,087

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Romeo Community Schools, MI, 5.00%, 5/1/22	$	575	$	686,866
Romeo Community Schools, MI, 5.00%, 5/1/24		850		1,051,832
Romeo Community Schools, MI, 5.00%, 5/1/25		1,000		1,254,160
Romeo Community Schools, MI, 5.00%, 5/1/26		1,270		1,612,176
Romeo Community Schools, MI, 5.00%, 5/1/27		1,520		1,909,044
Romeo Community Schools, MI, 5.00%, 5/1/28		1,000		1,242,620
Romeo Community Schools, MI, 5.00%, 5/1/29		1,000		1,236,360
Romeo Community Schools, MI, 5.00%, 5/1/30		800		984,616
Romeo Community Schools, MI, 5.00%, 5/1/31		1,000		1,226,860
Rose Tree Media School District, PA, 3.00%, 2/1/20		350		374,699
Rose Tree Media School District, PA, 4.00%, 2/1/21		400		452,732
SCAGO Educational Facilities Corp. for Cherokee School District, SC, 5.00%, 12/1/21		300		355,392
SCAGO Educational Facilities Corp. for Cherokee School District, SC, 5.00%, 12/1/22		500		601,125
SCAGO Educational Facilities Corp. for Cherokee School District, SC, 5.00%, 12/1/23		500		610,580
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		750		864,757
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/31		500		572,865
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		400		464,720
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		300		346,461
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/31		200		229,554
Spring Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/24		500		635,250
Spring Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/25		1,000		1,290,360
Spring Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/26		735		961,277
Spring Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/27		1,000		1,293,530
Springfield, MO, (Sewer System Improvements), 5.00%, 4/1/22		500		602,290
Stamford, CT, 4.00%, 8/1/27		750		898,552
Sugar Land, TX, 5.00%, 2/15/26		555		718,570
Texas, (Texas Transportation Commission), 5.00%, 4/1/28		1,750		2,254,910
Texas, (Texas Transportation Commission), 5.00%, 4/1/29		2,000		2,562,700
Trussville, AL, 5.00%, 10/1/31		250		300,058
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		510		603,386
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28		530		622,448
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		545		635,633

14 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30	$	570	$	660,818
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/31		590		679,798
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/22		395		482,623
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/23		415		517,974
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/24		435		552,667
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/25		460		593,566
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/26		485		620,533
Vestavia Hills, AL, 4.00%, 2/1/23		1,320		1,531,200
Vestavia Hills, AL, 4.00%, 2/1/24		1,235		1,451,780
Vestavia Hills, AL, 4.00%, 2/1/25		550		651,370
Vestavia Hills, AL, 4.00%, 2/1/26		1,000		1,193,570
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/31(2)		560		655,189
Washington, 5.00%, 8/1/21		2,000		2,394,680
Washington, 5.00%, 8/1/22		1,000		1,225,130
Washington, 5.00%, 8/1/23		1,000		1,248,640
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/22		400		374,332
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/23		150		136,968
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/24		150		133,958
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25		750		653,512
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/28		250		188,193
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/29		250		179,490
West Chester Township, OH, 4.00%, 12/1/26		1,140		1,368,410
West Chester Township, OH, 4.00%, 12/1/27		400		473,628
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		750		842,572
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/31		750		839,895
Williamson County, TX, 5.00%, 2/15/28		300		375,240
			$	172,386,501
Hospital — 8.7%
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/21	$	250	$	291,690

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25	$	250	$	310,085
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27		100		113,345
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37		40		45,769
Harris County Hospital District, TX, 5.00%, 2/15/27(2)		700		882,672
Harris County Hospital District, TX, 5.00%, 2/15/28(2)		1,500		1,875,930
Harris County Hospital District, TX, 5.00%, 2/15/29(2)		1,500		1,865,685
Harris County Hospital District, TX, 5.00%, 2/15/30(2)		1,000		1,237,240
Idaho Health Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/30		750		889,755
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/21		100		117,935
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/23		150		184,394
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25		250		315,240
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26		250		313,075
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27		250		309,382
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		595		730,380
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/34		250		307,762
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26		500		632,595
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/27		500		627,730
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28		500		624,175
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/29		210		259,726
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/30		500		615,905
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/31		250		305,723
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24		500		635,275
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/25		500		637,705
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/35		500		587,490
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		597,604
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23		500		610,060

15 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24	$	500	$	618,470
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/22		800		963,640
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25		1,000		1,268,340
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/26		550		707,256
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27		700		893,207
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28		700		888,132
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30		520		650,988
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31		700		872,788
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24		100		125,994
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/25		1,600		2,044,528
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/27		115		143,013
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/27		535		677,139
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/28		1,000		1,257,870
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/29		1,000		1,252,040
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/30		1,000		1,241,350
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/31		1,000		1,231,730
Orange County Health Facilities Authority, FL, (Orlando Health, Inc.), 5.00%, 10/1/31		1,000		1,247,210
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		300,838
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		163,346
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/21		245		284,347
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22		225		265,592
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24		300		363,942
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		500		614,440
Stafford County Economic Development Authority, VA, (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/21		100		117,475
Stafford County Economic Development Authority, VA, (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/22		200		239,902

