Eaton Vance NextShares Trust II

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)

Scott E. Wennerholm

1959

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.

LOGO

Eaton Vance

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

Listing Exchange: The NASDAQ Stock Market LLC

Annual Report

January 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (CFTC) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of commodity pool operator under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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

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

Annual Report January 31, 2022

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			7
Financial Statements			8
Report of Independent Registered Public Accounting Firm			15 and 36
Federal Tax Information			16
Management and Organization			37
Privacy Notice			40
Important Notices			42

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

As the 12-month period began on February 1, 2021, municipal bonds were at the tail end of a bond rally that had begun in November 2020. From mid-February through June 2021, the bond market reversed course. Yields on municipal bonds and U.S. Treasurys rose and prices declined in anticipation of rising economic growth, driven by a federal government infusion of stimulus financing and progress on COVID-19 vaccinations. In late spring-early summer, high year-over-year inflation also raised investor concerns, putting further upward pressure on interest rates.

By July, however, the emergence of a more contagious Delta variant of COVID-19 threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys and municipal bonds as relatively safe-haven assets, leading bond prices to rise and interest rates to fall in July.

From August through October, bond prices declined again due, in part, to anticipation that the U.S. Federal Reserve (the Fed) would begin tapering monthly bond purchases, which had helped hold interest rates down through much of the pandemic.

In the closing months of 2021, the Fed confirmed that tapering would begin in November and accelerate in the months to come. The reduction of monetary stimulus put upward pressure on shorter term interest rates, as did passage of President Biden’s $1 trillion infrastructure bill. As the Fed issued more hawkish monetary statements, U.S. Treasury rates rose in December against the backdrop of inflationary concerns and potential interest rate hikes. Municipal bond rates, however, were nearly unchanged during the month.

But as the new year began, municipal investors appeared to reevaluate the twin threats of inflation and projected rate hikes. The Bloomberg Municipal Bond Index, a broad measure of the municipal bond market, declined 2.74% in January 2022, its worst monthly performance in several years. In the third week of January, municipal bond mutual funds and exchange-traded funds experienced net weekly outflows for only the second time in 87 weeks.

For the period as a whole, the municipal bond yield curve experienced a bear market flattening in which interest rates rose across the curve, but more so at the shorter maturity end of the curve. The Bloomberg Municipal Bond Index returned -1.89% during the period. While municipal bonds outperformed U.S. Treasurys at the short end of the yield curve — that is, maturities of 5 years or less — municipals underperformed U.S. Treasurys in the middle and long end of the curve — maturities of about 10 years and 30 years, respectively.

Fund Performance

For the 12-month period ended January 31, 2022, Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (the Fund) returned -2.52% at net asset value (NAV), performing in line with its primary benchmark, the Bloomberg 10 Year Municipal Bond Index (the Index), which returned -2.52%.

The Index is unmanaged, and returns do not reflect any applicable sales charges, commissions, or expenses.

The Fund provides rules-based, approximately equal-weighted exposure in each year across the 5-to-15-year maturity portion of the yield curve, with the objective of seeking current income exempt from regular federal income tax. Management seeks to add incremental return through active security selection and in-depth credit analysis.

Active security selection, relative-value trading, duration, and credit quality contributed to Fund performance versus the Index during the period. Active security selection and relative-value trading — a strategy that seeks to take advantage of price and rate differences among similar securities — were the largest contributors to relative returns. In particular, relative performance benefited from security selections and overweight positions relative to the Index in the health care and transportation sectors, which recovered during the period from sharp downturns early in the pandemic.

In addition, the Fund had a modestly shorter duration — or sensitivity to interest rate changes — than the Index. This aided relative returns because Fund performance was hurt less than Index performance by rising interest rates and declining bond prices during the period.

With regard to credit quality, the Fund’s overweight positions in A rated and BBB rated bonds benefitted performance as credit spreads tightened during the period and lower rated bonds generally outperformed higher rated bonds.

