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

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-23151

5-to-15 Year Laddered Municipal Bond Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

January 31, 2022

Date of Reporting Period

Item 1. Reports to Stockholders

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments

Tax-Exempt Municipal Obligations — 97.3%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.5%
Ohio Water Development Authority, Water Pollution Control Loan Fund, Green Bonds, 4.00%, 12/1/37	$	2,475	$	2,929,261
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35		500		539,805
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35		1,175		1,348,125
			$	4,817,191
Education — 4.7%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 0.325%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1)	$	2,750	$	2,736,552
Arizona State University:
5.00%, 7/1/35		1,500		1,877,670
5.00%, 7/1/36		1,000		1,249,620
Connecticut Health and Educational Facilities Authority, (Fairfield University):
5.00%, 7/1/25		875		976,955
5.00%, 7/1/26		1,000		1,143,930
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		587,477
Miami University, OH, 5.00%, 9/1/32(2)		735		918,713
New York Dormitory Authority, (Rochester Institute of Technology):
5.00%, 7/1/35		540		661,252
5.00%, 7/1/36		395		483,255
5.00%, 7/1/37		840		1,026,413
New York Dormitory Authority, (School Districts Revenue Bond Financing Program):
5.00%, 10/1/32		1,500		1,864,065
5.00%, 10/1/33		1,175		1,459,585
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		200,782
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University):
4.00%, 9/1/33		305		362,471
4.00%, 9/1/34		350		415,065
Saginaw Valley State University, MI:
5.00%, 7/1/27		500		576,810
5.00%, 7/1/28		1,000		1,150,380
Swarthmore Borough Authority, PA, (Swarthmore College), 4.00%, 9/15/37		1,925		2,273,271
Texas A&M University, 4.00%, 5/15/34		1,000		1,186,920

Security	Principal Amount (000’s omitted)		Value
Education (continued)
University of Florida:
4.00%, 7/1/31	$	5,000	$	5,946,900
4.00%, 7/1/32		6,465		7,613,249
4.00%, 7/1/33		6,720		7,896,873
University of Hawaii, 3.00%, 10/1/31		1,000		1,085,580
			$	43,693,788
Electric Utilities — 2.1%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,122,170
Energy Northwest, WA, Wind Project Revenue:
5.00%, 7/1/25		365		409,994
5.00%, 7/1/26		1,000		1,120,780
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		283,202
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		850,983
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34		770		873,796
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		575,560
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		285,867
Seattle, WA, Municipal Light and Power Revenue, 0.31%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)		2,000		2,017,360
Seattle, WA, Municipal Light and Power Revenue, Green Bonds, 4.00%, 7/1/34		5,035		5,880,225
Springfield Electric System Revenue, IL:
5.00%, 3/1/27		250		277,582
5.00%, 3/1/28		250		277,183
5.00%, 3/1/29		250		276,783
Tallahassee, FL, Energy System Revenue:
5.00%, 10/1/27		300		330,501
5.00%, 10/1/28		400		440,000
5.00%, 10/1/29		1,120		1,231,698
5.00%, 10/1/30		1,500		1,649,595
5.00%, 10/1/31		1,000		1,099,730
5.00%, 10/1/33		300		329,586
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		271,993
			$	19,604,588
Escrowed / Prerefunded — 0.7%
North Carolina Medical Care Commission, (United Methodist Retirement Homes):
Prerefunded to 10/1/23, 5.00%, 10/1/24	$	150	$	164,403
Prerefunded to 10/1/23, 5.00%, 10/1/25		100		109,602
Prerefunded to 10/1/23, 5.00%, 10/1/26		1,100		1,205,622
Prerefunded to 10/1/23, 5.00%, 10/1/27		50		54,801

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
North Carolina Medical Care Commission, (United Methodist Retirement Homes): (continued)
Prerefunded to 10/1/23, 5.00%, 10/1/29	$	125	$	137,003
Prerefunded to 10/1/23, 5.00%, 10/1/32		225		246,604
Series 2017A, Prerefunded to 10/1/23, 5.00%, 10/1/30		250		274,005
Pennington County, SD, Certificates of Participation, Prerefunded to 6/1/25, 5.00%, 6/1/27		1,300		1,461,798
Seward County Unified School District No. 480, KS, Prerefunded to 9/1/25, 5.00%, 9/1/29		2,000		2,265,280
South Dakota Building Authority:
Prerefunded to 6/1/25, 5.00%, 6/1/28		210		236,504
Series 2015B, Prerefunded to 6/1/25, 5.00%, 6/1/30		200		225,242
			$	6,380,864
General Obligations — 25.7%
Addison, TX, Prerefunded to 2/15/23, 5.00%, 2/15/26	$	270	$	282,118
Anchorage, AK:
5.00%, 9/1/25		100		113,039
5.00%, 9/1/27		780		876,455
Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/32		500		577,675
Belding Area Schools, MI:
5.00%, 5/1/28		250		287,585
5.00%, 5/1/30		250		286,693
Birmingham, AL:
5.00%, 12/1/25		1,050		1,195,141
5.00%, 12/1/27		2,460		2,944,325
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32		450		511,988
Brookline, MA:
5.00%, 3/15/30		2,000		2,463,960
5.00%, 3/15/31		3,825		4,710,411
Burlington, VT:
5.00%, 11/1/27		255		305,730
5.00%, 11/1/29		75		93,252
5.00%, 11/1/30		300		371,979
Series 2016A, 5.00%, 11/1/26		150		175,509
Series 2019A, 5.00%, 11/1/26		210		245,713
California:
4.00%, 8/1/36		5,000		5,472,000
5.00%, 12/1/29		700		873,488
5.00%, 12/1/30		2,750		3,499,347
5.00%, 12/1/31		1,550		2,011,419
5.00%, 8/1/32		1,590		1,827,021
5.00%, 12/1/34		2,500		3,153,400
Cape May County, NJ, 3.00%, 10/1/31		1,000		1,068,580

