Eaton Vance Municipal Bond Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21142

 

 

Eaton Vance Municipal Bond Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

September 30

Date of Fiscal Year End

March 31, 2018

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Municipal Bond Funds

Semiannual Report

March 31, 2018

 

 

 

Municipal (EIM)    •    California (EVM)    •     New York (ENX)

 

LOGO


 

 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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


Semiannual Report March 31, 2018

Eaton Vance

Municipal Bond Funds

Table of Contents

Performance and Fund Profile

  
  

Municipal Bond Fund

     2  

California Municipal Bond Fund

     3  

New York Municipal Bond Fund

     4  
  

Endnotes and Additional Disclosures

     5  

Financial Statements

     6  

Officers and Trustees

     33  

Important Notices

     34  


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     08/30/2002        –1.14      3.04      4.87      6.74

Fund at Market Price

            –4.44        –1.05        2.72        5.38  

Bloomberg Barclays Municipal Bond Index

            –0.37      2.66      2.73      4.40

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            0.63        4.68        3.96        5.63  
              
% Premium/Discount to NAV3                                        
                 –10.79
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.304  

Distribution Rate at NAV

                 4.34

Taxable-Equivalent Distribution Rate at NAV

                 7.33

Distribution Rate at Market Price

                 4.86

Taxable-Equivalent Distribution Rate at Market Price

                 8.21
              
% Total Leverage5                                        

Residual Interest Bond (RIB) Financing

                 39.79

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     08/30/2002        –1.57      2.28      4.04      5.38

Fund at Market Price

            –12.68        –5.15        2.01        3.34  

Bloomberg Barclays Municipal Bond Index

            –0.37      2.66      2.73      4.40

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            0.63        4.68        3.96        5.63  
              
% Premium/Discount to NAV3                                        
                 –14.21
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.274  

Distribution Rate at NAV

                 3.96

Taxable-Equivalent Distribution Rate at NAV

                 7.72

Distribution Rate at Market Price

                 4.62

Taxable-Equivalent Distribution Rate at Market Price

                 9.00
              
% Total Leverage5                                        

RIB Financing

                 43.23

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  3  


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     08/30/2002        –1.79      1.97      3.77      5.61

Fund at Market Price

            –8.83        –2.21        1.43        4.18  

Bloomberg Barclays Municipal Bond Index

            –0.37      2.66      2.73      4.40

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            0.63        4.68        3.96        5.63  
              
% Premium/Discount to NAV3                                        
                 –11.81
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.296  

Distribution Rate at NAV

                 4.12

Taxable-Equivalent Distribution Rate at NAV

                 7.63

Distribution Rate at Market Price

                 4.67

Taxable-Equivalent Distribution Rate at Market Price

                 8.65
              
% Total Leverage5                                        

RIB Financing

                 41.57

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

        

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  4  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Endnotes and Additional Disclosures

 

 

1 

Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. 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.

 

  

Effective September 30, 2017, the Funds’ benchmark was changed to the Bloomberg Barclays Municipal Bond Index.

 

2 

Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 

3 

The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

 

4 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price 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. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.

5 

Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

 

6 

Ratings are based on Moody’s, S&P or 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.

 

7 

The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

 

  

Fund profiles subject to change due to active management.

 

 

  5  


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 165.4%  
Security   Principal
Amount
(000’s omitted)
    Value  
Education — 15.6%  

Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47

  $ 13,880     $ 14,040,037  

Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46

    3,250       3,620,955  

Houston Higher Education Finance Corp., TX, (St. John’s School), 5.25%, 9/1/33

    3,985       4,417,054  

Houston Higher Education Finance Corp., TX, (William Marsh Rice University), Prerefunded to 5/15/20, 5.00%, 5/15/35(1)

    15,000       15,985,800  

Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/27

    5,710       7,120,484  

Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/30

    8,325       10,502,986  

Monroe County Industrial Development Corp., NY, (University of Rochester), 4.00%, 7/1/43(1)

    14,050       14,566,337  

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40(1)

    15,300       15,910,929  

North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/41(1)

    10,000       11,441,600  

University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39

    720       749,124  

University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39

    2,460       2,560,885  

University of Cincinnati, OH, 5.00%, 6/1/45(1)

    6,000       6,846,360  

University of Massachusetts Building Authority, 5.00%, 11/1/39(1)

    14,175       15,614,755  

University of Michigan, 5.00%, 4/1/40(1)

    15,000       17,267,850  
            $ 140,645,156  
Electric Utilities — 4.4%  

Energy Northwest, WA, (Columbia Generating Station), 5.00%, 7/1/40

  $ 2,320     $ 2,582,322  

Nebraska Public Power District, 5.00%, 1/1/34

    5,000       5,697,400  

Omaha Public Power District, NE, 5.00%, 2/1/42(1)

    10,000       11,648,000  

Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40

    10,000       10,736,400  

Unified Government of Wyandotte County/Kansas City Board of Public Utilities, KS, 5.00%, 9/1/36

    3,425       3,709,070  

Utility Debt Securitization Authority, NY, 5.00%, 12/15/35

    4,500       5,078,745  
            $ 39,451,937  
Escrowed / Prerefunded — 20.2%  

California Department of Water Resources, Prerefunded to 12/1/20, 5.25%, 12/1/35(1)

  $ 9,715     $ 10,616,358  
Security   Principal
Amount
(000’s omitted)
    Value  
Escrowed / Prerefunded (continued)  

California Educational Facilities Authority, (University of Southern California), Prerefunded to 10/1/18, 5.25%, 10/1/38(1)

  $ 9,750     $ 9,934,762  

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), Prerefunded to 8/15/19, 5.00%, 8/15/39

    11,570       12,113,906  

Connecticut Health and Educational Facilities Authority, (Wesleyan University), Prerefunded to 7/1/20, 5.00%, 7/1/39(1)

    14,700       15,770,160  

Honolulu City and County, HI, Wastewater System, Prerefunded to 7/1/21, 5.25%, 7/1/36(1)

    9,750       10,805,242  

King County, WA, Sewer Revenue, Prerefunded to 1/1/21, 5.00%, 1/1/34(1)

    4,000       4,345,640  

King County, WA, Sewer Revenue, Prerefunded to 1/1/21, 5.00%, 1/1/34(1)

    6,000       6,493,260  

Marco Island, FL, Utility System, Prerefunded to 10/1/20, 5.00%, 10/1/34

    1,445       1,560,976  

Marco Island, FL, Utility System, Prerefunded to 10/1/20, 5.00%, 10/1/40

    6,325       6,832,644  

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), Prerefunded to 1/1/21, 6.125%, 1/1/30

    1,175       1,305,096  

Metropolitan Transportation Authority, NY, Prerefunded to 11/15/20, 5.25%, 11/15/40

    4,735       5,164,607  

Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.25%, 11/15/38

    4,640       5,198,006  

Mississippi, Prerefunded to 10/1/21, 5.00%, 10/1/30(1)

    10,000       11,071,900  

Mississippi, Prerefunded to 10/1/21, 5.00%, 10/1/36(1)

    12,075       13,369,319  

North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 4/1/19, 5.00%, 10/1/38(1)

    13,500       13,956,435  

North Carolina, Limited Obligation Bonds, Prerefunded to 5/1/21, 5.00%, 5/1/30(1)

    10,000       10,956,900  

Oregon, Prerefunded to 8/2/21, 5.00%, 8/1/36

    1,140       1,253,498  

Oregon State Department of Administrative Services, Lottery Revenue, Prerefunded to 4/1/21, 5.25%, 4/1/30

    6,425       7,060,497  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34

    720       796,824  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34

    760       841,092  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34

    3,520       3,905,264  

South Carolina Public Service Authority, Prerefunded to 1/1/19, 5.50%, 1/1/38

    565       581,312  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40

    450       485,910  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40

    5,655       6,120,011  
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Escrowed / Prerefunded (continued)  

Tennessee School Bond Authority, Prerefunded to 5/1/18, 5.50%, 5/1/38

  $ 5,000     $ 5,015,450  

Triborough Bridge and Tunnel Authority, NY, Prerefunded to 5/15/18, 5.00%, 11/15/33

    5,000       5,020,650  

University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39

    1,270       1,321,372  

University of Colorado, (University Enterprise Revenue), Prerefunded to 6/1/21, 5.25%, 6/1/36(1)

    10,000       11,058,500  
            $ 182,955,591  
General Obligations — 15.2%  

California, 5.00%, 10/1/33(1)

  $ 18,800     $ 21,456,064  

California, 5.00%, 8/1/46(1)

    15,000       17,171,850  

Chicago Park District, IL, (Harbor Facilities), 5.25%, 1/1/37(1)

    8,320       8,831,846  

Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32

    3,000       3,732,720  

Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36(1)

