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, 2020

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, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/nextsharesdocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a financial advisor, broker-dealer or bank).

You may elect to receive all future Fund shareholder reports in paper free of charge. You can contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held through your financial intermediary.

NextShares^® is a registered trademark of NextShares Solutions LLC. All rights reserved.

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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. The adviser is also registered as 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 objective, risks, charges and expenses. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report July 31, 2020

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
Liquidity Risk Management Program	33
Officers and Trustees	34
Important Notices	35

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Performance^1,2,3

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Fund Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years			Since Fund Inception
Fund at NAV		03/30/2016		02/01/2010		2.48	%		5.48	%		4.44	%		5.99	%		3.82	%
Fund at Market Price		03/30/2016		03/30/2016		2.48			5.48			—			—			3.82
Bloomberg Barclays 10 Year Municipal Bond Index		—		—		2.32	%		5.70	%		4.37	%		4.48	%		3.97	%
Bloomberg Barclays 15 Year Municipal Bond Index		—		—		2.14			6.37			5.04			5.18			4.59
% Total Annual Operating Expense Ratios4
Gross																		1.75	%
Net																		0.35
% Distribution Rates/Yields5
Distribution Rate at NAV																		2.15	%
SEC 30-day Yield – Subsidized																		0.93
SEC 30-day Yield – Unsubsidized																		–0.56

Fund Profile⁶

Credit Quality (% of total investments)⁷

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, Fund performance may be lower or higher than the quoted return. The Fund’s performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. 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. Performance for periods 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, 2020

Endnotes and Additional Disclosures

¹  Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. 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. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be effected partially or entirely in cash when in-kind delivery is not practicable or deemed not in the best interests of shareholders. A fund’s basket is not intended to be representative of the fund’s current portfolio positions and may vary significantly from current positions. As exchange-traded securities, NextShares can operate with low transfer agency expenses by utilizing the same highly efficient share processing system as used for exchange-listed stocks and exchange-traded funds. 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 have a limited 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.

²  Bloomberg 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. Bloomberg 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  The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented would be higher, because the Fund’s total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value. Performance presented in the Financial Highlights included in the financial statements is not linked.

Prior to April 15, 2015, the Portfolio Investor had a different name and investment objective and employed a different investment strategy from the Portfolio Investor’s current investment strategy. Performance prior to April 15, 2015 reflects the Portfolio Investor’s performance under its former investment objective and policies.

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/21. 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.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV 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. The 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.

⁶  The Fund primarily invests in an affiliated investment company (Portfolio) with substantially 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.

⁷  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest 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” (if any) 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, 2020

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 Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2020 – July 31, 2020).

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 (2/1/20)		Ending Account Value (7/31/20)		Expenses Paid During Period* (2/1/20 – 7/31/20)			Annualized Expense Ratio
Actual
	$	1,000.00	$	1,024.80	$	1.76	**		0.35	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,023.10	$	1.76	**		0.35	%

* 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 close of business on January 31, 2020. 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, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2020
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $6,965,816)	$	7,668,173
Receivable from affiliates		7,750
Total assets	$	7,675,923
Liabilities
Payable to affiliates:
Operations agreement fee	$	317
Accrued expenses		123,432
Total liabilities	$	123,749
Net Assets	$	7,552,174
Sources of Net Assets
Paid-in capital	$	7,106,448
Distributable earnings		445,726
Total	$	7,552,174
Net Asset Value Per Share
($7,552,174 ÷ 700,000 shares issued and outstanding)	$	10.79

5 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2020
Interest allocated from Portfolio	$	89,733
Expenses allocated from Portfolio		(12,976	)
Total investment income from Portfolio	$	76,757
Expenses
Operations agreement fee	$	1,827
Trustees’ fees and expenses		250
Custodian fee		22,614
Transfer and dividend disbursing agent fees		6,806
Legal and accounting services		11,702
Printing and postage		4,510
Listing fee		4,395
Intraday pricing fee		7,325
Miscellaneous		3,184
Total expenses	$	62,613
Deduct —
Allocation of expenses to affiliates	$	62,613
Total expense reductions	$	62,613
Net expenses	$	0
Net investment income	$	76,757
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(8,914	)
Net realized loss	$	(8,914	)
Change in unrealized appreciation (depreciation) —
Investments	$	108,692
Net change in unrealized appreciation (depreciation)	$	108,692
Net realized and unrealized gain	$	99,778
Net increase in net assets from operations	$	176,535

6 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
From operations —
Net investment income	$	76,757		$	160,468
Net realized gain (loss)		(8,914	)		40,808
Net change in unrealized appreciation (depreciation)		108,692			354,042
Net increase in net assets from operations	$	176,535		$	555,318
Distributions to shareholders	$	(77,280	)	$	(160,790	)
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(329	)	$	(214	)
Portfolio transaction fee allocated from Portfolio		1,956			2,249
Net increase in net assets from other capital	$	1,627		$	2,035
Net increase in net assets	$	100,882		$	396,563
Net Assets
At beginning of period	$	7,451,292		$	7,054,729
At end of period	$	7,552,174		$	7,451,292
Changes in shares outstanding
Shares outstanding, beginning of period		700,000			700,000
Shares outstanding, end of period		700,000			700,000