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed):
4.00%, 2/15/32	$	650	$	762,638
4.00%, 2/15/33		1,000		1,174,380
4.00%, 2/15/34		1,010		1,186,386
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33		1,000		746,160
Clark County, NV, 3.00%, 11/1/36		3,580		3,822,581
Colonial School District, PA:
5.00%, 2/15/32		100		113,120
5.00%, 2/15/33		200		226,092
Connecticut:
4.00%, 6/1/32		1,000		1,167,180
4.00%, 6/1/33		600		698,976
4.00%, 1/15/34		1,500		1,758,090
4.00%, 6/1/35		850		981,580
4.00%, 6/1/36		1,000		1,149,500
Contra Costa Community College District, CA, (Election of 2014):
4.00%, 8/1/32		650		760,890
4.00%, 8/1/33		100		116,934
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32		630		735,292
Dallas Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35(2)		4,095		4,412,608
Dallas, TX, 5.00%, 2/15/31		3,465		3,609,317
Delaware, 5.00%, 2/1/29		1,000		1,205,750
Denton County, TX, 4.00%, 7/15/31		1,500		1,707,540
District of Columbia, 5.00%, 6/1/33		6,690		7,277,783
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		390,061
Dublin City School District, OH, 5.00%, 12/1/29		500		612,210
Easton Area School District, PA, 5.00%, 2/1/31		1,400		1,681,974
Elgin Independent School District, TX, (PSF Guaranteed), 3.00%, 8/1/37(2)		2,070		2,235,973
Elk Grove Unified School District, CA, 4.00%, 8/1/32		2,305		2,733,177
Flower Mound, TX, 5.00%, 3/1/27		510		586,883
Franklin County, OH, Prerefunded to 6/1/23, 4.25%, 12/1/35		1,100		1,150,809
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		431,448
Georgia, 5.00%, 2/1/32		1,000		1,176,080
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		571,130
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		988,236
Hawaii, 5.00%, 1/1/30		3,730		4,575,218
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,170,580

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Homewood, AL:
5.00%, 9/1/28	$	2,000	$	2,320,000
5.00%, 9/1/29		2,000		2,313,520
Honolulu City and County, HI, 3.00%, 9/1/31		110		117,161
Illinois:
5.00%, 9/1/27		12,035		13,903,674
5.00%, 3/1/28		2,000		2,006,680
5.00%, 4/1/29		1,190		1,279,262
5.00%, 3/1/34		6,000		6,017,940
5.00%, 3/1/35		1,000		1,002,970
5.50%, 5/1/30		5,500		6,809,385
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000		1,073,410
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		2,822,314
Kennewick School District No. 17, WA:
4.00%, 12/1/33		655		772,350
4.00%, 12/1/34		1,200		1,412,796
Lakeland, FL:
5.00%, 10/1/25		635		707,777
5.00%, 10/1/28		1,500		1,674,885
5.00%, 10/1/30		1,000		1,114,610
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		380		267,809
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,750,032
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		1,690		1,882,812
Los Angeles Unified School District, CA:
4.00%, 7/1/33		2,500		2,911,900
4.00%, 7/1/36		3,000		3,454,800
Maine, 5.00%, 6/1/30		2,105		2,668,845
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		220,412
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		334,539
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,126,490
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		598,091
Morris Township, NJ, 3.00%, 11/1/27		440		470,620
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27		175		160,302
Navasota Independent School District, TX, (PSF Guaranteed):
Prerefunded to 2/15/25, 5.00%, 2/15/28		195		217,066
Prerefunded to 2/15/25, 5.00%, 2/15/29		340		378,474
Prerefunded to 2/15/25, 5.00%, 2/15/30		725		807,041
Prerefunded to 2/15/25, 5.00%, 2/15/31		885		985,147
Prerefunded to 2/15/25, 5.00%, 2/15/32		720		801,475

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
New Jersey:
4.00%, 6/1/31	$	5,000	$	5,805,450
5.00%, 6/1/28		10,000		11,912,600
New York, 5.00%, 3/15/31		3,000		3,870,300
Ohio, (Adult Correctional Building Fund):
5.00%, 10/1/28		1,000		1,218,300
5.00%, 10/1/29		1,500		1,864,500
5.00%, 10/1/30		1,000		1,266,780
Oregon:
2.35%, 6/1/25		165		171,131
2.40%, 12/1/25		1,050		1,094,635
Pasadena, TX:
4.00%, 2/15/28		500		540,245
4.00%, 2/15/29		150		161,886
4.00%, 2/15/30		500		539,310
4.00%, 2/15/31		650		700,499
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		968,925
Pennsylvania:
4.00%, 6/15/31		135		143,243
Prerefunded to 6/1/22, 4.00%, 6/1/30		5,000		5,059,800
Philadelphia, PA:
5.00%, 2/1/26		1,150		1,315,381
5.00%, 2/1/31		1,550		1,911,305
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,093,466
Portland, OR, 5.00%, 6/1/30		6,515		8,260,108
Ravenswood City School District, CA, (Election of 2016):
5.00%, 8/1/25		485		548,380
5.00%, 8/1/26		505		586,962
5.00%, 8/1/27		530		613,756
5.00%, 8/1/28		555		642,179
5.00%, 8/1/29		575		664,781
Richland County School District No. 2, SC, 4.00%, 3/1/32		2,290		2,681,269
Romeo Community Schools, MI, 5.00%, 5/1/30		700		803,985
Romulus, MI:
4.00%, 11/1/31		250		273,733
4.00%, 11/1/32		100		109,493
4.00%, 11/1/33		250		273,638
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,650		1,847,142
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		450		495,086
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		327,150

