Eaton Vance New York 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: 811-21148

 

 

Eaton Vance New York 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

September 30, 2017

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders

 


LOGO

 

 

Eaton Vance

Municipal Bond Funds

Annual Report

September 30, 2017

 

 

 

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.


Annual Report September 30, 2017

Eaton Vance

Municipal Bond Funds

Table of Contents

 

Management’s Discussion of Fund Performance

     2  

Performance and Fund Profile

  
  

Municipal Bond Fund

     4  

California Municipal Bond Fund

     5  

New York Municipal Bond Fund

     6  
  

Endnotes and Additional Disclosures

     7  

Financial Statements

     8  

Report of Independent Registered Public Accounting Firm

     36  

Federal Tax Information

     37  

Annual Meeting of Shareholders

     38  

Dividend Reinvestment Plan

     39  

Board of Trustees’ Contract Approval

     41  

Management and Organization

     45  

Important Notices

     48  


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

The fiscal year that began on October 1, 2016 played out as a tale of two markets. For the first two months of the period, interest rates rose and municipal bond prices declined. But from December 2016 until nearly the end of the period on September 30, 2017, longer-term rates generally fell and municipals gained back some, but not all, of their previous losses.

As the period opened, municipal bonds had just come off of a rally fueled by mixed U.S. economic reports, ongoing Federal Reserve Board (the Fed) caution, and the United Kingdom’s June 2016 vote to leave the European Union. In early fall 2016, the rally had ended when remarks by the European Central Bank, the Bank of Japan and the Fed seemed to indicate that rates might begin to rise sooner than markets had anticipated. As a result, municipal rates crept upward in October of 2016.

In November 2016, Donald Trump’s surprise win in the U.S. presidential election precipitated one of the largest municipal market declines in at least two decades. Rates rose, the yield curve steepened and bond prices fell as markets anticipated that decreasing regulation and lower tax rates under a Trump administration could lead to higher economic growth and inflation.

In December 2016, however, interest rates began to reverse direction, despite a Fed rate hike that month and two subsequent hikes in 2017 that put upward pressure on short-term rates. Mixed U.S. economic data, along with loss of confidence that the Trump administration could accomplish health care or tax reform, put downward pressure on long-term rates that would increase as the period wore on. As a result, municipal bonds rallied modestly in December and continued to stabilize during January and February 2017. From March through July, long-term rates drifted downward and the yield curve flattened. In August and early September, increasing geopolitical tension between the U.S. and North Korea led to a “flight to quality” that drove investors toward the perceived safety of U.S. Treasurys. As a result, rates declined further as Treasury prices rallied, and the municipal market rallied along with Treasurys. But in the final weeks of the period, the rally ended as rates rose in response to Republican legislators’ release of their outline for tax reform, which was viewed as a potential driver of higher U.S. economic growth and inflation.

For the 12-month period, municipal market returns were relatively flat. The Bloomberg Barclays Municipal Bond Index,2 a broad measure of the asset class, returned 0.87%, as total return generated from coupon payments was largely canceled out by price declines early in the fiscal year.

For the one-year period as a whole, rates rose throughout the yield curve for municipal AAA-rated7 issues. The greatest increases occurred at the long end of the curve, causing the curve to steepen for the one year period and longer-term bonds to underperform shorter-term issues. Across the curve, municipal bonds with maturities of 10 years and less outperformed comparable U.S. Treasurys, while 30-year municipals performed in line with 30-year Treasurys.

Fund Performance

For the fiscal year ended September 30, 2017, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund shares at net asset value (NAV) underperformed the 0.59% return of the Funds’ benchmark, the Bloomberg Barclays Long (22+) Year Municipal Bond Index (the Index).

The Funds’ overall strategy is to invest primarily in higher quality bonds (rated A or higher). In managing the Funds, management employs leverage through Residual Interest Bond (RIB) financing6 to seek to enhance the Funds’ tax-exempt income. The use of leverage has the effect of achieving additional exposure to the municipal market, and thus magnifying a fund’s exposure to its underlying investments in both up and down market environments. During this period of relatively flat performance by municipal bonds, the additional income generated by the use of leverage was a modest contributor to performance versus the Index — which does not employ leverage — for all three funds.

Management hedges to various degrees against the greater potential risk of volatility caused by the use of leverage and investing in bonds at the long end of the yield curve by using Treasury futures and/or interest-rate swaps. As a risk management tactic within the Funds’ overall strategy, interest rate hedging is intended to moderate performance on both the upside and the downside of the market. So in a period when municipal and Treasury bonds generally declined in price, the hedging strategy mitigated a portion of that decline — and was thus a contributor to relative performance versus the unhedged Index — for all three funds.

 

 

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

Municipal Bond Funds

September 30, 2017

 

Management’s Discussion of Fund Performance — continued

 

 

 

Fund Specific Results

Eaton Vance Municipal Bond Fund shares at NAV returned -0.19% during the fiscal year ended September 30, 2017, underperforming the 0.59% return of the Index. The main detractors from performance versus the Index included security selection in local general obligation (GO) bonds, security selection in 3.00% to 4.50% coupon bonds, and security selection in long-maturity bonds with 22 years or more remaining to maturity. The chief contributors to performance relative to the Index were the Fund’s hedging strategy; security selection in zero-coupon bonds, which were the worst-performing coupon structure in the Index during the period; and bonds in the Fund’s portfolio that were prerefunded, or escrowed, during the period.