7 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Financial Highlights

	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2017(1)(2)
				2020			2019			2018(1)
Net asset value — Beginning of period	$	10.640		$	10.080		$	9.980		$	9.790		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.110		$	0.229		$	0.217		$	0.229		$	0.149
Net realized and unrealized gain (loss)		0.148			0.558			0.095			0.175			(0.238	)
Total income (loss) from operations	$	0.258		$	0.787		$	0.312		$	0.404		$	(0.089	)
Less Distributions
From net investment income	$	(0.110	)	$	(0.230	)	$	(0.216	)	$	(0.214	)	$	(0.110	)
Total distributions	$	(0.110	)	$	(0.230	)	$	(0.216	)	$	(0.214	)	$	(0.110	)
Portfolio transaction fee, net(3)	$	0.002		$	0.003		$	0.004		$	0.000	(4)	$	(0.011	)
Net asset value — End of period	$	10.790		$	10.640		$	10.080		$	9.980		$	9.790
Total Return on Net Asset Value(5)(6)		2.48	%(7)		7.92	%		3.23	%		4.13	%		(1.03	)%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,552		$	7,451		$	7,055		$	6,985		$	22,028
Ratios (as a percentage of average daily net assets):(8)
Expenses(6)		0.35	%(9)		0.35	%		0.35	%		0.35	%		0.35	%(9)
Net investment income		2.10	%(9)		2.21	%		2.18	%		2.28	%		1.77	%(9)
Portfolio Turnover of the Portfolio		32	%(7)		28	%		78	%		35	%		30	%(7)(10)

  ⁽¹⁾ Per share data reflect a 2-for-1 share split effective March 9, 2018.

  ⁽²⁾ For the period from the start of business, March 30, 2016, to January 31, 2017.

  ⁽³⁾ Computed using average shares outstanding.

  ⁽⁴⁾ Amount is less than $0.0005.

  ⁽⁵⁾ 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.

  ⁽⁶⁾ The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 1.73%, 1.40%, 1.53%, 0.74% and 1.10% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 2019 and 2018 and the period ended January 31, 2017, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁷⁾ Not annualized.

  ⁽⁸⁾ Includes the Fund’s share of the Portfolio’s allocated expenses.

  ⁽⁹⁾ Annualized.

⁽¹⁰⁾  For the period from the Portfolio’s start of business, March 28, 2016, to January 31, 2017.

8 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

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 invests all of its investable assets in interests in 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio), a Massachusetts business trust, having substantially 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 (1.0% at July 31, 2020). 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 taxable, if any, and tax-exempt 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. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by the Portfolio’s investments in municipal obligations, which are exempt from regular federal income tax when received by the Portfolio, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of July 31, 2020, 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, upon request by the shareholder, 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, 2020 and for the six months 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.

9

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 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.

At January 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $118,987 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2020, $63,001 are short-term and $55,986 are long-term.

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 six months ended July 31, 2020, 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 investment 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.

Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund.

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 six months ended July 31, 2020, the operations agreement fee amounted to $1,827 or 0.05% (annualized) of the Fund’s average daily net assets.

EVM and Parametric have 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, 2021. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM and Parametric were allocated $62,613 in total of the Fund’s operating expenses for the six months ended July 31, 2020.

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 six months ended July 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $185,027 and $259,305, 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 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 Statements 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 Statements of Changes in Net Assets.

At July 31, 2020, EVM owned approximately 95.6% of the outstanding shares of the Fund.

10

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 96.3%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.3%
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35	$	500	$	556,860
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35		1,325		1,612,856
			$	2,169,716
Education — 2.9%
Arizona State University, 5.00%, 7/1/35	$	1,500	$	2,023,845
Arizona State University, 5.00%, 7/1/36		1,000		1,343,290
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25		200		240,688
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		700,679
Colorado School of Mines, 4.00%, 12/1/34		890		1,021,764
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/25		875		1,041,924
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26		1,000		1,218,180
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/33		500		564,895
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/35		200		224,260
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/31		275		343,764
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/32		350		434,242
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		630,003
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 0.16%, 2/15/26(1)		5,000		5,000,000
Nevada System of Higher Education, 5.00%, 7/1/24		1,000		1,130,310
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/31		1,000		1,411,770
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		214,734
Saginaw Valley State University, MI, 5.00%, 7/1/26		750		933,997
Saginaw Valley State University, MI, 5.00%, 7/1/27		500		620,050
Saginaw Valley State University, MI, 5.00%, 7/1/28		1,000		1,237,500
University of North Carolina at Greensboro, 5.00%, 4/1/33		1,010		1,149,531
Virginia Commonwealth University, 4.00%, 11/1/34		1,145		1,371,401
Western Michigan University, 5.00%, 11/15/24		300		351,753
			$	23,208,580
Electric Utilities — 3.5%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,207,190