    2,000       2,152,080  

New York, NY, 5.00%, 10/1/32

    10,000       11,083,500  

Ocean City, NJ, 1.00%, 11/15/28

    2,500       2,062,475  

Oregon, 5.00%, 8/1/35(1)

    6,750       7,391,790  

Oregon, 5.00%, 8/1/36

    860       940,315  

Port of Houston Authority of Harris County, TX, 5.00%, 10/1/35

    7,500       8,039,100  

Tacoma School District No. 10, WA, 5.00%, 12/1/39(1)

    10,000       11,374,100  

Washington, 4.00%, 7/1/28(1)

    10,000       10,629,200  

Washington, 5.00%, 2/1/35(1)

    18,250       20,509,168  

Washington, 5.00%, 2/1/38(1)

    10,000       11,691,000  
            $ 137,065,208  
Hospital — 8.0%  

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27

  $ 1,000     $ 1,087,010  

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28

    1,770       1,924,008  

Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.50%, 7/1/38

    2,790       3,121,703  

Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/41(1)

    10,000       11,233,200  

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.25%, 7/1/35

    4,385       4,925,934  

Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.00%, 1/1/32

    10,950       12,016,968  

Tampa, FL, (BayCare Health System), 5.00%, 11/15/46(1)

    12,000       13,378,440  
Security   Principal
Amount
(000’s omitted)
    Value  
Hospital (continued)  

Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 4.00%, 12/1/42

  $ 2,000     $ 2,050,360  

Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/33

    1,600       1,813,952  

West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38

    7,605       8,423,982  

Wisconsin Health and Educational Facilities Authority, (Ascension Health Alliance Senior Credit Group), 5.00%, 11/15/41(1)

    11,500       12,496,245  
            $ 72,471,802  
Housing — 0.5%  

Seattle Housing Authority, WA, 3.50%, 12/1/38

  $ 2,245     $ 2,218,868  

Seattle Housing Authority, WA, 3.625%, 12/1/43

    1,000       977,860  

Tennessee Housing Development Agency, 3.90%, 7/1/42

    1,000       1,010,020  
            $ 4,206,748  
Industrial Development Revenue — 0.5%  

Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42

  $ 4,245     $ 4,417,389  
            $ 4,417,389  
Insured – Education — 2.2%  

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32

  $ 15,900     $ 20,167,401  
            $ 20,167,401  
Insured – Electric Utilities — 0.6%  

Louisiana Energy and Power Authority, (AGM), 5.25%, 6/1/38

  $ 4,905     $ 5,446,218  
            $ 5,446,218  
Insured – Escrowed / Prerefunded — 14.7%  

American Municipal Power-Ohio, Inc., OH, (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39

  $ 5,000     $ 5,180,400  

Bossier City, LA, Utilities Revenue, (BHAC), Prerefunded to 10/1/18, 5.25%, 10/1/26

    3,185       3,243,763  

Bossier City, LA, Utilities Revenue, (BHAC), Prerefunded to 10/1/18, 5.25%, 10/1/27

    1,985       2,021,623  

Bossier City, LA, Utilities Revenue, (BHAC), Prerefunded to 10/1/18, 5.50%, 10/1/38

    3,170       3,232,386  
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Escrowed / Prerefunded (continued)  

California Statewide Communities Development Authority, (Sutter Health), (AGM), Prerefunded to 8/15/18, 5.05%, 8/15/38(1)

  $ 11,000     $ 11,147,290  

Colorado Health Facilities Authority, (Catholic Health), (AGM), Prerefunded to 4/29/18, 5.10%, 10/1/41(1)

    11,500       11,528,865  

District of Columbia Water and Sewer Authority, (AGC), Prerefunded to 10/1/18, 5.00%, 10/1/34(1)

    8,500       8,644,330  

Illinois Finance Authority, (Children’s Memorial Hospital), (AGC), Prerefunded to 8/15/18, 5.25%, 8/15/47(1)

    15,000       15,206,250  

Iowa Finance Authority, Health Facilities, (Iowa Health System), (AGC), Prerefunded to 8/15/19, 5.625%, 8/15/37

    2,625       2,765,017  

Kane, Cook and DuPage Counties School District No. 46, IL, (AMBAC), Escrowed to Maturity, 0.00%, 1/1/22

    13,145       12,128,891  

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34

    1,875       1,926,844  

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34

    1,015       1,042,709  

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), Prerefunded to 1/1/19, 5.50%, 1/1/29

    1,015       1,044,303  

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), Prerefunded to 1/1/19, 5.75%, 1/1/39

    1,160       1,195,624  

Paducah Electric Plant Board, KY, (AGC), Prerefunded to 4/1/19, 5.25%, 10/1/35

    2,735       2,831,436  

Palm Beach County Solid Waste Authority, FL, (BHAC), Prerefunded to 10/1/19, 5.00%, 10/1/24

    1,985       2,083,357  

Palm Beach County Solid Waste Authority, FL, (BHAC), Prerefunded to 10/1/19, 5.00%, 10/1/26

    1,575       1,653,041  

Palm Springs Unified School District, CA, (AGC), Prerefunded to 8/1/19, 5.00%, 8/1/32

    8,955       9,358,065  

San Diego County Water Authority, CA, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(1)

    24,000       24,067,680  

South Carolina Public Service Authority, (BHAC), Prerefunded to 1/1/19, 5.50%, 1/1/38

    625       643,281  

Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/20

    5,570       5,324,976  

Washington Health Care Facilities Authority, (MultiCare Health System), (AGC), Prerefunded to 8/15/19, 6.00%, 8/15/39

    5,795       6,129,256  
            $ 132,399,387  
Insured – General Obligations — 5.9%  

Chicago Park District, IL, (Limited Tax Park), (BAM), 5.00%, 1/1/39

  $ 35     $ 37,866  
Security   Principal
Amount
(000’s omitted)
    Value  
Insured – General Obligations (continued)  

Chicago Park District, IL, (Limited Tax Park), (BAM), 5.00%, 1/1/39(1)

  $ 13,600     $ 14,713,568  

Cincinnati City School District, OH, (AGM), (FGIC), 5.25%, 12/1/30

    3,750       4,700,812  

Clark County, NV, (AMBAC), 2.50%, 11/1/36

    11,845       10,266,417  

Frisco Independent School District, TX, (PSF Guaranteed), (AGM), 2.75%, 8/15/39

    9,530       8,368,579  

Kane, Cook and DuPage Counties School District No. 46, IL, (AMBAC), 0.00%, 1/1/22

    16,605       14,858,486  
            $ 52,945,728  
Insured – Hospital — 1.5%  

New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38

  $ 13,115     $ 13,690,880  
            $ 13,690,880  
Insured – Industrial Development Revenue — 1.0%  

Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc.), (BHAC), 5.00%, 10/1/39(1)

  $ 9,000     $ 9,391,500  
            $ 9,391,500  
Insured – Other Revenue — 1.7%  

Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34

  $ 16,795     $ 8,432,602  

New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 7.00%, 3/1/49

    6,750       7,066,237  
            $ 15,498,839  
Insured – Special Tax Revenue — 6.1%  

Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27

  $ 15,975     $ 15,704,543  

Houston, TX, Hotel Occupancy Tax, (AMBAC), 0.00%, 9/1/24

    18,035       15,033,074  

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39

    15,000       18,925,650  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

    28,945       5,750,793  
            $ 55,414,060  
Insured – Student Loan — 0.5%  

Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27

  $ 4,130     $ 4,283,884  
            $ 4,283,884  
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Transportation — 10.3%  

Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28

  $ 2,500     $ 2,759,025  

Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/29

    1,000       1,100,800  

Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/30

    1,800       1,988,010  

Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31

    1,570       1,728,115  

Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32

    1,015       1,128,538  

Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/33

    1,150       1,278,098  

Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39

    8,080       8,537,732  

E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/21

    10,200       9,508,032  

E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39

    25,000       9,567,250  

Manchester, NH, (Manchester-Boston Regional Airport), (AGM), 5.125%, 1/1/30

    6,710       6,857,419  

Metropolitan Washington Airports Authority, D.C., (BHAC), 5.00%, 10/1/29

    1,785       1,864,272  

New Jersey Transportation Trust Fund Authority, (AGC), 5.50%, 12/15/38

    11,700       12,001,977  

Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/24

    1,605       1,213,444  

Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/25

    1,950       1,402,167  

Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/26

    1,000       679,340  

San Joaquin Hills Transportation Corridor Agency, CA, (Toll Road Bonds), (NPFG), 0.00%, 1/15/25

    26,215       21,263,511  

Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/20

    10,275       9,777,073  
            $ 92,654,803  
Insured – Water and Sewer — 5.2%  