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Southfield Public Schools, MI:
5.00%, 5/1/25	$	1,100	$	1,233,485
5.00%, 5/1/27		1,000		1,183,830
St. Mary’s County, MD:
5.00%, 5/1/28		1,255		1,522,415
5.00%, 5/1/30		1,245		1,571,514
St. Vrain Valley School District RE-1J, CO:
5.00%, 12/15/28		1,700		1,993,743
5.00%, 12/15/29		1,000		1,169,700
Stamford, CT, 4.00%, 8/1/27		650		711,795
Sun Valley, ID:
5.00%, 9/15/25		755		858,095
5.00%, 9/15/26		695		812,142
Tomball Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35(2)		5,000		5,948,050
Torrance Unified School District, CA, (Election of 2014):
5.00%, 8/1/30		515		595,654
5.00%, 8/1/31		450		518,990
Tuloso-Midway Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/27		510		557,083
4.00%, 8/15/28		530		577,583
4.00%, 8/15/29		545		593,734
University City School District, MO, 4.00%, 2/15/35(2)		790		897,535
Washington:
5.00%, 8/1/28		1,485		1,716,868
5.00%, 8/1/29		1,400		1,616,608
Wellesley, MA:
5.00%, 4/1/30		1,990		2,514,763
5.00%, 4/1/31		1,985		2,557,275
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,170,130
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		360		395,266
York County, PA, 5.00%, 6/1/27		1,225		1,357,974
			$	241,487,643
Hospital — 14.5%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group):
5.00%, 4/1/31	$	1,750	$	2,077,057
5.00%, 4/1/33		3,000		3,553,290
Arizona Health Facilities Authority, (Banner Health), 0.31%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1)		5,000		5,001,800
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25		250		271,723

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27	$	90	$	92,990
California Health Facilities Financing Authority, (CommonSpirit Health), 4.00%, 4/1/36		2,870		3,236,528
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29		750		880,125
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		335		385,377
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.):
4.00%, 4/1/34		100		114,414
4.00%, 4/1/35		290		330,826
4.00%, 4/1/36		300		340,947
Colorado Health Facilities Authority, (CommonSpirit Health):
5.00%, 8/1/34		2,000		2,408,180
5.00%, 8/1/35		3,000		3,603,480
5.00% to 8/1/26 (Put Date), 8/1/49		5,000		5,666,800
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25		150		168,210
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32		3,000		3,686,370
Connecticut Health and Educational Facilities Authority, (Stamford Hospital):
4.00%, 7/1/26		600		664,944
4.00%, 7/1/27		700		788,179
4.00%, 7/1/28		650		741,838
4.00%, 7/1/29		500		577,195
4.00%, 7/1/30		750		866,025
Duluth Economic Development Authority, MN, (St. Luke’s Hospital of Duluth Obligated Group):
Series 2021A, 5.00%, 6/15/29		285		342,103
Series 2021A, 5.00%, 6/15/30		285		347,124
Series 2021A, 5.00%, 6/15/31		285		351,630
Series 2022A, 5.00%, 6/15/28(2)		460		533,756
Series 2022A, 5.00%, 6/15/29(2)		375		440,944
Series 2022A, 5.00%, 6/15/30(2)		425		506,808
Series 2022A, 5.00%, 6/15/31(2)		450		543,902
Geisinger Authority, PA, (Geisinger Health System), 5.00%, 4/1/35		6,000		7,363,080
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		1,000		1,143,190
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,214,120
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		581,080
Illinois Finance Authority, (Rush University Medical Center):
5.00%, 11/15/31		1,000		1,105,570
5.00%, 11/15/32		1,000		1,104,890

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.46%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(1)	$	12,715	$	12,807,311
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,134,260
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation):
5.00%, 5/15/25		250		279,800
5.00%, 5/15/26		250		277,833
5.00%, 5/15/27		250		277,240
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.):
5.00%, 10/1/30		2,000		2,302,640
5.00%, 10/1/31		1,500		1,725,525
5.00%, 10/1/32		2,000		2,297,780
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.63%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(1)		4,575		4,597,234
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,106,380
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		485		520,997
Massachusetts Development Finance Agency, (South Shore Hospital):
5.00%, 7/1/24		550		596,601
5.00%, 7/1/26		500		571,735
5.00%, 7/1/28		245		278,925
Medford Hospital Facilities Authority, OR, (Asante Health System):
5.00%, 8/15/34		1,000		1,230,780
5.00%, 8/15/35		700		860,461
5.00%, 8/15/36		1,000		1,226,180
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		1,315		1,435,322
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		553,558
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,139,430
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group):
5.00%, 7/1/23		400		421,528
5.00%, 7/1/28		1,340		1,487,078
5.00%, 7/1/29		775		857,863
Montgomery County, OH, (Dayton Children’s Hospital):
4.00%, 8/1/36		1,000		1,150,560
4.00%, 8/1/37		1,100		1,262,767
5.00%, 8/1/31		800		1,021,240

