Eaton Vance Pennsylvania 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: 811-21227

 

 

Eaton Vance Pennsylvania 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


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Eaton Vance

Municipal Bond Funds

Semiannual Report

March 31, 2015

 

 

 

Municipal II (EIV)    •    California II (EIA)    •    Massachusetts (MAB)    •    Michigan (MIW)

New Jersey (EMJ)    •    New York II (NYH)    •    Ohio (EIO)    •    Pennsylvania (EIP)

 

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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 II

     2   

California Municipal Bond Fund II

     3   

Massachusetts Municipal Bond Fund

     4   

Michigan Municipal Bond Fund

     5   

New Jersey Municipal Bond Fund

     6   

New York Municipal Bond Fund II

     7   

Ohio Municipal Bond Fund

     8   

Pennsylvania Municipal Bond Fund

     9   
  

Endnotes and Additional Disclosures

     10   

Financial Statements

     11   

Officers and Trustees

     70   

Important Notices

     71   


Eaton Vance

Municipal Bond Fund II

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

     11/29/2002         5.24      18.85      9.95      5.97

Fund at Market Price

             5.35         17.35         5.81         5.24   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –7.61
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.379   

Distribution Rate at NAV

                 5.44

Taxable-Equivalent Distribution Rate at NAV

                 9.61

Distribution Rate at Market Price

                 5.89

Taxable-Equivalent Distribution Rate at Market Price

                 10.41
              
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 19.74

Residual Interest Bond (RIB) Financing

                 18.69   

Fund Profile

 

 

 

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 II

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

     11/29/2002         3.41      13.19      9.26      5.57

Fund at Market Price

             9.93         17.75         8.03         5.10   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –3.30
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.365   

Distribution Rate at NAV

                 5.48

Taxable-Equivalent Distribution Rate at NAV

                 11.17

Distribution Rate at Market Price

                 5.66

Taxable-Equivalent Distribution Rate at Market Price

                 11.53
              
% Total Leverage5                                        

APS

                 29.39

RIB Financing

                 11.30   

Fund Profile

 

 

 

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

Massachusetts 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

     11/29/2002         4.10      13.25      8.17      5.98

Fund at Market Price

             2.96         17.10         6.37         4.35   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –5.19
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.380   

Distribution Rate at NAV

                 4.93

Taxable-Equivalent Distribution Rate at NAV

                 9.18

Distribution Rate at Market Price

                 5.20

Taxable-Equivalent Distribution Rate at Market Price

                 9.69
              
% Total Leverage5                                        

APS

                 30.74

RIB Financing

                 7.54   

Fund Profile

 

 

 

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

Michigan Municipal Bond Fund

March 31, 2015

 

Performance1,2

 

Portfolio Manager Thomas M. Metzold, CFA

 

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

Fund at NAV

     11/29/2002         5.19      14.55      7.98      6.28

Fund at Market Price

             7.52         15.38         5.35         3.89   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –10.48
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.394   

Distribution Rate at NAV

                 5.20

Taxable-Equivalent Distribution Rate at NAV

                 9.60

Distribution Rate at Market Price

                 5.81

Taxable-Equivalent Distribution Rate at Market Price

                 10.72
              
% Total Leverage5                                        

APS

                 36.93

Fund Profile

 

 

 

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.

 

  5  


Eaton Vance

New Jersey Municipal Bond Fund

March 31, 2015

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     11/29/2002         3.91      12.69      7.49      5.93

Fund at Market Price

             7.92         12.97         2.92         4.75   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –10.05
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.375   

Distribution Rate at NAV

                 5.13

Taxable-Equivalent Distribution Rate at NAV

                 9.96

Distribution Rate at Market Price

                 5.70

Taxable-Equivalent Distribution Rate at Market Price

                 11.06
              
% Total Leverage5                                        

APS

                 34.07

RIB Financing

                 0.39   

Fund Profile

 

 

 

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.

 

  6  


Eaton Vance

New York Municipal Bond Fund II

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

     11/29/2002         3.61      11.98      7.22      5.31

Fund at Market Price

             8.58         10.29         4.01         4.80   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –7.82
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.344   

Distribution Rate at NAV

                 5.07

Taxable-Equivalent Distribution Rate at NAV

                 9.82

Distribution Rate at Market Price

                 5.50

Taxable-Equivalent Distribution Rate at Market Price

                 10.66
              
% Total Leverage5                                        

APS

                 23.16

RIB Financing

                 16.26   

Fund Profile

 

 

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.

 

  7  


Eaton Vance

Ohio Municipal Bond Fund

March 31, 2015

 

Performance1,2

 

Portfolio Manager Thomas M. Metzold, CFA

 

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

Fund at NAV

     11/29/2002         5.18      15.28      8.80      5.31

Fund at Market Price

             7.41         16.11         5.42         4.28   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –7.30
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.351   

Distribution Rate at NAV

                 4.98

Taxable-Equivalent Distribution Rate at NAV

                 9.29

Distribution Rate at Market Price

                 5.37

Taxable-Equivalent Distribution Rate at Market Price

                 10.02
              
% Total Leverage5                                        

APS

                 30.97

RIB Financing

                 3.86   

Fund Profile

 

 

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.

 

  8  


Eaton Vance

Pennsylvania Municipal Bond Fund

March 31, 2015

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     11/29/2002         4.30      13.21      8.85      6.50

Fund at Market Price

             5.00         13.12         5.47         5.17   

Barclays Long (22+) Year Municipal Bond Index

             3.98      10.76      6.89      5.41
              
% Premium/Discount to NAV3                                        
                 –8.90
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.387   

Distribution Rate at NAV

                 5.38

Taxable-Equivalent Distribution Rate at NAV

                 9.81

Distribution Rate at Market Price

                 5.90

Taxable-Equivalent Distribution Rate at Market Price

                 10.75
              
% Total Leverage5                                        

APS

                 32.10

RIB Financing

                 5.01   

Fund Profile

 

 

 

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.

 

  9  


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. Subsequent distributions declared, but not reflected in Fund Performance, reflect a reduction of the monthly distribution for Municipal Bond Fund II.

5

Fund employs RIB financing and/or APS leverage. The leverage created by RIB investments and APS 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 applicable to common shares plus APS and Floating Rate Notes. APS leverage represents the liquidation value of the Fund’s APS outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.

 

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.

 

 

  10  


Eaton Vance

Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 158.5%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Education — 10.2%

  

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

  $ 2,200      $ 2,522,608   

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

    565        629,472   

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

    1,745        2,000,049   

Massachusetts Development Finance Agency, (Northeastern University), 5.25%, 3/1/37

    1,650        1,910,552   

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

    2,710        3,136,066   

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

    1,500        1,701,765   

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

    500        564,635   

University of Virginia, 5.00%, 6/1/40

    1,500        1,669,440   
                 
    $ 14,134,587   
                 

Electric Utilities — 3.4%

  

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

  $ 330      $ 383,533   

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

    1,300        1,449,942   

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

    1,420        1,613,532   

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

    685        760,610   

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

    500        587,395   
                 
    $ 4,795,012   
                 

Escrowed / Prerefunded — 0.8%

  

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

  $ 1,000      $ 1,139,410   
                 
    $ 1,139,410   
                 

General Obligations — 21.4%

  

California, 5.00%, 12/1/30

  $ 610      $ 719,294   

California, 5.00%, 10/1/33

    2,150        2,522,574   

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

    1,680        1,840,070   

Clark County, NV, 5.00%, 7/1/33

    500        573,885   

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

    2,500        3,080,200   

Hawaii, 5.00%, 12/1/29

    2,500        2,933,800   

Hawaii, 5.00%, 12/1/30

    1,000        1,173,120   

Kane, Cook and DuPage Counties, IL, School District No. 46, 5.00%, 1/1/33

    2,000        2,280,940   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

General Obligations (continued)

  

Mississippi, 5.00%, 10/1/36(1)

  $ 1,725      $ 1,996,256   

New York, 5.00%, 2/15/34(1)

    2,750        3,178,643   

New York, NY, 5.00%, 8/1/31

    2,000        2,312,740   

Oregon, 5.00%, 8/1/36

    1,000        1,148,470   

Washington, 5.00%, 2/1/35(1)

    5,250        6,103,492   
                 
    $ 29,863,484   
                 

Hospital — 4.1%

  

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

  $ 360      $ 417,762   

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

    135        135,784   

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

    1,285        1,383,701   

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

    1,120        361,312   

Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/39

    3,000        918,360   

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

    615        710,817   

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

    1,550        1,761,405   
                 
    $ 5,689,141   
                 

Industrial Development Revenue — 0.5%

  

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

  $ 595      $ 619,478   
                 
    $ 619,478   
                 

Insured – Education — 4.3%

  

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

  $ 1,555      $ 1,667,597   

University of South Alabama, (BHAC), 5.00%, 8/1/38

    3,900        4,310,475   
                 
    $ 5,978,072   
                 

Insured – Electric Utilities — 7.3%

  

Chelan County, WA, Public Utility District No. 1, (Columbia River), (NPFG), 0.00%, 6/1/23

  $ 6,335      $ 5,226,185   

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

    735        851,659   

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

    2,205        2,239,707   

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

    1,595        1,818,619   
                 
    $ 10,136,170   
                 
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Escrowed / Prerefunded — 4.8%

  

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

  $ 1,000      $ 1,173,710   

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

    670        767,565   

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

    420        481,160   

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

    660        761,772   

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

    1,490        1,534,030   

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

    565        655,281   

Philadelphia, PA, (AGC), Prerefunded to 7/15/16, 7.00%, 7/15/28

    1,250        1,357,313   
                 
    $ 6,730,831   
                 

Insured – General Obligations — 6.2%

  

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

  $ 750      $ 960,765   

Coast Community College District, CA, (Election of 2002), (AGM), 0.00%, 8/1/33

    12,000        4,612,800   

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

    2,750        3,113,880   
                 
    $ 8,687,445   
                 

Insured – Hospital — 15.1%

  

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

  $ 1,750      $ 1,894,970   

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

    1,500        1,622,415   

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

    2,200        2,357,586   

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

    2,500        2,705,924   

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

    1,750        1,887,602   

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

    750        808,973   

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

    2,090        2,264,181   

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

    500        538,120   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Hospital (continued)

 

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

  $ 2,245      $ 2,530,317   

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

    1,545        1,810,230   

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

    2,300        2,577,955   
                 
    $ 20,998,273   
                 

Insured – Industrial Development Revenue — 1.1%

  

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

  $ 1,340      $ 1,527,520   
                 
    $ 1,527,520   
                 

Insured – Lease Revenue / Certificates of Participation — 5.0%

  

Essex County Improvement Authority, NJ, (NPFG), 5.50%, 10/1/30

  $ 1,000      $ 1,316,860   

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

    310        353,270   

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

    3,250        3,600,480   

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

    1,500        1,645,350   
                 
    $ 6,915,960   
                 

Insured – Other Revenue — 1.6%

  

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

  $ 2,540      $ 1,066,724   

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

    1,000        1,193,630   
                 
    $ 2,260,354   
                 

Insured – Solid Waste — 1.0%

  

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

  $ 740      $ 858,408   

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

    425        489,604   
                 
    $ 1,348,012   
                 

Insured – Special Tax Revenue — 5.0%

  

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

  $ 3,000      $ 3,171,780   

Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30

    2,540        3,183,154   

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

    4,440        597,091   
                 
    $ 6,952,025   
                 
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Student Loan — 0.9%

  

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

  $ 1,170      $ 1,307,943   
                 
    $ 1,307,943   
                 

Insured – Transportation — 19.7%

  

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

  $ 260      $ 297,448   

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

    400        459,412   

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

    180        206,400   

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

    100        115,153   

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

    1,585        1,795,726   

E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/22

    7,800        6,547,008   

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

    1,305        1,399,012   

Maryland Transportation Authority, (AGM), 5.00%, 7/1/41(1)

    10,000        11,090,900   

Metropolitan Washington, D.C., Airports Authority, (BHAC), 5.00%, 10/1/24

    1,000        1,153,860   

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

    535        612,800   

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

    1,040        1,190,821   

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

    255        287,181   

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

    290        327,410   

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

    1,750        1,954,627   
                 
    $ 27,437,758   
                 

Insured – Water and Sewer — 7.1%

  

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

  $ 1,635      $ 1,800,266   

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

    205        205,703   

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

    1,250        1,384,313   

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

    435        477,717   

Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/35

    1,000        1,320,660   

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

    230        257,821   

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

    195        217,770   

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

    240        266,822   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Water and Sewer (continued)

 

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

  $ 195      $ 216,468   

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

    2,205        2,517,360   

Pearland, TX, Waterworks and Sewer Systems, (NPFG), 3.50%, 9/1/31

    1,220        1,230,687   
                 
    $ 9,895,587   
                 

Lease Revenue / Certificates of Participation — 10.7%

  

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31

  $ 2,235      $ 2,569,043   

North Carolina, Capital Improvement Limited Obligation Bonds, 5.00%, 5/1/30

    5,000        5,872,900   

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

    5,250        6,433,297   
                 
    $ 14,875,240   
                 

Other Revenue — 1.3%

  

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

  $ 1,300      $ 1,522,521   

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

    260        288,909   
                 
    $ 1,811,430   
                 

Senior Living / Life Care — 0.2%

  

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

  $ 235      $ 266,274   
                 
    $ 266,274   
                 

Special Tax Revenue — 7.8%

  

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

  $ 405      $ 476,608   

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

    215        252,616   

Homewood, AL, City Board of Education, 5.00%, 4/1/32

    1,880        2,119,475   

Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/33

    750        990,795   

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

    465        541,646   

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

    1,710        1,985,207   

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

    3,800        4,559,202   
                 
    $ 10,925,549   
                 
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Transportation — 13.2%

  

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

  $ 640      $ 754,605   

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

    990        1,164,814   

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

    1,715        1,927,111   

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

    465        550,332   

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

    620        732,759   

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

    865        1,005,597   

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

    2,095        2,290,422   

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

    1,385        1,582,958   

New York Liberty Development Corp., (4 World Trade Center), 5.00%, 11/15/31

    1,070        1,215,509   

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

    420        475,768   

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

    375        425,584   

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

    2,040        2,378,048   

South Carolina Transportation Infrastructure Bank, 5.25%, 10/1/40

    1,000        1,134,010   

Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/37

    2,500        2,758,800   
                 
    $ 18,396,317   
                 

Water and Sewer — 5.8%

  

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

  $ 1,000      $ 1,099,820   

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

    1,555        1,676,275   

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

    380        412,102   

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

    300        322,080   

New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/36

    4,000        4,630,440   
                 
    $ 8,140,717   
                 

Total Tax-Exempt Investments — 158.5%
(identified cost $199,052,711)

    $ 220,832,589   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (32.1)%

  

  $ (44,700,600
                 

Other Assets, Less Liabilities — (26.4)%

  

  $ (36,745,396
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 139,386,593   
                 

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

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.