Chicago, IL, Wastewater Transmission Revenue, (NPFG), 0.00%, 1/1/23

  $ 13,670     $ 11,780,533  

DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32(1)

    10,000       11,991,300  

Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/32

    5,540       7,064,719  

Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/38

    1,070       1,409,211  

Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32

    2,615       2,916,980  

Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33

    2,240       2,491,933  

Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35

    2,730       3,033,767  

Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37

    2,240       2,485,213  
Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Water and Sewer (continued)  

San Luis Obispo County, CA, (Nacimiento Water Project), (NPFG), 4.50%, 9/1/40

  $ 3,535     $ 3,541,964  
            $ 46,715,620  
Lease Revenue / Certificates of Participation — 2.3%  

Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47

  $ 755     $ 822,882  

Hudson Yards Infrastructure Corp., NY, Prerefunded to 2/15/21, 5.75%, 2/15/47

    1,225       1,357,753  

North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26

    10       11,474  

North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26(1)

    16,000       18,358,720  
            $ 20,550,829  
Other Revenue — 1.6%  

New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/36(1)

  $ 10,750     $ 11,687,400  

Oregon State Department of Administrative Services, Lottery Revenue, 5.25%, 4/1/30

    1,275       1,396,023  

Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30

    1,700       1,861,993  
            $ 14,945,416  
Special Tax Revenue — 19.7%  

Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, Green Bonds, 5.00%, 11/1/30(1)

  $ 12,575     $ 14,582,096  

Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, Green Bonds, 5.00%, 11/1/41(1)

    10,000       11,518,800  

Connecticut, Special Tax Obligation, (Transportation Infrastructure),
5.00%, 1/1/31(1)

    20,000       21,581,200  

Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 7/1/38

    5,000       5,863,600  

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, 5.00%, 8/15/37(1)

    20,200       23,037,898  

Metropolitan Transportation Authority, NY, Dedicated Tax Revenue, Green Bonds, 5.00%, 11/15/47

    5,450       6,275,838  

New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/37(1)

    10,000       10,431,600  

New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/37(1)

    20,000       21,767,800  

New York Convention Center Development Corp., Hotel Occupancy Tax, 5.00%, 11/15/45(1)

    13,000       14,560,910  

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 6/15/31

    10,000       11,158,200  

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34

    3,285       3,647,303  

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/35

    12,040       13,350,193  
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Special Tax Revenue (continued)  

New York Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/47(1)

  $ 20,000     $ 20,635,800  
            $ 178,411,238  
Transportation — 16.0%  

Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36

  $ 6,000     $ 6,709,140  

Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/38

    2,105       2,349,222  

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30

    3,205       3,648,636  

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31

    4,950       5,626,913  

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35

    8,275       8,683,702  

Illinois Toll Highway Authority,
5.00%, 12/1/32(1)

    10,425       11,886,793  

Illinois Toll Highway Authority,
5.00%, 1/1/37(1)

    10,000       11,262,100  

Kansas Department of Transportation, 5.00%, 9/1/35(1)

    10,000       11,462,900  

Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.25%, 5/15/28

    3,285       3,525,659  

Metropolitan Transportation Authority, NY, 4.00%, 11/15/42

    4,155       4,280,523  

Metropolitan Transportation Authority, NY, 4.00%, 11/15/46

    170       174,410  

Metropolitan Transportation Authority, NY, 5.25%, 11/15/32

    4,380       5,011,027  

Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41

    10,825       11,540,424  

Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/37

    4,615       5,147,340  

New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 12/15/24

    10,000       10,995,000  

New Jersey Turnpike Authority, 4.00%, 1/1/43

    3,500       3,614,065  

North Texas Tollway Authority,
5.00%, 1/1/43(1)

    10,000       11,424,200  

Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35

    2,305       2,470,176  

Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35

    610       653,713  

Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/40

    1,010       1,082,377  

Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/40

    1,580       1,693,223  

Port Authority of New York and New Jersey, 5.00%, 12/1/34(1)

    14,360       16,251,786  

Port Authority of New York and New Jersey, 5.00%, 7/15/39

    5,000       5,324,950  
            $ 144,818,279  
Water and Sewer — 11.7%  

Charleston, SC, Waterworks and Sewer Revenue, 5.00%, 1/1/45(1)

  $ 25,000     $ 28,423,750  

Dallas, TX, Waterworks and Sewer System Revenue, 5.00%, 10/1/41

    15,000       17,174,400  
Security   Principal
Amount
(000’s omitted)
    Value  
Water and Sewer (continued)  

Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32

  $ 1,070     $ 1,150,218  

Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39

    1,965       2,117,916  

Detroit, MI, Water Supply System, 5.25%, 7/1/41

    2,910       3,150,221  

Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/35(1)

    8,750       9,984,012  

Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/36(1)

    7,925       9,031,726  

New York City Municipal Water Finance Authority, NY, 5.00%, 6/15/31

    10,000       11,066,300  

Portland, OR, Water System, 5.00%, 5/1/36

    5,385       5,854,734  

Texas Water Development Board, 5.00%, 10/15/40(1)

    15,500       17,498,260  
            $ 105,451,537  

Total Tax-Exempt Investments — 165.4%
(identified cost $1,418,222,077)

 

  $ 1,493,999,450  

Other Assets, Less Liabilities — (65.4)%

 

  $ (590,757,247

Net Assets — 100.0%

 

  $ 903,242,203  

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

At March 31, 2018, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

 

New York      15.2%  
California      10.5%  
Others, representing less than 10% individually      74.3%  

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 30.0% 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 0.2% to 9.8% of total investments.

 

(1) 

Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).

 

 

  10   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

 

Futures Contracts  
Description    Number of
Contracts
     Position      Expiration
Month/Year
     Notional
Amount
     Value/Net
Unrealized
Depreciation
 

Interest Rate Futures

              
U.S. Long Treasury Bond      229        Short        Jun-18      $ (33,577,125    $ (696,318
       $ (696,318

Abbreviations:

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
BAM     Build America Mutual Assurance Co.
BHAC     Berkshire Hathaway Assurance Corp.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.
PSF     Permanent School Fund
XLCA     XL Capital Assurance, Inc.

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 174.0%  
Security   Principal
Amount
(000’s omitted)
    Value  
Education — 12.8%              

California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/27

  $ 770     $ 771,856  

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31

    550       613,817  

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36

    940       1,041,689  

California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30

    1,375       1,439,804  

California Educational Facilities Authority, (Pepperdine University), 5.00%, 10/1/46(1)

    6,600       7,547,232  

California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36

    330       376,444  

California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36

    320       366,435  

California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30

    1,790       1,949,901  

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31

    1,175       1,289,234  

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35

    800       874,384  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26

    2,270       2,518,610  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27

    2,395       2,653,876  

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28

    2,520       2,788,808  

California State University, 5.00%, 11/1/41(1)

    7,550       8,637,577  
            $ 32,869,667  
Electric Utilities — 1.3%  

Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35

  $ 1,890     $ 2,018,085  

Vernon, Electric System Revenue, 5.125%, 8/1/21

    1,165       1,212,427  
            $ 3,230,512  
Escrowed / Prerefunded — 14.8%  

California Educational Facilities Authority, (California Institute of Technology), Prerefunded to 11/1/19, 5.00%, 11/1/39(1)

  $ 10,000     $ 10,537,200  

California Educational Facilities Authority, (Santa Clara University), Prerefunded to 2/1/20, 5.00%, 2/1/29

    285       302,593  

California Educational Facilities Authority, (University of Southern California), Prerefunded to 10/1/18, 5.25%, 10/1/39

    6,200       6,317,490  

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), Prerefunded to 8/15/19, 5.00%, 8/15/39

    4,505       4,716,780  
Security   Principal
Amount
(000’s omitted)
    Value  
Escrowed / Prerefunded (continued)  

Foothill-De Anza Community College District, Prerefunded to 8/1/21, 5.00%, 8/1/36(1)

  $ 10,000     $ 11,063,100  

San Diego Community College District, (Election of 2002), Prerefunded to 8/1/21, 5.00%, 8/1/32

    1,375       1,521,176  

San Diego Community College District, (Election of 2006), Prerefunded to 8/1/21, 5.00%, 8/1/31

    2,545       2,815,559  

Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21

    500       518,200  
            $ 37,792,098  
General Obligations — 50.4%  

Berryessa Union School District, (Election of 2014), 5.00%, 8/1/40(1)

  $ 7,450     $ 8,585,306  

Burbank Unified School District, (Election of 2013), 4.00%, 8/1/31(1)

    6,900       7,306,962  

California, 5.50%, 11/1/35

    4,600       5,030,422  

Castro Valley Unified School District, (Election of 2016), 5.00%, 8/1/41

    2,500       2,891,850  

Contra Costa Community College District, (Election of 2006), 5.00%, 8/1/38(1)

