5-to-15 Year Laddered Municipal Bond Portfolio N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-23151

5-to-15 Year Laddered Municipal Bond Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

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

January 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments

Tax-Exempt Investments — 97.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.0%(1)
New York Environmental Facilities Corp., Revolving Fund Revenue, 5.00%, 6/15/29	$	50	$	50,617
			$	50,617
Education — 5.2%
Alabama Public School and College Authority, 5.00%, 5/1/23	$	500	$	566,050
Alabama Public School and College Authority, 5.00%, 5/1/24		500		578,355
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/24		235		269,091
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25		200		233,038
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		668,463
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/24		275		314,856
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/25		275		319,107
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/26		300		351,231
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/27		300		354,723
Colorado School of Mines, 4.00%, 12/1/34		890		944,299
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/23		700		787,542
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/24		1,000		1,144,220
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/25		875		1,016,636
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26		1,000		1,173,160
Florida Higher Educational Facilities Financing Authority, (Nova Southeastern University), 5.00%, 4/1/30		750		844,418
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		595,183
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 1.50%, 8/15/34(2)		5,000		5,000,000
Nevada System of Higher Education, 5.00%, 7/1/24		1,000		1,130,930
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		217,858
Red River Education Financing Corp., TX, (Texas Christian University), 5.00%, 3/15/24		100		114,302
Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (LOC: TD Bank, N.A.), 1.47%, 8/15/36(3)		5,000		5,000,000
S.M. Educational Building Corp., MS, 5.00%, 9/1/25		250		293,900
Saginaw Valley State University, MI, 5.00%, 7/1/26		750		883,770
Saginaw Valley State University, MI, 5.00%, 7/1/27		750		876,540

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Saginaw Valley State University, MI, 5.00%, 7/1/28	$	1,000	$	1,161,720
Tarrant County Cultural Education Facilities Finance Corp., TX, (Hendrick Medical Center), 5.00%, 9/1/23		250		280,768
University of California, 5.00%, 5/15/32		3,000		3,358,200
University of North Carolina at Greensboro, 5.00%, 4/1/33		1,085		1,232,169
Virginia Commonwealth University, 4.00%, 11/1/34		1,370		1,455,159
Western Michigan University, 5.00%, 11/15/24		300		347,913
			$	31,513,601
Electric Utilities — 3.7%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,157,260
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25		365		423,612
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26		1,000		1,158,070
Fayetteville Public Works Commission, NC, 5.00%, 3/1/25		1,000		1,177,970
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		284,110
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/24		100		114,090
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		855,224
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		588,520
Orlando Utilities Commission, FL, Utility System Revenue, (SPA: TD Bank, N.A.), 1.42%, 10/1/33(3)		5,000		5,000,000
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/25		500		565,220
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/26		1,075		1,229,875
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/23		1,325		1,469,438
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		500		574,965
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23		125		137,226
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24		300		349,287
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		298,425
Springfield Electric System Revenue, IL, 5.00%, 3/1/22		500		544,175
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		250		284,265
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		250		283,210
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		250		282,162
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/27		300		348,963
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/28		400		463,424
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/29		1,120		1,293,690
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/30		1,500		1,727,430
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/31		1,000		1,147,030
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/33		300		341,370

