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

March 31, 2018

Date of Reporting Period

 

 

 

 


Item 1. Reports to Stockholders

 


LOGO

 

 

Eaton Vance

Municipal Bond Funds

Semiannual Report

March 31, 2018

 

 

 

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

 

LOGO


 

 

 

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

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


Semiannual Report March 31, 2018

Eaton Vance

Municipal Bond Funds

Table of Contents

Performance and Fund Profile

  
  

Municipal Bond Fund

     2  

California Municipal Bond Fund

     3  

New York Municipal Bond Fund

     4  
  

Endnotes and Additional Disclosures

     5  

Financial Statements

     6  

Officers and Trustees

     33  

Important Notices

     34  


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     08/30/2002        –1.14      3.04      4.87      6.74

Fund at Market Price

            –4.44        –1.05        2.72        5.38  

Bloomberg Barclays Municipal Bond Index

            –0.37      2.66      2.73      4.40

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

               $ 0.304  

Distribution Rate at NAV

                 4.34

Taxable-Equivalent Distribution Rate at NAV

                 7.33

Distribution Rate at Market Price

                 4.86

Taxable-Equivalent Distribution Rate at Market Price

                 8.21
              
% Total Leverage5                                        

Residual Interest Bond (RIB) Financing

                 39.79

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     08/30/2002        –1.57      2.28      4.04      5.38

Fund at Market Price

            –12.68        –5.15        2.01        3.34  

Bloomberg Barclays Municipal Bond Index

            –0.37      2.66      2.73      4.40

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

               $ 0.274  

Distribution Rate at NAV

                 3.96

Taxable-Equivalent Distribution Rate at NAV

                 7.72

Distribution Rate at Market Price

                 4.62

Taxable-Equivalent Distribution Rate at Market Price

                 9.00
              
% Total Leverage5                                        

RIB Financing

                 43.23

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     08/30/2002        –1.79      1.97      3.77      5.61

Fund at Market Price

            –8.83        –2.21        1.43        4.18  

Bloomberg Barclays Municipal Bond Index

            –0.37      2.66      2.73      4.40

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

               $ 0.296  

Distribution Rate at NAV

                 4.12

Taxable-Equivalent Distribution Rate at NAV

                 7.63

Distribution Rate at Market Price

                 4.67

Taxable-Equivalent Distribution Rate at Market Price

                 8.65
              
% Total Leverage5                                        

RIB Financing

                 41.57

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

        

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Endnotes and Additional Disclosures

 

 

1 

Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

  

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

 

2 

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

 

3 

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

 

4 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.

5 

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

 

6 

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

 

7 

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

 

  

Fund profiles subject to change due to active management.

 

 

  5  


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

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

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

  $ 13,880     $ 14,040,037  

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

    3,250       3,620,955  

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

    3,985       4,417,054  

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

    15,000       15,985,800  

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

    5,710       7,120,484  

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

    8,325       10,502,986  

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

    14,050       14,566,337  

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

    15,300       15,910,929  

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

    10,000       11,441,600  

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

    720       749,124  

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

    2,460       2,560,885  

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

    6,000       6,846,360  

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

    14,175       15,614,755  

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

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

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

  $ 2,320     $ 2,582,322  

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

    5,000       5,697,400  

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

    10,000       11,648,000  

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

    10,000       10,736,400  

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

    3,425       3,709,070  

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

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

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

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

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

  $ 9,750     $ 9,934,762  

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

    11,570       12,113,906  

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

    14,700       15,770,160  

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

    9,750       10,805,242  

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

    4,000       4,345,640  

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

    6,000       6,493,260  

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

    1,445       1,560,976  

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

    6,325       6,832,644  

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

    1,175       1,305,096  

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

    4,735       5,164,607  

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

    4,640       5,198,006  

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

    10,000       11,071,900  

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

    12,075       13,369,319  

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

    13,500       13,956,435  

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

    10,000       10,956,900  

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

    1,140       1,253,498  

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

    6,425       7,060,497  

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

    720       796,824  

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

    760       841,092  

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

    3,520       3,905,264  

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

    565       581,312  

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

    450       485,910  

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

    5,655       6,120,011  
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

  $ 5,000     $ 5,015,450  

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

    5,000       5,020,650  

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

    1,270       1,321,372  

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

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

California, 5.00%, 10/1/33(1)