    9,750       10,912,005  

Desert Community College District, 5.00%, 8/1/36(1)

    7,500       8,703,825  

Hayward Area Recreation and Park District, (Election of 2016), 5.00%, 8/1/42

    5,000       5,786,150  

Los Angeles Unified School District, (Election of 2005), 5.25%, 7/1/42

    6,935       8,302,998  

Palo Alto, (Election of 2008), 5.00%, 8/1/40(1)

    7,020       7,506,416  

Palomar Community College District, 5.00%, 8/1/44(1)

    10,000       11,278,400  

San Bernardino Community College District, 4.00%, 8/1/27(1)

    5,775       6,267,492  

San Jose Unified School District, (Election of 2012), 4.00%, 8/1/42(1)

    10,000       10,500,300  

San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/37(1)

    4,975       5,507,872  

Santa Monica Community College District, (Election of 2008), 5.00%, 8/1/44(1)

    7,500       8,464,350  

Santa Rosa High School District, (Election of 2014), 5.00%, 8/1/41

    3,495       4,042,806  

Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35

    7,500       8,469,525  

Ventura County Community College District, 5.00%, 8/1/30(1)

    8,000       9,348,800  
            $ 128,905,479  
Hospital — 9.9%  

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27

  $ 1,750     $ 1,902,267  

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28

    550       597,856  
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Hospital (continued)  

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32

  $ 1,795     $ 2,002,753  

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35

    2,565       2,852,357  

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33

    4,480       5,048,243  

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37

    2,100       2,346,603  

California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31(1)

    5,000       5,560,950  

California Public Finance Authority, (Sharp HealthCare), 4.00%, 8/1/47

    5,000       5,118,300  
            $ 25,429,329  
Housing — 2.2%  

California Statewide Communities Development Authority, (University of California, Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), 5.00%, 5/15/47

  $ 5,000     $ 5,593,300  
            $ 5,593,300  
Insured – Electric Utilities — 4.3%  

Northern California Power Agency, (Hydroelectric), (AGC), 5.00%, 7/1/24

  $ 2,000     $ 2,017,400  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

    3,840       3,684,250  

Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27

    615       623,032  

Sacramento Municipal Utility District, (AMBAC), (BHAC), 5.25%, 7/1/24

    4,000       4,561,480  
            $ 10,886,162  
Insured – Escrowed / Prerefunded — 5.9%  

Palm Springs Unified School District, (Election of 2008), (AGC), Prerefunded to 8/1/19, 5.00%, 8/1/33

  $ 4,500     $ 4,702,545  

Sacramento Municipal Utility District, (AGM), Prerefunded to 8/15/18, 5.00%, 8/15/27

    385       390,013  

San Diego County Water Authority, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(1)

    10,000       10,028,200  
            $ 15,120,758  
Insured – General Obligations — 12.6%  

Burbank Unified School District, (Election of 1997), (NPFG), 0.00%, 8/1/21

  $ 4,135     $ 3,854,771  

San Diego Unified School District, (NPFG), 0.00%, 7/1/22

    2,300       2,103,074  

San Diego Unified School District, (NPFG), 0.00%, 7/1/23

    5,000       4,446,400  

San Juan Unified School District, (AGM), 0.00%, 8/1/21

    5,630       5,272,720  
Security   Principal
Amount
(000’s omitted)
    Value  
Insured – General Obligations (continued)  

San Mateo County Community College District, (NPFG), 0.00%, 9/1/22

  $ 4,840     $ 4,421,630  

San Mateo County Community College District, (NPFG), 0.00%, 9/1/23

    4,365       3,877,648  

San Mateo County Community College District, (NPFG), 0.00%, 9/1/25

    3,955       3,309,188  

San Mateo Union High School District, (NPFG), 0.00%, 9/1/21

    5,240       4,914,334  
            $ 32,199,765  
Insured – Special Tax Revenue — 6.6%  

Hesperia Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/31

  $ 595     $ 601,027  

Hesperia Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/37

    7,240       7,246,589  

Pomona Public Financing Authority, (NPFG), 5.00%, 2/1/33

    5,940       5,956,394  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

    15,020       2,984,174  
            $ 16,788,184  
Insured – Water and Sewer — 1.8%  

Riverside, Water System Revenue, (AGM), 5.00%, 10/1/38

  $ 1,595     $ 1,622,482  

San Luis Obispo County, (Nacimiento Water Project), (BHAC), (NPFG), 5.00%, 9/1/38

    250       250,650  

San Luis Obispo County, (Nacimiento Water Project), (NPFG), 4.50%, 9/1/40

    2,750       2,755,417  
            $ 4,628,549  
Lease Revenue / Certificates of Participation — 1.1%  

California Public Works Board, 5.00%, 11/1/38

  $ 2,565     $ 2,864,310  
            $ 2,864,310  
Special Tax Revenue — 18.2%  

Jurupa Public Financing Authority, 5.00%, 9/1/30

  $ 625     $ 705,556  

Jurupa Public Financing Authority, 5.00%, 9/1/32

    625       702,044  

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/41(1)

    8,250       9,667,597  

Riverside County Transportation Commission, Sales Tax Revenue, Prerefunded to 6/1/23, 5.25%, 6/1/39(1)

    6,285       7,291,794  

San Bernardino County Transportation Authority, 5.25%, 3/1/40(1)

    10,375       11,884,459  

San Diego County Regional Transportation Commission, Sales Tax Revenue, 5.00%, 4/1/41(1)

    8,150       9,407,382  

San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, 5.00%, 7/1/36(1)

    6,250       6,941,813  
            $ 46,600,645  
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Transportation — 13.3%  

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29(1)

  $ 6,500     $ 6,742,320  

Long Beach, Harbor Revenue, 5.00%, 5/15/27

    1,960       2,090,909  

Long Beach, Harbor Revenue, 5.00%, 5/15/42(1)

    7,500       8,516,325  

Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1)

    7,500       7,991,250  

San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35

    2,190       2,320,721  

San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/47

    4,000       4,566,640  

San Jose, Airport Revenue, 5.00%, 3/1/31

    1,750       1,893,080  
            $ 34,121,245  
Water and Sewer — 18.8%  

Beverly Hills Public Financing Authority, Water Revenue, 5.00%, 6/1/37(1)

  $ 5,725     $ 6,354,120  

Eastern Municipal Water District Financing Authority, 5.25%, 7/1/42(1)

    9,000       10,719,990  

Los Angeles Department of Water and Power, Water System Revenue, 5.00%, 7/1/39(1)

    10,000       11,264,200  

Los Angeles, Wastewater System Revenue, 5.00%, 6/1/43(1)

    7,500       8,306,550  

Orange County Sanitation District, Wastewater Revenue, 5.00%, 2/1/35(1)

    10,000       11,467,000  
            $ 48,111,860  

Total Tax-Exempt Investments — 174.0%
(identified cost $427,565,270)

 

  $ 445,141,863  

Other Assets, Less Liabilities — (74.0)%

 

  $ (189,249,687

Net Assets — 100.0%

 

  $ 255,892,176  

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

The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 17.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 9.6% of total investments.

 

(1) 

Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).

Abbreviations:

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
BHAC     Berkshire Hathaway Assurance Corp.
NPFG     National Public Finance Guaranty Corp.
XLCA     XL Capital Assurance, Inc.
 

 

  14   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 169.2%  
Security   Principal
Amount
(000’s omitted)
    Value  
Bond Bank — 9.5%  

New York Environmental Facilities Corp., 5.00%, 10/15/39

  $ 3,360     $ 3,560,525  

New York Environmental Facilities Corp., Clean Water and Drinking Water, 4.00%, 6/15/46(1)

    15,000       15,759,450  
            $ 19,319,975  
Education — 30.7%              

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/30

  $ 200     $ 224,938  

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/33

    105       116,968  

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/34

    200       222,158  

Geneva Development Corp., (Hobart and William Smith Colleges), Series 2012, 5.00%, 9/1/32

    1,330       1,466,857  

Geneva Development Corp., (Hobart and William Smith Colleges), Series 2014, 5.00%, 9/1/32

    200       223,650  

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/21

    950       1,034,113  

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/31

    800       862,424  

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/32

    300       323,124  

New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39

    240       245,359  

New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39(1)

    10,000       10,223,300  

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41(1)

    10,000       10,834,400  

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/37(1)

    5,700       6,073,293  

New York Dormitory Authority, (New York University), 4.00%, 7/1/35

    950       1,012,719  

New York Dormitory Authority, (New York University), 4.00%, 7/1/39

    1,150       1,207,649  

New York Dormitory Authority, (New York University), Prerefunded to 7/1/19, 5.00%, 7/1/39(1)

