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: 811-21217
Eaton Vance California Municipal Bond Fund II
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2018
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Municipal Bond Funds
Semiannual Report
March 31, 2018
Municipal II (EIV) • California II (EIA) • Massachusetts (MAB) • Michigan (MIW)
New Jersey (EMJ) • New York II (NYH) • Ohio (EIO) • Pennsylvania (EIP)
Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Semiannual Report March 31, 2018
Eaton Vance
Municipal Bond Funds
Table of Contents
Performance and Fund Profile | ||||
Municipal Bond Fund 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, 2018
Performance1,2
Portfolio Manager Cynthia J. Clemson
| % Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Ten Years | |||||||||||||||
Fund at NAV | 11/29/2002 | –1.66 | % | 2.11 | % | 5.45 | % | 6.42 | % | |||||||||||
Fund at Market Price | — | –4.77 | –0.43 | 3.09 | 5.68 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –10.44 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.288 | ||||||||||||||||||
Distribution Rate at NAV | 4.42 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 7.47 | % | ||||||||||||||||||
Distribution Rate at Market Price | 4.94 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 8.34 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
Institutional MuniFund Term Preferred (iMTP) Shares | 18.19 | % | ||||||||||||||||||
Residual Interest Bond (RIB) Financing | 22.40 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7 |
|
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 2 |
Eaton Vance
California Municipal Bond Fund II
March 31, 2018
Performance1,2
Portfolio Manager Craig R. Brandon, CFA
| % Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Ten Years | |||||||||||||||
Fund at NAV | 11/29/2002 | –1.44 | % | 1.61 | % | 4.04 | % | 5.81 | % | |||||||||||
Fund at Market Price | — | –9.34 | –2.82 | 1.14 | 3.74 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –14.07 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.265 | ||||||||||||||||||
Distribution Rate at NAV | 4.26 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 8.30 | % | ||||||||||||||||||
Distribution Rate at Market Price | 4.96 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 9.66 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
iMTP Shares | 30.17 | % | ||||||||||||||||||
RIB Financing | 11.01 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7 |
|
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 3 |
Eaton Vance
Massachusetts Municipal Bond Fund
March 31, 2018
Performance1,2
Portfolio Manager Craig R. Brandon, CFA
| % Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Ten Years | |||||||||||||||
Fund at NAV | 11/29/2002 | –1.69 | % | 1.37 | % | 3.88 | % | 6.21 | % | |||||||||||
Fund at Market Price | — | –6.46 | –3.25 | 1.38 | 4.08 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –13.93 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.260 | ||||||||||||||||||
Distribution Rate at NAV | 3.56 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 6.34 | % | ||||||||||||||||||
Distribution Rate at Market Price | 4.13 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 7.35 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
iMTP Shares | 31.94 | % | ||||||||||||||||||
RIB Financing | 4.19 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7 |
|
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 4 |
Eaton Vance
Michigan Municipal Bond Fund
March 31, 2018
Performance1,2
Portfolio Manager Cynthia J. Clemson
| % Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Ten Years | |||||||||||||||
Fund at NAV | 11/29/2002 | –0.69 | % | 3.35 | % | 5.49 | % | 6.54 | % | |||||||||||
Fund at Market Price | — | –3.82 | 0.90 | 2.91 | 6.03 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –12.87 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.285 | ||||||||||||||||||
Distribution Rate at NAV | 3.82 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 6.74 | % | ||||||||||||||||||
Distribution Rate at Market Price | 4.38 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 7.73 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
iMTP Shares | 29.49 | % | ||||||||||||||||||
RIB Financing | 7.84 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7
|
 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 5 |
Eaton Vance
New Jersey Municipal Bond Fund
March 31, 2018
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 | –1.94 | % | 3.07 | % | 4.54 | % | 6.11 | % | |||||||||||
Fund at Market Price | — | –7.79 | –1.84 | 1.26 | 4.23 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –15.50 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.295 | ||||||||||||||||||
Distribution Rate at NAV | 4.25 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 7.89 | % | ||||||||||||||||||
Distribution Rate at Market Price | 5.03 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 9.33 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
iMTP Shares | 29.38 | % | ||||||||||||||||||
RIB Financing | 10.11 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7
|
 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 6 |
Eaton Vance
New York Municipal Bond Fund II
March 31, 2018
Performance1,2
Portfolio Manager Craig R. Brandon, CFA
| % Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Ten Years | |||||||||||||||
Fund at NAV | 11/29/2002 | –1.76 | % | 1.92 | % | 3.79 | % | 5.46 | % | |||||||||||
Fund at Market Price | — | –8.02 | –4.75 | 0.43 | 3.76 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –14.99 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.263 | ||||||||||||||||||
Distribution Rate at NAV | 4.18 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 7.74 | % | ||||||||||||||||||
Distribution Rate at Market Price | 4.91 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 9.10 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
iMTP Shares | 20.91 | % | ||||||||||||||||||
RIB Financing | 20.48 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7
|
 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 7 |
Eaton Vance
Ohio Municipal Bond Fund
March 31, 2018
Performance1,2
Portfolio Manager Cynthia J. Clemson
| % Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Ten Years | |||||||||||||||
Fund at NAV | 11/29/2002 | –1.58 | % | 1.57 | % | 4.89 | % | 5.94 | % | |||||||||||
Fund at Market Price | — | –7.95 | –4.48 | 1.43 | 5.35 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –13.17 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.281 | ||||||||||||||||||
Distribution Rate at NAV | 4.19 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 7.45 | % | ||||||||||||||||||
Distribution Rate at Market Price | 4.82 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 8.57 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
iMTP Shares | 27.04 | % | ||||||||||||||||||
RIB Financing | 10.45 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 8 |
Eaton Vance
Pennsylvania Municipal Bond Fund
March 31, 2018
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 | –1.83 | % | 2.01 | % | 5.04 | % | 6.36 | % | |||||||||||
Fund at Market Price | — | –7.17 | –3.25 | 1.87 | 4.70 | |||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | –0.37 | % | 2.66 | % | 2.73 | % | 4.40 | % | |||||||||||
Bloomberg Barclays Long (22+) Year Municipal Bond Index | — | 0.63 | 4.68 | 3.96 | 5.63 | |||||||||||||||
| % Premium/Discount to NAV3 | ||||||||||||||||||||
| –14.51 | % | |||||||||||||||||||
| Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.292 | ||||||||||||||||||
Distribution Rate at NAV | 4.25 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at NAV | 7.41 | % | ||||||||||||||||||
Distribution Rate at Market Price | 4.98 | % | ||||||||||||||||||
Taxable-Equivalent Distribution Rate at Market Price | 8.68 | % | ||||||||||||||||||
| % Total Leverage5 | ||||||||||||||||||||
iMTP Shares | 31.12 | % | ||||||||||||||||||
RIB Financing | 7.11 | |||||||||||||||||||
Fund Profile
Credit Quality (% of total investments)6,7
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
| 9 |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Endnotes and Additional Disclosures
| 1 | Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| Effective September 30, 2017, the Funds’ benchmark was changed to the Bloomberg Barclays Municipal Bond Index. |
| 2 | Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Included in the average annual total return at NAV for the five and ten year periods is the impact of the tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 95.5% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. |
| 3 | The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend. |
| 4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. |
| 5 | Fund employs RIB financing and iMTP Shares leverage. The leverage created by RIB investments and iMTP Shares 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 iMTP Shares and Floating Rate Notes. iMTP Shares leverage represents the liquidation value of the Fund’s iMTP Shares outstanding at period end as a percentage of Fund net assets applicable to common shares plus iMTP Shares 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. |
| 6 | Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
| 7 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
| Fund profiles subject to change due to active management. |
| 10 |
Eaton Vance
Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 165.6% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Education — 7.6% | ||||||||
Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47 | $ | 2,345 | $ | 2,372,038 | ||||
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46 | 1,500 | 1,671,210 | ||||||
Houston Higher Education Finance Corp., TX, (St. John’s School), 5.25%, 9/1/33 | 565 | 626,257 | ||||||
Houston Higher Education Finance Corp., TX, (William Marsh Rice University), Prerefunded to 5/15/20, 5.00%, 5/15/35 | 1,745 | 1,859,681 | ||||||
Massachusetts Development Finance Agency, (Northeastern University), 5.25%, 3/1/37 | 1,650 | 1,850,624 | ||||||
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40(1) | 1,500 | 1,559,895 | ||||||
| $ | 9,939,705 | |||||||
| Electric Utilities — 7.3% | ||||||||
Energy Northwest, WA, (Columbia Generating Station), 5.00%, 7/1/40 | $ | 330 | $ | 367,313 | ||||
Los Angeles Department of Water and Power, CA, Power System Revenue, | 3,000 | 3,107,040 | ||||||
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40 | 1,300 | 1,395,732 | ||||||
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28 | 3,000 | 3,393,090 | ||||||
Unified Government of Wyandotte County/Kansas City Board of Public Utilities, KS, 5.00%, 9/1/36 | 685 | 741,814 | ||||||
Utility Debt Securitization Authority, NY, 5.00%, 12/15/35 | 500 | 564,305 | ||||||
| $ | 9,569,294 | |||||||
| Escrowed / Prerefunded — 19.0% | ||||||||
Connecticut Health and Educational Facilities Authority, (Wesleyan University), Prerefunded to 7/1/20, 5.00%, 7/1/39(1) | $ | 2,200 | $ | 2,360,160 | ||||
Hawaii, Prerefunded to 12/1/21, 5.00%, 12/1/29 | 955 | 1,060,995 | ||||||
Hawaii, Prerefunded to 12/1/21, 5.00%, 12/1/29 | 1,545 | 1,710,686 | ||||||
Hawaii, Prerefunded to 12/1/21, 5.00%, 12/1/30 | 380 | 422,176 | ||||||
Hawaii, Prerefunded to 12/1/21, 5.00%, 12/1/30 | 620 | 686,489 | ||||||
Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), Prerefunded to 1/1/21, 6.125%, 1/1/30 | 235 | 261,019 | ||||||
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.25%, 11/15/38 | 865 | 969,025 | ||||||
Mississippi, Prerefunded to 10/1/21, 5.00%, 10/1/36(1) | 1,725 | 1,909,903 | ||||||
North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 4/1/19, 5.00%, 10/1/38(1) | 500 | 516,905 | ||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Escrowed / Prerefunded (continued) | ||||||||
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/21, 5.00%, 5/1/30 | $ | 5,000 | $ | 5,478,450 | ||||
Oregon, Prerefunded to 8/2/21, 5.00%, 8/1/36 | 570 | 626,749 | ||||||
Oregon Department of Administrative Services, Lottery Revenue, Prerefunded to 4/1/21, 5.25%, 4/1/30 | 1,120 | 1,230,779 | ||||||
South Carolina Public Service Authority, Prerefunded to 1/1/19, 5.50%, 1/1/38 | 110 | 113,176 | ||||||
South Carolina Public Service Authority, Prerefunded to 1/1/19, 5.50%, 1/1/38 | 1,310 | 1,347,820 | ||||||
South Carolina Transportation Infrastructure Bank, Prerefunded to 10/1/19, 5.25%, 10/1/40 | 1,000 | 1,051,710 | ||||||
Tennessee School Bond Authority, Prerefunded to 5/1/18, 5.50%, 5/1/38 | 1,000 | 1,003,090 | ||||||
Triborough Bridge and Tunnel Authority, NY, Prerefunded to 5/15/18, 5.00%, 11/15/37 | 2,500 | 2,510,325 | ||||||
University of Virginia, Prerefunded to 6/1/18, 5.00%, 6/1/40 | 1,500 | 1,508,625 | ||||||
| $ | 24,768,082 | |||||||
| General Obligations — 17.0% | ||||||||
California, 5.00%, 12/1/30 | $ | 610 | $ | 692,777 | ||||
California, 5.00%, 10/1/33 | 2,150 | 2,453,752 | ||||||
Chicago Park District, IL, (Harbor Facilities), 5.25%, 1/1/37(1) | 1,680 | 1,783,354 | ||||||
Clark County, NV, 5.00%, 7/1/33 | 500 | 552,745 | ||||||
Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 | 2,500 | 3,110,600 | ||||||
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/33 | 2,000 | 2,225,160 | ||||||
New York, 5.00%, 2/15/34(1) | 2,750 | 2,971,485 | ||||||
New York, NY, 5.00%, 8/1/31 | 1,850 | 2,045,730 | ||||||
Oregon, 5.00%, 8/1/36 | 430 | 470,158 | ||||||
Washington, 5.00%, 2/1/35(1) | 5,250 | 5,899,897 | ||||||
| $ | 22,205,658 | |||||||
| Hospital — 6.7% | ||||||||
Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.50%, 7/1/38 | $ | 360 | $ | 402,800 | ||||
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.25%, 7/1/35 | 615 | 690,867 | ||||||
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.00%, 1/1/32 | 1,550 | 1,701,032 | ||||||
Tampa, FL, (BayCare Health System), 4.00%, 11/15/46(1) | 3,000 | 3,062,520 | ||||||
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/33 | 2,500 | 2,834,300 | ||||||
| $ | 8,691,519 | |||||||
| 11 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Industrial Development Revenue — 0.5% | ||||||||
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | $ | 595 | $ | 619,163 | ||||
| $ | 619,163 | |||||||
| Insured – Electric Utilities — 4.8% | ||||||||
Chelan County Public Utility District No. 1, WA, (Columbia River), (NPFG), 0.00%, 6/1/23 | $ | 6,335 | $ | 5,490,861 | ||||
Louisiana Energy and Power Authority, (AGM), 5.25%, 6/1/38 | 735 | 816,100 | ||||||
| $ | 6,306,961 | |||||||
| Insured – Escrowed / Prerefunded — 18.9% | ||||||||
American Municipal Power-Ohio, Inc., OH, (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39 | $ | 1,000 | $ | 1,036,080 | ||||
California Statewide Communities Development Authority, (Sutter Health), (AGM), Prerefunded to 8/15/18, 5.05%, 8/15/38(1) | 1,500 | 1,520,085 | ||||||
Colorado Health Facilities Authority, (Catholic Health), (AGM), Prerefunded to 4/29/18, 5.10%, 10/1/41(1) | 2,200 | 2,205,522 | ||||||
District of Columbia Water and Sewer Authority, (AGC), Prerefunded to 10/1/18, 5.00%, 10/1/34(1) | 1,250 | 1,271,225 | ||||||
Illinois Finance Authority, (Children’s Memorial Hospital), (AGC), Prerefunded to 8/15/18, 5.25%, 8/15/47(1) | 2,500 | 2,534,375 | ||||||
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34 | 305 | 313,326 | ||||||
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34 | 565 | 580,622 | ||||||
North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), Prerefunded to 1/1/19, 5.50%, 1/1/29 | 255 | 262,362 | ||||||
North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), Prerefunded to 1/1/19, 5.75%, 1/1/39 | 290 | 298,906 | ||||||
Palm Beach County Solid Waste Authority, FL, (BHAC), Prerefunded to 10/1/19, 5.00%, 10/1/24 | 530 | 556,261 | ||||||
Palm Beach County Solid Waste Authority, FL, (BHAC), Prerefunded to 10/1/19, 5.00%, 10/1/24 | 210 | 220,406 | ||||||
Palm Beach County Solid Waste Authority, FL, (BHAC), Prerefunded to 10/1/19, 5.00%, 10/1/26 | 425 | 446,059 | ||||||
Palm Springs Unified School District, CA, (Election of 2008), (AGC), Prerefunded to 8/1/19, 5.00%, 8/1/33 | 2,750 | 2,873,777 | ||||||
San Diego County Water Authority, CA, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(1) | 3,250 | 3,259,165 | ||||||
South Carolina Public Service Authority, (BHAC), Prerefunded to 1/1/19, 5.50%, 1/1/38 | 1,465 | 1,507,851 | ||||||
South Carolina Public Service Authority, (BHAC), Prerefunded to 1/1/19, 5.50%, 1/1/38 | 130 | 133,803 | ||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Escrowed / Prerefunded (continued) | ||||||||
University of South Alabama, (BHAC), Prerefunded to 8/1/18, 5.00%, 8/1/38 | $ | 3,900 | $ | 3,944,109 | ||||
Washington Health Care Facilities Authority, (MultiCare Health System), (AGC), Prerefunded to 8/15/19, 6.00%, 8/15/39 | 1,545 | 1,634,116 | ||||||
| $ | 24,598,050 | |||||||
| Insured – General Obligations — 0.7% | ||||||||
Cincinnati City School District, OH, (AGM), (FGIC), 5.25%, 12/1/30 | $ | 750 | $ | 940,162 | ||||
| $ | 940,162 | |||||||
| Insured – Hospital — 1.8% | ||||||||
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 | $ | 2,245 | $ | 2,343,578 | ||||
| $ | 2,343,578 | |||||||
| Insured – Industrial Development Revenue — 1.1% | ||||||||
Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc.), (BHAC), 5.00%, 10/1/39 | $ | 1,340 | $ | 1,398,290 | ||||
| $ | 1,398,290 | |||||||
| Insured – Lease Revenue / Certificates of Participation — 1.0% | ||||||||
Essex County Improvement Authority, NJ, (NPFG), 5.50%, 10/1/30 | $ | 1,000 | $ | 1,267,270 | ||||
| $ | 1,267,270 | |||||||
| Insured – Other Revenue — 1.8% | ||||||||
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | $ | 2,540 | $ | 1,275,308 | ||||
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 7.00%, 3/1/49 | 1,000 | 1,046,850 | ||||||
| $ | 2,322,158 | |||||||
| Insured – Special Tax Revenue — 5.9% | ||||||||
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39 | $ | 3,000 | $ | 3,785,130 | ||||
Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30 | 2,540 | 3,048,127 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 4,440 | 882,139 | ||||||
| $ | 7,715,396 | |||||||
| Insured – Student Loan — 0.7% | ||||||||
Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27 | $ | 840 | $ | 871,298 | ||||
| $ | 871,298 | |||||||
| 12 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Transportation — 18.3% | ||||||||
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/29 | $ | 260 | $ | 286,208 | ||||
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/30 | 400 | 441,780 | ||||||
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31 | 180 | 198,128 | ||||||
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32 | 100 | 111,186 | ||||||
Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39 | 1,585 | 1,674,790 | ||||||
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/22 | 7,800 | 7,066,956 | ||||||
Manchester, NH, (Manchester-Boston Regional Airport), (AGM), 5.125%, 1/1/30 | 1,305 | 1,333,671 | ||||||
Maryland Transportation Authority, (AGM), 5.00%, 7/1/41(1) | 10,000 | 10,081,300 | ||||||
Metropolitan Washington Airports Authority, D.C., (BHAC), 5.00%, 10/1/24 | 1,000 | 1,046,370 | ||||||
Metropolitan Washington Airports Authority, D.C., (BHAC), 5.00%, 10/1/29 | 535 | 558,759 | ||||||
New Jersey Transportation Trust Fund Authority, (AGC), 5.50%, 12/15/38 | 1,040 | 1,066,843 | ||||||
| $ | 23,865,991 | |||||||
| Insured – Water and Sewer — 4.4% | ||||||||
Houston, TX, Combined Utility System Revenue, (AGM), (BHAC), 5.00%, 11/15/33 | $ | 105 | $ | 105,290 | ||||
Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/35 | 1,000 | 1,297,520 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32 | 230 | 256,560 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33 | 195 | 216,932 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35 | 240 | 266,705 | ||||||
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37 | 195 | 216,347 | ||||||
New York City Municipal Water Finance Authority, NY, (BHAC), 5.75%, 6/15/40 | 2,205 | 2,223,434 | ||||||
Pearland, TX, Waterworks and Sewer Systems, (NPFG), 3.50%, 9/1/31 | 1,220 | 1,220,036 | ||||||
| $ | 5,802,824 | |||||||
| Lease Revenue / Certificates of Participation — 6.4% | ||||||||
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31 | $ | 2,235 | $ | 2,346,616 | ||||
North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26(1) | 5,250 | 6,023,955 | ||||||
| $ | 8,370,571 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Other Revenue — 0.4% | ||||||||
Oregon Department of Administrative Services, Lottery Revenue, 5.25%, 4/1/30 | $ | 180 | $ | 197,086 | ||||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30 | 260 | 284,775 | ||||||
| $ | 481,861 | |||||||
| Special Tax Revenue — 16.2% | ||||||||
Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, Green Bonds, 5.00%, 11/1/30(1) | $ | 1,850 | $ | 2,145,278 | ||||
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 5.00%, 12/1/35 | 405 | 459,578 | ||||||
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 5.00%, 12/1/36 | 215 | 243,554 | ||||||
Homewood City Board of Education, AL, 5.00%, 4/1/32 | 1,880 | 2,049,501 | ||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/33 | 750 | 933,510 | ||||||
Metropolitan Transportation Authority, NY, Dedicated Tax Revenue, Green Bonds, 5.00%, 11/15/47 | 1,300 | 1,496,989 | ||||||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/41 | 1,000 | 1,035,810 | ||||||
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.50%, 11/1/35(1) | 2,145 | 2,344,571 | ||||||
New York City Transitional Finance Authority, NY, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(1) | 1,655 | 1,806,797 | ||||||
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/35 | 2,000 | 2,109,960 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34 | 465 | 516,285 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/35 | 1,710 | 1,896,082 | ||||||
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/47(1) | 4,000 | 4,127,160 | ||||||
| $ | 21,165,075 | |||||||
| Transportation — 19.8% | ||||||||
Austin, TX, Airport System Revenue, 5.00%, 11/15/41 | $ | 2,110 | $ | 2,399,091 | ||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33 | 1,750 | 1,973,440 | ||||||
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/34 | 1,000 | 1,118,660 | ||||||
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30 | 640 | 728,589 | ||||||
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31 | 990 | 1,125,382 | ||||||
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 | 1,715 | 1,799,704 | ||||||
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.25%, 5/15/28 | 465 | 499,066 | ||||||
Metropolitan Transportation Authority, NY, 4.00%, 11/15/42 | 600 | 618,126 | ||||||
| 13 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Transportation (continued) | ||||||||
Metropolitan Transportation Authority, NY, 4.00%, 11/15/46 | $ | 25 | $ | 25,648 | ||||
Metropolitan Transportation Authority, NY, 5.25%, 11/15/32 | 620 | 709,323 | ||||||
Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41 | 2,095 | 2,233,458 | ||||||
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/37 | 1,385 | 1,544,760 | ||||||
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/38 | 130 | 136,850 | ||||||
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.25%, 12/15/23 | 1,000 | 1,108,190 | ||||||
New Jersey Turnpike Authority, 4.00%, 1/1/43 | 3,500 | 3,614,065 | ||||||
New York Liberty Development Corp., (4 World Trade Center), 5.00%, 11/15/31 | 1,070 | 1,172,806 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35 | 90 | 96,449 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35 | 330 | 353,648 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/40 | 230 | 246,482 | ||||||
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/40 | 145 | 155,391 | ||||||
Port Authority of New York and New Jersey, 5.00%, 12/1/34(1) | 2,040 | 2,308,750 | ||||||
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37 | 1,500 | 1,637,190 | ||||||
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42 | 265 | 287,973 | ||||||
| $ | 25,893,041 | |||||||
| Water and Sewer — 5.3% | ||||||||
Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32 | $ | 1,555 | $ | 1,671,578 | ||||
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39 | 380 | 409,572 | ||||||
Detroit, MI, Water Supply System, 5.25%, 7/1/41 | 300 | 324,765 | ||||||
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/36 | 4,000 | 4,514,520 | ||||||
| $ | 6,920,435 | |||||||
Total Tax-Exempt Investments — 165.6% |
| $ | 216,056,382 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (30.5)% |
| $ | (39,841,663 | ) | ||||
Other Assets, Less Liabilities — (35.1)% |
| $ | (45,766,388 | ) | ||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 130,448,331 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
At March 31, 2018, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of total investments, is as follows:
| New York | 17.9% | |||
| Others, representing less than 10% individually | 82.1% |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 35.8% 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 13.7% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| BHAC | – | Berkshire Hathaway Assurance Corp. | ||
| FGIC | – | Financial Guaranty Insurance Company | ||
| NPFG | – | National Public Finance Guaranty Corp. |
| 14 | See Notes to Financial Statements. |
Eaton Vance
California Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 166.3% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Education — 8.6% | ||||||||
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31 | $ | 395 | $ | 440,832 | ||||
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36 | 160 | 177,309 | ||||||
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/22 | 70 | 77,278 | ||||||
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30 | 380 | 397,909 | ||||||
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36 | 60 | 68,444 | ||||||
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36 | 55 | 62,981 | ||||||
California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30 | 330 | 359,479 | ||||||
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31 | 210 | 230,416 | ||||||
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35 | 145 | 158,482 | ||||||
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26 | 405 | 449,356 | ||||||
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27 | 425 | 470,938 | ||||||
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28 | 450 | 498,002 | ||||||
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 | 165 | 171,674 | ||||||
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 | 550 | 572,556 | ||||||
| $ | 4,135,656 | |||||||
| Electric Utilities — 5.8% | ||||||||
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32 | $ | 745 | $ | 751,802 | ||||
Sacramento Municipal Utility District, 5.00%, 8/15/30 | 420 | 472,239 | ||||||
Sacramento Municipal Utility District, 5.00%, 8/15/31 | 125 | 140,435 | ||||||
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/30 | 1,000 | 1,070,050 | ||||||
Vernon, Electric System Revenue, 5.125%, 8/1/21 | 335 | 348,638 | ||||||
| $ | 2,783,164 | |||||||
| Escrowed / Prerefunded — 14.1% | ||||||||
California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39 | $ | 1,370 | $ | 1,406,058 | ||||
California Educational Facilities Authority, (Santa Clara University), Prerefunded to 2/1/20, 5.00%, 2/1/29 | 890 | 944,940 | ||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Escrowed / Prerefunded (continued) | ||||||||
California Educational Facilities Authority, (University of Southern California), Prerefunded to 10/1/18, 5.25%, 10/1/39 | $ | 200 | $ | 203,790 | ||||
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), Prerefunded to 8/15/19, 5.00%, 8/15/39 | 1,400 | 1,465,814 | ||||||
San Diego Community College District, (Election of 2002), Prerefunded to 8/1/21, 5.00%, 8/1/32 | 720 | 796,543 | ||||||
San Diego Community College District, (Election of 2006), Prerefunded to 8/1/21, 5.00%, 8/1/31 | 455 | 503,371 | ||||||
San Mateo Union High School District, (Election of 2006), Prerefunded to 9/1/23, 5.00%, 9/1/27 | 350 | 401,849 | ||||||
San Mateo Union High School District, (Election of 2006), Prerefunded to 9/1/23, 5.00%, 9/1/28 | 590 | 677,403 | ||||||
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 | 285 | 296,528 | ||||||
Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21 | 140 | 145,096 | ||||||
| $ | 6,841,392 | |||||||
| General Obligations — 42.3% | ||||||||
Alta Loma School District, (Election of 2016), 5.00%, 8/1/42 | $ | 1,750 | $ | 2,026,692 | ||||
California, 5.00%, 8/1/46 | 1,000 | 1,144,790 | ||||||
California, 5.50%, 11/1/35 | 1,300 | 1,421,641 | ||||||
Castro Valley Unified School District, (Election of 2016), 5.00%, 8/1/41 | 1,000 | 1,156,740 | ||||||
Jurupa Unified School District, (Election of 2014), 5.00%, 8/1/37 | 1,150 | 1,338,934 | ||||||
Lake Tahoe Community College District, (Election of 2014), 4.00%, 8/1/48 | 1,000 | 1,036,830 | ||||||
Lodi Unified School District, (Election of 2016), 5.00%, 8/1/34 | 1,365 | 1,594,102 | ||||||
Montebello Unified School District, (Election of 2016), 5.00%, 8/1/41 | 1,000 | 1,128,300 | ||||||
Palo Alto, (Election of 2008), 5.00%, 8/1/40 | 1,850 | 1,978,186 | ||||||
San Bernardino Community College District, 4.00%, 8/1/30 | 1,510 | 1,611,397 | ||||||
San Jose Unified School District, (Election of 2012), 4.00%, 8/1/42(1) | 2,000 | 2,100,060 | ||||||
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35 | 410 | 454,624 | ||||||
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/27 | 335 | 385,180 | ||||||
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/28 | 580 | 664,639 | ||||||
Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35 | 1,125 | 1,270,429 | ||||||
Ventura County Community College District, 5.00%, 8/1/29 | 1,000 | 1,140,000 | ||||||
| $ | 20,452,544 | |||||||
| 15 | See Notes to Financial Statements. |
Eaton Vance
California Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Hospital — 15.9% | ||||||||
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/34 | $ | 775 | $ | 898,233 | ||||
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32 | 335 | 373,773 | ||||||
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35 | 475 | 528,214 | ||||||
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27 | 750 | 842,820 | ||||||
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33 | 600 | 676,104 | ||||||
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37 | 280 | 312,880 | ||||||
California Health Facilities Financing Authority, (Sutter Health), 4.00%, 11/15/48 | 1,500 | 1,531,215 | ||||||
California Public Finance Authority, (Sharp HealthCare), 5.00%, 8/1/47(1) | 1,250 | 1,429,325 | ||||||
California Statewide Communities Development Authority, (Cottage Health System), 5.25%, 11/1/30 | 1,000 | 1,072,630 | ||||||
| $ | 7,665,194 | |||||||
| Housing — 2.3% | ||||||||
California Statewide Communities Development Authority, (University of California, Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), 5.00%, 5/15/50 | $ | 1,000 | $ | 1,114,520 | ||||
| $ | 1,114,520 | |||||||
| Insured – Electric Utilities — 3.3% | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $ | 1,035 | $ | 993,020 | ||||
Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27 | 610 | 617,967 | ||||||
| $ | 1,610,987 | |||||||
| Insured – Escrowed/Prerefunded — 18.1% | ||||||||
California Statewide Communities Development Authority, (Sutter Health), (AGM), Prerefunded to 8/15/18, 5.05%, 8/15/38(1) | $ | 1,750 | $ | 1,773,432 | ||||
Clovis Unified School District, (NPFG), Escrowed to Maturity, 0.00%, 8/1/20 | 3,130 | 3,004,894 | ||||||
Orange County Water District, Certificates of Participation, (NPFG), Prerefunded to 8/15/32, 5.00%, 8/15/34 | 395 | 503,123 | ||||||
Palm Springs Unified School District, (Election of 2008), (AGC), Prerefunded to 8/1/19, 5.00%, 8/1/33 | 1,250 | 1,306,263 | ||||||
Sacramento Municipal Utility District, (AGM), Prerefunded to 8/15/18, 5.00%, 8/15/27 | 390 | 395,078 | ||||||
San Diego County Water Authority, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(1) | 1,750 | 1,754,935 | ||||||
| $ | 8,737,725 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – General Obligations — 9.0% | ||||||||
Coalinga-Huron Joint Unified School District, (Election of 2016), (BAM), 5.00%, 8/1/41 | $ | 1,265 | $ | 1,456,129 | ||||
Union Elementary School District, (Election of 1999), (NPFG), 0.00%, 9/1/22 | 3,200 | 2,917,024 | ||||||
| $ | 4,373,153 | |||||||
| Insured – Special Tax Revenue — 4.3% | ||||||||
Hesperia Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/37 | $ | 1,535 | $ | 1,536,397 | ||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 2,675 | 531,469 | ||||||
| $ | 2,067,866 | |||||||
| Insured – Transportation — 5.4% | ||||||||
San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/27 | $ | 3,520 | $ | 2,604,272 | ||||
| $ | 2,604,272 | |||||||
| Insured – Water and Sewer — 0.9% | ||||||||
Riverside, Water System Revenue, (AGM), 5.00%, 10/1/38 | $ | 445 | $ | 452,667 | ||||
| $ | 452,667 | |||||||
| Lease Revenue / Certificates of Participation — 1.1% | ||||||||
California Public Works Board, 5.00%, 11/1/38 | $ | 480 | $ | 536,011 | ||||
| $ | 536,011 | |||||||
| Special Tax Revenue — 14.4% | ||||||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/31 | $ | 1,490 | $ | 1,502,293 | ||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/41(1) | 2,000 | 2,343,660 | ||||||
San Diego County Regional Transportation Commission, Sales Tax Revenue, 5.00%, 4/1/41(1) | 1,000 | 1,154,280 | ||||||
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, Prerefunded to 7/1/20, 5.00%, 7/1/28 | 1,300 | 1,397,630 | ||||||
Successor Agency to La Quinta Redevelopment Agency, 5.00%, 9/1/29 | 500 | 573,295 | ||||||
| $ | 6,971,158 | |||||||
| Transportation — 13.8% | ||||||||
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29 | $ | 1,190 | $ | 1,234,363 | ||||
Long Beach, Harbor Revenue, 5.00%, 5/15/27 | 540 | 576,067 | ||||||
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1) | 1,060 | 1,129,430 | ||||||
| 16 | See Notes to Financial Statements. |
Eaton Vance
California Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Transportation (continued) | ||||||||
Los Angeles Harbor Department, 5.00%, 8/1/25 | $ | 1,250 | $ | 1,376,475 | ||||
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35 | 635 | 672,903 | ||||||
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/47 | 1,000 | 1,141,660 | ||||||
San Jose, Airport Revenue, 5.00%, 3/1/20 | 500 | 530,305 | ||||||
| $ | 6,661,203 | |||||||
| Water and Sewer — 7.0% | ||||||||
Metropolitan Water District of Southern California, 5.00%, 1/1/39 | $ | 1,050 | $ | 1,076,135 | ||||
San Diego Public Facilities Financing Authority, Sewer Revenue, 5.00%, 5/15/38 | 2,000 | 2,317,419 | ||||||
| $ | 3,393,554 | |||||||
Total Tax-Exempt Investments — 166.3% |
| $ | 80,401,066 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value |
| $ | (24,729,253 | ) | ||||
Other Assets, Less Liabilities — (15.2)% |
| $ | (7,311,471 | ) | ||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 48,360,342 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 24.7% 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 13.1% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| BAM | – | Build America Mutual Assurance Co. | ||
| NPFG | – | National Public Finance Guaranty Corp. | ||
| XLCA | – | XL Capital Assurance, Inc. |
| 17 | See Notes to Financial Statements. |
Eaton Vance
Massachusetts Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 154.7% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Bond Bank — 6.1% | ||||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33 | $ | 585 | $ | 750,760 | ||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34 | 640 | 825,754 | ||||||
| $ | 1,576,514 | |||||||
| Education — 10.9% | ||||||||
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35 | $ | 750 | $ | 802,327 | ||||
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35 | 870 | 926,846 | ||||||
University of Massachusetts Building Authority, 5.00%, 11/1/39 | 1,000 | 1,101,570 | ||||||
| $ | 2,830,743 | |||||||
| Escrowed / Prerefunded — 14.2% | ||||||||
Massachusetts Bay Transportation Authority, Prerefunded to 7/1/18, 5.25%, 7/1/34 | $ | 25 | $ | 25,227 | ||||
Massachusetts Bay Transportation Authority, Prerefunded to 7/1/18, 5.25%, 7/1/34 | 70 | 70,643 | ||||||
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/25 | 320 | 331,472 | ||||||
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/29 | 490 | 507,566 | ||||||
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), Prerefunded to 7/1/18, 5.50%, 7/1/36 | 1,000 | 1,009,790 | ||||||
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), Prerefunded to 7/1/19, 5.00%, 7/1/34 | 500 | 520,850 | ||||||
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), Prerefunded to 7/1/19, 5.00%, 7/1/39 | 750 | 781,275 | ||||||
Massachusetts Health and Educational Facilities Authority, (Tufts University), Prerefunded to 8/15/18, 5.375%, 8/15/38 | 425 | 431,035 | ||||||
| $ | 3,677,858 | |||||||
| General Obligations — 9.5% | ||||||||
Danvers, 5.25%, 7/1/36 | $ | 565 | $ | 622,201 | ||||
Plymouth, 5.00%, 5/1/26 | 250 | 272,667 | ||||||
Plymouth, 5.00%, 5/1/31 | 225 | 244,696 | ||||||
Plymouth, 5.00%, 5/1/32 | 205 | 222,817 | ||||||
Wayland, 5.00%, 2/1/33 | 340 | 366,632 | ||||||
Wayland, 5.00%, 2/1/36 | 510 | 549,800 | ||||||
Winchester, 5.00%, 4/15/36 | 160 | 173,370 | ||||||
| $ | 2,452,183 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Hospital — 21.3% | ||||||||
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/33 | $ | 120 | $ | 133,044 | ||||
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31 | 525 | 603,566 | ||||||
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40 | 750 | 834,300 | ||||||
Massachusetts Development Finance Agency, (Partners HealthCare System), 4.00%, 7/1/41 | 1,000 | 1,027,610 | ||||||
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41 | 1,000 | 1,097,550 | ||||||
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37 | 775 | 793,228 | ||||||
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29 | 1,000 | 1,036,910 | ||||||
| $ | 5,526,208 | |||||||
| Insured – Education — 12.6% | ||||||||
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 | $ | 700 | $ | 921,137 | ||||
Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59 | 1,105 | 1,382,134 | ||||||
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1) | 750 | 951,293 | ||||||
| $ | 3,254,564 | |||||||
| Insured – Electric Utilities — 4.3% | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23 | $ | 1,095 | $ | 1,106,136 | ||||
| $ | 1,106,136 | |||||||
| Insured – Escrowed / Prerefunded — 13.9% | ||||||||
Massachusetts College Building Authority, (NPFG), Escrowed to Maturity, 0.00%, 5/1/26 | $ | 2,900 | $ | 2,322,146 | ||||
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), Prerefunded to 11/15/19, 5.00%, 11/15/25 | 220 | 231,561 | ||||||
Revere, (AGC), Prerefunded to 4/1/19, 5.00%, 4/1/39 | 1,000 | 1,033,810 | ||||||