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25	$	365	$	439,683
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26		1,000		1,204,610
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		304,852
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		919,882
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34		770		925,786
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/35		500		598,945
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/36		650		775,736
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		610,470
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		500		598,835
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24		300		355,956
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		311,852
Seattle, WA, Municipal Light and Power Revenue, Green Bonds, 4.00%, 7/1/34(2)		10,035		12,694,977
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		250		297,962
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		250		297,218
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		250		296,598
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/27		300		356,394
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/28		400		474,284
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/29		1,120		1,325,453
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/30		1,500		1,771,080
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/31		1,000		1,179,360
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/33		300		352,998
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		294,278
			$	27,594,399
General Obligations — 29.5%
Abilene Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32	$	700	$	856,534
Addison, TX, 5.00%, 2/15/26		270		302,489
Anchorage, AK, 5.00%, 9/1/24		250		296,698
Anchorage, AK, 5.00%, 9/1/25		100		122,730
Anchorage, AK, 5.00%, 9/1/27		780		951,155
Belding Area Schools, MI, 5.00%, 5/1/28		250		311,850
Belding Area Schools, MI, 5.00%, 5/1/30		250		310,733
Birmingham, AL, 5.00%, 12/1/25		1,050		1,295,395
Birmingham, AL, 5.00%, 12/1/27		2,460		3,198,418
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32		1,500		1,830,015
Brookline, MA, 5.00%, 3/15/30		2,695		3,674,147
Brookline, MA, 5.00%, 3/15/31		4,075		5,524,926
Burlington, VT, 5.00%, 11/1/27		305		395,393

11 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Burlington, VT, 5.00%, 11/1/29	$	235	$	320,324
Burlington, VT, 5.00%, 11/1/30		300		406,554
Burlington, VT, Series 2016A, 5.00%, 11/1/25		300		369,195
Burlington, VT, Series 2016A, 5.00%, 11/1/26		150		189,453
Burlington, VT, Series 2019A, 5.00%, 11/1/25		150		184,598
Burlington, VT, Series 2019A, 5.00%, 11/1/26		210		265,234
California, 4.00%, 9/1/26		320		390,496
California, 4.00%, 8/1/36		5,000		5,831,900
California, 5.00%, 8/1/24		1,390		1,659,451
California, 5.00%, 8/1/26		2,010		2,473,928
California, 5.00%, 8/1/32		1,590		1,986,037
Cape May County, NJ, 3.00%, 10/1/31		1,000		1,106,250
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33		1,000		767,220
Clark County, NV, 4.00%, 11/1/34		2,375		2,671,685
Collin County, TX, 5.00%, 2/15/25		1,605		1,944,570
Colonial School District, PA, 5.00%, 2/15/32		100		122,226
Colonial School District, PA, 5.00%, 2/15/33		200		244,006
Connecticut, 4.00%, 6/1/30		1,000		1,246,100
Connecticut, 4.00%, 6/1/31		1,500		1,857,375
Connecticut, 4.00%, 6/1/32		1,000		1,228,950
Connecticut, 4.00%, 6/1/33		600		732,462
Connecticut, 4.00%, 6/1/35		850		1,029,758
Connecticut, 4.00%, 6/1/36		1,000		1,206,060
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/32		650		828,035
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33		100		125,840
Cook County School District No. 25, (Arlington Heights), IL, 5.00%, 12/15/32		630		802,015
Dallas, TX, 5.00%, 2/15/29		2,775		3,193,720
Dallas, TX, 5.00%, 2/15/31		3,615		4,016,916
Delaware, 5.00%, 1/1/27		2,020		2,607,093
Delaware, 5.00%, 2/1/29		1,000		1,326,240
Denton County, TX, 4.00%, 7/15/31		1,500		1,834,530
District of Columbia, 5.00%, 6/1/33		6,690		7,784,350
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		418,401
Dublin City School District, OH, 5.00%, 12/1/29		500		676,775
Easton Area School District, PA, 5.00%, 2/1/31		1,650		2,143,053
Fayette County School District, GA, 5.25%, 9/1/24		1,175		1,414,289
Flower Mound, TX, 5.00%, 3/1/27		510		637,306
Franklin County, OH, 4.25%, 12/1/35		1,100		1,194,655
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		459,624
Georgia, 5.00%, 2/1/32		1,000		1,269,840

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Granville Exempted Village School District, OH, 5.00%, 12/1/26	$	500	$	618,040
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		1,070,835
Hawaii, 5.00%, 1/1/30		4,000		5,367,480
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,256,800
Homewood, AL, 5.00%, 9/1/28		2,000		2,516,760
Homewood, AL, 5.00%, 9/1/29		2,000		2,508,620
Honolulu City and County, HI, 3.00%, 9/1/31		1,510		1,692,000
Illinois, 5.00%, 9/1/27		12,035		13,906,442
Illinois, 5.00%, 3/1/28		2,000		2,077,160
Illinois, 5.00%, 4/1/29		1,190		1,289,222
Illinois, 5.00%, 3/1/34		6,000		6,192,240
Illinois, 5.00%, 3/1/35		1,000		1,031,330
Illinois, 5.50%, 5/1/30		5,500		6,827,040
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000		1,148,860
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		3,068,937
Lakeland, FL, 5.00%, 10/1/25		635		765,251
Lakeland, FL, 5.00%, 10/1/28		1,500		1,802,310
Lakeland, FL, 5.00%, 10/1/30		1,000		1,197,460
Lane Community College, OR, 4.00%, 6/15/36(2)		4,900		6,080,067
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		600		423,924
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,878,000
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		1,690		1,988,184
Maine, 5.00%, 6/1/30		3,000		4,198,320
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		238,766
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		360,402
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,224,640
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		633,282
Morris Township, NJ, 3.00%, 11/1/27		440		501,345
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27		175		164,927
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28		195		234,987
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29		340		409,210
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30		725		871,493
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31		885		1,061,628