    10,000       10,412,000  

New York Dormitory Authority, (Rochester Institute of Technology), 5.00%, 7/1/40

    2,000       2,122,360  

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40

    500       519,965  

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40(1)

    2,700       2,807,811  

New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/26

    1,175       1,281,678  

New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/30

    250       274,898  
Security   Principal
Amount
(000’s omitted)
    Value  
Education (continued)              

New York Dormitory Authority, (The New School), 5.00%, 7/1/46

  $ 1,660     $ 1,851,398  

New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40

    5,250       5,686,170  

Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38

    3,305       3,710,689  
            $ 62,737,921  
Electric Utilities — 1.6%              

Utility Debt Securitization Authority, 5.00%, 12/15/33

  $ 2,895     $ 3,277,169  
            $ 3,277,169  
Escrowed / Prerefunded — 7.8%              

Long Beach City School District, Prerefunded to 5/1/20, 4.50%, 5/1/26

  $ 3,715     $ 3,930,358  

Metropolitan Transportation Authority, Prerefunded to 11/15/21, 5.25%, 11/15/38

    3,430       3,842,492  

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Escrowed to Maturity, 5.00%, 5/1/20

    1,065       1,136,440  

Peekskill, Prerefunded to 6/1/18, 5.00%, 6/1/35

    465       467,604  

Peekskill, Prerefunded to 6/1/18, 5.00%, 6/1/36

    490       492,744  

Triborough Bridge and Tunnel Authority, Prerefunded to 11/15/18, 5.00%, 11/15/38(1)

    5,955       6,082,735  
            $ 15,952,373  
General Obligations — 8.6%              

New York, 5.00%, 2/15/34(1)

  $ 7,250     $ 7,833,915  

New York City, 5.00%, 8/1/34(1)

    8,650       9,658,071  
            $ 17,491,986  
Hospital — 9.1%              

New York Dormitory Authority, (Highland Hospital of Rochester), 5.00%, 7/1/26

  $ 620     $ 655,135  

New York Dormitory Authority, (Highland Hospital of Rochester), 5.20%, 7/1/32

    820       866,158  

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/37

    825       878,782  

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.375%, 7/1/34(1)

    9,325       9,809,341  

Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28

    5,890       6,388,058  
            $ 18,597,474  
 

 

  15   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Housing — 8.1%              

New York City Housing Development Corp., 3.45%, 11/1/37

  $ 870     $ 867,529  

New York City Housing Development Corp., 3.55%, 11/1/42

    1,640       1,592,735  

New York City Housing Development Corp., 3.80%, 11/1/37

    885       898,762  

New York City Housing Development Corp., 4.05%, 11/1/41

    2,030       2,071,148  

New York City Housing Development Corp., 4.95%, 11/1/39

    2,500       2,543,000  

New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.20%, 11/1/46

    2,815       2,605,508  

New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 4.00%, 11/1/42

    500       515,315  

New York Housing Finance Agency, (FNMA), 3.95%, 11/1/37

    1,000       1,031,400  

New York Mortgage Agency, 3.55%, 10/1/33

    995       1,002,413  

New York Mortgage Agency, 3.60%, 10/1/34

    3,295       3,325,314  
            $ 16,453,124  
Industrial Development Revenue — 1.3%  

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35

  $ 640     $ 796,122  

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37

    1,440       1,851,624  
            $ 2,647,746  
Insured – Education — 3.8%              

New York Dormitory Authority, (City University), (AMBAC), 5.25%, 7/1/30

  $ 50     $ 59,065  

New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35

    1,230       1,536,946  

New York Dormitory Authority, (Educational Housing Services CUNY Student Housing), (AMBAC), 5.25%, 7/1/23

    1,750       1,970,430  

New York Dormitory Authority, (Pratt Institute), (AGC), Prerefunded to 7/1/19, 5.00%, 7/1/34

    1,555       1,619,066  

New York Dormitory Authority, (Pratt Institute), (AGC), Prerefunded to 7/1/19, 5.125%, 7/1/39

    2,405       2,507,766  
            $ 7,693,273  
Insured – Electric Utilities — 6.1%              

Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33

  $ 5,000     $ 5,203,900  

New York Power Authority, (BHAC), 4.50%, 11/15/47(1)

    7,210       7,226,150  
            $ 12,430,050  
Insured – Escrowed / Prerefunded — 5.3%              

Brentwood Union Free School District, (AGC), Prerefunded to 11/15/19, 4.75%, 11/15/23

  $ 2,290     $ 2,403,492  

Brentwood Union Free School District, (AGC), Prerefunded to 11/15/19, 5.00%, 11/15/24

    2,390       2,517,961  
Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Escrowed / Prerefunded (continued)              

Eastchester Union Free School District, (AGM), Prerefunded to 6/15/18, 4.00%, 6/15/23

  $ 175     $ 175,887  

Freeport, (AGC), Prerefunded to 10/15/18, 5.00%, 10/15/20

    185       188,347  

Freeport, (AGC), Prerefunded to 10/15/18, 5.00%, 10/15/21

    195       198,528  

Hoosic Valley Central School District, (AGC), Prerefunded to 6/15/19, 4.00%, 6/15/23

    1,110       1,141,113  

Nassau County Sewer and Storm Water Finance Authority, (BHAC), Prerefunded to 11/1/18, 5.125%, 11/1/23

    300       306,072  

Nassau County Sewer and Storm Water Finance Authority, (BHAC), Prerefunded to 11/1/18, 5.375%, 11/1/28

    3,835       3,918,104  
            $ 10,849,504  
Insured – General Obligations — 3.6%              

East Northport Fire District, (AGC), 4.50%, 11/1/20

  $ 200     $ 203,494  

East Northport Fire District, (AGC), 4.50%, 11/1/21

    200       203,436  

East Northport Fire District, (AGC), 4.50%, 11/1/22

    200       203,424  

East Northport Fire District, (AGC), 4.50%, 11/1/23

    200       203,414  

Longwood Central School District, Suffolk County, (AGC), 4.15%, 6/1/23

    820       823,247  

Longwood Central School District, Suffolk County, (AGC), 4.25%, 6/1/24

    860       863,586  

Oyster Bay, (AGM), 4.00%, 8/1/28

    4,585       4,830,619  
            $ 7,331,220  
Insured – Lease Revenue / Certificates of Participation — 2.6%  

Ulster County Resource Recovery Agency, Solid Waste System, (AMBAC), 0.00%, 3/1/21

  $ 1,490     $ 1,402,895  

Ulster County Resource Recovery Agency, Solid Waste System, (AMBAC), 0.00%, 3/1/23

    1,090       966,666  

Ulster County Resource Recovery Agency, Solid Waste System, (AMBAC), 0.00%, 3/1/25

    3,635       3,013,815  
            $ 5,383,376  
Insured – Other Revenue — 2.0%              

New York City Transitional Finance Authority, (BHAC), 5.50%, 7/15/38

  $ 4,050     $ 4,095,603  
            $ 4,095,603  
Insured – Special Tax Revenue — 2.3%  

New York Thruway Authority, Miscellaneous Tax Revenue, (AMBAC), 5.50%, 4/1/20

  $ 2,175     $ 2,338,625  

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/36

    3,000       1,051,470  
 

 

  16   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Special Tax Revenue (continued)              

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

  $ 6,705     $ 1,332,150  
            $ 4,722,245  
Lease Revenue / Certificates of Participation — 3.4%  

Hudson Yards Infrastructure Corp., 5.00%, 2/15/42(1)

  $ 6,000     $ 6,837,720  
            $ 6,837,720  
Other Revenue — 12.4%              

Battery Park City Authority, 5.00%, 11/1/34

  $ 4,925     $ 5,180,854  

Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31

    4,900       2,995,223  

Brooklyn Arena Local Development Corp., (Barclays Center), 5.00%, 7/15/42

    1,000       1,112,530  

New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/32(1)

    10,000       11,440,000  

New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/32

    4,110       4,546,317  
            $ 25,274,924  
Special Tax Revenue — 25.7%              

Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/31(1)

  $ 10,000     $ 11,162,000  

New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 8/1/42

    2,100       2,181,165  

New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 2/1/35(1)

    10,000       10,760,400  

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)

    565       617,567  

New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(1)

    435       474,898  

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 6/15/31(1)

    6,500       7,252,830  

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34

    6,600       7,327,914  

New York Thruway Authority, Miscellaneous Tax Revenue, Prerefunded to 4/1/20, 5.00%, 4/1/26

    2,370       2,522,723  

Sales Tax Asset Receivables Corp., 5.00%, 10/15/30(1)