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Stafford County Economic Development Authority, VA, (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/23	$	300	$	365,493
Stafford County Economic Development Authority, VA, (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/24		500		620,050
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/21		200		237,608
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/23		55		67,649
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/24		350		437,916
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25		335		422,847
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/26		400		505,524
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27		305		383,168
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28		500		623,025
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30		500		618,000
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31		500		615,525
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 4.00%, 6/1/31		1,300		1,455,272
Wisconsin Health and Educational Facilities Authority, (Ascension Health Senior Credit Group), 5.00%, 11/15/33		650		736,021
			$	41,446,002
Housing — 2.3%
Connecticut Housing Finance Authority, 3.60%, 11/15/30	$	400	$	430,280
Maine Housing Authority, 2.30%, 11/15/25		190		193,515
New York City Housing Development Corp., NY, 1.95%, 11/1/23		1,170		1,185,456
New York Mortgage Agency, 1.75%, 4/1/24		500		501,790
New York Mortgage Agency, 1.95%, 10/1/25		750		752,978
New York Mortgage Agency, 2.30%, 10/1/27		750		758,250
New York Mortgage Agency, 2.40%, 10/1/28		750		756,735
New York Mortgage Agency, 2.45%, 4/1/29		750		755,025
Virginia Housing Development Authority, 1.70%, 5/1/22		895		906,832
Virginia Housing Development Authority, 1.85%, 5/1/23		920		933,496
Virginia Housing Development Authority, 1.95%, 11/1/23		295		301,938
Virginia Housing Development Authority, 2.05%, 5/1/24		340		349,697
Virginia Housing Development Authority, 2.25%, 5/1/25		470		486,422
Virginia Housing Development Authority, 2.40%, 5/1/26		520		538,330
Virginia Housing Development Authority, 2.55%, 5/1/27		930		966,595
Washington Housing Finance Commission, 2.05%, 6/1/24		310		316,476
Washington Housing Finance Commission, 2.25%, 6/1/25		455		461,830

16 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Washington Housing Finance Commission, 2.30%, 12/1/25	$	130	$	132,599
Washington Housing Finance Commission, 2.40%, 6/1/26		105		109,313
			$	10,837,557
Insured – Education — 0.2%
Kershaw County Public Schools Foundation, SC, (BAM), 3.00%, 12/1/26	$	250	$	267,035
Kershaw County Public Schools Foundation, SC, (BAM), 3.25%, 12/1/28		250		265,827
Kershaw County Public Schools Foundation, SC, (BAM), 3.375%, 12/1/29		500		535,720
			$	1,068,582
Insured – Electric Utilities — 0.1%
Sienna Plantation Municipal Utility District No. 3, TX, (AGM), 5.00%, 3/1/30	$	500	$	587,380
			$	587,380
Insured – General Obligations — 1.3%
Greenwood Fifty School Facilities, Inc., SC, (Greenwood School District No. 50), (BAM), 5.00%, 12/1/21	$	175	$	207,426
New Britain, CT, (BAM), 5.00%, 3/1/21		1,000		1,166,910
New Britain, CT, (BAM), 5.00%, 3/1/23		550		665,549
New Britain, CT, (BAM), 5.00%, 3/1/24		550		677,754
New Britain, CT, (BAM), 5.00%, 3/1/25		400		499,580
Northern Palm Beach County Improvement District, FL, (AGM), 5.00%, 8/1/23		250		304,118
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		529,004
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/21		190		222,625
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/22		320		381,091
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/23		400		481,440
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24		325		395,193
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 4.00%, 9/1/29		640		714,925
			$	6,245,615
Insured – Hospital — 0.1%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/26	$	500	$	683,235
			$	683,235

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 3.8%
Biloxi Public School District, MS, (BAM), 4.00%, 4/1/30	$	500	$	562,240
Biloxi Public School District, MS, (BAM), 4.00%, 4/1/31		500		561,785
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/22		500		597,370
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/23		1,000		1,217,000
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/24		250		309,153
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25		1,500		1,880,040
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/26		1,250		1,577,350
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/28		500		625,195
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29		1,235		1,529,918
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26		250		311,082
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29		100		121,945
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/31		250		302,455
El Paso County, CO, (Terry R. Harris Judicial Complex), (AGM), 2.00%, 12/1/22		870		903,739
El Paso County, CO, (Terry R. Harris Judicial Complex), (AGM), 2.00%, 12/1/23		1,640		1,701,106
Highlands County School Board, FL, (BAM), 5.00%, 3/1/22		225		266,499
Highlands County School Board, FL, (BAM), 5.00%, 3/1/23		500		600,545
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		400		491,380
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27		300		364,284
Pasco County School Board, FL, (BAM), 5.00%, 8/1/21		400		472,948
Pasco County School Board, FL, (BAM), 5.00%, 8/1/22		300		362,163
Pasco County School Board, FL, (BAM), 5.00%, 8/1/23		255		313,143
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24		410		512,721
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25		305		387,066
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26		355		456,250
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27		605		772,579
Pasco County School Board, FL, (BAM), 5.00%, 8/1/28		410		519,121
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29		510		642,146
			$	18,361,223
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/24	$	115	$	144,288
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25		420		533,152
			$	677,440
Insured – Transportation — 0.9%
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/21	$	825	$	968,443
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/22		840		1,005,413
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/23		440		537,231