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Montgomery County, OH, (Dayton Children’s Hospital): (continued)
5.00%, 8/1/32	$	750	$	955,777
5.00%, 8/1/33		800		1,015,800
5.00%, 8/1/34		1,150		1,458,522
5.00%, 8/1/35		1,750		2,216,357
Montgomery County, OH, (Kettering Health Network Obligated Group):
5.00%, 8/1/32		275		344,985
5.00%, 8/1/33		300		375,606
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group):
5.00%, 8/1/25		400		450,660
5.00%, 8/1/28		500		596,360
5.00%, 8/1/29		500		593,875
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System):
5.00%, 7/1/25		1,000		1,126,850
5.00%, 7/1/27		700		812,749
5.00%, 7/1/28		700		811,111
5.00%, 7/1/30		520		600,122
5.00%, 7/1/31		700		805,588
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,125,150
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32		750		866,355
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 10/15/37		1,375		1,586,255
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33		2,250		2,765,092
Pima County Industrial Development Authority, AZ, (Tucson Medical Center):
5.00%, 4/1/31		1,000		1,264,930
5.00%, 4/1/34		1,590		2,000,951
Public Finance Authority, WI, (Renown Regional Medical Center):
4.00%, 6/1/35		795		903,017
5.00%, 6/1/34		1,320		1,618,426
5.00%, 6/1/36		2,310		2,825,523
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,149,450
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		269,203
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		160,781
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		563,670

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30	$	625	$	698,044
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,866,443
Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/26 (Put Date), 5/15/60		3,500		4,051,460
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center):
5.00%, 12/1/25		335		379,696
5.00%, 12/1/27		205		234,764
5.00%, 12/1/28		500		572,145
5.00%, 12/1/30		400		457,356
5.00%, 12/1/31		300		342,609
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,862,028
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		461,632
			$	135,644,865
Housing — 2.1%
Georgia Housing & Finance Authority, 3.65%, 12/1/32	$	630	$	660,322
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA):
1.50%, 1/1/31		300		283,242
1.60%, 7/1/31		250		237,030
Minnesota Housing Finance Agency:
2019 Series A, 4.00%, 8/1/34		295		336,123
2019 Series A, 4.00%, 8/1/35		440		500,742
2019 Series C, 4.00%, 8/1/33		525		600,731
2019 Series C, 4.00%, 8/1/34		240		274,174
2019 Series C, 4.00%, 8/1/35		285		324,344
New York City Housing Development Corp., NY:
2.65%, 11/1/27		870		899,667
2.80%, 5/1/29		655		680,866
2.85%, 11/1/29		300		312,006
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA):
2.20%, 5/1/25		190		194,020
2.25%, 11/1/25		225		230,454
2.40%, 11/1/26		225		232,002
2.50%, 11/1/27		140		144,074
2.60%, 5/1/28		110		113,463
New York Mortgage Agency:
2.30%, 10/1/30		1,000		1,001,320
3.65%, 4/1/32		425		447,988

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Seattle Housing Authority, WA:
2.875%, 12/1/25	$	900	$	944,532
3.00%, 12/1/26		920		974,308
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26		7,675		7,494,944
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		261,225
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,163		1,209,427
Virginia Housing Development Authority, 2.55%, 5/1/27		630		645,674
Washington Housing Finance Commission:
2.25%, 6/1/25		105		107,384
2.30%, 12/1/25		130		133,370
2.40%, 6/1/26		105		107,586
			$	19,351,018
Insured – Education — 0.7%
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), (AGM), 5.00%, 10/1/33	$	1,625	$	2,011,978
Patterson Joint Unified School District, CA, (Election 2018):
(BAM), 5.00%, 8/1/28		1,065		1,228,275
(BAM), 5.00%, 8/1/29		1,000		1,150,010
University of Central Florida, (AGM), 4.00%, 10/1/34		1,805		2,121,922
			$	6,512,185
Insured – Electric Utilities — 0.2%
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J):
(AGM), 4.00%, 1/1/36	$	335	$	378,242
(AGM), 4.00%, 1/1/37		655		738,669
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M):
(AGM), 4.00%, 1/1/36		435		492,159
(AGM), 4.00%, 1/1/37		470		531,133
			$	2,140,203
Insured – Escrowed / Prerefunded — 0.0%(3)
New Britain, CT:
(BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	5	$	5,573
(BAM), Escrowed to Maturity, 5.00%, 3/1/25		100		111,612
			$	117,185
Insured – General Obligations — 1.0%
Fort Bend County Municipal Utility District No. 58, TX:
(BAM), 3.00%, 4/1/26	$	185	$	194,861

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Fort Bend County Municipal Utility District No. 58, TX: (continued)
(BAM), 3.00%, 4/1/30	$	25	$	26,389
(BAM), 3.00%, 4/1/32		360		378,839
New Britain, CT, (BAM), 5.00%, 3/1/25		135		149,765
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		507,816
Pharr, TX:
(AGM), 4.00%, 8/15/35		2,190		2,585,623
(AGM), 4.00%, 8/15/37		2,485		2,923,950
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		772,531
Yonkers, NY:
(BAM), Series 2019A, 5.00%, 5/1/31		750		922,972
(BAM), Series 2019B, 5.00%, 5/1/31		825		1,015,270
			$	9,478,016
Insured – Housing — 0.1%
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing):
Green Bonds, (BAM), 4.00%, 5/15/35	$	600	$	691,620
Green Bonds, (BAM), 4.00%, 5/15/36		600		690,864
			$	1,382,484
Insured – Lease Revenue / Certificates of Participation — 0.2%
Clermont County Port Authority, OH, (West Clermont Local School District):
(BAM), 5.00%, 12/1/26	$	250	$	283,455
(BAM), 5.00%, 12/1/29		100		112,624
Highlands County School Board, FL:
(BAM), 5.00%, 3/1/26		400		443,876
(BAM), 5.00%, 3/1/27		200		221,618
Pasco County School Board, FL:
(BAM), 5.00%, 8/1/27		605		700,034
(BAM), 5.00%, 8/1/29		310		355,486
			$	2,117,093
Insured – Other Revenue — 0.4%
New York Dormitory Authority, School Districts Revenue Bond Financing Program:
(AGM), 5.00%, 10/1/33	$	500	$	602,980
(AGM), 5.00%, 10/1/34		1,250		1,506,787
(AGM), 5.00%, 10/1/35		1,000		1,202,200
			$	3,311,967