12 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/32	$	720	$	862,265
New Hampshire, 4.00%, 12/1/33		2,285		2,762,177
Oregon, 2.25%, 12/1/24		1,000		1,077,120
Oregon, 2.35%, 6/1/25		165		179,208
Oregon, 2.40%, 12/1/25		1,050		1,146,505
Oregon, 2.50%, 6/1/26		1,070		1,179,868
Pasadena, TX, 4.00%, 2/15/28		500		576,950
Pasadena, TX, 4.00%, 2/15/29		150		172,868
Pasadena, TX, 4.00%, 2/15/30		500		574,530
Pasadena, TX, 4.00%, 2/15/31		650		743,762
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		998,032
Pennsylvania, 4.00%, 6/1/30		5,000		5,308,000
Pennsylvania, 4.00%, 6/15/31		235		262,417
Philadelphia, PA, 5.00%, 2/1/24		1,050		1,208,749
Philadelphia, PA, 5.00%, 2/1/26		1,150		1,409,670
Philadelphia, PA, 5.00%, 2/1/31		2,250		2,958,525
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,211,520
Plano Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/30		2,225		2,475,379
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		2,000		2,358,740
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/24		465		556,373
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/25		485		601,837
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/26		505		646,981
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/27		530		675,750
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28		555		700,488
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/29		575		728,444
Romeo Community Schools, MI, 5.00%, 5/1/30		700		866,936
Romulus, MI, 4.00%, 11/1/31		250		287,208
Romulus, MI, 4.00%, 11/1/32		200		227,584
Romulus, MI, 4.00%, 11/1/33		250		283,175
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,650		1,960,579
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		450		520,884
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		347,751
Seward County Unified School District No. 480, KS, 5.00%, 9/1/29		2,000		2,431,980

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
South Texas College District, Prerefunded to 8/15/23, 5.00%, 8/15/30	$	1,295	$	1,471,314
Southfield Public Schools, MI, 5.00%, 5/1/25		1,100		1,331,506
Southfield Public Schools, MI, 5.00%, 5/1/27		1,000		1,282,730
St. Mary’s County, MD, 5.00%, 5/1/28		1,255		1,673,517
St. Mary’s County, MD, 5.00%, 5/1/30		1,245		1,746,212
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/28		1,700		2,169,047
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/29		1,000		1,270,890
Stamford, CT, 4.00%, 8/1/27		650		764,835
Sun Valley, ID, 5.00%, 9/15/25		755		935,475
Sun Valley, ID, 5.00%, 9/15/26		695		887,550
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/30		515		649,307
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/31		450		564,341
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		510		594,747
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28		530		615,786
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		545		631,748
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		570		658,897
Utah, 5.00%, 7/1/26		6,000		7,667,400
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/25		600		748,248
Washington, 5.00%, 8/1/28		1,485		1,876,283
Washington, 5.00%, 8/1/29		1,400		1,765,106
Washington, 5.00%, 8/1/35		6,910		8,027,347
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25		265		258,542
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,351,439
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		360		415,699
Williamson County, TX, 5.00%, 2/15/28		300		349,500
York County, PA, 5.00%, 6/1/27		1,225		1,469,436
			$	234,122,116
Hospital — 13.9%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	1,750	$	2,165,310
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/33		3,000		3,670,920

13 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

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	$	290,398
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27		100		107,408
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29		750		937,087
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37		40		40,662
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		335		406,821
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34(2)		100		117,943
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/34		2,000		2,515,440
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/35		3,000		3,757,620
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00% to 8/1/26 (Put Date), 8/1/49		5,000		5,959,450
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25		150		182,639
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32		3,000		3,878,490
Geisinger Authority, PA, (Geisinger Health System), 5.00%, 4/1/35		6,000		7,819,320
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		1,000		1,157,020
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/32		1,815		1,979,675
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,353,560
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		609,720
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/31		1,000		1,158,040
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/32		1,000		1,153,630
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.56%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(3)		12,715		12,457,394
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,164,610
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25		250		297,130
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26		250		295,752
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27		250		293,338
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/30		2,000		2,414,740

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/31	$	1,500	$	1,803,345
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/32		2,000		2,392,700
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.73%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(3)		4,865		4,819,220
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,152,610
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		595		665,049
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/24		550		633,759
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26		500		604,640
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28		245		292,763
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/34		1,000		1,309,100
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/35		700		910,721
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/36		1,000		1,295,360
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		1,315		1,522,007
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24		500		584,415
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		573,859
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,189,040
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23		500		544,055
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		500		556,800
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/28		1,340		1,489,517
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/29		775		859,281
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/25		400		476,132
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/28		500		620,775
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/29		500		618,435
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25		1,000		1,204,610
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27		700		861,014