| $ | 3,587,517 | |||||||
| Insured – General Obligations — 9.3% | ||||||||
Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ | 1,900 | $ | 2,407,433 | ||||
| $ | 2,407,433 | |||||||
| Insured – Lease Revenue / Certificates of Participation — 4.6% | ||||||||
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27 | $ | 1,000 | $ | 1,196,650 | ||||
| $ | 1,196,650 | |||||||
| 18 | See Notes to Financial Statements. |
Eaton Vance
Massachusetts Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Other Revenue — 2.2% | ||||||||
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | $ | 415 | $ | 555,531 | ||||
| $ | 555,531 | |||||||
| Insured – Special Tax Revenue — 9.7% | ||||||||
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/28 | $ | 805 | $ | 928,994 | ||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue, (NPFG), 5.50%, 7/1/28 | 400 | 502,492 | ||||||
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29 | 750 | 926,535 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 770 | 152,984 | ||||||
| $ | 2,511,005 | |||||||
| Insured – Water and Sewer — 4.8% | ||||||||
Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/36 | $ | 960 | $ | 1,250,054 | ||||
| $ | 1,250,054 | |||||||
| Special Tax Revenue — 16.1% | ||||||||
Massachusetts Bay Transportation Authority, 5.00%, 7/1/35 | $ | 1,210 | $ | 1,292,837 | ||||
Massachusetts School Building Authority, Sales Tax Revenue, 5.00%, 11/15/46(1) | 1,500 | 1,716,450 | ||||||
Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/40 | 500 | 582,400 | ||||||
Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/41 | 500 | 574,235 | ||||||
| $ | 4,165,922 | |||||||
| Transportation — 12.2% | ||||||||
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/32 | $ | 1,000 | $ | 1,049,740 | ||||
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37 | 500 | 523,375 | ||||||
Massachusetts Port Authority, 5.00%, 7/1/28 | 250 | 267,458 | ||||||
Massachusetts Port Authority, 5.00%, 7/1/34 | 435 | 463,588 | ||||||
Massachusetts Port Authority, 5.00%, 7/1/45 | 750 | 851,167 | ||||||
| $ | 3,155,328 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Water and Sewer — 3.0% | ||||||||
Boston Water & Sewer Commission, Prerefunded to 11/1/19, 5.00%, 11/1/27 | $ | 750 | $ | 788,483 | ||||
| $ | 788,483 | |||||||
Total Tax-Exempt Investments — 154.7% |
| $ | 40,042,129 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value |
| $ | (12,907,008 | ) | ||||
Other Assets, Less Liabilities — (4.8)% |
| $ | (1,243,774 | ) | ||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 25,891,347 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
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, 2018, 39.6% 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 2.3% to 12.8% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| AMBAC | – | AMBAC Financial Group, Inc. | ||
| BAM | – | Build America Mutual Assurance Co. | ||
| NPFG | – | National Public Finance Guaranty Corp. | ||
| XLCA | – | XL Capital Assurance, Inc. |
| 19 | See Notes to Financial Statements. |
Eaton Vance
Michigan Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 157.3% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Education — 26.4% | ||||||||
Michigan Technological University, 4.00%, 10/1/36 | $ | 570 | $ | 585,567 | ||||
University of Michigan, 5.00%, 4/1/48(1) | 3,500 | 4,117,155 | ||||||
Wayne State University, 5.00%, 11/15/40 | 675 | 754,265 | ||||||
Wayne State University, 5.00%, 11/15/43 | 400 | 458,156 | ||||||
| $ | 5,915,143 | |||||||
| Electric Utilities — 7.5% | ||||||||
Holland, Electric Utility System, 5.00%, 7/1/39 | $ | 865 | $ | 939,001 | ||||
Michigan Public Power Agency, 5.00%, 1/1/43 | 700 | 736,008 | ||||||
| $ | 1,675,009 | |||||||
| Escrowed / Prerefunded — 6.3% | ||||||||
Comstock Park Public Schools, Prerefunded to 5/1/21, 5.25%, 5/1/33 | $ | 60 | $ | 65,999 | ||||
Kalamazoo Hospital Finance Authority, (Bronson Healthcare Group), Prerefunded to 5/15/21, 5.25%, 5/15/33 | 430 | 472,832 | ||||||
Lansing Community College, Prerefunded to 5/1/22, 5.00%, 5/1/30 | 770 | 860,337 | ||||||
| $ | 1,399,168 | |||||||
| General Obligations — 27.1% | ||||||||
Battle Creek, 5.00%, 12/1/41 | $ | 750 | $ | 845,340 | ||||
Buchanan Community Schools, 4.00%, 5/1/31 | 500 | 522,660 | ||||||
Byron Center Public Schools, 5.00%, 5/1/43 | 250 | 281,217 | ||||||
Comstock Park Public Schools, 5.125%, 5/1/31 | 205 | 223,194 | ||||||
Comstock Park Public Schools, 5.25%, 5/1/33 | 105 | 114,543 | ||||||
East Grand Rapids Public Schools, 5.00%, 5/1/39 | 665 | 738,376 | ||||||
Grass Lake Community Schools, 5.00%, 5/1/30 | 430 | 487,100 | ||||||
Lansing Community College, 5.00%, 5/1/30 | 230 | 254,888 | ||||||
Plymouth-Canton Community Schools, 4.00%, 5/1/33 | 750 | 777,540 | ||||||
Walled Lake Consolidated School District, 5.00%, 5/1/34 | 635 | 709,797 | ||||||
Watervliet Public Schools, 5.00%, 5/1/38 | 1,000 | 1,110,340 | ||||||
| $ | 6,064,995 | |||||||
| Hospital — 21.6% | ||||||||
Grand Traverse Hospital Finance Authority, (Munson Healthcare Obligated Group), 5.375%, 7/1/35 | $ | 750 | $ | 825,382 | ||||
Kent Hospital Finance Authority, (Spectrum Health System), 5.00%, 1/15/31 | 750 | 804,068 | ||||||
Michigan Finance Authority, (McLaren Health Care), 5.00%, 6/1/35 | 750 | 810,983 | ||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Hospital (continued) | ||||||||
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32 | $ | 500 | $ | 547,395 | ||||
Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/48 | 700 | 750,386 | ||||||
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39 | 1,000 | 1,088,910 | ||||||
| $ | 4,827,124 | |||||||
| Housing — 1.5% | ||||||||
Michigan Housing Development Authority, 3.60%, 12/1/33 | $ | 325 | $ | 327,519 | ||||
| $ | 327,519 | |||||||
| Insured – Bond Bank — 3.1% | ||||||||
Puerto Rico Municipal Finance Agency, (AGM), 5.00%, 8/1/27 | $ | 700 | $ | 701,260 | ||||
| $ | 701,260 | |||||||
| Insured – Electric Utilities — 2.7% | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | $ | 610 | $ | 611,141 | ||||
| $ | 611,141 | |||||||
| Insured – Escrowed / Prerefunded — 15.7% | ||||||||
Michigan Hospital Finance Authority, (St. John Health System), (AMBAC), Escrowed to Maturity, 5.00%, 5/15/28 | $ | 1,135 | $ | 1,207,629 | ||||
Michigan House of Representatives, (AMBAC), Escrowed to Maturity, 0.00%, 8/15/23 | 2,615 | 2,303,187 | ||||||
| $ | 3,510,816 | |||||||
| Insured – General Obligations — 21.7% | ||||||||
Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38 | $ | 500 | $ | 555,995 | ||||
Livonia Public Schools, (AGM), 5.00%, 5/1/43 | 750 | 829,823 | ||||||
Okemos Public Schools, (NPFG), 0.00%, 5/1/19 | 1,330 | 1,300,527 | ||||||
South Haven Public Schools, (AGM), 5.00%, 5/1/40 | 500 | 557,590 | ||||||
South Haven Public Schools, (BAM), 5.00%, 5/1/41 | 950 | 1,067,733 | ||||||
Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34 | 500 | 550,115 | ||||||
| $ | 4,861,783 | |||||||
| Insured – Special Tax Revenue — 0.5% | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | $ | 615 | $ | 122,188 | ||||
| $ | 122,188 | |||||||
| 20 | See Notes to Financial Statements. |
Eaton Vance
Michigan Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Water and Sewer — 9.1% | ||||||||
Michigan Finance Authority, (Detroit Water & Sewerage Department), (AGM), 5.00%, 7/1/31 | $ | 1,500 | $ | 1,676,850 | ||||
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28 | 355 | 355,589 | ||||||
| $ | 2,032,439 | |||||||
| Lease Revenue / Certificates of Participation — 4.7% | ||||||||
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30 | $ | 1,000 | $ | 1,045,500 | ||||
| $ | 1,045,500 | |||||||
| Special Tax Revenue — 4.9% | ||||||||
Michigan Trunk Line Fund, 5.00%, 11/15/36 | $ | 1,000 | $ | 1,089,530 | ||||
| $ | 1,089,530 | |||||||
| Water and Sewer — 4.5% | ||||||||
Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28 | $ | 605 | $ | 726,944 | ||||
Port Huron, Water Supply System, 5.25%, 10/1/31 | 250 | 273,657 | ||||||
| $ | 1,000,601 | |||||||
Total Tax-Exempt Investments — 157.3% |
| $ | 35,184,216 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value |
| $ | (10,486,348 | ) | ||||
Other Assets, Less Liabilities — (10.4)% |
| $ | (2,327,095 | ) | ||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 22,370,773 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
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, 2018, 33.7% 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 1.0% to 10.7% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| AMBAC | – | AMBAC Financial Group, Inc. | ||
| BAM | – | Build America Mutual Assurance Co. | ||
| NPFG | – | National Public Finance Guaranty Corp. |
| 21 | See Notes to Financial Statements. |
Eaton Vance
New Jersey Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 163.8% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Education — 5.0% | ||||||||
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33 | $ | 340 | $ | 385,274 | ||||
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34 | 210 | 237,447 | ||||||
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37 | 360 | 392,677 | ||||||
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/40 | 690 | 762,195 | ||||||
| $ | 1,777,593 | |||||||
| Escrowed / Prerefunded — 7.9% | ||||||||
Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/27 | $ | 1,115 | $ | 1,209,507 | ||||
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), Prerefunded to 10/1/18, 5.25%, 10/1/38 | 135 | 137,491 | ||||||
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), Prerefunded to 10/1/18, 5.25%, 10/1/38 | 465 | 473,231 | ||||||
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31 | 615 | 710,048 | ||||||
North Hudson Sewerage Authority, Prerefunded to 6/1/22, 5.00%, 6/1/29 | 30 | 33,524 | ||||||
Rutgers State University, Prerefunded to 5/1/19, 5.00%, 5/1/39 | 250 | 259,098 | ||||||
| $ | 2,822,899 | |||||||
| General Obligations — 4.9% | ||||||||
Edgewater Board of Education, 4.00%, 3/1/40 | $ | 1,150 | $ | 1,207,983 | ||||
Jersey City, 4.00%, 11/1/35 | 250 | 266,807 | ||||||
Monmouth County Improvement Authority, 5.00%, 1/15/27 | 260 | 281,817 | ||||||
| $ | 1,756,607 | |||||||
| Hospital — 15.0% | ||||||||
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42 | $ | 250 | $ | 274,137 | ||||
New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44 | 450 | 466,974 | ||||||
New Jersey Health Care Facilities Financing Authority, (Hackensack Meridian Health Obligated Group), 4.00%, 7/1/34 | 500 | 519,580 | ||||||
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 4.00%, 7/1/47 | 500 | 506,930 | ||||||
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26 | 295 | 325,639 | ||||||
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31 | 135 | 155,141 | ||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Hospital (continued) | ||||||||
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32 | $ | 400 | $ | 451,484 | ||||
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39 | 1,085 | 1,195,724 | ||||||
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/34 | 700 | 784,651 | ||||||
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 4.00%, 7/1/35 | 675 | 700,920 | ||||||
| $ | 5,381,180 | |||||||
| Housing — 2.5% | ||||||||
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), 4.375%, 4/1/28 | $ | 855 | $ | 890,551 | ||||
| $ | 890,551 | |||||||
| Insured – Education — 0.3% | ||||||||
New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 4.75%, 7/1/34 | $ | 85 | $ | 85,502 | ||||
New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 5.00%, 7/1/38 | 20 | 20,138 | ||||||
| $ | 105,640 | |||||||
| Insured – Electric Utilities — 2.6% | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | $ | 615 | $ | 616,150 | ||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35 | 335 | 319,396 | ||||||
| $ | 935,546 | |||||||
| Insured – Escrowed / Prerefunded — 12.7% | ||||||||
Bayonne, (AGM), Prerefunded to 7/1/19, 5.50%, 7/1/39 | $ | 1,000 | $ | 1,047,200 | ||||
Jersey City, (AGM), Prerefunded to 1/15/19, 5.00%, 1/15/29 | 1,000 | 1,026,890 | ||||||
Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31 | 700 | 717,038 | ||||||
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34 | 840 | 863,226 | ||||||
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34 | 450 | 462,285 | ||||||
New Jersey Educational Facilities Authority, (William Paterson University), (AGC), Prerefunded to 7/1/18, 5.00%, 7/1/38 | 255 | 257,188 | ||||||
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), Prerefunded to 7/1/18, 5.00%, 7/1/38 | 170 | 171,458 | ||||||
| $ | 4,545,285 | |||||||
| Insured – General Obligations — 25.2% | ||||||||
Atlantic City, (BAM), 5.00%, 3/1/37 | $ | 500 | $ | 556,570 | ||||
Bayonne, (AGM), 0.00%, 7/1/23 | 2,415 | 2,065,839 | ||||||
| 22 | See Notes to Financial Statements. |
Eaton Vance
New Jersey Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – General Obligations (continued) | ||||||||
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39 | $ | 1,500 | $ | 1,537,605 | ||||
Hudson County Improvement Authority, (Harrison Redevelopment), (NPFG), 0.00%, 12/15/38 | 2,000 | 891,800 | ||||||
Irvington Township, (AGM), 0.00%, 7/15/26 | 5,235 | 3,978,810 | ||||||
| $ | 9,030,624 | |||||||
| Insured – Hospital — 4.4% | ||||||||
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 | $ | 1,500 | $ | 1,565,865 | ||||
| $ | 1,565,865 | |||||||
| Insured – Lease Revenue / Certificates of Participation — 5.2% | ||||||||
Essex County Improvement Authority, (NPFG), 5.50%, 10/1/30 | $ | 1,000 | $ | 1,267,270 | ||||
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28 | 500 | 585,655 | ||||||
| $ | 1,852,925 | |||||||
| Insured – Special Tax Revenue — 12.0% | ||||||||
Garden State Preservation Trust, (AGM), 0.00%, 11/1/21 | $ | 1,000 | $ | 914,300 | ||||
Garden State Preservation Trust, (AGM), 5.75%, 11/1/28 | 500 | 594,405 | ||||||
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 | 2,380 | 1,760,605 | ||||||
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 | 1,120 | 792,994 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 1,105 | 219,541 | ||||||
| $ | 4,281,845 | |||||||
| Insured – Transportation — 7.8% | ||||||||
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 | $ | 1,200 | $ | 758,784 | ||||
New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29 | 1,500 | 1,838,895 | ||||||
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33 | 180 | 189,562 | ||||||
| $ | 2,787,241 | |||||||
| Insured – Water and Sewer — 11.8% | ||||||||
Middlesex County Improvement Authority, (Perth Amboy), (AMBAC), 0.00%, 9/1/24 | $ | 4,500 | $ | 3,668,985 | ||||
Passaic Valley Sewerage Commissioners, (NPFG), 2.50%, 12/1/32 | 635 | 561,302 | ||||||
| $ | 4,230,287 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Other Revenue — 3.3% | ||||||||
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 3.00%, 6/1/32 | $ | 1,275 | $ | 1,184,105 | ||||
| $ | 1,184,105 | |||||||
| Senior Living / Life Care — 2.0% | ||||||||
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/34 | $ | 675 | $ | 710,849 | ||||
| $ | 710,849 | |||||||
| Special Tax Revenue — 8.1% | ||||||||
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45(1) | $ | 2,800 | $ | 2,893,548 | ||||
| $ | 2,893,548 | |||||||
| Student Loan — 2.8% | ||||||||
New Jersey Higher Education Student Assistance Authority, 5.625%, 6/1/30 | $ | 965 | $ | 1,002,770 | ||||
| $ | 1,002,770 | |||||||
| Transportation — 24.6% | ||||||||
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 | $ | 590 | $ | 619,140 | ||||
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40 | 210 | 220,261 | ||||||
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31 | 1,150 | 1,231,960 | ||||||
New Jersey Turnpike Authority, 3.25%, 1/1/38 | 1,250 | 1,183,413 | ||||||
Port Authority of New York and New Jersey, 5.00%, 10/15/35(1) | 2,675 | 3,068,278 | ||||||
Port Authority of New York and New Jersey, 5.00%, 10/15/41(1) | 2,000 | 2,275,120 | ||||||
South Jersey Transportation Authority, 5.00%, 11/1/39 | 200 | 217,852 | ||||||
| $ | 8,816,024 | |||||||
| 23 | See Notes to Financial Statements. |
Eaton Vance
New Jersey Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Water and Sewer — 5.7% | ||||||||
North Hudson Sewerage Authority, 5.00%, 6/1/29 | $ | 695 | $ | 756,918 | ||||
Passaic County Utilities Authority, 5.00%, 3/1/37 | 695 | 838,295 | ||||||
Sussex County Municipal Utilities Authority, 0.00%, 12/1/37 | 1,000 | 463,130 | ||||||
| $ | 2,058,343 | |||||||
Total Tax-Exempt Investments — 163.8% |
| $ | 58,629,727 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value |
| $ | (17,320,749 | ) | ||||
Other Assets, Less Liabilities — (15.4)% |
| $ | (5,524,235 | ) | ||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 35,784,743 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
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, 2018, 50.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 19.6% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| AMBAC | – | AMBAC Financial Group, Inc. | ||
| BAM | – | Build America Mutual Assurance Co. | ||
| BHAC | – | Berkshire Hathaway Assurance Corp. | ||
| NPFG | – | National Public Finance Guaranty Corp. | ||
| XLCA | – | XL Capital Assurance, Inc. |
| 24 | See Notes to Financial Statements. |
Eaton Vance
New York Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 171.4% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Bond Bank — 10.6% | ||||||||
New York Environmental Facilities Corp., 5.00%, 10/15/39 | $ | 750 | $ | 794,760 | ||||
New York Environmental Facilities Corp., Clean Water and Drinking Water, 4.00%, 6/15/46(1) | 2,500 | 2,626,575 | ||||||
| $ | 3,421,335 | |||||||
| Education — 26.2% | ||||||||
Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/33 | $ | 110 | $ | 122,538 | ||||
Geneva Development Corp., (Hobart and William Smith Colleges), Series 2012, 5.00%, 9/1/32 | 605 | 667,255 | ||||||
Monroe County Industrial Development Corp., (University of Rochester), 4.00%, 7/1/43 | 1,000 | 1,036,750 | ||||||
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41 | 1,275 | 1,381,386 | ||||||
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/37(1) | 1,275 | 1,358,500 | ||||||
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/34 | 100 | 110,642 | ||||||
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40 | 610 | 634,357 | ||||||
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/28 | 325 | 353,974 | ||||||
New York Dormitory Authority, (The New School), 5.00%, 7/1/46 | 1,000 | 1,115,300 | ||||||
New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40 | 1,000 | 1,083,080 | ||||||
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38 | 515 | 578,216 | ||||||
| $ | 8,441,998 | |||||||
| Electric Utilities — 4.8% | ||||||||
Long Island Power Authority, Electric System Revenue, 5.00%, 9/1/42 | $ | 200 | $ | 227,308 | ||||
Utility Debt Securitization Authority, 5.00%, 12/15/33 | 1,160 | 1,313,132 | ||||||
| $ | 1,540,440 | |||||||
| Escrowed / Prerefunded — 10.1% | ||||||||
Long Beach City School District, Prerefunded to 5/1/20, 4.50%, 5/1/26 | $ | 500 | $ | 528,985 | ||||
Metropolitan Transportation Authority, Prerefunded to 11/15/20, 5.00%, 11/15/34 | 2,000 | 2,168,720 | ||||||
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Escrowed to Maturity, 5.00%, 5/1/20 | 235 | 250,764 | ||||||
Triborough Bridge and Tunnel Authority, Prerefunded to 11/15/18, 5.00%, 11/15/38(1) | 300 | 306,435 | ||||||
