UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21148

 

 

Eaton Vance New York Municipal Bond Fund

(Exact Name of Registrant as Specified in Charter)

 

 

One Post Office Square, Boston, Massachusetts 02109

(Address of Principal Executive Offices)

 

 

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

 

 

September 30

Date of Fiscal Year End

March 31, 2024

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders



Eaton Vance
Municipal Bond Funds
Semiannual Report
March 31, 2024

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


Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. 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, the Funds' adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as 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.




Eaton Vance
Municipal Bond Fund
March 31, 2024
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 10.88% 3.07% 1.15% 3.66%
Fund at Market Price 18.31 4.10 0.80 3.55

Bloomberg Municipal Bond Index 7.48% 3.13% 1.59% 2.66%
% Premium/Discount to NAV3  
As of period end (9.29)%
Distributions 4  
Total Distributions per share for the period $0.240
Distribution Rate at NAV 4.92%
Taxable-Equivalent Distribution Rate at NAV 8.31
Distribution Rate at Market Price 5.43
Taxable-Equivalent Distribution Rate at Market Price 9.17
% Total Leverage5  
Residual Interest Bond (RIB) Financing 29.16%
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, 2024
Fund Profile

Credit Quality (% of total investments)1,2
Footnotes:
1 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.
2 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, 2024
Performance

Portfolio Manager(s) Trevor G. Smith and Carl A. Thompson, CFA
% Average Annual Total Returns1,2 Inception Date Six Months One Year Five Years Ten Years
Fund at NAV 08/30/2002 10.81% 3.89% 1.08% 3.21%
Fund at Market Price 19.02 9.36 2.09 3.40

Bloomberg Municipal Bond Index 7.48% 3.13% 1.59% 2.66%
% Premium/Discount to NAV3  
As of period end (8.87)%
Distributions 4  
Total Distributions per share for the period $0.203
Distribution Rate at NAV 4.43%
Taxable-Equivalent Distribution Rate at NAV 9.66
Distribution Rate at Market Price 4.86
Taxable-Equivalent Distribution Rate at Market Price 10.60
% Total Leverage5  
RIB Financing 26.35%
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, 2024
Fund Profile

Credit Quality (% of total investments)1,2
Footnotes:
1 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.
2 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, 2024
Performance

Portfolio Manager(s) Christopher J. Eustance, CFA and Paul Metheny, CFA
% Average Annual Total Returns1,2 Inception Date Six Months One Year Five Years Ten Years
Fund at NAV 08/30/2002 13.05% 3.51% 0.02% 2.52%
Fund at Market Price 19.72 4.08 0.22 2.51

Bloomberg Municipal Bond Index 7.48% 3.13% 1.59% 2.66%
% Premium/Discount to NAV3  
As of period end (9.59)%
Distributions 4  
Total Distributions per share for the period $0.207
Distribution Rate at NAV 4.40%
Taxable-Equivalent Distribution Rate at NAV 9.11
Distribution Rate at Market Price 4.87
Taxable-Equivalent Distribution Rate at Market Price 10.08
% Total Leverage5  
RIB Financing 30.90%
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, 2024
Fund Profile

Credit Quality (% of total investments)1,2
Footnotes:
1 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.
2 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, 2024
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 may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a 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. Shareholders should not assume that the source of any distribution from the Fund is net income or profit, and the Fund’s distributions should not be used as a measure of performance or confused with “yield” or “income”. 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.
  Fund profiles subject to change due to active management.
  Important Notice to Shareholders
  On January 26, 2023, the Board of Trustees of each Fund voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the Fund’s By-Laws.
 
8


Eaton Vance
Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited)

Corporate Bonds — 1.1%
Security Principal
Amount
(000's omitted)
Value
Hospital — 1.1%
Montefiore Obligated Group, 4.287%, 9/1/50 $ 13,890 $     8,763,643
Total Corporate Bonds
(identified cost $13,890,000)
    $    8,763,643
    
Tax-Exempt Mortgage-Backed Securities — 0.3%
Security Principal
Amount
(000's omitted)
Value
Housing — 0.3%
California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35 $  3,022 $     2,834,934
Total Tax-Exempt Mortgage-Backed Securities
(identified cost $2,871,110)
    $    2,834,934
    
Tax-Exempt Municipal Obligations — 139.5%
Security Principal
Amount
(000's omitted)
Value
Bond Bank — 7.2%
Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 $  6,500 $     7,687,550
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.25%, 9/15/52    7,000     7,722,680
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32      300       339,450
Texas Water Development Board:      
4.00%, 10/15/37(1)    4,875     4,970,209
4.00%, 10/15/47(1)    2,900     2,818,800
5.00%, 10/15/47(1)   20,000    21,829,600
5.00%, 4/15/49(1)   10,700    11,227,403
5.00%, 10/15/58    2,000     2,162,620
      $   58,758,312
Education — 4.7%
District of Columbia, (KIPP DC), 4.00%, 7/1/44 $    280 $       259,233
Massachusetts Development Finance Agency, (Northeastern University), 5.25%, 3/1/37    1,650     1,650,429
Massachusetts Health and Educational Facilities Authority, (Boston College):      
5.50%, 6/1/27    5,710      6,170,397
Security Principal
Amount
(000's omitted)
Value
Education (continued)
Massachusetts Health and Educational Facilities Authority, (Boston College):(continued)      
5.50%, 6/1/30 $  8,225 $     9,456,529
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/47(1)   10,000     9,941,700
Tennessee State School Bond Authority, 5.00%, 11/1/52(1)   10,000    10,798,900
      $   38,277,188
Electric Utilities — 6.4%
Austin, TX, Electric Utility Revenue, 5.00%, 11/15/48(1) $ 10,000 $    10,948,000
Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52    7,165     5,517,050
Gainesville, FL, Utilities System Revenue, (SPA: Barclays Bank PLC), 3.95%, 10/1/42(2)    1,000     1,000,000
Orlando Utilities Commission, FL, Utility System Revenue, 5.00%, 10/1/48(1)   10,000    10,921,800
San Antonio, TX, Electric & Gas Systems Revenue, 5.25%, 2/1/46(1)   10,000    11,061,400
Seattle, WA, Municipal Light and Power Improvement Revenue:      
4.00%, 7/1/47    2,500     2,444,800
5.00%, 3/1/53(1)    9,000     9,701,010
      $   51,594,060
Escrowed/Prerefunded — 0.0%(3)
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), Prerefunded to 7/1/24, 5.00%, 7/1/39 $    175 $       175,354
      $      175,354
General Obligations — 28.9%
Aldine Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/54 $  1,900 $     1,800,003
Aledo Independent School District, TX, (PSF Guaranteed):      
5.00%, 2/15/53      255       273,424
5.00%, 2/15/53(1)    9,000     9,650,340
Bastrop Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53(1)   10,000    10,823,000
Beaverton School District No. 48J, OR, 5.00%, 6/15/52(1)   10,000    10,725,200
California, 5.25%, 9/1/53(1)   10,000    11,259,400
Chicago Board of Education, IL, 5.00%, 12/1/30    4,000     4,206,080
Chicago, IL, 5.00%, 1/1/44    6,880     7,088,808
Clark County Water Reclamation District, NV, 5.00%, 7/1/49(1)   10,000     10,891,200
 
