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, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments

Tax-Exempt Investments — 97.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.7%
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35(1)	$	500	$	536,505
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35		1,325		1,579,731
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/28		2,460		2,827,696
			$	4,943,932
Education — 3.9%
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25	$	200	$	238,324
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		692,504
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/24		275		321,835
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/25		275		330,701
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/26		300		368,850
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/27		300		376,023
Colorado School of Mines, 4.00%, 12/1/34		890		1,022,708
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/25		875		1,047,401
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26		1,000		1,226,180
Florida Higher Educational Facilities Financing Authority, (Nova Southeastern University), 5.00%, 4/1/30		750		886,973
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		623,402
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 1.13%, 8/15/34(2)		5,000		5,000,000
Nevada System of Higher Education, 5.00%, 7/1/24		1,000		1,134,250
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		215,750
Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (LOC: TD Bank, N.A.), 0.90%, 8/15/36(3)		5,000		5,000,000
Saginaw Valley State University, MI, 5.00%, 7/1/26		750		921,188
Saginaw Valley State University, MI, 5.00%, 7/1/27		500		608,755
Saginaw Valley State University, MI, 5.00%, 7/1/28		1,000		1,212,530
University of New Mexico, (SPA: U.S. Bank, N.A.), 0.88%, 6/1/26(3)		4,500		4,500,000
University of North Carolina at Greensboro, 5.00%, 4/1/33		1,085		1,248,032
Virginia Commonwealth University, 4.00%, 11/1/34		1,145		1,353,550
Western Michigan University, 5.00%, 11/15/24		300		355,767
			$	28,684,723

Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 2.7%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,193,320
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25		365		439,675
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26		1,000		1,201,960
Fayetteville Public Works Commission, NC, 5.00%, 3/1/25		1,000		1,200,820
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		299,907
Lower Colorado River Authority, TX, 5.00%, 5/15/34(1)		395		519,666
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/24		100		116,824
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		897,391
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		614,940
Orlando Utilities Commission, FL, Utility System Revenue, (SPA: TD Bank, N.A.), 0.95%, 10/1/33(3)		5,000		5,000,000
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		500		592,210
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24		300		353,637
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		308,012
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		250		295,743
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		250		294,613
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		250		293,855
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/27		300		354,375
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/28		400		471,500
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/29		1,120		1,315,518
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/30		1,500		1,756,500
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/31		1,000		1,168,710
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/33		300		349,551
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		291,878
			$	19,330,605
General Obligations — 29.4%
Abilene Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32	$	700	$	824,236
Addison, TX, 5.00%, 2/15/26		270		303,507
Alvin Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34		2,265		2,641,262
Anchorage, AK, 5.00%, 9/1/24		250		296,000
Anchorage, AK, 5.00%, 9/1/25		100		121,962
Anchorage, AK, 5.00%, 9/1/27		780		946,904
Austin, TX, 5.00%, 9/1/30		3,085		4,084,324
Belding Area Schools, MI, 5.00%, 5/1/28		250		304,458
Belding Area Schools, MI, 5.00%, 5/1/30		250		302,705
Birmingham, AL, 5.00%, 12/1/25		1,050		1,285,725
Birmingham, AL, 5.00%, 12/1/27		2,460		3,143,265

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Burlington, VT, 5.00%, 11/1/27	$	305	$	389,040
Burlington, VT, 5.00%, 11/1/29		235		311,095
Burlington, VT, 5.00%, 11/1/30		300		394,230
Burlington, VT, Series 2016A, 5.00%, 11/1/25		300		366,438
Burlington, VT, Series 2016A, 5.00%, 11/1/26		150		187,716
Burlington, VT, Series 2019A, 5.00%, 11/1/25		150		183,219
Burlington, VT, Series 2019A, 5.00%, 11/1/26		210		262,802
California, 4.00%, 9/1/26		320		383,347
California, 5.00%, 8/1/24		1,390		1,645,246
California, 5.00%, 8/1/26		2,010		2,453,607
California, 5.00%, 8/1/28		2,000		2,641,620
California, 5.00%, 8/1/32		1,590		1,973,874
Cape May County, NJ, 3.00%, 10/1/31		1,000		1,078,920
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33		1,000		726,820
Clark County, NV, 4.00%, 11/1/34		2,375		2,653,564
Collin County, TX, 5.00%, 2/15/25		1,605		1,923,753
Colonial School District, PA, 5.00%, 2/15/32		100		120,496	��
Colonial School District, PA, 5.00%, 2/15/33		200		240,498
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/32		650		807,410
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33		350		433,542
Cook County School District No. 25, (Arlington Heights), IL, 5.00%, 12/15/32		630		767,428
Dallas, TX, 5.00%, 2/15/29		2,775		3,197,771
Dallas, TX, 5.00%, 2/15/31		3,615		4,024,037
Delaware, 5.00%, 2/1/29		1,000		1,302,940
Denton County, TX, 4.00%, 7/15/31		1,500		1,802,790
District of Columbia, 5.00%, 6/1/33		6,690		7,777,593
Douglas County School District No.Re-1, CO, 4.00%, 12/15/34		3,000		3,536,250
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		411,649
Dublin City School District, OH, 5.00%, 12/1/29		500		658,940
Easton Area School District, PA, 5.00%, 2/1/31		1,650		2,083,950
Edinburg, TX, 5.00%, 3/1/25		310		369,709
Fayette County School District, GA, 5.25%, 9/1/24		1,175		1,404,336
Flower Mound, TX, 5.00%, 3/1/27		510		629,065
Franklin County, OH, 4.25%, 12/1/35		1,250		1,363,437
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		452,128
Georgia, 5.00%, 2/1/32		1,000		1,252,520
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		615,290
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		1,047,868
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,242,680