| $ | 3,254,904 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| General Obligations — 8.0% | ||||||||
New York, 5.00%, 2/15/34(1) | $ | 1,000 | $ | 1,080,540 | ||||
New York City, 5.00%, 8/1/34(1) | 1,350 | 1,507,329 | ||||||
| $ | 2,587,869 | |||||||
| Hospital — 13.8% | ||||||||
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.00%, 7/1/33 | $ | 745 | $ | 847,251 | ||||
New York Dormitory Authority, (Highland Hospital of Rochester), 5.00%, 7/1/26 | 135 | 142,651 | ||||||
New York Dormitory Authority, (Highland Hospital of Rochester), 5.20%, 7/1/32 | 180 | 190,132 | ||||||
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 4.00%, 7/1/37 | 130 | 138,475 | ||||||
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 4.00%, 7/1/47 | 1,500 | 1,556,325 | ||||||
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 4.375%, 7/1/34(1) | 500 | 525,970 | ||||||
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28 | 970 | 1,052,023 | ||||||
| $ | 4,452,827 | |||||||
| Housing — 13.2% | ||||||||
New York City Housing Development Corp., 3.45%, 11/1/37 | $ | 135 | $ | 134,616 | ||||
New York City Housing Development Corp., 3.55%, 11/1/42 | 805 | 781,800 | ||||||
New York City Housing Development Corp., 4.05%, 11/1/41 | 330 | 336,689 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.20%, 11/1/46 | 675 | 624,766 | ||||||
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 4.00%, 11/1/42 | 500 | 515,315 | ||||||
New York Mortgage Agency, 3.55%, 10/1/33 | 495 | 498,688 | ||||||
New York Mortgage Agency, 3.60%, 10/1/34 | 515 | 519,738 | ||||||
New York Mortgage Agency, 3.90%, 10/1/36 | 810 | 831,198 | ||||||
| $ | 4,242,810 | |||||||
| Industrial Development Revenue — 1.9% | ||||||||
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 | $ | 500 | $ | 621,970 | ||||
| $ | 621,970 | |||||||
| Insured – Education — 3.8% | ||||||||
New York Dormitory Authority, (Barnard College), (NPFG), 5.00%, 7/1/24 | $ | 290 | $ | 290,762 | ||||
New York Dormitory Authority, (Pratt Institute), (AGC), Prerefunded to 7/1/19, 5.00%, 7/1/34 | 345 | 359,214 | ||||||
| 25 | See Notes to Financial Statements. |
Eaton Vance
New York Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Education (continued) | ||||||||
New York Dormitory Authority, (Pratt Institute), (AGC), Prerefunded to 7/1/19, 5.125%, 7/1/39 | $ | 545 | $ | 568,288 | ||||
| $ | 1,218,264 | |||||||
| Insured – Electric Utilities — 3.2% | ||||||||
Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 5/1/19, 5.50%, 5/1/33 | $ | 500 | $ | 520,635 | ||||
Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 5/1/19, 6.00%, 5/1/33 | 500 | 523,575 | ||||||
| $ | 1,044,210 | |||||||
| Insured – Escrowed / Prerefunded — 3.7% | ||||||||
Hoosic Valley Central School District, (AGC), Prerefunded to 6/15/19, 4.00%, 6/15/23 | $ | 250 | $ | 257,008 | ||||
Nassau County Sewer and Storm Water Finance Authority, (BHAC), Prerefunded to 11/1/18, 5.375%, 11/1/28 | 905 | 924,611 | ||||||
| $ | 1,181,619 | |||||||
| Insured – General Obligations — 3.5% | ||||||||
Longwood Central School District, Suffolk County, (AGC), 4.15%, 6/1/23 | $ | 185 | $ | 185,733 | ||||
Longwood Central School District, Suffolk County, (AGC), 4.25%, 6/1/24 | 190 | 190,792 | ||||||
Oyster Bay, (AGM), 4.00%, 8/1/28 | 725 | 763,838 | ||||||
| $ | 1,140,363 | |||||||
| Insured – Hospital — 1.5% | ||||||||
New York City Health and Hospitals Corp., (AGM), 5.50%, 2/15/20 | $ | 500 | $ | 501,480 | ||||
| $ | 501,480 | |||||||
| Insured – Other Revenue — 3.0% | ||||||||
New York City Transitional Finance Authority, (BHAC), 5.50%, 7/15/38 | $ | 950 | $ | 960,697 | ||||
| $ | 960,697 | |||||||
| Insured –Special Tax Revenue — 4.4% | ||||||||
New York Thruway Authority, Miscellaneous Tax Revenue, (AMBAC), 5.50%, 4/1/20 | $ | 510 | $ | 548,367 | ||||
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35 | 1,700 | 631,091 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 1,185 | 235,436 | ||||||
| $ | 1,414,894 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Lease Revenue / Certificates of Participation — 5.0% | ||||||||
Hudson Yards Infrastructure Corp., 4.00%, 2/15/36 | $ | 1,000 | $ | 1,041,670 | ||||
Hudson Yards Infrastructure Corp., 5.00%, 2/15/42(1) | 500 | 569,810 | ||||||
| $ | 1,611,480 | |||||||
| Other Revenue — 18.2% | ||||||||
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31 | $ | 1,100 | $ | 672,397 | ||||
Brooklyn Arena Local Development Corp., (Barclays Center), 5.00%, 7/15/42 | 500 | 556,265 | ||||||
New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37(1) | 2,200 | 2,571,888 | ||||||
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/32 | 1,865 | 2,062,988 | ||||||
| $ | 5,863,538 | |||||||
| Special Tax Revenue — 18.7% | ||||||||
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1) | $ | 280 | $ | 306,051 | ||||
New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(1) | 220 | 240,179 | ||||||
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 6/15/31(1) | 2,750 | 3,068,505 | ||||||
New York Dormitory Authority, Personal Income Tax Revenue, Series 2011A, 5.00%, 3/15/33 | 650 | 704,223 | ||||||
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34 | 1,020 | 1,132,496 | ||||||
New York Thruway Authority, Miscellaneous Tax Revenue, Prerefunded to 4/1/20, 5.00%, 4/1/26 | 530 | 564,153 | ||||||
| $ | 6,015,607 | |||||||
| Senior Living / Life Care — 0.9% | ||||||||
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.00%, 11/1/24 | $ | 20 | $ | 23,067 | ||||
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25 | 50 | 59,022 | ||||||
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/26 | 55 | 65,396 | ||||||
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/36 | 125 | 141,877 | ||||||
| $ | 289,362 | |||||||
| Transportation — 16.9% | ||||||||
Metropolitan Transportation Authority, 4.00%, 11/15/42 | $ | 1,240 | $ | 1,277,460 | ||||
Metropolitan Transportation Authority, 4.00%, 11/15/46 | 55 | 56,427 | ||||||
Nassau County Bridge Authority, 5.00%, 10/1/35 | 350 | 372,344 | ||||||
| 26 | See Notes to Financial Statements. |
Eaton Vance
New York Municipal Bond Fund II
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Transportation (continued) | ||||||||
Nassau County Bridge Authority, 5.00%, 10/1/40 | $ | 65 | $ | 69,068 | ||||
New York Thruway Authority, 5.00%, 1/1/37 | 1,170 | 1,273,452 | ||||||
Port Authority of New York and New Jersey, 5.00%, 12/1/34(1) | 820 | 928,027 | ||||||
Port Authority of New York and New Jersey, 5.00%, 11/15/41 | 1,095 | 1,256,589 | ||||||
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38(1) | 200 | 204,016 | ||||||
| $ | 5,437,383 | |||||||
Total Tax-Exempt Investments — 171.4% |
| $ | 55,243,050 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value |
| $ | (11,459,707 | ) | ||||
Other Assets, Less Liabilities — (35.8)% |
| $ | (11,549,678 | ) | ||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 32,233,665 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2018, 13.5% 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 5.3% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| AMBAC | – | AMBAC Financial Group, Inc. | ||
| BHAC | – | Berkshire Hathaway Assurance Corp. | ||
| FHLMC | – | Federal Home Loan Mortgage Corp. | ||
| FNMA | – | Federal National Mortgage Association | ||
| GNMA | – | Government National Mortgage Association | ||
| NPFG | – | National Public Finance Guaranty Corp. |
| 27 | See Notes to Financial Statements. |
Eaton Vance
Ohio Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 158.0% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Bond Bank — 4.3% | ||||||||
Ohio Economic Development, (Ohio Enterprise Bond Fund), 6.00%, 12/1/34 | $ | 700 | $ | 776,615 | ||||
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 605 | 675,930 | ||||||
| $ | 1,452,545 | |||||||
| Education — 16.7% | ||||||||
Bowling Green State University, 5.00%, 6/1/33 | $ | 500 | $ | 570,530 | ||||
Miami University, 5.00%, 9/1/41 | 500 | 569,455 | ||||||
Ohio Higher Educational Facility Commission, (Denison University), 5.00%, 11/1/42 | 850 | 968,975 | ||||||
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44 | 200 | 209,588 | ||||||
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33 | 500 | 555,120 | ||||||
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/42 | 500 | 567,770 | ||||||
Ohio State University, 5.00%, 12/1/30 | 455 | 558,344 | ||||||
University of Cincinnati, 5.00%, 6/1/45(1) | 1,500 | 1,711,590 | ||||||
| $ | 5,711,372 | |||||||
| Electric Utilities — 4.1% | ||||||||
American Municipal Power, Inc., (Meldahl Hydroelectric), 4.00%, 2/15/34 | $ | 615 | $ | 632,552 | ||||
American Municipal Power, Inc., (Meldahl Hydroelectric), 5.00%, 2/15/33 | 180 | 202,502 | ||||||
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40 | 500 | 550,740 | ||||||
| $ | 1,385,794 | |||||||
| Escrowed / Prerefunded — 15.7% | ||||||||
Apollo Career Center Joint Vocational School District, Prerefunded to 12/1/21, 5.25%, 12/1/33 | $ | 270 | $ | 302,343 | ||||
Beavercreek City School District, Prerefunded to 6/1/19, 5.00%, 12/1/30 | 900 | 935,154 | ||||||
Canton Local School District, (School Facilities Construction and Improvement), Prerefunded to 5/1/21, 5.00%, 11/1/43 | 1,000 | 1,094,120 | ||||||
Lakewood City School District, Prerefunded to 11/1/22, 5.00%, 11/1/39 | 400 | 452,424 | ||||||
Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.00%, 7/1/44 | 105 | 112,404 | ||||||
Ohio Higher Educational Facility Commission, (Summa Health System), Prerefunded to 5/15/20, 5.75%, 11/15/40 | 290 | 313,554 | ||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Escrowed / Prerefunded (continued) | ||||||||
Ohio Turnpike Commission, Prerefunded to 2/15/20, 5.00%, 2/15/31 | $ | 1,000 | $ | 1,061,120 | ||||
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 6/1/30 | 1,040 | 1,096,836 | ||||||
| $ | 5,367,955 | |||||||
| General Obligations — 3.0% | ||||||||
Cuyahoga Community College District, 3.50%, 12/1/39 | $ | 495 | $ | 492,005 | ||||
Napoleon Area City School District, (School Facilities Construction and Improvement), 5.00%, 12/1/36 | 500 | 543,520 | ||||||
| $ | 1,035,525 | |||||||
| Hospital — 25.1% | ||||||||
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32 | $ | 865 | $ | 932,894 | ||||
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38 | 440 | 486,055 | ||||||
Allen County, (Mercy Health), 4.00%, 8/1/47(1) | 900 | 911,655 | ||||||
Butler County, (UC Health), 4.00%, 11/15/37 | 265 | 269,871 | ||||||
Butler County, (UC Health), 5.00%, 11/15/28 | 185 | 214,363 | ||||||
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/32 | 635 | 745,807 | ||||||
Franklin County, (Trinity Health Credit Group), 5.00%, 12/1/47 | 470 | 528,167 | ||||||
Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34 | 250 | 282,965 | ||||||
Lucas County, (ProMedica Healthcare Obligated Group), 4.00%, 11/15/45 | 260 | 263,747 | ||||||
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36 | 500 | 546,810 | ||||||
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41 | 755 | 823,652 | ||||||
Montgomery County, (Kettering Health Network Obligated Group), 4.00%, 8/1/47 | 500 | 506,345 | ||||||
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.00%, 1/1/32 | 500 | 539,290 | ||||||
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40 | 170 | 180,628 | ||||||
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27 | 565 | 626,404 | ||||||
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29 | 165 | 182,698 | ||||||
Ohio, (Cleveland Clinic Health System), 4.00%, 1/1/43 | 505 | 520,615 | ||||||
| $ | 8,561,966 | |||||||
| 28 | See Notes to Financial Statements. |
Eaton Vance
Ohio Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Education — 0.2% | ||||||||
Kent State University, (AGC), 5.00%, 5/1/26 | $ | 80 | $ | 82,754 | ||||
| $ | 82,754 | |||||||
| Insured – Electric Utilities — 19.1% | ||||||||
Cleveland, Public Power System Revenue, (NPFG), 0.00%, 11/15/27 | $ | 2,750 | $ | 1,994,163 | ||||
Cleveland, Public Power System Revenue, (NPFG), 0.00%, 11/15/38 | 1,000 | 434,610 | ||||||
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27 | 5,000 | 3,763,450 | ||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | 305 | 305,570 | ||||||
| $ | 6,497,793 | |||||||
| Insured – Escrowed / Prerefunded — 18.4% | ||||||||
Brooklyn City School District, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/38 | $ | 445 | $ | 482,193 | ||||
Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/26 | 920 | 952,982 | ||||||
Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/29 | 330 | 341,831 | ||||||
Lorain County, (Catholic Healthcare Partners), (AGM), Prerefunded to 5/8/18, | 880 | 882,930 | ||||||
Lorain County, (Catholic Healthcare Partners), (AGM), Prerefunded to 5/8/18, 5.00%, 2/1/29 | 880 | 882,930 | ||||||
Milford Exempt Village School District, (AGC), Prerefunded to 12/1/18, 5.25%, 12/1/36 | 1,000 | 1,024,490 | ||||||
Ohio University, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/33 | 500 | 502,835 | ||||||
St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35 | 150 | 150,851 | ||||||
Youngstown State University, (AGC), Prerefunded to 6/15/19, 5.50%, 12/15/33 | 1,000 | 1,045,660 | ||||||
| $ | 6,266,702 | |||||||
| Insured – General Obligations — 13.0% | ||||||||
Cincinnati City School District, (AGM), (FGIC), 5.25%, 12/1/30 | $ | 500 | $ | 626,775 | ||||
Plain School District, (NPFG), 0.00%, 12/1/27 | 2,400 | 1,785,216 | ||||||
Wapakoneta City School District, (AGM), Prerefunded to 6/1/18, 4.75%, 12/1/35 | 2,000 | 2,010,360 | ||||||
| $ | 4,422,351 | |||||||
| Insured – Special Tax Revenue — 12.2% | ||||||||
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23 | $ | 1,245 | $ | 1,072,020 | ||||
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24 | 3,665 | 3,051,332 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 250 | 49,670 | ||||||
| $ | 4,173,022 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Transportation — 4.5% | ||||||||
Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30 | $ | 480 | $ | 521,549 | ||||
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41 | 500 | 535,465 | ||||||
Puerto Rico Highway and Transportation Authority, (AGM), 5.00%, 7/1/32 | 475 | 475,418 | ||||||
| $ | 1,532,432 | |||||||
| Insured – Water and Sewer — 1.6% | ||||||||
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28 | $ | 535 | $ | 535,888 | ||||
| $ | 535,888 | |||||||
| Other Revenue — 1.1% | ||||||||
Summit County Port Authority, 5.00%, 12/1/31 | $ | 350 | $ | 390,058 | ||||
| $ | 390,058 | |||||||
| Senior Living / Life Care — 4.2% | ||||||||
Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44 | $ | 525 | $ | 556,799 | ||||
Hamilton County, (Life Enriching Communities), 5.00%, 1/1/32 | 375 | 398,869 | ||||||
Lorain County Port Authority, (Kendal at Oberlin), 5.00%, 11/15/30 | 190 | 208,780 | ||||||
Warren County, (Otterbein Homes Obligated Group), 5.75%, 7/1/33 | 220 | 252,366 | ||||||
| $ | 1,416,814 | |||||||
| Special Tax Revenue — 1.6% | ||||||||
Cleveland, Income Tax Revenue, (Parks and Recreation Facilities Improvements), 5.00%, 10/1/35 | $ | 500 | $ | 548,810 | ||||
| $ | 548,810 | |||||||
| Transportation — 0.3% | ||||||||
Ohio Turnpike and Infrastructure Commission, 0.00%, 2/15/43 | $ | 310 | $ | 116,349 | ||||
| $ | 116,349 | |||||||
| 29 | See Notes to Financial Statements. |
Eaton Vance
Ohio Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Water and Sewer — 12.9% | ||||||||
Northeast Ohio Regional Sewer District, 4.00%, 11/15/33(1) | $ | 1,000 | $ | 1,042,740 | ||||
Texas Water Development Board, 4.00%, 10/15/47(1) | 2,900 | 3,021,423 | ||||||
Toledo, Sewerage System Revenue, 5.00%, 11/15/28 | 300 | 334,734 | ||||||
| $ | 4,398,897 | |||||||
Total Tax-Exempt Investments — 158.0% |
| $ | 53,897,027 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value |
| $ | (14,701,844 | ) | ||||
Other Assets, Less Liabilities — (14.9)% |
| $ | (5,088,061 | ) | ||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 34,107,122 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
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, 2018, 43.6% 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 1.2% to 15.5% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| AMBAC | – | AMBAC Financial Group, Inc. | ||
| FGIC | – | Financial Guaranty Insurance Company | ||
| NPFG | – | National Public Finance Guaranty Corp. |
| 30 | See Notes to Financial Statements. |
Eaton Vance
Pennsylvania Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited)
| Tax-Exempt Investments — 153.5% | ||||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Education — 31.2% | ||||||||
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/41 | $ | 390 | $ | 422,838 | ||||
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39 | 750 | 857,265 | ||||||
Delaware County Authority, (Villanova University), 5.00%, 8/1/35 | 750 | 851,685 | ||||||
Lehigh County General Purpose Authority, (Muhlenberg College), 5.00%, 2/1/31 | 755 | 868,786 | ||||||
Northampton County General Purpose Authority, (Lafayette College), 5.00%, 11/1/32 | 750 | 838,342 | ||||||
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/24 | 95 | 107,092 | ||||||
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/25 | 135 | 153,390 | ||||||
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/26 | 360 | 410,162 | ||||||
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/27 | 185 | 209,744 | ||||||
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/30 | 270 | 301,217 | ||||||
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/31 | 230 | 255,519 | ||||||
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/40 | 610 | 664,101 | ||||||
Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/26 | 670 | 753,683 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/34 | 530 | 597,018 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 4.25%, 11/1/34 | 1,740 | 1,771,859 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40 | 440 | 467,399 | ||||||
Pennsylvania State University, 5.00%, 9/1/34 | 750 | 869,827 | ||||||
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/33 | 1,035 | 1,172,003 | ||||||
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31 | 750 | 817,635 | ||||||
Swarthmore Borough Authority, (Swarthmore College), 5.00%, 9/15/38 | 250 | 282,473 | ||||||
| $ | 12,672,038 | |||||||
| Escrowed / Prerefunded — 18.4% | ||||||||
Allegheny County Higher Education Building Authority, (Duquesne University), Prerefunded to 3/1/21, 5.50%, 3/1/31 | $ | 1,050 | $ | 1,160,313 | ||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Escrowed / Prerefunded (continued) | ||||||||
Chester County Health and Education Facilities Authority, (Jefferson Health System), Prerefunded to 5/15/20, 5.00%, 5/15/40 | $ | 555 | $ | 592,668 | ||||
General Authority of Southcentral Pennsylvania, (York College of Pennsylvania), Prerefunded to 5/1/21, 5.50%, 11/1/31 | 1,500 | 1,661,145 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), Prerefunded to 3/1/20, 5.00%, 3/1/40 | 925 | 980,888 | ||||||
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30 | 175 | 190,733 | ||||||
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30 | 135 | 147,505 | ||||||
Pennsylvania Turnpike Commission, Prerefunded to 12/1/21, 5.25%, 12/1/31 | 1,000 | 1,117,910 | ||||||
Philadelphia, Water and Wastewater Revenue, Prerefunded to 1/1/19, 5.25%, 1/1/32 | 715 | 734,326 | ||||||
South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29 | 250 | 269,790 | ||||||
Washington County Industrial Development Authority, (Washington and Jefferson College), Prerefunded to 5/1/20, 5.25%, 11/1/30 | 575 | 616,245 | ||||||