14 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28	$	700	$	859,089
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30		520		633,802
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31		700		847,595
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24		100		116,384
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,175,050
North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group), 5.00%, 12/1/33		2,930		3,159,185
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33		2,250		2,890,710
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,210,350
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		284,703
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		168,072
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24		300		350,700
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		594,480
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		625		729,844
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,998,743
Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/26 (Put Date), 5/15/60		3,500		4,392,710
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25		335		403,514
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/26		300		365,559
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27		205		248,872
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28		500		605,345
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30		400		480,808
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31		300		359,091
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,944,416
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		488,804
			$	110,471,150

Security	Principal Amount (000’s omitted)		Value
Housing — 2.7%
California Housing Finance Agency, 4.00%, 3/20/33	$	4,709	$	5,168,328
Connecticut Housing Finance Authority, 3.60%, 11/15/30		145		157,229
Georgia Housing & Finance Authority, 3.65%, 12/1/32		1,000		1,106,060
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.30%, 7/1/21		900		915,489
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/34		295		356,478
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/35		440		529,439
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/33		525		636,032
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/34		240		290,016
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/35		285		342,932
New York City Housing Development Corp., NY, 2.65%, 11/1/27		870		940,235
New York City Housing Development Corp., NY, 2.80%, 5/1/29		655		708,297
New York City Housing Development Corp., NY, 2.85%, 11/1/29		300		324,639
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.20%, 5/1/25		190		202,145
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.25%, 11/1/25		225		240,851
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26		225		244,901
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.50%, 11/1/27		140		152,922
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.60%, 5/1/28		110		120,015
New York Mortgage Agency, 2.30%, 10/1/30		1,000		1,069,490
New York Mortgage Agency, 3.65%, 4/1/32		1,000		1,121,560
Seattle Housing Authority, WA, 2.625%, 12/1/23		110		117,214
Seattle Housing Authority, WA, 2.75%, 12/1/24		480		521,040
Seattle Housing Authority, WA, 2.875%, 12/1/25		900		995,103
Seattle Housing Authority, WA, 3.00%, 12/1/26		920		1,032,829
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		277,155
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,745		2,001,166
Virginia Housing Development Authority, 2.55%, 5/1/27		630		674,226
Virginia Housing Development Authority, 3.80%, 12/1/35		785		893,126
Washington Housing Finance Commission, 2.25%, 6/1/25		105		111,988
Washington Housing Finance Commission, 2.30%, 12/1/25		130		139,502
Washington Housing Finance Commission, 2.40%, 6/1/26		105		113,295
			$	21,503,702

15 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 0.6%
Northern Arizona University, (BAM), 5.00%, 6/1/31	$	1,100	$	1,471,074
Northern Arizona University, (BAM), 5.00%, 6/1/32		500		662,705
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/28		1,065		1,329,929
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29		1,000		1,246,100
			$	4,709,808
Insured – Escrowed / Prerefunded — 0.0%(4)
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	100	$	121,849
			$	121,849
Insured – General Obligations — 1.0%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	1,130	$	1,191,325
Albertville, AL, (BAM), Series A, 4.00%, 6/1/30		1,505		1,583,049
Albertville, AL, (BAM), Series C, 4.00%, 6/1/30		610		641,635
New Britain, CT, (BAM), 5.00%, 3/1/25		135		161,776
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		6,067
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		537,008
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24		325		382,187
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		820,948
Yonkers, NY, (BAM), Series 2019A, 5.00%, 5/1/31		1,000		1,287,020
Yonkers, NY, (BAM), Series 2019B, 5.00%, 5/1/31		1,200		1,565,976
			$	8,176,991
Insured – Lease Revenue / Certificates of Participation — 0.8%
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25	$	1,350	$	1,613,830
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29		1,235		1,503,131
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26		250		304,463
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29		100		121,203
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		400		477,936
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27		200		238,370
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24		410		482,480
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25		305		370,166
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26		355		442,838
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27		605		752,293
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29		310		382,816
			$	6,689,526

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 0.6%
New York Dormitory Authority, School Districts Revenue Bond Financing Program, (AGM), 5.00%, 10/1/33	$	1,250	$	1,591,912
New York Dormitory Authority, School Districts Revenue Bond Financing Program, (AGM), 5.00%, 10/1/34		1,250		1,585,675
New York Dormitory Authority, School Districts Revenue Bond Financing Program, (AGM), 5.00%, 10/1/35		1,000		1,262,850
			$	4,440,437
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25	$	420	$	514,282
			$	514,282
Insured – Transportation — 1.6%
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25	$	500	$	598,365
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26		320		380,858
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27		375		444,893
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/30		1,000		1,253,320
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/31		1,250		1,556,175
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32		1,650		2,040,703
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		2,450		3,003,945
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		2,485		3,035,502
			$	12,313,761
Insured – Water and Sewer — 0.0%(4)
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30	$	250	$	303,907
			$	303,907
Lease Revenue / Certificates of Participation — 5.8%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,159,160
Aspen Fire Protection District, CO, 4.00%, 12/1/29		150		188,702
Aspen Fire Protection District, CO, 4.00%, 12/1/30		235		292,685
Aspen Fire Protection District, CO, 4.00%, 12/1/31		250		308,105
Aspen Fire Protection District, CO, 4.00%, 12/1/32		205		249,881
Broward County School Board, FL, 5.00%, 7/1/25		500		600,970
Broward County School Board, FL, 5.00%, 7/1/27		500		614,220
Broward County School Board, FL, 5.00%, 7/1/29		500		610,045
Broward County School Board, FL, Series A, 5.00%, 7/1/24		1,250		1,456,037
California Public Works Board, 5.00%, 11/1/29		1,000		1,265,140
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26		500		628,200
Colorado Department of Transportation, 5.00%, 6/15/30		350		432,845