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Walnut Energy Center Authority, CA, 5.00%, 1/1/33	$	250	$	283,730
			$	22,382,741
Escrowed / Prerefunded — 0.1%
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32	$	500	$	554,855
			$	554,855
General Obligations — 29.3%
Abilene Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32(4)	$	800	$	867,736
Addison, TX, 5.00%, 2/15/26		270		302,886
Anchorage, AK, 5.00%, 9/1/23		750		854,580
Anchorage, AK, 5.00%, 9/1/24		250		291,385
Anchorage, AK, 5.00%, 9/1/25		100		118,802
Anchorage, AK, 5.00%, 9/1/27		780		919,799
Arlington County, VA, 4.00%, 8/1/27		2,090		2,279,270
Avon, OH, 4.00%, 12/1/31		340		365,850
Belding Area Schools, MI, 5.00%, 5/1/28		250		292,600
Belding Area Schools, MI, 5.00%, 5/1/30		250		289,363
Birmingham, AL, 5.00%, 12/1/25		1,050		1,243,137
Birmingham, AL, 5.00%, 12/1/27		2,460		2,987,153
Bryant School District No. 25, AR, 3.00%, 2/1/26		300		307,452
Burlington, VT, 5.00%, 11/1/24		180		205,348
Burlington, VT, 5.00%, 11/1/25		400		462,028
Burlington, VT, 5.00%, 11/1/26		150		175,557
California, 4.00%, 9/1/26		320		364,051
California, 5.00%, 8/1/24		1,390		1,619,225
California, 5.00%, 10/1/24		5,000		5,845,250
California, 5.00%, 8/1/26		2,010		2,383,458
California, 5.00%, 8/1/28		2,000		2,477,340
California, 5.00%, 8/1/32		1,590		1,850,585
California, 5.25%, 9/1/23		400		436,152
California, (LOC: Sumitomo Mitsui Banking Co.), 1.08%, 5/1/40(3)		5,000		5,000,000
Central Dauphin School District, PA, 5.00%, 2/1/29		500		587,555
Clark County, NV, 4.00%, 11/1/34		3,500		3,671,290
Collin County, TX, 5.00%, 2/15/25		1,605		1,883,981
Colonial School District, PA, 5.00%, 2/15/32		100		115,867
Colonial School District, PA, 5.00%, 2/15/33		200		230,798
Cook County School District No. 25, (Arlington Heights), IL, 5.00%, 12/15/32		630		726,018
Dallas, TX, 5.00%, 2/15/26		4,860		5,395,961
Dallas, TX, 5.00%, 2/15/29		2,775		3,121,958

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Dallas, TX, 5.00%, 2/15/31	$	3,615	$	3,969,631
Delaware, 5.00%, 2/1/29		1,000		1,233,720
District of Columbia, 5.00%, 6/1/33		6,690		7,550,869
Douglas County School District No. Re-1, CO, 4.00%, 12/15/34(4)		3,000		3,235,620
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		393,019
Edgewood City School District, OH, 5.25%, 12/1/33		500		564,555
Edinburg, TX, 5.00%, 3/1/24		315		359,607
Edinburg, TX, 5.00%, 3/1/25		310		359,953
Fairfax County, VA, 5.00%, 10/1/31(4)		5,730		7,063,199
Fayette County School District, GA, 5.25%, 9/1/24		1,175		1,384,925
Flower Mound, TX, 4.00%, 3/1/32		100		107,412
Flower Mound, TX, 5.00%, 3/1/27		510		605,039
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		432,784
Georgia, 5.00%, 2/1/32		1,000		1,188,050
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		591,735
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		991,143
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,175,090
Hennepin County, MN, (SPA: TD Bank, N.A.), 1.38%, 12/1/38(3)		5,000		5,000,000
Homewood, AL, 5.00%, 9/1/28		2,000		2,366,140
Homewood, AL, 5.00%, 9/1/29		2,000		2,352,960
Hudson City School District, OH, 4.00%, 12/1/32		350		374,703
Jourdanton Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/26		500		560,750
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000		1,102,630
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		2,781,669
La Joya Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26		585		644,319
Lakeland, FL, 5.00%, 10/1/25		635		742,042
Lakeland, FL, 5.00%, 10/1/28		1,500		1,736,865
Lakeland, FL, 5.00%, 10/1/30		1,000		1,150,460
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		850		536,903
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,771,216
Little Rock School District, AR, 3.00%, 2/1/23		400		407,104
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		229,746
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		346,314
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,167,140
Miamisburg City School District, OH, 4.00%, 12/1/31		300		321,843
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		593,645

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27	$	175	$	141,860
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28		195		225,553
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29		340		391,547
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30		725		831,640
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31		885		1,010,608
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/32		720		819,158
New Hampshire, 4.00%, 12/1/33		2,535		2,766,319
New York, NY, 5.00%, 8/1/25		2,000		2,376,960
North Slope Borough, AK, 5.00%, 6/30/24		2,000		2,148,020
Ohio, 5.00%, 8/1/26		1,000		1,205,440
Oregon, 2.20%, 6/1/24		815		826,312
Oregon, 2.25%, 12/1/24		1,000		1,012,680
Oregon, 2.35%, 6/1/25		165		167,383
Oregon, 2.40%, 12/1/25		1,050		1,063,671
Oregon, 2.50%, 6/1/26		1,070		1,084,745
Oregon, 2.55%, 12/1/26		430		434,984
Oregon, (SPA: U.S. Bank, N.A.), 1.47%, 12/1/36(3)		5,000		5,000,000
Pasadena, TX, 4.00%, 2/15/28		500		546,415
Pasadena, TX, 4.00%, 2/15/29		250		271,695
Pasadena, TX, 4.00%, 2/15/30		500		539,760
Pasadena, TX, 4.00%, 2/15/31		650		697,723
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		850,512
Pennsylvania, 4.00%, 6/1/30		5,000		5,228,600
Pennsylvania, 4.00%, 6/15/31		235		247,152
Pennsylvania, 5.00%, 7/1/24		490		563,632
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,129,144
Prosper Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/24		520		598,062
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/23		445		508,662
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/24		465		543,269
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/25		485		577,722
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/26		505		610,702
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/27		530		636,032
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28		555		661,371