Security	Principal Amount (000’s omitted)			Value
General Obligations (continued)
Homewood, AL, 5.00%, 9/1/28	$	2,000		$	2,478,080
Homewood, AL, 5.00%, 9/1/29		2,000			2,468,460
Honolulu City and County, HI, 3.00%, 9/1/31		1,510			1,660,638
Illinois, 5.00%, 10/1/26		3,650			4,344,339
Illinois, 5.00%, 2/1/27		2,730			3,268,028
Illinois, 5.00%, 1/1/28		5,655			6,579,310
Illinois, 5.00%, 3/1/28		2,000			2,122,180
Illinois, 5.00%, 4/1/29		1,190			1,326,065
Illinois, 5.00%, 3/1/34		6,000			6,334,740
Illinois, 5.00%, 3/1/35		1,000			1,055,110
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000			1,139,920
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370			2,925,528
La Joya Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26		485			533,476
Lakeland, FL, 5.00%, 10/1/25		635			759,917
Lakeland, FL, 5.00%, 10/1/28		1,500			1,789,245
Lakeland, FL, 5.00%, 10/1/30		1,000	��		1,186,030
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		600			411,354
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600			1,855,232
Maine, 5.00%, 6/1/25		2,500			3,034,300
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200			237,204
Miami-Dade County School District, FL, 5.00%, 3/15/28		300			357,873
Miami-Dade County, FL, 5.00%, 7/1/29		1,000			1,205,860
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560			626,226
Minneapolis, MN, Green Bonds, 3.00%, 12/1/31		2,180			2,362,575
Morris Township, NJ, 3.00%, 11/1/27		440			492,536
MountainView-Los Altos Union High School District, CA, 0.00%, 8/1/27		175			158,431
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28		195			231,407
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29		340			403,012
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30		725			857,936
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31		885			1,046,433
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/32		720			850,363
New Hampshire, 4.00%, 12/1/33		2,285			2,714,854
New York, NY, 5.00%, 8/1/25		2,000			2,440,200
Oregon, 2.20%, 6/1/24		815			856,402

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Oregon, 2.25%, 12/1/24	$	1,000	$	1,056,930
Oregon, 2.35%, 6/1/25		165		176,147
Oregon, 2.40%, 12/1/25		1,050		1,129,873
Oregon, 2.50%, 6/1/26		1,070		1,152,326
Oregon, 2.55%, 12/1/26		430		465,737
Oregon, (SPA: U.S. Bank, N.A.), 0.88%, 12/1/36(3)		5,000		5,000,000
Pasadena, TX, 4.00%, 2/15/28		500		566,110
Pasadena, TX, 4.00%, 2/15/29		150		169,322
Pasadena, TX, 4.00%, 2/15/30		500		561,645
Pasadena, TX, 4.00%, 2/15/31		650		727,525
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		952,230
Pennsylvania, 4.00%, 6/1/30		5,000		5,328,350
Pennsylvania, 4.00%, 6/15/31		235		258,166
Pennsylvania, 5.00%, 7/1/24		490		576,941
Philadelphia, PA, 5.00%, 2/1/24		1,050		1,212,750
Philadelphia, PA, 5.00%, 2/1/26		1,150		1,408,405
Philadelphia, PA, 5.00%, 2/1/31		2,250		2,908,305
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,182,485
Plano Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/30		2,500		2,720,000
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		2,000		2,343,000
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/24		465		549,258
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/25		485		590,880
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/26		505		632,886
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/27		530		666,258
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28		555		696,081
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/29		575		720,107
Romeo Community Schools, MI, 5.00%, 5/1/30		700		847,574
Romulus, MI, 4.00%, 11/1/31		250		282,900
Romulus, MI, 4.00%, 11/1/32		200		225,494
Romulus, MI, 4.00%, 11/1/33		250		280,983
Round Rock Independent School District, TX, (PSF Guaranteed), 3.00%, 8/1/33		1,500		1,647,255
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,650		1,974,868
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		450		516,182
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		342,894