17 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/24	$	350	$	434,049
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25		500		627,550
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26		320		402,138
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27		375		468,296
			$	4,443,120
Insured – Water and Sewer — 0.7%
Bucks County Water and Sewer Authority, PA, (BAM), 5.00%, 6/1/20	$	500	$	574,110
Bucks County Water and Sewer Authority, PA, (BAM), 5.00%, 6/1/21		1,075		1,266,092
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/21		250		295,980
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/22		250		300,985
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/24		250		311,557
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30		250		309,723
Weatherford, TX, Utility System Revenue, (AGM), 5.00%, 9/1/22		100		120,464
			$	3,178,911
Lease Revenue / Certificates of Participation — 5.7%
Arizona School Facilities Board, 5.00%, 9/1/20	$	100	$	115,999
Broward County School Board, FL, 5.00%, 7/1/21		250		296,063
Broward County School Board, FL, 5.00%, 7/1/22		1,500		1,813,950
Broward County School Board, FL, 5.00%, 7/1/23		500		616,320
Broward County School Board, FL, 5.00%, 7/1/24		1,250		1,566,625
Broward County School Board, FL, 5.00%, 7/1/25		500		632,045
Broward County School Board, FL, 5.00%, 7/1/26		1,000		1,272,390
Broward County School Board, FL, 5.00%, 7/1/27		500		632,080
Broward County School Board, FL, 5.00%, 7/1/28		1,250		1,568,062
Broward County School Board, FL, 5.00%, 7/1/29		500		624,180
Broward County School Board, FL, 5.00%, 7/1/30		500		623,165
Broward County School Board, FL, 5.00%, 7/1/31		600		744,180
California Public Works Board, 4.00%, 12/1/31		1,000		1,152,100
Cuyahoga County, OH, (Convention Hotel), 5.00%, 12/1/26		250		306,750
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		253,946
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/21		490		564,431
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/22		515		602,653
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23		135		160,499
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24		550		662,134
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25		570		693,434
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26		595		712,691
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27		620		732,195
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28		645		751,851

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/29	$	675	$	778,572
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/30		700		800,807
Medina City School District, OH, 5.00%, 12/1/23		350		430,651
Medina City School District, OH, 5.00%, 12/1/24		400		496,796
Oklahoma Development Finance Authority, (State System of Higher Education), 4.00%, 6/1/29		1,220		1,411,357
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		617,675
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		850		1,075,522
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		950		1,194,397
South Dakota Building Authority, 5.00%, 6/1/27		635		786,422
South Dakota Building Authority, 5.00%, 6/1/28		210		261,091
South Dakota Building Authority, 5.00%, 6/1/30		200		245,836
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/24		850		918,603
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25		750		802,627
Tulsa County Industrial Authority, OK, (Broken Arrow Public Schools), 5.00%, 9/1/23		500		609,745
			$	27,527,844
Other Revenue — 1.7%
Citizens Property Insurance Corp., FL, 5.00%, 6/1/22	$	300	$	357,312
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/28		1,000		1,254,360
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/29		1,000		1,247,670
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/30		1,000		1,238,790
Fulton County Development Authority, GA, (Robert W. Woodruff Arts Center, Inc.), 5.00%, 3/15/24		600		736,158
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/21		500		585,825
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/22		675		807,671
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27		500		634,840
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29		500		625,820
Missouri Development Finance Board, (Branson Landing), 5.00%, 6/1/21		500		583,370
			$	8,071,816

18 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 3.1%
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28	$	50	$	58,616
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		100		116,168
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/20		250		285,255
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/21		250		291,823
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/22		250		297,857
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		124,289
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26		640		654,880
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/21		555		639,993
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/25		1,175		1,435,239
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27		1,035		1,262,162
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/29		1,455		1,755,254
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/30		645		775,109
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/31		500		598,545
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21		250		296,442
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31		250		301,182
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/21		325		379,103
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		267,062
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/23		225		272,009
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/24		480		588,053
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 11/1/24		200		246,240
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 11/1/27		250		311,862
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 11/1/28		250		310,225
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 11/1/31		250		306,350
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/30		200		243,954