16 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Colorado Department of Transportation, 5.00%, 6/15/31	$	310	$	381,781
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25		500		598,680
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		3,000		3,846,720
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30		3,000		3,823,080
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		246,624
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23		135		151,872
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24		550		638,468
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25		570		680,187
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26		595		716,927
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27		620		741,415
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28		645		769,208
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		536,715
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,839,313
Medina City School District, OH, 5.00%, 12/1/24		300		356,871
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/25		1,405		1,728,712
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		2,000		2,448,560
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/24		850		1,007,854
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/25		1,000		1,224,720
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/26		1,000		1,260,060
Orange County School Board, FL, 5.00%, 8/1/32		1,935		2,335,738
Palm Beach County School Board, FL, 5.00%, 8/1/31		4,000		4,824,040
Pennington County, SD, Certificates of Participation, 5.00%, 6/1/27		1,300		1,572,337
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		484,711
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		600,245
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		850		1,049,027
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		950		1,169,117

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
South Dakota Building Authority, 5.00%, 6/1/26	$	500	$	628,745
South Dakota Building Authority, 5.00%, 6/1/27		635		747,840
South Dakota Building Authority, 5.00%, 6/1/28		210		254,440
South Dakota Building Authority, Series 2015B, 5.00%, 6/1/30		200		241,052
Virginia Public Building Authority, 4.00%, 8/1/35		1,140		1,405,027
			$	46,116,076
Other Revenue — 10.4%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	905	$	1,080,805
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/33		690		809,743
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/34		810		948,324
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/35		760		886,373
District of Columbia, (National Public Radio, Inc.), Prerefunded to 4/1/26, 5.00%, 4/1/28		1,000		1,261,570
District of Columbia, (National Public Radio, Inc.), Prerefunded to 4/1/26, 5.00%, 4/1/29		1,000		1,261,570
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/32		825		1,004,248
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/33		640		776,813
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/34		510		617,839
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		191,709
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00%, 7/1/24		5,000		5,560,150
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,703,200
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50		19,000		22,518,990
Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49		5,000		5,887,950
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/32		2,355		3,130,431
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/34		2,425		3,195,495
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27		500		626,570
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29		275		343,277
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 4.00% to 12/2/24 (Put Date), 8/1/49		2,500		2,841,100

17 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Mississippi Development Bank, Special Obligation Bond, (East Mississippi Correctional Facility), 5.00%, 8/1/25	$	1,000	$	1,189,800
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25		1,270		1,521,422
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/27		200		242,564
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/28		250		308,340
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/29		325		406,198
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/31		250		310,620
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/32		550		678,766
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/33		300		368,463
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/34		300		367,320
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/35		700		853,496
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32		1,735		1,935,618
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 2/1/24 (Put Date), 10/1/48		3,000		3,319,980
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,364,612
San Diego Association of Governments, CA, (Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27		1,000		1,029,080
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,735,450
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/31		2,500		3,038,350
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32		1,000		1,213,210
			$	82,529,446
Senior Living / Life Care — 2.5%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,500,625
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/24		160		174,302
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/28		1,480		1,636,762
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/30		1,655		1,904,458
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31		250		285,712
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32		350		398,174

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/33	$	600	$	677,922
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/34		685		770,433
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/35		615		689,735
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/33		875		935,891
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28		50		53,760
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		910		972,071
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		114,017
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26		640		624,749
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27		1,035		1,134,360
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21		250		261,263
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31		250		284,580
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		236,968
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27		1,000		1,013,680
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/23		600		637,962
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/29		600		664,824
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/30		200		220,860
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		250		275,010
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/24		150		161,337
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/25		100		108,361
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/26		1,100		1,189,881
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/27		50		53,943
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/29		125		134,229
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/32		225		239,645
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/30		230		248,425

18 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/31	$	675	$	725,591
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/30		250		267,518
			$	19,597,048
Special Tax Revenue — 3.7%
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32	$	500	$	618,700
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/25		250		302,820
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/26		1,025		1,277,519
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/29		900		1,110,429
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/30		950		1,170,343
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/31		895		1,100,913
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/32		735		900,000
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 10/1/32		1,200		1,298,328
Mississippi Development Bank, Special Obligation Bonds, (Hinds County School District), 4.00%, 3/1/25		470		542,958
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/36		2,000		2,456,460
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/33		1,190		1,389,563
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/31/21		2,500		2,580,075
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32		1,800		2,166,246
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34		5,000		6,117,650
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/35		3,120		3,868,207
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/36		1,000		1,234,190
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26		100		118,802
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29		140		164,524
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32		1,000		1,259,120
			$	29,676,847