9
See Notes to Financial Statements.


Eaton Vance
Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
General Obligations (continued)
Crowley Independent School District, TX, (PSF Guaranteed), 5.25%, 2/1/53 $  2,000 $     2,194,940
Dallas Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/54    3,000     2,842,110
Denton Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/53(1)   10,000    10,842,700
District of Columbia, 4.00%, 2/1/46    5,000     4,946,450
Hurst-Euless-Bedford Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/50    4,500     4,355,190
Illinois:      
4.00%, 11/1/38   13,000    12,929,930
5.50%, 5/1/39      810       891,761
5.50%, 3/1/47    4,000     4,369,480
5.75%, 5/1/45      830       908,618
Jackson Public Schools, MI, 5.00%, 5/1/48(1)    2,150     2,208,394
Katy Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48(1)   10,000    10,809,800
Klein Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/48    5,110     4,974,789
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/58(1)   10,000    10,773,100
Leander Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/52(1)   10,000    10,678,600
Massachusetts, 5.00%, 5/1/53(1)   10,000    10,726,300
New Caney Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53(1)   10,000    10,834,500
New York, NY:      
4.00%, 9/1/46    5,000     4,882,250
5.25%, 5/1/41(1)    7,100     8,032,940
5.25%, 5/1/42(1)    3,125     3,510,656
5.25%, 10/1/47    4,000     4,402,520
Peters Township School District, PA, 5.00%, 9/1/40(1)    3,225     3,475,615
Renton School District No. 403, WA, 4.00%, 12/1/39    2,500     2,555,925
Royse City Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53(1)    9,000     9,747,720
Spring Independent School District, TX, 5.00%, 8/15/47(1)   11,575    12,766,299
Trenton Public Schools, MI, 5.00%, 5/1/42(1)    2,150     2,269,024
Ysleta Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/56(1)   10,000    10,698,800
      $  234,345,866
Hospital — 11.5%
Allen County, OH, (Mercy Health), 4.00%, 8/1/47(1) $    900 $       867,987
Brevard County Health Facilities Authority, FL, (Health First Obligated Group):      
5.00%, 4/1/47    7,500      7,857,075
Security Principal
Amount
(000's omitted)
Value
Hospital (continued)
Brevard County Health Facilities Authority, FL, (Health First Obligated Group):(continued)      
5.00%, 4/1/52 $  7,510 $     7,852,306
Chester County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 9/1/50   11,625    10,708,252
Colorado Health Facilities Authority, (CommonSpirit Health), 5.25%, 11/1/52    4,000     4,295,240
Colorado Health Facilities Authority, (Intermountain Healthcare), 4.00%, 5/15/52    5,000     4,825,200
Hamilton County, OH, (Cincinnati Children's Hospital Medical Center), 5.00%, 5/15/34      250       250,470
Hamilton County, OH, (UC Health), 4.00%, 9/15/50    3,175     2,536,349
Indiana Finance Authority, (Indiana University Health), 5.00%, 10/1/53    5,000     5,377,000
Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 5.00%, 8/15/42    5,000     5,027,100
Michigan Finance Authority, (Trinity Health Credit Group), 4.00%, 3/1/51    7,000     6,512,520
Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital), 4.00%, 5/15/48    5,000     4,763,600
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.25%, 7/1/35    5,000     5,020,150
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52    4,050     4,277,893
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/53    4,115     3,840,283
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42    1,600     1,556,928
Tarrant County Cultural Education Facilities Finance Corp.,TX, (Baylor Scott & White Health), 5.00%, 11/15/51    3,000     3,138,420
Virginia Commonwealth University Health System Authority, 4.00%, 7/1/54(4)    5,000     4,747,400
West Virginia Hospital Finance Authority, (West Virginia University Health System Obligated Group), 4.375%, 6/1/53   10,150    10,245,004
      $   93,699,177
Housing — 5.7%
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.25%, 7/1/50 $  1,350 $     1,237,235
Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 9/1/48    8,835     8,842,510
New York City Housing Development Corp., NY:      
4.80%, 2/1/53    5,000      5,082,450
 
10
See Notes to Financial Statements.


Eaton Vance
Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Housing (continued)
New York City Housing Development Corp., NY:
(continued)
     