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/31	$	425	$	516,277
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/21		305		356,176
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/23		200		240,684
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/27		250		309,575
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/29		440		539,374
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/30		475		573,895
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/31		495		595,658
			$	14,949,311
Special Tax Revenue — 3.1%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/26	$	100	$	126,693
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/21		275		319,102
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/22		275		326,359
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/23		260		313,745
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/24		315		388,181
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/25		450		563,260
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/27		300		377,523
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/28		300		374,598
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/29		300		372,279
Atlanta, GA, Tax Allocation Increments, 5.00%, 1/1/30		300		369,690
Cape Coral, FL, Special Obligation Bonds, 5.00%, 10/1/22		500		608,630
Cape Coral, FL, Special Obligation Bonds, 5.00%, 10/1/23		500		619,430
Cuyahoga County, OH, Excise Tax Revenue, 5.00%, 12/1/21		500		595,200
Cuyahoga County, OH, Excise Tax Revenue, 5.00%, 12/1/22		500		606,835
Cuyahoga County, OH, Excise Tax Revenue, 5.00%, 12/1/23		500		617,940
Escambia County School Board, FL, Sales Tax Revenue, 5.00%, 9/1/26		450		584,064
Escambia County School Board, FL, Sales Tax Revenue, 5.00%, 9/1/27		650		834,184
Euless, TX, Tax and Waterworks and Sewer System Revenue, 5.00%, 2/15/22		140		168,589
Lafayette, LA, Sales Tax Revenue, 5.00%, 5/1/21		250		295,435
Lafayette, LA, Sales Tax Revenue, 5.00%, 5/1/22		250		301,858
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/30		1,500		1,748,745
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26		100		126,811
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29		140		174,544

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Tri-County Metropolitan Transportation District, OR, 4.00%, 9/1/30	$	1,250	$	1,483,637
Tri-County Metropolitan Transportation District, OR, 4.00%, 9/1/31		1,000		1,177,890
Tustin Community Facilities District No. 06-1, CA, (Tustin Legacy/Columbus Villages), 5.00%, 9/1/28		250		306,142
Tustin Community Facilities District No. 06-1, CA, (Tustin Legacy/Columbus Villages), 5.00%, 9/1/29		250		305,147
Tustin Community Facilities District No. 06-1, CA, (Tustin Legacy/Columbus Villages), 5.00%, 9/1/30		250		304,158
Tustin Community Facilities District No. 06-1, CA, (Tustin Legacy/Columbus Villages), 5.00%, 9/1/31		250		302,563
			$	14,693,232
Transportation — 5.4%
Alameda Corridor Transportation Authority, CA, 4.00%, 10/1/23	$	250	$	291,468
Alameda Corridor Transportation Authority, CA, 5.00%, 10/1/24		250		313,287
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/21		250		291,970
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/22		150		179,312
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/24		200		248,040
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/25		100		125,703
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28		150		184,067
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29		150		183,029
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31		1,000		1,208,190
Chicago, IL, (O’Hare International Airport), Series B, 5.00%, 1/1/30		500		607,090
Chicago, IL, (O’Hare International Airport), Series D, 5.00%, 1/1/30		100		121,418
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/20		545		635,257
Fort Bend County, TX, Toll Road Revenue, 2.00%, 3/1/21		250		260,845
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/22		100		120,595
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/23		150		184,674
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/24		195		244,046
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		622,225
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29		1,000		1,236,860
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30		750		922,747
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		813,637
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24		250		310,035
Kentucky Turnpike Authority, Economic Development Road, (Revitalization Project), 5.00%, 7/1/33		500		606,590
Metropolitan Transportation Authority, NY, 5.00%, 11/15/21		1,000		1,201,040
Metropolitan Transportation Authority, NY, 5.00%, 11/15/22		500		613,665
Metropolitan Transportation Authority, NY, 5.00%, 11/15/23		500		624,450