Security	Principal Amount (000’s omitted)		Value
Transportation — 12.6%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27	$	2,005	$	2,517,999
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,982,466
Central Florida Expressway Authority, 4.00%, 7/1/35		3,350		3,778,733
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/26		1,000		1,211,780
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28		150		174,791
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29		150		174,440
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30		500		579,600
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31		1,000		1,155,480
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		125		143,395
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/28		2,905		3,624,394
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/29		3,060		3,797,827
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/30		1,000		1,234,510
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/31		1,000		1,228,660
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/32		2,565		3,136,918
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		3,000		3,406,200
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,554,576
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30		2,545		2,570,781
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,450		1,778,787
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/32		2,100		2,563,617
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		599,170
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29		1,000		1,194,840
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30		750		892,770
Hawaii, Highway Revenue, 5.00%, 1/1/31		805		1,070,561
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		780,409
Illinois Toll Highway Authority, 5.00%, 1/1/29		175		211,958
Illinois Toll Highway Authority, 5.00%, 12/1/32		350		416,594
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24		250		289,110
Kentucky Turnpike Authority, 5.00%, 7/1/33		500		548,070
Massachusetts Department of Transportation, 5.00%, 1/1/30		4,860		6,396,635
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		1,500		1,690,635
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41		415		431,646
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		2,435		2,768,376
New Orleans Aviation Board, LA, 5.00%, 1/1/28		150		184,737
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/26		3,000		3,746,970
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/29		550		655,094
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/30		400		474,684

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Port Authority of New York and New Jersey, 4.00%, 7/15/36	$	1,705	$	2,057,492
Port Authority of New York and New Jersey, 5.00%, 9/1/34		3,595		4,674,039
Port of Seattle, WA, 5.00%, 3/1/25		150		175,100
Port of Seattle, WA, 5.00%, 3/1/27		250		289,652
Port of Seattle, WA, 5.00%, 3/1/29		250		288,353
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/29		225		285,278
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/31		370		473,715
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/28		1,370		1,731,187
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/31		300		382,833
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/32		660		836,464
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/33		600		756,396
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/34		450		565,902
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/34		1,000		601,890
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/35		500		284,995
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29		14,400		18,231,264
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31		2,920		3,724,810
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		1,005		1,264,903
Wisconsin, Transportation Revenue, 5.00%, 7/1/31		3,450		4,050,783
Wisconsin, Transportation Revenue, 5.00%, 7/1/32		700		821,303
			$	100,463,572
Water and Sewer — 3.8%
Beverly Hills Public Financing Authority, CA, Water Revenue, 4.00%, 6/1/36(2)	$	170	$	216,558
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25		300		361,545
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29		115		138,346
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30		100		120,194
Cherokee County Water and Sewerage Authority, GA, 5.00%, 8/1/28		1,250		1,673,962
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500		1,819,830
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32		575		691,955
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27		1,000		1,171,060
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,221,944
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27		600		754,704

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29	$	500	$	625,290
Rapid City, SD, Water Revenue, 4.00%, 11/1/29		600		693,780
Rapid City, SD, Water Revenue, 4.00%, 11/1/30		670		771,572
Rapid City, SD, Water Revenue, 5.00%, 11/1/26		1,000		1,235,910
Rapid City, SD, Water Revenue, 5.00%, 11/1/27		515		636,190
Richmond, VA, Public Utility Revenue, 4.00%, 1/15/36		7,205		9,014,824
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		602,465
Winston-Salem, NC, Water and Sewer System Revenue, 5.00%, 6/1/26		5,000		6,346,650
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27		505		627,811
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28		550		682,693
			$	30,407,283
Total Tax-Exempt Investments — 96.3% (identified cost $711,489,019)			$	765,130,496
Other Assets, Less Liabilities — 3.7%			$	29,766,142
Net Assets — 100.0%			$	794,896,638

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

At July 31, 2020, the concentration of the Portfolio’s investments in the various states, determined as a percentage of net assets, is less than 10% individually.

The Portfolio invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2020, 4.9% 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 2.2% to 2.7% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2020.

⁽²⁾  When-issued security.

⁽³⁾  Floating rate security. The stated interest rate represents the rate in effect at July 31, 2020.

⁽⁴⁾  Amount is less than 0.05%.