4.95%, 11/1/58 $  1,575 $     1,606,547
North Carolina Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.40%, 7/1/46    4,995     4,968,526
Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 9/1/49    6,350     6,370,510
Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.00%, 10/1/50    3,665     3,783,819
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 4.65%, 10/1/53    3,880     3,863,355
Seattle Housing Authority, WA, 3.625%, 12/1/43    1,000       893,930
South Carolina Housing Finance and Development Authority:      
4.75%, 1/1/54    2,000     1,994,400
4.95%, 7/1/53      975       995,329
Texas Department of Housing and Community Affairs, (GNMA), 5.125%, 1/1/54(4)    1,810     1,889,441
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.75%, 9/1/50    5,000     5,009,350
      $   46,537,402
Industrial Development Revenue — 2.8%
Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.45%, 9/1/52 $  4,800 $     4,906,416
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42    4,840     4,701,866
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40   12,610    13,084,010
      $   22,692,292
Insured - Bond Bank — 0.1%
Puerto Rico Municipal Finance Agency, (AGM), 5.00%, 8/1/27 $    470 $       472,829
      $      472,829
Insured - Education — 2.7%
Massachusetts College Building Authority, (AGC), 5.50%, 5/1/39 $    700 $       855,463
Massachusetts Development Finance Agency, (Boston University), (AGC), 6.00%, 5/15/59    1,105     1,268,441
Massachusetts Development Finance Agency, (College of the Holy Cross):      
(AMBAC), 5.25%, 9/1/32   15,900     18,787,599
Security Principal
Amount
(000's omitted)
Value
Insured - Education (continued)
Massachusetts Development Finance Agency, (College of the Holy Cross):(continued)      
(AMBAC), 5.25%, 9/1/32(1) $    750 $       886,215
      $   21,797,718
Insured - Electric Utilities — 3.1%
Cleveland, OH, Public Power System Revenue:      
(NPFG), 0.00%, 11/15/27 $  2,750 $     2,424,400
(NPFG), 0.00%, 11/15/38    1,000       526,380
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), (AGM), 5.25%, 5/15/53(1)   10,000    10,949,900
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27    5,000     4,512,250
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34      375       372,330
South Carolina Public Service Authority, (AGM), 5.75%, 12/1/52    6,000     6,683,220
      $   25,468,480
Insured - Escrowed/Prerefunded — 0.2%
Massachusetts College Building Authority, (NPFG), Escrowed to Maturity, 0.00%, 5/1/26 $  1,600 $     1,490,416
      $    1,490,416
Insured - General Obligations — 4.3%
Cincinnati City School District, OH, (AGM), (FGIC), 5.25%, 12/1/30 $  4,500 $     5,159,520
Erie School District, PA, (AMBAC), 0.00%, 9/1/30    1,000       790,870
Essex County Improvement Authority, NJ, (NPFG), 5.50%, 10/1/30    2,000     2,351,000
Irvington Township, NJ, (AGM), 0.00%, 7/15/26    4,165     3,813,807
Massachusetts, (AMBAC), 5.50%, 8/1/30    1,900     2,201,302
Nassau County, NY, (AGM), 5.00%, 4/1/43(1)   11,665    12,238,451
Plain School District, OH, (NPFG), 0.00%, 12/1/27    2,400     2,088,624
Shaler Area School District, PA, (XLCA), 0.00%, 9/1/33    2,550     1,801,167
Waller Independent School District, TX, (BAM), 4.00%, 2/15/48    4,165     4,052,795
      $   34,497,536
Insured - Hospital — 1.7%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24 $    250 $       251,235
California Statewide Communities Development Authority, (Enloe Medical Center), (AGM), 5.375%, 8/15/57    1,500     1,636,785
Columbia County Hospital Authority, GA, (Wellstar Health System, Inc.), (AGM), 5.00%, 4/1/53    5,000      5,341,000
 
11
See Notes to Financial Statements.


Eaton Vance
Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Insured - Hospital (continued)
West Virginia Hospital Finance Authority, (Vandalia Health), (AGM), 5.50%, 9/1/48 $  5,000 $     5,577,950
Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AGM), 5.75%, 11/1/49    1,000     1,159,260
      $   13,966,230
Insured - Lease Revenue/Certificates of Participation — 0.1%
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28 $    500 $       552,255
      $      552,255
Insured - Special Tax Revenue — 7.2%
Hamilton County, OH, Sales Tax Revenue, (AMBAC), 0.00%, 12/1/24 $  3,665 $     3,574,364
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34   19,335    12,044,545
Houston, TX, Hotel Occupancy Tax Revenue, (AMBAC), 0.00%, 9/1/24   18,035    17,729,848
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29      750       842,640
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39   18,000    21,500,820
New Jersey Economic Development Authority, (Motor Vehicle Surcharges):      
(AGC), 0.00%, 7/1/26      420       385,354
(AGC), 0.00%, 7/1/27    1,120       991,861
Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30    1,105     1,268,805
      $   58,338,237
Insured - Transportation — 5.4%
Alameda Corridor Transportation Authority, CA, (AGM), 0.00%, 10/1/53 $  6,000 $     1,488,600
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39   25,000    11,782,000
New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29    1,000     1,113,870
Port Palm Beach District, FL:      
(XLCA), 0.00%, 9/1/24    1,605     1,573,366
(XLCA), 0.00%, 9/1/25    1,950     1,830,192
(XLCA), 0.00%, 9/1/26    1,000       901,840
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/25   26,215    25,432,220
      $   44,122,088
Security Principal
Amount
(000's omitted)
Value
Insured - Water and Sewer — 4.7%
Chicago, IL, Wastewater Transmission Revenue, (AGM), 5.25%, 1/1/58 $  7,000 $     7,548,310
Chicago, IL, Water Revenue, (AGM), 5.25%, 11/1/53    1,000     1,085,140
DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32(1)   10,000    10,532,300
Erie Sewer Authority, PA, (AMBAC), 0.00%, 12/1/26    1,920     1,739,117
Lauderhill, FL, Water and Sewer Revenue, (AGM), 5.00%, 10/1/53    1,520     1,627,099
Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/35    1,000     1,264,010
Michigan Finance Authority, (Detroit Water and Sewerage Department):      
(AGM), 5.00%, 7/1/31    1,500     1,503,360
(AGM), 5.00%, 7/1/32    2,845     2,852,312
(AGM), 5.00%, 7/1/33    2,435     2,439,554
(AGM), 5.00%, 7/1/35    2,970     2,976,296
(AGM), 5.00%, 7/1/37    2,435     2,438,774
Middlesex County Improvement Authority, NJ, (Perth Amboy), (AMBAC), 0.00%, 9/1/24    2,150     2,113,622
      $   38,119,894
Lease Revenue/Certificates of Participation — 4.0%
Maryland Stadium Authority, Built to Learn Revenue, 4.00%, 6/1/52 $  5,430 $     5,199,822
New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38    3,750     3,848,363
New Jersey Economic Development Authority, (Portal North Bridge), 5.00%, 11/1/52    7,000     7,454,230
New Jersey Transportation Trust Fund Authority, (Transportation Program):      
5.00%, 6/15/38      130       130,198
5.00%, 6/15/44    5,535     5,540,922
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 12/15/24   10,000    10,093,000
      $   32,266,535
Other Revenue — 3.1%
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 $  6,400 $     6,061,504
California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53    2,000     2,113,320
Main Street Natural Gas, Inc., GA, Gas Supply Revenue:      
5.00% to 3/1/30 (Put Date), 7/1/53    5,000     5,296,950
5.00% to 12/1/30 (Put Date), 5/1/54    1,480      1,556,220
 
