EIM Eaton Vance Municipal Bond Fund

Semiannual Report March 31, 2022

Eaton Vance

Municipal Bond Funds

Table of Contents
Performance and Fund Profile
Municipal Bond Fund	2
California Municipal Bond Fund	4
New York Municipal Bond Fund	6
Endnotes and Additional Disclosures	8
Financial Statements	9
Officers and Trustees	38
Privacy Notice	39
Important Notices	41

Eaton Vance

Municipal Bond Fund

March 31, 2022

Performance

Portfolio Manager(s) Cynthia J. Clemson and Julie P. Callahan, CFA

% Average Annual Total Returns1,2	Inception Date	Six Months	One Year	Five Years	Ten Years
Fund at NAV	08/30/2002	(8.09)%	(6.68)%	3.07%	4.74%
Fund at Market Price	—	(12.06)	(9.59)	2.82	4.03
Bloomberg Municipal Bond Index	—	(5.55)%	(4.47)%	2.52%	2.88%

% Premium/Discount to NAV3
	(8.22)%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Municipal Bond Fund

March 31, 2022

Fund Profile

Credit Quality (% of total investments)*,**

*

For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“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.

**

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

3

Eaton Vance

California Municipal Bond Fund

March 31, 2022

Performance

% Premium/Discount to NAV3
	(10.60)%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

4

Eaton Vance

California Municipal Bond Fund

March 31, 2022

Fund Profile

Credit Quality (% of total investments)*,**

*

For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“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.

**

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

5

Eaton Vance

New York Municipal Bond Fund

March 31, 2022

Performance

% Premium/Discount to NAV3
	(11.56)%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods 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

March 31, 2022

Fund Profile

Credit Quality (% of total investments)*,**

*

For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“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.

**

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

7

Eaton Vance

Municipal Bond Funds

March 31, 2022

Endnotes and Additional Disclosures

1	Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2	Performance results reflect the effects of leverage.
3	The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium 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 https://funds.eatonvance.com/closed-end-fund-prices.php.
4	The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.
5	Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

8

Eaton Vance

Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Abbreviations:
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– AMBAC Financial Group, Inc.
AMT	– Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	– Build America Mutual Assurance Co.
BHAC	– Berkshire Hathaway Assurance Corp.
FGIC	– Financial Guaranty Insurance Company
NPFG	– National Public Finance Guarantee Corp.
PSF	– Permanent School Fund
XLCA	– XL Capital Assurance, Inc.

Eaton Vance

California Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

California Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

New York Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

New York Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

New York Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Taxable Municipal Obligations — 1.0%

Security	Principal Amount (000's omitted)		Value
Education — 1.0%
Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.375%, 6/15/25	$	240	$       231,862
New York Dormitory Authority, (Iona College), 4.127%, 7/1/49		2,000	1,821,680
Total Taxable Municipal Obligations (identified cost $2,240,000)			$    2,053,542

Trust Units — 0.7%

Security	Principal Amount (000's omitted)		Value
Special Tax Revenue — 0.7%
PRIFA Class 61 Trust, Class 2036 (2005A CABs) (taxable), 0.00%, 7/1/36	$	3,000	$     1,483,560
Total Trust Units (identified cost $1,313,230)			$    1,483,560
Total Investments — 152.1% (identified cost $327,122,394)			$  326,533,750
Other Assets, Less Liabilities — (52.1)%			$  (111,904,284)
Net Assets — 100.0%			$  214,629,466

Eaton Vance

New York Municipal Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

24

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2022
	Municipal Fund	California Fund	New York Fund
Investment Income
Interest income	$ 27,050,522	$ 8,065,063	$ 5,518,294
Total investment income	$ 27,050,522	$ 8,065,063	$ 5,518,294
Expenses
Investment adviser fee	$ 4,908,238	$ 1,535,616	$ 1,069,926
Trustees’ fees and expenses	41,207	13,075	9,128
Custodian fee	120,564	37,664	29,629
Transfer and dividend disbursing agent fees	9,734	9,078	9,128
Legal and accounting services	66,064	43,668	42,181
Printing and postage	31,760	4,254	9,704
Interest expense and fees	2,143,611	685,414	397,497
Miscellaneous	50,964	23,372	23,425
Total expenses	$ 7,372,142	$ 2,352,141	$ 1,590,618
Net investment income	$ 19,678,380	$ 5,712,922	$ 3,927,676
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ (1,120,877)	$ (1,992,763)	$ (2,216,443)
Disposal of investments in violation of restrictions and net increase from payment by affiliate	0	—	—
Net realized loss	$ (1,120,877)	$ (1,992,763)	$ (2,216,443)
Change in unrealized appreciation (depreciation):
Investments	$ (99,975,838)	$ (28,790,292)	$ (23,545,167)
Net change in unrealized appreciation (depreciation)	$ (99,975,838)	$(28,790,292)	$(23,545,167)
Net realized and unrealized loss	$(101,096,715)	$(30,783,055)	$(25,761,610)
Net decrease in net assets from operations	$ (81,418,335)	$(25,070,133)	$(21,833,934)