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
Liq	–	Liquidity Provider
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2020
Unaffiliated investments, at value (identified cost, $711,489,019)	$	765,130,496
Cash		41,416,654
Interest receivable		7,667,626
Receivable from affiliates		20,162
Total assets	$	814,234,938
Liabilities
Payable for when-issued securities	$	19,024,757
Payable to affiliate:
Investment adviser fee		210,028
Accrued expenses		103,515
Total liabilities	$	19,338,300
Net Assets applicable to investors’ interest in Portfolio	$	794,896,638

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2020
Interest	$	8,733,158
Total investment income	$	8,733,158
Expenses
Investment adviser fee	$	1,155,755
Trustees’ fees and expenses		20,632
Custodian fee		98,842
Legal and accounting services		29,443
Miscellaneous		11,529
Total expenses	$	1,316,201
Deduct —
Allocation of expenses to affiliates	$	52,085
Total expense reductions	$	52,085
Net expenses	$	1,264,116
Net investment income	$	7,469,042
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(756,913	)
Net realized loss	$	(756,913	)
Change in unrealized appreciation (depreciation) —
Investments	$	10,403,434
Net change in unrealized appreciation (depreciation)	$	10,403,434
Net realized and unrealized gain	$	9,646,521
Net increase in net assets from operations	$	17,115,563

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
From operations —
Net investment income	$	7,469,042		$	14,483,904
Net realized gain (loss)		(756,913	)		3,670,755
Net change in unrealized appreciation (depreciation)		10,403,434			31,795,434
Net increase in net assets from operations	$	17,115,563		$	49,950,093
Capital transactions —
Contributions	$	87,682,523		$	100,910,579
Withdrawals		(39,464,316	)		(34,118,862	)
Portfolio transaction fee		190,329			202,332
Net increase in net assets from capital transactions	$	48,408,536		$	66,994,049
Net increase in net assets	$	65,524,099		$	116,944,142
Net Assets
At beginning of period	$	729,372,539		$	612,428,397
At end of period	$	794,896,638		$	729,372,539

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Financial Highlights

	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2017(1)
Ratios/Supplemental Data				2020			2019			2018
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.35	%(3)		0.35	%		0.35	%		0.35	%		0.35	%(3)
Net investment income		2.07	%(3)		2.17	%		2.16	%		2.01	%		1.71	%(3)
Portfolio Turnover		32	%(4)		28	%		78	%		35	%		30	%(4)
Total Return(2)		2.36	%(4)		7.88	%		3.11	%		3.83	%		(0.80	)%(4)
Net assets, end of period (000’s omitted)	$	794,897		$	729,373		$	612,428		$	676,300		$	502,104

⁽¹⁾   For the period from the start of business, March 28, 2016, to January 31, 2017.

⁽²⁾  The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.01%, 0.01%, 0.01%, 0.01% and 0.02% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 2019 and 2018 and the period ended January 31, 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

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’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, 2020, Parametric 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 99.0% and 1.0%, 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 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 ask 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 debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair 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 most fairly reflects the security’s “fair value”, which is 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 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 entity’s financial statements, 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, 2020, 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. 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, 2020

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 interest 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 Statements of Changes in Net Assets.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2020 and for the six months 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 at reduced rates on average daily net assets of $1 billion or more, and is payable monthly. For the six months ended July 31, 2020, the Portfolio’s investment adviser fee amounted to $1,155,755 or 0.32% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Pursuant to a voluntary expense reimbursement, BMR and Parametric were allocated $52,085 in total of the Portfolio’s operating expenses for the six months ended July 31, 2020.

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 six months ended July 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $274,414,244 and $225,704,049, respectively, for the six months ended July 31, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	711,482,937
Gross unrealized appreciation	$	54,134,672
Gross unrealized depreciation		(487,113	)
Net unrealized appreciation	$	53,647,559

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% 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 six months ended July 31, 2020.

27

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

6  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, 2020, 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	$	—	$	765,130,496	$	—	$	765,130,496
Total Investments	$	—	$	765,130,496	$	—	$	765,130,496

7  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies, as may other epidemics and pandemics that may arise in the future, and can affect the market in general in significant and unforeseen ways. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

28

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

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 the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

29

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, 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 the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between 5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), and the sub-advisory agreement between EVM and Parametric Portfolio Associates, LLC (the “Sub-adviser”), an affiliate of EVM, with respect to the Fund, as well as the sub-advisory agreement between BMR and the Sub-adviser, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and sub-advisory agreement for the Fund and the investment advisory agreement and sub-advisory agreement for the Portfolio (collectively, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser and the Sub-adviser.

30

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. Regarding the Adviser, the Board considered the applicable Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund and the Portfolio. The Board also considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreements and the abilities and experience of the Sub-adviser’s investment professionals in implementing the investment strategies of the Fund and the Portfolio. In particular, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in the Sub-adviser’s tax-advantaged bond strategies group and the investment professionals in the Adviser’s and Sub-adviser’s municipal research groups involved in managing the Fund and the Portfolio and other funds and accounts that invest primarily in municipal bonds and employ tax-advantaged bond and laddered strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board considered the special attributes of the Fund relative to a traditional mutual fund and the benefits that are expected to be realized from an investment in the Fund, rather than a traditional mutual fund. The Board also considered the resources devoted by the applicable Adviser and its affiliates in developing and maintaining an infrastructure necessary to support the on-going operations of the Fund.

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, 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 each 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.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index and lower than its secondary benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund and by the Portfolio for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, 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 certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

31

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

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 rendered, the profits realized by each Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase.

The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund and the Portfolio currently share in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

32

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

33

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

July 31, 2020

Officers and Trustees

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

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

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

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

34

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

35

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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

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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    7.31.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance NextShares Trust II
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 23, 2020

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 23, 2020
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 23, 2020