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25	$	420	$	473,189
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/34		115		132,403
(AGM), 4.00%, 5/1/36		135		155,375
			$	760,967
Insured – Transportation — 1.2%
New Brunswick Parking Authority, NJ:
(BAM), 5.00%, 9/1/25	$	500	$	564,445
(BAM), 5.00%, 9/1/27		375		423,473
New Orleans Aviation Board, LA:
(AGM), 5.00%, 1/1/30		1,000		1,185,960
(AGM), 5.00%, 1/1/31		1,250		1,480,113
(AGM), 5.00%, 1/1/32		1,650		1,951,834
(AGM), 5.00%, 1/1/33		2,450		2,896,806
(AGM), 5.00%, 1/1/34		2,485		2,937,270
			$	11,439,901
Insured – Water and Sewer — 0.1%
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30	$	250	$	282,582
Hamburg Municipal Authority, PA, Sewer Revenue:
(AGM), 2.00%, 10/1/32		370		368,254
(AGM), 2.00%, 10/1/34		200		197,934
(AGM), 2.00%, 10/1/36		255		246,616
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/28		250		285,940
			$	1,381,326
Lease Revenue / Certificates of Participation — 5.5%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,095,080
Aspen Fire Protection District, CO:
4.00%, 12/1/30		235		268,206
4.00%, 12/1/31		250		283,570
4.00%, 12/1/32		205		232,343
Broward County School Board, FL:
5.00%, 7/1/25		500		561,995
5.00%, 7/1/27		500		580,300
5.00%, 7/1/29		500		574,495
California Public Works Board:
4.00%, 5/1/36		880		1,014,411
5.00%, 11/1/29		1,000		1,157,570

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26	$	500	$	580,755
Colorado Department of Transportation:
5.00%, 6/15/30		350		399,140
5.00%, 6/15/31		310		353,384
Colorado, (Building Excellent Schools Today):
4.00%, 3/15/37		1,000		1,165,950
5.00%, 3/15/33		1,150		1,459,051
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue:
5.00%, 6/1/25		500		559,790
5.00%, 6/1/29		3,000		3,583,200
5.00%, 6/1/30		3,000		3,568,230
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		227,164
Forsyth County, NC, Limited Obligation Bonds, 5.00%, 4/1/27		1,300		1,536,613
Fountain Valley Public Financing Authority, CA:
4.00%, 11/1/25		570		626,960
4.00%, 11/1/26		595		659,450
4.00%, 11/1/27		620		683,922
4.00%, 11/1/28		645		709,261
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		490,446
Indiana Finance Authority, (Stadium Project), (SPA: U.S. Bank, N.A.), 0.11%, 2/1/35(4)		4,800		4,800,000
Lake Houston Redevelopment Authority, TX:
3.00%, 9/1/37		300		299,253
4.00%, 9/1/32		200		225,254
4.00%, 9/1/35		200		224,174
4.00%, 9/1/36		200		223,908
5.00%, 9/1/31		250		304,148
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,714,361
Moulton Niguel Water District, CA, Certificates of Participation, 3.00%, 9/1/35		815		881,398
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools):
5.00%, 12/1/25		1,405		1,590,081
5.00%, 12/1/26		2,000		2,263,460
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools):
5.00%, 10/1/25		1,000		1,127,270
5.00%, 10/1/26		1,000		1,156,680
Orange County School Board, FL, Prerefunded to 8/1/25, 5.00%, 8/1/32		1,935		2,186,434
Palm Beach County School Board, FL, 5.00%, 8/1/31		4,000		4,480,320

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/32	$	2,585	$	2,865,912
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		440,186
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		567,675
Riverside County Public Financing Authority, CA:
Prerefunded to 11/1/25, 5.00%, 11/1/27		850		966,960
Prerefunded to 11/1/25, 5.00%, 11/1/28		950		1,080,720
South Dakota Building Authority, 5.00%, 6/1/26		500		575,775
Virginia Public Building Authority, 4.00%, 8/1/35		1,140		1,317,977
			$	51,663,232
Other Revenue — 10.9%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	905	$	1,017,799
Bexar County, TX, Motor Vehicle Rental Tax Revenue:
4.00%, 8/15/33		690		777,085
4.00%, 8/15/34		810		911,420
4.00%, 8/15/35		510		572,603
Black Belt Energy Gas District, AL, 4.00% to 12/1/26 (Put Date), 10/1/52		18,500		20,346,485
District of Columbia, (National Public Radio, Inc.):
Prerefunded to 4/1/26, 5.00%, 4/1/28		1,000		1,153,460
Prerefunded to 4/1/26, 5.00%, 4/1/29		1,000		1,153,460
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/32		825		936,392
5.00%, 12/1/33		640		725,901
5.00%, 12/1/34		510		577,636
Hudson Yards Infrastructure Corp., NY, Green Bonds, 4.00%, 2/15/37		3,400		3,955,050
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		175,455
Kentucky Public Energy Authority, Gas Supply Revenue:
4.00%, 7/1/24		5,000		5,294,400
4.00% to 2/1/28 (Put Date), 2/1/50		19,000		21,181,960
Knoxville, TN, Gas System Revenue, 4.00%, 3/1/33		3,245		3,696,087
Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49		5,000		5,526,400
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City):
5.00%, 12/1/32		2,355		2,888,101
5.00%, 12/1/34		2,425		2,963,956
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish):
5.00%, 4/1/27		500		575,190
5.00%, 4/1/29		275		314,911