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      14.2%   
Others, representing less than 10% individually      85.8%   

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, 49.9% 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 0.4% to 19.6% 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 $1,709,202.

 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 166.3%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Education — 16.6%

  

California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39

  $ 1,370      $ 1,522,974   

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

    395        456,324   

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

    160        183,054   

California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/22

    70        84,039   

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

    380        432,425   

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

    890        1,013,603   

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

    115        142,023   

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

    1,200        1,352,556   

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

    330        376,989   

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

    210        239,841   

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

    145        164,465   

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

    405        478,159   

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

    425        499,243   

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

    450        525,654   

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

    835        954,096   

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

    165        193,012   
                 
    $ 8,618,457   
                 

Electric Utilities — 6.6%

  

Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32

  $ 745      $ 839,742   

Sacramento Municipal Utility District, 5.00%, 8/15/30

    420        495,016   

Sacramento Municipal Utility District, 5.00%, 8/15/31

    125        146,819   

Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/30

    1,000        1,173,020   

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

    675        761,251   
                 
    $ 3,415,848   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Escrowed / Prerefunded — 2.6%

  

California Health Facilities Financing Authority, (Catholic Healthcare West), Prerefunded to 7/1/15, 5.625%, 7/1/32

  $ 1,330      $ 1,348,035   
                 
    $ 1,348,035   
                 

General Obligations — 24.2%

  

California, 5.00%, 10/1/31

  $ 565      $ 667,542   

California, 5.50%, 11/1/35

    1,300        1,562,821   

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

    1,850        2,117,288   

San Bernardino Community College District, 4.00%, 8/1/30

    1,510        1,599,966   

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

    720        836,842   

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

    455        531,854   

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

    410        475,891   

San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/27

    685        831,617   

San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/28

    1,170        1,403,848   

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

    1,125        1,304,156   

Ventura County Community College District, 5.00%, 8/1/29

    1,000        1,204,930   
                 
    $ 12,536,755   
                 

Hospital — 13.2%

  

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

  $ 1,400      $ 1,548,358   

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

    335        376,091   

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

    475        537,729   

California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27

    750        869,167   

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

    600        690,882   

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

    280        319,108   

California Statewide Communities Development Authority, (Cottage Health System), 5.25%, 11/1/30

    1,000        1,153,160   

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

    555        577,416   

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

    750        752,175   
                 
    $ 6,824,086   
                 

Insured – Education — 6.5%

  

California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/32

  $ 325      $ 334,669   
 

 

  15   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Education (continued)

  

California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35

  $ 780      $ 802,144   

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

    2,000        2,219,540   
                 
    $ 3,356,353   
                 

Insured – Electric Utilities — 7.3%

  

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

  $ 1,500      $ 1,639,050   

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

    1,035        1,041,790   

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

    1,000        1,128,670   
                 
    $ 3,809,510   
                 

Insured – Escrowed / Prerefunded — 20.1%

  

California Educational Facilities Authority, (Pepperdine University), (AMBAC), Prerefunded to 12/1/15, 5.00%, 12/1/32

  $ 95      $ 98,042   

California Educational Facilities Authority, (Pepperdine University), (AMBAC), Prerefunded to 12/1/15, 5.00%, 12/1/35

    220        227,044   

California Infrastructure and Economic Development Bank, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/33

    1,150        1,492,136   

California Infrastructure and Economic Development Bank, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/36

    525        681,193   

Calleguas Las Virgines Public Financing Authority, (Municipal Water District), (BHAC), (FGIC), Prerefunded to 7/1/16, 4.75%, 7/1/37

    1,235        1,303,592   

Clovis Unified School District, (NPFG), Escrowed to Maturity, 0.00%, 8/1/20

    3,130        2,923,326   

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

    100        109,551   

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

    1,600        1,752,816   

Orange County Water District, Certificates of Participation, (NPFG), Prerefunded to 8/15/32, 5.00%, 8/15/34

    395        513,212   

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

    1,225        1,331,624   
                 
    $ 10,432,536   
                 

Insured – General Obligations — 26.4%

  

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

  $ 725      $ 802,865   

Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/38

    7,125        2,348,400   

Arcadia Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/40

    2,525        753,435   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – General Obligations (continued)

  

Carlsbad Unified School District, (Election of 2006), (NPFG), 5.25%, 8/1/32

  $ 1,500      $ 1,642,635   

Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35

    6,675        2,292,395   

El Camino Hospital District, (NPFG), 4.45%, 8/1/36

    575        586,431   

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

    1,250        1,415,400   

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

    1,040        1,132,914   

Union Elementary School District, (Election of 1999), (NPFG), 0.00%, 9/1/22

    3,200        2,703,072   
                 
    $ 13,677,547   
                 

Insured – Hospital — 6.1%

  

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

  $ 1,250      $ 1,297,400   

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

    1,750        1,892,817   
                 
    $ 3,190,217   
                 

Insured – Lease Revenue / Certificates of Participation — 3.7%

  

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

  $ 1,750      $ 1,938,720   
                 
    $ 1,938,720   
                 

Insured – Special Tax Revenue — 3.7%

  

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

  $ 1,535      $ 1,577,458   

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

    2,675        359,734   
                 
    $ 1,937,192   
                 

Insured – Transportation — 4.9%

  

San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/27

  $ 3,520      $ 2,191,587   

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

    330        349,101   
                 
    $ 2,540,688   
                 

Insured – Water and Sewer — 2.2%

  

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

  $ 445      $ 499,085   

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

    615        623,875   
                 
    $ 1,122,960   
                 
 

 

  16   See Notes to Financial Statements.


Eaton Vance

California Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 480      $ 547,867   
                 
    $ 547,867   
                 

Special Tax Revenue — 7.3%

  

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/31

  $ 1,490      $ 1,661,082   

San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28

    1,300        1,513,512   

Successor Agency to La Quinta Redevelopment Agency, 5.00%, 9/1/29

    500        592,765   
                 
    $ 3,767,359   
                 

Transportation — 11.6%

  

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

  $ 1,190      $ 1,387,825   

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

    540        629,095   

Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1)(2)

    1,060        1,211,050   

Los Angeles Harbor Department, 5.00%, 8/1/25

    1,250        1,502,625   

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

    635        709,619   

San Jose, Airport Revenue, 5.00%, 3/1/20

    500        581,920   
                 
    $ 6,022,134   
                 

Water and Sewer — 2.3%

  

Metropolitan Water District of Southern California, 5.00%, 1/1/39

  $ 1,050      $ 1,176,556   
                 
  $ 1,176,556   
                 

Total Tax-Exempt Investments — 166.3%
(identified cost $77,795,890)

   

  $ 86,262,820   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.5)%

  

  $ (25,700,414
                 

Other Assets, Less Liabilities — (16.8)%

  

  $ (8,694,425
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 51,867,981   
                 

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

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, 48.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.6% to 18.1% 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 $416,050.

 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 159.6%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Bond Bank — 5.9%

  

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33

  $ 585      $ 773,470   

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34

    640        852,307   
                 
    $ 1,625,777   
                 

Education — 19.1%

  

Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35

  $ 750      $ 861,203   

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, (Northeastern University), 5.00%, 10/1/35

    870        991,669   

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

    1,000        1,142,010   
                 
    $ 5,201,862   
                 

Escrowed / Prerefunded — 8.5%

  

Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), Prerefunded to 7/1/18, 5.50%, 7/1/36

  $ 1,000      $ 1,146,820   

Massachusetts Health and Educational Facilities Authority, (Tufts University), Prerefunded to 8/15/18, 5.375%, 8/15/38

    1,025        1,173,891   
                 
    $ 2,320,711   
                 

General Obligations — 12.1%

  

Boston, 4.00%, 4/1/24

  $ 200      $ 224,072   

Cambridge, 4.00%, 2/15/21

    395        453,152   

Danvers, 5.25%, 7/1/36

    565        673,384   

Plymouth, 5.00%, 5/1/26

    250        294,585   

Plymouth, 5.00%, 5/1/31

    225        259,162   

Plymouth, 5.00%, 5/1/32

    205        235,498   

Wayland, 5.00%, 2/1/33

    340        395,298   

Wayland, 5.00%, 2/1/36

    510        588,514   

Winchester, 5.00%, 4/15/36

    160        184,792   
                 
    $ 3,308,457   
                 

Hospital — 17.6%

  

Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31

  $ 525      $ 619,799   

Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37

    775        852,740   

Massachusetts Health and Educational Facilities Authority, (Lahey Clinic Medical Center), 5.25%, 8/15/28

    400        430,928   

Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), 5.00%, 7/1/34

    500        568,135   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Hospital (continued)

  

Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), 5.00%, 7/1/39

  $ 750      $ 846,938   

Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29

    370        371,606   

Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29

    1,000        1,104,420   
                 
    $ 4,794,566   
                 

Insured – Education — 15.1%

  

Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39

  $ 700      $ 932,729   

Massachusetts Development Finance Agency, (Boston College), (NPFG), 5.00%, 7/1/38

    750        811,853   

Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59

    1,105        1,401,814   

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)(2)

    750        970,455   
                 
    $ 4,116,851   
                 

Insured – Electric Utilities — 4.1%

  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23

  $ 1,095      $ 1,121,784   
                 
    $ 1,121,784   
                 

Insured – Escrowed / Prerefunded — 11.0%

  

Massachusetts College Building Authority, (NPFG), Escrowed to Maturity, 0.00%, 5/1/26

  $ 2,900      $ 2,230,709   

Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), Prerefunded to 7/1/15, 5.00%, 7/1/35

    750        759,022   
                 
    $ 2,989,731   
                 

Insured – General Obligations — 13.4%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,900      $ 2,527,456   

Revere, (AGC), 5.00%, 4/1/39

    1,000        1,117,340   
                 
    $ 3,644,796   
                 

Insured – Hospital — 0.9%

  

Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25

  $ 220      $ 249,634   
                 
    $ 249,634   
                 

Insured – Lease Revenue / Certificates of Participation — 4.6%

  

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27

  $ 1,000      $ 1,266,060   
                 
    $ 1,266,060   
                 
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Other Revenue — 2.0%

  

Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42

  $ 415      $ 540,206   
                 
    $ 540,206   
                 

Insured – Special Tax Revenue — 16.7%

  

Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/25

  $ 605      $ 739,727   

Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/28

    805        950,222   

Massachusetts Bay Transportation Authority, Sales Tax Revenue, (NPFG), 5.50%, 7/1/28

    400        527,456   

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

    1,160        1,259,795   

Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29

    750        961,905   

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

    770        103,550   
                 
    $ 4,542,655   
                 

Insured – Water and Sewer — 4.7%

  

Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/36

  $ 960      $ 1,274,966   
                 
    $ 1,274,966   
                 

Other Revenue — 3.4%

  

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25

  $ 320      $ 363,968   

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/29

    490        553,871   
                 
    $ 917,839   
                 

Senior Living / Life Care — 2.7%

  

Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31

  $ 745      $ 746,974   
                 
    $ 746,974   
                 

Special Tax Revenue — 5.5%

  

Massachusetts Bay Transportation Authority, 5.25%, 7/1/34

  $ 95      $ 106,628   

Massachusetts Bay Transportation Authority, Special Tax Revenue, 5.00%, 7/1/35

    1,210        1,387,434   
                 
    $ 1,494,062   
                 

Transportation — 9.1%

  

Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/32

  $ 1,000      $ 1,124,640   

Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37

    500        560,880   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Transportation (continued)

  

Massachusetts Port Authority, 5.00%, 7/1/28

  $ 250      $ 290,515   

Massachusetts Port Authority, 5.00%, 7/1/34

    435        497,623   
                 
    $ 2,473,658   
                 

Water and Sewer — 3.2%

  

Boston Water & Sewer Commission, 5.00%, 11/1/27

  $ 750      $ 872,250   
                 
    $ 872,250   
                 

Total Tax-Exempt Investments — 159.6%
(identified cost $38,255,507)

   

  $ 43,502,839   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.8)%

  

  $ (13,575,185
                 

Other Assets, Less Liabilities — (9.8)%

  

  $ (2,670,977
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 27,256,677   
                 

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

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
BAM     Build America Mutual Assurance Co.
NPFG     National Public Finance Guaranty Corp.
XLCA     XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Massachusetts 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, 45.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.9% to 15.1% 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 $470,455.