In contrast, yield-curve positioning, which was largely determined by the Fund’s equal-weighted laddered structure, detracted from Fund performance versus the Index. The Fund’s holdings in bonds with maturities shorter than eight years — an area of the curve where the Index had no exposure — underperformed longer maturity bonds and, thus, detracted from relative returns during the period.

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Performance ^2,3,4

Portfolio Manager(s) James H. Evans, CFA, Brian C. Barney, CFA and Devin J. Cooch, CFA, each of Parametric Portfolio Associates LLC


% Average Annual Total Returns	Fund Inception Date		Performance Inception Date		One Year			Five Years			Ten Years			Since Fund Inception

Fund at NAV		03/30/2016		02/01/2010		–2.52	%		3.45	%		3.99	%		2.77	%
Fund at Market Price		03/30/2016		03/30/2016		–2.52			3.41			—			2.77



Bloomberg 10 Year Municipal Bond Index		—		—		–2.52	%		3.51	%		3.20	%		2.81	%
Bloomberg 15 Year Municipal Bond Index		—		—		–2.07			4.27			3.90			3.46

% Total Annual Operating Expense Ratios ⁵

Gross															1.98	%
Net															0.35

% Distribution Rates/Yields ⁶

Distribution Rate at NAV															1.84	%
SEC 30-day Yield - Subsidized															0.50
SEC 30-day Yield - Unsubsidized															–6.95

Growth of $10,000 ⁴

This graph shows the change in value of a hypothetical investment of $10,000 in TABS 5-to-15 Year Laddered Municipal Bond NextShares for the period indicated. For comparison, the same investment is shown in the indicated index

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Fund Profile ⁷

Credit Quality (% of total investments) ⁸

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Endnotes and Additional Disclosures

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward-looking statements. The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through Authorized Participants. In such transactions, a fund issues and redeems shares in exchange for the basket of securities, other instruments and/or cash that the fund specifies each business day. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be effected partially or entirely in cash when in-kind delivery is not practicable or deemed not in the best interests of shareholders. A fund’s basket is not intended to be representative of the fund’s current portfolio positions and may vary significantly from current positions. As exchange-traded securities, NextShares can operate with low transfer agency expenses by utilizing the same highly efficient share processing system as used for exchange-listed stocks and exchange-traded funds. Market trading prices of NextShares are linked to the fund’s next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. Buyers and sellers of NextShares will not know the value of their purchases and sales until after the fund’s NAV is determined at the end of the trading day. Market trading prices may vary significantly from anticipated levels. NextShares do not offer investors the opportunity to buy and sell intraday based on current (versus end-of-day) determinations of fund value. NextShares trade execution prices will fluctuate based on changes in NAV. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. As a new type of fund, NextShares have a limited operating history and may initially be available through a limited number of brokers. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder’s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares.

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

⁴

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

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

⁵

Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/22. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

⁶

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


		5

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Endnotes and Additional Disclosures — continued

⁷	The Fund primarily invests in an affiliated investment company (Portfolio) with substantially the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁸

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

Fund profile subject to change due to active management.

Additional Information

Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S.

Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.

Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.


		6

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).

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

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

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


	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)			Annualized Expense Ratio

Actual
	$	1,000.00	$	963.80	$	1.73	**		0.35	%

Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,023.44	$	1.79	**		0.35	%

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021. The Example reflects the expenses of both the Fund and the Portfolio.

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


		7

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Statement of Assets and Liabilities


Assets	January 31, 2022

Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $760,217)	$	1,345,652

Receivable from affiliates		7,786

Total assets	$	1,353,438

Liabilities

Payable to affiliates:

Operations agreement fee	$	55

Accrued expenses		49,831

Total liabilities	$	49,886

Net Assets	$	1,303,552

Sources of Net Assets

Paid-in capital	$	919,669

Distributable earnings		383,883

Net Assets	$	1,303,552

Net Asset Value Per Share

($1,303,552 ÷ 125,000 shares issued and outstanding)	$	10.43


		8		See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Statement of Operations


Investment Income	Year Ended January 31, 2022

Interest allocated from Portfolio	$	118,121

Expenses allocated from Portfolio		(20,263	)