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Metropolitan Transportation Authority, NY, 5.00%, 11/15/24	$	500	$	635,555
Metropolitan Transportation Authority, NY, 5.00%, 11/15/25		500		645,335
Metropolitan Transportation Authority, NY, 5.00%, 11/15/26		1,000		1,306,450
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41		750		893,677
Miami-Dade County, FL, Seaport Revenue, 5.00%, 10/1/23		130		157,505
New Brunswick Parking Authority, NJ, 5.00%, 9/1/22		500		595,900
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/23		750		920,625
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/24		165		205,899
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/29		750		921,870
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/30		400		489,312
North Texas Tollway Authority, 5.00%, 1/1/22		1,000		1,194,840
North Texas Tollway Authority, 5.00%, 1/1/23		1,500		1,830,540
Port of Seattle, WA, 5.00%, 4/1/21		250		296,038
Port of Seattle, WA, 5.00%, 3/1/24		250		312,880
Port of Seattle, WA, 5.00%, 3/1/25		150		189,659
Port of Seattle, WA, 5.00%, 3/1/27		250		312,070
Port of Seattle, WA, 5.00%, 3/1/29		250		308,347
Rhode Island Commerce Corp., 5.00%, 6/15/21		2,000		2,350,400
Texas Transportation Commission, 5.00%, 4/1/33		50		60,897
			$	25,778,039
Water and Sewer — 8.6%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25	$	300	$	379,227
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29		165		203,143
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30		100		122,297
Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue, 5.00%, 8/1/21		1,700		2,038,232
Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue, 5.00%, 8/1/22		1,400		1,717,926
Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue, 5.00%, 8/1/23		1,000		1,253,200
Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue, 5.00%, 8/1/24		1,130		1,443,530
Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue, 5.00%, 8/1/25		1,010		1,313,747
Greater New Haven Water Pollution Control Authority, CT, 5.00%, 8/15/29		500		617,435
Jacksonville, NC, Enterprise Systems Revenue, 5.00%, 5/1/27		700		916,286
Jacksonville, NC, Enterprise Systems Revenue, 5.25%, 5/1/28		250		334,737
Jacksonville, NC, Enterprise Systems Revenue, 5.25%, 5/1/29		1,025		1,381,454
Jacksonville, NC, Enterprise Systems Revenue, 5.25%, 5/1/30		200		271,204
Jacksonville, NC, Enterprise Systems Revenue, 5.25%, 5/1/31		160		219,253
Kansas City, MO, Sanitary Sewer System Revenue, 4.00%, 1/1/30		500		570,080
Kansas City, MO, Sanitary Sewer System Revenue, 4.00%, 1/1/31		500		566,785

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue, 5.00%, 2/1/28	$	500	$	644,090
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/21		100		114,445
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/24		655		776,496
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/25		405		483,858
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/26		205		242,589
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/27		250		293,228
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/28		770		892,391
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/31		830		949,454
Marysville, OH, Water System Revenue, 4.00%, 12/1/25		250		298,440
Marysville, OH, Water System Revenue, 4.00%, 12/1/27		180		210,467
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27		600		776,280
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/28		500		642,690
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29		500		639,045
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/30		600		763,116
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/37		500		518,755
Rapid City, SD, Water Revenue, 4.00%, 11/1/28		750		873,382
Rapid City, SD, Water Revenue, 4.00%, 11/1/29		600		695,784
Rapid City, SD, Water Revenue, 4.00%, 11/1/30		670		770,473
Rapid City, SD, Water Revenue, 5.00%, 11/1/26		1,000		1,281,960
Rapid City, SD, Water Revenue, 5.00%, 11/1/27		515		657,511
Rhode Island Infrastructure Bank, Water Pollution Control Revenue, 5.00%, 10/1/23		1,600		2,007,856
Rhode Island Infrastructure Bank, Water Pollution Control Revenue, 5.00%, 10/1/24		2,000		2,559,440
Rhode Island Infrastructure Bank, Water Pollution Control Revenue, 5.00%, 10/1/30		940		1,184,203
Santa Fe, NM, Water Utility System Revenue, 4.00%, 6/1/30		470		552,649
Santa Fe, NM, Water Utility System Revenue, 4.00%, 6/1/31		500		585,005
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		622,145
Tacoma, WA, Solid Waste Revenue, 5.00%, 12/1/31		1,250		1,548,100
Winston-Salem, NC, Water and Sewer System Revenue, 4.00%, 6/1/30		1,100		1,303,137
Winston-Salem, NC, Water and Sewer System Revenue, 4.00%, 6/1/31		1,250		1,473,475
Wyoming, MI, Water Supply System Revenue, 4.00%, 6/1/29		485		553,244
Wyoming, MI, Water Supply System Revenue, 4.00%, 6/1/30		305		347,246
Wyoming, MI, Water Supply System Revenue, 4.00%, 6/1/31		250		283,455
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/24		175		218,036
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/25		210		265,010
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/26		210		268,006
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27		505		637,679
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28		550		689,386
			$	40,971,062

Security	Principal Amount (000’s omitted)		Value
Water Revenue — 0.1%
South Dakota Conservancy District, (Revolving Fund Program), 5.00%, 8/1/27	$	250	$	305,902
			$	305,902
Total Tax-Exempt Investments — 90.9% (identified cost $420,535,838)			$	435,649,207
Other Assets, Less Liabilities — 9.1%			$	43,410,625
Net Assets — 100.0%			$	479,059,832

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

At July 31, 2016, the concentration of the Portfolio’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	14.4%
Others, representing less than 10% individually	76.5%

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. In order to reduce the risk associated with such economic developments, at July 31, 2016, 8.1% 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 0.2% to 6.5% of total investments.