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/29	$	575	$	679,978
Romeo Community Schools, MI, 5.00%, 5/1/30		700		807,821
Romulus, MI, 4.00%, 11/1/31		250		268,730
Romulus, MI, 4.00%, 11/1/32		300		320,691
Romulus, MI, 4.00%, 11/1/33		250		265,945
SCAGO Educational Facilities Corp. for Cherokee School District, SC, 5.00%, 12/1/23		500		568,020
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,750		2,027,007
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		750		814,553
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/31		250		270,300
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		328,467
Seward County Unified School District No. 480, KS, 5.00%, 9/1/29		2,000		2,315,820
South Texas College District, 5.00%, 8/15/30		1,295		1,454,699
Southfield Public Schools, MI, 5.00%, 5/1/25		1,100		1,282,281
Southfield Public Schools, MI, 5.00%, 5/1/27		1,000		1,194,240
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/28		1,700		2,046,052
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/29		1,000		1,194,780
Stamford, CT, 4.00%, 8/1/27		650		728,033
Sun Valley, ID, 5.00%, 9/15/23		685		782,996
Sun Valley, ID, 5.00%, 9/15/25		755		898,397
Sun Valley, ID, 5.00%, 9/15/26		695		841,624
Texas, (SPA: State Street Bank and Trust Co.), 1.46%, 12/1/42(3)		7,445		7,445,000
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/30		515		610,579
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/31		450		529,448
Trussville, AL, 5.00%, 10/1/31		150		167,790
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		510		564,881
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28		530		583,928
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		545		597,402
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		570		621,722
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/25		600		720,942
Washington, 5.00%, 8/1/28		1,485		1,771,872
Washington, 5.00%, 8/1/29		1,400		1,659,826

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25	$	265	$	232,381
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,120,156
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		750		795,225
Williamson County, TX, 5.00%, 2/15/28		300		344,259
York County, PA, 5.00%, 6/1/27		1,225		1,417,325
			$	179,055,738
Hospital — 11.7%
Berks County Industrial Development Authority, PA, (Tower Health), 4.00%, 11/1/33	$	500	$	518,285
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25		250		287,750
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27		100		105,378
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29		750		889,837
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37		40		42,344
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		2,000		2,311,300
Colorado Health Facilities Authority, (NCMC, Inc.), 5.00%, 5/15/25		150		173,934
Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 5.00%, 7/1/28		5,000		5,666,450
Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 5.00%, 2/15/33		1,000		1,125,570
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/32		3,965		4,281,566
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,303,960
Idaho Health Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/30		750		813,937
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		582,870
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/31		1,000		1,116,090
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/32		1,000		1,111,250
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,098,330
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/23		150		166,805
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25		250		287,520

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26	$	250	$	287,363
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27		250		285,330
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/30		2,000		2,268,880
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/31		1,500		1,690,725
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/32		2,000		2,241,280
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,120,700
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		595		681,382
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/24		550		624,805
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26		500		583,310
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28		500		573,485
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24		500		578,525
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/27		1,500		1,635,930
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/35		500		535,145
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		551,941
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,129,190
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23		500		549,010
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		500		555,635
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/28		1,340		1,467,327
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/29		775		845,843
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/23		200		225,102
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/24		100		114,688
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/25		400		466,092