26

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Statements of Changes in Net Assets

	Six Months Ended March 31, 2022 (Unaudited)
	Municipal Fund	California Fund	New York Fund
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 19,678,380	$ 5,712,922	$ 3,927,676
Net realized loss	(1,120,877)	(1,992,763)	(2,216,443)
Net change in unrealized appreciation (depreciation)	(99,975,838)	(28,790,292)	(23,545,167)
Net decrease in net assets from operations	$ (81,418,335)	$ (25,070,133)	$ (21,833,934)
Distributions to common shareholders	$ (21,111,064)	$ (6,018,637)	$ (3,984,213)
Net decrease in net assets	$ (102,529,399)	$ (31,088,770)	$ (25,818,147)
Net Assets
At beginning of period	$1,003,821,970	$ 311,635,134	$ 240,447,613
At end of period	$ 901,292,571	$280,546,364	$214,629,466

27

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2021
	Municipal Fund	California Fund	New York Fund
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 42,699,032	$ 12,571,740	$ 8,906,441
Net realized gain	5,541,586	667,567	611,044
Net change in unrealized appreciation (depreciation)	(12,825,827)	(5,398,300)	110,315
Net increase in net assets from operations	$ 35,414,791	$ 7,841,007	$ 9,627,800
Distributions to common shareholders	$ (42,826,531)	$ (12,567,154)	$ (9,015,482)
Tax return of capital to common shareholders	$ —	$ —	$ (206,730)
Net increase (decrease) in net assets	$ (7,411,740)	$ (4,726,147)	$ 405,588
Net Assets
At beginning of year	$ 1,011,233,710	$ 316,361,281	$ 240,042,025
At end of year	$1,003,821,970	$311,635,134	$240,447,613

28

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Statements of Cash Flows (Unaudited)

	Six Months Ended March 31, 2022
	Municipal Fund	California Fund	New York Fund
Cash Flows From Operating Activities
Net decrease in net assets from operations	$ (81,418,335)	$ (25,070,133)	$ (21,833,934)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased	(196,935,662)	(32,918,047)	(58,061,760)
Investments sold	235,023,002	45,975,001	67,522,959
Net amortization/accretion of premium (discount)	3,681,125	1,880,137	1,284,967
Decrease in interest receivable	262,007	273,498	133,423
Decrease in payable to affiliate for investment adviser fee	(31,430)	(4,493)	(8,740)
Increase (decrease) in interest expense and fees payable	(25,233)	42,112	10,520
Decrease in accrued expenses	(139,595)	(64,421)	(52,476)
Net change in unrealized (appreciation) depreciation from investments	99,975,838	28,790,292	23,545,167
Net realized loss from investments	1,120,877	1,992,763	2,216,443
Net cash provided by operating activities	$ 61,512,594	$ 20,896,709	$ 14,756,569
Cash Flows From Financing Activities
Cash distributions paid to common shareholders	$ (21,111,064)	$ (6,018,637)	$ (3,984,213)
Repayment of secured borrowings	(28,240,000)	—	(7,860,000)
Decrease in due to custodian	—	(6,745,192)	(1,580,801)
Net cash used in financing activities	$ (49,351,064)	$(12,763,829)	$(13,425,014)
Net increase in cash	$ 12,161,530	$ 8,132,880	$ 1,331,555
Cash at beginning of period	$ 1,740,414	$ —	$ —
Cash at end of period	$ 13,901,944	$ 8,132,880	$ 1,331,555
Supplemental disclosure of cash flow information:
Cash paid for interest and fees	$ 2,168,844	$ 643,302	$ 386,977