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  When-issued security.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
NPFG	–	National Public Finance Guaranty Corp.
PSF	–	Permanent School Fund

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2016
Unaffiliated investments, at value (identified cost, $420,535,838)	$	435,649,207
Cash		51,745,427
Interest receivable		3,388,243
Receivable from affiliate		23,377
Total assets	$	490,806,254
Liabilities
Payable for investments purchased	$	624,075
Payable for when-issued securities		10,953,566
Payable to affiliates:
Investment adviser fee		122,656
Accrued expenses		46,125
Total liabilities	$	11,746,422
Net Assets applicable to investors’ interest in Portfolio	$	479,059,832
Sources of Net Assets
Investors’ capital	$	463,946,463
Net unrealized appreciation		15,113,369
Total	$	479,059,832

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Statement of Operations (Unaudited)

Investment Income	Period Ended July 31, 2016(1)
Interest	$	2,497,156
Total investment income	$	2,497,156
Expenses
Investment adviser fee	$	404,050
Trustees’ fees and expenses		11,404
Custodian fee		30,456
Legal and accounting services		21,741
Miscellaneous		1,010
Total expenses	$	468,661
Deduct —
Allocation of expenses to affiliate	$	23,377
Total expense reductions	$	23,377
Net expenses	$	445,284
Net investment income	$	2,051,872
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	19,713
Net realized gain	$	19,713
Change in unrealized appreciation (depreciation) —
Investments	$	10,523,855
Net change in unrealized appreciation (depreciation)	$	10,523,855
Net realized and unrealized gain	$	10,543,568
Net increase in net assets from operations	$	12,595,440

⁽¹⁾  For the period from the start of business, March 28, 2016, to July 31, 2016.

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Period Ended July 31, 2016 (Unaudited)(1)
From operations —
Net investment income	$	2,051,872
Net realized gain from investment transactions		19,713
Net change in unrealized appreciation (depreciation) from investments		10,523,855
Net increase in net assets from operations	$	12,595,440
Capital transactions —
Contributions	$	232,950,393
Withdrawals		(454,430	)
Portfolio transaction fee		291,526
Assets contributed by Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund		233,676,903
Net increase in net assets from capital transactions	$	466,464,392
Net increase in net assets	$	479,059,832
Net Assets
At beginning of period	$	—
At end of period	$	479,059,832

⁽¹⁾ For the period from the start of business, March 28, 2016, to July 31, 2016.

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Supplementary Data

Ratios/Supplemental Data	Period Ended July 31, 2016 (Unaudited)(1)
Ratios (as a percentage of average daily net assets):
Expenses		0.35	%(2)(3)
Net investment income		1.61	%(2)
Portfolio Turnover		0	%(4)(5)
Total Return		3.97	%(4)
Net assets, end of period (000’s omitted)	$	479,060

⁽¹⁾  For the period from the start of business, March 28, 2016, to July 31, 2016.

⁽²⁾  Annualized.

⁽³⁾  The investment adviser reimbursed certain operating expenses (equal to 0.02% of average daily net assets for the period ended July 31, 2016). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Amount is less than 0.5%.

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio commenced operations on March 28, 2016. The Portfolio’s investment objective is to seek current income exempt from regular federal income tax. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At July 31, 2016, Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund and Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares held an interest of 98.1% and 1.9%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of July 31, 2016, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

G  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will

26

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning income on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

H  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by Eaton Vance Management (EVM) to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statement of Changes in Net Assets.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2016 and for the period then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.32% of the Portfolio’s average daily net assets up to $1 billion, and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the period ended July 31, 2016, the Portfolio’s investment adviser fee amounted to $404,050 or 0.32% (annualized) of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $23,377 of the Portfolio’s operating expenses for the period ended July 31, 2016.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the period ended July 31, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Transfer of Assets

Investment operations began on March 28, 2016 with the transfer of investments and related assets by Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund of $233,676,903, including net unrealized appreciation of $4,589,514, in exchange for an interest in the Portfolio. The transaction was structured for tax purposes as a tax-free exchange under the Internal Revenue Code.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and investments acquired in the transfer of assets as described in Note 3, aggregated $207,888,261 and $335,113, respectively, for the period ended July 31, 2016.

5  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	420,533,125
Gross unrealized appreciation	$	15,116,660
Gross unrealized depreciation		(578	)
Net unrealized appreciation	$	15,116,082

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or

27

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the period ended July 31, 2016.

On September 2, 2016, the Portfolio renewed its line of credit agreement, which expires September 1, 2017. Under the terms of the renewed credit agreement, the commitment amount was changed to $545 million and the commitment fee on the unused portion of the line of credit was changed to an annual rate of 0.15%.

7  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.

At July 31, 2016, 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 Investments	$	—	$	435,649,207	$	—	$	435,649,207
Total Investments	$	—	$	435,649,207	$	—	$	435,649,207

28

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that for a fund to enter into an investment advisory agreement with an investment adviser, the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), must approve the agreement and its terms at an in-person meeting called for the purpose of considering such approval. At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on February 9, 2015, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory agreement of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (the “NextShares Fund”), with Eaton Vance Management (the “Adviser”).

