Eaton Vance California 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: 811-21147

 

 

Eaton Vance California 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, 2015

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

Eaton Vance

Municipal Bond Funds

Semiannual Report

March 31, 2015

 

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, 2015

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, 2015

 

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         4.56      15.97      9.76      6.40

Fund at Market Price

             6.22         15.42         6.75         6.20   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –8.76
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.383   

Distribution Rate at NAV

                 5.41

Taxable-Equivalent Distribution Rate at NAV

                 9.56

Distribution Rate at Market Price

                 5.93

Taxable-Equivalent Distribution Rate at Market Price

                 10.48
              
% Total Leverage5                                        

Residual Interest Bond (RIB) Financing

                 38.39

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 includes 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 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, 2015

 

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         3.29      12.94      8.34      5.35

Fund at Market Price

             8.96         17.18         6.28         5.26   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –7.18
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.342   

Distribution Rate at NAV

                 5.28

Taxable-Equivalent Distribution Rate at NAV

                 10.76

Distribution Rate at Market Price

                 5.69

Taxable-Equivalent Distribution Rate at Market Price

                 11.60
              
% Total Leverage5                                        

RIB Financing

                 40.07

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 includes 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 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, 2015

 

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         3.44      12.71      7.56      5.50

Fund at Market Price

             6.18         12.27         4.44         5.34   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –9.86
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.359   

Distribution Rate at NAV

                 5.08

Taxable-Equivalent Distribution Rate at NAV

                 9.84

Distribution Rate at Market Price

                 5.64

Taxable-Equivalent Distribution Rate at Market Price

                 10.93
              
% Total Leverage5                                        

RIB Financing

                 39.21

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 includes 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 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, 2015

 

Endnotes and Additional Disclosures

 

 

1 

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.

 

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. 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 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.

 

7 

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.
 

 

  5  


Eaton Vance

Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 160.0%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 15.1%

               

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

  $ 9,750      $ 11,025,105   

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

    14,700        16,855,608   

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

    3,985        4,439,728   

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

    15,000        17,192,400   

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

    5,810        7,582,341   

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

    8,325        10,869,536   

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)

    2,000        2,206,980   

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.50%, 11/15/36

    8,790        10,171,964   

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

    15,300        17,358,003   

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

    13,500        15,245,145   

University of California, 5.25%, 5/15/39

    3,730        4,262,010   

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

    720        842,234   

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

    10,000        11,476,000   

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

    14,175        16,187,992   
                 
    $ 145,715,046   
                 

Electric Utilities — 4.3%

               

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

  $ 2,320      $ 2,696,350   

JEA St. Johns River Power Park System, FL, 4.00%, 10/1/32(1)

    10,000        10,222,200   

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

    10,000        11,153,400   

South Carolina Public Service Authority, (Santee Cooper), 5.50%, 1/1/38

    7,110        8,079,022   

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

    3,425        3,803,052   

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

    4,500        5,286,555   
                 
    $ 41,240,579   
                 

Escrowed / Prerefunded — 0.6%

               

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

  $ 5,000      $ 5,697,050   
                 
  $ 5,697,050   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 15.8%

               

California, 5.00%, 12/1/30

  $ 7,390      $ 8,714,066   

California, 5.00%, 10/1/33

    18,815        22,075,451   

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

    8,320        9,112,730   

Clark County, NV, 5.00%, 7/1/33

    4,500        5,164,965   

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

    3,000        3,696,240   

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

    2,000        2,265,120   

Mississippi, 5.00%, 10/1/30(1)

    10,000        11,641,200   

Mississippi, 5.00%, 10/1/36(1)

    12,075        13,973,794   

New York, NY, 5.00%, 10/1/32

    10,000        11,566,800   

Northside Independent School District, TX, (PSF Guaranteed), 5.00%, 6/15/35

    180        189,583   

Northside Independent School District, TX, (PSF Guaranteed), 5.00%, 6/15/35(1)

    12,250        12,902,190   

Oregon, 5.00%, 8/1/35(1)

    6,750        7,762,838   

Oregon, 5.00%, 8/1/36

    2,000        2,296,940   

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

    7,500        8,725,725   

Washington, 4.00%, 7/1/28(1)

    10,000        10,843,700   

Washington, 5.00%, 2/1/35

    15        17,439   

Washington, 5.00%, 2/1/35(1)

    18,250        21,216,902   
                 
    $ 152,165,683   
                 

Hospital — 8.7%

               

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

  $ 1,000      $ 1,140,230   

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

    1,770        2,010,578   

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

    11,570        12,796,073   

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

    2,790        3,237,656   

Hawaii Department of Budget and Finance, (The Queen’s Health Systems), 4.00%, 7/1/40

    1,520        1,528,831   

Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36

    7,190        7,742,264   

Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38

    5,040        1,625,904   

Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/41

    10,000        2,757,100   

Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46

    5,355        5,612,308   

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

    4,385        5,068,183   
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 10,950      $ 12,443,470   

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

    6,105        6,950,481   

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

    7,605        8,705,748   

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

    11,500        12,901,045   
                 
    $ 84,519,871   
                 

Industrial Development Revenue — 0.4%

               

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

  $ 4,245      $ 4,419,639   
                 
    $ 4,419,639   
                 

Insured – Education — 3.0%

               

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

  $ 15,900      $ 20,573,646   

Miami-Dade County, FL, Educational Facilities Authority, (University of Miami), (AMBAC), (BHAC), 5.00%, 4/1/31

    7,865        8,434,505   
                 
    $ 29,008,151   
                 

Insured – Electric Utilities — 3.9%

               

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

  $ 5,000      $ 5,868,550   

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

    4,905        5,683,522   

Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41

    13,895        14,113,707   

Paducah, KY, Electric Plant Board, (AGC), 5.25%, 10/1/35

    2,735        3,039,734   

South Carolina Public Service Authority, (Santee Cooper), (BHAC), 5.50%, 1/1/38

    7,840        8,939,168   
                 
    $ 37,644,681   
                 

Insured – Escrowed / Prerefunded — 3.3%

               

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

  $ 3,185      $ 3,648,800   

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

    1,985        2,274,056   

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

    3,170        3,658,814   

Highlands County, FL, Health Facilities Authority, (Adventist Health System), (NPFG), Prerefunded to 11/16/15, 5.00%, 11/15/35

    3,795        3,907,142   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Escrowed / Prerefunded (continued)

  

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

  $ 13,145      $ 11,627,936   

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

    1,875        2,174,606   

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

    5,570        5,102,844   
                 
    $ 32,394,198   
                 

Insured – General Obligations — 9.0%

               

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

  $ 35      $ 39,150   

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

    13,600        15,212,416   

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

    3,750        4,803,825   

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

    11,845        9,885,363   

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

    9,530        9,232,473   

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

    16,605        13,685,841   

King County, WA, Public Hospital District No. 1, (AGC), 5.00%, 12/1/37(1)

    7,000        7,604,240   

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

    8,955        10,151,925   

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

    10,950        11,938,128   

Yuma and La Paz Counties, AZ, Community College District, (Arizona Western College), (NPFG), 3.75%, 7/1/31