  $ 18,800     $ 21,456,064  

California, 5.00%, 8/1/46(1)

    15,000       17,171,850  

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

    8,320       8,831,846  

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

    3,000       3,732,720  

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

    2,000       2,152,080  

New York, NY, 5.00%, 10/1/32

    10,000       11,083,500  

Ocean City, NJ, 1.00%, 11/15/28

    2,500       2,062,475  

Oregon, 5.00%, 8/1/35(1)

    6,750       7,391,790  

Oregon, 5.00%, 8/1/36

    860       940,315  

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

    7,500       8,039,100  

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

    10,000       11,374,100  

Washington, 4.00%, 7/1/28(1)

    10,000       10,629,200  

Washington, 5.00%, 2/1/35(1)

    18,250       20,509,168  

Washington, 5.00%, 2/1/38(1)

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

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

  $ 1,000     $ 1,087,010  

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

    1,770       1,924,008  

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

    2,790       3,121,703  

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

    10,000       11,233,200  

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

    4,385       4,925,934  

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

    10,950       12,016,968  

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

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

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

  $ 2,000     $ 2,050,360  

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

    1,600       1,813,952  

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

    7,605       8,423,982  

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

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

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

  $ 2,245     $ 2,218,868  

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

    1,000       977,860  

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

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

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

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

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

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

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

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

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

  $ 5,000     $ 5,180,400  

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

    3,185       3,243,763  

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

    1,985       2,021,623  

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

    3,170       3,232,386  
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

  $ 11,000     $ 11,147,290  

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

    11,500       11,528,865  

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

    8,500       8,644,330  

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

    15,000       15,206,250  

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

    2,625       2,765,017  

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

    13,145       12,128,891  

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

    1,875       1,926,844  

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

    1,015       1,042,709  

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

    1,015       1,044,303  

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

    1,160       1,195,624  

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

    2,735       2,831,436  

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

    1,985       2,083,357  

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

    1,575       1,653,041  

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

    8,955       9,358,065  

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

    24,000       24,067,680  

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

    625       643,281  

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

    5,570       5,324,976  

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

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

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

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

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

  $ 13,600     $ 14,713,568  

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

    3,750       4,700,812  

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

    11,845       10,266,417  

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

    9,530       8,368,579  

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

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

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

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

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

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

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

  $ 16,795     $ 8,432,602  

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

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

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

  $ 15,975     $ 15,704,543  

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

    18,035       15,033,074  

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

    15,000       18,925,650  

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

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

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

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

 