| $ | 7,471,523 | |||||||
| General Obligations — 15.2% | ||||||||
Chester County, 4.00%, 7/15/29 | $ | 250 | $ | 273,193 | ||||
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | 1,100 | 1,368,664 | ||||||
Pennsylvania, 4.00%, 4/1/29(1) | 3,000 | 3,132,510 | ||||||
Upper Merion Area School District, 5.00%, 1/15/36 | 500 | 572,295 | ||||||
West York Area School District, 5.00%, 4/1/33 | 750 | 826,777 | ||||||
| $ | 6,173,439 | |||||||
| Hospital — 19.0% | ||||||||
Berks County Industrial Development Authority, (Tower Health), 5.00%, 11/1/37 | $ | 1,200 | $ | 1,336,080 | ||||
Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40 | 195 | 205,356 | ||||||
Franklin County Industrial Development Authority, (The Chambersburg Hospital), 5.375%, 7/1/42 | 1,000 | 1,062,780 | ||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33 | 500 | 512,140 | ||||||
Monroeville Finance Authority, (UPMC Obligated Group), 5.00%, 2/15/42 | 500 | 547,055 | ||||||
Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33 | 250 | 266,648 | ||||||
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42(1) | 1,600 | 1,637,648 | ||||||
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31 | 675 | 713,286 | ||||||
| 31 | See Notes to Financial Statements. |
Eaton Vance
Pennsylvania Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Hospital (continued) | ||||||||
Philadelphia Hospitals and Higher Education Facilities Authority, (Temple University Health System Obligated Group), 5.00%, 7/1/34 | $ | 545 | $ | 593,331 | ||||
Philadelphia Hospitals and Higher Education Facilities Authority, (The Children’s Hospital of Philadelphia), 5.00%, 7/1/32 | 750 | 818,587 | ||||||
| $ | 7,692,911 | |||||||
| Housing — 1.7% | ||||||||
East Hempfield Township Industrial Development Authority, (Student Services, Inc.), 5.00%, 7/1/39 | $ | 175 | $ | 185,369 | ||||
Pennsylvania Housing Finance Agency, SFMR, 4.00%, 10/1/38 | 500 | 506,985 | ||||||
| $ | 692,354 | |||||||
| Insured – Electric Utilities — 2.9% | ||||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $ | 490 | $ | 470,126 | ||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35 | 750 | 715,065 | ||||||
| $ | 1,185,191 | |||||||
| Insured – Escrowed / Prerefunded — 13.7% | ||||||||
Bucks County Water and Sewer Authority, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/35 | $ | 500 | $ | 541,790 | ||||
Centennial School District, (AGM), Prerefunded to 12/15/18, 5.25%, 12/15/37 | 660 | 677,107 | ||||||
Erie Sewer Authority, Series A, (AMBAC), Escrowed to Maturity, 0.00%, 12/1/25 | 180 | 147,234 | ||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), Prerefunded to 7/1/18, 5.00%, 7/1/35 | 1,620 | 1,649,840 | ||||||
Pennsylvania Higher Educational Facilities Authority, (University of the Sciences in Philadelphia), (AGC), Prerefunded to 11/1/18, 5.00%, 11/1/37 | 500 | 509,880 | ||||||
Reading School District, (AGM), Prerefunded to 9/1/18, 5.00%, 3/1/35 | 1,500 | 1,521,225 | ||||||
State Public School Building Authority, (Harrisburg School District), (AGC), Prerefunded to 5/15/19, 5.00%, 11/15/33 | 85 | 88,108 | ||||||
State Public School Building Authority, (Harrisburg School District), (AGC), Prerefunded to 5/15/19, 5.00%, 11/15/33 | 85 | 88,108 | ||||||
State Public School Building Authority, (Harrisburg School District), (AGC), Prerefunded to 5/15/19, 5.00%, 11/15/33 | 330 | 342,065 | ||||||
| $ | 5,565,357 | |||||||
| Insured – General Obligations — 13.5% | ||||||||
Erie School District, (AMBAC), 0.00%, 9/1/30 | $ | 1,000 | $ | 599,160 | ||||
Laurel Highlands School District, (AGM), 5.00%, 2/1/37 | 750 | 822,930 | ||||||
Luzerne County, (AGM), 5.00%, 11/15/29 | 250 | 281,455 | ||||||
McKeesport School District, (NPFG), 0.00%, 10/1/21 | 2,555 | 2,318,433 | ||||||
Shaler Area School District, (XLCA), 0.00%, 9/1/33 | 2,550 | 1,447,125 | ||||||
| $ | 5,469,103 | |||||||
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Insured – Hospital — 0.7% | ||||||||
Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ | 250 | $ | 299,805 | ||||
| $ | 299,805 | |||||||
| Insured – Industrial Development Revenue — 2.6% | ||||||||
Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc.), (BHAC), 5.00%, 10/1/39(1) | $ | 1,000 | $ | 1,043,500 | ||||
| $ | 1,043,500 | |||||||
| Insured – Lease Revenue / Certificates of Participation — 4.3% | ||||||||
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31 | $ | 500 | $ | 515,715 | ||||
Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27 | 1,215 | 1,217,260 | ||||||
| $ | 1,732,975 | |||||||
| Insured – Special Tax Revenue — 3.2% | ||||||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, Sales Tax Revenue, (AGM), 5.00%, 2/1/31 | $ | 1,000 | $ | 1,060,120 | ||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 1,295 | 257,291 | ||||||
| $ | 1,317,411 | |||||||
| Insured – Transportation — 5.5% | ||||||||
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41 | $ | 2,100 | $ | 2,248,953 | ||||
| $ | 2,248,953 | |||||||
| Insured – Water and Sewer — 9.6% | ||||||||
Erie Sewer Authority, Series A, (AMBAC), 0.00%, 12/1/25 | $ | 1,250 | $ | 931,225 | ||||
Erie Sewer Authority, Series B, (AMBAC), 0.00%, 12/1/25 | 2,155 | 1,605,432 | ||||||
Erie Sewer Authority, Series B, (AMBAC), 0.00%, 12/1/26 | 1,920 | 1,367,097 | ||||||
| $ | 3,903,754 | |||||||
| Lease Revenue / Certificates of Participation — 1.7% | ||||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/34 | $ | 600 | $ | 668,766 | ||||
| $ | 668,766 | |||||||
| Special Tax Revenue — 4.1% | ||||||||
Allegheny County Port Authority, 5.75%, 3/1/29 | $ | 1,500 | $ | 1,654,695 | ||||
| $ | 1,654,695 | |||||||
| 32 | See Notes to Financial Statements. |
Eaton Vance
Pennsylvania Municipal Bond Fund
March 31, 2018
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000’s omitted) | Value | ||||||
| Transportation — 4.9% | ||||||||
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 | $ | 465 | $ | 487,966 | ||||
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40 | 730 | 765,668 | ||||||
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30 | 190 | 207,081 | ||||||
Philadelphia, Airport Revenue, 5.25%, 6/15/27 | 500 | 535,910 | ||||||
| $ | 1,996,625 | |||||||
| Water and Sewer — 1.3% | ||||||||
Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36 | $ | 500 | $ | 532,935 | ||||
| $ | 532,935 | |||||||
Total Tax-Exempt Investments — 153.5% |
| $ | 62,321,335 | |||||
Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (50.2)% |
| $ | (20,389,154 | ) | ||||
Other Assets, Less Liabilities — (3.3)% | $ | (1,346,112 | ) | |||||
Net Assets Applicable to Common Shares — 100.0% | $ | 40,586,069 | ||||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
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, 2018, 36.5% 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 1.7% to 12.5% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
Abbreviations:
| AGC | – | Assured Guaranty Corp. | ||
| AGM | – | Assured Guaranty Municipal Corp. | ||
| AMBAC | – | AMBAC Financial Group, Inc. | ||
| BHAC | – | Berkshire Hathaway Assurance Corp. | ||
| NPFG | – | National Public Finance Guaranty Corp. | ||
| SFMR | – | Single Family Mortgage Revenue | ||
| XLCA | – | XL Capital Assurance, Inc. |
| 33 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Assets and Liabilities (Unaudited)
| March 31, 2018 | ||||||||||||||||
| Assets | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||
Investments — | ||||||||||||||||
Identified cost | $ | 204,800,501 | $ | 76,562,001 | $ | 36,890,381 | $ | 33,212,959 | ||||||||
Unrealized appreciation | 11,255,881 | 3,839,065 | 3,151,748 | 1,971,257 | ||||||||||||
Investments, at value | $ | 216,056,382 | $ | 80,401,066 | $ | 40,042,129 | $ | 35,184,216 | ||||||||
Cash | $ | 171,427 | $ | 12,241 | $ | 580,850 | $ | — | ||||||||
Interest receivable | 2,765,320 | 844,650 | 481,981 | 402,029 | ||||||||||||
Receivable for investments sold | 2,356,189 | — | — | 1,484,000 | ||||||||||||
Due from broker for floating rate notes issued | 4,800,000 | 1,000,000 | 1,200,000 | 2,800,000 | ||||||||||||
Total assets | $ | 226,149,318 | $ | 82,257,957 | $ | 42,304,960 | $ | 39,870,245 | ||||||||
| Liabilities | ||||||||||||||||
Payable for floating rate notes issued (net of unamortized deferred debt issuance costs of $24,920, $7,809, $0 and $0, respectively) | $ | 49,230,127 | $ | 9,047,431 | $ | 1,703,436 | $ | 2,800,630 | ||||||||
Institutional MuniFund Term Preferred Shares, at liquidation value (net of unamortized deferred offering costs of $108,337, $70,747, $42,992 and $38,652, respectively) | 39,841,663 | 24,729,253 | 12,907,008 | 10,486,348 | ||||||||||||
Payable for investments purchased | 6,223,003 | — | 1,736,532 | 4,098,282 | ||||||||||||
Due to custodian | — | — | — | 53,319 | ||||||||||||
Payable to affiliate: | ||||||||||||||||
Investment adviser fee | 101,558 | 38,233 | 18,536 | 16,675 | ||||||||||||
Interest expense and fees payable | 222,576 | 25,652 | 725 | — | ||||||||||||
Accrued expenses | 82,060 | 57,046 | 47,376 | 44,218 | ||||||||||||
Total liabilities | $ | 95,700,987 | $ | 33,897,615 | $ | 16,413,613 | $ | 17,499,472 | ||||||||
Net assets applicable to common shares | $ | 130,448,331 | $ | 48,360,342 | $ | 25,891,347 | $ | 22,370,773 | ||||||||
| Sources of Net Assets | ||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares authorized | $ | 100,134 | $ | 38,864 | $ | 17,685 | $ | 15,001 | ||||||||
Additional paid-in capital | 140,783,878 | 54,598,746 | 25,277,829 | 21,265,907 | ||||||||||||
Accumulated undistributed net investment income | 152,914 | 209,807 | 95,446 | 92,585 | ||||||||||||
Accumulated net realized loss | (21,844,476 | ) | (10,326,140 | ) | (2,651,361 | ) | (973,977 | ) | ||||||||
Net unrealized appreciation | 11,255,881 | 3,839,065 | 3,151,748 | 1,971,257 | ||||||||||||
Net assets applicable to common shares | $ | 130,448,331 | $ | 48,360,342 | $ | 25,891,347 | $ | 22,370,773 | ||||||||
| Institutional MuniFund Term Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | 1,598 | 992 | 518 | 421 | ||||||||||||
| Common Shares Outstanding | 10,013,381 | 3,886,356 | 1,768,514 | 1,500,065 | ||||||||||||
| Net Asset Value Per Common Share | ||||||||||||||||
Net assets applicable to common shares ÷ common shares issued and outstanding | $ | 13.03 | $ | 12.44 | $ | 14.64 | $ | 14.91 | ||||||||
| 34 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Assets and Liabilities (Unaudited) — continued
| March 31, 2018 | ||||||||||||||||
| Assets | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||
Investments — | ||||||||||||||||
Identified cost | $ | 55,460,203 | $ | 53,313,142 | $ | 50,293,476 | $ | 59,664,770 | ||||||||
Unrealized appreciation | 3,169,524 | 1,929,908 | 3,603,551 | 2,656,565 | ||||||||||||
Investments, at value | $ | 58,629,727 | $ | 55,243,050 | $ | 53,897,027 | $ | 62,321,335 | ||||||||
Cash | $ | 615,376 | $ | 7,977 | $ | 854,547 | $ | 804,557 | ||||||||
Interest receivable | 554,371 | 645,731 | 594,004 | 746,951 | ||||||||||||
Receivable for investments sold | 45,000 | — | — | 2,250,000 | ||||||||||||
Due from broker for floating rate notes issued | 2,240,000 | 1,760,000 | 2,320,000 | 1,280,000 | ||||||||||||
Total assets | $ | 62,084,474 | $ | 57,656,758 | $ | 57,665,578 | $ | 67,402,843 | ||||||||
| Liabilities | ||||||||||||||||
Payable for floating rate notes issued | $ | 5,982,454 | $ | 11,278,974 | $ | 5,702,089 | $ | 4,672,431 | ||||||||
Institutional MuniFund Term Preferred Shares, at liquidation value (net of unamortized deferred offering costs of $54,251, $40,293, $48,156 and $60,846, respectively) | 17,320,749 | 11,459,707 | 14,701,844 | 20,389,154 | ||||||||||||
Payable for investments purchased | 2,889,765 | 2,560,270 | 3,062,197 | 1,640,916 | ||||||||||||
Payable to affiliate: | ||||||||||||||||
Investment adviser fee | 27,024 | 25,420 | 25,231 | 30,586 | ||||||||||||
Interest expense and fees payable | 29,214 | 43,946 | 16,478 | 28,708 | ||||||||||||
Accrued expenses | 50,525 | 54,776 | 50,617 | 54,979 | ||||||||||||
Total liabilities | $ | 26,299,731 | $ | 25,423,093 | $ | 23,558,456 | $ | 26,816,774 | ||||||||
Net assets applicable to common shares | $ | 35,784,743 | $ | 32,233,665 | $ | 34,107,122 | $ | 40,586,069 | ||||||||
| Sources of Net Assets | ||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares authorized | $ | 25,792 | $ | 25,565 | $ | 25,379 | $ | 29,600 | ||||||||
Additional paid-in capital | 37,006,258 | 35,388,694 | 34,462,282 | 42,735,788 | ||||||||||||
Accumulated undistributed net investment income | 160,220 | 76,521 | 246,064 | 217,960 | ||||||||||||
Accumulated net realized loss | (4,577,051 | ) | (5,187,023 | ) | (4,230,154 | ) | (5,053,844 | ) | ||||||||
Net unrealized appreciation | 3,169,524 | 1,929,908 | 3,603,551 | 2,656,565 | ||||||||||||
Net assets applicable to common shares | $ | 35,784,743 | $ | 32,233,665 | $ | 34,107,122 | $ | 40,586,069 | ||||||||
| Institutional MuniFund Term Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | 695 | 460 | 590 | 818 | ||||||||||||
| Common Shares Outstanding | 2,579,166 | 2,556,510 | 2,537,940 | 2,960,040 | ||||||||||||
| Net Asset Value Per Common Share | ||||||||||||||||
Net assets applicable to common shares ÷ common shares issued and outstanding | $ | 13.87 | $ | 12.61 | $ | 13.44 | $ | 13.71 | ||||||||
| 35 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Operations (Unaudited)
| Six Months Ended March 31, 2018 | ||||||||||||||||
| Investment Income | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||
Interest | $ | 4,473,234 | $ | 1,615,066 | $ | 809,720 | $ | 738,045 | ||||||||
Total investment income | $ | 4,473,234 | $ | 1,615,066 | $ | 809,720 | $ | 738,045 | ||||||||
| Expenses | ||||||||||||||||
Investment adviser fee | $ | 603,868 | $ | 226,108 | $ | 111,141 | $ | 99,014 | ||||||||
Trustees’ fees and expenses | 4,863 | 1,979 | 1,107 | 1,009 | ||||||||||||
Custodian fee | 31,677 | 16,734 | 12,182 | 11,431 | ||||||||||||
Transfer and dividend disbursing agent fees | 9,484 | 9,385 | 9,347 | 9,392 | ||||||||||||
Legal and accounting services | 32,749 | 22,351 | 18,527 | 16,148 | ||||||||||||
Printing and postage | 11,248 | 4,856 | 3,500 | 3,631 | ||||||||||||
Interest expense and fees | 847,652 | 335,336 | 158,112 | 126,403 | ||||||||||||
Miscellaneous | 36,074 | 28,728 | 27,718 | 28,032 | ||||||||||||
Total expenses | $ | 1,577,615 | $ | 645,477 | $ | 341,634 | $ | 295,060 | ||||||||
Net investment income | $ | 2,895,619 | $ | 969,589 | $ | 468,086 | $ | 442,985 | ||||||||
| Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) — | ||||||||||||||||
Investment transactions | $ | 137,484 | $ | (300,116 | ) | $ | 12,921 | $ | 70,828 | |||||||
Net realized gain (loss) | $ | 137,484 | $ | (300,116 | ) | $ | 12,921 | $ | 70,828 | |||||||
Change in unrealized appreciation (depreciation) — | ||||||||||||||||
Investments | $ | (5,500,455 | ) | $ | (1,489,007 | ) | $ | (982,964 | ) | $ | (715,130 | ) | ||||
Net change in unrealized appreciation (depreciation) | $ | (5,500,455 | ) | $ | (1,489,007 | ) | $ | (982,964 | ) | $ | (715,130 | ) | ||||
Net realized and unrealized loss | $ | (5,362,971 | ) | $ | (1,789,123 | ) | $ | (970,043 | ) | $ | (644,302 | ) | ||||
Distributions to auction preferred shareholders | ||||||||||||||||
From net investment income | $ | (40,537 | ) | $ | (7,806 | ) | $ | (5,333 | ) | $ | (23,805 | ) | ||||
Net decrease in net assets from operations | $ | (2,507,889 | ) | $ | (827,340 | ) | $ | (507,290 | ) | $ | (225,122 | ) | ||||
| 36 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Operations (Unaudited) — continued
| Six Months Ended March 31, 2018 | ||||||||||||||||
| Investment Income | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||
Interest | $ | 1,233,455 | $ | 1,097,349 | $ | 1,142,520 | $ | 1,386,322 | ||||||||
Total investment income | $ | 1,233,455 | $ | 1,097,349 | $ | 1,142,520 | $ | 1,386,322 | ||||||||
| Expenses | ||||||||||||||||
Investment adviser fee | $ | 162,299 | $ | 152,179 | $ | 151,527 | $ | 182,529 | ||||||||
Trustees’ fees and expenses | 1,499 | 1,418 | 1,416 | 1,648 | ||||||||||||
Custodian fee | 14,210 | 13,792 | 13,679 | 14,659 | ||||||||||||
Transfer and dividend disbursing agent fees | 9,939 | 10,067 | 9,397 | 9,600 | ||||||||||||
Legal and accounting services | 19,137 | 21,815 | 19,433 | 20,214 | ||||||||||||
Printing and postage | 4,158 | 4,120 | 5,295 | 5,007 | ||||||||||||
Interest expense and fees | 238,393 | 210,341 | 219,951 | 273,444 | ||||||||||||
Miscellaneous | 28,358 | 30,053 | 29,507 | 30,844 | ||||||||||||
Total expenses | $ | 477,993 | $ | 443,785 | $ | 450,205 | $ | 537,945 | ||||||||
Net investment income | $ | 755,462 | $ | 653,564 | $ | 692,315 | $ | 848,377 | ||||||||
| Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) — | ||||||||||||||||
Investment transactions | $ | 72,863 | $ | 65,051 | $ | 54,697 | $ | 143,372 | ||||||||
Financial futures contracts | 59,395 | — | — | 84,849 | ||||||||||||
Net realized gain | $ | 132,258 | $ | 65,051 | $ | 54,697 | $ | 228,221 | ||||||||
Change in unrealized appreciation (depreciation) — | ||||||||||||||||
Investments | $ | (1,655,002 | ) | $ | (1,397,424 | ) | $ | (1,372,266 | ) | $ | (1,898,950 | ) | ||||
Financial futures contracts | (35,083 | ) | — | — | (50,119 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | $ | (1,690,085 | ) | $ | (1,397,424 | ) | $ | (1,372,266 | ) | $ | (1,949,069 | ) | ||||
Net realized and unrealized loss | $ | (1,557,827 | ) | $ | (1,332,373 | ) | $ | (1,317,569 | ) | $ | (1,720,848 | ) | ||||
Distributions to auction preferred shareholders | ||||||||||||||||
From net investment income | $ | (19,116 | ) | $ | (14,878 | ) | $ | (20,161 | ) | $ | (11,042 | ) | ||||
Net decrease in net assets from operations | $ | (821,481 | ) | $ | (693,687 | ) | $ | (645,415 | ) | $ | (883,513 | ) | ||||
| 37 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Changes in Net Assets
| Six Months Ended March 31, 2018 (Unaudited) | ||||||||||||||||
| Increase (Decrease) in Net Assets | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||
From operations — | ||||||||||||||||
Net investment income | $ | 2,895,619 | $ | 969,589 | $ | 468,086 | $ | 442,985 | ||||||||
Net realized gain (loss) | 137,484 | (300,116 | ) | 12,921 | 70,828 | |||||||||||
Net change in unrealized appreciation (depreciation) | (5,500,455 | ) | (1,489,007 | ) | (982,964 | ) | (715,130 | ) | ||||||||
Distributions to auction preferred shareholders — | ||||||||||||||||
From net investment income | (40,537 | ) | (7,806 | ) | (5,333 | ) | (23,805 | ) | ||||||||
Net decrease in net assets from operations | $ | (2,507,889 | ) | $ | (827,340 | ) | $ | (507,290 | ) | $ | (225,122 | ) | ||||
Distributions to common shareholders — | ||||||||||||||||
From net investment income | $ | (2,883,854 | ) | $ | (1,030,662 | ) | $ | (460,521 | ) | $ | (427,519 | ) | ||||
Total distributions to common shareholders | $ | (2,883,854 | ) | $ | (1,030,662 | ) | $ | (460,521 | ) | $ | (427,519 | ) | ||||
Net decrease in net assets | $ | (5,391,743 | ) | $ | (1,858,002 | ) | $ | (967,811 | ) | $ | (652,641 | ) | ||||
| Net Assets Applicable to Common Shares | ||||||||||||||||
At beginning of period | $ | 135,840,074 | $ | 50,218,344 | $ | 26,859,158 | $ | 23,023,414 | ||||||||
At end of period | $ | 130,448,331 | $ | 48,360,342 | $ | 25,891,347 | $ | 22,370,773 | ||||||||
| Accumulated undistributed net investment income included in net assets applicable to common shares | ||||||||||||||||
At end of period | $ | 152,914 | $ | 209,807 | $ | 95,446 | $ | 92,585 | ||||||||