    4,275        4,313,390   
                 
    $ 86,866,751   
                 

Insured – Hospital — 13.0%

               

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

  $ 8,250      $ 8,933,430   

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

    11,000        11,897,710   

Colorado Health Facilities Authority, (Catholic Health), (AGM), 5.10%, 10/1/41(1)

    11,500        12,323,745   

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

    15,000        16,235,544   

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41(1)

    2,500        2,696,575   

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

    2,625        3,009,877   

Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32

    1,675        1,814,595   
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital (continued)

  

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

  $ 19,150      $ 19,509,254   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38(1)

    3,100        3,336,344   

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

    13,115        14,781,785   

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

    5,795        6,789,828   

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

    8,700        9,742,434   

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

    12,605        14,128,314   
                 
    $ 125,199,435   
                 

Insured – Industrial Development Revenue — 1.1%

               

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

  $ 9,000      $ 10,259,460   
                 
    $ 10,259,460   
                 

Insured – Lease Revenue / Certificates of Participation — 4.3%

  

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

  $ 1,035      $ 1,179,465   

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

    24,000        26,588,160   

Tri-Creek Middle School Building Corp., IN, (AGM), 5.25%, 1/15/34(1)

    13,000        14,259,700   
                 
    $ 42,027,325   
                 

Insured – Other Revenue — 1.6%

               

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

  $ 16,795      $ 7,053,396   

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

    6,750        8,057,003   
                 
    $ 15,110,399   
                 

Insured – Solid Waste — 0.5%

               

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

  $ 2,760      $ 3,201,627   

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

    1,575        1,814,416   
                 
    $ 5,016,043   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Special Tax Revenue — 6.2%

               

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

  $ 15,975      $ 15,657,736   

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

    18,035        12,870,497   

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

    15,000        15,858,900   

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

    28,945        3,892,524   

Utah Transportation Authority, Sales Tax Revenue, (AGM), Prerefunded to 6/15/18, 4.75%, 6/15/32(1)

    10,800        12,100,959   
                 
    $ 60,380,616   
                 

Insured – Student Loan — 0.7%

               

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

  $ 5,870      $ 6,562,073   
                 
    $ 6,562,073   
                 

Insured – Transportation — 20.2%

               

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

  $ 21,640      $ 23,290,246   

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

    2,500        2,884,450   

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

    1,000        1,144,030   

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

    1,800        2,067,354   

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

    1,570        1,800,272   

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

    1,015        1,168,803   

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

    1,150        1,322,546   

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

    8,080        9,154,236   

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

    10,200        8,818,104   

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

    25,000        7,857,500   

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

    7,800        8,488,272   

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

    6,710        7,193,388   

Maryland Transportation Authority, (AGM), 5.00%, 7/1/35(1)

    20,995        23,285,344   

Maryland Transportation Authority, (AGM), 5.00%, 7/1/36(1)

    14,000        15,527,260   

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

    1,785        2,044,575   

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

    11,700        13,396,734   

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

    1,015        1,143,093   
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Transportation (continued)

  

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

  $ 1,160      $ 1,309,640   

North Texas Tollway Authority, (BHAC), 5.75%, 1/1/48(1)

    20,000        22,338,600   

Port Authority of New York and New Jersey, (AGM), 5.00%, 8/15/26(1)

    10,000        11,002,800   

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

    1,605        1,010,123   

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

    1,950        1,162,239   

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

    1,000        563,990   

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

    26,215        17,944,430   

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

    10,275        9,253,048   
                 
    $ 195,171,077   
                 

Insured – Water and Sewer — 14.7%

               

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

  $ 2,060      $ 2,268,225   

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

    13,670        10,790,961   

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

    10,000        12,174,700   

Detroit, MI, Water Supply System, (NPFG), 5.00%, 7/1/34

    2,505        2,513,592   

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

    8,500        9,413,325   

Houston, TX, Utility System, (AGM), (BHAC), 5.00%, 11/15/33(1)

    27,570        30,277,348   

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

    5,540        7,285,765   

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

    1,070        1,434,998   

Massachusetts Water Resources Authority, (AMBAC), (BHAC), 4.00%, 8/1/40

    9,095        9,198,410   

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

    2,615        2,931,310   

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

    2,240        2,501,565   

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

    2,730        3,035,105   

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

    2,240        2,486,602   

New York, NY, Municipal Water Finance Authority, (BHAC), 5.75%, 6/15/40(1)

    9,500        10,845,770   

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

    3,535        3,762,265   

Seattle, WA, Drain and Wastewater Revenue, (AGM), 5.00%, 6/1/38(1)

    27,670        30,586,676   
                 
    $ 141,506,617   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Lease Revenue / Certificates of Participation — 3.5%

               

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

  $ 1,980      $ 2,309,709   

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

    10        12,254   

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

    16,000        19,606,240   

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

    10,000        11,745,800   
                 
    $ 33,674,003   
                 

Other Revenue — 2.6%

               

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

  $ 10,750      $ 12,281,122   

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

    9,200        10,774,764   

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

    1,700        1,889,023   
                 
    $ 24,944,909   
                 

Senior Living / Life Care — 0.1%

               

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

  $ 1,175      $ 1,331,369   
                 
    $ 1,331,369   
                 

Special Tax Revenue — 8.4%

               

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

  $ 20,000      $ 23,015,400   

Dallas Area Rapid Transit, TX, Sales Tax Revenue, 5.00%, 12/1/35

    2,895        3,406,865   

Dallas Area Rapid Transit, TX, Sales Tax Revenue, 5.00%, 12/1/36

    1,535        1,803,564   

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

    10,000        11,838,100   

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

    3,285        3,826,466   

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

    12,040        13,977,718   

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

    20,000        23,034,000   
                 
    $ 80,902,113   
                 

Transportation — 11.1%

               

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

  $ 3,205      $ 3,778,919   

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

    4,950        5,824,071   

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

    8,275        9,298,452   

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

    3,285        3,887,830   
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation (continued)

  

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

  $ 4,380      $ 5,176,591   

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

    4,640        5,394,186   

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

    4,735        5,386,441   

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

    10,825        11,834,756   

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

    4,615        5,274,622   

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

    10,000        11,361,300   

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

    2,915        3,302,054   

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

    2,590        2,939,365   

Pennsylvania Turnpike Commission, 6.00%, (0.00% until 12/1/15), 12/1/34

    5,000        5,451,700   

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

    14,360        16,739,596   

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

    5,000        5,710,150   

Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/33

    5,000        5,527,250   
                 
    $ 106,887,283   
                 

Water and Sewer — 7.9%

               

California Department of Water Resources, (Central Valley Project), 5.25%, 12/1/35(1)

  $ 10,000      $ 11,969,500   

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

    2,735        3,117,080   

Chicago, IL, Water Revenue, 5.00%, 11/1/42

    5,000        5,499,100   

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

    1,070        1,153,449   

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

    1,965        2,131,003   

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

    2,910        3,124,176   

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

    9,750        11,206,942   

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

    10,000        11,435,700   

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

    1,445        1,654,323   

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

    6,325        7,248,260   

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

    10,000        11,563,800   

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

    5,385        6,120,699   
                 
    $ 76,224,032   
                 

Total Tax-Exempt Investments — 160.0%
(identified cost $1,390,779,926)

   

  $ 1,544,868,403   
                 

Other Assets, Less Liabilities — (60.0)%

  

  $ (579,537,241
                 

Net Assets — 100.0%

  

  $ 965,331,162   
                 

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

 

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.