Eaton Vance California Municipal Bond Fund shares at NAV returned 0.27% during the fiscal year ended September 30, 2017, underperforming the 0.59% return of the Index. Security selection in the water and sewer sector; an underweight, relative to the Index, in A-rated bonds; an underweight in BBB-rated bonds, which were the best-performing ratings category in the Index during the period; and security selection in local GO bonds all detracted from performance versus the Index. In contrast, the Fund’s hedging strategy contributed to performance relative to the Index, as did security selection in zero-coupon bonds and holdings that were prerefunded during the period.

Eaton Vance New York Municipal Bond Fund shares at NAV returned 0.02% during the fiscal year ended September 30, 2017, underperforming the 0.59% return of the Index. Key detractors from performance versus the Index included security selection in AAA-rated bonds, security selection and an overweight in bonds with 22 years or more remaining to maturity, and security selection in the transportation sector. Primary contributors to performance relative to the Index included the Fund’s hedging strategy, security selection in zero-coupon bonds, and an overweight in the industrial development revenue (IDR) sector, which was the best-performing sector in the Index during the period.

    

 

 

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

Municipal Bond Fund

September 30, 2017

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     08/30/2002        –0.19      5.38      5.67

Fund at Market Price

            –2.08        3.18        4.68  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            0.59      4.12      5.16
           
% Premium/Discount to NAV4                                
              –7.71
           
Distributions5                                

Total Distributions per share for the period

            $ 0.641  

Distribution Rate at NAV

              4.55

Taxable-Equivalent Distribution Rate at NAV

              8.04

Distribution Rate at Market Price

              4.93

Taxable-Equivalent Distribution Rate at Market Price

              8.71
           
% Total Leverage6                                

Residual Interest Bond (RIB) Financing

              39.09

Fund Profile

 

 

Credit Quality (% of total investments)7, 8

 

 

 

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

California Municipal Bond Fund

September 30, 2017

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     08/30/2002        0.27      4.82      4.49

Fund at Market Price

            –6.67        4.65        4.34  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            0.59      4.12      5.16
           
% Premium/Discount to NAV4                                
              –3.29
           
Distributions5                                

Total Distributions per share for the period

            $ 0.584  

Distribution Rate at NAV

              4.69

Taxable-Equivalent Distribution Rate at NAV

              9.56

Distribution Rate at Market Price

              4.85

Taxable-Equivalent Distribution Rate at Market Price

              9.88
           
% Total Leverage6                                

RIB Financing

              41.96

Fund Profile

 

 

Credit Quality (% of total investments)7, 8

 

 

 

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.

 

  5  


Eaton Vance

New York Municipal Bond Fund

September 30, 2017

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     08/30/2002        0.02      4.22      4.93

Fund at Market Price

            –5.18        2.88        4.61  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            0.59      4.12      5.16
           
% Premium/Discount to NAV4                                
              –5.00
           
Distributions5                                

Total Distributions per share for the period

            $ 0.618  

Distribution Rate at NAV

              4.54

Taxable-Equivalent Distribution Rate at NAV

              8.80

Distribution Rate at Market Price

              4.78

Taxable-Equivalent Distribution Rate at Market Price

              9.26
           
% Total Leverage6                                

RIB Financing

              40.53

Fund Profile

 

 

Credit Quality (% of total investments)7, 8

 

 

 

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.

 

  6  


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

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.

 

3 

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.

 

4 

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.

 

5 

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.

 

6 

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.

 

7 

Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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” are not rated by the national ratings agencies stated above.

 

8 

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

 

   Fund profile subject to change due to active management.

   Important Notice to Shareholders

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

 

  7  


Eaton Vance

Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 162.6%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 12.2%

 

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

  $ 3,250     $ 3,645,980  

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

    3,985       4,411,594  

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

    15,000       16,401,600  

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

    5,710       7,336,836  

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

    8,325       10,786,286  

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

    15,300       16,294,347  

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

    10,000       11,591,300  

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

    720       770,494  

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

    2,460       2,632,520  

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

    6,000       6,902,820  

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

    14,175       16,153,688  

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

    15,000       17,506,950  
                 
  $ 114,434,415  
                 

Electric Utilities — 3.0%

 

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

  $ 2,320     $ 2,664,381  

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

    5,000       5,837,650  

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

    10,000       10,726,300  

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

    3,425       3,808,394  

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

    4,500       5,264,640  
                 
  $ 28,301,365  
                 

Escrowed / Prerefunded — 18.9%

 

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

  $ 9,715     $ 11,008,548  

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

    9,750       10,180,170  

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

    11,570       12,445,039  
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

 

Charleston, SC, Waterworks and Sewer Revenue, Prerefunded to 1/1/21, 5.00%, 1/1/35

  $ 2,735     $ 3,076,082  

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

    14,700       16,260,111  

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

    9,750       11,199,532  

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

    6,000       6,731,880  

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

    1,445       1,612,302  

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

    6,325       7,057,309  

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

    1,175       1,359,193  

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

    10,000       11,477,500  

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

    12,075       13,859,081  

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

    13,500       14,308,110  

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

    10,000       11,357,300  

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

    1,140       1,303,214  

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

    6,425       7,329,961  

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

    720       830,203  

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

    760       876,326  

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

    3,520       4,055,216  

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

    565       597,369  

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

    450       502,853  

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

    5,655       6,319,180  

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

    5,000       5,135,850  

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

    5,000       5,129,850  

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

    1,270       1,359,065  
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

 

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

  $ 10,000     $ 11,458,300  
                 
  $ 176,829,544  
                 

General Obligations — 13.8%

 

California, 5.00%, 10/1/33(1)