 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 155.9%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 6.5%

  

Michigan Technological University, 4.00%, 10/1/36

  $ 570      $ 591,221   

Wayne State University, 5.00%, 11/15/40

    775        879,362   
   
    $ 1,470,583   
   

Electric Utilities — 7.6%

  

Holland, Electric Utility System, 5.00%, 7/1/39

  $ 865      $ 970,642   

Michigan Public Power Agency, 5.00%, 1/1/43

    700        756,483   
   
    $ 1,727,125   
   

Escrowed / Prerefunded — 1.8%

  

Michigan Hospital Finance Authority, (Chelsea Community Hospital), Prerefunded to 5/15/15, 5.00%, 5/15/30

  $ 400      $ 402,372   
   
    $ 402,372   
   

General Obligations — 24.4%

  

Buchanan Community Schools, 4.00%, 5/1/31

  $ 500      $ 528,135   

Comstock Park Public Schools, 5.125%, 5/1/31

    205        230,631   

Comstock Park Public Schools, 5.25%, 5/1/33

    165        184,721   

East Grand Rapids Public Schools, 5.00%, 5/1/39

    665        764,344   

Lansing Community College, 5.00%, 5/1/30

    1,000        1,158,180   

Plymouth-Canton Community Schools, 4.00%, 5/1/33

    750        796,642   

Walled Lake Consolidated School District, 5.00%, 5/1/34

    635        730,460   

Watervliet Public Schools, 5.00%, 5/1/38

    1,000        1,150,240   
   
    $ 5,543,353   
   

Hospital — 24.2%

  

Grand Traverse Hospital, 5.375%, 7/1/35

  $ 750      $ 843,285   

Kalamazoo Hospital Finance Authority, (Bronson Health Care Group), 5.25%, 5/15/33

    500        547,680   

Kent Hospital Finance Authority, (Spectrum Health System), 5.00%, 1/15/31

    750        839,528   

Michigan Finance Authority, (McLaren Health Care), 5.00%, 6/1/35

    750        836,835   

Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32

    500        560,340   

Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/48

    700        765,674   

Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39

    1,000        1,118,480   
   
    $ 5,511,822   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Bond Bank — 3.0%

  

Puerto Rico Municipal Finance Agency, (AGM), 5.00%, 8/1/27

  $ 700      $ 691,397   
   
    $ 691,397   
   

Insured – Education — 2.1%

  

Ferris State University, (AGC), 5.125%, 10/1/33

  $ 435      $ 482,950   
   
    $ 482,950   
   

Insured – Electric Utilities — 2.7%

  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26

  $ 610      $ 621,639   
   
    $ 621,639   
   

Insured – Escrowed / Prerefunded — 14.7%

  

Michigan Hospital Finance Authority, (St. John Health System), (AMBAC), Escrowed to Maturity, 5.00%, 5/15/28

  $ 1,135      $ 1,139,483   

Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/23

    2,615        2,209,597   
   
    $ 3,349,080   
   

Insured – General Obligations — 30.9%

  

Battle Creek, (BAM), 5.00%, 6/1/33

  $ 500      $ 548,795   

Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38

    500        560,025   

Livonia Public Schools, (AGM), 5.00%, 5/1/43

    750        844,898   

Okemos Public Schools, (NPFG), 0.00%, 5/1/19

    1,330        1,232,431   

Pinconning Area Schools, (AGM), 5.00%, 5/1/33

    1,000        1,070,880   

Royal Oak, (AGC), 6.25%, 10/1/28

    1,000        1,157,940   

South Haven Public Schools, (BAM), 5.00%, 5/1/41

    950        1,071,856   

Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34

    500        548,525   
   
    $ 7,035,350   
   

Insured – Lease Revenue / Certificates of Participation — 8.7%

  

Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29

  $ 1,000      $ 504,340   

Michigan Building Authority, (NPFG), 0.00%, 10/15/30

    3,100        1,469,741   
   
    $ 1,974,081   
   

Insured – Special Tax Revenue — 1.2%

  

Puerto Rico Sales Tax Financing Corp., (AGM), 0.00%, 8/1/33

  $ 560      $ 182,017   

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

    615        82,705   
   
    $ 264,722   
   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Water and Sewer — 13.9%

  

Grand Rapids Water Supply System, (AGC), 5.00%, 1/1/29

  $ 1,000      $ 1,119,370   

Michigan Finance Authority, (Detroit Water & Sewerage Department), (AGM), 5.00%, 7/1/31

    1,500        1,689,030   

Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28

    355        358,415   
   
    $ 3,166,815   
   

Lease Revenue / Certificates of Participation — 4.6%

  

Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30

  $ 1,000      $ 1,052,880   
   
    $ 1,052,880   
   

Special Tax Revenue — 5.0%

  

Michigan Trunk Line Fund, 5.00%, 11/15/36

  $ 1,000      $ 1,137,220   
   
    $ 1,137,220   
   

Water and Sewer — 4.6%

  

Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28

  $ 605      $ 763,195   

Port Huron, Water Supply System, 5.25%, 10/1/31

    250        275,390   
   
    $ 1,038,585   
   

Total Tax-Exempt Investments — 155.9%
(identified cost $32,535,191)

   

  $ 35,469,974   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.6)%

  

  $ (13,325,224
   

Other Assets, Less Liabilities — 2.7%

  

  $ 613,368   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 22,758,118   
   

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

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
BAM     Build America Mutual Assurance Co.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by Michigan 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, 49.6% 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 1.4% to 14.0% of total investments.

 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 149.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 5.7%

  

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33

  $ 340      $ 396,950   

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34

    210        244,803   

New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37

    360        399,157   

New Jersey Institute of Technology, 5.00%, 7/1/42

    735        829,087   

Rutgers State University, 5.00%, 5/1/39

    250        281,743   
   
    $ 2,151,740   
   

Escrowed / Prerefunded — 0.7%

  

New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), Prerefunded to 7/1/16, 5.125%, 7/1/35

  $ 250      $ 265,020   
   
    $ 265,020   
   

General Obligations — 4.2%

  

Monmouth County Improvement Authority, 5.00%, 1/15/27

  $ 1,375      $ 1,595,124   
   
    $ 1,595,124   
   

Hospital — 13.8%

  

Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42

  $ 250      $ 289,613   

New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37

    515        543,788   

New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44

    450        456,687   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26

    295        337,309   

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 5.25%, 7/1/31

    750        838,462   

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/34

    1,200        1,368,096   

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46

    1,315        1,355,607   

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), Prerefunded to 7/1/16, 5.00%, 7/1/46

    30        31,756   
   
    $ 5,221,318   
   

Housing — 2.7%

  

New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), 4.375%, 4/1/28

  $ 940      $ 1,004,211   
   
    $ 1,004,211   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Education — 6.6%

  

New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/27

  $ 920      $ 923,468   

New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 4.75%, 7/1/34

    1,145        1,252,092   

New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 5.00%, 7/1/38

    275        302,792   
   
    $ 2,478,352   
   

Insured – Electric Utilities — 2.6%

  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26

  $ 615      $ 626,734   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35

    335        337,265   
   
    $ 963,999   
   

Insured – Escrowed / Prerefunded — 4.7%

  

Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31

  $ 700      $ 817,047   

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

    840        974,224   
   
    $ 1,791,271   
   

Insured – General Obligations — 42.6%

  

Bayonne, (AGM), 0.00%, 7/1/23

  $ 2,415      $ 1,953,880   

Bayonne, (AGM), 5.50%, 7/1/39

    1,000        1,137,520   

Delaware Township, Hunterdon County, (AGC), 5.00%, 10/15/35

    320        354,838   

Delaware Township, Hunterdon County, (AGC), 5.10%, 10/15/36

    340        378,250   

Delaware Township, Hunterdon County, (AGC), 5.15%, 10/15/37

    360        401,087   

Delaware Township, Hunterdon County, (AGC), 5.20%, 10/15/38

    382        426,224   

Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39

    1,500        1,681,005   

Hudson County Improvement Authority, (Harrison Redevelopment), (NPFG), 0.00%, 12/15/38

    2,000        803,340   

Irvington Township, (AGM), 0.00%, 7/15/26

    5,235        3,633,195   

Jackson Township School District, (NPFG), 2.50%, 6/15/27

    2,310        2,223,121   

Jersey City, (AGM), 5.00%, 1/15/29

    1,000        1,109,540   

Monroe Township Board of Education, Middlesex County, (AGC), Prerefunded to 3/1/18, 4.75%, 3/1/34

    1,015        1,125,554   

Nutley School District, (NPFG), 4.75%, 7/15/30

    110        118,738   

Nutley School District, (NPFG), 4.75%, 7/15/31

    410        440,639   

Paterson, (BAM), 5.00%, 1/15/26

    250        284,275   
   
    $ 16,071,206   
   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 8.6%

  

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36

  $ 1,000      $ 1,088,750   

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

    170        182,961   

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

    250        269,060   

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

    1,500        1,690,635   
   
    $ 3,231,406   
   

Insured – Lease Revenue / Certificates of Participation — 7.6%

  

Essex County Improvement Authority, (NPFG), 5.50%, 10/1/30

  $ 1,000      $ 1,316,860   

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

    460        524,207   

New Jersey Economic Development Authority, (School Facilities Construction), (AGM), 5.00%, 6/15/33

    360        402,167   

New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28

    500        611,335   
   
    $ 2,854,569   
   

Insured – Special Tax Revenue — 12.9%

  

Garden State Preservation Trust, (AGM), 0.00%, 11/1/21

  $ 1,000      $ 878,620   

Garden State Preservation Trust, (AGM), Prerefunded to 11/1/15, 5.80%, 11/1/21

    500        516,440   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (BHAC), (NPFG), 5.00%, 7/1/27

    975        978,724   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26

    2,380        1,626,968   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27

    1,120        725,626   

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

    1,105        148,600   
   
    $ 4,874,978   
   

Insured – Transportation — 7.7%

  

New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29

  $ 1,500      $ 1,891,455   

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

    720        786,017   

South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33

    180        207,299   
   
    $ 2,884,771   
   

Insured – Water and Sewer — 10.3%

  

Middlesex County Improvement Authority, (Perth Amboy), (AMBAC), 0.00%, 9/1/24

  $ 4,500      $ 3,350,070   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Water and Sewer (continued)

  

Passaic Valley Sewerage Commissioners, (NPFG), 2.50%, 12/1/32

  $ 635      $ 540,512   
   
    $ 3,890,582   
   

Lease Revenue / Certificates of Participation — 1.7%

  

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38

  $ 600      $ 651,606   
   
    $ 651,606   
   

Senior Living / Life Care — 1.9%

  

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/34

  $ 675      $ 726,665   
   
    $ 726,665   
   

Student Loan — 2.9%

  

New Jersey Higher Education Student Assistance Authority, 5.625%, 6/1/30

  $ 965      $ 1,079,333   
   
    $ 1,079,333   
   

Transportation — 9.9%

  

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

  $ 590      $ 662,971   

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40

    210        235,973   

New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/30

    610        674,989   

New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/26

    1,000        611,040   

New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31

    1,150        1,317,935   

South Jersey Transportation Authority, 5.00%, 11/1/39

    200        217,444   
   
    $ 3,720,352   
   

Water and Sewer — 2.2%

  

North Hudson Sewerage Authority, 5.00%, 6/1/29

  $ 725      $ 818,351   
   
    $ 818,351   
   

Total Tax-Exempt Municipal Securities — 149.3%
(identified cost $49,687,814)

   

  $ 56,274,854   
   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Taxable Municipal Securities — 1.4%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 1.4%

  

Port Authority of New York and New Jersey, 4.458%, 10/1/62

  $ 500      $ 548,575   
   

Total Taxable Municipal Securities — 1.4%
(identified cost $494,575)

   

  $ 548,575   
   

Total Investments — 150.7%
(identified cost $50,182,389)

   

  $ 56,823,429   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.0)%

  

  $ (19,600,053
   

Other Assets, Less Liabilities — 1.3%

  

  $ 471,999   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 37,695,375   
   

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

 

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.
XLCA     XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by New Jersey 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, 68.7% 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 0.5% to 23.3% of total investments.

 

(1) 

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

 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 160.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 2.5%

  

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

  $ 750      $ 858,323   
                 
  $ 858,323   
                 

Education — 21.0%

               

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

  $ 110      $ 125,902   

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

    605        684,479   

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

    60        69,147   

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

    1,275        1,467,754   

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

    1,275        1,472,268   

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/34

    565        658,519   

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

    610        692,051   

New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/28

    325        374,861   

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

    1,000        1,149,630   

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

    515        595,201   
                 
  $ 7,289,812   
                 

Electric Utilities — 4.0%

  

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

  $ 1,160      $ 1,368,672   
                 
  $ 1,368,672   
                 

General Obligations — 10.2%

  

       

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

  $ 770      $ 846,107   

New York, 5.00%, 2/15/34(1)

    1,000        1,155,870   

New York City, 5.00%, 8/1/34(1)

    1,350        1,547,721   
                 
  $ 3,549,698   
                 

Hospital — 8.0%

  

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

  $ 135      $ 152,567   

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

    180        203,350   

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

    500        538,855   

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

    235        272,675   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 335      $ 352,591   

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

    1,135        1,255,605   
                 
  $ 2,775,643   
                 

Housing — 1.5%

               

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

  $ 500      $ 503,280   
                 
  $ 503,280   
                 

Industrial Development Revenue — 1.3%

               

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

  $ 380      $ 460,419   
                 
  $ 460,419   
                 

Insured – Education — 24.5%

               

New York Dormitory Authority, (Barnard College), (NPFG), 5.00%, 7/1/24

  $ 1,440      $ 1,573,834   

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

    2,250        2,490,930   

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

    345        371,041   

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

    545        587,477   

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

    850        913,775   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/32

    5,425        2,565,971   
                 
  $ 8,503,028   
                 

Insured – Electric Utilities — 3.4%

               

Long Island Power Authority, Electric System Revenue, (BHAC), 5.50%, 5/1/33

  $ 500      $ 582,095   

Long Island Power Authority, Electric System Revenue, (BHAC), 6.00%, 5/1/33

    500        588,720   
                 
  $ 1,170,815   
                 

Insured – Escrowed / Prerefunded — 6.0%

               

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

  $ 905      $ 1,045,447   

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

    1,000        1,047,050   
                 
  $ 2,092,497   
                 
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – General Obligations — 12.6%

               

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

  $ 535      $ 604,373   

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

    560        645,473   

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

    250        273,210   

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

    185        197,869   

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

    190        203,036   

Oyster Bay, (AGM), 4.00%, 8/1/28

    725        775,873   

Sachem Central School District, (NPFG), 4.25%, 10/15/28

    410        419,483   

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

    185        200,623   

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

    190        205,329   

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

    210        226,426   

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

    220        236,474   

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

    350        381,224   
                 
  $ 4,369,393   
                 

Insured – Hospital — 3.2%

  

New York City Health and Hospitals Corp., (AGM), 5.50%, 2/15/20

  $ 500      $ 562,505   

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

    500        542,650   
                 
  $ 1,105,155   
                 

Insured – Other Revenue — 3.1%

               

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

  $ 950      $ 1,079,029   
                 
  $ 1,079,029   
                 

Insured – Special Tax Revenue — 6.5%

               

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

  $ 1,000      $ 1,070,310   

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

    510        611,184   

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35

    1,700        403,495   

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

    1,185        159,359   
                 
  $ 2,244,348   
                 

Insured – Water and Sewer — 1.0%

               

Suffolk County Water Authority, (NPFG), Prerefunded to 6/1/15, 4.50%, 6/1/25

  $ 350      $ 352,538   
                 
  $ 352,538   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Other Revenue — 7.8%

               

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

  $ 1,100      $ 545,710   

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

    1,865        2,145,533   
                 
  $ 2,691,243   
                 

Special Tax Revenue — 24.8%

               

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

  $ 500      $ 599,895   

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

    2,750        3,255,477   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33

    650        753,460   

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

    1,020        1,188,127   

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

    530        610,682   

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

    1,410        1,712,840   

Sales Tax Asset Receivables Corp., 5.00%, 10/15/31

    390        470,816   
                 
  $ 8,591,297   
                 

Transportation — 19.1%

               

Metropolitan Transportation Authority, 5.00%, 11/15/34

  $ 2,000      $ 2,275,300   

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

    350        380,807   

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

    65        70,961   

New York Bridge Authority, 5.00%, 1/1/26

    205        243,290   

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

    1,175        1,329,465   

Niagara Falls Bridge Commission, 5.00%, 10/1/24

    200        247,336   

Niagara Falls Bridge Commission, 5.00%, 10/1/26

    160        193,037   

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

    820        955,882   

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37

    340        375,197   

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

    500        557,835   
                 
  $ 6,629,110   
                 

Total Tax-Exempt Investments — 160.5%
(identified cost $51,001,091)

   

  $ 55,634,300   
                 

Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (38.2)%

  

  $ (13,250,223
                 

Other Assets, Less Liabilities — (22.3)%

  

  $ (7,727,609
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 34,656,468   
                 

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

 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Bond Fund II

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

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, 37.6% 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 1.8% to 12.7% 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 $224,895.