Total investment income from Portfolio	$	97,858

Expenses

Operations agreement fee	$	2,837

Trustees’ fees and expenses		500

Custodian fee		16,760

Transfer and dividend disbursing agent fees		13,796

Legal and accounting services		20,845

Printing and postage		8,792

Listing fee		7,200

Intraday pricing fee		12,000

Miscellaneous		5,296

Total expenses	$	88,026

Deduct —

Allocation of expenses to affiliates	$	88,026

Total expense reductions	$	88,026

Net expenses	$	0

Net investment income	$	97,858

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	21,164

Net realized gain	$	21,164

Change in unrealized appreciation (depreciation) —

Investments	$	(168,748	)

Net change in unrealized appreciation (depreciation)	$	(168,748	)

Net realized and unrealized loss	$	(147,584	)

Net decrease in net assets from operations	$	(49,726	)


		9		See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

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	$	97,858		$	147,092

Net realized gain		21,164			35,409

Net change in unrealized appreciation (depreciation)		(168,748	)		160,518

Net increase (decrease) in net assets from operations	$	(49,726	)	$	343,019

Distributions to shareholders	$	(107,051	)	$	(148,830	)

Transactions in Fund shares —

Proceeds from sale of shares	$	268,412		$	—

Cost of shares redeemed		(6,458,193	)		—

Transaction fees		10,090			—

Net decrease in net assets from Fund share transactions	$	(6,179,691	)	$	—

Other capital —

Portfolio transaction fee contributed to Portfolio	$	(10,424	)	$	(488	)

Portfolio transaction fee allocated from Portfolio		1,665			3,786

Net increase (decrease) in net assets from other capital	$	(8,759	)	$	3,298

Net increase (decrease) in net assets	$	(6,345,227	)	$	197,487

Net Assets

At beginning of year	$	7,648,779		$	7,451,292

At end of year	$	1,303,552		$	7,648,779

Changes in shares outstanding

Shares outstanding, beginning of year		700,000			700,000

Shares sold		25,000			—

Shares redeemed		(600,000	)		—

Shares outstanding, end of year		125,000			700,000


		10		See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Financial Highlights


	Year Ended January 31,
	2022			2021			2020			2019			2018 ⁽¹⁾

Net asset value — Beginning of year	$	10.930		$	10.640		$	10.080		$	9.980		$	9.790

Income (Loss) From Operations

Net investment income ⁽²⁾	$	0.188		$	0.210		$	0.229		$	0.217		$	0.229

Net realized and unrealized gain (loss)		(0.440	)		0.288			0.558			0.095			0.175

Total income (loss) from operations	$	(0.252	)	$	0.498		$	0.787		$	0.312		$	0.404

Less Distributions

From net investment income	$	(0.231	)	$	(0.213	)	$	(0.230	)	$	(0.216	)	$	(0.214	)

Total distributions	$	(0.231	)	$	(0.213	)	$	(0.230	)	$	(0.216	)	$	(0.214	)

Portfolio transaction fee, net ⁽²⁾	$	(0.017	)	$	0.005		$	0.003		$	0.004		$	0.000	⁽³⁾

Net asset value — End of year	$	10.430		$	10.930		$	10.640		$	10.080		$	9.980

Total Return on Net Asset Value ⁽⁴⁾⁽⁵⁾		(2.52	)%		4.80	%		7.92	%		3.23	%		4.13	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,304		$	7,649		$	7,451		$	7,055		$	6,985

Ratios (as a percentage of average daily net assets): ⁽⁶⁾

Expenses ⁽⁵⁾		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		1.73	%		1.98	%		2.21	%		2.18	%		2.28	%

Portfolio Turnover of the Portfolio		22	%		51	%		28	%		78	%		35	%

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

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Amount is less than $0.0005.