| 38 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Changes in Net Assets — continued
| Six Months Ended March 31, 2018 (Unaudited) | ||||||||||||||||
| Increase (Decrease) in Net Assets | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||
From operations — | ||||||||||||||||
Net investment income | $ | 755,462 | $ | 653,564 | $ | 692,315 | $ | 848,377 | ||||||||
Net realized gain | 132,258 | 65,051 | 54,697 | 228,221 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (1,690,085 | ) | (1,397,424 | ) | (1,372,266 | ) | (1,949,069 | ) | ||||||||
Distributions to auction preferred shareholders — | ||||||||||||||||
From net investment income | (19,116 | ) | (14,878 | ) | (20,161 | ) | (11,042 | ) | ||||||||
Net decrease in net assets from operations | $ | (821,481 | ) | $ | (693,687 | ) | $ | (645,415 | ) | $ | (883,513 | ) | ||||
Distributions to common shareholders — | ||||||||||||||||
From net investment income | $ | (759,822 | ) | $ | (673,385 | ) | $ | (714,176 | ) | $ | (863,148 | ) | ||||
Total distributions to common shareholders | $ | (759,822 | ) | $ | (673,385 | ) | $ | (714,176 | ) | $ | (863,148 | ) | ||||
Net decrease in net assets | $ | (1,581,303 | ) | $ | (1,367,072 | ) | $ | (1,359,591 | ) | $ | (1,746,661 | ) | ||||
| Net Assets Applicable to Common Shares | ||||||||||||||||
At beginning of period | $ | 37,366,046 | $ | 33,600,737 | $ | 35,466,713 | $ | 42,332,730 | ||||||||
At end of period | $ | 35,784,743 | $ | 32,233,665 | $ | 34,107,122 | $ | 40,586,069 | ||||||||
| Accumulated undistributed net investment income included in net assets applicable to common shares | ||||||||||||||||
At end of period | $ | 160,220 | $ | 76,521 | $ | 246,064 | $ | 217,960 | ||||||||
| 39 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Changes in Net Assets — continued
| Year Ended September 30, 2017 | ||||||||||||||||
| Increase (Decrease) in Net Assets | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||
From operations — | ||||||||||||||||
Net investment income | $ | 6,049,693 | $ | 2,106,095 | $ | 983,524 | $ | 927,120 | ||||||||
Net realized gain (loss) | (206,930 | ) | 163,722 | 236,740 | 62,626 | |||||||||||
Net change in unrealized appreciation (depreciation) | (6,078,026 | ) | (2,427,205 | ) | (1,808,654 | ) | (868,239 | ) | ||||||||
Distributions to auction preferred shareholders — | ||||||||||||||||
From net investment income | (60,020 | ) | (11,462 | ) | (7,904 | ) | (35,681 | ) | ||||||||
Net increase (decrease) in net assets from operations | $ | (295,283 | ) | $ | (168,850 | ) | $ | (596,294 | ) | $ | 85,826 | |||||
Distributions to common shareholders — | ||||||||||||||||
From net investment income | $ | (5,920,912 | ) | $ | (2,061,323 | ) | $ | (984,001 | ) | $ | (897,189 | ) | ||||
Total distributions to common shareholders | $ | (5,920,912 | ) | $ | (2,061,323 | ) | $ | (984,001 | ) | $ | (897,189 | ) | ||||
Net decrease in net assets | $ | (6,216,195 | ) | $ | (2,230,173 | ) | $ | (1,580,295 | ) | $ | (811,363 | ) | ||||
| Net Assets Applicable to Common Shares | ||||||||||||||||
At beginning of year | $ | 142,056,269 | $ | 52,448,517 | $ | 28,439,453 | $ | 23,834,777 | ||||||||
At end of year | $ | 135,840,074 | $ | 50,218,344 | $ | 26,859,158 | $ | 23,023,414 | ||||||||
| Accumulated undistributed net investment income included in net assets applicable to common shares | ||||||||||||||||
At end of year | $ | 181,686 | $ | 278,686 | $ | 93,214 | $ | 100,924 | ||||||||
| 40 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Changes in Net Assets — continued
| Year Ended September 30, 2017 | ||||||||||||||||
| Increase (Decrease) in Net Assets | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||
From operations — | ||||||||||||||||
Net investment income | $ | 1,613,365 | $ | 1,417,017 | $ | 1,536,288 | $ | 1,865,852 | ||||||||
Net realized gain (loss) | 754,589 | (309,955 | ) | 488,387 | 443,312 | |||||||||||
Net change in unrealized appreciation (depreciation) | (2,741,639 | ) | (1,288,094 | ) | (2,465,330 | ) | (2,334,078 | ) | ||||||||
Distributions to auction preferred shareholders — | ||||||||||||||||
From net investment income | (28,329 | ) | (22,300 | ) | (28,411 | ) | (16,122 | ) | ||||||||
Net decrease in net assets from operations | $ | (402,014 | ) | $ | (203,332 | ) | $ | (469,066 | ) | $ | (41,036 | ) | ||||
Distributions to common shareholders — | ||||||||||||||||
From net investment income | $ | (1,617,137 | ) | $ | (1,436,247 | ) | $ | (1,486,971 | ) | $ | (1,880,809 | ) | ||||
Total distributions to common shareholders | $ | (1,617,137 | ) | $ | (1,436,247 | ) | $ | (1,486,971 | ) | $ | (1,880,809 | ) | ||||
Capital share transactions — | ||||||||||||||||
Reinvestment of distributions to common shareholders | $ | — | $ | — | $ | 2,404 | $ | — | ||||||||
Net increase in net assets from capital share transactions | $ | — | $ | — | $ | 2,404 | $ | — | ||||||||
Net decrease in net assets | $ | (2,019,151 | ) | $ | (1,639,579 | ) | $ | (1,953,633 | ) | $ | (1,921,845 | ) | ||||
| Net Assets Applicable to Common Shares | ||||||||||||||||
At beginning of year | $ | 39,385,197 | $ | 35,240,316 | $ | 37,420,346 | $ | 44,254,575 | ||||||||
At end of year | $ | 37,366,046 | $ | 33,600,737 | $ | 35,466,713 | $ | 42,332,730 | ||||||||
| Accumulated undistributed net investment income included in net assets applicable to common shares | ||||||||||||||||
At end of year | $ | 183,696 | $ | 111,220 | $ | 288,086 | $ | 243,773 | ||||||||
| 41 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Cash Flows (Unaudited)
| Six Months Ended March 31, 2018 | ||||||||||||||||
| Cash Flows From Operating Activities | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||
Net decrease in net assets from operations | $ | (2,507,889 | ) | $ | (827,340 | ) | $ | (507,290 | ) | $ | (225,122 | ) | ||||
Distributions to auction preferred shareholders | 40,537 | 7,806 | 5,333 | 23,805 | ||||||||||||
Net decrease in net assets from operations excluding distributions to auction preferred shareholders | $ | (2,467,352 | ) | $ | (819,534 | ) | $ | (501,957 | ) | $ | (201,317 | ) | ||||
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | ||||||||||||||||
Investments purchased | (16,635,724 | ) | (13,373,352 | ) | (2,201,693 | ) | (778,180 | ) | ||||||||
Investments sold | 18,370,889 | 13,732,817 | 2,631,750 | 3,508,419 | ||||||||||||
Net amortization/accretion of premium (discount) | 156,027 | 9,485 | 30,744 | (22,925 | ) | |||||||||||
Amortization of deferred debt issuance costs | 802 | 273 | — | — | ||||||||||||
Amortization of deferred offering costs on Institutional MuniFund Term Preferred Shares | 43,583 | 28,446 | 17,277 | 15,539 | ||||||||||||
Decrease (increase) in interest receivable | 73,734 | (25,189 | ) | (25,373 | ) | 87,049 | ||||||||||
Increase (decrease) in payable to affiliate for investment adviser fee | 752 | 398 | (119 | ) | 148 | |||||||||||
Increase (decrease) in interest expense and fees payable | 34,657 | 2,452 | (18 | ) | — | |||||||||||
Decrease in accrued expenses | (46,668 | ) | (30,006 | ) | (25,105 | ) | (22,637 | ) | ||||||||
Net change in unrealized (appreciation) depreciation from investments | 5,500,455 | 1,489,007 | 982,964 | 715,130 | ||||||||||||
Net realized (gain) loss from investments | (137,484 | ) | 300,116 | (12,921 | ) | (70,828 | ) | |||||||||
Net cash provided by operating activities | $ | 4,893,671 | $ | 1,314,913 | $ | 895,549 | $ | 3,230,398 | ||||||||
| Cash Flows From Financing Activities | ||||||||||||||||
Distributions paid to common shareholders, net of reinvestments | $ | (2,883,854 | ) | $ | (1,030,662 | ) | $ | (460,521 | ) | $ | (427,519 | ) | ||||
Cash distributions paid to auction preferred shareholders | (41,469 | ) | (7,916 | ) | (5,385 | ) | (24,263 | ) | ||||||||
Liquidation of auction preferred shares | (4,750,000 | ) | (900,000 | ) | (625,000 | ) | (2,800,000 | ) | ||||||||
Proceeds from secured borrowings | 3,200,000 | 4,000,000 | — | — | ||||||||||||
Repayment of secured borrowings | — | (3,200,000 | ) | — | — | |||||||||||
Increase (decrease) in due to custodian | (246,921 | ) | (164,094 | ) | — | 21,384 | ||||||||||
Net cash used in financing activities | $ | (4,722,244 | ) | $ | (1,302,672 | ) | $ | (1,090,906 | ) | $ | (3,230,398 | ) | ||||
Net increase (decrease) in cash | $ | 171,427 | $ | 12,241 | $ | (195,357 | ) | $ | — | |||||||
Cash at beginning of period | $ | — | $ | — | $ | 776,207 | $ | — | ||||||||
Cash at end of period | $ | 171,427 | $ | 12,241 | $ | 580,850 | $ | — | ||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares | $ | 768,610 | $ | 304,165 | $ | 140,853 | $ | 110,864 | ||||||||
| 42 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Statements of Cash Flows (Unaudited) — continued
| Six Months Ended March 31, 2018 | ||||||||||||||||
| Cash Flows From Operating Activities | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||
Net decrease in net assets from operations | $ | (821,481 | ) | $ | (693,687 | ) | $ | (645,415 | ) | $ | (883,513 | ) | ||||
Distributions to auction preferred shareholders | 19,116 | 14,878 | 20,161 | 11,042 | ||||||||||||
Net decrease in net assets from operations excluding distributions to auction preferred shareholders | $ | (802,365 | ) | $ | (678,809 | ) | $ | (625,254 | ) | $ | (872,471 | ) | ||||
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | ||||||||||||||||
Investments purchased | (3,306,812 | ) | (8,767,022 | ) | (3,139,849 | ) | (5,874,323 | ) | ||||||||
Investments sold | 6,434,216 | 10,331,804 | 5,907,033 | 6,513,663 | ||||||||||||
Net amortization/accretion of premium (discount) | (246,448 | ) | 78,320 | (183,880 | ) | (91,169 | ) | |||||||||
Amortization of deferred offering costs on Institutional MuniFund Term Preferred Shares | 21,812 | 16,195 | 19,363 | 24,463 | ||||||||||||
Decrease in deposits for derivatives collateral — financial futures contracts | 42,000 | — | — | 60,000 | ||||||||||||
Decrease (increase) in interest receivable | 45,821 | 26,163 | (24,284 | ) | 7,795 | |||||||||||
Decrease in payable for variation margin on open financial futures contracts | (438 | ) | — | — | (625 | ) | ||||||||||
Increase (decrease) in payable to affiliate for investment adviser fee | (206 | ) | (89 | ) | (143 | ) | 8 | |||||||||
Increase in interest expense and fees payable | 4,305 | 7,425 | 2,388 | 3,883 | ||||||||||||
Decrease in accrued expenses | (26,948 | ) | (28,829 | ) | (25,091 | ) | (25,655 | ) | ||||||||
Net change in unrealized (appreciation) depreciation from investments | 1,655,002 | 1,397,424 | 1,372,266 | 1,898,950 | ||||||||||||
Net realized gain from investments | (72,863 | ) | (65,051 | ) | (54,697 | ) | (143,372 | ) | ||||||||
Net cash provided by operating activities | $ | 3,747,076 | $ | 2,317,531 | $ | 3,247,852 | $ | 1,501,147 | ||||||||
| Cash Flows From Financing Activities | ||||||||||||||||
Distributions paid to common shareholders, net of reinvestments | $ | (759,822 | ) | $ | (673,385 | ) | $ | (714,176 | ) | $ | (863,148 | ) | ||||
Cash distributions paid to auction preferred shareholders | (19,571 | ) | (15,164 | ) | (20,682 | ) | (11,149 | ) | ||||||||
Liquidation of auction preferred shares | (2,225,000 | ) | (1,750,000 | ) | (2,250,000 | ) | (1,275,000 | ) | ||||||||
Proceeds from secured borrowings | — | — | 720,000 | — | ||||||||||||
Repayment of secured borrowings | — | — | (660,000 | ) | — | |||||||||||
Decrease in due to custodian | (127,307 | ) | — | — | — | |||||||||||
Net cash used in financing activities | $ | (3,131,700 | ) | $ | (2,438,549 | ) | $ | (2,924,858 | ) | $ | (2,149,297 | ) | ||||
Net increase (decrease) in cash | $ | 615,376 | $ | (121,018 | ) | $ | 322,994 | $ | (648,150 | ) | ||||||
Cash at beginning of period | $ | — | $ | 128,995 | $ | 531,553 | $ | 1,452,707 | ||||||||
Cash at end of period | $ | 615,376 | $ | 7,977 | $ | 854,547 | $ | 804,557 | ||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares | $ | 212,276 | $ | 186,721 | $ | 198,200 | $ | 245,098 | ||||||||
| 43 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights
Selected data for a common share outstanding during the periods stated
| Municipal Fund II | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 13.570 | $ | 14.190 | $ | 13.650 | $ | 13.620 | $ | 11.840 | $ | 13.370 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.289 | $ | 0.604 | $ | 0.666 | $ | 0.739 | $ | 0.757 | $ | 0.752 | ||||||||||||
Net realized and unrealized gain (loss) | (0.537 | ) | (0.627 | ) | 0.369 | 0.046 | 1.785 | (1.516 | ) | |||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.004 | ) | (0.006 | ) | (0.003 | ) | (0.006 | ) | (0.005 | ) | (0.009 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.180 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.252 | ) | $ | (0.029 | ) | $ | 1.212 | $ | 0.779 | $ | 2.537 | $ | (0.773 | ) | |||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.288 | ) | $ | (0.591 | ) | $ | (0.672 | ) | $ | (0.749 | ) | $ | (0.757 | ) | $ | (0.757 | ) | ||||||
Total distributions to common shareholders | $ | (0.288 | ) | $ | (0.591 | ) | $ | (0.672 | ) | $ | (0.749 | ) | $ | (0.757 | ) | $ | (0.757 | ) | ||||||
Net asset value — End of period (Common shares) | $ | 13.030 | $ | 13.570 | $ | 14.190 | $ | 13.650 | $ | 13.620 | $ | 11.840 | ||||||||||||
Market value — End of period (Common shares) | $ | 11.670 | $ | 12.550 | $ | 13.500 | $ | 12.550 | $ | 12.570 | $ | 11.200 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (1.66 | )%(3) | 0.25 | % | 9.27 | %(4) | 6.30 | % | 22.61 | % | (5.83 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (4.77 | )%(3) | (2.55 | )% | 13.07 | % | 5.89 | % | 19.62 | % | (14.20 | )% | ||||||||||||
| 44 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Municipal Fund II | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period (000’s omitted) | $ | 130,448 | $ | 135,840 | $ | 142,056 | $ | 136,708 | $ | 136,398 | $ | 118,569 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.10 | %(7) | 1.10 | % | 1.17 | % | 1.11 | % | 1.20 | % | 1.23 | % | ||||||||||||
Interest and fee expense(8) | 1.27 | %(7) | 1.04 | % | 0.58 | % | 0.19 | % | 0.21 | % | 0.23 | % | ||||||||||||
Total expenses(6) | 2.37 | %(7) | 2.14 | % | 1.75 | % | 1.30 | % | 1.41 | % | 1.46 | % | ||||||||||||
Net investment income | 4.35 | %(7) | 4.46 | % | 4.71 | % | 5.37 | % | 6.01 | % | 5.83 | % | ||||||||||||
Portfolio Turnover | 10 | %(3) | 8 | % | 7 | % | 6 | % | 10 | % | 7 | % | ||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(9) | 1,598 | 1,788 | 1,788 | 1,788 | 1,788 | 1,788 | ||||||||||||||||||
Asset coverage per preferred share(10) | $ | 106,632 | $ | 100,974 | $ | 104,450 | $ | 101,459 | $ | 101,285 | $ | 91,314 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 7.89%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 0.82 | % | 0.83 | % | 0.89 | % | 0.84 | % | 0.89 | % | 0.91 | % | ||||||||||||
Interest and fee expense | 0.96 | % | 0.78 | % | 0.44 | % | 0.14 | % | 0.15 | % | 0.17 | % | ||||||||||||
Total expenses | 1.78 | % | 1.61 | % | 1.33 | % | 0.98 | % | 1.04 | % | 1.08 | % | ||||||||||||
Net investment income | 3.26 | % | 3.35 | % | 3.58 | % | 4.06 | % | 4.44 | % | 4.33 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 45 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| California Fund II | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 12.920 | $ | 13.500 | $ | 13.100 | $ | 13.280 | $ | 11.770 | $ | 13.410 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.249 | $ | 0.542 | $ | 0.611 | $ | 0.754 | $ | 0.769 | $ | 0.756 | ||||||||||||
Net realized and unrealized gain (loss) | (0.462 | ) | (0.589 | ) | 0.146 | (0.194 | ) | 1.479 | (1.632 | ) | ||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.002 | ) | (0.003 | ) | (0.003 | ) | (0.009 | ) | (0.007 | ) | (0.013 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.287 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.215 | ) | $ | (0.050 | ) | $ | 1.041 | $ | 0.551 | $ | 2.241 | $ | (0.889 | ) | |||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.265 | ) | $ | (0.530 | ) | $ | (0.641 | ) | $ | (0.731 | ) | $ | (0.731 | ) | $ | (0.751 | ) | ||||||
Total distributions to common shareholders | $ | (0.265 | ) | $ | (0.530 | ) | $ | (0.641 | ) | $ | (0.731 | ) | $ | (0.731 | ) | $ | (0.751 | ) | ||||||
Net asset value — End of period (Common shares) | $ | 12.440 | $ | 12.920 | $ | 13.500 | $ | 13.100 | $ | 13.280 | $ | 11.770 | ||||||||||||
Market value — End of period (Common shares) | $ | 10.690 | $ | 12.070 | $ | 13.020 | $ | 12.540 | $ | 12.080 | $ | 11.260 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (1.44 | )%(3) | 0.04 | % | 8.18 | %(4) | 4.47 | % | 20.12 | % | (6.75 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (9.34 | )%(3) | (3.09 | )% | 8.99 | % | 9.94 | % | 14.22 | % | (12.29 | )% | ||||||||||||
| 46 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| California Fund II | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period | $ | 48,360 | $ | 50,218 | $ | 52,449 | $ | 50,914 | $ | 51,581 | $ | 45,732 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.26 | %(7) | 1.28 | % | 1.36 | % | 1.27 | % | 1.32 | % | 1.34 | % | ||||||||||||
Interest and fee expense(8) | 1.36 | %(7) | 1.10 | % | 0.54 | % | 0.11 | % | 0.12 | % | 0.13 | % | ||||||||||||
Total expenses(6) | 2.62 | %(7) | 2.38 | % | 1.90 | % | 1.38 | % | 1.44 | % | 1.47 | % | ||||||||||||
Net investment income | 3.94 | %(7) | 4.19 | % | 4.53 | % | 5.69 | % | 6.15 | % | 5.84 | % | ||||||||||||
Portfolio Turnover | 16 | %(3) | 24 | % | 14 | % | 0 | % | 5 | % | 7 | % | ||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(9) | 992 | 1,028 | 1,028 | 1,028 | 1,028 | 1,028 | ||||||||||||||||||
Asset coverage per preferred share(10) | $ | 73,750 | $ | 73,851 | $ | 76,020 | $ | 74,528 | $ | 75,176 | $ | 69,487 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 5.88%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 0.83 | % | 0.85 | % | 0.91 | % | 0.85 | % | 0.86 | % | 0.88 | % | ||||||||||||
Interest and fee expense | 0.90 | % | 0.73 | % | 0.36 | % | 0.07 | % | 0.08 | % | 0.09 | % | ||||||||||||
Total expenses | 1.73 | % | 1.58 | % | 1.27 | % | 0.92 | % | 0.94 | % | 0.97 | % | ||||||||||||
Net investment income | 2.59 | % | 2.77 | % | 3.04 | % | 3.80 | % | 4.02 | % | 3.86 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 47 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Massachusetts Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 15.190 | $ | 16.080 | $ | 15.090 | $ | 15.190 | $ | 13.530 | $ | 15.920 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.265 | $ | 0.556 | $ | 0.619 | $ | 0.775 | $ | 0.788 | $ | 0.801 | ||||||||||||
Net realized and unrealized gain (loss) | (0.552 | ) | (0.886 | ) | 0.703 | (0.105 | ) | 1.641 | (2.389 | ) | ||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.003 | ) | (0.004 | ) | (0.004 | ) | (0.010 | ) | (0.009 | ) | (0.015 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.330 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.290 | ) | $ | (0.334 | ) | $ | 1.648 | $ | 0.660 | $ | 2.420 | $ | (1.603 | ) | |||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.260 | ) | $ | (0.556 | ) | $ | (0.658 | ) | $ | (0.760 | ) | $ | (0.760 | ) | $ | (0.787 | ) | ||||||
Total distributions to common shareholders | $ | (0.260 | ) | $ | (0.556 | ) | $ | (0.658 | ) | $ | (0.760 | ) | $ | (0.760 | ) | $ | (0.787 | ) | ||||||
Net asset value — End of period (Common shares) | $ | 14.640 | $ | 15.190 | $ | 16.080 | $ | 15.090 | $ | 15.190 | $ | 13.530 | ||||||||||||