Security		Principal Amount (000’s omitted)		Value
General Obligations (continued)
Seward County Unified School District No. 480, KS, 5.00%, 9/1/29		$	2,000	$	2,405,680
South Texas College District, 5.00%, 8/15/30			1,295		1,469,644
Southfield Public Schools, MI, 5.00%, 5/1/25			1,100		1,316,601
Southfield Public Schools, MI, 5.00%, 5/1/27			1,000		1,255,650
St. Vrain Valley School DistrictRE-1J, CO, 5.00%, 12/15/28			1,700		2,138,056
St. Vrain Valley School DistrictRE-1J, CO, 5.00%, 12/15/29			1,000		1,252,860
Stamford, CT, 4.00%, 8/1/27			650		755,378
Sun Valley, ID, 5.00%, 9/15/25			755		925,615
Sun Valley, ID, 5.00%, 9/15/26			695		875,693
Texas, (SPA: State Street Bank and Trust Co.), 1.01%, 12/1/42(3)			7,040		7,040,000
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/30			515		640,820
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/31			450		555,741
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27			510		587,500
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28			530		607,809
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29			545		622,924
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30			570		649,441
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/25			600		737,766
Washington, 5.00%, 8/1/28			1,485		1,851,899
Washington, 5.00%, 8/1/29			1,400		1,739,374
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25	��		265		250,049
West Virginia, 5.00%, 12/1/30			10,000		13,121,700
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27			2,825		3,282,424
Will County Community Unit School District No.365-U, IL, 4.00%, 1/1/30			750		838,050
Williamson County, TX, 5.00%, 2/15/28			300		348,222
York County, PA, 5.00%, 6/1/27			1,225		1,461,155
				$	214,085,148
Hospital — 11.2%
Berks County Industrial Development Authority, PA, (Tower Health), 4.00%, 11/1/33		$	200	$	220,792
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25			250		300,128
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27			100		108,345

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29	$	750	$	953,273
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37		40		41,466
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		335		411,303
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/34		2,000		2,507,280
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/35		3,000		3,750,570
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00% to 8/1/26 (Put Date), 8/1/49		5,000		5,987,900
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25		150		181,041
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32		3,000		3,844,140
Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 5.00%, 2/15/33		1,000		1,241,280
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35(1)		1,000		1,166,610
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/32		1,815		2,045,614
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,484,000
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		612,145
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/31		1,000		1,175,160
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/32		1,000		1,171,240
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,182,110
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25		250		298,580
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26		250		298,353
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27		250		297,700
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/30		2,000		2,425,980
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/31		1,500		1,811,460
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/32		2,000		2,405,540
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.51%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(4)		4,865		4,876,481
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,167,130

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25	$	595	$	676,104
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/24		550		636,988
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26		500		610,335
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28		245		295,406
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		1,315		1,531,462
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24		500		589,105
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		579,136
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,213,440
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23		500		552,920
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		500		565,990
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/28		1,340		1,518,743
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/29		775		877,378
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/25		400		480,196
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/28		500		630,795
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/29		500		627,130
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25		1,000		1,208,680
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27		700		868,224
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28		700		864,661
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30		520		640,962
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31		700		862,106
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24		100		117,205
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,196,190
Norman Regional Hospital Authority, OK, 5.00%, 9/1/29		1,000		1,205,510
North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.00%, 6/1/34		1,140		1,154,250
North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group), 5.00%, 12/1/33		2,930		3,214,913

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33	$	2,600	$	3,368,482
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,229,670
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		286,653
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		166,026
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24		300		355,029
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		608,930
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		625		733,050
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,989,244
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/24		350		413,658
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25		335		407,879
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/26		300		368,523
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27		205		250,338
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28		500		608,560
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30		400		482,972
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31		300		361,416
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,984,657
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		491,024
			$	81,789,561
Housing — 3.1%
California Housing Finance Agency, 4.00%, 3/20/33	$	4,744	$	5,610,596
Connecticut Housing Finance Authority, 3.60%, 11/15/30		145		155,102
Georgia Housing & Finance Authority, 3.65%, 12/1/32		1,000		1,095,930
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.30%, 7/1/21		950		964,022
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/33		655		776,031
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/34		295		347,277

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/35	$	440	$	515,671
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/33		525		622,010
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/34		240		282,530
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/35		285		334,014
New York City Housing Development Corp., NY, 2.65%, 11/1/27		870		929,595
New York City Housing Development Corp., NY, 2.80%, 5/1/29		795		849,426
New York City Housing Development Corp., NY, 2.85%, 11/1/29		300		320,703
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.20%, 5/1/25		190		198,723
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.25%, 11/1/25		225		236,801
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26		225		241,414
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.50%, 11/1/27		140		150,210
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.60%, 5/1/28		110		118,103
New York Mortgage Agency, 2.30%, 10/1/30		1,000		1,031,540
New York Mortgage Agency, 3.65%, 4/1/32		1,000		1,103,810
Seattle Housing Authority, WA, 2.625%, 12/1/23		110		115,900
Seattle Housing Authority, WA, 2.75%, 12/1/24		480		513,907
Seattle Housing Authority, WA, 2.875%, 12/1/25		900		981,369
Seattle Housing Authority, WA, 3.00%, 12/1/26		920		1,018,992
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		270,440
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,758		1,953,683
Virginia Housing Development Authority, 2.55%, 5/1/27		630		664,505
Virginia Housing Development Authority, 3.80%, 12/1/35		785		873,964
Washington Housing Finance Commission, 2.25%, 6/1/25		105		111,103
Washington Housing Finance Commission, 2.30%, 12/1/25		130		138,171
Washington Housing Finance Commission, 2.40%, 6/1/26		105		111,692
			$	22,637,234
Insured – Education — 0.6%
Northern Arizona University, (BAM), 5.00%, 6/1/31	$	1,100	$	1,464,771
Northern Arizona University, (BAM), 5.00%, 6/1/32		500		663,710
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/28		1,065		1,318,332
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29		1,000		1,232,540
			$	4,679,353