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of a market-determined premium or discount. Investment returns assume that all distributions have been reinvested at net asset value.

⁽⁵⁾

The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 1.56%, 1.63%, 1.40%, 1.53% and 0.74% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (the Fund) is a diversified series of Eaton Vance NextShares Trust II (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an exchange-traded managed fund operating pursuant to an order issued by the SEC granting an exemption from certain provisions of the 1940 Act. Individual shares of the Fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that offers NextShares, and may not be directly purchased or redeemed from the Fund. Market trading prices for the Fund are directly linked to the Fund’s next-computed net asset value per share (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. The Fund invests all of its investable assets in interests in 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio), a Massachusetts business trust, having substantially the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (0.1% at January 31, 2022). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

C Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by the Portfolio’s investments in municipal obligations, which are exempt from regular federal income tax when received by the Portfolio, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of January 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions are paid in cash and cannot be automatically reinvested in additional shares of the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.


		12

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:


	Year Ended January 31,
	2022		2021

Tax-exempt income	$	107,051	$	148,830

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed tax-exempt income	$	2,091

Deferred capital losses		(17,643	)

Net unrealized appreciation		399,435

Distributable earnings	$	383,883

At January 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $17,643 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2022, $17,643 are short-term.

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory and administrative services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the Transaction) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement (the New Agreement) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement with EVM in effect prior to March 1, 2021), the investment adviser and administration fee is computed at an annual rate as a percentage of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee, 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 Fund incurred no investment adviser and administration fee on such assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its pro rata share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

The Trust, on behalf of the Fund, has entered into an operations agreement with EVM pursuant to which EVM provides the Fund with services required for it to operate as a NextShares exchange-traded managed fund in accordance with the exemptive order obtained by EVM and the Trust. Pursuant to the agreement, the Fund pays EVM a monthly fee at an annual rate of 0.05% of the Fund’s average daily net assets provided the average net assets of NextShares funds sponsored by EVM (Covered Assets) are less than $10 billion. The annual rate is reduced if Covered Assets are $10 billion and above. For the year ended January 31, 2022, the operations agreement fee amounted to $2,837 or 0.05% of the Fund’s average daily net assets.


		13

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Notes to Financial Statements — continued

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.35% of the Fund’s average daily net assets through May 31, 2022. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM and Parametric were allocated $88,026 in total of the Fund’s operating expenses for the year ended January 31, 2022.

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

4 Investment Transactions

For the year ended January 31, 2022, increases and decreases in the Fund’s investment in the Portfolio aggregated $373,942 and $6,667,537, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1H of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

5 Capital Share Transactions

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

At January 31, 2022, EVM owned approximately 66.4% of the outstanding shares of the Fund.


		14

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance NextShares Trust II and Shareholders of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (the Fund) (one of the funds constituting Eaton Vance Nextshares Trust II), 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 Fund 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 Fund’s management. Our responsibility is to express an opinion on the Fund’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 Fund 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 Fund 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 Fund’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. 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.


		15

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends. For the fiscal year ended January 31, 2022, the Fund designates 100% of distributions from net investment income as an exempt-interest dividend.


		16

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


		17		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


		18		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


		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

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


		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

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


		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

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


		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

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


		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

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


		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

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


		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

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


		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

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%


		27		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


		28		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


		29		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	)


		30		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


		31		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.


		32		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.

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


		33

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


		34

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.


		35

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.


		36

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

January 31, 2022

Management and Organization

Fund Management. The Trustees of Eaton Vance NextShares 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.


		37

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

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).


		38

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond NextShares

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 1-800-262-1122.


		39

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: [email protected] 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: [email protected]


		40

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.


		41

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits delivery of only one copy of fund 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. Y our broker may household the mailing of your documents indefinitely unless you instruct your broker otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact your broker. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by your broker.

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 1-800-262-1122 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 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.


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

Boston Management and Research

Two International Place

Boston, MA 02110

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

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Distributor*

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer and Dividend Disbursing Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

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.

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