  $ 18,800     $ 22,267,284  

California, 5.00%, 8/1/46(1)

    15,000       17,376,600  

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

    8,320       8,939,174  

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

    3,000       3,828,630  

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

    2,000       2,226,500  

New York, NY, 5.00%, 10/1/32

    10,000       11,611,000  

Ocean City, NJ, 1.00%, 11/15/28

    2,500       2,076,325  

Oregon, 5.00%, 8/1/35(1)

    6,750       7,658,213  

Oregon, 5.00%, 8/1/36

    860       972,952  

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

    7,500       8,309,475  

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

    10,000       11,620,500  

Washington, 4.00%, 7/1/28(1)

    10,000       10,909,900  

Washington, 5.00%, 2/1/35(1)

    18,250       21,269,280  
                 
  $ 129,065,833  
                 

Hospital — 9.6%

 

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

  $ 1,000     $ 1,125,530  

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

    1,770       1,970,523  

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

    2,790       3,171,839  

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

    10,000       11,380,900  

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

    4,385       5,009,819  

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

    10,950       12,422,228  

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

    12,000       13,549,200  

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

    3,000       3,093,120  

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

    1,600       1,821,728  
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

 

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

  $ 7,605     $ 8,552,963  

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

    11,500       12,658,510  

Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group), 4.50%, 11/15/39

    14,180       15,492,643  
                 
  $ 90,249,003  
                 

Industrial Development Revenue — 0.5%

 

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

  $ 4,245     $ 4,386,401  
                 
  $ 4,386,401  
                 

Insured – Education — 2.2%

 

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

  $ 15,900     $ 20,288,241  
                 
  $ 20,288,241  
                 

Insured – Electric Utilities — 0.6%

 

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

  $ 4,905     $ 5,619,610  
                 
  $ 5,619,610  
                 

Insured – Escrowed / Prerefunded — 16.2%

 

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

  $ 5,000     $ 5,326,950  

Arizona Health Facilities Authority, (Banner Health), (BHAC), Prerefunded to 1/1/18, 5.375%, 1/1/32

    8,250       8,345,370  

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

    3,185       3,321,891  

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

    1,985       2,070,315  

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

    3,170       3,314,172  

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

    11,000       11,407,990  

Chicago, IL, (O’Hare International Airport), (AGM), Prerefunded to 1/1/18, 4.75%, 1/1/34(1)

    21,640       21,853,586  

Chicago, IL, Wastewater Transmission Revenue, (BHAC), Prerefunded to 1/1/18, 5.50%, 1/1/38

    2,060       2,084,143  
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

 

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

  $ 11,500     $ 11,782,095  

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

    8,500       8,848,925  

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

    2,625       2,849,621  

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

    13,145       12,241,676  

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

    1,015       1,071,343  

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

    1,875       1,980,488  

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

    1,015       1,071,830  

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

    1,160       1,228,556  

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

    2,735       2,906,977  

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

    1,985       2,142,887  

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

    1,575       1,700,591  

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

    8,955       9,620,446  

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

    24,000       24,592,320  

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

    625       660,806  

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

    5,570       5,344,693  

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

    5,795       6,324,373  
                 
  $ 152,092,044  
                 

Insured – General Obligations — 6.9%

 

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

  $ 35     $ 38,109  

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

    13,600       14,808,224  
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – General Obligations (continued)

 

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

  $ 3,750     $ 4,796,288  

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

    11,845       10,387,354  

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

    9,530       8,787,899  

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

    16,605       15,218,150  

Port Arthur Independent School District, TX, (AGC), Prerefunded to 2/15/18, 4.75%, 2/15/38(1)

    10,950       11,109,980  
                 
  $ 65,146,004  
                 

Insured – Hospital — 6.4%

 

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

  $ 15,000     $ 15,461,400  

Maryland Health and Higher Educational Facilities Authority, (AGC), 4.75%, 7/1/47(1)

    8,635       8,651,577  

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

    13,115       14,032,132  

Washington Health Care Facilities Authority, (Providence Health Care), Series C, (AGM), 5.25%, 10/1/33(1)

    8,700       9,032,688  

Washington Health Care Facilities Authority, (Providence Health Care), Series D, (AGM), 5.25%, 10/1/33(1)

    12,605       13,104,409  
                 
  $ 60,282,206  
                 

Insured – Industrial Development Revenue — 1.0%

 

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

  $ 9,000     $ 9,611,280  
                 
  $ 9,611,280  
                 

Insured – Other Revenue — 1.7%

 

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

  $ 16,795     $ 8,260,957  

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

    6,750       7,311,262  
                 
  $ 15,572,219  
                 

Insured – Special Tax Revenue — 5.9%

 

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

  $ 15,975     $ 15,979,633  

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

    18,035       15,067,882  

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

    15,000       18,093,450  
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — 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

  $ 28,945     $ 6,088,870  
                 
  $ 55,229,835  
                 

Insured – Student Loan — 0.5%

 

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

  $ 4,465     $ 4,730,712  
                 
  $ 4,730,712  
                 

Insured – Transportation — 10.7%

 

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

  $ 2,500     $ 2,868,275  

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

    1,000       1,146,240  

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

    1,800       2,042,190  

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

    1,570       1,775,858  

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

    1,015       1,152,167  

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

    1,150       1,301,167  

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

    8,080       8,756,862  

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

    10,200       9,532,206  

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

    25,000       9,226,750  

Harris County, TX, Toll Road Revenue, (BHAC), (NPFG), 5.00%, 8/15/33(1)