Prior to voting its approval of the investment advisory agreement, the Board received information from the Adviser and its affiliate, Boston Management and Research (together, “Eaton Vance”), that the Board considered reasonably necessary to evaluate the terms of the agreement. The Board considered information furnished by Eaton Vance for the February 9, 2015 meeting relating specifically to the NextShares Fund, as well as information furnished for prior meetings of the Board and its committees, including meetings of a working group of the Board established specifically to assist the Board in evaluating the terms of the investment advisory agreement of the NextShares Fund and of other similar funds. The Board also considered information provided in connection with the annual contract review process for other Eaton Vance Funds.

The information that the Board considered included, among other things, the following:

Information about Fees and Expenses

• The advisory and related fees payable by the NextShares Fund and the anticipated expense ratio of the NextShares Fund;

• Comparative information concerning the fees charged and the services provided by Eaton Vance in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those to be used in managing the NextShares Fund, and concerning fees charged by other advisers for managing funds similar to the NextShares Fund, as identified by an independent data provider (“comparable funds”);

• Profitability analyses of Eaton Vance;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided by Eaton Vance, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about policies and practices with respect to trading, including processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by Eaton Vance as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

Information about Eaton Vance

• Reports detailing the financial results and condition of Eaton Vance;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the NextShares Fund, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Codes of Ethics of Eaton Vance and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by Eaton Vance and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Descriptions of the business continuity and disaster recovery plans of Eaton Vance and its affiliates;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment management services provided by the Adviser and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the Adviser and its affiliates; and

• The terms of the investment advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board concluded that the terms of the NextShares Fund’s investment advisory agreement with the Adviser, including its fee structure, are in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory agreement for the

29

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Board of Trustees’ Contract Approval — continued

NextShares Fund. The conclusions reached with respect to the investment advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Board may have placed varying emphasis on particular factors in reaching conclusions with respect to the investment advisory agreement.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the NextShares Fund, the Board evaluated the nature, extent and quality of services to be provided to the NextShares Fund by the Adviser. The Board noted that the NextShares Fund is expected to invest substantially all of its assets in the TABS 5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), which will have the same investment objective, investment strategies, portfolio managers and contractual management fee rates as the NextShares Fund. The Board also noted that, under the terms of the investment advisory agreement, the Adviser will receive no separate fee from the NextShares Fund with respect to assets that are invested in the Portfolio but that the Adviser would receive fees from the Portfolio with respect to such assets.

The Board considered Eaton Vance’s management capabilities and investment process with respect to the types of investments to be held by the NextShares Fund, including the education, experience and number of its investment professionals and other personnel who will provide portfolio management, investment research, and similar services to the NextShares Fund. The Board considered the abilities and experiences of Eaton Vance’s tax-advantaged bond strategies and municipal research groups, which include the investment personnel who will provide services to the NextShares Fund, in managing other Eaton Vance Funds that invest primarily in municipal bonds employing tax-advantaged bond strategies (the “Existing Funds”). The Board considered that Eaton Vance currently manages municipal laddered portfolios for clients in separately managed accounts. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain investment personnel. In addition, the Board considered the time and attention expected to be devoted to the NextShares Fund by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the management of the NextShares Fund, including the provision of administrative services.

The Board considered the special attributes of the NextShares Fund relative to a traditional mutual fund and the benefits that are expected to be realized by investors electing to invest in the NextShares Fund, rather than a traditional mutual fund. The Board also considered the resources devoted by the Adviser and its affiliates in developing an infrastructure necessary to support the on-going operations of the NextShares Fund and in obtaining regulatory approvals necessary to commence operations of the NextShares Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

Because the NextShares Fund had not yet commenced operations when the contract was approved, it had no performance record.

Management Fees and Expenses

The Board considered contractual fee rates payable by the NextShares Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the NextShares Fund’s management fees and estimated total expense ratio for a one-year period, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered the fee that the NextShares Fund will pay to Eaton Vance for providing services required to operate the NextShares Fund in accordance with relevant regulatory approvals.

After considering the foregoing information, and in light of the nature, extent and quality of the services to be provided by the Adviser, the Board concluded that the management fees proposed to be charged to the NextShares Fund for advisory and related services are reasonable.

Profitability

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Existing Funds. The Board considered the level of profits realized without regard to revenue sharing or other payments made by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationships with the Existing Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Existing Funds and other investment advisory clients.

30

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Board of Trustees’ Contract Approval — continued

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services to be rendered to the NextShares Fund, the profits expected to be realized by the Adviser and its affiliates with respect to the NextShares Fund will be reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the NextShares Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the NextShares Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board concluded that, assuming reasonably foreseeable increases in the assets of the NextShares Fund, the structure of the advisory fee, which includes breakpoints at several asset levels, can be expected to allow the NextShares Fund to benefit from economies of scale in the future.