Market value — End of period (Common shares) | $ | 12.600 | $ | 13.740 | $ | 15.280 | $ | 13.650 | $ | 14.560 | $ | 12.510 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (1.69 | )%(3) | (1.68 | )% | 11.32 | %(4) | 4.76 | % | 18.82 | % | (10.28 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (6.46 | )%(3) | (6.40 | )% | 16.93 | % | (1.14 | )% | 23.19 | % | (20.01 | )% | ||||||||||||
| 48 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Massachusetts Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period | $ | 25,891 | $ | 26,859 | $ | 28,439 | $ | 26,687 | $ | 26,870 | $ | 23,925 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.39 | %(7) | 1.43 | % | 1.53 | % | 1.41 | % | 1.44 | % | 1.45 | % | ||||||||||||
Interest and fee expense(8) | 1.20 | %(7) | 1.01 | % | 0.53 | % | 0.08 | % | 0.08 | % | 0.09 | % | ||||||||||||
Total expenses(6) | 2.59 | %(7) | 2.44 | % | 2.06 | % | 1.49 | % | 1.52 | % | 1.54 | % | ||||||||||||
Net investment income | 3.55 | %(7) | 3.66 | % | 3.90 | % | 5.11 | % | 5.50 | % | 5.31 | % | ||||||||||||
Portfolio Turnover | 7 | %(3) | 6 | % | 2 | % | 7 | % | 1 | % | 3 | % | ||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(9) | 518 | 543 | 543 | 543 | 543 | 543 | ||||||||||||||||||
Asset coverage per preferred share(10) | $ | 74,983 | $ | 74,464 | $ | 77,375 | $ | 74,148 | $ | 74,484 | $ | 69,061 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 9.04%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 0.92 | % | 0.95 | % | 1.03 | % | 0.94 | % | 0.94 | % | 0.96 | % | ||||||||||||
Interest and fee expense | 0.79 | % | 0.67 | % | 0.36 | % | 0.05 | % | 0.05 | % | 0.06 | % | ||||||||||||
Total expenses | 1.71 | % | 1.62 | % | 1.39 | % | 0.99 | % | 0.99 | % | 1.02 | % | ||||||||||||
Net investment income | 2.35 | % | 2.43 | % | 2.63 | % | 3.39 | % | 3.58 | % | 3.52 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 49 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Michigan Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 15.350 | $ | 15.890 | $ | 14.940 | $ | 14.860 | $ | 13.160 | $ | 15.030 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.295 | $ | 0.618 | $ | 0.682 | $ | 0.793 | $ | 0.784 | $ | 0.789 | ||||||||||||
Net realized and unrealized gain (loss) | (0.434 | ) | (0.536 | ) | 0.669 | 0.070 | 1.660 | (1.859 | ) | |||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.016 | ) | (0.024 | ) | (0.011 | ) | (0.011 | ) | (0.010 | ) | (0.017 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.316 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.155 | ) | $ | 0.058 | $ | 1.656 | $ | 0.852 | $ | 2.434 | $ | (1.087 | ) | ||||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.285 | ) | $ | (0.598 | ) | $ | (0.706 | ) | $ | (0.789 | ) | $ | (0.734 | ) | $ | (0.783 | ) | ||||||
Total distributions to common shareholders | $ | (0.285 | ) | $ | (0.598 | ) | $ | (0.706 | ) | $ | (0.789 | ) | $ | (0.734 | ) | $ | (0.783 | ) | ||||||
Anti-dilutive effect of share repurchase program (see Note 7)(1) | $ | — | $ | — | $ | — | $ | 0.017 | $ | — | $ | — | ||||||||||||
Net asset value — End of period (Common shares) | $ | 14.910 | $ | 15.350 | $ | 15.890 | $ | 14.940 | $ | 14.860 | $ | 13.160 | ||||||||||||
Market value — End of period (Common shares) | $ | 13.000 | $ | 13.810 | $ | 15.060 | $ | 13.020 | $ | 13.010 | $ | 11.790 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (0.69 | )%(3) | 0.91 | % | 11.59 | %(4) | 6.63 | % | 19.57 | % | (7.29 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (3.82 | )%(3) | (4.21 | )% | 21.36 | % | 6.11 | % | 16.89 | % | (21.98 | )% | ||||||||||||
| 50 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Michigan Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period | $ | 22,371 | $ | 23,023 | $ | 23,835 | $ | 22,408 | $ | 22,492 | $ | 19,931 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.49 | %(7) | 1.54 | % | 1.65 | % | 1.48 | % | 1.54 | % | 1.55 | % | ||||||||||||
Interest and fee expense(8) | 1.11 | %(7) | 0.94 | % | 0.47 | % | — | — | — | |||||||||||||||
Total expenses(6) | 2.60 | %(7) | 2.48 | % | 2.12 | % | 1.48 | % | 1.54 | % | 1.55 | % | ||||||||||||
Net investment income | 3.90 | %(7) | 4.05 | % | 4.36 | % | 5.30 | % | 5.60 | % | 5.46 | % | ||||||||||||
Portfolio Turnover | 14 | %(3) | 12 | % | — | 3 | % | 30 | % | 29 | % | |||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(9) | 421 | 533 | 533 | 533 | 533 | 533 | ||||||||||||||||||
Asset coverage per preferred share(10) | $ | 78,137 | $ | 68,197 | $ | 69,719 | $ | 67,042 | $ | 67,199 | $ | 62,395 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 9.37%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 0.94 | % | 0.97 | % | 1.06 | % | 0.93 | % | 0.95 | % | 0.96 | % | ||||||||||||
Interest and fee expense | 0.70 | % | 0.59 | % | 0.30 | % | — | — | — | |||||||||||||||
Total expenses | 1.64 | % | 1.56 | % | 1.36 | % | 0.93 | % | 0.95 | % | 0.96 | % | ||||||||||||
Net investment income | 2.46 | % | 2.56 | % | 2.78 | % | 3.33 | % | 3.44 | % | 3.39 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 51 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| New Jersey Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 14.490 | $ | 15.270 | $ | 14.240 | $ | 14.480 | $ | 13.120 | $ | 14.640 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.293 | $ | 0.626 | $ | 0.675 | $ | 0.760 | $ | 0.755 | $ | 0.759 | ||||||||||||
Net realized and unrealized gain (loss) | (0.611 | ) | (0.768 | ) | 0.771 | (0.261 | ) | 1.318 | (1.537 | ) | ||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.007 | ) | (0.011 | ) | (0.006 | ) | (0.010 | ) | (0.009 | ) | (0.015 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.303 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.325 | ) | $ | (0.153 | ) | $ | 1.743 | $ | 0.489 | $ | 2.064 | $ | (0.793 | ) | |||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.295 | ) | $ | (0.627 | ) | $ | (0.713 | ) | $ | (0.750 | ) | $ | (0.704 | ) | $ | (0.727 | ) | ||||||
Total distributions to common shareholders | $ | (0.295 | ) | $ | (0.627 | ) | $ | (0.713 | ) | $ | (0.750 | ) | $ | (0.704 | ) | $ | (0.727 | ) | ||||||
Anti-dilutive effect of share repurchase program | $ | — | $ | — | $ | — | $ | 0.021 | $ | — | $ | — | ||||||||||||
Net asset value — End of period (Common shares) | $ | 13.870 | $ | 14.490 | $ | 15.270 | $ | 14.240 | $ | 14.480 | $ | 13.120 | ||||||||||||
Market value — End of period (Common shares) | $ | 11.720 | $ | 13.020 | $ | 14.710 | $ | 13.050 | $ | 12.540 | $ | 11.730 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (1.94 | )%(3) | (0.44 | )% | 12.67 | %(4) | 4.11 | % | 16.77 | % | (5.48 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (7.79 | )%(3) | (7.13 | )% | 18.43 | % | 10.17 | % | 13.11 | % | (18.01 | )% | ||||||||||||
| 52 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| New Jersey Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period | $ | 35,785 | $ | 37,366 | $ | 39,385 | $ | 36,714 | $ | 37,789 | $ | 34,221 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.31 | %(7) | 1.34 | % | 1.45 | % | 1.29 | % | 1.30 | % | 1.35 | % | ||||||||||||
Interest and fee expense(8) | 1.30 | %(7) | 1.07 | % | 0.52 | % | 0.00 | %(9) | 0.01 | % | 0.04 | % | ||||||||||||
Total expenses(6) | 2.61 | %(7) | 2.41 | % | 1.97 | % | 1.29 | % | 1.31 | % | 1.39 | % | ||||||||||||
Net investment income | 4.13 | %(7) | 4.35 | % | 4.50 | % | 5.28 | % | 5.50 | % | 5.35 | % | ||||||||||||
Portfolio Turnover | 10 | %(3) | 11 | % | 8 | % | 5 | % | 5 | % | 11 | % | ||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(10) | 695 | 784 | 784 | 784 | 784 | 784 | ||||||||||||||||||
Asset coverage per preferred share(11) | $ | 76,489 | $ | 72,661 | $ | 75,237 | $ | 71,830 | $ | 73,201 | $ | 68,650 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 10.43%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Amount is less than 0.005%. |
| (10) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 0.86 | % | 0.88 | % | 0.96 | % | 0.84 | % | 0.84 | % | 0.88 | % | ||||||||||||
Interest and fee expense | 0.85 | % | 0.70 | % | 0.35 | % | 0.00 | %(9) | 0.00 | %(9) | 0.03 | % | ||||||||||||
Total expenses | 1.71 | % | 1.58 | % | 1.31 | % | 0.84 | % | 0.84 | % | 0.91 | % | ||||||||||||
Net investment income | 2.70 | % | 2.84 | % | 2.99 | % | 3.46 | % | 3.55 | % | 3.50 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 53 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| New York Fund II | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 13.140 | $ | 13.780 | $ | 13.390 | $ | 13.460 | $ | 12.380 | $ | 13.900 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.256 | $ | 0.554 | $ | 0.612 | $ | 0.700 | $ | 0.736 | $ | 0.714 | ||||||||||||
Net realized and unrealized gain (loss) | (0.517 | ) | (0.623 | ) | 0.243 | (0.083 | ) | 1.037 | (1.537 | ) | ||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.006 | ) | (0.009 | ) | (0.005 | ) | (0.007 | ) | (0.006 | ) | (0.010 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.202 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.267 | ) | $ | (0.078 | ) | $ | 1.052 | $ | 0.610 | $ | 1.767 | $ | (0.833 | ) | |||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.263 | ) | $ | (0.562 | ) | $ | (0.662 | ) | $ | (0.687 | ) | $ | (0.687 | ) | $ | (0.687 | ) | ||||||
Total distributions to common shareholders | $ | (0.263 | ) | $ | (0.562 | ) | $ | (0.662 | ) | $ | (0.687 | ) | $ | (0.687 | ) | $ | (0.687 | ) | ||||||
Anti-dilutive effect of share repurchase program | $ | — | $ | — | $ | — | $ | 0.007 | $ | — | $ | — | ||||||||||||
Net asset value — End of period (Common shares) | $ | 12.610 | $ | 13.140 | $ | 13.780 | $ | 13.390 | $ | 13.460 | $ | 12.380 | ||||||||||||
Market value — End of period (Common shares) | $ | 10.720 | $ | 11.930 | $ | 13.590 | $ | 12.320 | $ | 11.840 | $ | 11.120 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (1.76 | )%(3) | (0.15 | )% | 8.28 | %(4) | 5.22 | % | 15.23 | % | (6.01 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (8.02 | )%(3) | (8.01 | )% | 15.94 | % | 10.09 | % | 12.85 | % | (16.01 | )% | ||||||||||||
| 54 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| New York Fund II | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period | $ | 32,234 | $ | 33,601 | $ | 35,240 | $ | 34,233 | $ | 34,557 | $ | 31,779 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.42 | %(7) | 1.45 | % | 1.49 | % | 1.37 | % | 1.39 | % | 1.40 | % | ||||||||||||
Interest and fee expense(8) | 1.28 | %(7) | 1.05 | % | 0.54 | % | 0.16 | % | 0.17 | % | 0.17 | % | ||||||||||||
Total expenses(6) | 2.70 | %(7) | 2.50 | % | 2.03 | % | 1.53 | % | 1.56 | % | 1.57 | % | ||||||||||||
Net investment income | 3.97 | %(7) | 4.22 | % | 4.44 | % | 5.20 | % | 5.72 | % | 5.33 | % | ||||||||||||
Portfolio Turnover | 18 | %(3) | 28 | % | 14 | % | 1 | % | 7 | % | 14 | % | ||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(9) | 460 | 530 | 530 | 530 | 530 | 530 | ||||||||||||||||||
Asset coverage per preferred share(10) | $ | 95,073 | $ | 88,398 | $ | 91,492 | $ | 89,590 | $ | 90,203 | $ | 84,960 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 6.69%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 1.02 | % | 1.04 | % | 1.09 | % | 1.00 | % | 1.00 | % | 1.01 | % | ||||||||||||
Interest and fee expense | 0.91 | % | 0.75 | % | 0.39 | % | 0.11 | % | 0.12 | % | 0.12 | % | ||||||||||||
Total expenses | 1.93 | % | 1.79 | % | 1.48 | % | 1.11 | % | 1.12 | % | 1.13 | % | ||||||||||||
Net investment income | 2.84 | % | 3.03 | % | 3.23 | % | 3.75 | % | 4.08 | % | 3.85 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 55 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Ohio Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 13.970 | $ | 14.750 | $ | 13.900 | $ | 13.770 | $ | 12.220 | $ | 13.800 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.273 | $ | 0.605 | $ | 0.656 | $ | 0.741 | $ | 0.742 | $ | 0.736 | ||||||||||||
Net realized and unrealized gain (loss) | (0.514 | ) | (0.788 | ) | 0.607 | 0.100 | 1.518 | (1.584 | ) | |||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.008 | ) | (0.011 | ) | (0.006 | ) | (0.009 | ) | (0.008 | ) | (0.013 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.262 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.249 | ) | $ | (0.194 | ) | $ | 1.519 | $ | 0.832 | $ | 2.252 | $ | (0.861 | ) | |||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.281 | ) | $ | (0.586 | ) | $ | (0.669 | ) | $ | (0.702 | ) | $ | (0.702 | ) | $ | (0.719 | ) | ||||||
Total distributions to common shareholders | $ | (0.281 | ) | $ | (0.586 | ) | $ | (0.669 | ) | $ | (0.702 | ) | $ | (0.702 | ) | $ | (0.719 | ) | ||||||
Net asset value — End of period (Common shares) | $ | 13.440 | $ | 13.970 | $ | 14.750 | $ | 13.900 | $ | 13.770 | $ | 12.220 | ||||||||||||
Market value — End of period (Common shares) | $ | 11.670 | $ | 12.970 | $ | 15.000 | $ | 12.460 | $ | 12.500 | $ | 11.380 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (1.58 | )%(3) | (1.04 | )% | 11.24 | %(4) | 6.63 | % | 19.45 | % | (6.46 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (7.95 | )%(3) | (9.65 | )% | 26.20 | % | 5.30 | % | 16.44 | % | (20.91 | )% | ||||||||||||
| 56 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Ohio Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period | $ | 34,107 | $ | 35,467 | $ | 37,420 | $ | 35,276 | $ | 34,947 | $ | 30,995 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.33 | %(7) | 1.33 | % | 1.38 | % | 1.27 | % | 1.32 | % | 1.33 | % | ||||||||||||
Interest and fee expense(8) | 1.26 | %(7) | 0.94 | % | 0.46 | % | 0.01 | % | 0.03 | % | 0.02 | % | ||||||||||||
Total expenses(6) | 2.59 | %(7) | 2.27 | % | 1.84 | % | 1.28 | % | 1.35 | % | 1.35 | % | ||||||||||||
Net investment income | 3.98 | %(7) | 4.32 | % | 4.51 | % | 5.33 | % | 5.74 | % | 5.51 | % | ||||||||||||
Portfolio Turnover | 11 | %(3) | 10 | % | 5 | % | 4 | % | 12 | % | 12 | % | ||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(9) | 590 | 680 | 680 | 680 | 680 | 680 | ||||||||||||||||||
Asset coverage per preferred share(10) | $ | 82,809 | $ | 77,158 | $ | 80,031 | $ | 76,877 | $ | 76,393 | $ | 70,581 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 9.27%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 0.89 | % | 0.89 | % | 0.95 | % | 0.86 | % | 0.87 | % | 0.89 | % | ||||||||||||
Interest and fee expense | 0.85 | % | 0.64 | % | 0.31 | % | 0.01 | % | 0.02 | % | 0.01 | % | ||||||||||||
Total expenses | 1.74 | % | 1.53 | % | 1.26 | % | 0.87 | % | 0.89 | % | 0.90 | % | ||||||||||||
Net investment income | 2.67 | % | 2.92 | % | 3.09 | % | 3.60 | % | 3.78 | % | 3.67 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 57 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Pennsylvania Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 14.300 | $ | 14.950 | $ | 14.080 | $ | 14.200 | $ | 12.710 | $ | 14.460 | ||||||||||||
| Income (Loss) From Operations | ||||||||||||||||||||||||
Net investment income(1) | $ | 0.287 | $ | 0.630 | $ | 0.693 | $ | 0.809 | $ | 0.834 | $ | 0.812 | ||||||||||||
Net realized and unrealized gain (loss) | (0.581 | ) | (0.640 | ) | 0.623 | (0.147 | ) | 1.437 | (1.742 | ) | ||||||||||||||
Distributions to APS shareholders(1) | ||||||||||||||||||||||||
From net investment income | (0.004 | ) | (0.005 | ) | (0.004 | ) | (0.009 | ) | (0.008 | ) | (0.014 | ) | ||||||||||||
Discount on redemption and repurchase of APS(1) | — | — | 0.311 | — | — | — | ||||||||||||||||||
Total income (loss) from operations | $ | (0.298 | ) | $ | (0.015 | ) | $ | 1.623 | $ | 0.653 | $ | 2.263 | $ | (0.944 | ) | |||||||||
| Less Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | $ | (0.292 | ) | $ | (0.635 | ) | $ | (0.753 | ) | $ | (0.773 | ) | $ | (0.773 | ) | $ | (0.806 | ) | ||||||
Total distributions to common shareholders | $ | (0.292 | ) | $ | (0.635 | ) | $ | (0.753 | ) | $ | (0.773 | ) | $ | (0.773 | ) | $ | (0.806 | ) | ||||||
Net asset value — End of period (Common shares) | $ | 13.710 | $ | 14.300 | $ | 14.950 | $ | 14.080 | $ | 14.200 | $ | 12.710 | ||||||||||||
Market value — End of period (Common shares) | $ | 11.720 | $ | 12.930 | $ | 14.500 | $ | 12.240 | $ | 12.850 | $ | 11.590 | ||||||||||||
Total Investment Return on Net Asset Value(2) | (1.83 | )%(3) | 0.44 | % | 12.08 | %(4) | 5.29 | % | 18.84 | % | (6.69 | )% | ||||||||||||
Total Investment Return on Market Value(2) | (7.17 | )%(3) | (6.35 | )% | 25.00 | % | 1.16 | % | 17.93 | % | (22.03 | )% | ||||||||||||
| 58 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| Pennsylvania Fund | ||||||||||||||||||||||||
| Six Months Ended March 31, 2018 (Unaudited) | Year Ended September 30, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Net assets applicable to common shares, end of period | $ | 40,586 | $ | 42,333 | $ | 44,255 | $ | 41,685 | $ | 42,033 | $ | 37,619 | ||||||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):(5)† | ||||||||||||||||||||||||
Expenses excluding interest and fees(6) | 1.28 | %(7) | 1.30 | % | 1.40 | % | 1.28 | % | 1.34 | % | 1.35 | % | ||||||||||||
Interest and fee expense(8) | 1.32 | %(7) | 1.07 | % | 0.55 | % | 0.05 | % | 0.08 | % | 0.06 | % | ||||||||||||
Total expenses(6) | 2.60 | %(7) | 2.37 | % | 1.95 | % | 1.33 | % | 1.42 | % | 1.41 | % | ||||||||||||
Net investment income | 4.11 | %(7) | 4.42 | % | 4.71 | % | 5.69 | % | 6.21 | % | 5.83 | % | ||||||||||||
Portfolio Turnover | 12 | %(3) | 4 | % | 7 | % | 4 | % | 2 | % | 14 | % | ||||||||||||
Senior Securities: | ||||||||||||||||||||||||
Total preferred shares outstanding(9) | 818 | 869 | 869 | 869 | 869 | 869 | ||||||||||||||||||
Asset coverage per preferred share(10) | $ | 74,616 | $ | 73,714 | $ | 75,926 | $ | 72,969 | $ | 73,370 | $ | 68,290 | ||||||||||||
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) | The total return based on net asset value reflects the impact of the tender and repurchase by the Fund of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 9.75%. |
| (5) | Ratios do not reflect the effect of dividend payments to APS shareholders. |
| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
| (7) | Annualized. |
| (8) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Fund’s APS (see Note 3). Effective October 1, 2016, the ratio includes amortization of deferred offering costs for iMTP Shares which for the year ended September 30, 2016, were included in the ratio of expenses excluding interest and fees. |
| (9) | Preferred shares represent iMTP Shares as of March 31, 2018, iMTP Shares and APS as of September 30, 2017 and 2016 and APS as of September 30, 2015, 2014 and 2013. |
| (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 (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2018 | Year Ended September 30, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Expenses excluding interest and fees | 0.84 | % | 0.85 | % | 0.93 | % | 0.85 | % | 0.86 | % | 0.88 | % | ||||||||||||
Interest and fee expense | 0.87 | % | 0.71 | % | 0.37 | % | 0.03 | % | 0.06 | % | 0.04 | % | ||||||||||||
Total expenses | 1.71 | % | 1.56 | % | 1.30 | % | 0.88 | % | 0.92 | % | 0.92 | % | ||||||||||||
Net investment income | 2.69 | % | 2.92 | % | 3.14 | % | 3.75 | % | 4.02 | % | 3.82 | % | ||||||||||||
APS – Auction Preferred Shares
iMTP Shares – Institutional MuniFund Term Preferred Shares
| 59 | See Notes to Financial Statements. |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Municipal Bond Fund 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 are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that fairly reflects the security’s value, or the amount that a Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends.