 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 148.6%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 10.7%

  

Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23

  $ 915      $ 919,365   

Ohio Economic Development, (Ohio Enterprise Bond Fund), 6.00%, 12/1/34

    700        838,481   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 6/1/30

    1,040        1,206,410   

Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32

    825        851,598   
                 
  $ 3,815,854   
                 

Education — 5.7%

               

Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44

  $ 305      $ 338,465   

Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33

    500        574,135   

Ohio State University, 5.00%, 12/1/30

    455        583,906   

Wright State University, 5.00%, 5/1/31

    500        556,390   
                 
  $ 2,052,896   
                 

Electric Utilities — 1.6%

               

Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40

  $ 500      $ 590,120   
                 
  $ 590,120   
                 

Escrowed / Prerefunded — 3.1%

               

Beavercreek City School District, Prerefunded to 6/1/19, 5.00%, 12/1/30

  $ 900      $ 1,040,364   

Ohio State University, Escrowed to Maturity, 5.00%, 12/1/30

    55        73,367   
                 
  $ 1,113,731   
                 

General Obligations — 11.5%

               

Apollo Career Center Joint Vocational School District, 5.25%, 12/1/33

  $ 270      $ 309,963   

Canton Local School District, (School Facilities Construction and Improvement), 5.00%, 11/1/43

    1,000        1,129,410   

Dayton City School District, 5.00%, 11/1/31

    900        1,115,091   

Franklin County, 5.00%, 12/1/27

    500        550,405   

Lakewood City School District, 5.00%, 11/1/39

    400        456,804   

Napoleon Area City School District, (School Facilities Construction and Improvement), 5.00%, 12/1/36

    500        560,610   
                 
  $ 4,122,283   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 15.5%

               

Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32

  $ 865      $ 971,923   

Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38

    440        485,148   

Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34

    250        290,070   

Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26

    500        520,495   

Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36

    500        545,290   

Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41

    755        822,942   

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

    500        562,835   

Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40

    460        511,893   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27

    565        649,010   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29

    165        187,946   
                 
  $ 5,547,552   
                 

Insured – Education — 17.7%

               

Kent State University, (AGC), 5.00%, 5/1/26

  $ 1,000      $ 1,128,930   

Kent State University, (AGC), 5.00%, 5/1/29

    360        405,713   

Miami University, (AMBAC), (AGM), 3.25%, 9/1/26

    2,000        2,027,260   

Ohio University, (AGM), 5.00%, 12/1/33

    500        548,960   

University of Akron, Series B, (AGM), 5.00%, 1/1/38

    1,000        1,088,830   

Youngstown State University, (AGC), 5.50%, 12/15/33

    1,000        1,125,750   
                 
  $ 6,325,443   
                 

Insured – Electric Utilities — 16.6%

               

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33

  $ 40      $ 44,015   

Cleveland Public Power System, (NPFG), 0.00%, 11/15/27

    2,750        1,781,340   

Cleveland Public Power System, (NPFG), 0.00%, 11/15/38

    1,000        369,880   

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27

    5,000        3,425,950   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26

    305        310,820   
                 
  $ 5,932,005   
                 

Insured – Escrowed / Prerefunded — 2.4%

               

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/18, 5.25%, 2/15/33

  $ 660      $ 741,668   
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

  

St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35

  $ 90      $ 101,524   
                 
  $ 843,192   
                 

Insured – General Obligations — 28.2%

               

Brooklyn City School District, (AGM), 5.00%, 12/1/38

  $ 445      $ 502,872   

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

    500        640,510   

Milford Exempt Village School District, (AGC), Prerefunded to 12/1/18, 5.25%, 12/1/36

    1,000        1,153,070   

Olentangy Local School District, (AGC), 5.00%, 12/1/36

    1,400        1,547,574   

Plain School District, (NPFG), 0.00%, 12/1/27

    2,400        1,716,936   

St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35

    660        726,126   

Sylvania City School District, (AGC), 5.00%, 12/1/26

    500        542,115   

Sylvania City School District, (AGC), 5.00%, 12/1/32

    1,000        1,076,110   

Wapakoneta City School District, (AGM), 4.75%, 12/1/35

    2,000        2,188,940   
                 
  $ 10,094,253   
                 

Insured – Hospital — 1.6%

               

Lorain County, (Catholic Healthcare Partners), (AGM),
15.526%, 2/1/29(1)(2)(3)

  $ 440      $ 584,830   
                 
  $ 584,830   
                 

Insured – Special Tax Revenue — 10.5%

               

Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23

  $ 1,245      $ 972,407   

Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24

    3,665        2,748,054   

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

    250        33,620   
                 
  $ 3,754,081   
                 

Insured – Transportation — 3.9%

               

Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30

  $ 480      $ 535,138   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41

    500        519,465   

Puerto Rico Highway and Transportation Authority, (AGM), 5.00%, 7/1/32

    325        324,977   
                 
  $ 1,379,580   
                 

Insured – Water and Sewer — 1.5%

               

Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28

  $ 535      $ 540,147   
                 
  $ 540,147   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Other Revenue — 1.1%

               

Summit County Port Authority, 5.00%, 12/1/31

  $ 350      $ 398,639   
                 
  $ 398,639   
                 

Senior Living / Life Care — 4.0%

               

Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44

  $ 525      $ 576,019   

Hamilton County, (Life Enriching Communities), 5.00%, 1/1/32

    375        402,210   

Lorain County Port Authority, (Kendal at Oberlin), 5.00%, 11/15/30

    190        209,633   

Warren County, (Otterbein Homes Obligated Group), 5.75%, 7/1/33

    220        257,512   
                 
  $ 1,445,374   
                 

Special Tax Revenue — 1.6%

               

Cleveland, Income Tax Revenue, (Parks and Recreation Facilities Improvements), 5.00%, 10/1/35

  $ 500      $ 569,235   
                 
  $ 569,235   
                 

Transportation — 3.5%

               

Ohio Turnpike and Infrastructure Commission, 0.00%, 2/15/43

  $ 310      $ 96,928   

Ohio Turnpike Commission, 5.00%, 2/15/31

    1,000        1,139,850   
                 
  $ 1,236,778   
                 

Water and Sewer — 7.9%

               

Hamilton County, Sewer System, Prerefunded to 12/1/17, 5.00%, 12/1/32

  $ 750      $ 834,757   

Northeast Ohio Regional Sewer District, 4.00%, 11/15/33(4)(5)

    1,000        1,056,790   

Northeast Ohio Regional Sewer District, 5.00%, 11/15/43

    500        571,205   

Toledo, Sewerage System Revenue, 5.00%, 11/15/28

    300        350,145   
                 
  $ 2,812,897   
                 

Total Tax-Exempt Investments — 148.6%
(identified cost $46,539,443)

    $ 53,158,890   
                 

Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (47.5)%

  

  $ (17,000,183
                 

Other Assets, Less Liabilities — (1.1)%

  

  $ (391,048
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 35,767,659   
                 

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

 

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
CIFG     CIFG Assurance North America, Inc.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by Ohio 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, 55.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 17.4% of total investments.

 

(1) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At March 31, 2015, the aggregate value of these securities is $584,830 or 1.6% of the Fund’s net assets applicable to common shares.

 

(2) 

Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at March 31, 2015.

 

(3) 

Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $1,320,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

 

(4) 

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

 

(5) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $256,790.

 

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 156.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 26.1%

  

Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31

  $ 1,050      $ 1,199,258   

Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/41

    390        440,345   

General Authority of Southcentral Pennsylvania, (York College of Pennsylvania), 5.50%, 11/1/31

    1,500        1,718,730   

Northampton County General Purpose Authority, (Lafayette College), 5.00%, 11/1/32

    750        866,430   

Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40

    440        489,438   

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40

    925        1,002,358   

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 4.75%, 7/15/35

    2,900        2,938,367   

Pennsylvania Higher Educational Facilities Authority, (Ursinus College), 5.00%, 1/1/29

    560        617,159   

State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31

    750        880,620   

Swarthmore Borough Authority, (Swarthmore College), 5.00%, 9/15/38

    250        289,520   

Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30

    575        656,529   
                 
  $ 11,098,754   
                 

General Obligations — 12.5%

               

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

  $ 1,000      $ 1,232,080   

Pennsylvania, 4.00%, 4/1/29(1)(2)

    3,000        3,227,460   

West York Area School District, 5.00%, 4/1/33

    750        859,425   
                 
  $ 5,318,965   
                 

Hospital — 15.3%

               

Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40

  $ 750      $ 835,020   

Franklin County Industrial Development Authority, (The Chambersburg Hospital), 5.375%, 7/1/42

    1,000        1,111,700   

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33

    500        520,255   

Monroe County Hospital Authority, (Pocono Medical Center), 5.125%, 1/1/37

    1,250        1,299,462   

Monroeville Finance Authority, (UPMC Obligated Group), 5.00%, 2/15/42

    500        557,975   

Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33

    250        287,205   

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31

    675        761,873   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

               

Philadelphia Hospitals and Higher Education Facilities Authority, (The Children’s Hospital of Philadelphia), 5.00%, 7/1/32

  $ 750      $ 849,953   

South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29

    250        301,565   
                 
  $ 6,525,008   
                 

Housing — 1.6%

               

East Hempfield Township Industrial Development Authority (Student Services, Inc.), 5.00%, 7/1/39

  $ 175      $ 187,602   

Pennsylvania Housing Finance Agency, SFMR, 4.00%, 10/1/38

    500        514,370   
                 
  $ 701,972   
                 

Insured – Education — 12.1%

               

Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37

  $ 500      $ 553,295   

Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37

    1,530        1,661,504   

Pennsylvania Higher Educational Facilities Authority, (Temple University), (NPFG), 4.50%, 4/1/36

    1,000        1,032,120   

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/27

    500        551,820   

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29

    375        412,466   

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32

    875        956,900   
                 
  $ 5,168,105   
                 

Insured – Electric Utilities — 2.9%

               

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

  $ 490      $ 493,214   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35

    750        755,070   
                 
  $ 1,248,284   
                 

Insured – Escrowed / Prerefunded — 1.3%

               

Pennsylvania Higher Educational Facilities Authority, (University of the Sciences in Philadelphia), (AGC), 5.00%, 11/1/37

  $ 500      $ 568,920   
                 
  $ 568,920   
                 

Insured – General Obligations — 30.4%

               

Bethlehem Area School District, (AGM), 5.25%, 1/15/25

  $ 1,250      $ 1,439,137   

Centennial School District, (AGM), 5.25%, 12/15/37

    660        749,014   

Central Greene School District, (AGM), 5.00%, 2/15/35

    1,000        1,092,220   

Erie School District, (AMBAC), 0.00%, 9/1/30

    1,000        565,240   

Harrisburg School District, (AGC), 5.00%, 11/15/33

    500        551,840   

Laurel Highlands School District, (AGM), 5.00%, 2/1/37

    750        853,328   

McKeesport School District, (NPFG), 0.00%, 10/1/21

    2,555        2,128,775   
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – General Obligations (continued)

               

Norwin School District, (AGM), 3.25%, 4/1/27

  $ 1,475      $ 1,476,991   

Reading School District, (AGM), 5.00%, 3/1/35

    1,500        1,660,095   

Scranton School District, (AGM), 5.00%, 7/15/38

    1,000        1,077,700   

Shaler Area School District, (XLCA), 0.00%, 9/1/33

    2,550        1,354,484   
                 
  $ 12,948,824   
                 

Insured – Hospital — 4.9%

               

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24

  $ 250      $ 316,885   

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35

    1,620        1,760,551   
                 
  $ 2,077,436   
                 

Insured – Industrial Development Revenue — 2.7%

  

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

  $ 1,000      $ 1,139,940   
                 
  $ 1,139,940   
                 

Insured – Lease Revenue / Certificates of Participation — 4.4%

  

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31

  $ 500      $ 558,625   

Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27

    1,215        1,296,259   
                 
  $ 1,854,884   
                 

Insured – Special Tax Revenue — 3.1%

               

Pittsburgh and Allegheny County Sports & Exhibition Authority, Sales Tax Revenue, (AGM), 5.00%, 2/1/31

  $ 1,000      $ 1,137,670   

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

    1,295        174,152   
                 
  $ 1,311,822   
                 

Insured – Transportation — 5.9%

               

Philadelphia, Airport Revenue, (AGC), 5.375%, 6/15/29

  $ 295      $ 321,467   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41

    2,100        2,181,753   
                 
  $ 2,503,220   
                 

Insured – Utilities — 2.3%

               

Philadelphia Gas Works, (AMBAC), 5.00%, 10/1/37

  $ 890      $ 961,360   
                 
  $ 961,360   
                 

Insured – Water and Sewer — 14.3%

               

Allegheny County Sanitation Authority, (BHAC), (FGIC), 5.00%, 12/1/32

  $ 300      $ 322,563   
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Water and Sewer (continued)

               

Allegheny County Sanitation Authority, (BHAC), (NPFG), 5.00%, 12/1/22

  $ 1,500      $ 1,547,010   

Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35

    500        567,370   

Erie Sewer Authority, Series A, (AMBAC), 0.00%, 12/1/25

    1,430        927,283   

Erie Sewer Authority, Series B, (AMBAC), 0.00%, 12/1/25

    2,155        1,397,410   

Erie Sewer Authority, Series B, (AMBAC), 0.00%, 12/1/26

    1,920        1,180,762   

Saxonburg Water and Sewer Authority, (AGC), 5.00%, 3/1/35

    150        155,407   
                 
  $ 6,097,805   
                 

Senior Living / Life Care — 0.5%

               

Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24

  $ 200      $ 204,806   
                 
  $ 204,806   
                 

Special Tax Revenue — 4.5%

               

Allegheny County Port Authority, 5.75%, 3/1/29

  $ 1,500      $ 1,787,325   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

    110        126,195   
                 
  $ 1,913,520   
                 

Transportation — 8.4%

               

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

  $ 465      $ 522,511   

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40

    730        820,287   

Pennsylvania Turnpike Commission, 5.25%, 12/1/31

    1,000        1,123,430   

Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30

    500        535,835   

Philadelphia Airport, 5.25%, 6/15/27

    500        570,710   
                 
  $ 3,572,773   
                 

Water and Sewer — 3.3%

               

Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36

  $ 500      $ 556,310   

Philadelphia, Water and Wastewater Revenue, 5.25%, 1/1/32

    765        852,608   
                 
  $ 1,408,918   
                 

Total Tax-Exempt Investments — 156.5%
(identified cost $60,679,180)

    $ 66,625,316   
   

Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (51.0)%

  

  $ (21,725,295
   

Other Assets, Less Liabilities — (5.5)%

  

  $ (2,335,467
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 42,564,554   
   

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

 

 

  32   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Bond Fund

March 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
BHAC     Berkshire Hathaway Assurance Corp.
CIFG     CIFG Assurance North America, Inc.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.
SFMR     Single Family Mortgage Revenue
XLCA     XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Pennsylvania 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, 53.9% 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 0.5% to 22.6% 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 $827,460.