At March 31, 2015, 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      12.1%   
Texas      12.0%   
Others, representing less than 10% individually      75.9%   

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, 2015, 51.0% 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 0.3% to 21.9% of total investments.

 

(1) 

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

 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 169.2%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education — 15.3%

  

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

  $ 10,000      $ 11,435,500   

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

    2,680        2,963,088   

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

    550        635,388   

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

    940        1,075,445   

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

    1,375        1,564,695   

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

    3,630        4,134,134   

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

    650        802,737   

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

    6,200        6,988,206   

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

    1,790        2,044,878   

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

    1,175        1,341,967   

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

    800        907,392   

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

    2,270        2,680,053   

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

    2,395        2,813,383   

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

    2,520        2,943,662   
   
    $ 42,330,528   
   

Electric Utilities — 1.8%

  

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

  $ 1,890      $ 2,169,172   

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

    2,375        2,678,477   
   
    $ 4,847,649   
   

General Obligations — 36.3%

  

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

  $ 6,900      $ 7,357,952   

California, 5.50%, 11/1/35

    4,600        5,529,983   

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

    20        23,137   

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

    9,750        11,279,190   
Security  

Principal

Amount

(000’s omitted)

    Value  

General Obligations (continued)

  

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

  $ 10,000      $ 11,436,700   

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

    7,020        8,034,250   

Palomar Community College District, 5.00%, 8/1/44(2)

    10,000        11,707,200   

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

    5,775        6,315,944   

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

    1,375        1,598,135   

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

    2,545        2,974,876   

San Francisco Bay Area Rapid Transit District, (Election of 2004), 5.00%, 8/1/35

    5,000        5,471,050   

San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/33

    1,910        2,226,678   

San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35

    2,230        2,588,383   

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

    4,975        5,720,753   

Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35(3)

    7,500        8,694,375   

Ventura County Community College District, 5.00%, 8/1/30(2)

    8,000        9,665,280   
   
    $ 100,623,886   
   

Hospital — 13.9%

  

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

  $ 1,750      $ 1,995,403   

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

    550        624,756   

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

    4,505        4,982,395   

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

    1,795        2,015,175   

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

    2,565        2,903,734   

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

    4,480        5,158,586   

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

    2,100        2,393,307   

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

    5,000        5,824,400   

California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34

    2,170        2,285,292   

Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31

    3,950        3,962,087   

Washington Township Health Care District, 5.00%, 7/1/32

    3,165        3,292,834   

Washington Township Health Care District, 5.25%, 7/1/29

    3,005        3,013,714   
   
    $ 38,451,683   
   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Education — 6.9%

  

California State University, (AGM), (BHAC), 5.00%, 11/1/39(1)

  $ 8,250      $ 9,155,602   

University of California, (AGM), 4.50%, 5/15/26(1)

    3,095        3,141,611   

University of California, (AGM), 4.50%, 5/15/28(1)

    6,690        6,788,476   
   
    $ 19,085,689   
   

Insured – Electric Utilities — 15.6%

  

Anaheim Public Financing Authority, (Electric System District), (BHAC), (NPFG), 4.50%, 10/1/32(1)

  $ 20,000      $ 21,243,192   

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

    2,240        2,442,854   

Los Angeles Department of Water and Power, Electric System Revenue, (AMBAC), (BHAC), 5.00%, 7/1/26(1)

    6,750        7,375,725   

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

    2,000        2,250,100   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34(3)

    3,840        3,865,190   

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

    1,000        1,128,670   

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

    4,000        4,984,040   
   
    $ 43,289,771   
   

Insured – Escrowed / Prerefunded — 5.6%

  

East Bay Municipal Utility District, Water System Revenue, (AGM), (FGIC), Prerefunded to 6/1/17, 5.00%, 6/1/32

  $ 345      $ 377,951   

East Bay Municipal Utility District, Water System Revenue, (NPFG), Prerefunded to 6/1/17, 5.00%, 6/1/32(1)

    6,500        7,120,815   

Santa Clara Valley Transportation Authority, Sales Tax Revenue, (AMBAC), Prerefunded to 4/1/17, 5.00%, 4/1/32(1)

    7,500        8,152,800   
   
    $ 15,651,566   
   

Insured – General Obligations — 22.0%

  

Antelope Valley Community College District, (Election of 2004), (NPFG), Prerefunded to 8/1/17, 5.25%, 8/1/39

  $ 4,175      $ 4,623,395   

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

    4,135        3,586,658   

Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34

    23,150        8,412,015   

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

    4,500        5,095,440   

Riverside Community College District, (Election of 2004), (AGM), (NPFG), 5.00%, 8/1/32

    5,705        6,214,685   

San Diego Community College District, (Election of 2006), (AGM), 5.00%, 8/1/32(1)

    6,100        6,650,891   

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

    2,300        1,943,753   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – General Obligations (continued)

  

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

  $ 5,000      $ 4,048,600   

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

    5,630        4,927,714   

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

    4,840        4,157,996   

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

    4,365        3,597,240   

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

    3,955        3,020,354   

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

    5,240        4,669,312   
   
    $ 60,948,053   
   

Insured – Hospital — 6.8%

  

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), (BHAC), 5.00%, 11/15/34

  $ 2,205      $ 2,271,216   

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/31(1)

    10,000        10,730,300   

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(1)

    3,500        3,632,720   

California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(1)

    2,000        2,128,320   
   
    $ 18,762,556   
   

Insured – Lease Revenue / Certificates of Participation — 4.0%

  

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

  $ 10,000      $ 11,078,400   
   
    $ 11,078,400   
   

Insured – Special Tax Revenue — 5.8%

  

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

  $ 595      $ 614,885   

Hesperia Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/37(3)

    7,240        7,440,258   

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

    5,940        5,946,890   

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

    15,020        2,019,890   
   
    $ 16,021,923   
   

Insured – Transportation — 1.5%

  

San Jose, Airport Revenue, (AMBAC), 5.00%, 3/1/33

  $ 1,885      $ 1,994,104   

San Jose, Airport Revenue, (AMBAC), 5.00%, 3/1/37

    2,040        2,113,848   
   
    $ 4,107,952   
   

Insured – Water and Sewer — 4.4%

  

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

  $ 1,595      $ 1,788,856   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Water and Sewer (continued)

  

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

  $ 5,000      $ 5,439,900   

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

    2,750        2,926,798   

Santa Clara Valley Water District, (AGM), 3.75%, 6/1/28

    2,075        2,104,942   
   
    $ 12,260,496   
   

Lease Revenue / Certificates of Participation — 1.1%

  

California Public Works Board, 5.00%, 11/1/38(3)

  $ 2,565      $ 2,927,665   
                 
  $ 2,927,665   
                 

Special Tax Revenue — 10.2%

  