12
See Notes to Financial Statements.


Eaton Vance
Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Other Revenue (continued)
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 $  4,520 $     4,842,412
Tennessee Energy Acquisition Corp., 5.00% to 11/1/31 (Put Date), 5/1/52    5,060     5,347,357
      $   25,217,763
Senior Living/Life Care — 1.0%
California Public Finance Authority, (Enso Village):      
Green Bonds, 3.125%, 5/15/29(5) $    410 $       400,021
Green Bonds, 5.00%, 11/15/46(5)      565       511,709
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50      160       150,603
Franklin County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44      525       525,509
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(5)      310       308,500
New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52    4,000     3,755,800
North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/50    2,500     2,218,625
      $    7,870,767
Special Tax Revenue — 18.6%
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 4.00%, 12/1/51 $  5,000 $     4,795,550
District of Columbia, Income Tax Revenue, 5.25%, 5/1/48    4,500     5,021,550
Massachusetts Bay Transportation Authority, Sales Tax Revenue:      
4.00%, 7/1/51    4,000     3,903,760
5.25%, 7/1/33      750       885,698
Michigan, Trunk Line Revenue, 5.25%, 11/15/49(1)   10,000    11,249,000
New York City Transitional Finance Authority, NY, Future Tax Revenue:      
4.00%, 8/1/37(1)   10,000    10,059,700
4.00%, 8/1/39(1)    5,000     5,004,850
4.00%, 2/1/43    9,000     9,057,870
5.00%, 11/1/46(1)    5,000     5,427,150
5.00%, 2/1/47    5,000     5,387,900
New York Convention Center Development Corp., Hotel Occupancy Tax, 5.00%, 11/15/45(1)   13,000    13,141,570
New York Dormitory Authority, Personal Income Tax Revenue:      
4.00%, 2/15/47    9,100     8,868,314
4.00%, 3/15/47    3,500     3,413,585
New York Dormitory Authority, Sales Tax Revenue:      
4.00%, 3/15/46   14,000     13,716,920
Security Principal
Amount
(000's omitted)
Value
Special Tax Revenue (continued)
New York Dormitory Authority, Sales Tax Revenue:
(continued)
     
5.00%, 3/15/43(1) $  6,000 $     6,315,060
New York State Urban Development Corp., Personal Income Tax Revenue:      
4.00%, 3/15/45(1)    2,800     2,711,296
4.00%, 3/15/45    2,215     2,150,809
Green Bonds, 4.00%, 3/15/50    2,980     2,848,850
New York Thruway Authority, Personal Income Tax Revenue:      
4.00%, 3/15/44    2,000     1,974,860
Green Bonds, 5.00%, 3/15/55(1)    5,000     5,356,550
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58    6,000     6,024,540
Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 5/15/47(1)    8,850     9,819,606
Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue, 4.00%, 5/15/48    3,000     2,938,050
Washington Metropolitan Area Transit Authority, D.C., Sustainability Bonds, 5.25%, 7/15/53(1)   10,000    11,004,800
      $  151,077,838
Transportation — 15.6%
Atlanta, GA, Airport General Revenue, Green Bonds, 5.00%, 7/1/53(1) $ 10,000 $    10,849,600
Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/53(1)   10,000    10,849,600
Denver City and County, CO, Airport System Revenue:      
4.00%, 11/15/43    5,665     5,665,283
(AMT), 5.00%, 11/15/53    3,920     4,119,646
Florida Department of Transportation, Turnpike System Revenue, 5.00%, 7/1/52(1)   16,000    17,071,360
Illinois Toll Highway Authority, 5.00%, 1/1/44(1)   10,000    11,063,600
Los Angeles Department of Airports, CA, (Los Angeles International Airport), Green Bonds, (AMT), 5.00%, 5/15/47    7,145     7,537,832
Massachusetts, (Rail Enhancement Program), Sustainablility Bonds, 5.00%, 6/1/53(1)   10,000    10,739,500
Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45      730       752,192
Metropolitan Washington Airports Authority, D.C.:      
(AMT), 4.00%, 10/1/51    5,000     4,669,250
(AMT), 5.25%, 10/1/53    2,000     2,143,420
New Jersey Turnpike Authority, 5.25%, 1/1/52    2,500     2,739,350
New York Transportation Development Corp., (John F. Kennedy International Airport), Green Bonds, (AMT), 6.00%, 6/30/54      960     1,064,535
North Texas Tollway Authority:      
4.125%, 1/1/39    6,000      6,175,920
 
13
See Notes to Financial Statements.


Eaton Vance
Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Transportation (continued)
North Texas Tollway Authority:(continued)      
5.00%, 1/1/48 $  7,500 $     7,656,600
Oklahoma Turnpike Authority, 5.50%, 1/1/53    8,335     9,224,761
Pennsylvania Turnpike Commission:      
5.00%, 12/1/53    7,000     7,529,200
5.25%, 12/1/52    2,600     2,846,298
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58    2,500     2,532,000
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42    1,765     1,767,718
      $  126,997,665
Water and Sewer — 0.5%
Jefferson County, AL, Sewer Revenue, 5.50%, 10/1/53 $    820 $       894,308
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/52(1)    3,000     3,294,060
      $    4,188,368
Total Tax-Exempt Municipal Obligations
(identified cost $1,102,251,442)
    $1,132,524,270
    
Taxable Municipal Obligations — 0.0%(3)
Security Principal
Amount
(000's omitted)
Value
Lease Revenue/Certificates of Participation — 0.0%(3)
New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 $    230 $       228,420
New Hampshire Business Finance Authority, (Centurion Foundation), 11.00%, 12/15/38      120       119,237
Total Taxable Municipal Obligations
(identified cost $350,000)
    $      347,657
    
Trust Units — 0.1%
Security Notional
Amount
(000's omitted)
Value
Transportation — 0.1%
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41 $    719 $       703,214
Total Trust Units
(identified cost $723,994)
    $      703,214
Total Investments — 141.0%
(identified cost $1,120,086,546)
    $1,145,173,718
Other Assets, Less Liabilities — (41.0)%     $  (333,224,991)
Net Assets — 100.0%     $  811,948,727
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).
(2) Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024.
(3) Amount is less than 0.05%.
(4) When-issued security.
(5) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $1,220,230 or 0.2% of the Fund's net assets.
At March 31, 2024, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of total investments, is as follows:
Texas 23.2%
New York 15.7%
Others, representing less than 10% individually 60.3%
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 20.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 9.0% of total investments.
Abbreviations:
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal Corp.
AMBAC – AMBAC Financial Group, Inc.
 