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Escrowed / Prerefunded — 0.0%(5)
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	100	$	120,294
			$	120,294
Insured – General Obligations — 1.1%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	1,130	$	1,206,535
Albertville, AL, (BAM), Series A, 4.00%, 6/1/30		1,505		1,601,681
Albertville, AL, (BAM), Series C, 4.00%, 6/1/30		610		649,186
New Britain, CT, (BAM), 5.00%, 3/1/25		135		160,048
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		6,001
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		523,091
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24		325		377,962
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		808,963
Yonkers, NY, (BAM), Series 2019A, 5.00%, 5/1/31		1,000		1,312,410
Yonkers, NY, (BAM), Series 2019B, 5.00%, 5/1/31		1,200		1,573,620
			$	8,219,497
Insured – Lease Revenue / Certificates of Participation — 0.9%
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25	$	1,350	$	1,598,427
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29		1,235		1,482,494
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26		250		301,187
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29		100		119,611
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		400		474,432
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27		200		236,568
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24		410		481,131
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25		305		368,672
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26		355		439,607
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27		605		745,100
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29		310		378,414
			$	6,625,643
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/24	$	115	$	136,330
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25		420		514,034
			$	650,364
Insured – Transportation — 1.8%
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/24	$	350	$	412,846
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25		500		608,600

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26	$	320	$	389,114
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27		375		455,085
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/30		1,000		1,249,900
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/31		1,250		1,553,975
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32		1,650		2,044,680
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		2,450		3,025,530
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		2,485		3,062,936
			$	12,802,666
Insured – Water and Sewer — 0.1%
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/24	$	150	$	175,472
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30		250		300,707
			$	476,179
Lease Revenue / Certificates of Participation — 6.3%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,146,710
Aspen Fire Protection District, CO, 4.00%, 12/1/29		150		182,093
Aspen Fire Protection District, CO, 4.00%, 12/1/30		235		281,723
Aspen Fire Protection District, CO, 4.00%, 12/1/31		250		297,212
Aspen Fire Protection District, CO, 4.00%, 12/1/32		205		242,283
Broward County School Board, FL, 5.00%, 7/1/25		500		605,220
Broward County School Board, FL, 5.00%, 7/1/27		500		617,720
Broward County School Board, FL, 5.00%, 7/1/29		500		612,985
Broward County School Board, FL, Series A, 5.00%, 7/1/24		1,250		1,467,637
California Public Works Board, 5.00%, 11/1/29		1,000		1,249,960
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26		500		618,240
Colorado Department of Transportation, 5.00%, 6/15/30		350		426,867
Colorado Department of Transportation, 5.00%, 6/15/31		310		376,892
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25		500		596,225
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		3,000		3,793,230
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30		3,000		3,768,090
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		244,212
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23		135		151,712
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24		550		636,251
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25		570		675,712

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26	$	595	$	707,604
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27		620		730,056
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28		645		756,837
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		522,488
Kentucky Property and Buildings Commission, 5.00%, 4/1/27		1,710		2,123,495
Kentucky Property and Buildings Commission, 5.00%, 11/1/27		2,350		2,895,153
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,816,261
Medina City School District, OH, 5.00%, 12/1/24		300		353,328
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/25		1,405		1,712,456
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		2,000		2,421,940
Oklahoma County Finance Authority, OK, (MidwestCity-Del City Public Schools), 5.00%, 10/1/24		850		1,001,937
Oklahoma County Finance Authority, OK, (MidwestCity-Del City Public Schools), 5.00%, 10/1/25		1,000		1,213,510
Oklahoma County Finance Authority, OK, (MidwestCity-Del City Public Schools), 5.00%, 10/1/26		1,000		1,241,720
Orange County School Board, FL, 5.00%, 8/1/32		1,935		2,309,655
Pennington County, SD, Certificates of Participation, 5.00%, 6/1/27		1,300		1,556,464
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		475,656
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		615,070
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		850		1,037,178
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		950		1,155,656
South Dakota Building Authority, 5.00%, 6/1/26		500		620,835
South Dakota Building Authority, 5.00%, 6/1/27		635		743,191
South Dakota Building Authority, 5.00%, 6/1/28		210		251,719
South Dakota Building Authority, Series 2015B, 5.00%, 6/1/30		200		238,178
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/24		360		379,001
Virginia Public Building Authority, 4.00%, 8/1/35		1,140		1,364,352
			$	46,234,714
Other Revenue — 12.2%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	905	$	1,053,103