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25	$	1,270	$	1,413,878
New York City Cultural Resources Trust, NY, (Carnegie Hall):
5.00%, 12/1/27		100		118,642
5.00%, 12/1/29		325		400,173
5.00%, 12/1/31		250		307,998
5.00%, 12/1/32		550		677,974
5.00%, 12/1/33		200		246,600
5.00%, 12/1/34		300		369,393
5.00%, 12/1/35		700		861,084
New York City Educational Construction Fund, NY, 5.00%, 4/1/29		2,765		3,381,789
New York Dormitory Authority, Personal Income Tax Revenue:
4.00%, 3/15/38		1,750		1,994,107
5.00%, 3/15/36		5,000		6,407,000
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,248,913
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,403,550
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/26		1,000		1,135,830
Wisconsin, Environmental Improvement Fund Revenue:
5.00%, 6/1/31		2,500		2,796,350
5.00%, 6/1/32		1,000		1,117,840
			$	102,624,872
Senior Living / Life Care — 1.9%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,500,925
Baltimore County, MD, (Riderwood Village, Inc.):
4.00%, 1/1/30		1,655		1,891,020
4.00%, 1/1/31		250		285,007
4.00%, 1/1/32		350		398,314
4.00%, 1/1/33		600		682,854
4.00%, 1/1/34		685		779,023
4.00%, 1/1/35		615		698,726
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.):
5.00%, 11/15/28		50		55,888
5.00%, 11/15/30		910		1,010,446
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		112,612
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries):
2.50%, 1/1/26		640		668,960
5.00%, 1/1/27		1,035		1,174,715

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31	$	310	$	344,497
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		227,380
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services):
3.00%, 2/1/27		1,000		1,050,030
5.00%, 2/1/23		600		623,448
5.00%, 2/1/29		600		672,498
5.00%, 2/1/30		200		223,264
5.00%, 2/1/31		250		278,470
North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/41		715		796,510
North Carolina Medical Care Commission, (United Methodist Retirement Homes):
Series 2016A, 5.00%, 10/1/30		230		262,556
Series 2016A, 5.00%, 10/1/31		675		768,271
Virginia Small Business Financing Authority, (LifeSpire of Virginia), 4.00%, 12/1/31		2,000		2,228,860
			$	17,734,274
Special Tax Revenue — 4.3%
Allentown Neighborhood Improvement Zone Development Authority, PA:
5.00%, 5/1/26(2)	$	500	$	562,820
5.00%, 5/1/27(2)		500		573,870
5.00%, 5/1/28(2)		575		669,461
5.00%, 5/1/29(2)		600		709,434
5.00%, 5/1/30(2)		650		779,857
5.00%, 5/1/31(2)		675		820,537
5.00%, 5/1/32(2)		725		892,605
Downtown Smyrna Development Authority, GA:
3.00%, 2/1/36		100		108,765
4.00%, 2/1/35		430		507,043
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32		500		574,865
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, Green Bonds, 3.00%, 7/1/37		5,000		5,267,750
Miami-Dade County, FL, Special Obligation Bonds:
5.00%, 4/1/25		250		279,893
5.00%, 4/1/26		1,025		1,180,943
5.00%, 4/1/29		900		1,031,796
5.00%, 4/1/30		950		1,086,629
5.00%, 4/1/31		895		1,022,546
5.00%, 4/1/32		735		839,429

27 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 5/1/36	$	2,000	$	2,302,520
4.00%, 11/1/36		1,000		1,152,910
5.00%, 8/1/33		1,190		1,300,123
5.00%, 2/1/36(2)		3,310		4,211,280
New York Dormitory Authority, Sales Tax Revenue:
5.00%, 3/15/32		1,800		2,030,760
5.00%, 3/15/34		5,000		5,762,500
Queen Creek, AZ, Excise Tax and State Shared Revenue:
4.00%, 8/1/35		3,120		3,651,242
4.00%, 8/1/36		1,000		1,169,020
Successor Agency to San Mateo Redevelopment Agency, CA:
5.00%, 8/1/26		100		112,008
5.00%, 8/1/29		140		155,498
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, Prerefunded to 9/1/26, 5.00%, 9/1/32		1,000		1,166,840
			$	39,922,944
Transportation — 16.6%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27	$	2,005	$	2,321,389
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area):
0.36%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1)		4,000		4,002,080
2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,890,558
Central Florida Expressway Authority, 4.00%, 7/1/35		3,150		3,469,693
Central Texas Regional Mobility Authority:
4.00%, 1/1/34		200		226,680
4.00%, 1/1/36		1,490		1,683,476
5.00%, 1/1/27		2,500		2,821,475
5.00%, 1/1/36		1,130		1,389,663
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/35		5,000		5,705,300
4.00%, 1/1/36		3,500		4,000,920
5.00%, 1/1/26		1,000		1,136,710
5.00%, 1/1/28		150		164,714
5.00%, 1/1/29		150		164,714
5.00%, 1/1/30		500		548,445
5.00%, 1/1/31		1,000		1,095,390
5.00%, 1/1/33		125		136,736
5.00%, 1/1/34		7,500		9,159,375
5.25%, 1/1/28		2,905		3,411,254
5.25%, 1/1/29		3,060		3,593,236
5.25%, 1/1/30		1,000		1,174,760

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport): (continued)
5.25%, 1/1/31	$	1,000	$	1,174,750
5.25%, 1/1/32		2,565		3,013,388
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		840		911,803
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,440,520
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,450		1,689,540
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		555,325
Hawaii, Highway Revenue, 5.00%, 1/1/31		805		983,855
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		731,393
Illinois Toll Highway Authority:
5.00%, 1/1/29		175		198,924
5.00%, 12/1/32		350		394,569
Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33		300		317,544
Maine Turnpike Authority:
5.00%, 7/1/36(2)		1,150		1,472,782
5.00%, 7/1/37(2)		1,200		1,533,060
Massachusetts Bay Transportation Authority, 4.00%, 7/1/36		2,900		3,411,560
Massachusetts Department of Transportation, 5.00%, 1/1/30		4,235		5,157,425
Metropolitan Transportation Authority, NY:
0.364%, (67% of SOFR + 0.33%), 11/1/35(1)		7,125		7,070,707
0.464%, (67% of SOFR + 0.43%), 11/1/26(1)		2,500		2,439,800
5.00%, 11/15/41		415		427,595
5.25%, 11/15/30		500		565,055
Green Bonds, 4.00%, 11/15/32		5,000		5,467,100
Green Bonds, 5.00%, 11/15/25		5,000		5,639,650
Green Bonds, 5.00%, 11/15/26		5,815		6,694,228
Series 2012D, 5.00%, 11/15/28		1,070		1,102,475
Series 2015F, 5.00%, 11/15/28		640		717,069
New Orleans Aviation Board, LA, 5.00%, 1/1/28		150		174,296
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
5.00%, 12/1/28		1,200		1,410,720
5.00%, 12/1/30		1,000		1,207,680
North Carolina, Grant Anticipation Revenue Vehicle Bonds:
5.00%, 3/1/29		550		610,264
5.00%, 3/1/30		400		443,984
Pennsylvania Turnpike Commission:
4.00%, 12/1/37		3,850		4,473,892
5.00%, 12/1/34		250		314,875
5.00%, 12/1/35		500		631,865
5.00%, 12/1/36		1,165		1,455,423

28 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)			Value
Transportation (continued)
Port Authority of New York and New Jersey:
4.00%, 7/15/36	$	1,605		$	1,833,199
5.00%, 9/1/34		3,595			4,443,672
Port of Seattle, WA:
5.00%, 3/1/27		250			273,158
5.00%, 3/1/29		250			272,825
Portland, ME, Airport Revenue:
Green Bonds, 5.00%, 1/1/29		225			268,178
Green Bonds, 5.00%, 1/1/31		370			446,856
Salt Lake City, UT, (Salt Lake City International Airport):
5.00%, 7/1/28		1,370			1,610,010
5.00%, 7/1/31		300			359,238
5.00%, 7/1/32		660			790,139
5.00%, 7/1/33		600			718,050
5.00%, 7/1/34		450			538,137
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
5.00%, 5/1/35		1,950			2,455,810
5.00%, 5/1/36		1,950			2,451,345
Texas Transportation Commission, (Central Texas Turnpike System):
0.00%, 8/1/34		1,000			661,360
0.00%, 8/1/35		500			313,410
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29		14,400			16,958,304
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport):
5.00%, 12/1/31		2,920			3,541,201
5.00%, 12/1/34		1,005			1,220,371
Wisconsin, Transportation Revenue:
5.00%, 7/1/31		3,450			3,765,606
Prerefunded to 7/1/24, 5.00%, 7/1/32		700			765,261
			��	$	155,615,814
Water and Sewer — 3.8%
Buffalo Municipal Water Finance Authority, NY:
5.00%, 7/1/25	$	300		$	335,808
5.00%, 7/1/29		115			128,848
5.00%, 7/1/30		100			112,042
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500			1,680,630
Hillsborough County, FL, Wastewater Impact Fee:
5.00%, 5/1/26		3,000			3,440,310
5.00%, 5/1/27		2,315			2,716,213
5.00%, 5/1/29		1,220			1,488,998
King County, WA, Sewer Revenue, 0.29%, (SIFMA + 0.23%), 1/1/27 (Put Date), 1/1/40(1)		2,500			2,500,950

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32	$	575	$	638,607
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27		1,000		1,093,990
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,111,276
Mesa, AZ, Utility Systems Revenue:
5.00%, 7/1/27		600		693,288
5.00%, 7/1/29		500		575,885
Portland, OR, Water System Revenue, 4.00%, 5/1/33		2,470		2,932,532
Rapid City, SD, Water Revenue:
4.00%, 11/1/29		600		654,198
4.00%, 11/1/30		670		729,757
5.00%, 11/1/27		515		583,232
Richmond, VA, Public Utility Revenue, 4.00%, 1/15/36		6,955		8,076,563
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31		1,845		2,052,267
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		558,465
Western Riverside Water and Wastewater Financing Authority, CA:
4.00%, 9/1/26		435		483,342
4.00%, 9/1/27		445		502,552
Wyoming, MI, Water Supply System Revenue:
5.00%, 6/1/27		505		584,760
5.00%, 6/1/28		550		635,355
			$	35,309,868
Total Tax-Exempt Municipal Obligations — 97.3% (identified cost $895,333,166)			$	912,492,288
Other Assets, Less Liabilities — 2.7%			$	25,558,697
Net Assets — 100.0%			$	938,050,985

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

At January 31, 2022, the concentration of the Portfolio’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

New York	12.2%
Others, representing less than 10% individually	85.1%

29 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

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, 2022, 4.2% 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 1.1% to 3.1% of total investments.

⁽¹⁾  Floating-rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽²⁾  When-issued security.

⁽³⁾  Amount is less than 0.05%.

⁽⁴⁾  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, 2022.