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

  $ 625      $ 712,556   

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

    625        705,525   

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

    6,285        7,396,874   

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

    5        5,917   

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

    10,375        12,278,294   

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

    6,250        7,133,063   
   
    $ 28,232,229   
   

Transportation — 8.2%

  

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

  $ 6,500      $ 7,580,560   

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

    1,960        2,283,380   

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

    7,500        8,568,750   

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

    2,190        2,447,347   

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

    1,750        1,950,463   
   
    $ 22,830,500   
   

Water and Sewer — 9.8%

  

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

  $ 5,725      $ 6,646,324   

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

    7,500        8,590,725   
Security  

Principal

Amount

(000’s omitted)

    Value  

Water and Sewer (continued)

  

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

  $ 10,000      $ 11,958,900   
   
    $ 27,195,949   
   

Total Tax-Exempt Investments — 169.2%
(identified cost $429,556,085)

   

  $ 468,646,495   
   

Other Assets, Less Liabilities — (69.2)%

  

  $ (191,616,860
   

Net Assets — 100.0%

  

  $ 277,029,635   
   

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

 

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

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, 2015, 42.9% 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 0.1% to 18.0% of total investments.

 

(1) 

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

 

(2) 

When-issued security.

 

(3) 

Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 

 

  13   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 162.8%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 4.7%

  

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

  $ 3,360      $ 3,845,285   

New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 10/15/35

    50        53,328   

New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 10/15/35(1)

    6,100        6,506,077   
   
    $ 10,404,690   
   

Education — 29.1%

  

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

  $ 200      $ 231,000   

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

    105        120,179   

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

    200        228,116   

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

    1,330        1,504,722   

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

    200        229,392   

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/20

    760        887,429   

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

    950        1,119,841   

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

    800        891,344   

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

    300        333,360   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/23

    405        466,742   

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

    240        268,001   

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

    10,000        11,166,700   

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

    10,000        11,511,800   

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

    5,700        6,581,904   

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

    10,000        11,301,300   

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

    2,000        2,290,060   

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

    500        567,255   

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

    2,700        3,063,177   

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

    1,175        1,362,777   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education (continued)

  

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

  $ 250      $ 291,650   

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

    5,250        6,035,557   

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

    3,305        3,819,688   
   
    $ 64,271,994   
   

Electric Utilities — 1.5%

  

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

  $ 2,895      $ 3,415,782   
   
    $ 3,415,782   
   

General Obligations — 11.1%

  

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

  $ 4,715      $ 5,181,031   

New York, 5.00%, 2/15/34(1)

    7,250        8,380,057   

New York City, 5.00%, 8/1/34(1)

    8,650        9,916,879   

Peekskill, 5.00%, 6/1/35

    465        513,709   

Peekskill, 5.00%, 6/1/36

    490        541,327   
   
    $ 24,533,003   
   

Hospital — 10.3%

  

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

  $ 620      $ 700,681   

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

    820        926,370   

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

    9,325        10,049,646   

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

    1,065        1,235,741   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 5/1/26

    2,055        2,162,908   

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

    6,900        7,633,194   
   
    $ 22,708,540   
   

Housing — 1.6%

  

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

  $ 2,500      $ 2,623,150   

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

    1,000        1,006,560   
   
    $ 3,629,710   
   

Industrial Development Revenue — 1.1%

  

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

  $ 490      $ 593,699   

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

    1,440        1,800,489   
   
    $ 2,394,188   
   
 

 

  14   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Education — 18.0%

  

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

  $ 925      $ 1,101,934   

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

    1,750        2,020,620   

New York Dormitory Authority, (Fordham University), (AGC), (BHAC), 5.00%, 7/1/38(1)

    10,750        11,901,110   

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

    1,555        1,672,371   

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

    2,405        2,592,446   

New York Dormitory Authority, (St. John’s University), (NPFG), 5.25%, 7/1/37

    3,750        4,031,363   

New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(1)

    8,500        9,410,180   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/34

    5,555        2,379,540   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/36

    8,455        3,299,648   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/37

    4,000        1,490,680   
   
    $ 39,899,892   
   

Insured – Electric Utilities — 6.0%

  

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

  $ 5,000      $ 5,826,800   

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

    7,210        7,494,434   
   
    $ 13,321,234   
   

Insured – Escrowed / Prerefunded — 5.5%

  

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

  $ 300      $ 343,920   

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

    3,835        4,430,154   

New York City, (AGM), Prerefunded to 4/1/16, 5.00%, 4/1/22

    2,250        2,355,863   

New York Housing Development Corp., (NPFG), Prerefunded to 7/1/15, 5.00%, 7/1/25

    2,350        2,378,270   

New York State Housing Finance Agency, (AGM), Prerefunded to 9/15/16, 5.00%, 3/15/37

    2,415        2,578,640   
   
    $ 12,086,847   
   

Insured – General Obligations — 9.1%

  

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

  $ 2,290      $ 2,586,944   

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

    2,390        2,754,786   

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

    200        222,098   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – General Obligations (continued)

  

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

  $ 200      $ 220,668   

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

    200        219,910   

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

    200        219,226   

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

    175        186,935   

Freeport, (AGC), 5.00%, 10/15/20

    185        209,194   

Freeport, (AGC), 5.00%, 10/15/21

    195        219,599   

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

    1,110        1,213,053   

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

    820        877,039   

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

    860        919,005   

Oyster Bay, (AGM), 4.00%, 8/1/28

    4,585        4,906,730   

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

    785        851,293   

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

    825        891,561   

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

    905        975,789   

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

    950        1,021,136   

William Floyd Union Free School District, (AGC), 4.00%, 12/15/24

    1,590        1,731,844   
   
    $ 20,226,810   
   

Insured – Hospital — 2.1%

  

New York Dormitory Authority, (Hudson Valley Hospital Center), (AGM), (BHAC), 5.00%, 8/15/36

  $ 4,355      $ 4,726,482   
   
    $ 4,726,482   
   

Insured – Lease Revenue / Certificates of Participation — 2.3%

  

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

  $ 1,490      $ 1,344,606   

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

    1,090        918,456   

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

    3,635        2,841,261   
   
    $ 5,104,323   
   

Insured – Other Revenue — 2.1%

  

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

  $ 4,050      $ 4,600,071   
   
    $ 4,600,071   
   

Insured – Special Tax Revenue — 2.3%

  

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

  $ 2,175      $ 2,606,520   

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

    3,000        657,390   
 

 

  15   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Special Tax Revenue (continued)

  

Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/32

  $ 4,000      $ 933,640   

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

    6,705        901,688   
   
    $ 5,099,238   
   

Insured – Transportation — 8.2%

  

Port Authority of New York and New Jersey, (AGM), 5.00%, 8/15/24(1)

  $ 5,600      $ 6,168,452   

Port Authority of New York and New Jersey, (AGM), 5.00%, 8/15/33(1)

    11,000        12,008,590   
   
    $ 18,177,042   
   

Insured – Water and Sewer — 0.7%

  

Suffolk County Water Authority, (NPFG), 4.50%, 6/1/25

  $ 1,475      $ 1,485,694   
   
    $ 1,485,694   
   

Other Revenue — 5.8%

  