29

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Financial Highlights

	Municipal Fund
		Year Ended September 30,
	Six Months Ended March 31, 2022 (Unaudited)	2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 13.950	$ 14.050	$ 13.980	$ 12.940	$ 13.740	$ 14.480
Income (Loss) From Operations
Net investment income(1)	$ 0.273	$ 0.593	$ 0.571	$ 0.522	$ 0.573	$ 0.640
Net realized and unrealized gain (loss)	(1.400)	(0.098)	0.033	0.982	(0.785)	(0.739)
Total income (loss) from operations	$ (1.127)	$ 0.495	$ 0.604	$ 1.504	$ (0.212)	$ (0.099)
Less Distributions
From net investment income	$ (0.293)	$ (0.595)	$ (0.563)	$ (0.517)	$ (0.572)	$ (0.641)
Tax return of capital	—	—	—	—	(0.016)	—
Total distributions	$ (0.293)	$ (0.595)	$ (0.563)	$ (0.517)	$ (0.588)	$ (0.641)
Anti-dilutive effect of share repurchase program (see Note 5)(1)	$ —	$ —	$ —	$ 0.022	$ —	$ —
Discount on tender offer(1)	$ —	$ —	$ 0.029	$ 0.031	$ —	$ —
Net asset value — End of period	$ 12.530	$ 13.950	$ 14.050	$ 13.980	$ 12.940	$ 13.740
Market value — End of period	$ 11.500	$ 13.380	$ 13.170	$ 12.960	$ 11.530	$ 12.680
Total Investment Return on Net Asset Value(2)	(8.09)% (3)	3.75%	4.99%	12.72%	(1.09)%	(0.19)%
Total Investment Return on Market Value(2)	(12.06)% (3)	6.16%	6.15%	17.28%	(4.50)%	(2.08)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$901,293	$1,003,822	$1,011,234	$1,114,236	$881,990	$936,652
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.07% (4)	1.09%	1.13%	1.11%	1.07%	1.07%
Interest and fee expense(5)	0.44% (4)	0.41%	1.05%	1.51%	1.25%	0.93%
Total expenses	1.51% (4)	1.50%	2.18%	2.62%	2.32%	2.00%
Net investment income	4.03% (4)	4.18%	4.09%	3.89%	4.29%	4.67%
Portfolio Turnover	13% (3)	10%	7%	18%	17%	6%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(3)	Not annualized.
(4)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

30

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Financial Highlights — continued

	California Fund
		Year Ended September 30,
	Six Months Ended March 31, 2022 (Unaudited)	2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 12.470	$ 12.660	$ 12.570	$ 11.780	$ 12.450	$ 13.050
Income (Loss) From Operations
Net investment income(1)	$ 0.229	$ 0.503	$ 0.473	$ 0.438	$ 0.482	$ 0.566
Net realized and unrealized gain (loss)	(1.238)	(0.190)	0.080	0.802	(0.641)	(0.582)
Total income (loss) from operations	$ (1.009)	$ 0.313	$ 0.553	$ 1.240	$ (0.159)	$ (0.016)
Less Distributions
From net investment income	$ (0.241)	$ (0.503)	$ (0.463)	$ (0.454)	$ (0.511)	$ (0.584)
Tax return of capital	—	—	—	(0.020)	—	—
Total distributions	$ (0.241)	$ (0.503)	$ (0.463)	$ (0.474)	$ (0.511)	$ (0.584)
Anti-dilutive effect of share repurchase program (see Note 5)(1)	$ —	$ —	$ —	$ 0.024	$ —	$ —
Net asset value — End of period	$ 11.220	$ 12.470	$ 12.660	$ 12.570	$ 11.780	$ 12.450
Market value — End of period	$ 10.040	$ 11.940	$ 11.360	$ 11.330	$ 9.960	$ 12.040
Total Investment Return on Net Asset Value(2)	(7.98)% (3)	2.78%	4.93%	11.54%	(0.79)%	0.27%
Total Investment Return on Market Value(2)	(14.08)% (3)	9.67%	4.46%	18.91%	(13.26)%	(6.67)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$280,546	$311,635	$316,361	$314,277	$251,940	$266,346
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.10% (4)	1.11%	1.12%	1.15%	1.16%	1.15%
Interest and fee expense(5)	0.45% (4)	0.40%	1.00%	1.59%	1.41%	1.01%
Total expenses	1.55% (4)	1.51%	2.12%	2.74%	2.57%	2.16%
Net investment income	3.77% (4)	3.96%	3.76%	3.61%	3.99%	4.55%
Portfolio Turnover	8% (3)	19%	20%	17%	24%	19%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(3)	Not annualized.
(4)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