 

 

  33   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 II     California Fund II     Massachusetts Fund     Michigan Fund  

Investments —

       

Identified cost

  $ 199,052,711      $ 77,795,890      $ 38,255,507      $ 32,535,191   

Unrealized appreciation

    21,779,878        8,466,930        5,247,332        2,934,783   

Investments, at value

  $ 220,832,589      $ 86,262,820      $ 43,502,839      $ 35,469,974   

Cash

  $ 2,914,583      $ 312,415      $ 160,908      $ 192,259   

Restricted cash*

    118,000        87,000        37,000          

Interest receivable

    2,722,953        870,937        511,380        458,245   

Receivable for investments sold

    15,281                        

Deferred debt issuance costs

    30,960        14,024        532          

Total assets

  $ 226,634,366      $ 87,547,196      $ 44,212,659      $ 36,120,478   
Liabilities   

Payable for floating rate notes issued

  $ 42,310,000      $ 9,885,000      $ 3,330,000      $   

Payable for variation margin on open financial futures contracts

    11,781        10,782        3,656          

Payable to affiliates:

       

Investment adviser fee

    105,547        39,977        19,909        16,797   

Interest expense and fees payable

    74,177        16,577        6,267          

Accrued expenses

    45,668        26,465        20,965        20,339   

Total liabilities

  $ 42,547,173      $ 9,978,801      $ 3,380,797      $ 37,136   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 44,700,600      $ 25,700,414      $ 13,575,185      $ 13,325,224   

Net assets applicable to common shares

  $ 139,386,593      $ 51,867,981      $ 27,256,677      $ 22,758,118   
Sources of Net Assets   

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

  $ 100,134      $ 38,858      $ 17,685      $ 15,001   

Additional paid-in capital

    141,844,963        55,024,658        24,878,979        20,876,863   

Accumulated net realized loss

    (23,795,325     (11,795,971     (2,967,917     (1,160,207

Accumulated undistributed (distributions in excess of) net investment income

    (447,822     215,703        110,154        91,678   

Net unrealized appreciation

    21,684,643        8,384,733        5,217,776        2,934,783   

Net assets applicable to common shares

  $ 139,386,593      $ 51,867,981      $ 27,256,677      $ 22,758,118   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,788 (1)      1,028        543        533   
Common Shares Outstanding     10,013,381        3,885,759        1,768,514        1,500,065   
Net Asset Value Per Common Share   

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 13.92      $ 13.35      $ 15.41      $ 15.17   

 

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

 

(1) 

Comprised of 894 Series A shares and 894 Series B shares.

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Assets and Liabilities (Unaudited) — continued

 

 

    March 31, 2015  
Assets   New Jersey Fund     New York Fund II     Ohio Fund     Pennsylvania Fund  

Investments —

       

Identified cost

  $ 50,182,389      $ 51,001,091      $ 46,539,443      $ 60,679,180   

Unrealized appreciation

    6,641,040        4,633,209        6,619,447        5,946,136   

Investments, at value

  $ 56,823,429      $ 55,634,300      $ 53,158,890      $ 66,625,316   

Cash

  $ 104,102      $ 898,371      $      $ 228,388   

Restricted cash*

    110,000        61,000               136,000   

Interest receivable

    543,711        685,377        596,008        768,451   

Deferred debt issuance costs

    91        1,393                 

Total assets

  $ 57,581,333      $ 57,280,441      $ 53,754,898      $ 67,758,155   
Liabilities   

Payable for floating rate notes issued

  $ 225,000      $ 9,305,000      $ 800,000      $ 3,390,000   

Payable for variation margin on open financial futures contracts

    10,969        6,094               13,406   

Due to custodian

                  138,916          

Payable to affiliates:

       

Investment adviser fee

    26,796        26,653        24,916        31,593   

Interest expense and fees payable

    373        13,164        1,615        9,729   

Accrued expenses

    22,767        22,839        21,609        23,578   

Total liabilities

  $ 285,905      $ 9,373,750      $ 987,056      $ 3,468,306   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 19,600,053      $ 13,250,223      $ 17,000,183      $ 21,725,295   

Net assets applicable to common shares

  $ 37,695,375      $ 34,656,468      $ 35,767,659      $ 42,564,554   
Sources of Net Assets   

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

  $ 25,783      $ 25,560      $ 25,370      $ 29,600   

Additional paid-in capital

    36,563,593        36,225,007        35,585,298        41,932,189   

Accumulated net realized loss

    (5,678,850     (6,359,278     (6,605,714     (5,572,092

Accumulated undistributed net investment income

    232,476        181,229        143,258        337,091   

Net unrealized appreciation

    6,552,373        4,583,950        6,619,447        5,837,766   

Net assets applicable to common shares

  $ 37,695,375      $ 34,656,468      $ 35,767,659      $ 42,564,554   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    784        530        680        869   
Common Shares Outstanding     2,578,310        2,556,041        2,536,999        2,960,040   
Net Asset Value Per Common Share   

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 14.62      $ 13.56      $ 14.10      $ 14.38   

 

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

 

  35   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 II     California Fund II     Massachusetts Fund     Michigan Fund  

Interest

  $ 4,580,799      $ 1,837,831      $ 899,367      $ 761,882   

Total investment income

  $ 4,580,799      $ 1,837,831      $ 899,367      $ 761,882   
Expenses   

Investment adviser fee

  $ 615,010      $ 235,269      $ 117,075      $ 98,911   

Trustees’ fees and expenses

    5,718        2,318        1,279        1,120   

Custodian fee

    31,262        17,672        17,701        16,598   

Transfer and dividend disbursing agent fees

    9,100        8,985        8,965        8,980   

Legal and accounting services

    35,810        22,348        19,698        16,141   

Printing and postage

    9,997        5,336        4,334        4,364   

Interest expense and fees

    125,335        29,062        10,064          

Preferred shares service fee

    33,472        19,244        10,165        9,977   

Miscellaneous

    25,889        17,728        15,653        14,951   

Total expenses

  $ 891,593      $ 357,962      $ 204,934      $ 171,042   

Deduct —

       

Reduction of custodian fee

  $ 388      $ 41      $ 27      $ 34   

Total expense reductions

  $ 388      $ 41      $ 27      $ 34   

Net expenses

  $ 891,205      $ 357,921      $ 204,907      $ 171,008   

Net investment income

  $ 3,689,594      $ 1,479,910      $ 694,460      $ 590,874   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ (1,115,121   $      $ 1,834      $ 4,860   

Extinguishment of debt

    (12                     

Financial futures contracts

    (331,884     (215,899     (105,599       

Net realized gain (loss)

  $ (1,447,017   $ (215,899   $ (103,765   $ 4,860   

Change in unrealized appreciation (depreciation) —

       

Investments

  $ 4,706,727      $ 567,435      $ 520,544      $ 455,792   

Financial futures contracts

    (143,279     (116,776     (44,843       

Net change in unrealized appreciation (depreciation)

  $ 4,563,448      $ 450,659      $ 475,701      $ 455,792   

Net realized and unrealized gain

  $ 3,116,431      $ 234,760      $ 371,936      $ 460,652   

Distributions to preferred shareholders

                               

From net investment income

  $ (24,729   $ (14,333   $ (7,287   $ (7,462

Net increase in net assets from operations

  $ 6,781,296      $ 1,700,337      $ 1,059,109      $ 1,044,064   

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Operations (Unaudited) — continued

 

 

    Six Months Ended March 31, 2015  
Investment Income   New Jersey Fund     New York Fund II     Ohio Fund     Pennsylvania Fund  

Interest

  $ 1,222,905      $ 1,161,870      $ 1,165,105      $ 1,487,980   

Total investment income

  $ 1,222,905      $ 1,161,870      $ 1,165,105      $ 1,487,980   
Expenses   

Investment adviser fee

  $ 158,191      $ 157,016      $ 146,293      $ 185,441   

Trustees’ fees and expenses

    1,640        1,630        1,535        1,881   

Custodian fee

    16,023        14,471        13,547        15,192   

Transfer and dividend disbursing agent fees

    8,985        9,085        9,255        9,080   

Legal and accounting services

    19,826        22,428        19,799        20,979   

Printing and postage

    4,987        3,939        5,177        5,353   

Interest expense and fees

    837        26,348        2,200        10,057   

Preferred shares service fee

    14,676        9,921        12,729        16,267   

Miscellaneous

    16,393        16,550        17,139        16,705   

Total expenses

  $ 241,558      $ 261,388      $ 227,674      $ 280,955   

Deduct —

       

Reduction of custodian fee

  $ 11      $ 83      $ 12      $ 13   

Total expense reductions

  $ 11      $ 83      $ 12      $ 13   

Net expenses

  $ 241,547      $ 261,305      $ 227,662      $ 280,942   

Net investment income

  $ 981,358      $ 900,565      $ 937,443      $ 1,207,038   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ 115,594      $ 116,676      $ 53,464      $ 9,070   

Financial futures contracts

    (301,712     (165,942            (377,140

Net realized gain (loss)

  $ (186,118   $ (49,266   $ 53,464      $ (368,070

Change in unrealized appreciation (depreciation) —

       

Investments

  $ 616,380      $ 338,134      $ 729,150      $ 1,011,414   

Financial futures contracts

    (132,344     (73,281            (162,966

Net change in unrealized appreciation (depreciation)

  $ 484,036      $ 264,853      $ 729,150      $ 848,448   

Net realized and unrealized gain

  $ 297,918      $ 215,587      $ 782,614      $ 480,378   

Distributions to preferred shareholders

                               

From net investment income

  $ (10,676   $ (7,574   $ (9,043   $ (11,662

Net increase in net assets from operations

  $ 1,268,600      $ 1,108,578      $ 1,711,014      $ 1,675,754   

 

  37   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 II     California Fund II     Massachusetts Fund     Michigan Fund  

From operations —

       

Net investment income

  $ 3,689,594      $ 1,479,910      $ 694,460      $ 590,874   

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

    (1,447,017     (215,899     (103,765     4,860   

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

    4,563,448        450,659        475,701        455,792   

Distributions to preferred shareholders —

       

From net investment income

    (24,729     (14,333     (7,287     (7,462

Net increase in net assets from operations

  $ 6,781,296      $ 1,700,337      $ 1,059,109      $ 1,044,064   

Distributions to common shareholders —

       

From net investment income

  $ (3,792,508   $ (1,420,100   $ (672,032   $ (593,450

Total distributions to common shareholders

  $ (3,792,508   $ (1,420,100   $ (672,032   $ (593,450

Capital share transactions —

       

Reinvestment of distributions to common shareholders

  $      $ 7,189      $      $   

Cost of shares repurchased (see Note 6)

                         (184,430

Net increase (decrease) in net assets from capital share transactions

  $      $ 7,189      $      $ (184,430

Net increase in net assets

  $ 2,988,788      $ 287,426      $ 387,077      $ 266,184   
Net Assets Applicable to Common Shares   

At beginning of period

  $ 136,397,805      $ 51,580,555      $ 26,869,600      $ 22,491,934   

At end of period

  $ 139,386,593      $ 51,867,981      $ 27,256,677      $ 22,758,118   
Accumulated undistributed (distributions in excess of) net investment income
included in net assets applicable to common shares
   

At end of period

  $ (447,822   $ 215,703      $ 110,154      $ 91,678   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Six Months Ended March 31, 2015 (Unaudited)  
Increase (Decrease) in Net Assets   New Jersey Fund     New York Fund II     Ohio Fund     Pennsylvania Fund  

From operations —

       

Net investment income

  $ 981,358      $ 900,565      $ 937,443      $ 1,207,038   

Net realized gain (loss) from investment transactions and financial futures contracts

    (186,118     (49,266     53,464        (368,070

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

    484,036        264,853        729,150        848,448   

Distributions to preferred shareholders —

       

From net investment income

    (10,676     (7,574     (9,043     (11,662

Net increase in net assets from operations

  $ 1,268,600      $ 1,108,578      $ 1,711,014      $ 1,675,754   

Distributions to common shareholders —

       

From net investment income

  $ (971,010   $ (879,157   $ (890,487   $ (1,144,061

Total distributions to common shareholders

  $ (971,010   $ (879,157   $ (890,487   $ (1,144,061

Capital share transactions —

       