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

  $ 4,925      $ 5,697,880   

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

    4,900        2,430,890   

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

    4,110        4,728,226   
   
    $ 12,856,996   
   

Special Tax Revenue — 24.1%

  

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

  $ 10,000      $ 11,744,700   

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

    10,000        11,356,400   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(2)

    1,000        1,199,790   

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

    6,500        7,694,765   

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

    6,600        7,687,878   

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

    2,370        2,730,785   

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

    8,900        10,811,542   
   
    $ 53,225,860   
   

Transportation — 11.5%

  

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

  $ 3,430      $ 3,987,512   

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

    1,565        1,702,751   

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

    300        327,510   
Security  

Principal

Amount

(000’s omitted)

    Value  

Transportation (continued)

  

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

  $ 7,280      $ 8,237,029   

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

    10,000        11,156,700   
   
    $ 25,411,502   
   

Water and Sewer — 5.7%

  

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

  $ 755      $ 886,461   

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

    500        591,185   

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/34

    1,000        1,148,590   

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

    8,750        9,863,087   
   
    $ 12,489,323   
   

Total Tax-Exempt Investments — 162.8%
(identified cost $329,492,070)

   

  $ 360,069,221   
   

Other Assets, Less Liabilities — (62.8)%

  

  $ (138,900,652
   

Net Assets — 100.0%

  

  $ 221,168,569   
   

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

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
BHAC     Berkshire Hathaway Assurance Corp.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.

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, 2015, 34.6% 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 0.3% to 13.5% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $449,790.

 

 

  16   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Assets and Liabilities (Unaudited)

 

 

    March 31, 2015  
Assets   Municipal Fund     California Fund     New York Fund  

Investments —

     

Identified cost

  $ 1,390,779,926      $ 429,556,085      $ 329,492,070   

Unrealized appreciation

    154,088,477        39,090,410        30,577,151   

Investments, at value

  $ 1,544,868,403      $ 468,646,495      $ 360,069,221   

Cash

  $ 3,727,633      $ 9,694,525      $   

Restricted cash*

    928,000        488,000        205,000   

Interest receivable

    19,036,816        5,092,824        4,412,106   

Receivable for investments sold

    66,219                 

Deferred debt issuance costs

    387,703        140,069        31,108   

Total assets

  $ 1,569,014,774      $ 484,061,913      $ 364,717,435   
Liabilities   

Payable for floating rate notes issued

  $ 601,550,000      $ 185,200,000      $ 142,670,000   

Payable for when-issued securities

           21,146,700          

Payable for variation margin on open financial futures contracts

    93,031        63,344        20,313   

Due to custodian

                  375,999   

Payable to affiliates:

     

Investment adviser fee

    796,094        234,874        200,405   

Interest expense and fees payable

    1,101,366        322,722        212,784   

Accrued expenses

    143,121        64,638        69,365   

Total liabilities

  $ 603,683,612      $ 207,032,278      $ 143,548,866   

Net Assets

  $ 965,331,162      $ 277,029,635      $ 221,168,569   
Sources of Net Assets   

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

  $ 681,683      $ 213,912      $ 156,586   

Additional paid-in capital

    958,234,857        302,760,817        221,022,853   

Accumulated net realized loss

    (147,580,463     (66,869,707     (32,361,854

Accumulated undistributed net investment income

    658,633        2,313,304        1,938,031   

Net unrealized appreciation

    153,336,452        38,611,309        30,412,953   

Net Assets

  $ 965,331,162      $ 277,029,635      $ 221,168,569   
Common Shares Outstanding     68,168,250        21,391,186        15,658,585   
Net Asset Value   

Net assets ÷ common shares issued and outstanding

  $ 14.16      $ 12.95      $ 14.12   

 

* Represents restricted cash on deposit at the broker for open financial futures contracts.

 

  17   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Operations (Unaudited)

 

 

    Six Months Ended March 31, 2015  
Investment Income   Municipal Fund     California Fund     New York Fund  

Interest

  $ 32,928,512      $ 9,447,705      $ 7,428,055   

Total investment income

  $ 32,928,512      $ 9,447,705      $ 7,428,055   
Expenses   

Investment adviser fee

  $ 4,696,777      $ 1,377,650      $ 1,180,207   

Trustees’ fees and expenses

    34,000        11,377        9,029   

Custodian fee

    158,648        57,811        48,179   

Transfer and dividend disbursing agent fees

    10,117        9,115        9,284   

Legal and accounting services

    70,356        44,469        41,778   

Printing and postage

    34,725        11,636        10,220   

Interest expense and fees

    1,780,816        513,455        403,781   

Miscellaneous

    35,823        16,322        15,946   

Total expenses

  $ 6,821,262      $ 2,041,835      $ 1,718,424   

Deduct —

     

Reduction of custodian fee

  $ 753      $ 412      $ 118   

Total expense reductions

  $ 753      $ 412      $ 118   

Net expenses

  $ 6,820,509      $ 2,041,423      $ 1,718,306   

Net investment income

  $ 26,108,003      $ 7,406,282      $ 5,709,749   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

     

Investment transactions

  $ (3,860,934   $ 1,356,873      $ 573,156   

Extinguishment of debt

    (34              

Financial futures contracts

    (2,594,725     (1,180,357     (565,710

Net realized gain (loss)

  $ (6,455,693   $ 176,516      $ 7,446   

Change in unrealized appreciation (depreciation) —

     

Investments

  $ 22,396,853      $ 1,501,319      $ 1,418,047   

Financial futures contracts

    (1,127,645     (672,138     (246,092

Net change in unrealized appreciation (depreciation)

  $ 21,269,208      $ 829,181      $ 1,171,955   

Net realized and unrealized gain

  $ 14,813,515      $ 1,005,697      $ 1,179,401   

Net increase in net assets from operations

  $ 40,921,518      $ 8,411,979      $ 6,889,150   

 

  18   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Changes in Net Assets

 

 

    Six Months Ended March 31, 2015 (Unaudited)  
Increase (Decrease) in Net Assets   Municipal Fund     California Fund     New York Fund  

From operations —

     

Net investment income

  $ 26,108,003      $ 7,406,282      $ 5,709,749   

Net realized gain (loss) from investment transactions, extinguishment of debt and financial futures contracts

    (6,455,693     176,516        7,446   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    21,269,208        829,181        1,171,955   

Net increase in net assets from operations

  $ 40,921,518      $ 8,411,979      $ 6,889,150   

Distributions to common shareholders —

     

From net investment income

  $ (26,109,122   $ (7,316,213   $ (5,623,297

Total distributions to common shareholders

  $ (26,109,122   $ (7,316,213   $ (5,623,297

Capital share transactions —

     

Cost of shares repurchased (See Note 5)

  $      $ (87,649   $ (287,318

Net decrease in net assets from capital share transactions

  $      $ (87,649   $ (287,318

Net increase in net assets

  $ 14,812,396      $ 1,008,117      $ 978,535   
Net Assets   

At beginning of period

  $ 950,518,766      $ 276,021,518      $ 220,190,034   

At end of period

  $ 965,331,162      $ 277,029,635      $ 221,168,569   
Accumulated undistributed net investment income
included in net assets
   