    7,800       7,825,428  

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

    6,710       6,909,690  

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

    1,785       1,916,519  

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

    11,700       12,180,402  

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

    1,605       1,170,735  

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

    1,950       1,351,662  

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

    1,000       660,680  

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

    26,215       20,978,816  

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

    10,275       9,827,832  
                 
  $ 100,623,479  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Water and Sewer — 5.1%

 

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

  $ 13,670     $ 11,817,578  

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

    10,000       12,304,900  

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

    5,540       7,273,521  

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

    1,070       1,425,090  

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

    2,615       2,970,195  

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

    2,240       2,532,477  

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

    2,730       3,070,404  

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

    2,240       2,506,202  

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

    3,535       3,544,085  
                 
  $ 47,444,452  
                 

Lease Revenue / Certificates of Participation — 2.3%

 

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

  $ 790     $ 904,882  

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

    1,190       1,370,618  

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

    10       11,996  

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

    16,000       19,193,440  
                 
  $ 21,480,936  
                 

Other Revenue — 1.6%

 

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

  $ 10,750     $ 12,017,102  

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

    1,275       1,445,876  

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

    1,700       1,897,574  
                 
  $ 15,360,552  
                 

Special Tax Revenue — 16.2%

 

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

  $ 12,575     $ 15,206,948  

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

    10,000       11,667,000  

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

    20,000       22,270,200  
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue (continued)

 

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

  $ 5,000     $ 5,961,400  

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

    20,200       23,538,858  

Metropolitan Transportation Authority, NY, Dedicated Tax Revenue, Green Bonds, 5.25%, 11/15/33

    5,000       6,193,100  

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

    20,000       22,552,200  

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

    13,000       14,862,510  

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

    10,000       11,720,500  

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

    3,285       3,761,292  

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

    12,040       13,712,476  
                 
  $ 151,446,484  
                 

Transportation — 15.3%

 

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

  $ 6,000     $ 6,890,400  

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

    2,105       2,405,783  

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

    3,205       3,802,957  

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

    4,950       5,867,829  

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

    8,275       8,909,030  

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

    10,425       12,104,572  

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

    10,000       11,405,400  

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

    10,000       11,778,600  

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

    3,285       3,629,925  

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

    4,380       5,199,586  

Metropolitan Transportation Authority, NY, 5.25%, 11/15/38

    4,640       5,300,365  

Metropolitan Transportation Authority, NY, 5.25%, 11/15/40

    4,735       5,263,568  

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

    10,825       11,689,484  

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

    4,615       5,342,601  

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

    10,000       11,312,800  

New Jersey Turnpike Authority, 5.00%, 1/1/34

    3,200       3,801,696  
Security   Principal
Amount
(000’s omitted)
    Value  

Transportation (continued)

 

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

  $ 610     $ 666,370  

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

    1,580       1,719,751  

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

    2,305       2,546,979  

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

    1,010       1,116,030  

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

    14,360       16,659,323  

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

    5,000       5,483,750  
                 
  $ 142,896,799  
                 

Water and Sewer — 12.0%

 

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

  $ 25,000     $ 28,818,000  

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

    15,000       17,455,050  

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

    1,070       1,176,593  

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

    1,965       2,170,500  

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

    2,910       3,153,713  

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

    4,000       4,439,080  

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

    8,750       10,227,000  

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

    7,925       9,244,909  

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

    10,000       11,497,500  

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

    5,385       5,978,642  

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

    15,500       18,037,815  
                 
  $ 112,198,802  
                 

Total Tax-Exempt Investments — 162.6%
(identified cost $1,413,995,928)

 

  $ 1,523,290,216  
                 

Other Assets, Less Liabilities — (62.6)%

 

  $ (586,638,141
                 

Net Assets — 100.0%

 

  $ 936,652,075  
                 

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

 

 

  12   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

 

At September 30, 2017, 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      11.9%  
California      10.6%  
Others, representing less than 10% individually      77.5%  

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 September 30, 2017, 35.2% 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 0.2% to 12.7% of total investments.

 

(1) 

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

 

 

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

Interest Rate Futures

             
U.S. Long Treasury Bond     229        Short        Dec-17      $ (34,994,063    $ 573,858  
                                        $ 573,858  

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.
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 170.6%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 12.6%

 

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

  $ 770     $ 777,723  

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

    550       635,954  

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

    940       1,073,762  

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

    1,375       1,470,081  

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

    6,600       7,686,756  

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

    650       774,969  

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

    1,790       2,012,282  

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

    1,175       1,335,529  

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

    800       906,288  

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

    2,270       2,609,978  

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

    2,395       2,749,652  

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

    2,520       2,888,928  

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

    7,550       8,785,029  
                 
  $ 33,706,931  
                 

Electric Utilities — 1.2%

 

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

  $ 1,890     $ 2,068,945  

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

    1,165       1,245,618  
                 
  $ 3,314,563  
                 

Escrowed / Prerefunded — 15.4%

 

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

  $ 10,000     $ 10,842,100  

California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/18, 5.00%, 1/1/27

    1,910       1,930,609  

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

    285       311,494  

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

    6,200       6,473,544  

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

    4,505       4,845,713  
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     $ 11,476,100  

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

    1,375       1,577,964  

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

    2,545       2,920,667  

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

    500       529,670  
                 
  $ 40,907,861  
                 

General Obligations — 48.7%

 

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

  $ 7,450     $ 8,701,749  

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

    6,900       7,429,368  

California, 5.50%, 11/1/35

    4,600       5,200,438  

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

    2,500       2,936,475  

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

    9,750       11,275,095  

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

    7,500       8,792,250  

Mountain View Whisman School District, (Election of 2012), 4.00%, 9/1/42(1)