Cost of shares repurchased (see Note 6)

  $ (391,677   $ (130,104   $      $   

Net decrease in net assets from capital share transactions

  $ (391,677   $ (130,104   $      $   

Net increase (decrease) in net assets

  $ (94,087   $ 99,317      $ 820,527      $ 531,693   
Net Assets Applicable to Common Shares                                

At beginning of period

  $ 37,789,462      $ 34,557,151      $ 34,947,132      $ 42,032,861   

At end of period

  $ 37,695,375      $ 34,656,468      $ 35,767,659      $ 42,564,554   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of period

  $ 232,476      $ 181,229      $ 143,258      $ 337,091   

 

  39   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 II     California Fund II     Massachusetts Fund     Michigan Fund  

From operations —

       

Net investment income

  $ 7,576,225      $ 2,987,611      $ 1,393,559      $ 1,187,127   

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

    272,731        (239,402     (159,959     8,436   

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

    17,613,821        5,967,491        3,070,225        2,491,496   

Distributions to preferred shareholders —

       

From net investment income

    (48,895     (27,445     (15,180     (15,025

Net increase in net assets from operations

  $ 25,413,882      $ 8,688,255      $ 4,288,645      $ 3,672,034   

Distributions to common shareholders —

       

From net investment income

  $ (7,585,016   $ (2,840,072   $ (1,344,064   $ (1,111,305

Total distributions to common shareholders

  $ (7,585,016   $ (2,840,072   $ (1,344,064   $ (1,111,305

Net increase in net assets

  $ 17,828,866      $ 5,848,183      $ 2,944,581      $ 2,560,729   
Net Assets Applicable to Common Shares                                

At beginning of year

  $ 118,568,939      $ 45,732,372      $ 23,925,019      $ 19,931,205   

At end of year

  $ 136,397,805      $ 51,580,555      $ 26,869,600      $ 22,491,934   
Accumulated undistributed (distributions in excess of) net investment income
included in net assets applicable to common shares
                           

At end of year

  $ (320,179   $ 170,226      $ 95,013      $ 101,716   

 

  40   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   New Jersey Fund     New York Fund II     Ohio Fund     Pennsylvania Fund  

From operations —

       

Net investment income

  $ 1,969,502      $ 1,890,256      $ 1,882,477      $ 2,467,612   

Net realized loss from investment transactions and financial futures contracts

    (450,231     (404,643     (32,823     (698,745

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

    3,908,833        3,071,281        3,902,684        4,953,741   

Distributions to preferred shareholders —

       

From net investment income

    (22,343     (14,818     (19,036     (24,294

Net increase in net assets from operations

  $ 5,405,761      $ 4,542,076      $ 5,733,302      $ 6,698,314   

Distributions to common shareholders —

       

From net investment income

  $ (1,837,098   $ (1,763,489   $ (1,780,973   $ (2,287,960

Total distributions to common shareholders

  $ (1,837,098   $ (1,763,489   $ (1,780,973   $ (2,287,960

Capital share transactions —

       

Reinvestment of distributions to common shareholders

  $      $      $      $ 3,909   

Net increase in net assets from capital share transactions

  $      $      $      $ 3,909   

Net increase in net assets

  $ 3,568,663      $ 2,778,587      $ 3,952,329      $ 4,414,263   
Net Assets Applicable to Common Shares                                

At beginning of year

  $ 34,220,799      $ 31,778,564      $ 30,994,803      $ 37,618,598   

At end of year

  $ 37,789,462      $ 34,557,151      $ 34,947,132      $ 42,032,861   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of year

  $ 232,804      $ 167,395      $ 105,345      $ 285,776   

 

  41   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 II     California Fund II     New York Fund II  

Net increase in net assets from operations

  $ 6,781,296      $ 1,700,337      $ 1,108,578   

Distributions to preferred shareholders

    24,729        14,333        7,574   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 6,806,025      $ 1,714,670      $ 1,116,152   

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

     

Investments purchased

    (24,142,083     (655,513     (2,584,272

Investments sold

    19,370,127        1,400,000        2,425,000   

Net amortization/accretion of premium (discount)

    (159,599     (208,489     (12,480

Amortization of deferred debt issuance costs

    1,722        1,249        557   

Decrease in restricted cash

    11,000        8,000        5,000   

Decrease (increase) in interest receivable

    (187,756     1,623        31,693   

Decrease in receivable for variation margin on open financial futures contracts

    17,875        11,218        8,938   

Increase in payable for variation margin on open financial futures contracts

    11,781        10,782        6,094   

Increase in payable to affiliate for investment adviser fee

    7,392        1,533        920   

Increase (decrease) in interest expense and fees payable

    4,668        (341     (721

Decrease in accrued expenses

    (46,624     (30,907     (30,707

Net change in unrealized (appreciation) depreciation from investments

    (4,706,727     (567,435     (338,134

Net realized (gain) loss from investments

    1,115,121               (116,676

Net realized loss on extinguishment of debt

    12                 

Net cash provided by (used in) operating activities

  $ (1,897,066   $ 1,686,390      $ 511,364   
Cash Flows From Financing Activities                        

Repurchase of common shares

  $      $      $ (130,104

Distributions paid to common shareholders, net of reinvestments

    (3,792,508     (1,412,911     (879,157

Cash distributions paid to preferred shareholders

    (24,666     (14,289     (7,690

Proceeds from secured borrowings

    8,400,000                 

Repayment of secured borrowings

    (2,940,000              

Net cash provided by (used in) financing activities

  $ 1,642,826      $ (1,427,200   $ (1,016,951

Net increase (decrease) in cash

  $ (254,240   $ 259,190      $ (505,587

Cash at beginning of period

  $ 3,168,823      $ 53,225      $ 1,403,958   

Cash at end of period

  $ 2,914,583      $ 312,415      $ 898,371   
Supplemental disclosure of cash flow information:                        

Noncash financing activities not included herein consist of:

     

Reinvestment of dividends and distributions

  $      $ 7,189      $   

Cash paid for interest and fees

  $ 118,945      $ 28,154      $ 26,512   

 

* Statement of Cash Flows is not required for Massachusetts Fund, Michigan Fund, New Jersey Fund, Ohio Fund and Pennsylvania Fund.

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 13.620      $ 11.840      $ 13.370      $ 12.040      $ 12.720      $ 12.880   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.368      $ 0.757      $ 0.752      $ 0.778      $ 0.929      $ 0.961   

Net realized and unrealized gain (loss)

    0.313        1.785        (1.516     1.437        (0.638     (0.164

Distributions to preferred shareholders(1)

           

From net investment income

    (0.002     (0.005     (0.009     (0.011     (0.015     (0.018

Total income (loss) from operations

  $ 0.679      $ 2.537      $ (0.773   $ 2.204      $ 0.276      $ 0.779   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.379   $ (0.757   $ (0.757   $ (0.874   $ (0.956   $ (0.939

Total distributions to common shareholders

  $ (0.379   $ (0.757   $ (0.757   $ (0.874   $ (0.956   $ (0.939

Net asset value — End of period (Common shares)

  $ 13.920      $ 13.620      $ 11.840      $ 13.370      $ 12.040      $ 12.720   

Market value — End of period (Common shares)

  $ 12.860      $ 12.570      $ 11.200      $ 13.880      $ 13.280      $ 14.010   

Total Investment Return on Net Asset Value(2)

    5.24 %(3)      22.61     (5.83 )%      18.56     2.45     6.26

Total Investment Return on Market Value(2)

    5.35 %(3)      19.62     (14.20 )%      11.59     2.60     12.78

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net assets applicable to common shares, end of period (000’s omitted)

  $ 139,387      $ 136,398      $ 118,569      $ 133,772      $ 120,308      $ 126,814   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.10 %(5)(6)      1.20 %(5)      1.23 %(5)      1.37 %(5)      1.50 %(7)      1.22 %(5) 

Interest and fee expense(8)

    0.18 %(6)      0.21     0.23     0.28     0.35     0.38

Total expenses

    1.28 %(5)(6)      1.41 %(5)      1.46 %(5)      1.65 %(5)      1.85 %(9)      1.60 %(5) 

Net investment income

    5.31 %(6)      6.01     5.83     6.14     8.23     7.86

Portfolio Turnover

    6 %(3)      10     7     16     12     13

Senior Securities:

           

Total preferred shares outstanding

    1,788        1,788        1,788        1,788        1,788        1,788   

Asset coverage per preferred share(10)

  $ 102,957      $ 101,285      $ 91,314      $ 99,818      $ 92,287      $ 95,926   

Involuntary liquidation preference per preferred
share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

  (1)

Computed using average common 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)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

  (5)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (6)

Annualized.

 

  (7)

Expenses after custodian fee reduction was 1.49%.

 

  (8)

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

 

  (9)

Expenses after custodian fee reduction was 1.84%.

 

(10) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Expenses excluding interest and fees

    0.83      0.89      0.91      1.02      1.07      0.89

Interest and fee expense

    0.14      0.15      0.17      0.20      0.25      0.28

Total expenses

    0.97      1.04      1.08      1.22      1.32      1.17

Net investment income

    4.02      4.44      4.33      4.54      5.89      5.75

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 13.280      $ 11.770      $ 13.410      $ 11.730      $ 12.520      $ 12.940   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.381      $ 0.769      $ 0.756      $ 0.777      $ 0.855      $ 0.898   

Net realized and unrealized gain (loss)

    0.058        1.479        (1.632     1.712        (0.761     (0.433

Distributions to preferred shareholders(1)

           

From net investment income

    (0.004     (0.007     (0.013     (0.016     (0.023     (0.027

Total income (loss) from operations

  $ 0.435      $ 2.241      $ (0.889   $ 2.473      $ 0.071      $ 0.438   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.365   $ (0.731   $ (0.751   $ (0.793   $ (0.861   $ (0.858

Total distributions to common shareholders

  $ (0.365   $ (0.731   $ (0.751   $ (0.793   $ (0.861   $ (0.858

Net asset value — End of period (Common shares)

  $ 13.350      $ 13.280      $ 11.770      $ 13.410      $ 11.730      $ 12.520   

Market value — End of period (Common shares)

  $ 12.910      $ 12.080      $ 11.260      $ 13.630      $ 12.260      $ 13.250   

Total Investment Return on Net Asset Value(2)

    3.41 %(3)      20.12     (6.75 )%      21.62     1.31     3.93

Total Investment Return on Market Value(2)

    9.93 %(3)      14.22     (12.29 )%      18.36     0.06     13.86

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net assets applicable to common shares, end of period (000’s omitted)

  $ 51,868      $ 51,581      $ 45,732      $ 52,063      $ 45,535      $ 48,529   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.27 %(5)(6)      1.32 %(5)      1.34 %(5)      1.36 %(5)      1.47 %(5)      1.39 %(7) 

Interest and fee expense(8)

    0.11 %(6)      0.12     0.13     0.14     0.15     0.16

Total expenses

    1.38 %(5)(6)      1.44 %(5)      1.47 %(5)      1.50 %(5)      1.62 %(5)      1.55 %(9) 

Net investment income

    5.70 %(6)      6.15     5.84     6.16     7.75     7.47

Portfolio Turnover

    0 %      5     7     15     34     17

Senior Securities:

           

Total preferred shares outstanding

    1,028        1,028        1,028        1,028        1,028        1,028   

Asset coverage per preferred share(10)

  $ 75,456      $ 75,176      $ 69,487      $ 75,645      $ 69,295      $ 72,208   

Involuntary liquidation preference per preferred
share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

  (1)

Computed using average common 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)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

  (5)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (6)

Annualized.

 

  (7)

Expenses after custodian fee reduction was 1.38%.

 

  (8)

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

 

  (9)

Expenses after custodian fee reduction was 1.54%.

 

(10) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Expenses excluding interest and fees

    0.85      0.86      0.88      0.89      0.92      0.89

Interest and fee expense

    0.07      0.08      0.09      0.09      0.09      0.11

Total expenses

    0.92      0.94      0.97      0.98      1.01      1.00

Net investment income

    3.82      4.02      3.86      4.04      4.84      4.81

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 15.190      $ 13.530      $ 15.920      $ 14.230      $ 14.710      $ 14.660   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.393      $ 0.788      $ 0.801      $ 0.821      $ 0.876      $ 0.882   

Net realized and unrealized gain (loss)

    0.211        1.641        (2.389     1.728        (0.490     0.036   

Distributions to preferred shareholders(1)

           

From net investment income

    (0.004     (0.009     (0.015     (0.019     (0.026     (0.031

Total income (loss) from operations

  $ 0.600      $ 2.420      $ (1.603   $ 2.530      $ 0.360      $ 0.887   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.380   $ (0.760   $ (0.787   $ (0.840   $ (0.840   $ (0.837

Total distributions to common shareholders

  $ (0.380   $ (0.760   $ (0.787   $ (0.840   $ (0.840   $ (0.837

Net asset value — End of period (Common shares)

  $ 15.410      $ 15.190      $ 13.530      $ 15.920      $ 14.230      $ 14.710   

Market value — End of period (Common shares)

  $ 14.610      $ 14.560      $ 12.510      $ 16.510      $ 14.320      $ 15.160   

Total Investment Return on Net Asset Value(2)

    4.10 %(3)      18.82     (10.28 )%      18.26     3.06     6.43

Total Investment Return on Market Value(2)

    2.96 %(3)      23.19     (20.01 )%      21.87     0.64     5.44

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 27,257      $ 26,870      $ 23,925      $ 28,138      $ 25,134      $ 25,920   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.44 %(6)      1.44     1.45     1.46     1.54     1.45

Interest and fee expense(7)

    0.07 %(6)      0.08     0.09     0.09     0.11     0.09

Total expenses(5)

    1.51 %(6)      1.52     1.54     1.55     1.65     1.54

Net investment income

    5.12 %(6)      5.50     5.31     5.44     6.60     6.29

Portfolio Turnover

    3 %(3)      1     3     2     27     27

Senior Securities:

           

Total preferred shares outstanding

    543        543        543        543        543        543   

Asset coverage per preferred share(8)

  $ 75,197      $ 74,484      $ 69,061      $ 76,820      $ 71,288      $ 72,737   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(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).