Abbreviations:

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

30 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Statement of Assets and Liabilities

Assets	January 31, 2022
Unaffiliated investments, at value (identified cost, $895,333,166)	$	912,492,288
Cash		37,956,415
Interest receivable		8,653,881
Receivable for investments sold		8,647,316
Receivable from affiliates		7,155
Total assets	$	967,757,055
Liabilities
Payable for when-issued securities	$	29,328,170
Payable to affiliate:
Investment adviser fee		260,006
Accrued expenses		117,894
Total liabilities	$	29,706,070
Net Assets applicable to investors’ interest in Portfolio	$	938,050,985

31 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Statement of Operations

Investment Income	Year Ended January 31, 2022
Interest	$	19,490,562
Total investment income	$	19,490,562
Expenses
Investment adviser fee	$	3,057,043
Trustees’ fees and expenses		46,919
Custodian fee		229,942
Legal and accounting services		57,476
Miscellaneous		23,348
Total expenses	$	3,414,728
Deduct —
Allocation of expenses to affiliates	$	64,587
Total expense reductions	$	64,587
Net expenses	$	3,350,141
Net investment income	$	16,140,421
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	3,510,528
Net realized gain	$	3,510,528
Change in unrealized appreciation (depreciation) —
Investments	$	(43,090,606	)
Net change in unrealized appreciation (depreciation)	$	(43,090,606	)
Net realized and unrealized loss	$	(39,580,078	)
Net decrease in net assets from operations	$	(23,439,657	)

32 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021
From operations —
Net investment income	$	16,140,421		$	15,352,513
Net realized gain		3,510,528			4,325,390
Net change in unrealized appreciation (depreciation)		(43,090,606	)		17,011,685
Net increase (decrease) in net assets from operations	$	(23,439,657	)	$	36,689,588
Capital transactions —
Contributions	$	108,966,195		$	203,943,194
Withdrawals		(58,460,755	)		(59,666,246	)
Portfolio transaction fee		250,960			395,167
Net increase in net assets from capital transactions	$	50,756,400		$	144,672,115
Net increase in net assets	$	27,316,743		$	181,361,703
Net Assets
At beginning of year	$	910,734,242		$	729,372,539
At end of year	$	938,050,985		$	910,734,242

33 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Financial Highlights

	Year Ended January 31,
Ratios/Supplemental Data	2022			2021			2020			2019			2018
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.69	%		1.94	%		2.17	%		2.16	%		2.01	%
Portfolio Turnover		22	%		51	%		28	%		78	%		35	%
Total Return(1)		(2.44	)%		4.66	%		7.88	%		3.11	%		3.83	%
Net assets, end of year (000’s omitted)	$	938,051		$	910,734		$	729,373		$	612,428		$	676,300

⁽¹⁾  The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.01% of average daily net assets for each of the years ended January 31, 2022, 2021, 2020, 2019 and 2018). Absent this reimbursement, total return would be lower.

34 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

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, 2022, Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund and Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares held an interest of 99.9% and 0.1%, 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, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

G  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase 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 be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin

35

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Notes to Financial Statements — continued

earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise 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) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement and related fee reduction agreement with BMR in effect prior to March 1, 2021), the investment adviser fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $1 billion		0.3200	%
$1 billion but less than $2.5 billion		0.3075	%
$2.5 billion but less than $5 billion		0.2950	%
$5 billion and over		0.2875	%

For the year ended January 31, 2022, the Portfolio’s investment adviser fee amounted to $3,057,043 or 0.32% of the Portfolio’s average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Portfolio to Parametric Portfolio Associates LLC (Parametric), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, BMR entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. BMR pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Pursuant to a voluntary expense reimbursement, BMR and Parametric were allocated $64,587 in total of the Portfolio’s operating expenses for the year ended January 31, 2022.

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, 2022, 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 $359,890,505 and $193,607,861, respectively, for the year ended January 31, 2022.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	895,298,175
Gross unrealized appreciation	$	26,968,619
Gross unrealized depreciation		(9,774,506	)
Net unrealized appreciation	$	17,194,113

36

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Notes to Financial Statements — continued

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 25, 2022. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. 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, 2022.

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, 2022, 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 Municipal Obligations	$	—	$	912,492,288	$	—	$	912,492,288
Total Investments	$	—	$	912,492,288	$	—	$	912,492,288

7  Risks and Uncertainties

Pandemic Risk

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

37

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of 5-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 of 5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), including the portfolio of investments, as of January 31, 2022, 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 five years in the period then ended, 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, 2022, 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 five years in the period then ended, 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, 2022, 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 23, 2022

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

38

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust II (the Trust) and 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and the Portfolio’s affairs. The Board members 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. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s and the Portfolio’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund or Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund or Portfolio to be in compliance therewith. 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 Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 funds (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust/Portfolio Position(s)		Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee		Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust and the Portfolio, and his former position with EVC, which was an affiliate of the Trust and the Portfolio prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee		Since 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. None.
Cynthia E. Frost 1961	Trustee	��	Since 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. None.
George J. Gorman 1952	Chairperson of the Board and Trustee		Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.

39

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).
William H. Park 1947	Trustee	Since 2003	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. None.
Helen Frame Peters 1948	Trustee	Since 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. None.
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010), and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). 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	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	Since 2016	Private investor. 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. None.

40

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President of the Trust	Since 2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.
Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).
Richard F. Froio 1968	Chief Compliance Officer	Since 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).

The SAI for the Fund includes additional information about the Trustees and officers of the Trust and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-260-0761.

41

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

42

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎   buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

43

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

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

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

44

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

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-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) 260-0761

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 calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

22626  1.31.22

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) 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 calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-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 Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman, William H. Park and Scott E. Wennerholm, 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). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management 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, 2021 and January 31, 2022 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	1/31/21		1/31/22
Audit Fees	$	34,575	$	34,000
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	13,213	$	13,213
All Other Fees(3)	$	0	$	0
Total	$	47,788	$	47,213

⁽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 the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-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 Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable

(g) The following table presents (i) the aggregate non-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, 2021 and January 31, 2022; and (ii) the aggregate non-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	1/31/21		1/31/22
Registrant	$	13,213	$	13,213
Eaton Vance(1)	$	150,300	$	51,800

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

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-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 not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-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 Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

5-to-15 Year Laddered Municipal Bond Portfolio

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 28, 2022

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 28, 2022
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 28, 2022