14
See Notes to Financial Statements.


Eaton Vance
Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

 
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
FHLMC – Federal Home Loan Mortgage Corp.
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
NPFG – National Public Finance Guarantee Corp.
PSF – Permanent School Fund
SFMR – Single Family Mortgage Revenue
SPA – Standby Bond Purchase Agreement
XLCA – XL Capital Assurance, Inc.
15
See Notes to Financial Statements.


Eaton Vance
California Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 129.3%
Security Principal
Amount
(000's omitted)
Value
Education — 7.8%
California Educational Facilities Authority, (Loyola Marymount University):      
Green Bonds, 5.00%, 10/1/43 $  2,105 $     2,208,861
Green Bonds, 5.00%, 10/1/48    3,000     3,121,980
California State University, 5.00%, 11/1/41(1)    2,000     2,069,760
University of California, 5.00%, 5/15/46(1)   12,050    12,415,115
      $   19,815,716
Electric Utilities — 4.2%
Los Angeles Department of Water and Power, CA, Power System Revenue, 5.00%, 7/1/42(1) $  2,000 $     2,101,640
Sacramento Municipal Utility District, CA:      
Green Bonds, 5.00%, 8/15/50(1)    7,000     7,576,800
Green Bonds, 5.00%, 8/15/53    1,000     1,106,580
      $   10,785,020
General Obligations — 53.1%
ABC Unified School District, CA, (Election of 2018), 4.00%, 8/1/47 $  5,000 $     5,038,100
Alisal Union School District, CA, (Election of 2016), 4.25%, 8/1/54   10,180    10,166,868
Alum Rock Union Elementary School District, CA, (Election of 2016), 5.25%, 8/1/47    1,100     1,231,142
Brentwood Union School District, CA, (Election 2016), 5.25%, 8/1/52    4,250     4,686,687
Brisbane School District, CA, (Election of 2020), 3.00%, 8/1/49    1,760     1,395,310
California:      
4.75%, 12/1/42    3,000     3,155,280
5.00%, 9/1/52(1)   10,000    10,910,000
5.25%, 9/1/53(1)   10,000    11,259,400
Chaffey Joint Union High School District, CA, (Election of 2012), 4.00%, 8/1/49(1)   11,900    11,911,424
Fort Bragg Unified School District, CA, (Election of 2020):      
4.00%, 8/1/42    1,350     1,368,401
4.125%, 8/1/47    1,000     1,007,360
Jefferson Elementary School District, CA, (Election of 2022):      
4.25%, 9/1/43    1,000     1,037,630
5.00%, 9/1/49    1,440     1,596,701
La Canada Unified School District, CA, (Election of 2017), 5.75%, 8/1/50    1,465     1,735,190
Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/53    7,430      8,314,987
Security Principal
Amount
(000's omitted)
Value
General Obligations (continued)
Modesto High School District, CA, (Election of 2022), 4.00%, 8/1/52 $  7,200 $     7,105,032
Pasadena Area Community College District, CA, (Election of 2022), 4.00%, 8/1/52    3,750     3,700,537
Robla School District, CA, (Election of 2014), 3.00%, 8/1/53      500       382,160
San Bernardino Community College District, CA, (Election of 2018), 4.125%, 8/1/49    1,665     1,676,489
San Diego Unified School District, CA, (Election of 2022), Sustainablility Bonds, 5.00%, 7/1/48(1)   10,000    11,232,100
San Jose, CA, 5.00%, 9/1/49(1)   10,000    10,677,600
San Luis Obispo County Community College District, CA, (Election of 2014), 4.00%, 8/1/43    9,450     9,474,664
San Rafael City High School District, CA, (Election of 2022), 4.25%, 8/1/47    4,000     4,063,880
Sierra Joint Community College District, CA, (Election of 2018), 4.00%, 8/1/48    1,000     1,014,450
South Bay Union School District, CA, (Election of 2018), 4.00%, 8/1/47    3,000     3,005,910
Sweetwater Union High School District, CA, (Election of 2018), 5.00%, 8/1/52    5,000     5,421,500
Westminster School District, CA, (Election of 2016), 4.00%, 8/1/51    3,220     3,226,054
      $  135,794,856
Hospital — 10.6%
California Health Facilities Financing Authority, (Cedars-Sinai Health System), 4.00%, 8/15/48 $ 10,025 $     9,823,598
California Health Facilities Financing Authority, (City of Hope):      
5.00%, 11/15/32    2,130     2,131,150
5.00%, 11/15/35    3,040     3,041,611
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44    6,900     6,922,149
California Health Facilities Financing Authority, (Lucile Salter Packard Children's Hospital at Stanford), 4.00%, 5/15/51    5,250     5,080,110
      $   26,998,618
Housing — 5.1%
California Municipal Finance Authority, (Caritas):      
4.00%, 8/15/51 $    435 $       374,096
Social Bonds, 5.25%, 8/15/53      900       936,378
California Statewide Communities Development Authority, (University of California, Irvine East Campus Apartments, Phase IV-A-CHF-Irvine, LLC), 5.00%, 5/15/47    5,000      5,038,400
 