    10,000       10,552,800  

Napa Valley Unified School District, 5.00%, 8/1/41

    2,885       3,388,692  

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

    7,020       7,721,158  

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

    10,000       11,538,400  

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

    5,775       6,414,292  

San Jose Unified School District, 5.00%, 8/1/32(1)

    7,500       8,879,700  

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

    4,975       5,680,157  

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

    7,500       8,697,225  

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

    3,495       4,105,192  

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

    7,500       8,742,900  

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

    8,000       9,548,960  
                 
  $ 129,604,851  
                 

Hospital — 7.8%

 

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

  $ 1,750     $ 1,969,677  

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

    550       612,310  

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

    1,795       2,039,282  
 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

 

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

  $ 2,565     $ 2,910,069  

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

    4,480       5,105,094  

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

    2,100       2,371,320  

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

    5,000       5,722,000  
                 
  $ 20,729,752  
                 

Insured – Electric Utilities — 4.3%

 

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

  $ 2,000     $ 2,058,720  

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

    3,840       4,091,943  

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

    615       636,820  

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

    4,000       4,755,880  
                 
  $ 11,543,363  
                 

Insured – Escrowed / Prerefunded — 6.7%

 

Glendale, Electric System Revenue, (AGC), Prerefunded to 2/1/18, 5.00%, 2/1/31

  $ 2,240     $ 2,272,010  

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

    4,500       4,834,395  

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

    385       399,183  

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

    10,000       10,246,800  
                 
  $ 17,752,388  
                 

Insured – General Obligations — 12.2%

 

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

  $ 4,135     $ 3,903,936  

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

    2,300       2,120,646  

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

    5,000       4,489,550  

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

    5,630       5,317,423  

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

    4,840       4,463,884  

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

    4,365       3,920,861  

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

    3,955       3,337,743  

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

    5,240       4,944,202  
                 
  $ 32,498,245  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue — 6.4%

 

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

  $ 595     $ 595,964  

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

    7,240       7,249,122  

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

    5,940       5,959,424  

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

    15,020       3,159,607  
                 
  $ 16,964,117  
                 

Insured – Water and Sewer — 1.7%

 

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

  $ 1,595     $ 1,658,800  

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

    250       250,813  

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

    2,750       2,757,067  
                 
  $ 4,666,680  
                 

Lease Revenue / Certificates of Participation — 1.1%

 

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

  $ 2,565     $ 2,950,058  
                 
  $ 2,950,058  
                 

Special Tax Revenue — 17.3%

 

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

  $ 625     $ 721,875  

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

    625       715,619  

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/42

    3,185       3,779,416  

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

    6,285       7,386,064  

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

    10,375       12,246,754  

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

    8,150       9,566,062  

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

    6,250       7,200,687  

Successor Agency to San Diego Redevelopment Agency, 5.00%, 9/1/32

    3,720       4,443,131  
                 
  $ 46,059,608  
                 

Transportation — 11.4%

 

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

  $ 6,500     $ 6,922,890  

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

    1,960       2,155,843  

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

    7,500       8,670,525  

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

    7,500       8,217,150  
 

 

  15   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Transportation (continued)

 

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

  $ 2,190     $ 2,378,471  

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

    1,750       1,930,968  
                 
  $ 30,275,847  
                 

Water and Sewer — 23.8%

 

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

  $ 5,725     $ 6,583,464  

East Bay Municipal Utility District, 5.00%, 6/1/36

    5,725       6,898,567  

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

    9,000       10,939,140  

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

    10,000       11,646,100  

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

    7,500       8,609,550  

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

    10,000       11,733,800  

Rancho California Water District Financing Authority, 5.00%, 8/1/46(1)

    6,000       7,021,920  
                 
  $ 63,432,541  
                 

Total Tax-Exempt Investments — 170.6%
(identified cost $428,321,770)

 

  $ 454,406,805  
                 

Other Assets, Less Liabilities — (70.6)%

 

  $ (188,060,676
                 

Net Assets — 100.0%

 

  $ 266,346,129  
                 

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 September 30, 2017, 18.4% 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.
 

 

  16   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 167.4%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 9.1%

 

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

  $ 3,360     $ 3,650,842  

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

    15,000       15,800,400  
                 
  $ 19,451,242  
                 

Education — 30.0%

 

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

  $ 200     $ 233,552  

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

    105       121,176  

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

    200       230,094  

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

    1,330       1,515,468  

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

    200       231,774  

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

    950       1,067,677  

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

    800       896,264  

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

    300       335,415  

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

    240       251,388  

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

    10,000       10,474,500  

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

    10,000       11,214,700  

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

    5,700       6,273,819  

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

    1,500       1,622,040  

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

    10,000       10,703,300  

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

    2,000       2,182,560  

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

    500       532,495  

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

    2,700       2,875,473  

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

    1,175       1,332,896  

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

    250       284,895  

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

    1,660       1,889,097  
Security   Principal
Amount
(000’s omitted)
    Value  

Education (continued)

 

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

  $ 5,250     $ 5,875,170  

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

    3,305       3,819,754  
                 
  $ 63,963,507  
                 

Electric Utilities — 1.6%

 

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

  $ 2,895     $ 3,414,652  
                 
  $ 3,414,652  
                 

Escrowed / Prerefunded — 3.4%

 

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

  $ 465     $ 477,927  

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

    490       503,622  

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

    5,955       6,232,090  
                 
  $ 7,213,639  
                 

General Obligations — 11.7%

 