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/28	$	500	$	593,900
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/29		500		589,515
New Hanover County, NC, (New Hanover Regional Medical Center), 5.00%, 10/1/26		400		472,040
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/22		800		883,688
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25		1,000		1,176,290
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27		700		829,094
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28		700		823,354
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30		520		602,451
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31		700		804,391
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24		100		115,529
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,152,000
Norman Regional Hospital Authority, OK, 5.00%, 9/1/29		1,000		1,146,270
North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.00%, 6/1/34		2,220		2,301,851
North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group), 5.00%, 12/1/33		3,030		3,320,819
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,165,150
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		279,738
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		157,112
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22		225		248,942
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24		300		345,681
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		586,350
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		625		707,094
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,919,618
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/30		1,625		1,850,859
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/24		350		405,366
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25		335		394,596

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/26	$	300	$	354,531
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27		205		240,451
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28		500		583,905
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30		400		461,332
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31		400		458,756
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,852,310
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		469,008
Wisconsin Health and Educational Facilities Authority, (Ascension Health Senior Credit Group), 5.00%, 11/15/33		650		663,429
			$	71,850,284
Housing — 2.2%
Connecticut Housing Finance Authority, 3.60%, 11/15/30	$	145	$	145,497
Georgia Housing & Finance Authority, 3.65%, 12/1/32		1,000		1,020,480
New York City Housing Development Corp., NY, 2.30%, 5/1/25		1,110		1,116,527
New York City Housing Development Corp., NY, 2.35%, 11/1/25		465		466,530
New York City Housing Development Corp., NY, 2.65%, 11/1/27		970		965,751
New York City Housing Development Corp., NY, 2.80%, 5/1/29		795		794,070
New York City Housing Development Corp., NY, 2.85%, 11/1/29		425		424,592
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.20%, 5/1/25		290		292,532
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.25%, 11/1/25		225		226,825
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.35%, 5/1/26		200		201,728
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26		225		227,223
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.50%, 11/1/27		140		140,882
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.60%, 5/1/28		110		110,691
New York Mortgage Agency, 1.75%, 4/1/24		150		147,928
New York Mortgage Agency, 1.95%, 10/1/25		450		441,405
Seattle Housing Authority, WA, 2.625%, 12/1/23		110		112,505
Seattle Housing Authority, WA, 2.75%, 12/1/24		480		493,080
Seattle Housing Authority, WA, 2.875%, 12/1/25		900		928,278
Seattle Housing Authority, WA, 3.00%, 12/1/26		920		951,400
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		256,897
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,800		1,856,718

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Virginia Housing Development Authority, 1.70%, 5/1/22	$	245	$	244,076
Virginia Housing Development Authority, 1.85%, 5/1/23		620		619,492
Virginia Housing Development Authority, 1.95%, 11/1/23		195		195,526
Virginia Housing Development Authority, 2.40%, 5/1/26		220		224,004
Virginia Housing Development Authority, 2.55%, 5/1/27		630		637,661
Washington Housing Finance Commission, 2.05%, 6/1/24		110		110,165
Washington Housing Finance Commission, 2.25%, 6/1/25		105		105,369
Washington Housing Finance Commission, 2.30%, 12/1/25		130		130,243
Washington Housing Finance Commission, 2.40%, 6/1/26		105		105,195
			$	13,693,270
Insured – Education — 0.4%
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/28	$	1,065	$	1,265,295
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29		1,000		1,179,070
			$	2,444,365
Insured – Electric Utilities — 0.1%
Sienna Plantation Municipal Utility District No. 3, TX, (AGM), 5.00%, 3/1/30	$	500	$	552,015
			$	552,015
Insured – Escrowed / Prerefunded — 0.0%(1)
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	100	$	117,768
			$	117,768
Insured – General Obligations — 1.1%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	1,130	$	1,195,721
Albertville, AL, (BAM), Series A, 4.00%, 6/1/30		1,605		1,688,877
Albertville, AL, (BAM), Series C, 4.00%, 6/1/30		610		641,073
New Britain, CT, (BAM), 5.00%, 3/1/24		200		227,882
New Britain, CT, (BAM), 5.00%, 3/1/25		135		155,802
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/23		385		433,518
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/24		350		403,533
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		5,873
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		505,255
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/22		320		352,477
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24		325		369,008
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		761,318
			$	6,740,337