 

(8) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Expenses excluding interest and fees

    0.96      0.94      0.96      0.97      0.97      0.94

Interest and fee expense

    0.05      0.05      0.06      0.06      0.07      0.05

Total expenses

    1.01      0.99      1.02      1.03      1.04      0.99

Net investment income

    3.42      3.58      3.52      3.61      4.18      4.06

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 14.860      $ 13.160      $ 15.030      $ 14.040      $ 14.540      $ 14.730   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.393      $ 0.784      $ 0.789      $ 0.862      $ 0.913      $ 0.928   

Net realized and unrealized gain (loss)

    0.299        1.660        (1.859     1.038        (0.496     (0.208

Distributions to preferred shareholders(1)

           

From net investment income

    (0.005     (0.010     (0.017     (0.021     (0.030     (0.036

Total income (loss) from operations

  $ 0.687      $ 2.434      $ (1.087   $ 1.879      $ 0.387      $ 0.684   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.394   $ (0.734   $ (0.783   $ (0.889   $ (0.887   $ (0.874

Total distributions to common shareholders

  $ (0.394   $ (0.734   $ (0.783   $ (0.889   $ (0.887   $ (0.874

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $ 0.017      $      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 15.170      $ 14.860      $ 13.160      $ 15.030      $ 14.040      $ 14.540   

Market value — End of period (Common shares)

  $ 13.580      $ 13.010      $ 11.790      $ 16.000      $ 13.610      $ 14.430   

Total Investment Return on Net Asset Value(2)

    5.19 %(3)      19.57     (7.29 )%      13.69     3.25     5.16

Total Investment Return on Market Value(2)

    7.52 %(3)      16.89     (21.98 )%      24.85     0.85     10.60

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 22,758      $ 22,492      $ 19,931      $ 22,759      $ 21,233      $ 21,985   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Total expenses(5)

    1.51 %(6)      1.54     1.55     1.54     1.58     1.49

Net investment income

    5.21 %(6)      5.60     5.46     5.90     6.76     6.55

Portfolio Turnover

    0     30     29     19     5     2

Senior Securities:

           

Total preferred shares outstanding

    533        533        533        533        533        533   

Asset coverage per preferred share(7)

  $ 67,699      $ 67,199      $ 62,395      $ 67,701      $ 64,837      $ 66,248   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(8) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Total expenses

    0.95      0.95      0.96      0.96      0.96      0.92

Net investment income

    3.28      3.44      3.39      3.68      4.09      4.04

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 14.480      $ 13.120      $ 14.640      $ 13.180      $ 14.410      $ 14.620   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.379      $ 0.755      $ 0.759      $ 0.820      $ 0.895      $ 0.943   

Net realized and unrealized gain (loss)

    0.119        1.318        (1.537     1.471        (1.179     (0.207

Distributions to preferred shareholders(1)

           

From net investment income

    (0.004     (0.009     (0.015     (0.019     (0.026     (0.031

Total income (loss) from operations

  $ 0.494      $ 2.064      $ (0.793   $ 2.272      $ (0.310   $ 0.705   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.375   $ (0.704   $ (0.727   $ (0.812   $ (0.920   $ (0.915

Total distributions to common shareholders

  $ (0.375   $ (0.704   $ (0.727   $ (0.812   $ (0.920   $ (0.915

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $ 0.021      $      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 14.620      $ 14.480      $ 13.120      $ 14.640      $ 13.180      $ 14.410   

Market value — End of period (Common shares)

  $ 13.150      $ 12.540      $ 11.730      $ 15.090      $ 13.370      $ 15.350   

Total Investment Return on Net Asset Value(2)

    3.91 %(3)      16.77     (5.48 )%      17.69     (1.80 )%      5.10

Total Investment Return on Market Value(2)

    7.92 %(3)      13.11     (18.01 )%      19.58     (6.49 )%      11.12

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 37,695      $ 37,789      $ 34,221      $ 38,140      $ 34,186      $ 37,222   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.28 %(5)(6)      1.30 %(5)      1.35 %(5)      1.39 %(5)      1.42 %(7)      1.36 %(5) 

Interest and fee expense(8)

    0.00 %(6)(9)      0.01     0.04     0.12     0.15     0.17

Total expenses

    1.28 %(5)(6)      1.31 %(5)      1.39 %(5)      1.51 %(5)      1.57 %(10)      1.53 %(5) 

Net investment income

    5.20 %(6)      5.50     5.35     5.87     6.96     6.79

Portfolio Turnover

    3 %(3)      5     11     16     4     8

Senior Securities:

           

Total preferred shares outstanding

    784        784        784        784        784        784   

Asset coverage per preferred share(11)

  $ 73,081      $ 73,201      $ 68,650      $ 73,649      $ 68,605      $ 72,478   

Involuntary liquidation preference per preferred
share(12)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(12)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

  (1)

Computed using average common 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)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

  (5)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (6)

Annualized.

 

  (7)

Expenses after custodian fee reduction was 1.41%.

 

  (8)

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

 

  (9)

Amount is less than 0.005%.

 

(10) 

Expenses after custodian fee reduction was 1.56%.

 

(11) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(12) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Expenses excluding interest and fees

    0.84      0.84      0.88      0.90      0.90      0.88

Interest and fee expense

    0.00 %(9)       0.00 %(9)       0.03      0.08      0.09      0.11

Total expenses

    0.84      0.84      0.91      0.98      0.99      0.99

Net investment income

    3.43      3.55      3.50      3.81      4.38      4.39

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 13.460      $ 12.380      $ 13.900      $ 12.760      $ 13.400      $ 13.620   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.352      $ 0.736      $ 0.714      $ 0.775      $ 0.868      $ 0.847   

Net realized and unrealized gain (loss)

    0.088        1.037        (1.537     1.162        (0.621     (0.167

Distributions to preferred shareholders(1)

           

From net investment income

    (0.003     (0.006     (0.010     (0.013     (0.018     (0.021

Total income (loss) from operations

  $ 0.437      $ 1.767      $ (0.833   $ 1.924      $ 0.229      $ 0.659   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.344   $ (0.687   $ (0.687   $ (0.784   $ (0.869   $ (0.879

Total distributions to common shareholders

  $ (0.344   $ (0.687   $ (0.687   $ (0.784   $ (0.869   $ (0.879

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $ 0.007      $      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 13.560      $ 13.460      $ 12.380      $ 13.900      $ 12.760      $ 13.400   

Market value — End of period (Common shares)

  $ 12.500      $ 11.840      $ 11.120      $ 13.970      $ 12.890      $ 14.000   

Total Investment Return on Net Asset Value(2)

    3.61 %(3)      15.23     (6.01 )%      15.47     2.16     5.20

Total Investment Return on Market Value(2)

    8.58 %(3)      12.85     (16.01 )%      14.89     (1.21 )%      9.99

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net assets applicable to common shares, end of period (000’s omitted)

  $ 34,656      $ 34,557      $ 31,779      $ 35,669      $ 32,717      $ 34,328   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.36 %(5)(6)      1.39 %(5)      1.40 %(5)      1.42 %(5)      1.47 %(7)      1.41 %(5) 

Interest and fee expense(8)

    0.15 %(6)      0.17     0.17     0.22     0.28     0.28

Total expenses

    1.51 %(5)(6)      1.56 %(5)      1.57 %(5)      1.64 %(5)      1.75 %(9)      1.69 %(5) 

Net investment income

    5.20 %(6)      5.72     5.33     5.80     7.07     6.49

Portfolio Turnover

    0     7     14     18     17     13

Senior Securities:

           

Total preferred shares outstanding

    530        530        530        530        530        530   

Asset coverage per preferred share(10)

  $ 90,390      $ 90,203      $ 84,960      $ 92,301      $ 86,730      $ 89,770   

Involuntary liquidation preference per preferred
share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

  (1)

Computed using average common 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)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

  (5)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (6)

Annualized.

 

  (7)

Expenses after custodian fee reduction was 1.46%.

 

  (8)

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

 

  (9)

Expenses after custodian fee reduction was 1.74%.

 

(10) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Expenses excluding interest and fees

    0.98      1.00      1.01      1.02      1.03      1.01

Interest and fee expense

    0.11      0.12      0.12      0.16      0.20      0.20

Total expenses

    1.09      1.12      1.13      1.18      1.23      1.21

Net investment income

    3.76      4.08      3.85      4.18      4.98      4.65

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 13.770      $ 12.220      $ 13.800      $ 12.220      $ 12.960      $ 12.980   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.370      $ 0.742      $ 0.736      $ 0.762      $ 0.814      $ 0.828   

Net realized and unrealized gain (loss)

    0.315        1.518        (1.584     1.606        (0.759     (0.058

Distributions to preferred shareholders(1)

           

From net investment income

    (0.004     (0.008     (0.013     (0.016     (0.023     (0.028

Total income (loss) from operations

  $ 0.681      $ 2.252      $ (0.861   $ 2.352      $ 0.032      $ 0.742   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.351   $ (0.702   $ (0.719   $ (0.772   $ (0.772   $ (0.762

Total distributions to common shareholders

  $ (0.351   $ (0.702   $ (0.719   $ (0.772   $ (0.772   $ (0.762

Net asset value — End of period (Common shares)

  $ 14.100      $ 13.770      $ 12.220      $ 13.800      $ 12.220      $ 12.960   

Market value — End of period (Common shares)

  $ 13.070      $ 12.500      $ 11.380      $ 15.200      $ 12.780      $ 14.100   

Total Investment Return on Net Asset Value(2)

    5.18 %(3)      19.45     (6.46 )%      19.50     0.65     6.04

Total Investment Return on Market Value(2)

    7.41 %(3)      16.44     (20.91 )%      25.85     (3.25 )%      13.01

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 35,768      $ 34,947      $ 30,995      $ 34,985      $ 30,922      $ 32,726   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.27 %(6)      1.32     1.33     1.35     1.42     1.36

Interest and fee expense(7)

    0.01 %(6)      0.03     0.02     0.01     0.02     0.02

Total expenses(5)

    1.28 %(6)      1.35     1.35     1.36     1.44     1.38

Net investment income

    5.29 %(6)      5.74     5.51     5.83     6.98     6.61

Portfolio Turnover

    3 %(3)      12     12     12     10     11

Senior Securities:

           

Total preferred shares outstanding

    680        680        680        680        680        680   

Asset coverage per preferred share(8)

  $ 77,600      $ 76,393      $ 70,581      $ 76,450      $ 70,474      $ 73,128   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(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).

 

(8) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Expenses excluding interest and fees

    0.86      0.87      0.89      0.89      0.90      0.88

Interest and fee expense

    0.01      0.02      0.01      0.01      0.01      0.01

Total expenses

    0.87      0.89      0.90      0.90      0.91      0.89

Net investment income

    3.58      3.78      3.67      3.85      4.43      4.30

 

  56   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

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

Net asset value — Beginning of period (Common shares)

  $ 14.200      $ 12.710      $ 14.460      $ 13.180      $ 13.640      $ 13.900   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.408      $ 0.834      $ 0.812      $ 0.829      $ 0.893      $ 0.878   

Net realized and unrealized gain (loss)

    0.163        1.437        (1.742     1.342        (0.460     (0.270

Distributions to preferred shareholders(1)

           

From net investment income

    (0.004     (0.008     (0.014     (0.018     (0.025     (0.030

Total income (loss) from operations

  $ 0.567      $ 2.263      $ (0.944   $ 2.153      $ 0.408      $ 0.578   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.387   $ (0.773   $ (0.806   $ (0.873   $ (0.868   $ (0.838

Total distributions to common shareholders

  $ (0.387   $ (0.773   $ (0.806   $ (0.873   $ (0.868   $ (0.838

Net asset value — End of period (Common shares)

  $ 14.380      $ 14.200      $ 12.710      $ 14.460      $ 13.180      $ 13.640   

Market value — End of period (Common shares)

  $ 13.100      $ 12.850      $ 11.590      $ 15.780      $ 13.030      $ 14.230   

Total Investment Return on Net Asset Value(2)

    4.30 %(3)      18.84     (6.69 )%      16.76     3.63     4.53

Total Investment Return on Market Value(2)

    5.00 %(3)      17.93     (22.03 )%      28.88     (1.79 )%      3.82

 

  57   See Notes to Financial Statements.


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Fund  
    Six Months Ended
March 31, 2015
(Unaudited)
    Year Ended September 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 42,565      $ 42,033      $ 37,619      $ 42,791      $ 38,972      $ 40,256   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.28 %(5)(6)      1.34 %(5)      1.35 %(5)      1.33 %(5)      1.41 %(7)      1.36 %(5) 

Interest and fee expense(8)

    0.05 %(6)      0.08     0.06     0.04     0.08     0.07

Total expenses

    1.33 %(5)(6)      1.42 %(5)      1.41 %(5)      1.37 %(5)      1.49 %(9)      1.43 %(5) 

Net investment income

    5.69 %(6)      6.21     5.83     5.98     7.19     6.67

Portfolio Turnover

    0     2     14     11     12     19

Senior Securities:

           

Total preferred shares outstanding

    869        869        869        869        869        869   

Asset coverage per preferred share(10)

  $ 73,981      $ 73,370      $ 68,290      $ 74,242      $ 69,847      $ 71,327   

Involuntary liquidation preference per preferred
share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

  (1)

Computed using average common 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)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

  (5)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (6)

Annualized.

 

  (7)

Expenses after custodian fee reduction was 1.40%.

 

  (8)

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

 

  (9)

Expenses after custodian fee reduction was 1.48%.