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

  $ 3,715     $ 4,027,209  

New York, 4.00%, 10/1/41(2)

    2,500       2,667,725  

New York, 5.00%, 2/15/34(1)

    7,250       8,148,347  

New York City, 5.00%, 8/1/34(1)

    8,650       10,042,044  
                 
  $ 24,885,325  
                 

Hospital — 9.5%

 

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

  $ 620     $ 669,612  

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

    820       881,156  

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

    9,325       9,873,496  

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

    1,065       1,171,479  

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

    5,890       6,453,320  

Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), Prerefunded to 7/1/21, 5.00%, 7/1/28

    1,010       1,152,511  
                 
  $ 20,201,574  
                 

Housing — 6.1%

 

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

  $ 1,640     $ 1,623,272  

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

    885       905,833  
 

 

  17   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Housing (continued)

 

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

  $ 2,030     $ 2,105,110  

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

    2,500       2,560,150  

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

    3,385       3,303,354  

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

    500       518,020  

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

    1,000       1,038,530  

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

    995       1,010,621  
                 
  $ 13,064,890  
                 

Industrial Development Revenue — 1.3%

 

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

  $ 640     $ 820,550  

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

    1,440       1,906,258  
                 
  $ 2,726,808  
                 

Insured – Education — 3.6%

 

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

  $ 1,025     $ 1,342,391  

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

    1,750       2,079,735  

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

    1,555       1,663,228  

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

    2,405       2,577,607  
                 
  $ 7,662,961  
                 

Insured – Electric Utilities — 5.9%

 

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

  $ 5,000     $ 5,357,900  

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

    7,210       7,239,633  
                 
  $ 12,597,533  
                 

Insured – Escrowed / Prerefunded — 6.8%

 

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

  $ 2,290     $ 2,472,101  

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

    2,390       2,592,600  

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

    175       178,834  

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

    185       193,001  

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

    195       203,434  
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

 

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

  $ 1,110     $ 1,166,344  

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

    300       313,890  

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

    3,835       4,022,953  

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.50%, 11/15/19

    785       788,784  

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.50%, 11/15/20

    825       828,977  

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.75%, 11/15/22

    905       909,643  

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.75%, 11/15/23

    950       954,873  
                 
  $ 14,625,434  
                 

Insured – General Obligations — 3.5%

 

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

  $ 200     $ 208,154  

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

    200       208,028  

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

    200       207,820  

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

    200       207,630  

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

    820       836,072  

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

    860       877,570  

Oyster Bay, (AGM), 4.00%, 8/1/28

    4,585       4,887,701  
                 
  $ 7,432,975  
                 

Insured – Lease Revenue / Certificates of Participation — 2.6%

 

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

  $ 1,490     $ 1,417,333  

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

    1,090       988,575  

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

    3,635       3,093,240  
                 
  $ 5,499,148  
                 

Insured – Other Revenue — 2.0%

 

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

  $ 4,050     $ 4,194,868  
                 
  $ 4,194,868  
                 

Insured – Special Tax Revenue — 2.3%

 

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

  $ 2,175     $ 2,412,858  
 

 

  18   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue (continued)

 

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

  $ 3,000     $ 1,050,270  

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

    6,705       1,410,464  
                 
  $ 4,873,592  
                 

Lease Revenue / Certificates of Participation — 3.3%

 

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

  $ 6,000     $ 6,985,020  
                 
  $ 6,985,020  
                 

Other Revenue — 14.3%

 

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

  $ 4,925     $ 5,323,876  

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

    4,900       3,032,512  

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

    1,000       1,118,930  

Erie County Fiscal Stability Authority, 5.00%, 9/1/28

    345       431,143  

New York City Transitional Finance Authority, (Building Aid), 4.00%, 7/15/36

    2,950       3,185,646  

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

    10,000       11,822,300  

New York City Trust for Cultural Resources, (Museum of Modern Art), 4.00%, 4/1/31

    730       820,943  

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

    4,110       4,701,717  
                 
  $ 30,437,067  
                 

Special Tax Revenue — 28.6%

 

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

  $ 10,000     $ 11,636,500  

Metropolitan Transportation Authority, Dedicated Tax Revenue, Green Bonds, 5.00%, 11/15/35

    4,040       4,823,033  

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

    10,000       11,129,100  

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

    565       635,083  

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

    435       493,402  

New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/36

    3,500       3,769,325  

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

    6,500       7,618,325  

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

    6,600       7,556,934  

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

    2,370       2,590,102  

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

    8,900       10,717,914  
                 
  $ 60,969,718  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Transportation — 15.7%

 

Metropolitan Transportation Authority, 5.25%, 11/15/38

  $ 3,430     $ 3,918,158  

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

    1,565       1,708,479  

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

    300       327,045  

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

    7,240       8,168,964  

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

    8,000       9,391,840  

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

    5,000       5,775,650  

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

    4,045       4,220,310  
                 
  $ 33,510,446  
                 

Water and Sewer — 5.2%

 

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

  $ 755     $ 858,563  

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

    500       569,455  

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

    8,750       9,748,813  
                 
  $ 11,176,831  
                 

Senior Living / Life Care — 0.9%

 

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

  $ 135     $ 156,256  

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

    325       384,413  

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

    360       429,268  

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

    845       959,244  
                 
  $ 1,929,181  
                 

Total Tax-Exempt Investments — 167.4%
(identified cost $336,348,778)

    $ 356,816,411  
                 

Other Assets, Less Liabilities — (67.4)%

 

  $ (143,631,645
                 

Net Assets — 100.0%

 

  $ 213,184,766  
                 

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 September 30, 2017, 15.9% 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 1.4% to 5.9% of total investments.