At end of period

  $ 658,633      $ 2,313,304      $ 1,938,031   

 

  19   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended September 30, 2014  
Increase (Decrease) in Net Assets   Municipal Fund     California Fund     New York Fund  

From operations —

     

Net investment income

  $ 53,349,688      $ 15,088,430      $ 11,858,752   

Net realized gain (loss) from investment transactions, extinguishment of debt and financial futures contracts

    190,580        (2,717,813     (1,552,854

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    111,749,614        31,277,572        20,855,535   

Net increase in net assets from operations

  $ 165,289,882      $ 43,648,189      $ 31,161,433   

Distributions to common shareholders —

     

From net investment income

  $ (52,218,243   $ (14,152,654   $ (10,885,152

Total distributions to common shareholders

  $ (52,218,243   $ (14,152,654   $ (10,885,152

Capital share transactions —

     

Cost of shares repurchased (See Note 5)

  $      $ (3,881,323   $ (2,538,716

Net decrease in net assets from capital share transactions

  $      $ (3,881,323   $ (2,538,716

Net increase in net assets

  $ 113,071,639      $ 25,614,212      $ 17,737,565   
Net Assets   

At beginning of year

  $ 837,447,127      $ 250,407,306      $ 202,452,469   

At end of year

  $ 950,518,766      $ 276,021,518      $ 220,190,034   
Accumulated undistributed net investment income
included in net assets
   

At end of year

  $ 659,752      $ 2,223,235      $ 1,851,579   

 

  20   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Cash Flows (Unaudited)

 

 

    Six Months Ended March 31, 2015  
Cash Flows From Operating Activities   Municipal Fund     California Fund     New York Fund  

Net increase in net assets from operations

  $ 40,921,518      $ 8,411,979      $ 6,889,150   

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

     

Investments purchased

    (73,810,677     (20,931,110     (14,360,165

Investments sold

    71,306,581        20,206,104        8,764,294   

Net amortization/accretion of premium (discount)

    (1,520,512     (291,750     144,110   

Amortization of deferred debt issuance costs

    51,252        9,464        7,602   

Decrease in restricted cash

    105,000        42,000        20,000   

Decrease (increase) in interest receivable

    (134,390     44,270        (20,935

Decrease in receivable for variation margin on open financial futures contracts

    139,750        60,844        30,469   

Increase in payable for variation margin on open financial futures contracts

    93,031        63,344        20,313   

Increase in payable to affiliate for investment adviser fee

    32,294        8,850        7,126   

Decrease in interest expense and fees payable

    (69,609     (19,480     (9,931

Decrease in accrued expenses

    (75,344     (54,823     (49,183

Net change in unrealized (appreciation) depreciation from investments

    (22,396,853     (1,501,319     (1,418,047

Net realized (gain) loss from investments

    3,860,934        (1,356,873     (573,156

Net realized loss on extinguishment of debt

    34                 

Net cash provided by (used in) operating activities

  $ 18,503,009      $ 4,691,500      $ (548,353
Cash Flows From Financing Activities   

Repurchase of common shares

  $      $ (87,649   $ (287,318

Distributions paid to common shareholders, net of reinvestments

    (26,109,122     (7,316,213     (5,623,297

Proceeds from secured borrowings

    27,400,000        8,000,000          

Repayment of secured borrowings

    (28,880,000     (6,300,000       

Increase in due to custodian

                  375,999   

Net cash used in financing activities

  $ (27,589,122   $ (5,703,862   $ (5,534,616

Net decrease in cash

  $ (9,086,113   $ (1,012,362   $ (6,082,969

Cash at beginning of period

  $ 12,813,746      $ 10,706,887      $ 6,082,969   

Cash at end of period

  $ 3,727,633      $ 9,694,525      $   
Supplemental disclosure of cash flow information:   

Cash paid for interest and fees

  $ 1,799,173      $ 523,471      $ 406,110   

 

  21   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights

 

 

    Municipal Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period

  $ 13.940      $ 12.290      $ 14.100      $ 12.560      $ 13.080      $ 13.170   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.383      $ 0.783      $ 0.768      $ 0.763      $ 0.878      $ 0.878   

Net realized and unrealized gain (loss)

    0.220        1.633        (1.812     1.584        (0.482     (0.059

Total income (loss) from operations

  $ 0.603      $ 2.416      $ (1.044   $ 2.347      $ 0.396      $ 0.819   
Less Distributions                                                

From net investment income

  $ (0.383   $ (0.766   $ (0.766   $ (0.807   $ (0.916   $ (0.909

Total distributions

  $ (0.383   $ (0.766   $ (0.766   $ (0.807   $ (0.916   $ (0.909

Net asset value — End of period

  $ 14.160      $ 13.940      $ 12.290      $ 14.100      $ 12.560      $ 13.080   

Market value — End of period

  $ 12.910      $ 12.520      $ 11.560      $ 14.460      $ 12.350      $ 13.900   

Total Investment Return on Net Asset Value(2)

    4.56 %(3)      21.00     (7.59 )%      19.33     3.89     6.77

Total Investment Return on Market Value(2)

    6.22 %(3)      15.44     (15.17 )%      24.45     (3.87 )%      13.55
Ratios/Supplemental Data                                                

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

  $ 965,331      $ 950,519      $ 837,447      $ 960,528      $ 855,705      $ 889,539   

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

           

Expenses excluding interest and fees(4)

    1.05 %(5)      1.12     1.15     1.30     1.25     1.12

Interest and fee expense(6)

    0.37 %(5)      0.43     0.47     0.48     0.56     0.54

Total expenses(4)

    1.42 %(5)      1.55     1.62     1.78     1.81     1.66

Net investment income

    5.43 %(5)      6.01     5.67     5.75     7.54     7.04

Portfolio Turnover

    3 %(3)      9     18     17     18     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%.

 

(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 1H).

 

  22   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

 

    California Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period

  $ 12.900      $ 11.510      $ 12.980      $ 11.740      $ 12.610      $ 12.940   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.346      $ 0.700      $ 0.698      $ 0.689      $ 0.801      $ 0.847   

Net realized and unrealized gain (loss)

    0.046        1.326        (1.514     1.282        (0.822     (0.331

Total income (loss) from operations

  $ 0.392      $ 2.026      $ (0.816   $ 1.971      $ (0.021   $ 0.516   
Less Distributions                                                

From net investment income

  $ (0.342   $ (0.657   $ (0.654   $ (0.731   $ (0.849   $ (0.846

Total distributions

  $ (0.342   $ (0.657   $ (0.654   $ (0.731   $ (0.849   $ (0.846

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

  $ 0.000 (2)    $ 0.021      $      $      $      $   

Net asset value — End of period

  $ 12.950      $ 12.900      $ 11.510      $ 12.980      $ 11.740      $ 12.610   

Market value — End of period

  $ 12.020      $ 11.350      $ 10.330      $ 12.650      $ 12.270      $ 13.300   

Total Investment Return on Net Asset Value(3)

    3.29 %(4)      18.96     (6.18 )%      17.34     0.48     4.53

Total Investment Return on Market Value(3)

    8.96 %(4)      16.62     (13.60 )%      9.42     (0.43 )%      10.00
Ratios/Supplemental Data                                                

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

  $ 277,030      $ 276,022      $ 250,407      $ 282,353      $ 255,294      $ 273,914   

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

           

Expenses excluding interest and fees(5)

    1.10 %(6)      1.16     1.22     1.25     1.42     1.16

Interest and fee expense(7)

    0.37 %(6)      0.42     0.46     0.48     0.57     0.56

Total expenses(5)

    1.47 %(6)      1.58     1.68     1.73     1.99     1.72

Net investment income

    5.35 %(6)      5.75     5.56     5.57     7.20     7.01

Portfolio Turnover

    4 %(4)      7     22     27     21     11

 

(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%.