16
See Notes to Financial Statements.


Eaton Vance
California Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Housing (continued)
CSCDA Community Improvement Authority, CA, (Pasadena Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 12/1/56(2) $  2,680 $     1,905,587
Independent Cities Finance Authority, CA, (Augusta Communities Mobile Home Park Pool), 5.25%, 5/15/56    4,510     4,751,059
      $   13,005,520
Insured - Electric Utilities — 1.5%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 $  3,740 $     3,713,371
      $    3,713,371
Insured - General Obligations — 14.7%
Antioch Unified School District, CA, (BAM), 4.00%, 8/1/47 $  3,375 $     3,348,844
Bakersfield City School District, CA, (Election of 2016), (BAM), 3.00%, 11/1/51    1,500     1,152,960
Bellevue Union School District, CA, (Election of 2020), (AGM), 3.125%, 8/1/44      400       331,780
Center Joint Unified School District, CA, (Election of 2008), (BAM), 3.00%, 8/1/46    1,000       819,740
Coalinga-Huron Joint Unified School District, CA, (Election of 2022):      
(BAM), 5.00%, 8/1/48    1,000     1,077,750
(BAM), 5.25%, 8/1/53    2,750     2,991,587
Coalinga-Huron Recreation and Park District, CA, (Election of 2016), (BAM), 3.00%, 8/1/50      750       567,683
Duarte Unified School District, CA, (Election of 2020), (AGM), 4.25%, 8/1/48    3,500     3,591,980
Eastside Union School District, CA, (Election of 2022):      
(BAM), 5.50%, 8/1/48    1,500     1,715,925
(BAM), 5.50%, 8/1/53    1,500     1,702,005
El Monte City School District, CA, (Election of 2014), (BAM), 4.00%, 8/1/47    1,000     1,001,260
Fair Oaks Recreation and Park District, CA, (Election of 2018), (BAM), 5.75%, 8/1/51    1,700     1,952,331
McFarland Unified School District, CA, (Election of 2020):      
(BAM), 3.00%, 11/1/49      750       570,817
(BAM), 4.50%, 11/1/52    4,500     4,585,725
Oxnard School District, CA, (Election of 2022), (BAM), 4.125%, 8/1/50    2,000     2,003,460
Pittsburg Unified School District, CA, (Election of 2018), (AGM), 4.25%, 8/1/49      750        760,762
Security Principal
Amount
(000's omitted)
Value
Insured - General Obligations (continued)
San Mateo County Community College District, CA, (Election of 2001), (NPFG), 0.00%, 9/1/25 $  3,955 $     3,774,692
Ukiah Unified School District, CA, (Election of 2020), (AGM), 5.50%, 8/1/53    5,000     5,676,900
      $   37,626,201
Insured - Hospital — 1.7%
California Health Facilities Financing Authority, (Adventist Health System), (AGM), 4.00%, 3/1/39 $  4,220 $     4,231,015
California Statewide Communities Development Authority, (Enloe Medical Center), (AGM), 5.25%, 8/15/52      160       173,747
      $    4,404,762
Insured - Special Tax Revenue — 1.7%
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (Transbay Infrastructure Projects):      
(AGM), 5.00%, 8/1/43 $  2,145 $     2,394,399
(AGM), 5.25%, 8/1/53    1,815     2,000,003
      $    4,394,402
Insured - Transportation — 2.5%
Alameda Corridor Transportation Authority, CA, (AGM), 0.00%, 10/1/51 $  8,065 $     2,228,924
Long Beach, CA, (Long Beach Airport), (AGM), (AMT), 5.25%, 6/1/47    1,000     1,081,200
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/27    3,520     3,187,255
      $    6,497,379
Insured - Water and Sewer — 0.7%
Mountain House Public Financing Authority, CA, Green Bonds, (BAM), 4.25%, 12/1/52 $  1,750 $     1,768,445
      $    1,768,445
Other Revenue — 1.1%
California Community Choice Financing Authority, Clean Energy Project Revenue:      
Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 $  1,000 $     1,056,660
Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54    1,660     1,786,741
      $    2,843,401
Senior Living/Life Care — 1.3%
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/49 $  3,105 $     2,918,079
 
17
See Notes to Financial Statements.


Eaton Vance
California Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Senior Living/Life Care (continued)
California Public Finance Authority, (Enso Village):      
Green Bonds, 2.375%, 11/15/28(2) $    105 $       102,630
Green Bonds, 5.00%, 11/15/46(2)      450       407,556
      $    3,428,265
Special Tax Revenue — 1.4%
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 $  3,645 $     3,659,908
      $    3,659,908
Transportation — 13.3%
Bay Area Toll Authority, CA, (San Francisco Bay Area):      
4.125%, 4/1/54 $  3,000 $     2,978,400
(LOC: Barclays Bank PLC), 3.80%, 4/1/55(3)    1,000     1,000,000
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/43(1)   10,000    10,408,500
San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.00%, 7/1/48    3,750     3,994,575
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45    5,000     5,183,200
San Francisco Municipal Transportation Agency, CA, Green Bonds, 5.00%, 3/1/51(1)   10,000    10,545,300
      $   34,109,975
Water and Sewer — 8.6%
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/54(1) $ 12,000 $    13,313,520
Los Angeles, CA, Wastewater System Revenue, 5.00%, 6/1/43(1)    7,500     7,511,850
Santa Clara Valley Water District, CA, Green Bonds, 5.00%, 8/1/49    1,100     1,219,570
      $   22,044,940
Total Tax-Exempt Municipal Obligations
(identified cost $325,475,835)
    $  330,890,779
    
Taxable Municipal Obligations — 5.6%
Security Principal
Amount
(000's omitted)
Value
Education — 0.5%
California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31(2) $  1,415 $     1,221,697
      $    1,221,697
Security Principal
Amount
(000's omitted)
Value
General Obligations — 1.9%
Monterey Peninsula Community College District, CA, (Election of 2020):      
2.861%, 8/1/46 $  1,000 $       697,520
2.951%, 8/1/51    1,400       941,402
Ohlone Community College District, CA, 2.443%, 8/1/35      535       427,385
Robla School District, CA, 2.602%, 8/1/40      615       449,442
Santa Maria-Bonita School District, CA, 3.071%, 8/1/39    2,000     1,607,460
Tustin Unified School District, CA, 2.649%, 8/1/42    1,125       827,865
      $    4,951,074
Housing — 0.3%
Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 4.50%, 9/15/56 $    980 $       730,894
      $      730,894
Insured - General Obligations — 1.7%
Palmdale School District, CA, (AGM), 2.948%, 8/1/47 $  5,000 $     3,539,350
Sanger Unified School District, CA, (BAM), 2.834%, 8/1/44    1,250       873,750
      $    4,413,100
Other Revenue — 1.2%
Central Marin Police Authority, CA, 3.101%, 2/1/41 $  1,000 $       768,570
Corte Madera, CA, Pension Obligation Bonds, 3.257%, 6/1/45      940       693,287
National City, CA, Pension Obligation Bonds, 3.423%, 11/1/42    2,000     1,566,300
      $    3,028,157
Total Taxable Municipal Obligations
(identified cost $19,215,288)
    $   14,344,922
    
 
18
See Notes to Financial Statements.


Eaton Vance
California Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Trust Units — 0.3%
Security Notional
Amount
(000's omitted)
Value
Transportation — 0.3%
HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41 $    822 $       803,682
Total Trust Units
(identified cost $817,039)
    $      803,682
Total Investments — 135.2%
(identified cost $345,508,162)
    $  346,039,383
Other Assets, Less Liabilities — (35.2)%     $   (90,121,534)
Net Assets — 100.0%     $  255,917,849
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).
(2) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $3,637,470 or 1.4% of the Fund's net assets.
(3) Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024.
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. At March 31, 2024, 18.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.1% to 7.6% of total investments.
Abbreviations:
AGM – Assured Guaranty Municipal Corp.
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.
LOC – Letter of Credit
NPFG – National Public Finance Guarantee Corp.
19
See Notes to Financial Statements.