    8,900       10,233,398  
            $ 52,532,895  
Transportation — 19.1%              

Metropolitan Transportation Authority, 4.00%, 11/15/42

  $ 7,030     $ 7,242,376  

Metropolitan Transportation Authority, 4.00%, 11/15/46

    295       302,652  

Nassau County Bridge Authority, 5.00%, 10/1/35

    1,565       1,664,910  

Nassau County Bridge Authority, 5.00%, 10/1/40

    300       318,777  
Security   Principal
Amount
(000’s omitted)
    Value  
Transportation (continued)              

New York Thruway Authority, 4.00%, 1/1/36

  $ 2,500     $ 2,608,650  

New York Thruway Authority, 5.00%, 1/1/37

    7,240       7,880,161  

Port Authority of New York and New Jersey, 5.00%, 10/15/35(1)

    8,000       9,176,160  

Port Authority of New York and New Jersey, 5.00%, 10/15/41(1)

    5,000       5,687,800  

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38(1)

    4,045       4,126,224  
            $ 39,007,710  
Water and Sewer — 5.3%              

Albany, Municipal Water Finance Authority, 5.00%, 12/1/26

  $ 755     $ 835,121  

Albany, Municipal Water Finance Authority, 5.00%, 12/1/29

    500       552,500  

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/44(1)

    8,750       9,457,700  
            $ 10,845,321  
Senior Living / Life Care — 0.9%              

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.00%, 11/1/24

  $ 135     $ 155,705  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25

    325       383,640  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/26

    360       428,043  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/36

    845       959,092  
            $ 1,926,480  

Total Tax-Exempt Investments — 169.2%
(identified cost $333,323,373)

 

  $ 345,408,089  

Other Assets, Less Liabilities — (69.2)%

 

  $ (141,224,669

Net Assets — 100.0%

 

  $ 204,183,420  

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

The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 15.2% 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 0.4% to 6.0% of total investments.

 

(1) 

Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).

 

 

  17   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Abbreviations:

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
BHAC     Berkshire Hathaway Assurance Corp.
FHLMC     Federal Home Loan Mortgage Corp.
FNMA     Federal National Mortgage Association
GNMA     Government National Mortgage Association
NPFG     National Public Finance Guaranty Corp.

 

  18   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Assets and Liabilities (Unaudited)

 

 

     March 31, 2018  
Assets    Municipal Fund      California Fund      New York Fund  

Investments —

        

Identified cost

   $ 1,418,222,077      $ 427,565,270      $ 333,323,373  

Unrealized appreciation

     75,777,373        17,576,593        12,084,716  

Investments, at value

   $ 1,493,999,450      $ 445,141,863      $ 345,408,089  

Cash

   $      $ 2,041,536      $  

Deposits for derivatives collateral — financial futures contracts

     572,500                

Interest receivable

     18,837,476        4,905,592        4,521,049  

Receivable for investments sold

     30,998,192               2,926,503  

Due from broker for floating rate notes issued

     16,000,000                

Total assets

   $ 1,560,407,618      $ 452,088,991      $ 352,855,641  
Liabilities                           

Payable for floating rate notes issued (net of unamortized deferred debt issuance costs of $162,276, $22,906 and $18,319, respectively)

   $ 597,602,739      $ 195,065,586      $ 145,500,422  

Due to broker for floating rate notes redeemed

     25,675,000                

Payable for investments purchased

     11,687,622                

Payable for variation margin on open financial futures contracts

     171,755                

Due to custodian

     17,777,709               2,131,256  

Payable to affiliate:

        

Investment adviser fee

     770,043        229,477        191,544  

Interest expense and fees payable

     3,226,470        806,559        762,289  

Accrued expenses

     254,077        95,193        86,710  

Total liabilities

   $ 657,165,415      $ 196,196,815      $ 148,672,221  

Net Assets

   $ 903,242,203      $ 255,892,176      $ 204,183,420  
Sources of Net Assets                           

Common shares, $0.01 par value, unlimited number of shares authorized

   $ 681,683      $ 213,943      $ 156,618  

Additional paid-in capital

     933,241,795        297,706,284        213,121,925  

Accumulated undistributed (distributions in excess of) net investment income

     (115,135      456,239        516,683  

Accumulated net realized loss

     (105,647,195      (60,060,883      (21,696,522

Net unrealized appreciation

     75,081,055        17,576,593        12,084,716  

Net Assets

   $ 903,242,203      $ 255,892,176      $ 204,183,420  
Common Shares Outstanding      68,168,250        21,394,348        15,661,780  
Net Asset Value                           

Net assets ÷ common shares issued and outstanding

   $ 13.25      $ 11.96      $ 13.04  

 

  19   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Operations (Unaudited)

 

 

     Six Months Ended March 31, 2018  
Investment Income    Municipal Fund      California Fund      New York Fund  

Interest

   $ 30,763,159      $ 8,516,061      $ 6,871,915  

Total investment income

   $ 30,763,159      $ 8,516,061      $ 6,871,915  
Expenses                           

Investment adviser fee

   $ 4,584,209      $ 1,359,499      $ 1,140,667  

Trustees’ fees and expenses

     32,363        9,785        7,641  

Custodian fee

     152,622        55,594        44,881  

Transfer and dividend disbursing agent fees

     10,712        9,565        9,635  

Legal and accounting services

     70,155        46,480        46,711  

Printing and postage

     42,595        10,312        8,413  

Interest expense and fees

     5,219,082        1,642,681        1,249,093  

Miscellaneous

     29,774        12,384        12,430  

Total expenses

   $ 10,141,512      $ 3,146,300      $ 2,519,471  

Net investment income

   $ 20,621,647      $ 5,369,761      $ 4,352,444  
Realized and Unrealized Gain (Loss)                           

Net realized gain (loss) —

        

Investment transactions

   $ (627,602    $ (1,457,499    $ (341,251

Extinguishment of debt

     (82,385              

Financial futures contracts

     2,202,341                

Net realized gain (loss)

   $ 1,492,354      $ (1,457,499    $ (341,251

Change in unrealized appreciation (depreciation) —

        

Investments

   $ (33,516,915    $ (8,508,442    $ (8,382,917

Financial futures contracts

     (1,270,176              

Net change in unrealized appreciation (depreciation)

   $ (34,787,091    $ (8,508,442    $ (8,382,917

Net realized and unrealized loss

   $ (33,294,737    $ (9,965,941    $ (8,724,168

Net decrease in net assets from operations

   $ (12,673,090    $ (4,596,180    $ (4,371,724

 

  20   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Changes in Net Assets

 

 

     Six Months Ended March 31, 2018 (Unaudited)  
Increase (Decrease) in Net Assets    Municipal Fund      California Fund      New York Fund  

From operations —

        

Net investment income

   $ 20,621,647      $ 5,369,761      $ 4,352,444  

Net realized gain (loss)

     1,492,354        (1,457,499      (341,251

Net change in unrealized appreciation (depreciation)

     (34,787,091      (8,508,442      (8,382,917

Net decrease in net assets from operations

   $ (12,673,090    $ (4,596,180    $ (4,371,724

Distributions to common shareholders —

        

From net investment income

   $ (20,736,782    $ (5,857,773    $ (4,629,622

Total distributions to common shareholders

   $ (20,736,782    $ (5,857,773    $ (4,629,622

Net decrease in net assets

   $ (33,409,872    $ (10,453,953    $ (9,001,346
Net Assets                           

At beginning of period

   $ 936,652,075      $ 266,346,129      $ 213,184,766  

At end of period

   $ 903,242,203      $ 255,892,176      $ 204,183,420  
Accumulated undistributed (distributions in excess of) net investment income
included in net assets
                          

At end of period

   $ (115,135    $ 456,239      $ 516,683  

 

  21   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Changes in Net Assets — continued

 

 

     Year Ended September 30, 2017  
Increase (Decrease) in Net Assets    Municipal Fund      California Fund      New York Fund  

From operations —

        

Net investment income

   $ 43,630,294      $ 12,106,270      $ 9,387,122  

Net realized gain

     1,408,158        1,239,496        598,612  

Net change in unrealized appreciation (depreciation)

     (51,740,351      (13,777,293      (10,931,736

Net decrease in net assets from operations

   $ (6,701,899    $ (431,527    $ (946,002

Distributions to common shareholders —

        

From net investment income

   $ (43,661,765    $ (12,502,857    $ (9,678,980

Total distributions to common shareholders

   $ (43,661,765    $ (12,502,857    $ (9,678,980

Net decrease in net assets

   $ (50,363,664    $ (12,934,384    $ (10,624,982
Net Assets                           

At beginning of year

   $ 987,015,739      $ 279,280,513      $ 223,809,748  

At end of year

   $ 936,652,075      $ 266,346,129      $ 213,184,766  
Accumulated undistributed net investment income
included in net assets
                          

At end of year

   $      $ 944,251      $ 793,861  

 