31

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that for a fund to enter into an investment advisory agreement with an investment adviser, the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), must approve the agreement and its terms at an in-person meeting called for the purpose of considering such approval. At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on February 9, 2015, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory agreement of 5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), with Boston Management and Research (the “Adviser”).

Prior to voting its approval of the investment advisory agreement, the Board received information from the Adviser and its affiliate, Eaton Vance Management (together, “Eaton Vance”), that the Board considered reasonably necessary to evaluate the terms of the agreement. The Board considered information furnished by Eaton Vance for the February 9, 2015 meeting relating specifically to the Portfolio, as well as information furnished for prior meetings of the Board and its committees. The Board also considered information provided in connection with the annual contract review process for other Eaton Vance Funds.

The information that the Board considered included, among other things, the following:

Information about Fees and Expenses

• The advisory and related fees payable by the Portfolio;

• Comparative information concerning the fees charged and the services provided by Eaton Vance in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those to be used in managing the Portfolio, and concerning fees charged by other advisers for managing funds similar to the Portfolio, as identified by an independent data provider (“comparable funds”);

• Profitability analyses of Eaton Vance;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided by Eaton Vance, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about policies and practices with respect to trading, including processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by Eaton Vance as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

Information about Eaton Vance

• Reports detailing the financial results and condition of Eaton Vance;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the Portfolio, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Codes of Ethics of Eaton Vance and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by Eaton Vance and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Descriptions of the business continuity and disaster recovery plans of Eaton Vance and its affiliates;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment management services provided by the Adviser and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the Adviser and its affiliates; and

• The terms of the investment advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board concluded that the terms of the Portfolio’s investment advisory agreement with the Adviser, including its fee structure, are in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory agreement for the

32

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2016

Board of Trustees’ Contract Approval — continued

Portfolio. The conclusions reached with respect to the investment advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Board may have placed varying emphasis on particular factors in reaching conclusions with respect to the investment advisory agreement.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Portfolio, the Board evaluated the nature, extent and quality of services to be provided to the Portfolio by the Adviser.

The Board considered Eaton Vance’s management capabilities and investment process with respect to the types of investments to be held by the Portfolio, including the education, experience and number of its investment professionals and other personnel who will provide portfolio management, investment research, and similar services to the Portfolio. The Board considered the abilities and experiences of Eaton Vance’s tax-advantaged bond strategies and municipal research groups, which include the investment personnel who will provide services to the Portfolio, in managing other Eaton Vance Funds that invest primarily in municipal bonds employing tax-advantaged bond strategies (the “Existing Funds”). The Board considered that Eaton Vance currently manages municipal laddered portfolios for clients in separately managed accounts. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain investment personnel. In addition, the Board considered the time and attention expected to be devoted to the Portfolio by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the management of the Portfolio, including the provision of administrative services.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Portfolio Performance

Because the Portfolio had not yet commenced operations when the contract was approved, it had no performance record.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio for advisory services (referred to as “management fees”). As part of its review, the Board considered the Portfolio’s management fees, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses.

After considering the foregoing information, and in light of the nature, extent and quality of the services to be provided by the Adviser, the Board concluded that the management fees proposed to be charged to the Portfolio for advisory and related services are reasonable.

Profitability

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Existing Funds. The Board considered the level of profits realized without regard to revenue sharing or other payments made by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationships with the Existing Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Existing Funds and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services to be rendered to the Portfolio, the profits expected to be realized by the Adviser and its affiliates with respect to the Portfolio will be reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board concluded that, assuming reasonably foreseeable increases in the assets of the Portfolio, the structure of the advisory fee, which includes breakpoints at several asset levels, can be expected to allow the Portfolio to benefit from economies of scale in the future.

33

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2016

Officers and Trustees

Officers of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Officers of 5-to-15 Year Laddered Municipal Bond Portfolio

James H. Evans

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares and 5-to-15 Year Laddered Municipal Bond Portfolio

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Mark R. Fetting**

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Ralph F. Verni

Scott E. Wennerholm**

* Interested Trustee

** Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

34

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Your financial advisor may household the mailing of your documents indefinitely unless you instruct your financial advisor otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser of 5-to-15 Year Laddered Municipal Bond Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares

Eaton Vance Management

Two International Place

Boston, MA 02110

Distributor*

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer and Dividend Disbursing Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

22627    7.31.16

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

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance Family of Funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds (the “Funds”) within the Eaton Vance Funds’ investment company complex implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.

D&T advised the Audit Committee that it believes that, in light of the facts surrounding its lending relationships, its ability to exercise objective and impartial judgment on all issues encompassed within D&T’s audit engagement has not been impaired. D&T has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016)) related to the auditor independence issue described above. In that letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the no-action letter appear to be met with respect to D&T’s lending relationships described above. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

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 second fiscal quarter of 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. 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.

Eaton Vance NextShares Trust II

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 19, 2016

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 19, 2016
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 19, 2016