 

(10) 

Calculated by subtracting the Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

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

Expenses excluding interest and fees

    0.85      0.86      0.88      0.87      0.88      0.87

Interest and fee expense

    0.03      0.05      0.04      0.03      0.05      0.05

Total expenses

    0.88      0.92      0.92      0.90      0.93      0.92

Net investment income

    3.77      4.02      3.82      3.91      4.51      4.28

 

  58   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 II (Municipal Fund II), Eaton Vance California Municipal Bond Fund II (California Fund II), Eaton Vance Massachusetts Municipal Bond Fund (Massachusetts Fund), Eaton Vance Michigan Municipal Bond Fund (Michigan Fund), Eaton Vance New Jersey Municipal Bond Fund (New Jersey Fund), Eaton Vance New York Municipal Bond Fund II (New York Fund II), Eaton Vance Ohio Municipal Bond Fund (Ohio Fund) and Eaton Vance Pennsylvania Municipal Bond Fund (Pennsylvania 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, except for Municipal Fund II, which is a diversified, closed-end management investment company. 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

 

  59  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

business trust (such as a Fund) could be deemed to have personal liability for the obligations of the Fund. However, each Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

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 9) 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 II
     California
Fund II
     Massachusetts
Fund
 

Floating Rate Notes Outstanding

  $ 42,310,000       $ 9,885,000       $ 3,330,000   

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

  $ 57,032,077       $ 11,951,393       $ 4,437,230   

 

     New Jersey
Fund
     New York
Fund II
     Ohio
Fund
     Pennsylvania
Fund
 

Floating Rate Notes Outstanding

  $ 225,000       $ 9,305,000       $ 800,000       $ 3,390,000   

Interest Rate or Range of Interest Rates (%)

    0.17         0.02 - 0.03         0.02 - 0.04         0.02 - 0.03   

Collateral for Floating Rate Notes Outstanding

  $ 269,060       $ 12,574,733       $ 1,056,790       $ 4,367,400   

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 II
     California
Fund II
     Massachusetts
Fund
 

Average Floating Rate Notes Outstanding

  $ 40,581,538       $ 9,885,000       $ 3,330,000   

Average Interest Rate

    0.62      0.59      0.61

 

  60  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

 

     New Jersey
Fund
     New York
Fund II
     Ohio
Fund
     Pennsylvania
Fund
 

Average Floating Rate Notes Outstanding

  $ 225,000       $ 9,305,000       $ 800,000       $ 3,390,000   

Average Interest Rate

    0.75      0.57      0.55      0.59

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.

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.

 

  61  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

2  Auction Preferred Shares

Each Fund issued Auction Preferred Shares (APS) on January 15, 2003 in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS. Series of APS are identical in all respects except for the reset dates of the dividend rates.

The APS are redeemable at the option of each Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Fund is required to maintain certain asset coverage with respect to the APS as defined in the Funds’ By-laws and the 1940 Act. Each Fund pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

3  Distributions to Shareholders and Income Tax Information

Each Fund intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. 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 to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at March 31, 2015, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:

 

    

Municipal
Fund II

(Series A)

    

Municipal
Fund II

(Series B)

     California
Fund II
     Massachusetts
Fund
     Michigan
Fund
 

APS Dividend Rates at March 31, 2015

    0.10      0.10      0.10      0.10      0.09

Dividends Accrued to APS Shareholders

  $ 12,545       $ 12,184       $ 14,333       $ 7,287       $ 7,462   

Average APS Dividend Rates

    0.11      0.11      0.11      0.11      0.11

Dividend Rate Ranges (%)

    0.07 - 0.23         0.08 - 0.17         0.07 - 0.17         0.08 - 0.14         0.08 - 0.17   

 

     New Jersey
Fund
     New York
Fund II
    

Ohio

Fund

     Pennsylvania
Fund
 

APS Dividend Rates at March 31, 2015

    0.10      0.09      0.10      0.10

Dividends Accrued to APS Shareholders

  $ 10,676       $ 7,574       $ 9,043       $ 11,662   

Average APS Dividend Rates

    0.11      0.11      0.11      0.11

Dividend Rate Ranges (%)

    0.08 - 0.23         0.08 - 0.23         0.08 - 0.17         0.08 - 0.14   

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Funds’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each series as of March 31, 2015.

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

 

  62  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

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

 

Expiration Date   Municipal
Fund II
     California
Fund II
     Massachusetts
Fund
    

Michigan

Fund

 

September 30, 2016

  $ 658,427       $ 52,500       $       $ 1,883   

September 30, 2017

    2,011,041         1,365,711         94,578           

September 30, 2018

    11,539,291         3,330,399         1,054,999         579,696   

September 30, 2019

    1,277,303         1,539,887         225,669         515,704   

Total capital loss carryforwards

  $ 15,486,062       $ 6,288,497       $ 1,375,246       $ 1,097,283   

Deferred capital losses:

          

Short-term

  $ 2,192,514       $ 1,232,549       $ 565,140       $ 132,060   

Long-term

  $ 5,106,305       $ 4,201,103       $ 942,725       $   

 

Expiration Date   New Jersey
Fund
     New York
Fund II
    

Ohio

Fund

     Pennsylvania
Fund
 

September 30, 2016

  $       $ 41,818       $ 83,319       $   

September 30, 2017

    244,927         1,233,356         1,620,085           

September 30, 2018

    2,060,337         1,545,637         3,381,936         1,949,047   

September 30, 2019

    1,369,694         1,548,104         669,118         925,899   

Total capital loss carryforwards

  $ 3,674,958       $ 4,368,915       $ 5,754,458       $ 2,874,946   

Deferred capital losses:

          

Short-term

  $ 734,891       $ 740,207       $ 622,669       $ 724,924   

Long-term

  $ 1,076,655       $ 1,298,303       $ 483,303       $ 1,731,074   

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 II
     California
Fund II
     Massachusetts
Fund
    

Michigan

Fund

 

Aggregate cost

  $ 156,310,828       $ 67,725,885       $ 34,887,985       $ 32,467,190   

Gross unrealized appreciation

  $ 22,620,084       $ 8,883,194       $ 5,351,421       $ 3,055,952   

Gross unrealized depreciation

    (408,323      (231,259      (66,567      (53,168

Net unrealized appreciation

  $ 22,211,761       $ 8,651,935       $ 5,284,854       $ 3,002,784   

 

  63  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

 

     New Jersey
Fund
     New York
Fund II
    

Ohio

Fund

     Pennsylvania
Fund
 

Aggregate cost

  $ 49,848,419       $ 41,586,295       $ 45,520,731       $ 57,093,223   

Gross unrealized appreciation

  $ 6,859,985       $ 5,076,170       $ 6,859,771       $ 6,254,048   

Gross unrealized depreciation

    (109,975      (333,165      (21,612      (111,955

Net unrealized appreciation

  $ 6,750,010       $ 4,743,005       $ 6,838,159       $ 6,142,093   

4  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. The fee is computed at an annual rate of 0.55% of each Fund’s average weekly gross assets and is payable monthly. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Fund, and the amount of any outstanding APS issued by the Fund. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Fund’s APS then outstanding and the amount payable by the Fund to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Fund. 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 II
     California
Fund II
     Massachusetts
Fund
     Michigan
Fund
 

Investment Adviser Fee

  $ 615,010       $ 235,269       $ 117,075       $ 98,911   

 

     New Jersey
Fund
     New York
Fund II
    

Ohio

Fund

     Pennsylvania
Fund
 

Investment Adviser Fee

  $ 158,191       $ 157,016       $ 146,293       $ 185,441   

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.

5  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 II
     California
Fund II
     Massachusetts
Fund
     Michigan
Fund
 

Purchases

  $ 17,086,361       $       $ 1,672,283       $   

Sales

  $ 13,884,089       $ 1,400,000       $ 1,225,000       $ 1,675,000   

 

     New Jersey
Fund
     New York
Fund II
    

Ohio

Fund

     Pennsylvania
Fund
 

Purchases

  $ 1,452,875       $       $ 2,407,352       $   

Sales

  $ 2,179,253       $ 2,425,000       $ 1,510,827       $ 1,060,125   

 

  64  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

6  Common Shares of Beneficial Interest

For the six months ended March 31, 2015, the California Fund II issued 529 common shares pursuant to its dividend reinvestment plan. For the year ended September 30, 2014, the Pennsylvania Fund issued 281 common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the other 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, 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  
    

Michigan

Fund

    

New Jersey

Fund

    

New York

Fund II

 

Common shares repurchased

    14,000         30,600         10,900   

Cost, including brokerage commissions, of common shares repurchased

  $ 184,430       $ 391,677       $ 130,104   

Average price per share

  $ 13.17       $ 12.80       $ 11.94   

Weighted average discount per share to NAV

    12.28      12.29      11.72

There were no repurchases of common shares by the Funds for the year ended September 30, 2014.

7  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 Ohio Fund had a payment due to SSBT pursuant to the foregoing arrangement of $138,916. 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 9) at March 31, 2015. The Funds’ average overdraft advances during the six months ended March 31, 2015 were not significant.

8  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

 

  65  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 II     6/15       29
U.S. Long Treasury Bond
   Short    $ (4,657,140    $ (4,752,375    $ (95,235
California II     6/15       15
U.S. 10-Year Treasury Note
   Short    $ (1,900,656    $ (1,933,594    $ (32,938
      6/15       15
U.S. Long Treasury Bond
   Short      (2,408,866      (2,458,125      (49,259
Massachusetts     6/15       9
U.S. Long Treasury Bond
   Short    $ (1,445,319    $ (1,474,875    $ (29,556
New Jersey     6/15       27
U.S. Long Treasury Bond
   Short    $ (4,335,958    $ (4,424,625    $ (88,667
New York II     6/15       15
U.S. Long Treasury Bond
   Short    $ (2,408,866    $ (2,458,125    $ (49,259
Pennsylvania     6/15       33
U.S. Long Treasury Bond
   Short    $ (5,299,505    $ (5,407,875    $ (108,370

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 II
     California
Fund II
     Massachusetts
Fund
     Michigan
Fund
 

Liability Derivative:

  

     

Futures Contracts

  $ (95,235 )(1)     $ (82,197 )(1)     $ (29,556 )(1)     $         —   

Total

  $ (95,235    $ (82,197    $ (29,556    $   

 

     New Jersey
Fund
     New York
Fund II
     Ohio
Fund
     Pennsylvania
Fund
 

Liability Derivative:

  

     

Futures Contracts

  $ (88,667 )(1)     $ (49,259 )(1)     $         —       $ (108,370 )(1) 

Total

  $ (88,667    $ (49,259    $       $ (108,370

 

(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.

 

  66  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 II
     California
Fund II
     Massachusetts
Fund
     Michigan
Fund
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (331,884 )(1)     $ (215,899 )(1)     $ (105,599 )(1)     $         —   

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

  $ (143,279 )(2)     $ (116,776 )(2)     $ (44,843 )(2)     $   

 

     New Jersey
Fund
     New York
Fund II
     Ohio
Fund
     Pennsylvania
Fund
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (301,712 )(1)     $ (165,942 )(1)     $         —       $ (377,140 )(1) 

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

  $ (132,344 )(2)     $ (73,281 )(2)     $       $ (162,966 )(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.

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 II
     California
Fund II
     Massachusetts
Fund
     Michigan
Fund
 

Average Notional Amount:

  

     

Futures Contracts – Short

  $ 5,730,000       $ 4,878,000       $ 1,813,000       $         —   

 

     New Jersey
Fund
     New York
Fund II
    

Ohio

Fund

     Pennsylvania
Fund
 

Average Notional Amount:

  

     

Futures Contracts – Short

  $ 5,238,000       $ 2,888,000       $         —       $ 6,513,000   

9  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.

 

  67  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 II

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 220,832,589       $         —       $ 220,832,589   

Total Investments

  $       $ 220,832,589       $       $ 220,832,589   

Liability Description

                                  

Futures Contracts

  $ (95,235    $       $       $ (95,235

Total

  $ (95,235    $       $       $ (95,235
          

California Fund II

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 86,262,820       $       $ 86,262,820   

Total Investments

  $       $ 86,262,820       $       $ 86,262,820   

Liability Description

                                  

Futures Contracts

  $ (82,197    $       $       $ (82,197

Total

  $ (82,197    $       $       $ (82,197
          

Massachusetts Fund

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 43,502,839       $       $ 43,502,839   

Total Investments

  $       $ 43,502,839       $       $ 43,502,839   

Liability Description

                                  

Futures Contracts

  $ (29,556    $       $       $ (29,556

Total

  $ (29,556    $       $       $ (29,556
          

Michigan Fund

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 35,469,974       $       $ 35,469,974   

Total Investments

  $       $ 35,469,974       $       $ 35,469,974   
          

 

  68  


Eaton Vance

Municipal Bond Funds

March 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

New Jersey Fund

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 56,274,854       $         —       $ 56,274,854   

Taxable Municipal Securities

            548,575                 548,575   

Total Investments

  $       $ 56,823,429       $       $ 56,823,429   

Liability Description

                                  

Futures Contracts

  $ (88,667    $       $       $ (88,667

Total

  $ (88,667    $       $       $ (88,667
          

New York Fund II

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 55,634,300       $       $ 55,634,300   

Total Investments

  $       $ 55,634,300       $       $ 55,634,300   

Liability Description

                                  

Futures Contracts

  $ (49,259    $       $       $ (49,259

Total

  $ (49,259    $       $       $ (49,259
          

Ohio Fund

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 53,158,890       $       $ 53,158,890   

Total Investments

  $       $ 53,158,890       $       $ 53,158,890   
          

Pennsylvania Fund

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 66,625,316       $       $ 66,625,316   

Total Investments

  $       $ 66,625,316       $       $ 66,625,316   

Liability Description

                                  

Futures Contracts

  $ (108,370    $       $       $ (108,370

Total

  $ (108,370    $       $       $ (108,370

The California Fund II, Massachusetts Fund, Michigan Fund, New Jersey Fund, New York Fund II, Ohio Fund and Pennsylvania 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 II 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.

 

  69  


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 14, 5, 3, 4, 6, 12, 5 and 24 registered shareholders for Municipal Fund II, California Fund II, Massachusetts Fund, Michigan Fund, New Jersey Fund, New York Fund II, Ohio Fund and Pennsylvania Fund, respectively, and approximately 3,393, 1,125, 785, 813, 1,015, 955, 1,267 and 1,517 shareholders owning the Fund shares in street name, such as through brokers, banks and financial intermediaries for Municipal Fund II, California Fund II, Massachusetts Fund, Michigan Fund, New Jersey Fund, New York Fund II, Ohio Fund and Pennsylvania 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 II    EIV
California Municipal Bond Fund II    EIA
Massachusetts Municipal Bond Fund    MAB
Michigan Municipal Bond Fund    MIW
New Jersey Municipal Bond Fund    EMJ
New York Municipal Bond Fund II    NYH
Ohio Municipal Bond Fund    EIO
Pennsylvania Municipal Bond Fund    EIP
 

 

  70  


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”.

 

  71  


 

 

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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

7728    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

No such purchases this period.

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

No material changes.

Item 11. Controls and Procedures

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


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

Item 12. 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 Pennsylvania 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