 

 

  19   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

September 30, 2017

 

Portfolio of Investments — continued

 

 

 

(1)

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

 

(2)

When-issued security.

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.
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Statements of Assets and Liabilities

 

 

    September 30, 2017  
Assets   Municipal Fund     California Fund     New York Fund  

Investments —

     

Identified cost

  $ 1,413,995,928     $ 428,321,770     $ 336,348,778  

Unrealized appreciation

    109,294,288       26,085,035       20,467,633  

Investments, at value

  $ 1,523,290,216     $ 454,406,805     $ 356,816,411  

Cash

  $     $ 690,357     $ 680,177  

Deposits for financial futures contracts

    687,000              

Interest receivable

    19,350,537       4,868,688       4,612,567  

Receivable for investments sold

    344,033              

Total assets

  $ 1,543,671,786     $ 459,965,850     $ 362,109,155  
Liabilities  

Payable for floating rate notes issued (net of unamortized deferred debt issuance costs of $250,708, $23,718 and $18,772, respectively)

  $ 600,839,292     $ 192,506,282     $ 145,271,228  

Payable for when-issued securities

                2,676,550  

Payable for variation margin on open financial futures contracts

    7,156              

Due to custodian

    2,098,970              

Payable to affiliate:

     

Investment adviser fee

    762,756       227,871       191,031  

Interest expense and fees payable

    2,985,690       727,386       640,855  

Accrued expenses

    325,847       158,182       144,725  

Total liabilities

  $ 607,019,711     $ 193,619,721     $ 148,924,389  

Net Assets

  $ 936,652,075     $ 266,346,129     $ 213,184,766  
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 net realized loss

    (107,139,549     (58,603,384     (21,355,271

Accumulated undistributed net investment income

          944,251       793,861  

Net unrealized appreciation

    109,868,146       26,085,035       20,467,633  

Net Assets

  $ 936,652,075     $ 266,346,129     $ 213,184,766  
Common Shares Outstanding     68,168,250       21,394,348       15,661,780  
Net Asset Value  

Net assets ÷ common shares issued and outstanding

  $ 13.74     $ 12.45     $ 13.61  

 

  21   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Statements of Operations

 

 

    Year Ended September 30, 2017  
Investment Income   Municipal Fund     California Fund     New York Fund  

Interest

  $ 62,348,453     $ 17,848,874     $ 13,980,756  

Total investment income

  $ 62,348,453     $ 17,848,874     $ 13,980,756  
Expenses  

Investment adviser fee

  $ 9,281,344     $ 2,756,920     $ 2,309,793  

Trustees’ fees and expenses

    88,062       26,502       20,566  

Custodian fee

    324,661       106,606       99,970  

Transfer and dividend disbursing agent fees

    21,256       19,194       18,789  

Legal and accounting services

    142,828       89,643       88,006  

Printing and postage

    94,781       20,485       17,092  

Interest expense and fees

    8,690,150       2,689,380       2,007,004  

Miscellaneous

    75,077       33,874       32,414  

Total expenses

  $ 18,718,159     $ 5,742,604     $ 4,593,634  

Net investment income

  $ 43,630,294     $ 12,106,270     $ 9,387,122  
Realized and Unrealized Gain (Loss)  

Net realized gain (loss) —

     

Investment transactions

  $ (976,340   $ 42,942     $ 3,715  

Extinguishment of debt

    (19,509     (63,777      

Financial futures contracts

    2,404,007       1,260,331       594,897  

Net realized gain

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

Change in unrealized appreciation (depreciation) —

     

Investments

  $ (51,665,935   $ (13,541,341   $ (10,790,191

Financial futures contracts

    (74,416     (235,952     (141,545

Net change in unrealized appreciation (depreciation)

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

Net realized and unrealized loss

  $ (50,332,193   $ (12,537,797   $ (10,333,124

Net decrease in net assets from operations

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

 

  22   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Statements of Changes in Net Assets

 

 

    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  

 

  23   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended September 30, 2016  
Increase (Decrease) in Net Assets   Municipal Fund     California Fund     New York Fund  

From operations —

     

Net investment income

  $ 48,108,394     $ 13,618,575     $ 10,421,302  

Net realized gain (loss)

    13,291,690       (136,393     1,580,381  

Net change in unrealized appreciation (depreciation)

    29,683,765       8,343,077       4,723,091  

Net increase in net assets from operations

  $ 91,083,849     $ 21,825,259     $ 16,724,774  

Distributions to common shareholders —

     

From net investment income

  $ (49,547,411   $ (14,631,864   $ (11,243,021

Total distributions to common shareholders

  $ (49,547,411   $ (14,631,864   $ (11,243,021

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $     $ 41,840     $ 46,018  

Net increase in net assets from capital share transactions

  $     $ 41,840     $ 46,018  

Net increase in net assets

  $ 41,536,438     $ 7,235,235     $ 5,527,771  
Net Assets  

At beginning of year

  $ 945,479,301     $ 272,045,278     $ 218,281,977  

At end of year

  $ 987,015,739     $ 279,280,513     $ 223,809,748  
Accumulated undistributed net investment income
included in net assets
 

At end of year

  $     $ 1,283,199     $ 1,121,098  

 

  24   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Statements of Cash Flows

 

 

    Year Ended September 30, 2017  
Cash Flows From Operating Activities   Municipal Fund     California Fund     New York Fund  