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/33	$	690	$	814,462
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/34		810		954,010
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/35		760		892,780
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.447%, (70% of 1 mo. USD LIBOR + 0.20%), 4/1/21 (Put Date), 10/1/47(4)		2,500		2,502,875
Central Plains Energy Project, NE, Gas Supply Revenue, 4.00% to 8/1/25 (Put Date), 12/1/49		5,000		5,677,350
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/28		1,000		1,211,390
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/29		1,000		1,208,230
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/32		825		992,813
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/33		640		767,821
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/34		510		610,552
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		186,797
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00%, 7/1/24		5,000		5,584,050
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,616,700
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50		7,500		8,756,550
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/30		400		462,540
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/31		250		288,450
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/32		365		420,498
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/33		300		345,117
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/34		475		545,799
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/32		2,355		3,014,588
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/34		2,425		3,083,436
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27		500		619,380
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29		275		338,825

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 4.00% to 12/2/24 (Put Date), 8/1/49	$	2,500	$	2,818,975
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 4.00% to 9/1/26 (Put Date), 3/1/50		5,000		5,775,250
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		1,000		1,095,810
Mississippi Development Bank, Special Obligation Bond, (East Mississippi Correctional Facility), 5.00%, 8/1/25		1,000		1,195,790
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25		1,270		1,512,087
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/27		200		260,048
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/28		250		332,755
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/29		325		441,506
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/31		250		337,653
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/32		550		739,755
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/33		300		402,207
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/34		300		400,860
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/35		700		931,735
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,347,514
San Diego Association of Governments, CA,(Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27		1,000		1,015,000
Spartanburg County School District No. 7, SC, Special Obligation Bonds, 5.00%, 12/1/24		350		416,017
Tennergy Corp., TN, Gas Supply Revenue, 5.00% to 10/1/24 (Put Date), 2/1/50		12,000		13,958,880
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,666,800
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/31		2,500		3,010,400
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32		1,000		1,201,440
			$	88,808,598
Senior Living / Life Care — 2.9%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,510,000
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/24		160		184,722
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/28		1,480		1,765,418

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/30	$	1,655	$	1,933,156
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32		350		405,391
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/33		600		691,914
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/34		685		787,127
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/35		615		704,464
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/33		875		1,001,402
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28		50		57,558
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		910		1,041,186
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		119,893
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26		640		659,130
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27		1,035		1,204,585
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21		250		267,905
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31		250		295,485
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		242,919
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27		1,000		1,063,830
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/23		600		660,594
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/29		600		705,618
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/30		200		233,884
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		250		291,595
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/24		150		173,718
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/25		100		115,732
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/26		1,100		1,269,488
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/27		50		57,477
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/29		125		143,330

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

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), 5.00%, 10/1/32	$	225	$	256,099
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/30		200		238,696
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/31		675		802,521
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/30		250		285,770
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		400		465,792
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/33		500		580,875
			$	21,217,274
Special Tax Revenue — 3.2%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/26	$	100	$	120,838
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/25		130		154,856
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/26		135		164,294
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/27		100		123,745
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/28		125		156,896
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/30		150		188,660
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/31		100		124,979
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/31		1,000		1,244,720
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32		500		621,065
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/25		250		300,713
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/26		1,025		1,268,765
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/29		900		1,099,872
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/30		950		1,158,097
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/31		895		1,089,063
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/32		735		891,165
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 10/1/32		1,200		1,320,300
Mississippi Development Bank, Special Obligation Bonds, (Hinds County School District), 4.00%, 3/1/25		470		535,137
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32		1,800		2,177,190
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34		5,000		6,188,700

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/33	$	1,190	$	1,390,194
Oregon Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/31		1,300		1,538,550
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26		100		120,279
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29		140		167,220
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32		1,000		1,241,290
			$	23,386,588
Transportation — 13.1%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), Prerefunded to 1/1/22, 4.00%, 1/1/31	$	1,000	$	1,057,930
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27		2,755		3,432,537
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,984,518
Central Florida Expressway Authority, 4.00%, 7/1/35		3,350		3,844,795
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/26		1,000		1,221,760
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28		150		177,584
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29		150		177,348
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30		500		590,635
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31		1,000		1,180,220
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		125		147,528
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/28		2,905		3,656,785
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/29		3,060		3,841,126
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/30		1,000		1,250,390
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/31		1,000		1,245,920
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/32		2,565		3,190,527
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		3,000		3,465,060
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,544,966
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30		2,545		2,620,586
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/24		650		773,844
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,450		1,786,124
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/32		2,100		2,580,585
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		595,990
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29		1,000		1,190,550
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30		750		890,212
Hawaii, Highway Revenue, 5.00%, 1/1/31		805		1,053,157