Eaton Vance
New York Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited)

Corporate Bonds — 1.2%
Security Principal
Amount
(000's omitted)
Value
Hospital — 0.5%
Montefiore Obligated Group, 4.287%, 9/1/50 $  1,350 $       851,758
      $      851,758
Other — 0.7%
YMCA of Greater New York, 2.303%, 8/1/26 $  1,500 $     1,377,813
      $    1,377,813
Total Corporate Bonds
(identified cost $2,730,368)
    $    2,229,571
    
Tax-Exempt Municipal Obligations — 139.7%
Security Principal
Amount
(000's omitted)
Value
Bond Bank — 1.6%
New York State Environmental Facilities Corp., (State Revolving Fund):      
Green Bonds, 5.00%, 9/15/47 $    135 $       147,840
Green Bonds, 5.00%, 9/15/47(1)    2,700     2,956,824
      $    3,104,664
Education — 6.6%
Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/36 $    200 $       187,350
Build NYC Resource Corp., NY, (East Harlem Scholars Academy Charter School), Social Bonds, 5.00%, 6/1/32(2)      375       391,744
Build NYC Resource Corp., NY, (Grand Concourse Academy Charter School), 5.00%, 7/1/52      700       701,820
Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School), 5.00%, 6/1/50(2)    1,180     1,174,206
Monroe County Industrial Development Corp., NY, (University of Rochester):      
4.00%, 7/1/50    7,000     6,735,330
5.00%, 7/1/53    1,235     1,331,947
New York Dormitory Authority, (New York University), 4.00%, 7/1/39    1,250     1,268,912
Schenectady County Capital Resource Corp., NY, (Union College), 5.25%, 7/1/52      375       410,483
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence):      
5.00%, 10/15/39      395        400,325
Security Principal
Amount
(000's omitted)
Value
Education (continued)
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence):(continued)      
5.00%, 10/15/49 $     80 $        78,992
      $   12,681,109
Electric Utilities — 11.8%
Long Island Power Authority, NY, Electric System Revenue, Green Bonds, 5.00%, 9/1/48 $  7,500 $     8,289,900
New York Power Authority, Green Bonds, 4.00%, 11/15/50(1)   11,500    11,170,870
Utility Debt Securitization Authority, NY:      
Green Bonds, 5.00%, 12/15/49    2,000     2,189,520
Green Bonds, 5.00%, 12/15/50    1,000     1,104,800
      $   22,755,090
General Obligations — 16.8%
East Meadow Union Free School District, NY, 2.00%, 6/15/35 $    985 $       790,334
New York, 5.00%, 3/15/41    4,065     4,631,336
New York, NY:      
4.00%, 4/1/50    2,000     1,942,180
5.00%, 8/1/47(1)   10,000    10,694,900
5.00%, 8/1/51(1)   10,000    10,725,200
Puerto Rico, 4.00%, 7/1/46    1,000       920,860
Washingtonville Central School District, NY:      
0.05%, 6/15/35      950       622,069
0.05%, 6/15/36      950       589,655
0.05%, 6/15/37      950       554,031
0.05%, 6/15/38      950       516,848
0.05%, 6/15/39      695       357,807
      $   32,345,220
Hospital — 4.8%
Brookhaven Local Development Corp., NY, (Long Island Community Hospital), 3.375%, 10/1/40 $  1,500 $     1,290,210
Genesee County Funding Corp., NY, (Rochester Regional Health Obligation), 5.25%, 12/1/52    1,000     1,042,350
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/47    2,200     1,604,218
New York Dormitory Authority, (Maimonides Medical Center), 3.00%, 2/1/50    1,975      1,463,949
 
20
See Notes to Financial Statements.


Eaton Vance
New York Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Hospital (continued)
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 $  2,330 $     2,461,109
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50    1,500     1,454,865
      $    9,316,701
Housing — 8.5%
New York City Housing Development Corp., NY:      
2.75%, 5/1/51 $  3,000 $     2,076,150
3.40%, 11/1/39    1,000       890,960
3.55%, 11/1/44    1,115       984,077
3.80%, 11/1/43    1,675     1,573,579
4.05%, 11/1/41    2,030     2,030,832
4.95%, 11/1/58    1,000     1,020,030
Sustainability Bonds, 3.70%, 11/1/38      850       821,338
Sustainability Bonds, (SPA: TD Bank, N.A.), 3.42%, 5/1/50(3)    2,000     2,000,000
New York Housing Finance Agency:      
(FHLMC), (FNMA), (GNMA), 3.20%, 11/1/46    1,075       874,889
(FHLMC), (FNMA), (GNMA), 4.00%, 11/1/42      500       490,925
Green Bonds, (FNMA), 3.95%, 11/1/37    1,000     1,001,400
New York Mortgage Agency, Sustainability Bonds, 5.00%, 10/1/53    2,500     2,565,025
      $   16,329,205
Industrial Development Revenue — 3.9%
New York Liberty Development Corp., (Goldman Sachs Group, Inc.):      
5.25%, 10/1/35 $    895 $     1,057,523
5.50%, 10/1/37    1,440     1,727,151
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):      
(AMT), 5.00%, 1/1/36    1,000     1,033,240
(AMT), 5.00%, 10/1/40    2,665     2,765,177
(AMT), 6.00%, 4/1/35      760       863,360
      $    7,446,451
Insured - Education — 0.8%
New York Dormitory Authority, (CUNY Student Housing), (AMBAC), (BAM), 5.50%, 7/1/35 $  1,345 $     1,619,380
      $    1,619,380
Insured - Electric Utilities — 2.5%
New York Power Authority, Green Transmission Revenue:      
(AGM), 4.00%, 11/15/47 $  3,750 $     3,681,825
Security Principal
Amount
(000's omitted)
Value
Insured - Electric Utilities (continued)
New York Power Authority, Green Transmission Revenue:(continued)      
(AGM), 5.00%, 11/15/48 $  1,000 $     1,105,810
      $    4,787,635
Insured - General Obligations — 5.0%
Nassau County, NY:      
(AGM), 4.00%, 4/1/47 $  2,125 $     2,053,451
(AGM), 5.00%, 7/1/40(1)    7,110     7,532,476
      $    9,585,927
Insured - Hospital — 0.1%
Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AGM), 5.75%, 11/1/49 $    250 $       289,815
      $      289,815
Insured - Lease Revenue/Certificates of Participation — 1.8%
Ulster County Resource Recovery Agency, NY, Solid Waste System, (AMBAC), 0.00%, 3/1/25 $  3,635 $     3,510,828
      $    3,510,828
Insured - Other Revenue — 2.0%
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46 $  4,785 $     3,855,418
      $    3,855,418
Insured - Transportation — 3.7%
Metropolitan Transportation Authority, NY:      
Green Bonds, (AGM), 4.00%, 11/15/48 $  6,000 $     5,745,600
Green Bonds, (BAM), 4.00%, 11/15/48    1,500     1,436,400
      $    7,182,000
Other Revenue — 1.1%
Hudson Yards Infrastructure Corp., NY, Green Bonds, 4.00%, 2/15/41 $  2,000 $     2,028,640
      $    2,028,640
Senior Living/Life Care — 1.2%
Brookhaven Local Development Corp., NY, (Jefferson's Ferry), 5.25%, 11/1/36 $    970 $       994,386
 