Net decrease in net assets from operations

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

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

     

Investments purchased

    (90,664,434     (105,361,879     (35,716,059

Investments sold

    103,268,172       95,650,671       33,719,285  

Net amortization/accretion of premium (discount)

    (405,839     72,687       867,725  

Amortization of deferred debt issuance costs

    26,521       5,017       909  

Decrease in deposits for financial futures contracts

    241,000       462,000       205,000  

Decrease (increase) in interest receivable

    (76,104     28,940       (187,490

Decrease in receivable for variation margin on open financial futures contracts

    336,344       158,219       73,438  

Decrease in receivable from the transfer agent

          9,905       20,821  

Increase in payable for variation margin on open financial futures contracts

    7,156              

Decrease in payable to affiliate for investment adviser fee

    (28,858     (5,885     (4,925

Increase in interest expense and fees payable

    721,541       86,430       175,426  

Decrease in accrued expenses

    (51,912     (25,372     (11,423

Net change in unrealized (appreciation) depreciation from investments

    51,665,935       13,541,341       10,790,191  

Net realized (gain) loss from investments

    976,340       (42,942     (3,715

Net realized loss on extinguishment of debt

    19,509       63,777        

Net cash provided by operating activities

  $ 59,333,472     $ 4,211,382     $ 8,983,181  
Cash Flows From Financing Activities  

Distributions paid to common shareholders, net of reinvestments

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

Proceeds from secured borrowings

    33,140,000       35,280,000       4,800,000  

Repayment of secured borrowings

    (48,490,000     (36,630,000     (2,600,000

Decrease in due to custodian

    (321,707           (824,024

Net cash used in financing activities

  $ (59,333,472   $ (13,852,857   $ (8,303,004

Net increase (decrease) in cash

  $     $ (9,641,475   $ 680,177  

Cash at beginning of year

  $     $ 10,331,832     $  

Cash at end of year

  $     $ 690,357     $ 680,177  
Supplemental disclosure of cash flow information:  

Cash paid for interest and fees

  $ 7,942,088     $ 2,597,933     $ 1,830,669  

 

  25   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Financial Highlights

 

 

    Municipal Fund  
    Year Ended September 30,  
    2017     2016     2015     2014     2013  

Net asset value — Beginning of year

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

Net investment income(1)

  $ 0.640     $ 0.706     $ 0.760     $ 0.783     $ 0.768  

Net realized and unrealized gain (loss)

    (0.739     0.631       (0.064     1.633       (1.812

Total income (loss) from operations

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

From net investment income

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

Total distributions

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

Net asset value — End of year

  $ 13.740     $ 14.480     $ 13.870     $ 13.940     $ 12.290  

Market value — End of year

  $ 12.680     $ 13.620     $ 12.510     $ 12.520     $ 11.560  

Total Investment Return on Net Asset Value(2)

    (0.19 )%      10.19     5.69     21.00     (7.59 )% 

Total Investment Return on Market Value(2)

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

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

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

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

         

Expenses excluding interest and fees(3)

    1.07     1.05     1.05     1.12     1.15

Interest and fee expense(4)

    0.93     0.53     0.38     0.43     0.47

Total expenses(3)

    2.00     1.58     1.43     1.55     1.62

Net investment income

    4.67     4.92     5.43     6.01     5.67

Portfolio Turnover

    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) 

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.

 

(4) 

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

September 30, 2017

 

Financial Highlights — continued

 

 

    California Fund  
    Year Ended September 30,  
    2017     2016     2015     2014     2013  

Net asset value — Beginning of year

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

Net investment income(1)

  $ 0.566     $ 0.637     $ 0.688     $ 0.700     $ 0.698  

Net realized and unrealized gain (loss)

    (0.582     0.377       (0.184     1.326       (1.514

Total income (loss) from operations

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

From net investment income

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

Total distributions

  $ (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 year

  $ 12.450     $ 13.050     $ 12.720     $ 12.900     $ 11.510  

Market value — End of year

  $ 12.040     $ 13.560     $ 11.630     $ 11.350     $ 10.330  

Total Investment Return on Net Asset Value(3)

    0.27     8.22     4.46     18.96     (6.18 )% 

Total Investment Return on Market Value(3)

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

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

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

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

         

Expenses excluding interest and fees(4)

    1.15     1.13     1.11     1.16     1.22

Interest and fee expense(5)

    1.01     0.58     0.40     0.42     0.46

Total expenses(4)

    2.16     1.71     1.51     1.58     1.68

Net investment income

    4.55     4.89     5.36     5.75     5.56

Portfolio Turnover

    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) 

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) 

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

 

  27   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

September 30, 2017

 

Financial Highlights — continued

 

 

    New York Fund  
    Year Ended September 30,  
    2017     2016     2015     2014     2013  

Net asset value — Beginning of year

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

Net investment income(1)

  $ 0.599     $ 0.666     $ 0.716     $ 0.752     $ 0.735  

Net realized and unrealized gain (loss)

    (0.661     0.402       (0.100     1.219       (1.767

Total income (loss) from operations

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

From net investment income

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

Total distributions

  $ (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 year

  $ 13.610     $ 14.290     $ 13.940     $ 14.040     $ 12.740  

Market value — End of year

  $ 12.930     $ 14.320     $ 12.600     $ 12.330     $ 11.540  

Total Investment Return on Net Asset Value(2)

    0.02     8.01     5.07     16.72     (7.16 )% 

Total Investment Return on Market Value(2)

    (5.18 )%      19.75     8.14     13.16