 

(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 1H).

 

  23   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

 

    New York Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period

  $ 14.040      $ 12.740      $ 14.460      $ 13.170      $ 13.610      $ 13.640   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.365      $ 0.752      $ 0.735      $ 0.728      $ 0.797      $ 0.831   

Net realized and unrealized gain (loss)

    0.072        1.219        (1.767     1.308        (0.412     (0.041

Total income (loss) from operations

  $ 0.437      $ 1.971      $ (1.032   $ 2.036      $ 0.385      $ 0.790   
Less Distributions                                                

From net investment income

  $ (0.359   $ (0.690   $ (0.688   $ (0.746   $ (0.825   $ (0.820

Total distributions

  $ (0.359   $ (0.690   $ (0.688   $ (0.746   $ (0.825   $ (0.820

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

  $ 0.002      $ 0.019      $      $      $      $   

Net asset value — End of period

  $ 14.120      $ 14.040      $ 12.740      $ 14.460      $ 13.170      $ 13.610   

Market value — End of period

  $ 12.730      $ 12.330      $ 11.540      $ 14.660      $ 13.450      $ 14.010   

Total Investment Return on Net Asset Value(2)

    3.44 %(3)      16.72     (7.16 )%      15.87     3.37     6.16

Total Investment Return on Market Value(2)

    6.18 %(3)      13.16     (17.05 )%      15.03     2.56     5.56
Ratios/Supplemental Data                                                

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

  $ 221,169      $ 220,190      $ 202,452      $ 229,792      $ 209,003      $ 215,453   

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

           

Expenses excluding interest and fees(4)

    1.18 %(5)      1.22     1.21     1.22     1.39     1.12

Interest and fee expense(6)

    0.37 %(5)      0.40     0.42     0.43     0.52     0.55

Total expenses(4)

    1.55 %(5)      1.62     1.63     1.65     1.91     1.67

Net investment income

    5.17 %(5)      5.65     5.29     5.29     6.37     6.30

Portfolio Turnover

    0     7     12     17     29     11

 

(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%.

 

(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 1H).

 

  24   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

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

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

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

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

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

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends.

As of March 31, 2015, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

E  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

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

G  Indemnifications — Under each Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Fund) could be deemed to have personal liability for the obligations of the Fund. However, each Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund

 

  25  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 8) at March 31, 2015. Interest expense related to the Funds’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At March 31, 2015, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

 

     Municipal
Fund
     California
Fund
     New York
Fund
 

Floating Rate Notes Outstanding

  $ 601,550,000       $ 185,200,000       $ 142,670,000   

Interest Rate or Range of Interest Rates (%)

    0.02 - 0.22         0.02 - 0.04         0.02 - 0.04   

Collateral for Floating Rate Notes Outstanding

  $ 746,486,577       $ 234,757,031       $ 178,475,748   

For the six months ended March 31, 2015, the Funds’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees and amortization of deferred debt issuance costs were as follows:

 

     Municipal
Fund
    California
Fund
    New York
Fund
 

Average Floating Rate Notes Outstanding

  $ 601,594,945      $ 182,117,582      $ 142,670,000   

Average Interest Rate

    0.59     0.57     0.57

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2015.

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

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

 

  26  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

On December 10, 2013, five U.S. federal agencies published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities’ investments in, and relationships with, covered funds (such as SPVs), as defined in the rules. The compliance date for the Volcker Rule for certain covered funds is July 21, 2015 while for other covered funds the compliance date is July 21, 2016. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs (as such programs are presently structured) and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts will need to be restructured or unwound. There can be no assurances that residual interest bond trusts can be restructured, that new sponsors of residual interest bond programs will develop, or that alternative forms of leverage will be available to the Funds. The effects of the Volcker Rule may make it more difficult for the Funds to maintain current or desired levels of leverage and may cause the Funds to incur additional expenses to maintain their leverage.

As of March 31, 2015, the Funds’ investments in residual interest bonds that must be compliant with the Volcker Rule by July 21, 2015, if any, are anticipated to be restructured by the required compliance date.

I  Financial Futures Contracts — Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J  When-Issued Securities and Delayed Delivery Transactions — The Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Funds maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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

L  Interim Financial Statements — The interim financial statements relating to March 31, 2015 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At September 30, 2014, the following Funds, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this

 

  27  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date   Municipal
Fund
     California
Fund
     New York
Fund
 

September 30, 2015

  $ 31,250       $       $   

September 30, 2016

    6,857,645         533,889           

September 30, 2017

    18,034,628         4,562,453         7,946,914   

September 30, 2018

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

September 30, 2019

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

Total capital loss carryforwards

  $ 97,565,796       $ 35,931,225       $ 23,319,475   

Deferred capital losses:

       

Short-term

  $ 29,965,380       $ 8,535,820       $ 3,986,542   

Long-term

  $ 16,974,126       $ 20,989,441       $ 4,774,270   

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2015, as determined on a federal income tax basis, were as follows:

 

     Municipal
Fund
    

California

Fund

     New York
Fund
 

Aggregate cost

  $ 786,261,365       $ 245,087,726       $ 187,086,971   

Gross unrealized appreciation

  $ 159,570,964       $ 39,657,276       $ 32,157,318   

Gross unrealized depreciation

    (2,513,926      (1,298,507      (1,845,068

Net unrealized appreciation

  $ 157,057,038       $ 38,358,769       $ 30,312,250   

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Fund. Pursuant to the investment advisory agreement for New York Fund, the fee is computed at an annual rate of 0.65% of its average weekly gross assets. Pursuant to the investment advisory agreement and a subsequent fee reduction agreement between each of Municipal Fund and California Fund and EVM, the fee is calculated at an annual rate of 0.60% of each Fund’s average weekly gross assets. The fee reductions cannot be terminated without the consent of a majority of Trustees and a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Fund. Pursuant to a fee reduction agreement between each Fund and EVM, average weekly gross assets are calculated by adding to net assets the amount payable by the Fund to floating rate note holders, such adjustment being limited to the value of the Auction Preferred Shares (APS) outstanding prior to any APS redemptions by the Fund. The investment adviser fee is payable monthly. EVM also serves as the administrator of each Fund, but receives no compensation. For the six months ended March 31, 2015, the investment adviser fees were as follows:

 

     Municipal
Fund
     California
Fund
     New York
Fund
 

Investment Adviser Fee

  $ 4,696,777       $ 1,377,650       $ 1,180,207   

Trustees and officers of the Funds who are members of EVM’s organization receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

 

  28  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2015 were as follows:

 

     Municipal
Fund
     California
Fund
     New York
Fund
 

Purchases

  $ 52,173,239       $ 33,318,300       $   

Sales

  $ 65,060,284       $ 20,206,104       $ 5,646,440   

5  Common Shares of Beneficial Interest

The Funds may issue common shares pursuant to their dividend reinvestment plans. There were no common shares issued by the Funds for the six months ended March 31, 2015 and the year ended September 30, 2014.