  8   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

  $ 2,500     $ 2,759,025  

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

    1,000       1,100,800  

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

    1,800       1,988,010  

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

    1,570       1,728,115  

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

    1,015       1,128,538  

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

    1,150       1,278,098  

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

    8,080       8,537,732  

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

    10,200       9,508,032  

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

    25,000       9,567,250  

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

    6,710       6,857,419  

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

    1,785       1,864,272  

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

    11,700       12,001,977  

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

    1,605       1,213,444  

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

    1,950       1,402,167  

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

    1,000       679,340  

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

    26,215       21,263,511  

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

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

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

  $ 13,670     $ 11,780,533  

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

    10,000       11,991,300  

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

    5,540       7,064,719  

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

    1,070       1,409,211  

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

    2,615       2,916,980  

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

    2,240       2,491,933  

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

    2,730       3,033,767  

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

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

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

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

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

  $ 755     $ 822,882  

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

    1,225       1,357,753  

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

    10       11,474  

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

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

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

  $ 10,750     $ 11,687,400  

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

    1,275       1,396,023  

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

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

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

  $ 12,575     $ 14,582,096  

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

    10,000       11,518,800  

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

    20,000       21,581,200  

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

    5,000       5,863,600  

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

    20,200       23,037,898  

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

    5,450       6,275,838  

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

    10,000       10,431,600  

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

    20,000       21,767,800  

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

    13,000       14,560,910  

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

    10,000       11,158,200  

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

    3,285       3,647,303  

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

    12,040       13,350,193  
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

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

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

  $ 6,000     $ 6,709,140  

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

    2,105       2,349,222  

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

    3,205       3,648,636  

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

    4,950       5,626,913  

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

    8,275       8,683,702  

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

    10,425       11,886,793  

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

    10,000       11,262,100  

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

    10,000       11,462,900  

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

    3,285       3,525,659  

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

    4,155       4,280,523  

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

    170       174,410  

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

    4,380       5,011,027  

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

    10,825       11,540,424  

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

    4,615       5,147,340  

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

    10,000       10,995,000  

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

    3,500       3,614,065  

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

    10,000       11,424,200  

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

    2,305       2,470,176  

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

    610       653,713  

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

    1,010       1,082,377  

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

    1,580       1,693,223  

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

    14,360       16,251,786  

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

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

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

  $ 25,000     $ 28,423,750  

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

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

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

  $ 1,070     $ 1,150,218  

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

    1,965       2,117,916  

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

    2,910       3,150,221  

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

    8,750       9,984,012  

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

    7,925       9,031,726  

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

    10,000       11,066,300  

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

    5,385       5,854,734  

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

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

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

 

  $ 1,493,999,450  

Other Assets, Less Liabilities — (65.4)%

 

  $ (590,757,247

Net Assets — 100.0%

 

  $ 903,242,203  

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

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

 

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

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 30.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 9.8% of total investments.

 

(1) 

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

 

 

  10   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

Interest Rate Futures

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

Abbreviations:

 

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

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

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

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

  $ 770     $ 771,856  

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

    550       613,817  

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

    940       1,041,689  

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

    1,375       1,439,804  

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

    6,600       7,547,232  

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

    330       376,444  

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

    320       366,435  

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

    1,790       1,949,901  

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

    1,175       1,289,234  

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

    800       874,384  

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

    2,270       2,518,610  

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

    2,395       2,653,876  

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

    2,520       2,788,808  

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

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

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

  $ 1,890     $ 2,018,085  

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

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

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

  $ 10,000     $ 10,537,200  

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

    285       302,593  

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

    6,200       6,317,490  

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

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

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

  $ 10,000     $ 11,063,100  

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

    1,375       1,521,176  

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

    2,545       2,815,559  

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

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

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

  $ 7,450     $ 8,585,306  

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

    6,900       7,306,962  

California, 5.50%, 11/1/35

    4,600       5,030,422  

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

    2,500       2,891,850  

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

    9,750       10,912,005  

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

    7,500       8,703,825  

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

    5,000       5,786,150  

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

    6,935       8,302,998  

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

    7,020       7,506,416  

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

    10,000       11,278,400  

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

    5,775       6,267,492  

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

    10,000       10,500,300  

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

    4,975       5,507,872  

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

    7,500       8,464,350  

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

    3,495       4,042,806  

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

    7,500       8,469,525  

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

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

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

  $ 1,750     $ 1,902,267  

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

    550       597,856  
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

  $ 1,795     $ 2,002,753  

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

    2,565       2,852,357  

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

    4,480       5,048,243  

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

    2,100       2,346,603  

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

    5,000       5,560,950  

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

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

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

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

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

  $ 2,000     $ 2,017,400  

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

    3,840       3,684,250  

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

    615       623,032  

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

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

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

  $ 4,500     $ 4,702,545  

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

    385       390,013  

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

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

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

  $ 4,135     $ 3,854,771  

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

    2,300       2,103,074  

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

    5,000       4,446,400  

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

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

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

  $ 4,840     $ 4,421,630  

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

    4,365       3,877,648  

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

    3,955       3,309,188  

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

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

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

  $ 595     $ 601,027  

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

    7,240       7,246,589  

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

    5,940       5,956,394  

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

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

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

  $ 1,595     $ 1,622,482  

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

    250       250,650  

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

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

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

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

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

  $ 625     $ 705,556  

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

    625       702,044  

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

    8,250       9,667,597  

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

    6,285       7,291,794  

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

    10,375       11,884,459  

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

    8,150       9,407,382  

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

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

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

  $ 6,500     $ 6,742,320  

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

    1,960       2,090,909  

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

    7,500       8,516,325  

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

    7,500       7,991,250  

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

    2,190       2,320,721  

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

    4,000       4,566,640  

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

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

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

  $ 5,725     $ 6,354,120  

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

    9,000       10,719,990  

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

    10,000       11,264,200  

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

    7,500       8,306,550  

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

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

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

 

  $ 445,141,863  

Other Assets, Less Liabilities — (74.0)%

 

  $ (189,249,687

Net Assets — 100.0%

 

  $ 255,892,176  

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

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

 

(1) 

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

Abbreviations:

 

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

 

  14   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

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

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

  $ 3,360     $ 3,560,525  

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

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

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

  $ 200     $ 224,938  

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

    105       116,968  

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

    200       222,158  

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

    1,330       1,466,857  

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

    200       223,650  

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

    950       1,034,113  

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

    800       862,424  

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

    300       323,124  

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

    240       245,359  

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

    10,000       10,223,300  

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

    10,000       10,834,400  

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

    5,700       6,073,293  

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

    950       1,012,719  

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

    1,150       1,207,649  

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

    10,000       10,412,000  

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

    2,000       2,122,360  

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

    500       519,965  

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

    2,700       2,807,811  

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

    1,175       1,281,678  

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

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

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

  $ 1,660     $ 1,851,398  

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

    5,250       5,686,170  

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

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

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

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

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

  $ 3,715     $ 3,930,358  

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

    3,430       3,842,492  

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

    1,065       1,136,440  

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

    465       467,604  

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

    490       492,744  

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

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

New York, 5.00%, 2/15/34(1)

  $ 7,250     $ 7,833,915  

New York City, 5.00%, 8/1/34(1)

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

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

  $ 620     $ 655,135  

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

    820       866,158  

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

    825       878,782  

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

    9,325       9,809,341  

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

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

 

  15   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

  $ 870     $ 867,529  

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

    1,640       1,592,735  

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

    885       898,762  

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

    2,030       2,071,148  

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

    2,500       2,543,000  

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

    2,815       2,605,508  

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

    500       515,315  

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

    1,000       1,031,400  

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

    995       1,002,413  

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

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

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

  $ 640     $ 796,122  

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

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

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

  $ 50     $ 59,065  

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

    1,230       1,536,946  

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

    1,750       1,970,430  

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

    1,555       1,619,066  

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

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

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

  $ 5,000     $ 5,203,900  

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

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

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

  $ 2,290     $ 2,403,492  

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

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

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

  $ 175     $ 175,887  

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

    185       188,347  

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

    195       198,528  

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

    1,110       1,141,113  

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

    300       306,072  

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

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

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

  $ 200     $ 203,494  

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

    200       203,436  

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

    200       203,424  

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

    200       203,414  

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

    820       823,247  

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

    860       863,586  

Oyster Bay, (AGM), 4.00%, 8/1/28

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

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

  $ 1,490     $ 1,402,895  

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

    1,090       966,666  

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

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

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

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

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

  $ 2,175     $ 2,338,625  

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

    3,000       1,051,470  
 

 

  16   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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

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

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

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

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

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

  $ 4,925     $ 5,180,854  

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

    4,900       2,995,223  

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

    1,000       1,112,530  

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

    10,000       11,440,000  

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

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

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

  $ 10,000     $ 11,162,000  

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

    2,100       2,181,165  

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

    10,000       10,760,400  

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

    565       617,567  

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

    435       474,898  

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

    6,500       7,252,830  

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

    6,600       7,327,914  

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

    2,370       2,522,723  

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

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

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

  $ 7,030     $ 7,242,376  

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

    295       302,652  

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

    1,565       1,664,910  

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

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

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

  $ 2,500     $ 2,608,650  

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

    7,240       7,880,161  

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

    8,000       9,176,160  

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

    5,000       5,687,800  

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

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

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

  $ 755     $ 835,121  

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

    500       552,500  

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

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

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

  $ 135     $ 155,705  

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

    325       383,640  

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

    360       428,043  

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

    845       959,092  
            $ 1,926,480  

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

 

  $ 345,408,089  

Other Assets, Less Liabilities — (69.2)%

 

  $ (141,224,669

Net Assets — 100.0%

 

  $ 204,183,420  

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

The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 15.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 6.0% of total investments.