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 1.6%
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/23	$	1,000	$	1,113,570
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25		1,500		1,725,510
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/26		100		116,360
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/28		500		574,530
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29		1,235		1,413,964
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26		250		290,235
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29		100		115,201
Highlands County School Board, FL, (BAM), 5.00%, 3/1/23		500		556,340
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		400		463,112
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27		200		230,818
Pasco County School Board, FL, (BAM), 5.00%, 8/1/23		255		288,762
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24		410		473,439
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25		305		358,012
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26		355		421,690
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27		605		715,558
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29		510		594,472
			$	9,451,573
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/24	$	115	$	134,162
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25		420		499,712
			$	633,874
Insured – Transportation — 2.0%
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/23	$	440	$	497,710
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/24		350		404,306
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25		500		587,800
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26		320		375,635
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27		375		437,944
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/30		1,000		1,168,930
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/31		1,250		1,448,363
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32		1,650		1,900,684
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		2,450		2,807,822
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		2,485		2,835,460
			$	12,464,654
Insured – Water and Sewer — 0.1%
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/24	$	150	$	172,256
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30		250		289,937
			$	462,193

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 7.4%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,093,640
Broward County School Board, FL, 5.00%, 7/1/25		500		588,805
Broward County School Board, FL, 5.00%, 7/1/27		500		589,545
Broward County School Board, FL, 5.00%, 7/1/29		500		581,890
Broward County School Board, FL, Series A, 5.00%, 7/1/23		500		565,015
Broward County School Board, FL, Series A, 5.00%, 7/1/24		1,250		1,444,075
California Public Works Board, 5.00%, 11/1/29		1,000		1,187,320
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26		500		592,000
Cleveland County Educational Facilities Authority, OK, (Noble Public Schools), 5.00%, 9/1/25		300		349,080
Colorado Department of Transportation, 5.00%, 6/15/30		350		405,955
Colorado Department of Transportation, 5.00%, 6/15/31		310		357,833
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25		500		574,270
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		3,000		3,508,740
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30		3,000		3,479,490
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		235,580
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23		135		150,111
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24		550		620,763
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25		570		652,502
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26		595		671,017
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27		620		691,839
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28		645		712,828
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		490,758
Kentucky Property and Buildings Commission, 5.00%, 4/1/27		1,710		1,994,835
Kentucky Property and Buildings Commission, 5.00%, 11/1/27		2,350		2,727,010
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,717,890
Medina City School District, OH, 5.00%, 12/1/23		350		396,235
Medina City School District, OH, 5.00%, 12/1/24		400		460,956
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/25		1,405		1,649,751
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		2,000		2,325,000
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/24		850		979,370
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/25		1,000		1,171,840
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/26		1,000		1,187,790
Oklahoma County Finance Authority, OK, (Western Heights Public Schools), 5.00%, 9/1/23		1,250		1,409,062

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Orange County School Board, FL, 5.00%, 8/1/32	$	1,935	$	2,208,280
Pennington County, SD, Certificates of Participation, 5.00%, 6/1/27		1,300		1,511,289
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		452,390
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		577,530
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		850		1,004,173
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		950		1,116,440
South Dakota Building Authority, 5.00%, 6/1/26		500		595,555
South Dakota Building Authority, 5.00%, 6/1/27		635		727,646
South Dakota Building Authority, 5.00%, 6/1/28		210		243,193
South Dakota Building Authority, Series 2015B, 5.00%, 6/1/30		200		229,834
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/24		500		517,420
Tulsa County Industrial Authority, OK, (Broken Arrow Public Schools), 5.00%, 9/1/23		500		565,730
			$	45,312,275
Other Revenue — 9.6%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	1,005	$	1,068,466
Black Belt Energy Gas District, AL, 4.00% to 12/1/23 (Put Date), 12/1/48		5,100		5,362,497
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.964% (70% of 1 mo. USD LIBOR + 0.20%), to 4/1/21 (Put Date), 10/1/47(5)		2,500		2,499,400
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/28		1,000		1,162,490
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/29		1,000		1,157,570
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/32		825		947,504
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/33		640		733,312
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/34		510		581,966
Fulton County Development Authority, GA, (Robert W. Woodruff Arts Center, Inc.), 5.00%, 3/15/24		600		678,642
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/25		155		182,113
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		178,980
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00%, 7/1/24		5,000		5,332,750
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,274,900
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/30		400		448,048