As of March 31, 2018, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
E Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
F Indemnifications — Under each Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Fund) could be deemed to have personal liability for the obligations of the Fund. However, each Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund
| 60 |
Eaton Vance
Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.
G Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes (net of unamortized deferred debt issuance costs) as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2018. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At March 31, 2018, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:
Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | |||||||||||||
Floating Rate Notes Outstanding | $ | 49,255,047 | $ | 9,055,240 | $ | 1,703,436 | $ | 2,800,630 | ||||||||
Interest Rate or Range of Interest Rates (%) | 1.59 - 2.08 | 1.59 - 1.60 | 1.71 | — | ||||||||||||
Collateral for Floating Rate Notes Outstanding | $ | 62,799,342 | $ | 11,685,122 | $ | 2,667,743 | $ | 4,117,155 | ||||||||
New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
Floating Rate Notes Outstanding | $ | 5,982,454 | $ | 11,278,974 | $ | 5,702,089 | $ | 4,672,431 | ||||||||
Interest Rate or Range of Interest Rates (%) | 1.60 | 1.60 - 1.61 | 1.61 - 1.75 | 1.61 | ||||||||||||
Collateral for Floating Rate Notes Outstanding | $ | 8,236,946 | $ | 15,293,825 | $ | 7,570,338 | $ | 5,813,658 | ||||||||
For the six months ended March 31, 2018, the Funds’ average settled 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 | Michigan Fund | |||||||||||||
Average Floating Rate Notes Outstanding | $ | 42,847,747 | $ | 7,421,429 | $ | 500,000 | — | |||||||||
Average Interest Rate | 1.75 | % | 1.70 | % | 1.78 | % | — | |||||||||
New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
Average Floating Rate Notes Outstanding | $ | 3,740,000 | $ | 9,500,000 | $ | 3,352,967 | $ | 3,390,000 | ||||||||
Average Interest Rate | 1.68 | % | 1.72 | % | 1.80 | % | 1.68 | % | ||||||||
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2018.
The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.
The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.
H Financial Futures Contracts — Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
I When-Issued Securities and Delayed Delivery Transactions — The 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 cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
J Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.
K Interim Financial Statements — The interim financial statements relating to March 31, 2018 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Auction Preferred Shares
Each Fund issued Auction Preferred Shares (APS) on January 15, 2003 in a public offering. Dividends on the APS, which accrued daily, were cumulative at rates which were reset every seven days by an auction, unless a special dividend period had been set. Series of APS were identical in all respects except for the reset dates of the dividend rates. 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 were reset to the maximum rate, which was 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 was determined based on the credit rating of the APS. On March 26, 2018, each Fund redeemed all of its outstanding APS at a liquidation price of $25,000 per share plus any accrued but unpaid APS dividends. Each Fund expects to replace its APS with tender option bond financing (see Note 1G). Prior to the redemption of the APS, the Funds paid an annual fee equivalent to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions were unsuccessful; otherwise, the annual fee was 0.25%. At March 31, 2018, the Funds had no APS outstanding.
The number of APS redeemed and their liquidation preference were as follows:
| Municipal Fund II (Series A) | Municipal Fund II (Series B) | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||||||
APS Redeemed | 62 | 128 | 36 | 25 | 112 | |||||||||||||||
Redemption Amount | $ | 1,550,000 | $ | 3,200,000 | $ | 900,000 | $ | 625,000 | $ | 2,800,000 | ||||||||||
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
APS Redeemed | 89 | 70 | 90 | 51 | ||||||||||||
Redemption Amount | $ | 2,225,000 | $ | 1,750,000 | $ | 2,250,000 | $ | 1,275,000 | ||||||||
There were no transactions in APS during the year ended September 30, 2017.
3 Institutional MuniFund Term Preferred Shares
On December 11, 2015, each Fund issued Institutional MuniFund Term Preferred Shares (iMTP Shares) in a private offering to finance the tender offer for its outstanding APS. The number of new iMTP Shares issued was equal to the APS accepted for payment pursuant to the tender offer. The number of iMTP Shares issued and outstanding at March 31, 2018 was as follows:
| Fund | iMTP Shares Issued and Outstanding | |||
Municipal Fund II | 1,598 | |||
California Fund II | 992 | |||
Massachusetts Fund | 518 | |||
Michigan Fund | 421 | |||
New Jersey Fund | 695 | |||
New York Fund II | 460 | |||
Ohio Fund | 590 | |||
Pennsylvania Fund | 818 | |||
The iMTP Shares are a form of preferred shares that represent stock of the Funds. The iMTP Shares have a par value of $0.01 per share, a liquidation preference of $25,000 per share, and a mandatory redemption date of July 1, 2019, unless earlier redeemed or repurchased by a Fund. Dividends on the iMTP Shares are determined weekly based upon the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index Rate plus a spread. Such spread to the SIFMA Municipal Swap Index Rate is determined based on the current credit rating of the iMTP Shares. At March 31, 2018, the spread to the SIFMA Municipal Swap Index Rate was 0.85% for California Fund II and New York Fund II, 1.00% for Massachusetts Fund, Michigan Fund, New Jersey Fund, Ohio Fund and Pennsylvania Fund, and 1.05% for Municipal Fund II.
The iMTP Shares are subject to optional and mandatory redemption in certain circumstances. After December 31, 2016, the iMTP Shares are redeemable at the option of each Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends and, on redemptions prior to January 1, 2018, plus an optional redemption premium. The iMTP Shares are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends (mandatory redemption price), if a Fund is in default for an extended period on its asset maintenance requirements with respect to its preferred shares. For so long as the iMTP Shares are outstanding, a Fund’s effective leverage ratio is not permitted to exceed 45%. In order to comply with this requirement, a Fund may have to redeem all or a portion of its iMTP Shares at the mandatory redemption price.
The holders of the iMTP Shares and common shares have equal voting rights of one vote per share except that the holders of the iMTP Shares are entitled to elect two Trustees of each Fund. If the dividends on the iMTP Shares remain unpaid in an amount equal to two full years’ dividends, the holders of the iMTP Shares have the right to elect a majority of each Fund’s Trustees.
For financial reporting purposes, the liquidation value of the iMTP Shares (net of unamortized deferred offering costs) is presented as a liability on the Statements of Assets and Liabilities and unpaid dividends are included in interest expense and fees payable. Dividends accrued on iMTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statements of Operations. Costs incurred by each Fund in connection with its offering of iMTP Shares were capitalized as deferred offering costs and are being amortized to the mandatory redemption date of July 1, 2019.
The carrying amount of the iMTP Shares at March 31, 2018 represents its liquidation value, which approximates fair value. If measured at fair value, the iMTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2018.
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
The average liquidation preference of the iMTP Shares during the six months ended March 31, 2018 was as follows:
| Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | |||||||||||||
Average Liquidation Preference of iMTP Shares | $ | 39,950,000 | $ | 24,800,000 | $ | 12,950,000 | $ | 10,525,000 | ||||||||
| New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
Average Liquidation Preference of iMTP Shares | $ | 17,375,000 | $ | 11,500,000 | $ | 14,750,000 | $ | 20,450,000 | ||||||||
4 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 during periods when APS were outstanding, and outstanding iMTP Shares. In addition, at least annually, each Fund intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to APS shareholders were recorded daily and were payable at the end of each dividend period. 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 | ||||||||||||||||
Dividends Accrued to APS Shareholders | $ | 13,244 | $ | 27,293 | $ | 7,806 | $ | 5,333 | $ | 23,805 | ||||||||||
Average APS Dividend Rates | 1.77 | % | 1.77 | % | 1.80 | % | 1.81 | % | 1.76 | % | ||||||||||
Dividend Rate Ranges (%) | 1.49 - 2.87 | 1.41 - 2.69 | 1.49 - 2.87 | 1.49 - 2.84 | 1.49 - 2.59 | |||||||||||||||
| New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
Dividends Accrued to APS Shareholders | $ | 19,116 | $ | 14,878 | $ | 20,161 | $ | 11,042 | ||||||||
Average APS Dividend Rates | 1.78 | % | 1.76 | % | 1.86 | % | 1.80 | % | ||||||||
Dividend Rate Ranges (%) | 1.49 - 2.59 | 1.49 - 2.59 | 1.41 - 3.53 | 1.49 - 2.84 | ||||||||||||
Distributions to iMTP shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for iMTP Shares at March 31, 2018, and the amount of dividends accrued to iMTP shareholders and average iMTP dividend rates (annualized) for the six months then ended were as follows:
| Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | |||||||||||||
iMTP Dividend Rates at March 31, 2018 | 2.63 | % | 2.43 | % | 2.58 | % | 2.58 | % | ||||||||
Dividends Accrued to iMTP Shareholders | $ | 430,770 | $ | 243,954 | $ | 136,408 | $ | 110,864 | ||||||||
Average iMTP Dividend Rates | 2.16 | % | 1.97 | % | 2.11 | % | 2.11 | % | ||||||||
| New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
iMTP Dividend Rates at March 31, 2018 | 2.58 | % | 2.43 | % | 2.58 | % | 2.58 | % | ||||||||
Dividends Accrued to iMTP Shareholders | $ | 185,176 | $ | 112,533 | $ | 170,478 | $ | 220,644 | ||||||||
Average iMTP Dividend Rates | 2.14 | % | 1.96 | % | 2.32 | % | 2.16 | % | ||||||||
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At September 30, 2017, the following Funds, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:
| Expiration Date | Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | ||||||||||||
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 | $ | 12,816,594 | $ | 4,870,286 | $ | 1,280,668 | $ | 1,095,400 | ||||||||
Deferred capital losses: | ||||||||||||||||
Short-term | $ | 2,962,087 | $ | 1,897,328 | $ | 641,167 | $ | 8,775 | ||||||||
Long-term | $ | 6,625,733 | $ | 3,475,770 | $ | 822,757 | $ | — | ||||||||
| Expiration Date | New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | ||||||||||||
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 | $ | 3,430,031 | $ | 3,093,741 | $ | 4,051,054 | $ | 2,874,946 | ||||||||
Deferred capital losses: | ||||||||||||||||
Short-term | $ | 886,069 | $ | 1,421,651 | $ | 400,687 | $ | 943,162 | ||||||||
Long-term | $ | 420,024 | $ | 840,906 | $ | — | $ | 1,584,739 | ||||||||
The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2018, as determined on a federal income tax basis, were as follows:
Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | |||||||||||||
Aggregate cost | $ | 155,253,697 | $ | 67,313,109 | $ | 35,107,462 | $ | 30,353,504 | ||||||||
Gross unrealized appreciation | $ | 12,176,920 | $ | 4,198,497 | $ | 3,287,000 | $ | 2,068,054 | ||||||||
Gross unrealized depreciation | (629,282 | ) | (165,780 | ) | (55,769 | ) | (37,972 | ) | ||||||||
Net unrealized appreciation | $ | 11,547,638 | $ | 4,032,717 | $ | 3,231,231 | $ | 2,030,082 | ||||||||
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
Aggregate cost | $ | 49,413,148 | $ | 41,944,867 | $ | 44,436,256 | $ | 54,831,760 | ||||||||
Gross unrealized appreciation | $ | 3,672,966 | $ | 2,510,704 | $ | 3,883,462 | $ | 3,082,006 | ||||||||
Gross unrealized depreciation | (438,841 | ) | (491,495 | ) | (124,780 | ) | (264,862 | ) | ||||||||
Net unrealized appreciation | $ | 3,234,125 | $ | 2,019,209 | $ | 3,758,682 | $ | 2,817,144 | ||||||||
5 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 preferred shares 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 and iMTP Shares 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, 2018, the investment adviser fees were as follows:
Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | |||||||||||||
Investment Adviser Fee | $ | 603,868 | $ | 226,108 | $ | 111,141 | $ | 99,014 | ||||||||
New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
Investment Adviser Fee | $ | 162,299 | $ | 152,179 | $ | 151,527 | $ | 182,529 | ||||||||
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 EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2018 were as follows:
Municipal Fund II | California Fund II | Massachusetts Fund | Michigan Fund | |||||||||||||
Purchases | $ | 22,858,727 | $ | 13,373,352 | $ | 3,938,225 | $ | 4,876,462 | ||||||||
Sales | $ | 20,727,078 | $ | 13,732,817 | $ | 2,631,750 | $ | 4,992,419 | ||||||||
New Jersey Fund | New York Fund II | Ohio Fund | Pennsylvania Fund | |||||||||||||
Purchases | $ | 6,196,577 | $ | 10,791,982 | $ | 6,202,046 | $ | 7,515,239 | ||||||||
Sales | $ | 6,454,216 | $ | 10,331,804 | $ | 5,907,033 | $ | 7,873,663 | ||||||||
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
7 Common Shares of Beneficial Interest
The Funds may issue common shares pursuant to their dividend reinvestment plans. For the six months ended March 31, 2018, there were no common shares issued by the Funds. For the year ended September 30, 2017, the Ohio Fund issued 166 common shares pursuant to its dividend reinvestment plan and there were no common shares issued by the other Funds.
At March 31, 2018, one shareholder owned 13.1% of the outstanding shares of Municipal Fund II.
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. There were no repurchases of common shares by the Funds for the six months ended March 31, 2018 and the year ended September 30, 2017.
8 Overdraft Advances
Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Funds to make properly authorized payments. When such payments result in an overdraft, the Funds are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on a Fund’s assets to the extent of any overdraft. At March 31, 2018, the Michigan Fund had a payment due to SSBT pursuant to the foregoing arrangement of $53,319. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at March 31, 2018. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2018. The Funds’ average overdraft advances during the six months ended March 31, 2018 were not significant.
9 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. At March 31, 2018, there were no obligations outstanding under these financial instruments.
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. During the six months ended March 31, 2018, the Funds entered into U.S. Treasury futures contracts to hedge against changes in interest rates.
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2018 was as follows:
New Jersey Fund | Pennsylvania Fund | |||||||
Realized Gain (Loss) on Derivatives Recognized in Income | $ | 59,395 | (1) | $ | 84,849 | (1) | ||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | $ | (35,083 | )(2) | $ | (50,119 | )(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 cost of futures contracts outstanding during the six months ended March 31, 2018, which is indicative of the volume of this derivative type, was approximately as follows:
New Jersey Fund | Pennsylvania Fund | |||||||
Average Notional Cost: | ||||||||
Futures Contracts — Short | $ | 1,235,000 | $ | 1,764,000 | ||||
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
10 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At March 31, 2018, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:
Municipal Fund II | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 216,056,382 | $ | — | $ | 216,056,382 | ||||||||
Total Investments | $ | — | $ | 216,056,382 | $ | — | $ | 216,056,382 | ||||||||
California Fund II | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 80,401,066 | $ | — | $ | 80,401,066 | ||||||||
Total Investments | $ | — | $ | 80,401,066 | $ | — | $ | 80,401,066 | ||||||||
Massachusetts Fund | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 40,042,129 | $ | — | $ | 40,042,129 | ||||||||
Total Investments | $ | — | $ | 40,042,129 | $ | — | $ | 40,042,129 | ||||||||
Michigan Fund | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 35,184,216 | $ | — | $ | 35,184,216 | ||||||||
Total Investments | $ | — | $ | 35,184,216 | $ | — | $ | 35,184,216 | ||||||||
New Jersey Fund | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 58,629,727 | $ | — | $ | 58,629,727 | ||||||||
Total Investments | $ | — | $ | 58,629,727 | $ | — | $ | 58,629,727 | ||||||||
New York Fund II | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 55,243,050 | $ | — | $ | 55,243,050 | ||||||||
Total Investments | $ | — | $ | 55,243,050 | $ | — | $ | 55,243,050 | ||||||||
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Municipal Bond Funds
March 31, 2018
Notes to Financial Statements (Unaudited) — continued
Ohio Fund | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 53,897,027 | $ | — | $ | 53,897,027 | ||||||||
Total Investments | $ | — | $ | 53,897,027 | $ | — | $ | 53,897,027 | ||||||||
Pennsylvania Fund | ||||||||||||||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments | $ | — | $ | 62,321,335 | $ | — | $ | 62,321,335 | ||||||||
Total Investments | $ | — | $ | 62,321,335 | $ | — | $ | 62,321,335 | ||||||||
The Funds held no investments or other financial instruments as of September 30, 2017 whose fair value was determined using Level 3 inputs. At March 31, 2018, there were no investments transferred between Level 1 and Level 2 during the six months then ended.
11 Subsequent Event
In April 2018, the Trustees of the following Funds (the Acquired Funds) approved proposals to merge them into the following acquiring funds:
Acquired Fund | Acquiring Fund | |
California Fund II | Eaton Vance California Municipal Bond Fund | |
Massachusetts Fund | Eaton Vance Municipal Bond Fund | |
Michigan Fund | Eaton Vance Municipal Bond Fund | |
New York Fund II | Eaton Vance New York Municipal Bond Fund |
Each proposed merger is subject to approval by shareholders of the respective Acquired Fund.
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Eaton Vance
Municipal Bond Funds
March 31, 2018
Officers and Trustees
Officers of Eaton Vance Municipal Bond Funds
Payson F. Swaffield
President
Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer
James F. Kirchner
Treasurer
Richard F. Froio
Chief Compliance Officer
Trustees of Eaton Vance Municipal Bond Funds
William H. Park
Chairperson
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
George J. Gorman
Valerie A. Mosley
Helen Frame Peters
Susan J. Sutherland
Harriett Tee Taggart
Scott E. Wennerholm
| * | Interested Trustee |
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Eaton Vance Funds
IMPORTANT NOTICES
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
| • | Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
| • | None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers. |
| • | Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
| • | We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase Program. The Funds’ Boards of Trustees have approved a share repurchase program authorizing each Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds’ repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds’ annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.
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Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Fund Offices
Two International Place
Boston, MA 02110
7728 3.31.18
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided
to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.
On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Although the relief contained in the No-Action Letter was scheduled to expire eighteen months from issuance, it was extended via a subsequent no-action letter issued on September 22, 2017 (see Fidelity Management & Research Company et al., No-Action Letter (Sept. 22, 2017)).
Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) | Treasurer’s Section 302 certification. | |
| (a)(2)(ii) | President’s Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance California Municipal Bond Fund II
| By: | /s/ Payson F. Swaffield | |
| Payson F. Swaffield | ||
| President |
Date: May 24, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer |
Date: May 24, 2018
| By: | /s/ Payson F. Swaffield | |
| Payson F. Swaffield | ||
| President |
Date: May 24, 2018