 

(1) 

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

 

 

  17   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Abbreviations:

 

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

 

  18   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Assets and Liabilities (Unaudited)

 

 

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

Investments —

        

Identified cost

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

Unrealized appreciation

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

Investments, at value

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

Cash

   $      $ 2,041,536      $  

Deposits for derivatives collateral — financial futures contracts

     572,500                

Interest receivable

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

Receivable for investments sold

     30,998,192               2,926,503  

Due from broker for floating rate notes issued

     16,000,000                

Total assets

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

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

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

Due to broker for floating rate notes redeemed

     25,675,000                

Payable for investments purchased

     11,687,622                

Payable for variation margin on open financial futures contracts

     171,755                

Due to custodian

     17,777,709               2,131,256  

Payable to affiliate:

        

Investment adviser fee

     770,043        229,477        191,544  

Interest expense and fees payable

     3,226,470        806,559        762,289  

Accrued expenses

     254,077        95,193        86,710  

Total liabilities

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

Net Assets

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

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

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

Additional paid-in capital

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

Accumulated undistributed (distributions in excess of) net investment income

     (115,135      456,239        516,683  

Accumulated net realized loss

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

Net unrealized appreciation

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

Net Assets

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

Net assets ÷ common shares issued and outstanding

   $ 13.25      $ 11.96      $ 13.04  

 

  19   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Operations (Unaudited)

 

 

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

Interest

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

Total investment income

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

Investment adviser fee

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

Trustees’ fees and expenses

     32,363        9,785        7,641  

Custodian fee

     152,622        55,594        44,881  

Transfer and dividend disbursing agent fees

     10,712        9,565        9,635  

Legal and accounting services

     70,155        46,480        46,711  

Printing and postage

     42,595        10,312        8,413  

Interest expense and fees

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

Miscellaneous

     29,774        12,384        12,430  

Total expenses

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

Net investment income

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

Net realized gain (loss) —

        

Investment transactions

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

Extinguishment of debt

     (82,385              

Financial futures contracts

     2,202,341                

Net realized gain (loss)

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

Change in unrealized appreciation (depreciation) —

        

Investments

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

Financial futures contracts

     (1,270,176              

Net change in unrealized appreciation (depreciation)

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

Net realized and unrealized loss

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

Net decrease in net assets from operations

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

 

  20   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Changes in Net Assets

 

 

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

From operations —

        

Net investment income

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

Net realized gain (loss)

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

Net change in unrealized appreciation (depreciation)

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

Net decrease in net assets from operations

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

Distributions to common shareholders —

        

From net investment income

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

Total distributions to common shareholders

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

Net decrease in net assets

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

At beginning of period

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

At end of period

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

At end of period

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

 

  21   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Changes in Net Assets — continued

 

 

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

From operations —

        

Net investment income

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

Net realized gain

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

Net change in unrealized appreciation (depreciation)

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

Net decrease in net assets from operations

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

Distributions to common shareholders —

        

From net investment income

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

Total distributions to common shareholders

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

Net decrease in net assets

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

At beginning of year

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

At end of year

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

At end of year

   $      $ 944,251      $ 793,861  

 

  22   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Statements of Cash Flows (Unaudited)

 

 

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

Net decrease in net assets from operations

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

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

        

Investments purchased

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

Investments sold

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

Net amortization/accretion of premium (discount)