On November 11, 2013, the Boards of Trustees of the Funds authorized the repurchase by each Fund of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value (NAV). The repurchase program does not obligate the Funds to purchase a specific amount of shares. During the six months ended March 31, 2015 and the year ended September 30, 2014, the number, cost (including brokerage commissions), average price per share and weighted average discount per share to NAV of common shares repurchased, were as follows:

 

    Six Months Ended March 31, 2015  
     Municipal
Fund
     California
Fund
     New York
Fund
 

Common shares repurchased

            7,500         23,000   

Cost, including brokerage commissions, of common shares repurchased

          $ 87,649       $ 287,318   

Average price per share

          $ 11.69       $ 12.49   

Weighted average discount per share to NAV

            9.90      11.61
       
    Year Ended September 30, 2014  
     Municipal
Fund
    

California

Fund

    

New York

Fund

 

Common shares repurchased

            357,500         215,000   

Cost, including brokerage commissions, of common shares repurchased

          $ 3,881,323       $ 2,538,716   

Average price per share

          $ 10.86       $ 11.81   

Weighted average discount per share to NAV

            10.57      10.38

6  Overdraft Advances

Pursuant to the custodian agreement, SSBT may, in its discretion, advance funds to the Funds to make properly authorized payments. When such payments result in an overdraft, the Funds are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on a Fund’s assets to the extent of any overdraft. At March 31, 2015, the New York Fund had payments due to SSBT pursuant to the foregoing arrangement of $375,999. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at March 31, 2015. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 8) at March 31, 2015. The Funds’ average overdraft advances during the six months ended March 31, 2015 were not significant.

7  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and

 

  29  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at March 31, 2015 is as follows:

 

Futures Contracts  
Fund   Expiration
Month/Year
     Contracts    Position    Aggregate
Cost
     Value      Net
Unrealized
Depreciation
 
Municipal     6/15       229 U.S. Long Treasury Bond    Short    $ (36,775,350    $ (37,527,375    $ (752,025
California     6/15       100 U.S. 10-Year Treasury Note    Short    $ (12,670,956    $ (12,890,625    $ (219,669
      6/15       79 U.S. Long Treasury Bond    Short      (12,686,693      (12,946,125      (259,432
New York     6/15       50 U.S. Long Treasury Bond    Short    $ (8,029,552    $ (8,193,750    $ (164,198

At March 31, 2015, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2015 were as follows:

 

     Municipal
Fund
     California
Fund
     New York
Fund
 

Liability Derivative:

       

Futures Contracts

  $ (752,025 )(1)     $ (479,101 )(1)     $ (164,198 )(1) 

Total

  $ (752,025    $ (479,101    $ (164,198

 

(1) 

Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2015 was as follows:

 

     Municipal
Fund
     California
Fund
     New York
Fund
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (2,594,725 )(1)     $ (1,180,357 )(1)     $ (565,710 )(1) 

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

  $ (1,127,645 )(2)     $ (672,138 )(2)     $ (246,092 )(2) 

 

(1) 

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

(2) 

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

 

  30  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

The average notional amounts of futures contracts outstanding during the six months ended March 31, 2015, which are indicative of the volume of this derivative type, were approximately as follows:

 

     Municipal
Fund
     California
Fund
     New York
Fund
 

Average Notional Amount:

       

Futures Contracts – Short

  $ 44,901,000       $ 28,126,000       $ 9,793,000   

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2015, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

 

Municipal Fund

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 1,544,868,403       $         —       $ 1,544,868,403   

Total Investments

  $       $ 1,544,868,403       $       $ 1,544,868,403   

Liability Description

                                  

Futures Contracts

  $ (752,025    $       $       $ (752,025

Total

  $ (752,025    $       $       $ (752,025
          

California Fund

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 468,646,495       $         —       $ 468,646,495   

Total Investments

  $       $ 468,646,495       $       $ 468,646,495   

Liability Description

                                  

Futures Contracts

  $ (479,101    $       $       $ (479,101

Total

  $ (479,101    $       $       $ (479,101
          

 

  31  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

New York Fund

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 360,069,221       $         —       $ 360,069,221   

Total Investments

  $       $ 360,069,221       $       $ 360,069,221   

Liability Description

                                  

Futures Contracts

  $ (164,198    $       $       $ (164,198

Total

  $ (164,198    $       $       $ (164,198

California Fund and New York Fund held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. Level 3 investments held by Municipal Fund at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended March 31, 2015 is not presented.

At March 31, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

 

  32  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Officers and Trustees

 

 

Officers of Eaton Vance Municipal Bond Funds

 

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees of Eaton Vance Municipal Bond Funds

 

 

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

 

 

* Interested Trustee

 

 

Number of Employees

Each Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of March 31, 2015, Fund records indicate that there are 161, 30 and 42 registered shareholders for Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund, respectively, and approximately 23,062, 5,429 and 4,718 shareholders owning the Fund shares in street name, such as through brokers, banks and financial intermediaries for Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund, respectively.

If you are a street name shareholder and wish to receive Fund reports directly, which contain important information about a Fund, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE MKT symbols

 

Municipal Bond Fund    EIM
California Municipal Bond Fund    EVM
New York Municipal Bond Fund    ENX

 

  33  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

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

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

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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

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

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

 

  34  


 

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

7727    3.31.15    


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

 

Period*

   Total
Number of
Shares
Purchased
     Average
Price Paid
per Share
     Total Number of Shares
Purchased as Part of
Publicly Announced
Programs
     Maximum Number of
Shares that May Yet Be
Purchased Under the
Programs*
 

October 2014

     7,500         11.69         7,500         1,810,619   

November 2014

     —           —           —           1,810,619   

December 2014

     —           —           —           1,810,619   

January 2015

     —           —           —           1,810,619   

February 2015

     —           —           —           1,810,619   

March 2015

     —           —           —           1,810,619   

Total

     7,500         11.69         7,500      

 

* On November 11, 2013, the Fund’s Board of Trustees approved a share repurchase program authorizing the Fund to repurchase up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program was announced on November 15, 2013.


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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

 

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


Signatures

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

Eaton Vance California Municipal Bond Fund

 

By:

/s/ Payson F. Swaffield

Payson F. Swaffield
President
Date: May 18, 2015

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

 

By:

/s/ James F. Kirchner

James F. Kirchner
Treasurer
Date: May 18, 2015
By:

/s/ Payson F. Swaffield

Payson F. Swaffield
President
Date: May 18, 2015