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/31	$	250	$	278,350
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/32		365		404,905
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/33		300		331,818
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/34		475		523,645
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/32		2,355		2,761,426
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/34		2,425		2,814,697
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27		500		583,485
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29		275		316,778
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 9/1/23 (Put Date), 4/1/48		7,500		7,930,125
Mississippi Development Bank, Special Obligation Bond, (East Mississippi Correctional Facility), 5.00%, 8/1/25		1,000		1,153,640
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25		1,270		1,470,406
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,284,423
Spartanburg County School District No. 7, SC, Special Obligation Bonds, 5.00%, 12/1/24		350		405,829
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,287,300
Virginia Resources Authority, 5.00%, 11/1/28		3,135		3,570,546
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/31		2,500		2,919,175
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32		1,000		1,166,390
			$	58,811,576
Senior Living / Life Care — 3.2%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,505,875
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/24		160		175,259
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/28		1,480		1,632,766
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/33		1,500		1,597,575
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28		50		54,050
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		910		974,119

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/22	$	250	$	269,985
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		111,858
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26		640		619,770
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27		1,035		1,155,733
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21		250		268,817
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31		250		278,205
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		243,137
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27		1,000		978,390
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/23		600		645,762
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/28		250		276,015
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/29		600		655,002
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/30		200		216,786
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		250		269,540
New Hope Cultural Education Facilities Finance Corp., TX, (Westminster), 5.00%, 11/1/22		175		187,999
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/23		150		163,764
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/24		150		165,336
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/25		100		110,501
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/26		1,100		1,210,440
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/27		50		54,768
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/29		125		135,784
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/32		225		242,082
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/30		200		215,946
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/31		675		724,180
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/30		250		270,775

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/31	$	175	$	188,755
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		400		427,680
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/33		500		533,090
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/34		2,000		2,122,200
			$	19,681,944
Special Tax Revenue — 3.4%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/26	$	100	$	116,966
Cape Coral, FL, Special Obligation Bonds, 5.00%, 10/1/23		500		569,015
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/31		1,000		1,186,210
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32		500		589,775
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/25		250		294,358
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/26		1,025		1,228,360
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/29		900		1,057,887
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/30		950		1,109,505
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/31		895		1,040,652
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/32		735		849,454
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 10/1/32		1,200		1,313,016
Mississippi Development Bank, Special Obligation Bonds, (Hinds County School District), 4.00%, 3/1/25		470		514,062
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/31		4,000		4,781,600
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32		1,800		2,069,154
New York, Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/33		1,190		1,348,960
Oregon Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/31		1,300		1,498,809
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26		100		115,869
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29		140		161,125
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32		1,000		1,174,040
			$	21,018,817

Security	Principal Amount (000’s omitted)		Value
Transportation — 11.3%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), 4.00%, 1/1/31	$	1,000	$	1,027,350
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27		2,755		3,302,529
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.10% to 4/1/22 (Put Date), 4/1/45		2,000		2,012,380
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,886,580
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/25		100		116,033
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/26		1,000		1,175,020
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28		150		170,123
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29		150		169,245
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30		500		561,240
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31		1,000		1,116,700
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		500		553,475
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/28		2,905		3,463,457
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/29		3,060		3,624,203
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/30		1,000		1,176,580
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/31		1,000		1,167,290
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/32		2,565		2,978,350
Chicago, IL, (O’Hare International Airport), Series 2015B, 5.00%, 1/1/24		200		227,614
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		3,000		3,380,370
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,467,441
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30		2,545		2,679,910
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/24		650		761,351
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,650		1,920,946
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/32		2,100		2,433,627
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		572,465
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29		1,000		1,141,290
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30		750		852,795
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		760,779
Illinois Toll Highway Authority, 5.00%, 1/1/29		175		202,367
Illinois Toll Highway Authority, 5.00%, 12/1/32		350		396,123
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24		250		287,382
Kentucky Turnpike Authority, 5.00%, 7/1/33		500		554,945
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		1,500		1,748,610
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		2,435		2,859,177
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41		415		447,831
Miami-Dade County, FL, Seaport Revenue, 5.00%, 10/1/23		130		145,174

27 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Orleans Aviation Board, LA, 5.00%, 1/1/28	$	150	$	176,637
New Orleans Aviation Board, LA, 5.00%, 1/1/31		190		219,026
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/23		750		842,377
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/29		550		630,470
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/30		400		455,744
Pennsylvania Turnpike Commission, 2.13%, (SIFMA + 0.70%), 12/1/23(5)		5,000		4,990,950
Port of Seattle, WA, 5.00%, 3/1/24		250		285,793
Port of Seattle, WA, 5.00%, 3/1/25		150		173,112
Port of Seattle, WA, 5.00%, 3/1/27		250		287,100
Port of Seattle, WA, 5.00%, 3/1/29		250		285,548
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/28		1,370		1,644,342
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/31		300		356,436
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/32		660		778,754
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/33		600		704,166
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/34		650		759,343
Texas Transportation Commission, 5.00%, 4/1/33		50		56,948
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31		2,920		3,457,309
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		1,005		1,171,177
Wisconsin, Transportation Revenue, 5.00%, 7/1/31		3,450		3,951,319
Wisconsin, Transportation Revenue, 5.00%, 7/1/32		700		800,177
			$	69,367,480
Water and Sewer — 5.2%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25	$	300	$	351,096
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29		115		132,659
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30		100		114,844
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500		1,740,975
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue, 5.00%, 2/1/28		500		591,865
King County, WA, Sewer Revenue, 4.00%, 7/1/33		5,140		5,415,761
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/28		670		734,943
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/31		130		143,880
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32		875		961,048
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,022,154
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27		600		716,520

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29	$	500	$	591,465
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: Barclays Bank PLC), 1.63%, 6/15/50(2)		5,000		5,000,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: JPMorgan Chase Bank, N.A.), 1.63%, 6/15/50(2)		5,000		5,000,000
Oklahoma City Water Utilities Trust, OK, 5.00%, 7/1/26		3,000		3,399,600
Rapid City, SD, Water Revenue, 4.00%, 11/1/29		600		656,274
Rapid City, SD, Water Revenue, 4.00%, 11/1/30		670		728,230
Rapid City, SD, Water Revenue, 5.00%, 11/1/26		1,000		1,177,940
Rapid City, SD, Water Revenue, 5.00%, 11/1/27		515		605,578
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		579,895
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27		505		589,552
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28		550		637,643
			$	31,891,922
Total Tax-Exempt Investments — 97.7% (identified cost $586,609,290)			$	598,051,899
Other Assets, Less Liabilities — 2.3%			$	14,376,498
Net Assets — 100.0%			$	612,428,397

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

At January 31, 2019, 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. In order to reduce the risk associated with such economic developments, at January 31, 2019, 5.5% 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 2.1% to 3.4% of total investments.

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  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 January 31, 2019.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2019.

⁽⁴⁾  When-issued security.

28 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

⁽⁵⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2019.

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
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement
Currency Abbreviations:
USD	–	United States Dollar

29 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Statement of Assets and Liabilities

Assets	January 31, 2019
Unaffiliated investments, at value (identified cost, $586,609,290)	$	598,051,899
Cash		26,224,797
Interest receivable		5,686,704
Receivable for investments sold		648,392
Receivable from affiliate		9,840
Total assets	$	630,621,632
Liabilities
Payable for investments purchased	$	6,867,941
Payable for when-issued securities		11,085,037
Payable to affiliate:
Investment adviser fee		163,839
Accrued expenses		76,418
Total liabilities	$	18,193,235
Net Assets applicable to investors’ interest in Portfolio	$	612,428,397

30 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Statement of Operations

Investment Income	Year Ended January 31, 2019
Interest	$	16,210,797
Total investment income	$	16,210,797
Expenses
Investment adviser fee	$	2,067,248
Trustees’ fees and expenses		31,656
Custodian fee		174,116
Legal and accounting services		58,176
Miscellaneous		18,586
Total expenses	$	2,349,782
Deduct —
Allocation of expenses to affiliate	$	88,730
Total expense reductions	$	88,730
Net expenses	$	2,261,052
Net investment income	$	13,949,745
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(8,296,867	)
Net realized loss	$	(8,296,867	)
Change in unrealized appreciation (depreciation) —
Investments	$	13,159,193
Net change in unrealized appreciation (depreciation)	$	13,159,193
Net realized and unrealized gain	$	4,862,326
Net increase in net assets from operations	$	18,812,071

31 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	13,949,745		$	11,752,466
Net realized loss		(8,296,867	)		(1,636,424	)
Net change in unrealized appreciation (depreciation)		13,159,193			7,838,450
Net increase in net assets from operations	$	18,812,071		$	17,954,492
Capital transactions —
Contributions	$	60,489,911		$	211,735,515
Withdrawals		(143,479,290	)		(55,926,844	)
Portfolio transaction fee		305,881			432,365
Net increase (decrease) in net assets from capital transactions	$	(82,683,498	)	$	156,241,036
Net increase (decrease) in net assets	$	(63,871,427	)	$	174,195,528
Net Assets
At beginning of year	$	676,299,824		$	502,104,296
At end of year	$	612,428,397		$	676,299,824

32 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Financial Highlights

	Year Ended January 31,						Period Ended January 31, 2017(1)
Ratios/Supplemental Data	2019			2018
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.35	%		0.35	%		0.35	%(3)
Net investment income		2.16	%		2.01	%		1.71	%(3)
Portfolio Turnover		78	%		35	%		30	%(4)
Total Return(2)		3.11	%		3.83	%		(0.80	)%(4)
Net assets, end of year (000’s omitted)	$	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 reimbursed certain operating expenses (equal to 0.01%, 0.01% and 0.02% of average daily net assets for the years ended January 31, 2019 and 2018 and the period ended January 31, 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

33 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Notes to Financial Statements

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 January 31, 2019, Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund and Eaton Vance TABS5-to-15 Year Laddered Municipal Bond NextShares held an interest of 98.8% and 1.2%, 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 fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

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

As of January 31, 2019, 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 fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

34

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Notes to Financial Statements — continued

be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-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.

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 year ended January 31, 2019, the Portfolio’s investment adviser fee amounted to $2,067,248 or 0.32% of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $88,730 of the Portfolio’s operating expenses for the year ended January 31, 2019.

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 year ended January 31, 2019, 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 $483,535,235 and $515,898,613, respectively, for the year ended January 31, 2019.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	586,606,093
Gross unrealized appreciation	$	11,998,259
Gross unrealized depreciation		(552,453	)
Net unrealized appreciation	$	11,445,806

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or 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 year ended January 31, 2019.

35

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Notes to Financial Statements — 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 January 31, 2019, 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	$	—	$	598,051,899	$	—	$	598,051,899
Total Investments	$	—	$	598,051,899	$	—	$	598,051,899

36

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of5-to-15 Year Laddered Municipal Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), including the portfolio of investments, as of January 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from the start of business, March 28, 2016, to January 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of January 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and the period from the start of business, March 28, 2016, to January 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

37

Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Special Meeting of Shareholders (Unaudited)

Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Mark R. Fetting		52,195,441		610,202
Keith Quinton		52,181,453		624,190
Marcus L. Smith		52,190,175		615,467
Susan J. Sutherland		52,231,356		574,286
Scott E. Wennerholm		52,018,768		786,875

Results are rounded to the nearest whole number.

5-to-15 Year Laddered Municipal Bond Portfolio

The Portfolio held a Special Meeting of Interestholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund’s interest in the Portfolio were as follows:

	Interest in the Portfolio
Nominee for Trustee	For			Withheld
Mark R. Fetting		99	%		1	%
Keith Quinton		99	%		1	%
Marcus L. Smith		99	%		1	%
Susan J. Sutherland		99	%		1	%
Scott E. Wennerholm		99	%		1	%

Results are rounded to the nearest whole number.

38

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust II (the Trust) and5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Directorships in the Last Five Years.(2)Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2)Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

39

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson); 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2)None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm)(1991-1998). Directorships in the Last Five Years.(2)None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years.Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years.Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.
Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.

40

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

41

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call1-800-262-1122.

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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on FormN-Q with the SEC for the first and third quarters of each fiscal year. The FormN-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. FormN-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

42

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Investment Adviser of5-to-15 Year Laddered

Municipal Bond Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton

Vance TABS5-to-15 Year Laddered Municipal Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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 calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

22626    1.31.19

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the fiscal years ended January 31, 2018 and January 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	33,300	$	33,400
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	14,210	$	14,210
All Other Fees(3)	$	0	$	0
Total	$	47,510	$	47,610

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other tax related compliance/planning matters

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to thepre-approval of services provided by the registrant’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.

ThePre-Approval Policies and the types of audit andnon-audit servicespre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01 (c)(7)(i)(C) of RegulationS-X.

(f) Not applicable

(g) The following table presents (i) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended January 31, 2018 and January 31, 2019; and (ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended*	1/31/18		1/31/19
Registrant	$	14,210	$	14,210
Eaton Vance(1)	$	148,018	$	126,485

⁽¹⁾  The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

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 FormN-CSR.

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not required in this filing.

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

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported

within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

5-to-15 Year Laddered Municipal Bond Portfolio

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 22, 2019

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:	March 22, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 22, 2019