27 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25	$	650	$	783,887
Illinois Toll Highway Authority, 5.00%, 1/1/29		175		211,761
Illinois Toll Highway Authority, 5.00%, 12/1/32		350		419,314
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24		250		293,787
Kentucky Turnpike Authority, 5.00%, 7/1/33		500		561,040
Massachusetts Department of Transportation, 5.00%, 1/1/30		4,860		6,344,001
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		1,500		1,863,750
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41		415		457,571
Metropolitan Transportation Authority, NY, 2.013%, (67% of 1 mo. USD LIBOR + 0.82%), 2/1/22 (Put Date), 11/1/26(4)		6,625		6,653,289
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		2,435		3,091,768
New Orleans Aviation Board, LA, 5.00%, 1/1/28		150		185,792
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/26		3,000		3,713,520
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/29		550		650,034
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/30		400		471,108
Pennsylvania Turnpike Commission, 1.64%, (SIFMA + 0.70%), 12/1/23(4)		5,000		5,033,600
Port Authority of New York and New Jersey, 5.00%, 9/1/34		3,595		4,736,269
Port of Seattle, WA, 5.00%, 3/1/25		150		176,409
Port of Seattle, WA, 5.00%, 3/1/27		250		292,822
Port of Seattle, WA, 5.00%, 3/1/29		250		291,605
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/29		225		289,458
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/31		370		480,885
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/28		1,370		1,728,214
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/31		300		381,819
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/32		660		837,745
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/33		600		759,648
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/34		450		568,561
Texas Transportation Commission, 5.00%, 4/1/33		50		57,733
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/34		1,000		630,760
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/35		500		295,655
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31		2,920		3,754,770
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		1,005		1,280,712

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Wisconsin, Transportation Revenue, 5.00%, 7/1/31	$	3,450	$	4,022,458
Wisconsin, Transportation Revenue, 5.00%, 7/1/32		700		815,234
			$	95,635,656
Water and Sewer — 3.9%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25	$	300	$	365,784
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29		115		137,805
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30		100		119,518
Glendale, AZ, Water and Sewer Revenue, 5.00%,��7/1/28		1,500		1,806,495
King County, WA, Sewer Revenue, 4.00%, 7/1/33		4,880		5,395,328
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32		575		677,856
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27		1,000		1,151,890
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,194,220
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27		600		746,292
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29		500		617,135
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: Barclays Bank PLC), 1.18%, 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.), 1.18%, 6/15/50(2)		5,000		5,000,000
Rapid City, SD, Water Revenue, 4.00%, 11/1/29		600		686,214
Rapid City, SD, Water Revenue, 4.00%, 11/1/30		670		763,438
Rapid City, SD, Water Revenue, 5.00%, 11/1/26		1,000		1,219,680
Rapid City, SD, Water Revenue, 5.00%, 11/1/27		515		623,773
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		598,150
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27		505		614,747
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28		550		664,867
			$	28,383,192
TotalTax-Exempt Investments — 97.2% (identified cost $665,473,178)			$	708,711,221
Other Assets, Less Liabilities — 2.8%			$	20,661,318
Net Assets — 100.0%			$	729,372,539

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

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

28 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Portfolio of Investments — continued

The Portfolio invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2020, 4.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 2.9% of total investments.

⁽¹⁾ When-issued security.

⁽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, 2020.

⁽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, 2020.

⁽⁴⁾ Floating rate security. The stated interest rate represents the rate in effect at January 31, 2020.

⁽⁵⁾ Amount is less than 0.05%.

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, 2020

Statement of Assets and Liabilities

Assets	January 31, 2020
Unaffiliated investments, at value (identified cost, $665,473,178)	$	708,711,221
Cash		16,764,506
Interest receivable		6,445,606
Receivable from affiliates		5,379
Total assets	$	731,926,712
Liabilities
Payable for when-issued securities	$	2,185,788
Payable to affiliate:
Investment adviser fee		195,725
Accrued expenses		172,660
Total liabilities	$	2,554,173
Net Assets applicable to investors’ interest in Portfolio	$	729,372,539

30 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Statement of Operations

Investment Income	Year Ended January 31, 2020
Interest	$	16,816,363
Total investment income	$	16,816,363
Expenses
Investment adviser fee	$	2,132,713
Trustees’ fees and expenses		33,904
Custodian fee		147,812
Legal and accounting services		54,034
Miscellaneous		18,126
Total expenses	$	2,386,589
Deduct —
Allocation of expenses to affiliates	$	54,130
Total expense reductions	$	54,130
Net expenses	$	2,332,459
Net investment income	$	14,483,904
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	3,670,755
Net realized gain	$	3,670,755
Change in unrealized appreciation (depreciation) —
Investments	$	31,795,434
Net change in unrealized appreciation (depreciation)	$	31,795,434
Net realized and unrealized gain	$	35,466,189
Net increase in net assets from operations	$	49,950,093

31 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	14,483,904		$	13,949,745
Net realized gain (loss)		3,670,755			(8,296,867	)
Net change in unrealized appreciation (depreciation)		31,795,434			13,159,193
Net increase in net assets from operations	$	49,950,093		$	18,812,071
Capital transactions —
Contributions	$	100,910,579		$	60,489,911
Withdrawals		(34,118,862	)		(143,479,290	)
Portfolio transaction fee		202,332			305,881
Net increase (decrease) in net assets from capital transactions	$	66,994,049		$	(82,683,498	)
Net increase (decrease) in net assets	$	116,944,142		$	(63,871,427	)
Net Assets
At beginning of year	$	612,428,397		$	676,299,824
At end of year	$	729,372,539		$	612,428,397

32 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

Financial Highlights

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

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

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

⁽³⁾ Annualized.

⁽⁴⁾ Not annualized.