  22   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Cash Flows (Unaudited)

 

 

     Six Months Ended March 31, 2018  
Cash Flows From Operating Activities    Municipal Fund      California Fund      New York Fund  

Net decrease in net assets from operations

   $ (12,673,090    $ (4,596,180    $ (4,371,724

Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities:

        

Investments purchased

     (134,044,126      (49,207,779      (40,461,462

Investments sold

     111,011,447        48,155,853        37,082,972  

Net amortization/accretion of premium (discount)

     102,406        589,419        688,332  

Amortization of deferred debt issuance costs

     6,047        812        453  

Decrease in deposits for derivatives collateral — financial futures contracts

     114,500                

Decrease (increase) in interest receivable

     513,061        (36,904      91,518  

Increase in payable for variation margin on open financial futures contracts

     164,599                

Increase in payable to affiliate for investment adviser fee

     7,287        1,606        513  

Increase in interest expense and fees payable

     240,780        79,173        121,434  

Decrease in accrued expenses

     (71,770      (62,989      (58,015

Net change in unrealized (appreciation) depreciation from investments

     33,516,915        8,508,442        8,382,917  

Net realized loss from investments

     627,602        1,457,499        341,251  

Net realized loss on extinguishment of debt

     82,385                

Net cash provided by (used in) operating activities

   $ (401,957    $ 4,888,952      $ 1,818,189  
Cash Flows From Financing Activities                           

Distributions paid to common shareholders, net of reinvestments

   $ (20,736,782    $ (5,857,773    $ (4,629,622

Proceeds from secured borrowings

     51,240,000        21,120,000         

Repayment of secured borrowings

     (45,780,000      (18,800,000       

Increase in due to custodian

     15,678,739               2,131,256  

Net cash provided by (used in) financing activities

   $ 401,957      $ (3,537,773    $ (2,498,366

Net increase (decrease) in cash

   $      $ 1,351,179      $ (680,177

Cash at beginning of period

   $      $ 690,357      $ 680,177  

Cash at end of period

   $      $ 2,041,536      $  
Supplemental disclosure of cash flow information:                           

Cash paid for interest and fees

   $ 4,972,255      $ 1,562,696      $ 1,127,206  

 

  23   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Financial Highlights

 

 

    Municipal Fund  
    Six Months Ended
March 31, 2018
(Unaudited)
    Year Ended September 30,  
      2017     2016     2015     2014     2013  

Net asset value — Beginning of period

  $ 13.740     $ 14.480     $ 13.870     $ 13.940     $ 12.290     $ 14.100  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.303     $ 0.640     $ 0.706     $ 0.760     $ 0.783     $ 0.768  

Net realized and unrealized gain (loss)

    (0.489     (0.739     0.631       (0.064     1.633       (1.812

Total income (loss) from operations

  $ (0.186   $ (0.099   $ 1.337     $ 0.696     $ 2.416     $ (1.044
Less Distributions                                                

From net investment income

  $ (0.304   $ (0.641   $ (0.727   $ (0.766   $ (0.766   $ (0.766

Total distributions

  $ (0.304   $ (0.641   $ (0.727   $ (0.766   $ (0.766   $ (0.766

Net asset value — End of period

  $ 13.250     $ 13.740     $ 14.480     $ 13.870     $ 13.940     $ 12.290  

Market value — End of period

  $ 11.820     $ 12.680     $ 13.620     $ 12.510     $ 12.520     $ 11.560  

Total Investment Return on Net Asset Value(2)

    (1.14 )%(3)       (0.19 )%      10.19     5.69     21.00     (7.59 )% 

Total Investment Return on Market Value(2)

    (4.44 )%(3)       (2.08 )%      14.91     6.14     15.44     (15.17 )% 
Ratios/Supplemental Data                                                

Net assets, end of period (000’s omitted)

  $ 903,242     $ 936,652     $ 987,016     $ 945,479     $ 950,519     $ 837,447  

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

           

Expenses excluding interest and fees(4)

    1.07 %(5)      1.07     1.05     1.05     1.12     1.15

Interest and fee expense(6)

    1.13 %(5)      0.93     0.53     0.38     0.43     0.47

Total expenses(4)

    2.20 %(5)      2.00     1.58     1.43     1.55     1.62

Net investment income

    4.48 %(5)      4.67     4.92     5.43     6.01     5.67

Portfolio Turnover

    9 %(3)      6     18     5     9     18

 

(1) 

Computed using average shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(5) 

Annualized.

 

(6) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

 

  24   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Financial Highlights — continued

 

 

    California Fund  
    Six Months Ended
March 31, 2018
(Unaudited)
    Year Ended September 30,  
      2017     2016     2015     2014     2013  

Net asset value — Beginning of period

  $ 12.450     $ 13.050     $ 12.720     $ 12.900     $ 11.510     $ 12.980  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.251     $ 0.566     $ 0.637     $ 0.688     $ 0.700     $ 0.698  

Net realized and unrealized gain (loss)

    (0.467     (0.582     0.377       (0.184     1.326       (1.514

Total income (loss) from operations

  $ (0.216   $ (0.016   $ 1.014     $ 0.504     $ 2.026     $ (0.816
Less Distributions                                                

From net investment income

  $ (0.274   $ (0.584   $ (0.684   $ (0.684   $ (0.657   $ (0.654

Total distributions

  $ (0.274   $ (0.584   $ (0.684   $ (0.684   $ (0.657   $ (0.654

Anti-dilutive effect of share repurchase program (see Note 5)(1)

  $     $     $     $ 0.000 (2)    $ 0.021     $  

Net asset value — End of period

  $ 11.960     $ 12.450     $ 13.050     $ 12.720     $ 12.900     $ 11.510  

Market value — End of period

  $ 10.260     $ 12.040     $ 13.560     $ 11.630     $ 11.350     $ 10.330  

Total Investment Return on Net Asset Value(3)

    (1.57 )%(4)       0.27     8.22     4.46     18.96     (6.18 )% 

Total Investment Return on Market Value(3)

    (12.68 )%(4)       (6.67 )%      22.99     8.55     16.62     (13.60 )% 
Ratios/Supplemental Data                                                

Net assets, end of period (000’s omitted)

  $ 255,892     $ 266,346     $ 279,281     $ 272,045     $ 276,022     $ 250,407  

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

           

Expenses excluding interest and fees(5)

    1.16 %(6)      1.15     1.13     1.11     1.16     1.22

Interest and fee expense(7)

    1.26 %(6)      1.01     0.58     0.40     0.42     0.46

Total expenses(5)

    2.42 %(6)      2.16     1.71     1.51     1.58     1.68

Net investment income

    4.12 %(6)      4.55     4.89     5.36     5.75     5.56

Portfolio Turnover

    11 %(4)      19     12     7     7     22

 

(1) 

Computed using average shares outstanding.

 

(2) 

Amount is less than $0.0005.

 

(3) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

 

(4) 

Not annualized.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

 

  25   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Financial Highlights — continued

 

 

    New York Fund  
    Six Months Ended
March 31, 2018
(Unaudited)
    Year Ended September 30,  
      2017     2016     2015     2014     2013  

Net asset value — Beginning of period

  $ 13.610     $ 14.290     $ 13.940     $ 14.040     $ 12.740     $ 14.460  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.278     $ 0.599     $ 0.666     $ 0.716     $ 0.752     $ 0.735  

Net realized and unrealized gain (loss)

    (0.552     (0.661     0.402       (0.100     1.219       (1.767

Total income (loss) from operations

  $ (0.274   $ (0.062   $ 1.068     $ 0.616     $ 1.971     $ (1.032
Less Distributions                                                

From net investment income

  $ (0.296   $ (0.618   $ (0.718   $ (0.718   $ (0.690   $ (0.688

Total distributions

  $ (0.296   $ (0.618   $ (0.718   $ (0.718   $ (0.690   $ (0.688

Anti-dilutive effect of share repurchase program (see Note 5)(1)

  $     $     $     $ 0.002     $ 0.019     $  

Net asset value — End of period

  $ 13.040     $ 13.610     $ 14.290     $ 13.940     $ 14.040     $ 12.740  

Market value — End of period

  $ 11.500     $ 12.930     $ 14.320     $ 12.600     $ 12.330     $ 11.540  

Total Investment Return on Net Asset Value(2)

    (1.79 )%(3)       0.02     8.01     5.07     16.72     (7.16 )% 

Total Investment Return on Market Value(2)

    (8.83 )%(3)       (5.18 )%      19.75     8.14     13.16     (17.05 )% 
Ratios/Supplemental Data                                                

Net assets, end of period (000’s omitted)

  $ 204,183     $ 213,185     $ 223,810     $ 218,282     $ 220,190     $ 202,452  

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

           

Expenses excluding interest and fees(4)

    1.22 %(5)      1.22     1.18     1.20     1.22     1.21

Interest and fee expense(6)

    1.20 %(5)      0.94     0.53     0.37     0.40     0.42

Total expenses(4)

    2.42 %(5)      2.16     1.71     1.57     1.62     1.63

Net investment income

    4.17 %(5)      4.41     4.66     5.11     5.65     5.29

Portfolio Turnover

    11 %(3)      10     11     5     7     12

 

(1) 

Computed using average shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(5) 

Annualized.