     102,406        589,419        688,332  

Amortization of deferred debt issuance costs

     6,047        812        453  

Decrease in deposits for derivatives collateral — financial futures contracts

     114,500                

Decrease (increase) in interest receivable

     513,061        (36,904      91,518  

Increase in payable for variation margin on open financial futures contracts

     164,599                

Increase in payable to affiliate for investment adviser fee

     7,287        1,606        513  

Increase in interest expense and fees payable

     240,780        79,173        121,434  

Decrease in accrued expenses

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

Net change in unrealized (appreciation) depreciation from investments

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

Net realized loss from investments

     627,602        1,457,499        341,251  

Net realized loss on extinguishment of debt

     82,385                

Net cash provided by (used in) operating activities

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

Distributions paid to common shareholders, net of reinvestments

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

Proceeds from secured borrowings

     51,240,000        21,120,000         

Repayment of secured borrowings

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

Increase in due to custodian

     15,678,739               2,131,256  

Net cash provided by (used in) financing activities

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

Net increase (decrease) in cash

   $      $ 1,351,179      $ (680,177

Cash at beginning of period

   $      $ 690,357      $ 680,177  

Cash at end of period

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

Cash paid for interest and fees

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

 

  23   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Financial Highlights

 

 

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

Net asset value — Beginning of period

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

Net investment income(1)

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

Net realized and unrealized gain (loss)

    (0.489     (0.739     0.631       (0.064     1.633       (1.812

Total income (loss) from operations

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

From net investment income

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

Total distributions

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

Net asset value — End of period

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

Market value — End of period

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

Total Investment Return on Net Asset Value(2)

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

Total Investment Return on Market Value(2)

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

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

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

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

           

Expenses excluding interest and fees(4)

    1.07 %(5)      1.07     1.05     1.05     1.12     1.15

Interest and fee expense(6)

    1.13 %(5)      0.93     0.53     0.38     0.43     0.47

Total expenses(4)

    2.20 %(5)      2.00     1.58     1.43     1.55     1.62

Net investment income

    4.48 %(5)      4.67     4.92     5.43     6.01     5.67

Portfolio Turnover

    9 %(3)      6     18     5     9     18

 

(1) 

Computed using average shares outstanding.

 

(2) 

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

 

(3) 

Not annualized.

 

(4) 

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

 

(5) 

Annualized.

 

(6) 

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

 

  24   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Financial Highlights — continued

 

 

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

Net asset value — Beginning of period

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

Net investment income(1)

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

Net realized and unrealized gain (loss)

    (0.467     (0.582     0.377       (0.184     1.326       (1.514

Total income (loss) from operations

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

From net investment income

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

Total distributions

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

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

  $     $     $     $ 0.000 (2)    $ 0.021     $  

Net asset value — End of period

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

Market value — End of period

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

Total Investment Return on Net Asset Value(3)

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

Total Investment Return on Market Value(3)

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

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

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

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

           

Expenses excluding interest and fees(5)

    1.16 %(6)      1.15     1.13     1.11     1.16     1.22

Interest and fee expense(7)

    1.26 %(6)      1.01     0.58     0.40     0.42     0.46

Total expenses(5)

    2.42 %(6)      2.16     1.71     1.51     1.58     1.68

Net investment income

    4.12 %(6)      4.55     4.89     5.36     5.75     5.56

Portfolio Turnover

    11 %(4)      19     12     7     7     22

 

(1) 

Computed using average shares outstanding.

 

(2) 

Amount is less than $0.0005.

 

(3) 

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

 

(4) 

Not annualized.

 

(5) 

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

 

(6) 

Annualized.

 

(7) 

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

 

  25   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2018

 

Financial Highlights — continued

 

 

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

Net asset value — Beginning of period

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

Net investment income(1)

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

Net realized and unrealized gain (loss)

    (0.552     (0.661     0.402       (0.100     1.219       (1.767

Total income (loss) from operations

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

From net investment income

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

Total distributions

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

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

  $     $     $     $ 0.002     $ 0.019     $  

Net asset value — End of period

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

Market value — End of period

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

Total Investment Return on Net Asset Value(2)

    (1.79 )%(3)       0.02