21
See Notes to Financial Statements.


Eaton Vance
New York Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Senior Living/Life Care (continued)
Southold Local Development Corp., NY, (Peconic Landing at Southold, Inc.), 4.00%, 12/1/45 $     25 $        21,654
Westchester County Local Development Corp., NY, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42    1,200     1,233,420
      $    2,249,460
Special Tax Revenue — 38.8%
New York City Transitional Finance Authority, NY, Future Tax Revenue:      
3.00%, 11/1/47 $  3,010 $     2,395,930
4.00%, 5/1/45    1,000       983,770
5.00%, 2/1/47    5,000     5,387,900
5.00%, 5/1/53(1)   10,000    10,742,000
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/46(1)   10,000    10,800,900
New York Dormitory Authority, Sales Tax Revenue:      
4.00%, 3/15/43    2,000     1,993,760
4.00%, 3/15/49    1,000       976,170
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/44(1)   10,000    10,772,900
New York State Urban Development Corp., Sales Tax Revenue:      
4.00%, 3/15/39    2,500     2,550,325
4.00%, 3/15/45    4,000     3,933,320
5.00%, 3/15/48    1,850     2,026,194
New York Thruway Authority, Personal Income Tax Revenue, 3.00%, 3/15/49    1,500     1,157,430
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58    3,500     3,514,315
Triborough Bridge and Tunnel Authority, NY:      
Series 2021C, 5.00%, 5/15/51    3,000     3,189,000
Green Bonds, 5.25%, 11/15/42    1,000     1,146,770
Green Bonds, 5.25%, 5/15/47(1)    7,500     8,321,700
Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue:      
4.00%, 5/15/48    2,510     2,458,168
4.00%, 5/15/54      670       643,066
4.125%, 5/15/64    2,000     1,930,600
      $   74,924,218
Transportation — 18.2%
Metropolitan Transportation Authority, NY:      
5.25%, 11/15/55 $  1,650 $     1,666,649
Green Bonds, 4.00%, 11/15/45    1,000       960,720
Green Bonds, 4.75%, 11/15/45    1,205     1,241,632
New York Thruway Authority, 4.00%, 1/1/45    2,625      2,556,251
Security Principal
Amount
(000's omitted)
Value
Transportation (continued)
New York Transportation Development Corp., (John F. Kennedy International Airport), Green Bonds, (AMT), 6.00%, 6/30/54 $  1,925 $     2,134,613
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):      
(AMT), 4.00%, 7/1/33      835       808,213
(AMT), 5.00%, 7/1/41    2,150     2,135,638
(AMT), 5.00%, 7/1/46    1,000       986,400
(AMT), 5.25%, 1/1/50    1,240     1,240,967
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):      
4.00%, 12/1/42    3,200     3,060,032
(AMT), 4.00%, 12/1/42    1,000       934,370
Port Authority of New York and New Jersey, (AMT), 5.00%, 8/1/37    1,250     1,373,863
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51(1)   15,000    16,018,500
      $   35,117,848
Water and Sewer — 10.5%
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):      
4.00%, 6/15/51 $  3,125 $     3,037,594
5.00%, 6/15/47(1)    4,000     4,352,600
5.00%, 6/15/51(1)   10,000    10,669,800
5.25%, 6/15/48    2,000     2,234,600
      $   20,294,594
Total Tax-Exempt Municipal Obligations
(identified cost $268,489,190)
    $  269,424,203
    
Taxable Municipal Obligations — 2.4%
Security Principal
Amount
(000's omitted)
Value
Education — 0.9%
Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.375%, 6/15/25 $    240 $       236,460
New York Dormitory Authority, (Iona College), 4.127%, 7/1/49    2,000     1,428,440
      $    1,664,900
Special Tax Revenue — 1.5%
Metropolitan Transportation Authority, NY, Payroll Mobility Tax Revenue, 5.37%, 12/19/24 $  2,000 $     1,999,180
 
22
See Notes to Financial Statements.


Eaton Vance
New York Municipal Bond Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000's omitted)
Value
Special Tax Revenue (continued)
Oneida Indian Nation of New York, 8.00%, 9/1/40(2) $  1,000 $       986,100
      $    2,985,280
Total Taxable Municipal Obligations
(identified cost $5,217,540)
    $    4,650,180
    
Trust Units — 0.4%
Security Notional
Amount
(000's omitted)
Value
Transportation — 0.4%
HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41 $    822 $       803,682
Total Trust Units
(identified cost $817,039)
    $      803,682
Total Investments — 143.7%
(identified cost $277,254,137)
    $  277,107,636
Other Assets, Less Liabilities — (43.7)%     $   (84,214,594)
Net Assets — 100.0%     $  192,893,042
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).