33 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

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, 2020, Parametric TABS5-to-15 Year Laddered Municipal Bond Fund (formerly, 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 99.0% and 1.0%, respectively, in the Portfolio.

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

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

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

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

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

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

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

As of January 31, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its 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. 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, 2020

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, 2020, the Portfolio’s investment adviser fee amounted to $2,132,713 or 0.32% of the Portfolio’s average daily net assets. Pursuant to asub-advisory agreement, BMR pays Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp., a portion of its investment adviser fee forsub-advisory services provided to the Portfolio. Pursuant to a voluntary expense reimbursement, BMR and Parametric were allocated $54,130 in total of the Portfolio’s operating expenses for the year ended January 31, 2020.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $266,132,417 and $183,615,370, respectively, for the year ended January 31, 2020.

4  Federal Income Tax Basis of Investments

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

Aggregate cost	$	665,472,000
Gross unrealized appreciation	$	43,239,221
Gross unrealized depreciation		—
Net unrealized appreciation	$	43,239,221

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. 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, 2020.

35

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

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, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	708,711,221	$	—	$	708,711,221
Total Investments	$	—	$	708,711,221	$	—	$	708,711,221

7  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

36

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2020

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, 2020, 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 three 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, 2020, 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 three 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, 2020, 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 20, 2020

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

37

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that for a fund to enter into an investment advisory agreement with an investment adviser, the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), must approve the agreement and its terms at anin-person meeting called for the purpose of considering such approval.

At a meeting held on December 10 and 11, 2019 (the “Meeting”), the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies (the “Eaton Vance Funds”) advised by Eaton Vance Management or its affiliate, Boston Management and Research (together, “Eaton Vance”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve new investmentsub-advisory agreements between Eaton Vance Management (“EVM”) and Parametric Portfolio Associates, LLC (“PPA”), an affiliate of Eaton Vance, with respect to Eaton Vance5-to-15 Year Laddered Municipal Bond Fund (the “Fund”), and between Boston Management and Research (“BMR”) and PPA with respect to5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), the portfolio in which the Fund invests, including their respective fee structures (together, the “NewSub-advisory Agreements”). EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser” as the context requires.

As of the date of the Meeting, the Board noted that EVM served as the investment adviser to the Fund pursuant to an investment advisory and administrative agreement, and that BMR served as the investment adviser to the Portfolio pursuant to an investment advisory agreement (each, an “Advisory Agreement”). The Board also noted that each Advisory Agreement provides that the Adviser may employ one or more investmentsub-advisers to perform advisory services for the Fund and the Portfolio, as applicable, subject to required approvals, including by the Board. Based on information provided to the Board by Eaton Vance at the Meeting, the Board’s approval of the NewSub-advisory Agreements permits PPA to be appointed as asub-adviser to both the Fund and the Portfolio, and enables the Fund and the Portfolio to continue their respective investment programs. The Board noted that EVM, BMR and PPA are each indirect wholly-owned subsidiaries of the same parent company, Eaton Vance Corp. (“EVC”).

At the Meeting, and prior to voting its approval of the NewSub-advisory Agreements, the Board received information from Eaton Vance regarding a strategic initiative previously announced by EVC whereby, among other initiates, members of Eaton Vance’sTax-Advantaged Bond Strategies (“TABS”) division and Quantitative Strategies (“QS”) group would be joining PPA (the “Transition”). The Board considered information from Eaton Vance regarding the Transition, noting that the Transition was intended to strengthen EVC’s leadership positions in rules-based, systematic investment strategies. The Board received information that, in connection with the Transition, the Advisers would continue providing investment services to the Fund and the Portfolio, as applicable, pursuant to the Advisory Agreements, and PPA would provide portfolio management services to the Fund and the Portfolio pursuant to the NewSub-advisory Agreements.

In considering the proposal to approve the NewSub-advisory Agreements, the Board reviewed information furnished for the Meeting, as well as information previously furnished throughout the year at the meetings of the Board and its committees. In this connection, the Board also considered information evaluated by the Board and its Contract Review Committee in determining to approve investment advisory andsub-advisory agreements for the Eaton Vance Funds at the meeting of the Board held on April 24, 2019 (the “2019 Annual Contract Renewal”). As part of this review, the Board considered information provided by Eaton Vance and its affiliates during the 2019 Annual Contract Renewal relating to the Board’s approval of the Advisory Agreements.

The Board was assured that the Transition would not result in, among other things, any changes to the nature or level of services currently being provided by the Adviser under each Advisory Agreement, which, following the Transition, would be provided collectively by the Adviser and PPA under each Advisory Agreement and the NewSub-advisory Agreements, respectively. In this regard, the Board considered the investment management related services that PPA will provide, as well as the ongoing services to be provided by each Adviser, including the background and experience of the portfolio management personnel who would continue to manage both the Fund and the Portfolio following the Transition. The Board considered that the individuals primarily responsible for providing portfolio management services to the Fund and the Portfolio, as applicable, under the Advisory Agreements will continue to serve in substantially the same roles, respectively, under each NewSub-advisory Agreement. The Board specifically noted that the terms of each NewSub-advisory Agreement are substantially similar to the terms of the standard form used by Eaton Vance with affiliatedsub-advisers for other Eaton Vance Funds in the Eaton Vance complex. Accordingly, in addition to the information considered at the Meeting and at prior meetings of the Board, including in connection with the 2019 Annual Contract Renewal, the Board considered relevant information provided by Eaton Vance in connection with the approval of the Advisory Agreements, as well as approvals ofsub-advisory agreements between each Adviser and PPA with respect to other Eaton Vance Funds.

Information considered by the Board relating to the NewSub-advisory Agreements included, among other things, the following (certain information was considered by the Board in connection with the 2019 Annual Contract Renewal):

Information about Fees and Expenses

• The advisory and related fees to be paid by the Fund and the Portfolio and thesub-advisory fees to be paid by each Adviser to PPA;

• Comparative information concerning fees charged by other advisers for managing funds similar to the Fund and the Portfolio;

Information about Portfolio Management and Trading

• Descriptions of the portfolio management services to be provided by PPA under the NewSub-advisory Agreements, as well as the investment strategies and policies to be employed;

• Information about PPA’s policies and practices with respect to trading, including their processes for seeking best execution of portfolio transactions;

38

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2020

Board of Trustees’ Contract Approval — continued

Information about each Adviser and PPA

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

• The Code of Ethics of PPA, together with information relating to compliance with, and the administration of, such code;

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

• Information concerning the resources devoted to compliance by PPA, including descriptions of its various compliance programs and its record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Adviser and its affiliates, including PPA;

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

Other Relevant Information

• The terms of the NewSub-advisory Agreements.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board concluded that the terms of the NewSub-advisory Agreements, including their respective fee structures, are in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the NewSub-advisory Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the NewSub-advisory Agreements, the Board evaluated the nature, extent and quality of services to be provided by PPA under the NewSub-advisory Agreements.

The Board considered PPA’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who will provide portfolio management, investment research, and similar services under the NewSub-advisory Agreements. The Board considered the resources available to PPA in fulfilling its duties under the NewSub-advisory Agreements and the abilities and experience of PPA’s investment professionals in implementing the investment strategies of the Fund and the Porfolio. In this regard, the Board noted that the individuals primarily responsible for providing portfolio management services to the Fund and the Portfolio, as applicable, under the Advisory Agreements will continue to serve in substantially the same roles under each NewSub-advisory Agreement. In particular, the Board considered the abilities and experience of such investment professionals in the TABS and municipal research groups involved in managing the Fund and the Portfolio and other funds and accounts that invest primarily in municipal bonds and employtax-advantaged bond and laddered strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of PPA as well as other factors, including the reputation and resources of PPA to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including PPA. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by PPA, taken as a whole, will be appropriate and consistent with the terms of the NewSub-advisory Agreements.

Performance, Management Fees, Profitability and Economies of Scale

The Board considered the fact that, as part of the 2019 Annual Contract Renewal with respect to the Fund and the Portfolio, the Board had concluded that (i) the performance of the Fund was satisfactory, (ii) the management fees payable to the Adviser were reasonable, (iii) the profits being realized by the Adviser and its affiliates were deemed not to be excessive, and (iv) the Fund and the Portfolio currently share in the benefits from economies of scale, if any, when they are realized by the Adviser, and that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future. In considering whether to approve the NewSub-advisory Agreements, the Board considered the fact that EVM, BMR and PPA are indirect wholly-owned subsidiaries of the same parent company, EVC. The Board also considered that the Transition is not expected to result in any change in the terms of the Advisory Agreements (including the fees payable thereunder), and that the Adviser will be responsible for the payment of all fees to PPA. Accordingly, the Board concluded that the appointment of PPA as asub-adviser under each NewSub-advisory Agreement is not expected to adversely affect the performance of the Fund or the Portfolio, the reasonableness of the management fees payable by the Fund and the Portfolio, a portion of which will be paid by each Adviser to PPA, the profits to be realized by each Adviser and its affiliates, including PPA, in managing the Fund and the Portfolio, or the extent to which the Fund and the Portfolio can be expected to benefit from economies of scale in the future.

39

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2020

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 159 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 159 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. 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). Other 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). Other 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). Other 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). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

40

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2020

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). Other Directorships in the Last Five Years.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). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other 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). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(2)	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 of CRM.

41

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(2)	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 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⁾  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 calling1-800-260-0761.

42

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent12-month period ended June 30, without charge, upon request, by calling1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

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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 Parametric TABS5-to-15 Year Laddered Municipal Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

InvestmentSub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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    1.31.20

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, 2019 and January 31, 2020 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	1/31/19		1/31/20
Audit Fees	$	33,400	$	33,000
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	14,210	$	13,923
All Other Fees(3)	$	0	$	0
Total	$	47,610	$	46,923

⁽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, 2019 and January 31, 2020; 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*	1/31/19		1/31/20
Registrant	$	14,210	$	13,923
Eaton Vance(1)	$	126,485	$	59,903

⁽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 applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Item 12. Disclosure of Securities Lending Activities 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 24, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 24, 2020

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 24, 2020