 

(6) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

 

  26   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance Municipal Bond Fund, Eaton Vance California Municipal Bond Fund and Eaton Vance New York Municipal Bond Fund, (each individually referred to as the Fund, and collectively, the Funds), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. The Funds’ investment objective is to provide current income exempt from regular federal income tax, including alternative minimum tax, and, in state specific funds, taxes in its specified state.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each 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 — 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 asked 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 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.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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 a Fund in a manner that fairly reflects the security’s value, or the amount that a Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — 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. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each 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. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends.

As of March 31, 2018, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each 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  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

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 each Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Fund) could be deemed to have personal liability for the obligations of the Fund. However, each Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume 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, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

 

  27  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

G  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes (net of unamortized deferred debt issuance costs) as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 8) at March 31, 2018. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At March 31, 2018, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

 

      Municipal
Fund
     California
Fund
     New York
Fund
 

Floating Rate Notes Outstanding

   $ 597,765,015      $ 195,088,492      $ 145,518,741  

Interest Rate or Range of Interest Rates (%)

     1.58 - 2.08        1.59 - 1.63        1.60 - 1.62  

Collateral for Floating Rate Notes Outstanding

   $ 778,053,624      $ 264,310,787      $ 183,947,163  

For the six months ended March 31, 2018, the Funds’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees and amortization of deferred debt issuance costs were as follows:

 

      Municipal
Fund
     California
Fund
     New York
Fund
 

Average Floating Rate Notes Outstanding

   $ 609,225,989      $ 192,864,286      $ 145,290,000  

Average Interest Rate

     1.72      1.71      1.72

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2018.

The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

H  Financial Futures Contracts — Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received

 

  28  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund 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 earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

J  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

K  Interim Financial Statements — The interim financial statements relating to March 31, 2018 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

Each Fund intends to make monthly distributions of net investment income to common shareholders. In addition, at least annually, each Fund intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At September 30, 2017, the following Funds, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Fund’s 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 Funds of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date    Municipal
Fund
     California
Fund
     New York
Fund
 

September 30, 2018

   $ 56,183,712      $ 23,169,615      $ 8,909,352  

September 30, 2019

     16,458,561        7,665,268        6,463,209  

Total capital loss carryforwards

   $ 72,642,273      $ 30,834,883      $ 15,372,561  

Deferred capital losses:

        

Short-term

   $ 34,294,913      $ 10,923,659      $ 4,580,793  

Long-term

   $ 5,490,277      $ 17,159,660      $ 1,719,755  

 

  29  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at March 31, 2018, as determined on a federal income tax basis, were as follows:

 

      Municipal
Fund
     California
Fund
     New York
Fund
 

Aggregate cost

   $ 816,282,063      $ 232,208,813      $ 187,698,459  

Gross unrealized appreciation

   $ 84,874,171      $ 18,771,867      $ 14,681,003  

Gross unrealized depreciation

     (5,618,117      (927,309      (2,490,114

Net unrealized appreciation

   $ 79,256,054      $ 17,844,558      $ 12,190,889  

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Fund. Pursuant to the investment advisory agreement for New York Fund, the fee is computed at an annual rate of 0.65% of its average weekly gross assets. Pursuant to the investment advisory agreement and a subsequent fee reduction agreement between each of Municipal Fund and California Fund and EVM, the fee is calculated at an annual rate of 0.60% of each Fund’s average weekly gross assets. The fee reductions cannot be terminated without the consent of a majority of Trustees and a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Fund. Pursuant to a fee reduction agreement between each Fund and EVM, average weekly gross assets are calculated by adding to net assets the amount payable by the Fund to floating rate note holders, such adjustment being limited to the value of the Auction Preferred Shares (APS) outstanding prior to any APS redemptions by the Fund. The investment adviser fee is payable monthly. EVM also serves as the administrator of each Fund, but receives no compensation. For the six months ended March 31, 2018, the investment adviser fees were as follows:

 

      Municipal
Fund
     California
Fund
     New York
Fund
 

Investment Adviser Fee

   $ 4,584,209      $ 1,359,499      $ 1,140,667  

Pursuant to a fee reduction agreement between EVM and the New York Fund effective May 1, 2018, EVM has agreed to reduce the advisory fee rate to 0.60% annually of the average weekly gross assets of the Fund. The fee reduction cannot be terminated without the consent of a majority of Trustees and a majority of shareholders.

Trustees and officers of the Funds who are members of EVM’s organization receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2018 were as follows:

 

      Municipal
Fund
     California
Fund
     New York
Fund
 

Purchases

   $ 145,731,748      $ 49,207,779      $ 37,784,912  

Sales

   $ 141,665,606      $ 48,155,853      $ 40,009,475  

5  Common Shares of Beneficial Interest

The Funds may issue common shares pursuant to their dividend reinvestment plans. There were no common shares issued by the Funds for the six months ended March 31, 2018 and the year ended September 30, 2017.

On November 11, 2013, the Boards of Trustees of the Funds authorized the repurchase by each Fund of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value (NAV). The repurchase program does not obligate the Funds to purchase a

 

  30  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

specific amount of shares. There were no repurchases of common shares by the Funds for the six months ended March 31, 2018 and the year ended September 30, 2017.

6  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Funds to make properly authorized payments. When such payments result in an overdraft, the Funds are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on a Fund’s assets to the extent of any overdraft. At March 31, 2018, the Municipal Fund and New York Fund had a payment due to SSBT pursuant to the foregoing arrangement of $17,777,709 and $2,131,256, respectively. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at March 31, 2018. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 8) at March 31, 2018. The Funds’ average overdraft advances during the six months ended March 31, 2018 were not significant.

7  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2018 is included in the Portfolio of Investments. At March 31, 2018, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Funds enter into U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2018 were as follows:

 

      Municipal
Fund
 

Liability Derivative:

  

Futures Contracts

   $ (696,318 )(1) 

Total

   $ (696,318

 

(1) 

Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2018 was as follows:

 

      Municipal
Fund
 

Realized Gain (Loss) on Derivatives Recognized in Income

   $ 2,202,341 (1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

   $ (1,270,176 )(2) 

 

(1) 

Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

 

  31  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Notes to Financial Statements (Unaudited) — continued

 

 

The average notional cost of futures contracts outstanding during the six months ended March 31, 2018, which is indicative of the volume of this derivative type, was approximately as follows:

 

      Municipal
Fund
 

Average Notional Cost:

  

Futures Contracts — Short

   $ 34,603,000  

8  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 March 31, 2018, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

 

Municipal Fund

 
Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

   $      $ 1,493,999,450      $         —      $ 1,493,999,450  

Total Investments

   $      $ 1,493,999,450      $      $ 1,493,999,450  

Liability Description

                                   

Futures Contracts

   $ (696,318    $      $      $ (696,318

Total

   $ (696,318    $      $      $ (696,318

California Fund

 
Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

   $      $ 445,141,863      $      $ 445,141,863  

Total Investments

   $      $ 445,141,863      $      $ 445,141,863  

New York Fund

 
Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

   $      $ 345,408,089      $      $ 345,408,089  

Total Investments

   $      $ 345,408,089      $      $ 345,408,089  

The Funds held no investments or other financial instruments as of September 30, 2017 whose fair value was determined using Level 3 inputs. At March 31, 2018, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

 

  32  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Officers and Trustees

 

 

Officers of Eaton Vance Municipal Bond Funds

 

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

 

 

Trustees of Eaton Vance Municipal Bond Funds

 

 

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm

 

 

* Interested Trustee

 

  33  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available 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. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most 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.

Share Repurchase Program.  The Funds’ Boards of Trustees have approved a share repurchase program authorizing each Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds’ repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds’ annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

7727    3.31.18


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided


to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Although the relief contained in the No-Action Letter was scheduled to expire eighteen months from issuance, it was extended via a subsequent no-action letter issued on September 22, 2017 (see Fidelity Management & Research Company et al., No-Action Letter (Sept. 22, 2017)).

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

No such purchases this period.


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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

 

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

 


Signatures

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

Eaton Vance Municipal Bond Fund

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President

Date: May 24, 2018

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

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer

Date: May 24, 2018

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President

Date: May 24, 2018