31

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Financial Highlights — continued

	New York Fund
		Year Ended September 30,
	Six Months Ended March 31, 2022 (Unaudited)	2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 13.270	$ 13.250	$ 13.480	$ 12.770	$ 13.610	$ 14.290
Income (Loss) From Operations
Net investment income(1)	$ 0.217	$ 0.492	$ 0.490	$ 0.476	$ 0.539	$ 0.599
Net realized and unrealized gain (loss)	(1.417)	0.037	(0.236)	0.745	(0.815)	(0.661)
Total income (loss) from operations	$ (1.200)	$ 0.529	$ 0.254	$ 1.221	$ (0.276)	$ (0.062)
Less Distributions
From net investment income	$ (0.220)	$ (0.498)	$ (0.484)	$ (0.497)	$ (0.564)	$ (0.618)
Tax return of capital	—	(0.011)	—	(0.014)	—	—
Total distributions	$ (0.220)	$ (0.509)	$ (0.484)	$ (0.511)	$ (0.564)	$ (0.618)
Net asset value — End of period	$ 11.850	$ 13.270	$ 13.250	$ 13.480	$ 12.770	$ 13.610
Market value — End of period	$ 10.480	$ 12.270	$ 11.800	$ 12.440	$ 11.060	$ 12.930
Total Investment Return on Net Asset Value(2)	(9.00)% (3)	4.34%	2.37%	10.25%	(1.50)%	0.02%
Total Investment Return on Market Value(2)	(12.94)% (3)	8.30%	(1.21)%	17.47%	(10.20)%	(5.18)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$214,629	$240,448	$240,042	$244,319	$199,929	$213,185
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.02% (4)	1.06%	1.09%	1.10%	1.19%	1.22%
Interest and fee expense(5)	0.34% (4)	0.35%	0.93%	1.38%	1.35%	0.94%
Total expenses	1.36% (4)	1.41%	2.02%	2.48%	2.54%	2.16%
Net investment income	3.35% (4)	3.65%	3.68%	3.63%	4.10%	4.41%
Portfolio Turnover	17% (3)	15%	31%	25%	15%	10%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(3)	Not annualized.
(4)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

32

See Notes to Financial Statements.

Eaton Vance

Municipal Bond Funds

March 31, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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 ask 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 debt 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.

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 most fairly reflects the security’s "fair value", which is 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 companies or 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 company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Federal Taxes—Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of March 31, 2022, 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, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

33

Eaton Vance

Municipal Bond Funds

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

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 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 6) at March 31, 2022. 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. At March 31, 2022, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	Municipal Fund	California Fund	New York Fund
Floating Rate Notes Outstanding	$644,086,035	$208,553,000	$117,764,643
Interest Rate or Range of Interest Rates (%)	0.51 - 0.81	0.53 - 0.63	0.53 - 0.60
Collateral for Floating Rate Notes Outstanding	$880,509,917	$284,555,613	$158,430,297

For the six months ended March 31, 2022, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	Municipal Fund	California Fund	New York Fund
Average Floating Rate Notes Outstanding	$657,934,725	$208,285,000	$129,123,187
Average Interest Rate	0.65%	0.66%	0.62%

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, 2022.

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  When-Issued Securities and Delayed Delivery Transactions—The Funds may purchase 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

34

Eaton Vance

Municipal Bond Funds

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

I  Interim Financial Statements—The interim financial statements relating to March 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At September 30, 2021, the following Funds, for federal income tax purposes, had 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. The deferred capital losses are treated as arising on the first day of a Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

Included in the amounts above are deferred capital losses as a result of reorganizations which occurred in a prior year. Utilization of these deferred capital losses may be limited in accordance with certain income tax regulations. The amounts of the deferred capital losses are as follows:

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2022, as determined on a federal income tax basis, were as follows: