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:
811-21226
Eaton Vance Ohio Municipal Bond Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2011
Date of Reporting Period
Item 1. Reports to Stockholders
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Eaton Vance
Municipal Bond Funds
Semiannual Report
March 31, 2011
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Municipal II (EIV)
California II (EIA)
Massachusetts (MAB)
Michigan (MIW)
New York II (NYH)
New Jersey (EMJ)
Ohio (EIO)
Pennsylvania (EIP)
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or
guaranteed by, any depository institution. Shares are subject to investment risks, including
possible loss of principal invested.
Semiannual Report
March 31, 2011
Eaton Vance
Municipal Bond Funds
Table of Contents
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Performance and Fund Profiles
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Municipal Bond Fund II
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2
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California Municipal Bond Fund II
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3
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Massachusetts Municipal Bond Fund
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4
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Michigan Municipal Bond Fund
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5
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New Jersey Municipal Bond Fund
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6
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New York Municipal Bond Fund II
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7
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Ohio Municipal Bond Fund
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8
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Pennsylvania Municipal Bond Fund
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9
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Endnotes and Additional Disclosures
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10
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Financial Statements
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11
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Officers and Trustees
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72
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Important Notices
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73
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Eaton Vance
Municipal Bond Fund II
March 31, 2011
Portfolio Manager
William H. Ahern, Jr., CFA
Performance
1
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NYSE Amex Symbol
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EIV
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Inception Date 11/29/02
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% Average Annual Total Returns at net asset value (NAV)
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Six Months
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-14.44
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One Year
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-6.82
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Five Years
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-1.04
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Since Inception
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3.05
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% Average Annual Total Returns at market price, NYSE Amex
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Six Months
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-5.90
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One Year
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0.83
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Five Years
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3.57
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Since Inception
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5.44
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% Premium/(Discount) to NAV (3/31/11)
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21.13
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% Market Yields
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Market Yield
2
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7.56
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Taxable-Equivalent Market Yield
3
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11.63
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% APS Leverage
4
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22.05
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% RIB Leverage
4
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26.46
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Comparative Performance (9/30/10 - 3/31/11)
5
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% Return
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Barclays Capital Long (22+) Municipal Bond Index
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-7.94
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*
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Lipper General Municipal Debt
Funds (Leveraged) Classification at NAV
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-8.66
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*
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*
Source: Lipper.
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Fund Profile
Rating Distribution
6
(% of total investments)
The rating distribution bar chart includes the ratings of
securities held by special purpose vehicles in which the Fund
holds a residual interest. See Note 1 to the Funds financial
statements. Absent such securities, the Funds rating
distribution as of 3/31/11 is as follows (in %):
6
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AAA
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10.1
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BBB
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9.6
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AA
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62.0
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D
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1.3
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A
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16.9
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Not Rated
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0.1
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See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
2
Eaton Vance
California Municipal Bond Fund II
March 31, 2011
Portfolio Manager
Cynthia J. Clemson
Performance
1
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NYSE Amex Symbol
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EIA
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Inception Date 11/29/02
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% Average Annual Total Returns at NAV
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Six Months
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-15.48
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One Year
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-7.75
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Five Years
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-1.22
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Since Inception
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2.25
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% Average Annual Total Returns at market price, NYSE Amex
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Six Months
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-18.64
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One Year
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-8.19
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Five Years
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-0.66
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Since Inception
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2.47
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% Premium/(Discount) to NAV (3/31/11)
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1.87
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% Market Yields
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Market Yield
2
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8.31
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Taxable-Equivalent Market Yield
3
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14.29
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% APS Leverage
4
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34.81
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% RIB Leverage
4
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11.79
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Comparative Performance (9/30/10 - 3/31/11)
5
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% Return
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Barclays Capital Municipal Bond Index
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-3.68
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*
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Barclays Capital Long (22+) Municipal Bond Index
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-7.94
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*
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Lipper California Muni. Debt Funds Classification at NAV
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-10.59
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*
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*
Source: Lipper.
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Fund Profile
Rating Distribution
6
(% of total investments)
The rating distribution bar chart includes the ratings of
securities held by special purpose vehicles in which the Fund
holds a residual interest. See Note 1 to the Funds financial
statements. Absent such securities, the Funds rating
distribution as of 3/31/11 is as follows (in %):
6
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AAA
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16.4
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BBB
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2.8
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AA
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60.0
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BB
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1.5
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A
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19.3
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See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
3
Eaton Vance
Massachusetts Municipal Bond Fund
March 31, 2011
Portfolio Manager
Craig R. Brandon, CFA
Performance
1
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NYSE Amex Symbol
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MAB
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Inception Date 11/29/02
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% Average Annual Total Returns at NAV
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Six Months
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-12.39
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One Year
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-4.05
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Five Years
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1.50
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Since Inception
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4.20
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% Average Annual Total Returns at market price, NYSE Amex
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Six Months
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-13.77
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One Year
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-5.63
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Five Years
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1.32
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Since Inception
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4.37
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% Premium/(Discount) to NAV (3/31/11)
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1.43
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% Market Yields
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Market Yield
2
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6.64
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Taxable-Equivalent Market Yield
3
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10.79
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% APS Leverage
4
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34.87
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% RIB Leverage
4
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8.55
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Comparative Performance (9/30/10 - 3/31/11)
5
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% Return
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Barclays Capital Municipal Bond Index
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-3.68
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*
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Barclays Capital Long (22+) Municipal Bond Index
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-7.94
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*
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Lipper Other States Muni. Debt Funds Classification at NAV
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-6.73
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*
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*
Source: Lipper.
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Fund Profile
Rating Distribution
6
(% of total investments)
The rating distribution bar chart includes the ratings of
securities held by special purpose vehicles in which the Fund
holds a residual interest. See Note 1 to the Funds financial
statements. Absent such securities, the Funds rating
distribution as of 3/31/11 is as follows (in %):
6
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AAA
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18.2
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BBB
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1.8
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AA
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38.1
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Not Rated
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6.4
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A
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35.5
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|
See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
4
Eaton Vance
Michigan Municipal Bond Fund
March 31, 2011
Portfolio Manager
William H. Ahern, Jr., CFA
Performance
1
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NYSE Amex Symbol
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MIW
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Inception Date 11/29/02
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% Average Annual Total Returns at NAV
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Six Months
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-7.80
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One Year
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-1.13
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Five Years
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2.82
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Since Inception
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4.73
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% Average Annual Total Returns at market price, NYSE Amex
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Six Months
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2.86
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One Year
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8.14
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Five Years
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5.19
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Since Inception
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6.02
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% Premium/(Discount) to NAV (3/31/11)
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10.73
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% Market Yields
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Market Yield
2
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6.20
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Taxable-Equivalent Market Yield
3
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9.97
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% APS Leverage
4
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40.46
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Comparative Performance (9/30/10 - 3/31/11)
5
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% Return
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Barclays Capital Municipal Bond Index
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-3.68
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*
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Barclays Capital Long (22+) Municipal Bond Index
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-7.94
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*
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Lipper Michigan Muni. Debt Funds Classification at NAV
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-7.07
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*
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*
Source: Lipper.
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Fund Profile
Rating Distribution
6
(% of total investments)
See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
5
Eaton Vance
New Jersey Municipal Bond Fund
March 31, 2011
Portfolio Manager
Adam A. Weigold, CFA
Performance
1
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NYSE Amex Symbol
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EMJ
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Inception Date 11/29/02
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% Average Annual Total Returns at NAV
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Six Months
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-12.51
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One Year
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-5.24
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Five Years
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1.85
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Since Inception
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4.52
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% Average Annual Total Returns at market price, NYSE Amex
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Six Months
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-14.46
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One Year
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-11.72
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Five Years
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2.07
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Since Inception
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5.03
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% Premium/(Discount) to NAV (3/31/11)
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4.14
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% Market Yields
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Market Yield
2
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7.26
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Taxable-Equivalent Market Yield
3
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12.27
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% APS Leverage
4
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35.09
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% RIB Leverage
4
|
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8.58
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|
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Comparative Performance (9/30/10 - 3/31/11)
5
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% Return
|
|
Barclays Capital Municipal Bond Index
|
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|
-3.68
|
*
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Barclays Capital Long (22+) Municipal Bond Index
|
|
|
-7.94
|
*
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Lipper New Jersey Muni. Debt Funds Classification at NAV
|
|
|
-8.60
|
*
|
|
|
|
|
|
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*
Source: Lipper.
|
|
|
|
|
Fund Profile
Rating Distribution
6
(% of total investments)
The rating distribution bar chart includes the ratings of
securities held by special purpose vehicles in which the Fund
holds a residual interest. See Note 1 to the Funds financial
statements. Absent such securities, the Funds rating
distribution as of 3/31/11 is as follows (in %):
6
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AAA
|
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12.7
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BBB
|
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|
5.7
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AA
|
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|
62.6
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|
A
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|
19.0
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
6
Eaton Vance
New York Municipal Bond Fund II
March 31, 2011
Portfolio Manager
Craig R. Brandon, CFA
Performance
1
|
|
|
|
|
NYSE Amex Symbol
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NYH
|
Inception Date 11/29/02
|
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|
|
|
|
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% Average Annual Total Returns at NAV
|
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|
|
|
|
Six Months
|
|
|
-9.70
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One Year
|
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|
-3.33
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Five Years
|
|
|
1.08
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|
Since Inception
|
|
|
4.21
|
|
|
|
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% Average Annual Total Returns at market price, NYSE Amex
|
|
|
|
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|
Six Months
|
|
|
-11.86
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One Year
|
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|
-8.16
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Five Years
|
|
|
2.66
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|
Since Inception
|
|
|
4.46
|
|
|
|
|
|
|
|
% Premium/(Discount) to NAV (3/31/11)
|
|
|
1.97
|
|
|
|
|
|
|
|
% Market Yields
|
|
|
|
|
|
Market Yield
2
|
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|
7.41
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|
Taxable-Equivalent Market Yield
3
|
|
|
12.52
|
|
|
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|
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% APS Leverage
4
|
|
|
24.11
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|
|
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|
|
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% RIB Leverage
4
|
|
|
21.44
|
|
|
|
|
|
|
|
Comparative Performance (9/30/10 - 3/31/11)
5
|
|
% Return
|
|
Barclays Capital Municipal Bond Index
|
|
|
-3.68
|
*
|
Barclays Capital Long (22+) Municipal Bond Index
|
|
|
-7.94
|
*
|
Lipper New York Muni. Debt Funds Classification at NAV
|
|
|
-7.60
|
*
|
|
|
|
|
|
|
*
Source: Lipper.
|
|
|
|
|
Fund Profile
Rating Distribution
6
(% of total investments)
The rating distribution bar chart includes the ratings of
securities held by special purpose vehicles in which the Fund
holds a residual interest. See Note 1 to the Funds financial
statements. Absent such securities, the Funds rating
distribution as of 3/31/11 is as follows (in %):
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
11.3
|
|
|
BBB
|
|
|
10.5
|
|
AA
|
|
|
50.4
|
|
|
Not Rated
|
|
|
1.3
|
|
A
|
|
|
26.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
7
Eaton Vance
Ohio Municipal Bond Fund
March 31, 2011
Portfolio Manager
William H. Ahern, Jr., CFA
Performance
1
|
|
|
|
|
NYSE Amex Symbol
|
|
EIO
|
Inception Date 11/29/02
|
|
|
|
|
|
|
|
|
|
|
% Average Annual Total Returns at NAV
|
|
|
|
|
|
Six Months
|
|
|
-12.03
|
|
One Year
|
|
|
-5.10
|
|
Five Years
|
|
|
-0.61
|
|
Since Inception
|
|
|
2.52
|
|
|
|
|
|
|
|
% Average Annual Total Returns at market price, NYSE Amex
|
|
|
|
|
|
Six Months
|
|
|
-16.51
|
|
One Year
|
|
|
-9.73
|
|
Five Years
|
|
|
0.35
|
|
Since Inception
|
|
|
2.92
|
|
|
|
|
|
|
|
% Premium/(Discount) to NAV (3/31/11)
|
|
|
3.26
|
|
|
|
|
|
|
|
% Market Yields
|
|
|
|
|
|
Distribution Rate Market Yield
2
|
|
|
6.78
|
|
Taxable-Equivalent Market Yield
3
|
|
|
11.13
|
|
|
|
|
|
|
|
% APS Leverage
4
|
|
|
36.00
|
|
|
|
|
|
|
|
% RIB Leverage
4
|
|
|
4.93
|
|
|
|
|
|
|
|
Comparative Performance (9/30/10 - 3/31/11)
5
|
|
% Return
|
|
Barclays Capital Municipal Bond Index
|
|
|
-3.68
|
*
|
Barclays Capital Long (22+) Municipal Bond Index
|
|
|
-7.94
|
*
|
Lipper Other States Muni. Debt Funds Classification at NAV
|
|
|
-6.73
|
*
|
|
|
|
|
|
|
*
Source: Lipper.
|
|
|
|
|
Fund Profile
Rating Distribution
6
(% of total investments)
The rating distribution bar chart includes the ratings of
securities held by special purpose vehicles in which the Fund
holds a residual interest. See Note 1 to the Funds financial
statements. Absent such securities, the Funds rating
distribution as of 3/31/11 is as follows (in %):
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
2.7
|
|
|
BBB
|
|
|
8.3
|
|
AA
|
|
|
55.7
|
|
|
Not Rated
|
|
|
5.5
|
|
A
|
|
|
27.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
8
Eaton Vance
Pennsylvania Municipal Bond Fund
March 31, 2011
Portfolio Manager
Adam A. Weigold, CFA
Performance
1
|
|
|
|
|
NYSE Amex Symbol
|
|
EIP
|
Inception Date 11/29/02
|
|
|
|
|
|
|
|
|
|
|
% Average Annual Total Returns at NAV
|
|
|
|
|
|
Six Months
|
|
|
-11.43
|
|
One Year
|
|
|
-3.27
|
|
Five Years
|
|
|
1.45
|
|
Since Inception
|
|
|
4.06
|
|
|
|
|
|
|
|
% Average Annual Total Returns at market price, NYSE Amex
|
|
|
|
|
|
Six Months
|
|
|
-11.02
|
|
One Year
|
|
|
-4.97
|
|
Five Years
|
|
|
2.81
|
|
Since Inception
|
|
|
4.64
|
|
|
|
|
|
|
|
% Premium/(Discount) to NAV (3/31/11)
|
|
|
4.80
|
|
|
|
|
|
|
|
% Market Yields
|
|
|
|
|
|
Market Yield
2
|
|
|
7.14
|
|
Taxable-Equivalent Market Yield
3
|
|
|
11.33
|
|
|
|
|
|
|
|
% APS Leverage
4
|
|
|
36.39
|
|
|
|
|
|
|
|
% RIB Leverage
4
|
|
|
5.93
|
|
|
|
|
|
|
|
Comparative Performance (9/30/10 - 3/31/11)
5
|
|
% Return
|
|
Barclays Capital Municipal Bond Index
|
|
|
-3.68
|
*
|
Barclays Capital Long (22+) Municipal Bond Index
|
|
|
-7.94
|
*
|
Lipper Pennsylvania Muni. Debt Funds Classification at NAV
|
|
|
-7.82
|
*
|
|
|
|
|
|
|
*
Source: Lipper.
|
|
|
|
|
Fund Profile
Rating Distribution
6
(% of total investments)
The rating distribution bar chart includes the ratings of
securities held by special purpose vehicles in which the Fund
holds a residual interest. See Note 1 to the Funds financial
statements. Absent such securities, the Funds rating
distribution as of 3/31/11 is as follows (in %):
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA
|
|
|
50.5
|
|
|
Not Rated
|
|
|
7.6
|
|
A
|
|
|
31.9
|
|
|
|
|
|
|
|
|
|
BBB
|
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Endnotes and Additional Disclosures on page 10.
Past performance is no guarantee of future results. Returns are historical and are calculated
by determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. Fund performance at market price will differ from its results at NAV due
to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply
and demand for Fund shares, or changes in Fund distributions. Investment return and principal value
will fluctuate so that shares, when sold, may be worth more or less than their original cost.
Performance 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 www.eatonvance.com.
9
Eaton Vance
Municipal Bond Funds
March 31, 2011
Endnotes and Additional Disclosures
1.
|
|
Six-month returns are cumulative. All other
returns are presented on an average annual basis.
Performance reflects the effects of leverage.
|
|
2.
|
|
Fund market yield is calculated by dividing the
last regular dividend per common share in the period
(annualized) by the market price at the end of the period.
|
|
3.
|
|
Taxable-equivalent figure assumes maximum
combined federal and state income tax rates, except for
Municipal Bond Fund II, which assumes a maximum 35.00%
federal income tax rate. Lower income tax rates would
result in lower tax-equivalent figures. The maximum
combined income tax rates for state funds were as follows
as of 3/31/11:
|
|
|
|
|
|
California II
|
|
|
41.86
|
%
|
Massachusetts
|
|
|
38.45
|
%
|
Michigan
|
|
|
37.83
|
%
|
New Jersey
|
|
|
40.83
|
%
|
New York II
|
|
|
40.83
|
%
|
Ohio
|
|
|
39.06
|
%
|
Pennsylvania
|
|
|
37.00
|
%
|
4.
|
|
The Fund employs leverage through outstanding
Auction Preferred Shares (APS) and/or the use of residual
interest bond (RIB) financing. Leverage provides an
opportunity for increased income but, at the same time,
creates special risks (including the likelihood of greater
volatility of NAV and market price of common shares). See
Floating Rate Notes Issued in Conjunction with Securities
Held in Note 1 to the financial statements for more
information on RIB investments. APS leverage represents
the liquidation value of the Funds APS outstanding as of
3/31/11 as a percentage of Fund net assets applicable to
common shares plus APS and Floating Rate Notes. RIB
leverage represents the amount of Floating Rate Notes
outstanding as of 3/31/11 as a percentage of Fund net
assets applicable to common shares plus APS and Floating
Rate Notes. Floating Rate Notes in both calculations
reflect the effect of RIBs purchased in secondary market
transactions, if applicable.
|
|
5.
|
|
It is not possible to invest directly in an
Index or a Lipper Classification. Total returns shown for
an Index do not reflect expenses that would have been
incurred if an investor individually purchased or sold
the securities represented in an Index. The Barclays
Capital Long (22+) Municipal Bond Index is an unmanaged
index of municipal bonds traded in the U.S. with
maturities of 22 years or more. The Barclays Capital
Municipal Bond Index is an unmanaged index of municipal
bonds traded in the U.S. The Lipper total return is the
average total return, at NAV, of funds that are in the
Funds Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged
and unleveraged funds. Index and Lipper returns are
available as of month end only.
|
|
6.
|
|
Rating Distribution is determined by dividing
the total market value of Fund issues by its total
investments. Ratings are based on Moodys, S&P or Fitch,
as applicable. Credit ratings are based largely on the
rating agencys investment analysis at the time of
rating and the rating assigned to any particular
security is not necessarily a reflection of the issuers
current financial condition. The rating assigned to a
security by a rating agency does not necessarily reflect
its assessment of the volatility of a securitys market
value or of the liquidity of an investment in the
security. If securities are rated differently by the
rating agencies, the higher rating is applied.
|
10
Eaton Vance
Municipal
Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 191.9%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
Bond Bank 2.4%
|
|
Delaware Valley Regional Finance Authority, PA,
5.75%, 7/1/32
|
|
$
|
2,500
|
|
|
$
|
2,468,050
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,468,050
|
|
|
|
|
|
|
|
Electric
Utilities 1.4%
|
|
South Carolina Public Service Authority, (Santee Cooper),
5.50%, 1/1/38
|
|
$
|
1,420
|
|
|
$
|
1,466,420
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,466,420
|
|
|
|
|
|
|
|
Escrowed / Prerefunded 0.6%
|
|
New York, NY, Prerefunded to 1/15/13, 5.25%, 1/15/33
|
|
$
|
595
|
|
|
$
|
644,718
|
|
|
|
|
|
|
|
|
|
|
|
$
|
644,718
|
|
|
|
|
|
|
|
General
Obligations 7.0%
|
|
Chicago Park District, IL,
5.25%, 1/1/37
(1)
|
|
$
|
1,680
|
|
|
$
|
1,633,632
|
|
|
|
New York,
5.00%, 2/15/34
(1)
|
|
|
2,750
|
|
|
|
2,800,270
|
|
|
|
New York, NY, 5.25%, 1/15/33
|
|
|
155
|
|
|
|
155,341
|
|
|
|
New York, NY,
5.25%, 1/15/33
(1)
|
|
|
2,750
|
|
|
|
2,756,050
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,345,293
|
|
|
|
|
|
|
|
Hospital 5.7%
|
|
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
|
|
$
|
900
|
|
|
$
|
702,045
|
|
|
|
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.25%, 2/15/27
|
|
|
750
|
|
|
|
658,642
|
|
|
|
Hawaii Department of Budget and Finance, (Hawaii Pacific
Health), 5.60%, 7/1/33
|
|
|
500
|
|
|
|
458,365
|
|
|
|
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), 5.25%, 11/15/36
|
|
|
1,285
|
|
|
|
1,200,948
|
|
|
|
Knox County, TN, Health, Educational and Housing Facilities
Board, (Covenant Health), 0.00%, 1/1/38
|
|
|
1,850
|
|
|
|
312,724
|
|
|
|
Knox County, TN, Health, Educational and Housing Facilities
Board, (Covenant Health), 0.00%, 1/1/39
|
|
|
5,000
|
|
|
|
791,500
|
|
|
|
Lehigh County, PA, General Purpose Authority, (Lehigh Valley
Health Network), 5.25%, 7/1/32
|
|
|
960
|
|
|
|
924,240
|
|
|
|
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38
|
|
|
1,140
|
|
|
|
934,310
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,982,774
|
|
|
|
|
|
|
|
Industrial Development
Revenue 2.2%
|
|
St. John Baptist Parish, LA, (Marathon Oil Corp.),
5.125%, 6/1/37
|
|
$
|
2,500
|
|
|
$
|
2,302,375
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,302,375
|
|
|
|
|
|
|
|
Insured Electric
Utilities 7.6%
|
|
American Municipal Power-Ohio, Inc., OH, (Prairie State Energy),
(AGC), 5.75%, 2/15/39
|
|
$
|
1,000
|
|
|
$
|
1,008,100
|
|
|
|
Chelan County, WA, Public Utility District No. 1, (Columbia
River), (NPFG), 0.00%, 6/1/23
|
|
|
6,335
|
|
|
|
3,447,063
|
|
|
|
Mississippi Development Bank, (Municipal Energy), (XLCA),
5.00%, 3/1/41
|
|
|
2,205
|
|
|
|
1,846,798
|
|
|
|
South Carolina Public Service Authority, (Santee Cooper),
(BHAC), 5.50%, 1/1/38
|
|
|
1,595
|
|
|
|
1,649,214
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,951,175
|
|
|
|
|
|
|
|
Insured
Escrowed / Prerefunded 0.1%
|
|
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), (BHAC), Prerefunded to 11/15/16,
5.25%, 11/15/36
|
|
$
|
115
|
|
|
$
|
135,684
|
|
|
|
|
|
|
|
|
|
|
|
$
|
135,684
|
|
|
|
|
|
|
|
Insured General
Obligations 18.3%
|
|
Coast Community College District, CA, (Election of 2002), (AGM),
0.00%, 8/1/33
|
|
$
|
17,000
|
|
|
$
|
3,736,770
|
|
|
|
District of Columbia, (FGIC), (NPFG), 4.75%, 6/1/33
|
|
|
2,625
|
|
|
|
2,458,969
|
|
|
|
Goodyear, AZ, (NPFG), 3.00%, 7/1/26
|
|
|
1,350
|
|
|
|
1,144,274
|
|
|
|
Los Angeles, CA, Unified School District, (Election of 2004),
(AGC), 5.00%, 1/1/34
|
|
|
2,000
|
|
|
|
1,894,520
|
|
|
|
Palm Springs, CA, Unified School District, (Election of 2008),
(AGC), 5.00%, 8/1/33
|
|
|
2,750
|
|
|
|
2,711,582
|
|
|
|
Philadelphia, PA, (AGC), 7.00%, 7/15/28
|
|
|
1,250
|
|
|
|
1,386,837
|
|
|
|
Washington, (AGM),
5.00%, 7/1/25
(1)
|
|
|
5,500
|
|
|
|
5,753,825
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,086,777
|
|
|
|
|
|
|
|
Insured
Hospital 26.8%
|
|
Arizona Health Facilities Authority, (Banner Health), (BHAC),
5.375%, 1/1/32
|
|
$
|
1,750
|
|
|
$
|
1,759,677
|
|
|
|
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.05%, 8/15/38
(1)
|
|
|
1,500
|
|
|
|
1,314,030
|
|
|
|
Centre County, PA, Hospital Authority, (Mount Nittany Medical
Center), (AGC), 6.125%, 11/15/39
|
|
|
1,695
|
|
|
|
1,715,713
|
|
|
|
Centre County, PA, Hospital Authority, (Mount Nittany Medical
Center), (AGC), 6.25%, 11/15/44
|
|
|
450
|
|
|
|
455,252
|
|
|
|
Colorado Health Facilities Authority, (Catholic Health), (AGM),
5.10%, 10/1/41
(1)
|
|
|
2,200
|
|
|
|
2,011,614
|
|
|
|
See Notes to
Financial Statements.
11
Eaton Vance
Municipal
Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured
Hospital (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), (BHAC),
5.25%, 11/15/36
(1)
|
|
$
|
3,000
|
|
|
$
|
2,964,420
|
|
|
|
Highlands County, FL, Health Facilities Authority, (Adventist
Health System), (NPFG), 5.00%, 11/15/35
|
|
|
1,490
|
|
|
|
1,345,500
|
|
|
|
Illinois Finance Authority, (Childrens Memorial Hospital),
(AGC),
5.25%, 8/15/47
(1)
|
|
|
2,500
|
|
|
|
2,229,426
|
|
|
|
Indiana Health and Educational Facility Finance Authority,
(Sisters of St. Francis Health Services), (AGM),
5.25%, 5/15/41
|
|
|
1,750
|
|
|
|
1,626,467
|
|
|
|
Indiana Health and Educational Facility Finance Authority,
(Sisters of St. Francis Health Services), (AGM),
5.25%, 5/15/41
(1)
|
|
|
750
|
|
|
|
697,057
|
|
|
|
Maricopa County, AZ, Industrial Development Authority, (Catholic
Healthcare West), (BHAC), 5.25%, 7/1/32
|
|
|
2,090
|
|
|
|
2,083,187
|
|
|
|
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36
(1)
|
|
|
1,000
|
|
|
|
960,450
|
|
|
|
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38
(1)
|
|
|
500
|
|
|
|
459,260
|
|
|
|
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38
|
|
|
2,245
|
|
|
|
2,218,240
|
|
|
|
New York Dormitory Authority, (Health Quest Systems), (AGC),
5.125%, 7/1/37
|
|
|
2,500
|
|
|
|
2,357,125
|
|
|
|
Washington Health Care Facilities Authority, (MultiCare Health
System), (AGC), 6.00%, 8/15/39
|
|
|
1,545
|
|
|
|
1,575,297
|
|
|
|
Washington Health Care Facilities Authority, (Providence Health
Care), (AGM), 5.25%, 10/1/33
|
|
|
2,300
|
|
|
|
2,239,326
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,012,041
|
|
|
|
|
|
|
|
Insured Industrial
Development Revenue 1.3%
|
|
Pennsylvania Economic Development Financing Authority, (Aqua
Pennsylvania, Inc. Project), (BHAC), 5.00%, 10/1/39
|
|
$
|
1,340
|
|
|
$
|
1,300,390
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,300,390
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 9.5%
|
|
Essex County, NJ, Improvement Authority, (NPFG),
5.50%, 10/1/30
|
|
$
|
1,000
|
|
|
$
|
1,044,000
|
|
|
|
Hudson Yards Infrastructure Corp., NY, (NPFG),
4.50%, 2/15/47
|
|
|
4,600
|
|
|
|
3,406,438
|
|
|
|
New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34
|
|
|
875
|
|
|
|
884,223
|
|
|
|
San Diego County, CA, Water Authority, Certificates of
Participation, (AGM),
5.00%, 5/1/38
(1)
|
|
|
3,250
|
|
|
|
3,077,002
|
|
|
|
Tri-Creek Middle School Building Corp., IN, (AGM),
5.25%, 1/15/34
(1)
|
|
|
1,500
|
|
|
|
1,479,285
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,890,948
|
|
|
|
|
|
|
|
Insured Other
Revenue 1.4%
|
|
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/34
|
|
$
|
2,540
|
|
|
$
|
358,750
|
|
|
|
New York, NY, Industrial Development Agency, (Yankee Stadium),
(AGC), 7.00%, 3/1/49
|
|
|
1,000
|
|
|
|
1,074,530
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,433,280
|
|
|
|
|
|
|
|
Insured Private
Education 3.9%
|
|
Massachusetts Development Finance Agency, (Boston University),
(XLCA), 6.00%, 5/15/59
|
|
$
|
2,500
|
|
|
$
|
2,586,350
|
|
|
|
Miami-Dade County, FL, Educational Facilities Authority,
(University of Miami), (AMBAC), (BHAC), 5.00%, 4/1/31
|
|
|
1,555
|
|
|
|
1,534,692
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,121,042
|
|
|
|
|
|
|
|
Insured Public
Education 3.6%
|
|
University of South Alabama, (BHAC), 5.00%, 8/1/38
|
|
$
|
3,900
|
|
|
$
|
3,750,864
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,750,864
|
|
|
|
|
|
|
|
Insured Solid
Waste 1.1%
|
|
Palm Beach County, FL, Solid Waste Authority, (BHAC),
5.00%, 10/1/24
|
|
$
|
740
|
|
|
$
|
759,062
|
|
|
|
Palm Beach County, FL, Solid Waste Authority, (BHAC),
5.00%, 10/1/26
|
|
|
425
|
|
|
|
433,551
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,192,613
|
|
|
|
|
|
|
|
Insured Special Tax
Revenue 11.5%
|
|
Metropolitan Pier and Exposition Authority, IL, (McCormick Place
Expansion), (NPFG), 5.25%, 6/15/42
|
|
$
|
4,000
|
|
|
$
|
3,665,240
|
|
|
|
Miami-Dade County, FL, Professional Sports Franchise Facilities,
(AGC), 7.00%, (0.00% until 10/1/19), 10/1/39
|
|
|
3,000
|
|
|
|
1,827,660
|
|
|
|
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
|
|
2,045
|
|
|
|
1,724,467
|
|
|
|
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 5.00%, 11/15/44
|
|
|
1,675
|
|
|
|
1,490,030
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
|
|
29,695
|
|
|
|
1,474,951
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
|
12,035
|
|
|
|
1,169,320
|
|
|
|
See Notes to
Financial Statements.
12
Eaton Vance
Municipal
Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Special Tax
Revenue (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
$
|
7,595
|
|
|
$
|
683,170
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,034,838
|
|
|
|
|
|
|
|
Insured Student
Loan 1.7%
|
|
Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27
|
|
$
|
1,760
|
|
|
$
|
1,782,827
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,782,827
|
|
|
|
|
|
|
|
Insured
Transportation 31.5%
|
|
Clark County, NV, (Las Vegas-McCarran International Airport),
(AGM), 5.25%, 7/1/39
|
|
$
|
1,585
|
|
|
$
|
1,464,445
|
|
|
|
E-470
Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/22
|
|
|
7,800
|
|
|
|
3,588,702
|
|
|
|
Manchester, NH, (Manchester-Boston Regional Airport), (AGM),
5.125%, 1/1/30
|
|
|
1,305
|
|
|
|
1,286,338
|
|
|
|
Maryland Transportation Authority, (AGM),
5.00%, 7/1/41
(1)
|
|
|
10,000
|
|
|
|
9,991,500
|
|
|
|
Metropolitan Washington, DC, Airports Authority, (BHAC),
5.00%, 10/1/24
|
|
|
1,000
|
|
|
|
1,042,170
|
|
|
|
Metropolitan Washington, DC, Airports Authority, (BHAC),
5.00%, 10/1/29
|
|
|
535
|
|
|
|
539,424
|
|
|
|
Minneapolis and St. Paul, MN, Metropolitan Airports Commission,
(FGIC), (NPFG), 4.50%, 1/1/32
|
|
|
2,845
|
|
|
|
2,550,486
|
|
|
|
Nevada Department of Business and Industry, (Las Vegas Monorail
-1st Tier), (AMBAC), 0.00%, 1/1/20
|
|
|
13,885
|
|
|
|
1,847,538
|
|
|
|
New Jersey Transportation Trust Fund Authority, (AGC),
5.50%, 12/15/38
|
|
|
1,040
|
|
|
|
1,051,617
|
|
|
|
North Carolina Turnpike Authority, (Triangle Expressway System),
(AGC), 5.50%, 1/1/29
|
|
|
255
|
|
|
|
262,510
|
|
|
|
North Carolina Turnpike Authority, (Triangle Expressway System),
(AGC), 5.75%, 1/1/39
|
|
|
290
|
|
|
|
290,960
|
|
|
|
North Texas Tollway Authority, (BHAC), 5.75%, 1/1/48
|
|
|
1,750
|
|
|
|
1,752,730
|
|
|
|
Pennsylvania Turnpike Commission, (AGM), 5.25%, 7/15/30
|
|
|
2,540
|
|
|
|
2,648,305
|
|
|
|
Texas Turnpike Authority, (Central Texas Turnpike System),
(AMBAC), 5.00%, 8/15/42
|
|
|
5,555
|
|
|
|
4,601,429
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,918,154
|
|
|
|
|
|
|
|
Insured Water and
Sewer 12.3%
|
|
Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/26
|
|
$
|
670
|
|
|
$
|
700,170
|
|
|
|
Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/27
|
|
|
420
|
|
|
|
435,939
|
|
|
|
Bossier City, LA, Utilities Revenue, (BHAC), 5.50%, 10/1/38
|
|
|
660
|
|
|
|
668,692
|
|
|
|
Chicago, IL, Wastewater Transmission Revenue, (BHAC),
5.50%, 1/1/38
|
|
|
1,635
|
|
|
|
1,641,246
|
|
|
|
District of Columbia Water and Sewer Authority, (AGC),
5.00%, 10/1/34
(1)
|
|
|
1,250
|
|
|
|
1,240,612
|
|
|
|
Houston, TX, Utility System, (AGM), (BHAC), 5.00%, 11/15/33
|
|
|
435
|
|
|
|
435,583
|
|
|
|
New York, NY, Municipal Water Finance Authority, (BHAC),
5.75%, 6/15/40
|
|
|
2,205
|
|
|
|
2,318,139
|
|
|
|
Pearland, TX, Waterworks and Sewer Systems, (NPFG),
3.50%, 9/1/31
|
|
|
6,920
|
|
|
|
5,359,194
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,799,575
|
|
|
|
|
|
|
|
Insured Water
Revenue 17.3%
|
|
Los Angeles, CA, Department of Water and Power, (BHAC), (FGIC),
5.00%, 7/1/43
(1)
|
|
$
|
5,500
|
|
|
$
|
5,161,200
|
|
|
|
Massachusetts Water Resources Authority, (AGM),
5.25%, 8/1/35
|
|
|
1,000
|
|
|
|
1,032,750
|
|
|
|
Massachusetts Water Resources Authority, (AMBAC),
4.00%, 8/1/40
|
|
|
6,110
|
|
|
|
5,080,465
|
|
|
|
Metropolitan Water District, CA, Water and Sewer Systems,
(BHAC), (FGIC),
5.00%, 10/1/36
(1)
|
|
|
6,750
|
|
|
|
6,735,488
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,009,903
|
|
|
|
|
|
|
|
Private
Education 8.4%
|
|
Connecticut Health and Educational Facilities Authority,
(Wesleyan University),
5.00%, 7/1/39
(1)
|
|
$
|
2,200
|
|
|
$
|
2,165,460
|
|
|
|
Houston, TX, Higher Education Finance Corp., (William Marsh Rice
University), 5.00%, 5/15/35
|
|
|
1,000
|
|
|
|
1,020,880
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.50%, 11/15/36
|
|
|
2,710
|
|
|
|
2,873,223
|
|
|
|
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40
|
|
|
1,500
|
|
|
|
1,476,090
|
|
|
|
North Carolina Capital Facilities Finance Agency, (Duke
University),
5.00%, 10/1/38
(1)
|
|
|
500
|
|
|
|
498,890
|
|
|
|
Vermont Educational and Health Buildings Financing Agency,
(Middlebury College), 5.00%, 11/1/40
|
|
|
750
|
|
|
|
734,648
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,769,191
|
|
|
|
|
|
|
|
Public
Education 2.5%
|
|
Tennessee School Bond Authority, 5.50%, 5/1/38
|
|
$
|
1,000
|
|
|
$
|
1,038,830
|
|
|
|
University of Virginia,
5.00%, 6/1/40
(2)
|
|
|
1,500
|
|
|
|
1,520,190
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,559,020
|
|
|
|
|
|
|
See Notes to
Financial Statements.
13
Eaton Vance
Municipal
Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Senior Living / Life
Care 0.2%
|
|
Maryland Health and Higher Educational Facilities Authority,
(Charlestown Community, Inc.), 6.125%, 1/1/30
|
|
$
|
235
|
|
|
$
|
233,035
|
|
|
|
|
|
|
|
|
|
|
|
$
|
233,035
|
|
|
|
|
|
|
|
Special Tax
Revenue 4.6%
|
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
5.25%, 7/1/33
|
|
$
|
750
|
|
|
$
|
795,248
|
|
|
|
New York, NY, Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35
(1)
|
|
|
3,800
|
|
|
|
3,976,966
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,772,214
|
|
|
|
|
|
|
|
Transportation 8.0%
|
|
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
|
$
|
1,715
|
|
|
$
|
1,666,106
|
|
|
|
Miami-Dade County, FL, (Miami International Airport),
5.00%, 10/1/41
|
|
|
2,815
|
|
|
|
2,471,035
|
|
|
|
Orlando-Orange County, FL, Expressway Authority,
5.00%, 7/1/35
|
|
|
420
|
|
|
|
387,803
|
|
|
|
Orlando-Orange County, FL, Expressway Authority,
5.00%, 7/1/40
|
|
|
505
|
|
|
|
456,247
|
|
|
|
South Carolina Transportation Infrastructure Bank,
5.25%, 10/1/40
|
|
|
1,000
|
|
|
|
965,130
|
|
|
|
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/37
|
|
|
2,500
|
|
|
|
2,433,475
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,379,796
|
|
|
|
|
|
|
|
Water and
Sewer 1.0%
|
|
Marco Island, FL, Utility System, 5.00%, 10/1/34
|
|
$
|
205
|
|
|
$
|
190,043
|
|
|
|
Marco Island, FL, Utility System, 5.00%, 10/1/40
|
|
|
910
|
|
|
|
832,841
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,022,884
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 191.9%
|
|
|
(identified cost $220,907,622)
|
|
$
|
200,365,881
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid
Dividends (42.8)%
|
|
$
|
(44,701,691
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (49.1)%
|
|
$
|
(51,242,430
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
104,421,760
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
BHAC
|
|
- Berkshire Hathaway Assurance Corp.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
At March 31, 2011, the concentration of the Funds
investments in the various states, determined as a percentage of
total investments is as follows:
|
|
|
|
|
New York
|
|
|
13.3%
|
|
California
|
|
|
12.3%
|
|
Others, representing less than 10% individually
|
|
|
74.4%
|
|
The Fund invests primarily in debt securities issued by
municipalities. The ability of the issuers of the debt
securities to meet their obligations may be affected by economic
developments in a specific industry or municipality. In order to
reduce the risk associated with such economic developments, at
March 31, 2011, 77.1% 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 ranged from 2.2% to 19.4% of
total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of an inverse
floater (see Note 1H).
|
|
(2)
|
|
Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
|
See Notes to
Financial Statements.
14
Eaton Vance
California
Municipal Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 182.7%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
Electric
Utilities 6.5%
|
|
Puerto Rico Electric Power Authority, 5.25%, 7/1/40
|
|
$
|
1,060
|
|
|
$
|
915,785
|
|
|
|
Southern California Public Power Authority, (Tieton Hydropower),
5.00%, 7/1/30
|
|
|
1,000
|
|
|
|
976,960
|
|
|
|
Vernon, Electric System Revenue, 5.125%, 8/1/21
|
|
|
675
|
|
|
|
679,185
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,571,930
|
|
|
|
|
|
|
|
General
Obligations 7.9%
|
|
California, 5.50%, 11/1/35
|
|
$
|
1,300
|
|
|
$
|
1,261,599
|
|
|
|
Palo Alto, (Election of 2008), 5.00%, 8/1/40
|
|
|
1,850
|
|
|
|
1,842,822
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,104,421
|
|
|
|
|
|
|
|
Hospital 15.8%
|
|
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32
|
|
$
|
1,330
|
|
|
$
|
1,293,731
|
|
|
|
California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 8/15/39
|
|
|
1,445
|
|
|
|
1,254,361
|
|
|
|
California Statewide Communities Development Authority, (Cottage
Health System), 5.00%, 11/1/40
|
|
|
620
|
|
|
|
521,141
|
|
|
|
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36
|
|
|
500
|
|
|
|
428,285
|
|
|
|
California Statewide Communities Development Authority, (Kaiser
Permanente), 5.25%, 3/1/45
|
|
|
1,900
|
|
|
|
1,614,886
|
|
|
|
Washington Township Health Care District, 5.00%, 7/1/32
|
|
|
555
|
|
|
|
467,072
|
|
|
|
Washington Township Health Care District, 5.25%, 7/1/29
|
|
|
750
|
|
|
|
660,045
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,239,521
|
|
|
|
|
|
|
|
Insured Electric
Utilities 10.1%
|
|
Glendale Electric, (NPFG), 5.00%, 2/1/32
|
|
$
|
1,475
|
|
|
$
|
1,430,337
|
|
|
|
Los Angeles Department of Water and Power, (AMBAC), (BHAC),
5.00%, 7/1/26
(1)
|
|
|
1,500
|
|
|
|
1,538,310
|
|
|
|
Sacramento Municipal Utility District, (AGM), 5.00%, 8/15/27
|
|
|
1,000
|
|
|
|
1,012,550
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,981,197
|
|
|
|
|
|
|
|
Insured
Escrowed / Prerefunded 13.1%
|
|
California Infrastructure & Economic Development Bank,
(Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28,
5.00%, 7/1/33
|
|
$
|
1,150
|
|
|
$
|
1,305,204
|
|
|
|
California Infrastructure & Economic Development Bank,
(Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28,
5.00%, 7/1/36
|
|
|
1,025
|
|
|
|
1,163,334
|
|
|
|
Clovis Unified School District, (FGIC), (NPFG), Escrowed to
Maturity, 0.00%, 8/1/20
|
|
|
3,130
|
|
|
|
2,305,652
|
|
|
|
Orange County Water District, Certificates of Participation,
(NPFG), Escrowed to Maturity, 5.00%, 8/15/34
|
|
|
395
|
|
|
|
405,053
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,179,243
|
|
|
|
|
|
|
|
Insured General
Obligations 35.5%
|
|
Antelope Valley Community College District, (Election of 2004),
(NPFG), 5.25%, 8/1/39
|
|
$
|
740
|
|
|
$
|
702,460
|
|
|
|
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/38
|
|
|
7,125
|
|
|
|
1,009,114
|
|
|
|
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/40
|
|
|
3,115
|
|
|
|
372,772
|
|
|
|
Arcadia Unified School District, (Election of 2006), (AGM),
0.00%, 8/1/41
|
|
|
3,270
|
|
|
|
365,390
|
|
|
|
Carlsbad Unified School District, (Election of 2006), (NPFG),
5.25%, 8/1/32
|
|
|
1,500
|
|
|
|
1,503,090
|
|
|
|
Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/35
|
|
|
6,675
|
|
|
|
1,256,302
|
|
|
|
El Camino Hospital District, (NPFG), 4.45%, 8/1/36
|
|
|
865
|
|
|
|
724,991
|
|
|
|
Long Beach Unified School District, (Election of 1999), (AGM),
5.00%, 8/1/31
|
|
|
925
|
|
|
|
889,535
|
|
|
|
Los Angeles Community College District, (Election of 2001),
(AGM), (FGIC), 5.00%, 8/1/32
|
|
|
2,075
|
|
|
|
1,994,594
|
|
|
|
Mount Diablo Unified School District, (AGM), 5.00%, 8/1/25
|
|
|
1,000
|
|
|
|
1,005,400
|
|
|
|
Palm Springs Unified School District, (Election of 2008), (AGC),
5.00%, 8/1/33
|
|
|
1,250
|
|
|
|
1,232,537
|
|
|
|
Santa Clara Unified School District, (Election of 2004), (AGM),
4.375%, 7/1/30
|
|
|
1,390
|
|
|
|
1,265,984
|
|
|
|
Union Elementary School District, (FGIC), (NPFG),
0.00%, 9/1/22
|
|
|
3,200
|
|
|
|
1,662,816
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,984,985
|
|
|
|
|
|
|
|
Insured
Hospital 6.8%
|
|
California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41
(1)
|
|
$
|
1,250
|
|
|
$
|
1,127,475
|
|
|
|
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.05%, 8/15/38
(1)
|
|
|
1,750
|
|
|
|
1,533,035
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,660,510
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 10.4%
|
|
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
|
$
|
1,250
|
|
|
$
|
1,451,088
|
|
|
|
San Diego County Water Authority, Certificates of Participation,
(AGM),
5.00%, 5/1/38
(1)
|
|
|
1,750
|
|
|
|
1,656,847
|
|
|
|
See Notes to
Financial Statements.
15
Eaton Vance
California
Municipal Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
San Jose Financing Authority, (Civic Center), (AMBAC),
5.00%, 6/1/32
|
|
$
|
1,075
|
|
|
$
|
1,006,910
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,114,845
|
|
|
|
|
|
|
|
Insured Private
Education 1.1%
|
|
California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/32
|
|
$
|
420
|
|
|
$
|
407,270
|
|
|
|
|
|
|
|
|
|
|
|
$
|
407,270
|
|
|
|
|
|
|
|
Insured Public
Education 11.4%
|
|
California State University, (AGM), (BHAC),
5.00%, 11/1/39
(1)
|
|
$
|
2,000
|
|
|
$
|
1,824,520
|
|
|
|
California State University, (AMBAC), 5.00%, 11/1/33
|
|
|
2,860
|
|
|
|
2,676,216
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,500,736
|
|
|
|
|
|
|
|
Insured Sewer
Revenue 2.0%
|
|
Clovis Public Financing Authority, Wastewater Revenue, (AMBAC),
4.50%, 8/1/38
|
|
$
|
1,000
|
|
|
$
|
798,470
|
|
|
|
|
|
|
|
|
|
|
|
$
|
798,470
|
|
|
|
|
|
|
|
Insured Special
Assessment Revenue 6.4%
|
|
Cathedral City Public Financing Authority, (Housing
Redevelopment), (NPFG), 5.00%, 8/1/33
|
|
$
|
2,000
|
|
|
$
|
1,613,760
|
|
|
|
Los Osos Community Services District, (Wastewater Assessment
District No. 1), (NPFG), 5.00%, 9/2/33
|
|
|
1,250
|
|
|
|
918,600
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,532,360
|
|
|
|
|
|
|
|
Insured Special Tax
Revenue 8.3%
|
|
Hesperia Public Financing Authority, (Redevelopment and Housing
Projects), (XLCA), 5.00%, 9/1/37
|
|
$
|
1,535
|
|
|
$
|
971,808
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
|
|
11,485
|
|
|
|
570,460
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
|
4,600
|
|
|
|
446,936
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
|
2,905
|
|
|
|
261,305
|
|
|
|
Santa Clara Valley Transportation Authority, Sales Tax Revenue,
(AMBAC), 5.00%, 4/1/32
|
|
|
1,000
|
|
|
|
1,007,470
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,257,979
|
|
|
|
|
|
|
|
Insured
Transportation 2.2%
|
|
San Joaquin Hills Transportation Corridor Agency, (NPFG),
0.00%, 1/15/27
|
|
$
|
3,520
|
|
|
$
|
870,179
|
|
|
|
|
|
|
|
|
|
|
|
$
|
870,179
|
|
|
|
|
|
|
|
Insured Water
Revenue 14.0%
|
|
Calleguas Las Virgines Public Financing Authority, (Municipal
Water District), (BHAC), (FGIC), 4.75%, 7/1/37
|
|
$
|
1,235
|
|
|
$
|
1,140,028
|
|
|
|
East Bay Municipal Utility District, Water System Revenue,
(AGM), (FGIC), 5.00%, 6/1/32
|
|
|
100
|
|
|
|
101,210
|
|
|
|
East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG), 5.00%, 6/1/32
|
|
|
1,445
|
|
|
|
1,460,563
|
|
|
|
Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30
|
|
|
1,500
|
|
|
|
1,105,275
|
|
|
|
Riverside, Water Revenue, (AGM), 5.00%, 10/1/38
|
|
|
445
|
|
|
|
425,478
|
|
|
|
Santa Clara Valley Water District, (AGM), 3.75%, 6/1/28
|
|
|
1,475
|
|
|
|
1,272,733
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,505,287
|
|
|
|
|
|
|
|
Private
Education 13.9%
|
|
California Educational Facilities Authority, (Claremont McKenna
College), 5.00%, 1/1/39
|
|
$
|
1,345
|
|
|
$
|
1,272,585
|
|
|
|
California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/30
|
|
|
380
|
|
|
|
362,911
|
|
|
|
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 2/1/29
|
|
|
890
|
|
|
|
899,763
|
|
|
|
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 2/1/40
|
|
|
1,155
|
|
|
|
1,096,650
|
|
|
|
California Educational Facilities Authority, (Stanford
University),
5.125%, 1/1/31
(2)
|
|
|
500
|
|
|
|
499,980
|
|
|
|
California Educational Facilities Authority, (University of San
Francisco), 6.125%, 10/1/36
|
|
|
115
|
|
|
|
116,600
|
|
|
|
California Educational Facilities Authority, (University of
Southern California), 5.25%, 10/1/39
|
|
|
1,200
|
|
|
|
1,212,216
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,460,705
|
|
|
|
|
|
|
|
Public
Education 2.5%
|
|
University of California, 5.25%, 5/15/39
|
|
$
|
1,000
|
|
|
$
|
983,340
|
|
|
|
|
|
|
|
|
|
|
|
$
|
983,340
|
|
|
|
|
|
|
|
Special Tax
Revenue 3.4%
|
|
San Francisco Bay Area Rapid Transit District, Sales Tax
Revenue, 5.00%, 7/1/28
|
|
$
|
1,300
|
|
|
$
|
1,349,153
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,349,153
|
|
|
|
|
|
|
|
Transportation 8.8%
|
|
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.25%, 4/1/29
|
|
$
|
1,190
|
|
|
$
|
1,228,818
|
|
|
|
Long Beach, Harbor Revenue, 5.00%, 5/15/27
|
|
|
540
|
|
|
|
555,309
|
|
|
|
See Notes to
Financial Statements.
16
Eaton Vance
California
Municipal Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Transportation (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles Department of Airports, (Los Angeles International
Airport),
5.00%,
5/15/35
(1)(3)
|
|
$
|
1,060
|
|
|
$
|
999,050
|
|
|
|
San Francisco City and County Airport Commission, (San Francisco
International Airport), 5.00%, 5/1/40
|
|
|
780
|
|
|
|
698,794
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,481,971
|
|
|
|
|
|
|
|
Water and
Sewer 2.6%
|
|
Metropolitan Water District of Southern California, (Waterworks
Revenue Authorization), 5.00%, 1/1/39
|
|
$
|
1,050
|
|
|
$
|
1,030,596
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,030,596
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 182.7%
|
|
|
(identified cost $79,683,848)
|
|
$
|
72,014,698
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid
Dividends (65.2)%
|
|
$
|
(25,700,268
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (17.5)%
|
|
$
|
(6,882,361
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
39,432,069
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
BHAC
|
|
- Berkshire Hathaway Assurance Corp.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
The Fund invests primarily in debt securities issued by
California municipalities. The ability of the issuers of the
debt securities to meet their obligations may be affected by
economic developments in a specific industry or municipality. In
order to reduce the risk associated with such economic
developments, at March 31, 2011, 66.4% of total investments
are backed by bond insurance of various financial institutions
and financial guaranty assurance agencies. The aggregate
percentage insured by an individual financial institution ranged
from 1.3% to 22.2% of total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of an inverse
floater (see Note 1H).
|
|
(2)
|
|
Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
|
|
(3)
|
|
Security (or a portion thereof) has been pledged as collateral
for inverse floating-rate security transactions. The aggregate
value of such collateral is $204,050.
|
See Notes to
Financial Statements.
17
Eaton Vance
Massachusetts
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 167.9%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
Escrowed / Prerefunded 5.5%
|
|
Massachusetts Development Finance Agency, (Massachusetts College
of Pharmacy), Prefunded to 7/31/13, 5.75%, 7/1/33
|
|
$
|
500
|
|
|
$
|
561,970
|
|
|
|
Massachusetts Development Finance Agency, (Western New England
College), Prefunded to 12/1/12, 6.125%, 12/1/32
|
|
|
600
|
|
|
|
660,138
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,222,108
|
|
|
|
|
|
|
|
General
Obligations 4.0%
|
|
Wayland, 5.00%, 2/1/33
|
|
$
|
340
|
|
|
$
|
355,154
|
|
|
|
Wayland, 5.00%, 2/1/36
|
|
|
510
|
|
|
|
524,535
|
|
|
|
|
|
|
|
|
|
|
|
$
|
879,689
|
|
|
|
|
|
|
|
Hospital 16.1%
|
|
Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37
|
|
$
|
775
|
|
|
$
|
709,939
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Lahey Clinic Medical Center), 5.25%, 8/15/28
|
|
|
400
|
|
|
|
391,940
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System), 5.00%, 7/1/39
|
|
|
1,250
|
|
|
|
1,165,875
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
|
|
|
370
|
|
|
|
358,989
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Southcoast Hospitals Group, Inc.), 5.00%, 7/1/29
|
|
|
1,000
|
|
|
|
922,200
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,548,943
|
|
|
|
|
|
|
|
Insured Electric
Utilities 5.0%
|
|
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23
|
|
$
|
1,095
|
|
|
$
|
1,097,365
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,097,365
|
|
|
|
|
|
|
|
Insured
Escrowed / Prerefunded 6.8%
|
|
Massachusetts College Building Authority, (NPFG), Escrowed to
Maturity, 0.00%, 5/1/26
|
|
$
|
2,900
|
|
|
$
|
1,501,939
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,501,939
|
|
|
|
|
|
|
|
Insured General
Obligations 15.4%
|
|
Massachusetts, (AMBAC), 5.50%, 8/1/30
|
|
$
|
1,900
|
|
|
$
|
2,121,198
|
|
|
|
Revere, (AGC), 5.00%, 4/1/39
|
|
|
1,000
|
|
|
|
957,180
|
|
|
|
Tewksbury, (AGM), 4.625%, 3/15/27
|
|
|
300
|
|
|
|
306,798
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,385,176
|
|
|
|
|
|
|
|
Insured
Hospital 1.0%
|
|
Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare), (AGC), 5.00%, 11/15/25
|
|
$
|
220
|
|
|
$
|
212,808
|
|
|
|
|
|
|
|
|
|
|
|
$
|
212,808
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 5.3%
|
|
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
|
$
|
1,000
|
|
|
$
|
1,160,870
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,160,870
|
|
|
|
|
|
|
|
Insured Other
Revenue 3.2%
|
|
Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42
|
|
$
|
750
|
|
|
$
|
710,190
|
|
|
|
|
|
|
|
|
|
|
|
$
|
710,190
|
|
|
|
|
|
|
|
Insured Private
Education 20.6%
|
|
Massachusetts Development Finance Agency, (Boston College),
(NPFG), 5.00%, 7/1/38
|
|
$
|
1,000
|
|
|
$
|
978,800
|
|
|
|
Massachusetts Development Finance Agency, (Boston University),
(XLCA), 6.00%, 5/15/59
|
|
|
1,105
|
|
|
|
1,143,167
|
|
|
|
Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC),
5.25%, 9/1/32
(1)
|
|
|
750
|
|
|
|
784,035
|
|
|
|
Massachusetts Development Finance Agency, (Massachusetts College
of Pharmacy), (AGC), 5.00%, 7/1/35
|
|
|
750
|
|
|
|
722,895
|
|
|
|
Massachusetts Development Finance Agency, (Massachusetts College
of Pharmacy), (AGC), 5.00%, 7/1/37
|
|
|
950
|
|
|
|
913,026
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,541,923
|
|
|
|
|
|
|
|
Insured Public
Education 8.2%
|
|
Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39
|
|
$
|
700
|
|
|
$
|
723,842
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Worcester State College), (AMBAC), 5.00%, 11/1/32
|
|
|
1,150
|
|
|
|
1,073,686
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,797,528
|
|
|
|
|
|
|
See Notes to
Financial Statements.
18
Eaton Vance
Massachusetts
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Special Tax
Revenue 18.8%
|
|
Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32
|
|
$
|
1,225
|
|
|
$
|
1,189,218
|
|
|
|
Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), (NPFG), 5.50%, 1/1/29
|
|
|
750
|
|
|
|
784,252
|
|
|
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
(NPFG), 5.50%, 7/1/28
|
|
|
400
|
|
|
|
451,472
|
|
|
|
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue, (AMBAC),
5.00%, 8/15/37
(1)
|
|
|
1,160
|
|
|
|
1,144,038
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
|
|
5,265
|
|
|
|
261,513
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
|
2,090
|
|
|
|
203,064
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
|
1,325
|
|
|
|
119,184
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,152,741
|
|
|
|
|
|
|
|
Insured Water
Revenue 4.0%
|
|
Massachusetts Water Resources Authority, (AGM),
5.25%, 8/1/36
|
|
$
|
860
|
|
|
$
|
883,745
|
|
|
|
|
|
|
|
|
|
|
|
$
|
883,745
|
|
|
|
|
|
|
|
Other Revenue 2.2%
|
|
Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/29
|
|
$
|
490
|
|
|
$
|
491,269
|
|
|
|
|
|
|
|
|
|
|
|
$
|
491,269
|
|
|
|
|
|
|
|
Private
Education 29.1%
|
|
Massachusetts Development Finance Agency, (Middlesex School),
5.00%, 9/1/33
|
|
$
|
750
|
|
|
$
|
722,085
|
|
|
|
Massachusetts Development Finance Agency, (Milton Academy),
5.00%, 9/1/35
|
|
|
750
|
|
|
|
736,995
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.00%, 10/1/38
(1)
|
|
|
2,000
|
|
|
|
2,029,360
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Massachusetts Institute of Technology),
5.50%, 7/1/36
(2)
|
|
|
1,000
|
|
|
|
1,054,560
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Northeastern University), 5.00%, 10/1/35
|
|
|
870
|
|
|
|
815,173
|
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%, 8/15/38
|
|
|
1,025
|
|
|
|
1,047,447
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,405,620
|
|
|
|
|
|
|
|
Senior Living / Life
Care 2.7%
|
|
Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.15%, 7/1/31
|
|
$
|
745
|
|
|
$
|
605,901
|
|
|
|
|
|
|
|
|
|
|
|
$
|
605,901
|
|
|
|
|
|
|
|
Special Tax
Revenue 5.5%
|
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
5.00%, 7/1/35
|
|
$
|
1,210
|
|
|
$
|
1,207,374
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,207,374
|
|
|
|
|
|
|
|
Transportation 8.5%
|
|
Massachusetts Department of Transportation, (Metropolitan
Highway System), 5.00%, 1/1/32
|
|
$
|
1,000
|
|
|
$
|
971,010
|
|
|
|
Massachusetts Department of Transportation, (Metropolitan
Highway System), 5.00%, 1/1/37
|
|
|
500
|
|
|
|
463,155
|
|
|
|
Massachusetts Port Authority, 5.00%, 7/1/34
|
|
|
435
|
|
|
|
428,210
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,862,375
|
|
|
|
|
|
|
|
Water and
Sewer 6.0%
|
|
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33
|
|
$
|
585
|
|
|
$
|
628,741
|
|
|
|
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34
|
|
|
640
|
|
|
|
684,326
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,313,067
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 167.9%
|
|
|
(identified cost $38,204,678)
|
|
$
|
36,980,631
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid Dividends (61.6)%
|
|
$
|
(13,576,032
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (6.3)%
|
|
$
|
(1,379,267
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
22,025,332
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
The Fund invests primarily in debt securities issued by
Massachusetts municipalities. The ability of the issuers of the
debt securities to meet their obligations may be affected by
economic developments in a specific industry
See Notes to
Financial Statements.
19
Eaton Vance
Massachusetts
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
or municipality. In order to reduce the risk associated with
such economic developments, at March 31, 2011, 52.6% of
total investments are backed by bond insurance of various
financial institutions and financial guaranty assurance
agencies. The aggregate percentage insured by an individual
financial institution ranged from 2.1% to 22.8% of total
investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of an inverse
floater (see Note 1H).
|
|
(2)
|
|
Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
|
See Notes to
Financial Statements.
20
Eaton Vance
Michigan
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 164.4%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
Electric
Utilities 3.2%
|
|
Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
|
|
$
|
620
|
|
|
$
|
620,105
|
|
|
|
|
|
|
|
|
|
|
|
$
|
620,105
|
|
|
|
|
|
|
|
Escrowed / Prerefunded 10.3%
|
|
Michigan Hospital Finance Authority, (Chelsea Community
Hospital), Prerefunded to 5/15/15, 5.00%, 5/15/30
|
|
$
|
400
|
|
|
$
|
456,580
|
|
|
|
Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36
|
|
|
1,500
|
|
|
|
1,563,465
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,020,045
|
|
|
|
|
|
|
|
Hospital 8.1%
|
|
Michigan Hospital Finance Authority, (Oakwood Hospital System),
5.75%, 4/1/32
|
|
$
|
1,000
|
|
|
$
|
964,600
|
|
|
|
Michigan Hospital Finance Authority, (Trinity Health),
5.375%, 12/1/30
|
|
|
640
|
|
|
|
620,685
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,585,285
|
|
|
|
|
|
|
|
Insured Electric
Utilities 7.3%
|
|
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32
|
|
$
|
500
|
|
|
$
|
467,125
|
|
|
|
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
|
|
1,000
|
|
|
|
956,430
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,423,555
|
|
|
|
|
|
|
|
Insured
Escrowed / Prerefunded 49.4%
|
|
Detroit School District, (School Bond Loan Fund), (AGM),
Prerefunded to 5/1/12, 5.125%, 5/1/31
|
|
$
|
750
|
|
|
$
|
787,500
|
|
|
|
Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11,
5.125%, 7/1/31
|
|
|
1,250
|
|
|
|
1,265,137
|
|
|
|
Lansing Building Authority, (NPFG), Prerefunded to 6/1/13,
5.00%, 6/1/29
|
|
|
1,500
|
|
|
|
1,639,875
|
|
|
|
Michigan Hospital Finance Authority, (St. John Health System),
(AMBAC), Escrowed to Maturity, 5.00%, 5/15/28
|
|
|
1,150
|
|
|
|
1,153,634
|
|
|
|
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/22
|
|
|
1,750
|
|
|
|
1,095,325
|
|
|
|
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/23
|
|
|
2,615
|
|
|
|
1,543,504
|
|
|
|
Reed City Public Schools, (AGM), Prerefunded to 5/1/14,
5.00%, 5/1/29
|
|
|
1,300
|
|
|
|
1,459,809
|
|
|
|
Ypsilanti Community Utilities Authority, (Sanitary Sewer System
No. 3), (FGIC), Prerefunded to 5/1/12, 5.00%, 5/1/32
|
|
|
705
|
|
|
|
739,693
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,684,477
|
|
|
|
|
|
|
|
Insured General
Obligations 23.2%
|
|
Grand Rapids and Kent County Joint Building Authority, (DeVos
Place), (NPFG),
0.00%, 12/1/27
(1)
|
|
$
|
1,960
|
|
|
$
|
807,755
|
|
|
|
Greenville Public Schools, (NPFG), 5.00%, 5/1/25
|
|
|
750
|
|
|
|
751,942
|
|
|
|
Okemos Public School District, (NPFG), 0.00%, 5/1/19
|
|
|
1,330
|
|
|
|
928,460
|
|
|
|
Pinconning Area Schools, (AGM), 5.00%, 5/1/33
|
|
|
1,000
|
|
|
|
974,510
|
|
|
|
Royal Oak, (AGC), 6.25%, 10/1/28
|
|
|
1,000
|
|
|
|
1,096,030
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,558,697
|
|
|
|
|
|
|
|
Insured
Hospital 6.5%
|
|
Michigan Hospital Finance Authority, (Mid-Michigan Obligation
Group), (AMBAC), 5.00%, 4/15/32
|
|
$
|
500
|
|
|
$
|
452,860
|
|
|
|
Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35
|
|
|
975
|
|
|
|
830,466
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,283,326
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 6.1%
|
|
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
|
|
$
|
1,000
|
|
|
$
|
311,020
|
|
|
|
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
|
|
|
3,100
|
|
|
|
875,130
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,186,150
|
|
|
|
|
|
|
|
Insured Public
Education 15.4%
|
|
Central Michigan University, (AMBAC), 5.05%, 10/1/32
|
|
$
|
750
|
|
|
$
|
721,463
|
|
|
|
Ferris State University, (AGC), 5.125%, 10/1/33
|
|
|
435
|
|
|
|
430,989
|
|
|
|
Lake Superior State University, (AMBAC), 5.125%, 11/15/26
|
|
|
750
|
|
|
|
728,760
|
|
|
|
Wayne University, (NPFG), 5.00%, 11/15/37
|
|
|
1,200
|
|
|
|
1,143,120
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,024,332
|
|
|
|
|
|
|
|
Insured Sewer
Revenue 2.1%
|
|
Detroit Sewer Disposal System, (NPFG), 4.50%, 7/1/35
|
|
$
|
500
|
|
|
$
|
405,860
|
|
|
|
|
|
|
|
|
|
|
|
$
|
405,860
|
|
|
|
|
|
|
|
Insured Special Tax
Revenue 8.8%
|
|
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
|
$
|
6,100
|
|
|
$
|
302,987
|
|
|
|
See Notes to
Financial Statements.
21
Eaton Vance
Michigan
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Special Tax
Revenue (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
$
|
1,670
|
|
|
$
|
162,257
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
|
1,115
|
|
|
|
100,294
|
|
|
|
Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (NPFG), 5.00%, 12/1/30
|
|
|
1,000
|
|
|
|
869,220
|
|
|
|
Ypsilanti Community Utilities Authority, (Sanitary Sewer System
No. 3), (FGIC), (NPFG), 5.00%, 5/1/32
|
|
|
295
|
|
|
|
287,484
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,722,242
|
|
|
|
|
|
|
|
Insured
Utilities 7.7%
|
|
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/25
|
|
$
|
1,000
|
|
|
$
|
999,920
|
|
|
|
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/26
|
|
|
510
|
|
|
|
512,815
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,512,735
|
|
|
|
|
|
|
|
Insured Water
Revenue 11.8%
|
|
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
|
|
$
|
1,425
|
|
|
$
|
1,295,239
|
|
|
|
Grand Rapids Water Supply System, (AGC), 5.00%, 1/1/29
|
|
|
1,000
|
|
|
|
1,022,160
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,317,399
|
|
|
|
|
|
|
|
Private
Education 1.1%
|
|
Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
|
|
$
|
250
|
|
|
$
|
220,763
|
|
|
|
|
|
|
|
|
|
|
|
$
|
220,763
|
|
|
|
|
|
|
|
Water and
Sewer 3.4%
|
|
Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28
|
|
$
|
650
|
|
|
$
|
668,961
|
|
|
|
|
|
|
|
|
|
|
|
$
|
668,961
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 164.4%
|
|
|
(identified cost $32,886,985)
|
|
$
|
32,233,932
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid Dividends (68.0)%
|
|
$
|
(13,325,279
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities 3.6%
|
|
$
|
701,925
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
19,610,578
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
The Fund invests primarily in debt securities issued by Michigan
municipalities. The ability of the issuers of the debt
securities to meet their obligations may be affected by economic
developments in a specific industry or municipality. In order to
reduce the risk associated with such economic developments, at
March 31, 2011, 84.1% 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 ranged from 1.4% to 34.3% of
total investments.
|
|
|
(1)
|
|
Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
|
See Notes to
Financial Statements.
22
Eaton Vance
New
Jersey Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 171.9%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
General
Obligations 4.6%
|
|
Monmouth County Improvement Authority, 5.00%, 1/15/27
|
|
$
|
1,375
|
|
|
$
|
1,464,169
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,464,169
|
|
|
|
|
|
|
|
Hospital 8.9%
|
|
Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/35
|
|
$
|
180
|
|
|
$
|
140,409
|
|
|
|
Camden County Improvement Authority, (Cooper Health System),
5.75%, 2/15/34
|
|
|
760
|
|
|
|
664,035
|
|
|
|
New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37
|
|
|
595
|
|
|
|
549,994
|
|
|
|
New Jersey Health Care Facilities Financing Authority,
(Hunterdon Medical Center), 5.125%, 7/1/35
|
|
|
250
|
|
|
|
222,502
|
|
|
|
New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46
|
|
|
1,395
|
|
|
|
1,211,139
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,788,079
|
|
|
|
|
|
|
|
Insured Electric
Utilities 3.0%
|
|
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
|
$
|
1,000
|
|
|
$
|
956,430
|
|
|
|
|
|
|
|
|
|
|
|
$
|
956,430
|
|
|
|
|
|
|
|
Insured General
Obligations 39.0%
|
|
Bayonne, (AGM), 0.00%, 7/1/23
|
|
$
|
2,415
|
|
|
$
|
1,309,389
|
|
|
|
Bayonne, (AGM), 5.50%, 7/1/39
|
|
|
1,000
|
|
|
|
1,001,880
|
|
|
|
Delaware Township, Hunterdon County, (AGC), 5.00%, 10/15/35
|
|
|
320
|
|
|
|
329,200
|
|
|
|
Delaware Township, Hunterdon County, (AGC), 5.10%, 10/15/36
|
|
|
340
|
|
|
|
350,740
|
|
|
|
Delaware Township, Hunterdon County, (AGC), 5.15%, 10/15/37
|
|
|
360
|
|
|
|
371,999
|
|
|
|
Delaware Township, Hunterdon County, (AGC), 5.20%, 10/15/38
|
|
|
382
|
|
|
|
395,397
|
|
|
|
Egg Harbor Township School District, (AGM), 3.50%, 4/1/28
|
|
|
840
|
|
|
|
730,489
|
|
|
|
Hudson County Improvement Authority, (NPFG), 0.00%, 12/15/38
|
|
|
2,000
|
|
|
|
280,740
|
|
|
|
Irvington Township, (AGM), 0.00%, 7/15/26
|
|
|
5,475
|
|
|
|
2,367,280
|
|
|
|
Jackson Township School District, (NPFG), 2.50%, 6/15/27
|
|
|
2,385
|
|
|
|
1,778,638
|
|
|
|
Jersey City, (AGM), 5.00%, 1/15/29
|
|
|
1,000
|
|
|
|
1,009,560
|
|
|
|
Lakewood Township, (AGC), 5.75%, 11/1/31
|
|
|
700
|
|
|
|
752,311
|
|
|
|
Monroe Township Board of Education, Middlesex County, (AGC),
4.75%, 3/1/34
|
|
|
1,115
|
|
|
|
1,088,329
|
|
|
|
Nutley School District, (NPFG), 4.75%, 7/15/30
|
|
|
110
|
|
|
|
110,855
|
|
|
|
Nutley School District, (NPFG), 4.75%, 7/15/31
|
|
|
410
|
|
|
|
410,303
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,287,110
|
|
|
|
|
|
|
|
Insured
Hospital 18.1%
|
|
New Jersey Health Care Facilities Financing Authority,
(Englewood Hospital), (NPFG), 5.00%, 8/1/31
|
|
$
|
1,500
|
|
|
$
|
1,500,570
|
|
|
|
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36
(1)
|
|
|
2,000
|
|
|
|
1,920,900
|
|
|
|
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38
|
|
|
615
|
|
|
|
564,890
|
|
|
|
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38
(1)
|
|
|
250
|
|
|
|
229,630
|
|
|
|
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38
|
|
|
1,500
|
|
|
|
1,482,120
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,698,110
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 17.7%
|
|
Essex County Improvement Authority, (NPFG), 5.50%, 10/1/30
|
|
$
|
1,000
|
|
|
$
|
1,044,000
|
|
|
|
Middlesex County, Certificates of Participation, (NPFG),
5.00%, 8/1/31
|
|
|
1,250
|
|
|
|
1,250,038
|
|
|
|
New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34
|
|
|
1,300
|
|
|
|
1,313,702
|
|
|
|
New Jersey Economic Development Authority, (School Facilities
Construction), (FGIC), (NPFG), 5.50%, 9/1/28
|
|
|
500
|
|
|
|
510,685
|
|
|
|
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27
|
|
|
1,250
|
|
|
|
1,451,087
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,569,512
|
|
|
|
|
|
|
|
Insured Other
Revenue 4.8%
|
|
Hudson County Improvement Authority, (Harrison Parking), (AGC),
5.25%, 1/1/39
|
|
$
|
1,500
|
|
|
$
|
1,500,345
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,500,345
|
|
|
|
|
|
|
|
Insured Public
Education 11.3%
|
|
New Jersey Educational Facilities Authority, (College of New
Jersey), (AGM), 5.00%, 7/1/35
|
|
$
|
735
|
|
|
$
|
705,034
|
|
|
|
New Jersey Educational Facilities Authority, (Montclair State
University), (NPFG), 3.75%, 7/1/24
|
|
|
450
|
|
|
|
408,582
|
|
|
|
New Jersey Educational Facilities Authority, (Rowan University),
(AGM), (FGIC), 3.00%, 7/1/27
|
|
|
920
|
|
|
|
722,587
|
|
|
|
See Notes to
Financial Statements.
23
Eaton Vance
New
Jersey Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Public
Education (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Educational Facilities Authority, (Rowan University),
(AGM), (FGIC), 3.00%, 7/1/28
|
|
$
|
465
|
|
|
$
|
357,194
|
|
|
|
New Jersey Educational Facilities Authority, (William Paterson
University), (AGC), 4.75%, 7/1/34
|
|
|
1,145
|
|
|
|
1,094,460
|
|
|
|
New Jersey Educational Facilities Authority, (William Paterson
University), (AGC), 5.00%, 7/1/38
|
|
|
275
|
|
|
|
264,110
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,551,967
|
|
|
|
|
|
|
|
Insured Special Tax
Revenue 14.1%
|
|
Garden State Preservation Trust, (AGM), 0.00%, 11/1/21
|
|
$
|
1,000
|
|
|
$
|
643,840
|
|
|
|
Garden State Preservation Trust, (AGM), 5.80%, 11/1/21
|
|
|
500
|
|
|
|
563,080
|
|
|
|
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (BHAC), (NPFG), 5.00%, 7/1/27
|
|
|
975
|
|
|
|
975,790
|
|
|
|
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26
|
|
|
2,390
|
|
|
|
973,088
|
|
|
|
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27
|
|
|
1,120
|
|
|
|
424,525
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
|
|
7,675
|
|
|
|
381,217
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
|
3,005
|
|
|
|
291,966
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
|
1,900
|
|
|
|
170,905
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,424,411
|
|
|
|
|
|
|
|
Insured
Transportation 25.4%
|
|
New Jersey Transportation Trust Fund Authority,
(Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26
|
|
$
|
1,560
|
|
|
$
|
634,577
|
|
|
|
New Jersey Transportation Trust Fund Authority,
(Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31
|
|
|
3,235
|
|
|
|
906,770
|
|
|
|
New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29
|
|
|
1,500
|
|
|
|
1,614,450
|
|
|
|
Port Authority of New York and New Jersey, (AGM),
5.00%, 11/1/27
(1)
|
|
|
3,875
|
|
|
|
3,941,448
|
|
|
|
Port Authority of New York and New Jersey, (AGM),
5.00%, 8/15/33
|
|
|
720
|
|
|
|
720,151
|
|
|
|
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33
|
|
|
180
|
|
|
|
186,210
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,003,606
|
|
|
|
|
|
|
|
Insured Water and
Sewer 8.2%
|
|
Middlesex County Improvement Authority, (Perth Amboy), (AMBAC),
0.00%, 9/1/24
|
|
$
|
4,500
|
|
|
$
|
2,067,930
|
|
|
|
Passaic Valley Sewerage Commissioners, (FGIC), (NPFG),
2.50%, 12/1/32
|
|
|
895
|
|
|
|
498,569
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,566,499
|
|
|
|
|
|
|
|
Lease
Revenue / Certificates of
Participation 1.9%
|
|
New Jersey Health Care Facilities Financing Authority, (Hospital
Asset Transformation Program), 5.25%, 10/1/38
|
|
$
|
625
|
|
|
$
|
594,494
|
|
|
|
|
|
|
|
|
|
|
|
$
|
594,494
|
|
|
|
|
|
|
|
Private
Education 5.7%
|
|
New Jersey Educational Facilities Authority, (Princeton
University),
4.25%, 7/1/40
(2)
|
|
$
|
2,000
|
|
|
$
|
1,794,660
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,794,660
|
|
|
|
|
|
|
|
Public
Education 0.8%
|
|
Rutgers State University, 5.00%, 5/1/39
|
|
$
|
250
|
|
|
$
|
246,830
|
|
|
|
|
|
|
|
|
|
|
|
$
|
246,830
|
|
|
|
|
|
|
|
Other Revenue 1.9%
|
|
New Jersey Economic Development Authority, (Duke Farms
Foundation), 5.00%, 7/1/48
|
|
$
|
375
|
|
|
$
|
367,762
|
|
|
|
Port Authority of New York and New Jersey, (JFK International
Air Terminal LLC), 6.00%, 12/1/42
|
|
|
250
|
|
|
|
237,123
|
|
|
|
|
|
|
|
|
|
|
|
$
|
604,885
|
|
|
|
|
|
|
|
Transportation 6.5%
|
|
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
|
$
|
590
|
|
|
$
|
573,179
|
|
|
|
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40
|
|
|
210
|
|
|
|
200,739
|
|
|
|
South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33
|
|
|
1,325
|
|
|
|
1,267,839
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,041,757
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 171.9%
|
|
|
(identified cost $56,335,944)
|
|
$
|
54,092,864
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid
Dividends (62.3)%
|
|
$
|
(19,600,614
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (9.6)%
|
|
$
|
(3,024,188
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
31,468,062
|
|
|
|
|
|
See Notes to
Financial Statements.
24
Eaton Vance
New
Jersey Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
BHAC
|
|
- Berkshire Hathaway Assurance Corp.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
The Fund invests primarily in debt securities issued by New
Jersey municipalities. The ability of the issuers of the debt
securities to meet their obligations may be affected by economic
developments in a specific industry or municipality. In order to
reduce the risk associated with such economic developments, at
March 31, 2011, 82.4% of total investments are backed by
bond insurance of various financial institutions and financial
guaranty assurance agencies. The aggregate percentage insured by
an individual financial institution ranged from 2.6% to 29.0% of
total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of an inverse
floater (see Note 1H).
|
|
(2)
|
|
Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
|
See Notes to
Financial Statements.
25
Eaton Vance
New
York Municipal Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 173.7%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
General
Obligations 3.4%
|
|
New York,
5.00%, 2/15/34
(1)
|
|
$
|
1,000
|
|
|
$
|
1,018,280
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,018,280
|
|
|
|
|
|
|
|
|
|
Hospital 3.5%
|
|
New York Dormitory Authority, (Highland Hospital of Rochester),
5.00%, 7/1/26
|
|
$
|
135
|
|
|
$
|
131,823
|
|
|
|
New York Dormitory Authority, (Highland Hospital of Rochester),
5.20%, 7/1/32
|
|
|
180
|
|
|
|
171,103
|
|
|
|
Suffolk County Industrial Development Agency, (Huntington
Hospital), 5.875%, 11/1/32
|
|
|
750
|
|
|
|
750,015
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,052,941
|
|
|
|
|
|
|
|
Industrial Development
Revenue 1.3%
|
|
New York Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
|
|
$
|
390
|
|
|
$
|
377,984
|
|
|
|
|
|
|
|
|
|
|
|
$
|
377,984
|
|
|
|
|
|
|
|
Insured Electric
Utilities 3.5%
|
|
Long Island Power Authority, (BHAC), 5.50%, 5/1/33
|
|
$
|
500
|
|
|
$
|
521,500
|
|
|
|
Long Island Power Authority, (BHAC), 6.00%, 5/1/33
|
|
|
500
|
|
|
|
540,830
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,062,330
|
|
|
|
|
|
|
|
Insured
Escrowed / Prerefunded 3.9%
|
|
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
|
|
$
|
545
|
|
|
$
|
295,695
|
|
|
|
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
|
|
|
550
|
|
|
|
281,705
|
|
|
|
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30
|
|
|
1,385
|
|
|
|
588,043
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,165,443
|
|
|
|
|
|
|
|
Insured General
Obligations 25.5%
|
|
Brentwood Union Free School District, (AGC), 4.75%, 11/15/23
|
|
$
|
535
|
|
|
$
|
578,094
|
|
|
|
Brentwood Union Free School District, (AGC), 5.00%, 11/15/24
|
|
|
560
|
|
|
|
610,669
|
|
|
|
Freeport Union Free School District, (AGC), 4.00%, 4/1/23
|
|
|
180
|
|
|
|
183,973
|
|
|
|
Freeport Union Free School District, (AGC), 4.00%, 4/1/24
|
|
|
200
|
|
|
|
203,336
|
|
|
|
Hauppauge Union Free School District, (AGC), 4.00%, 7/15/24
|
|
|
250
|
|
|
|
251,375
|
|
|
|
Hoosic Valley Central School District, (AGC), 4.00%, 6/15/23
|
|
|
250
|
|
|
|
253,590
|
|
|
|
Longwood Central School District, Suffolk County, (AGC),
4.15%, 6/1/23
|
|
|
185
|
|
|
|
188,870
|
|
|
|
Longwood Central School District, Suffolk County, (AGC),
4.25%, 6/1/24
|
|
|
190
|
|
|
|
193,912
|
|
|
|
New York, (AGM), 5.00%, 4/1/22
|
|
|
1,000
|
|
|
|
1,066,790
|
|
|
|
New York Dormitory Authority, (School Districts Financing
Program), (NPFG), 5.00%, 10/1/30
|
|
|
1,795
|
|
|
|
1,788,358
|
|
|
|
Plattsburgh, (AGC), 4.25%, 11/15/19
|
|
|
100
|
|
|
|
107,006
|
|
|
|
Plattsburgh, (AGC), 4.25%, 11/15/20
|
|
|
300
|
|
|
|
320,259
|
|
|
|
Sachem Central School District, (FGIC), (NPFG),
4.25%, 10/15/28
|
|
|
410
|
|
|
|
405,445
|
|
|
|
Syracuse, (AGC), 5.00%, 6/15/19
|
|
|
235
|
|
|
|
259,360
|
|
|
|
Wantagh Union Free School District, (AGC), 4.50%, 11/15/19
|
|
|
185
|
|
|
|
200,958
|
|
|
|
Wantagh Union Free School District, (AGC), 4.50%, 11/15/20
|
|
|
190
|
|
|
|
203,914
|
|
|
|
Wantagh Union Free School District, (AGC), 4.75%, 11/15/22
|
|
|
210
|
|
|
|
225,145
|
|
|
|
Wantagh Union Free School District, (AGC), 4.75%, 11/15/23
|
|
|
220
|
|
|
|
234,087
|
|
|
|
William Floyd Union Free School District, (AGC),
4.00%, 12/15/24
|
|
|
350
|
|
|
|
345,114
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,620,255
|
|
|
|
|
|
|
|
Insured
Hospital 6.3%
|
|
New York City Health and Hospitals Corp., (AGM),
5.50%, 2/15/20
|
|
$
|
500
|
|
|
$
|
556,750
|
|
|
|
New York Dormitory Authority, (Health Quest Systems), (AGC),
5.125%, 7/1/37
|
|
|
910
|
|
|
|
857,993
|
|
|
|
New York Dormitory Authority, (Hudson Valley Hospital Center),
(AGM), (BHAC), 5.00%, 8/15/36
|
|
|
500
|
|
|
|
481,875
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,896,618
|
|
|
|
|
|
|
|
Insured
Housing 3.3%
|
|
New York City Housing Corp., (NPFG), 4.95%, 11/1/33
|
|
$
|
1,000
|
|
|
$
|
977,350
|
|
|
|
|
|
|
|
|
|
|
|
$
|
977,350
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 6.7%
|
|
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
|
|
$
|
1,390
|
|
|
$
|
1,029,337
|
|
|
|
New York City Transitional Finance Authority, (BHAC),
5.50%, 7/15/38
|
|
|
950
|
|
|
|
977,179
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,006,516
|
|
|
|
|
|
|
See Notes to
Financial Statements.
26
Eaton Vance
New
York Municipal Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Other
Revenue 15.4%
|
|
New York City Cultural Resource Trust, (American Museum of
Natural History), (NPFG), 5.00%, 7/1/44
|
|
$
|
800
|
|
|
$
|
764,408
|
|
|
|
New York City Cultural Resource Trust, (Museum of Modern Art),
(AMBAC), (BHAC),
5.125%, 7/1/31
(1)
|
|
|
2,500
|
|
|
|
2,488,875
|
|
|
|
New York City Industrial Development Agency, (Yankee Stadium),
(NPFG), 4.75%, 3/1/46
|
|
|
1,700
|
|
|
|
1,346,281
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,599,564
|
|
|
|
|
|
|
|
Insured Private
Education 33.0%
|
|
New York Dormitory Authority, (Barnard College), (FGIC), (NPFG),
5.00%, 7/1/24
|
|
$
|
1,440
|
|
|
$
|
1,482,696
|
|
|
|
New York Dormitory Authority, (Brooklyn Law School), (XLCA),
5.125%, 7/1/30
|
|
|
1,135
|
|
|
|
1,117,850
|
|
|
|
New York Dormitory Authority, (Fordham University), (AGC),
(BHAC),
5.00%, 7/1/38
(1)
|
|
|
2,250
|
|
|
|
2,228,332
|
|
|
|
New York Dormitory Authority, (New York University), (AMBAC),
(BHAC),
5.00%, 7/1/31
(1)
|
|
|
1,000
|
|
|
|
992,370
|
|
|
|
New York Dormitory Authority, (Pratt Institute), (AGC),
5.00%, 7/1/34
|
|
|
345
|
|
|
|
330,786
|
|
|
|
New York Dormitory Authority, (Pratt Institute), (AGC),
5.125%, 7/1/39
|
|
|
815
|
|
|
|
772,473
|
|
|
|
New York Dormitory Authority, (Skidmore College), (FGIC),
(NPFG), 5.00%, 7/1/33
|
|
|
500
|
|
|
|
500,185
|
|
|
|
New York Dormitory Authority, (St. Johns University),
(NPFG), 5.25%, 7/1/37
|
|
|
850
|
|
|
|
792,702
|
|
|
|
Oneida County Industrial Development Agency, (Hamilton College),
(NPFG), 0.00%, 7/1/32
|
|
|
5,425
|
|
|
|
1,665,855
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,883,249
|
|
|
|
|
|
|
|
Insured Public
Education 0.4%
|
|
New York Dormitory Authority, (City University), (AMBAC),
5.25%, 7/1/30
|
|
$
|
130
|
|
|
$
|
120,978
|
|
|
|
|
|
|
|
|
|
|
|
$
|
120,978
|
|
|
|
|
|
|
|
Insured Special Tax
Revenue 8.9%
|
|
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
|
$
|
670
|
|
|
$
|
564,984
|
|
|
|
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 5.00%, 11/15/44
|
|
|
275
|
|
|
|
244,632
|
|
|
|
Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/35
|
|
|
1,700
|
|
|
|
274,907
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
|
3,200
|
|
|
|
310,912
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
|
2,105
|
|
|
|
189,345
|
|
|
|
Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/29
|
|
|
385
|
|
|
|
391,541
|
|
|
|
Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/32
|
|
|
690
|
|
|
|
695,658
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,671,979
|
|
|
|
|
|
|
|
Insured
Transportation 13.7%
|
|
Metropolitan Transportation Authority, (AGM), (NPFG),
5.00%, 11/15/31
|
|
$
|
1,000
|
|
|
$
|
974,820
|
|
|
|
New York Thruway Authority, (AMBAC), 5.50%, 4/1/20
|
|
|
510
|
|
|
|
584,266
|
|
|
|
Port Authority of New York and New Jersey, (AGM),
5.00%, 11/1/27
(1)
|
|
|
2,500
|
|
|
|
2,543,011
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,102,097
|
|
|
|
|
|
|
|
Insured Water and
Sewer 12.1%
|
|
Nassau County Sewer and Storm Water Finance Authority, (BHAC),
5.375%, 11/1/28
|
|
$
|
905
|
|
|
$
|
950,322
|
|
|
|
New York City Municipal Water Finance Authority, (Water and
Sewer System), (AMBAC), (BHAC),
5.00%, 6/15/38
(1)
|
|
|
2,750
|
|
|
|
2,668,243
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,618,565
|
|
|
|
|
|
|
|
Insured Water
Revenue 1.2%
|
|
Suffolk County Water Authority, (NPFG), 4.50%, 6/1/25
|
|
$
|
350
|
|
|
$
|
354,025
|
|
|
|
|
|
|
|
|
|
|
|
$
|
354,025
|
|
|
|
|
|
|
|
Other Revenue 1.0%
|
|
Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31
|
|
$
|
1,100
|
|
|
$
|
290,576
|
|
|
|
|
|
|
|
|
|
|
|
$
|
290,576
|
|
|
|
|
|
|
|
Private
Education 13.4%
|
|
New York City Industrial Development Agency, (St. Francis
College), 5.00%, 10/1/34
|
|
$
|
485
|
|
|
$
|
456,273
|
|
|
|
New York Dormitory Authority, (Columbia University),
5.00%, 10/1/41
|
|
|
365
|
|
|
|
369,730
|
|
|
|
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/37
|
|
|
1,280
|
|
|
|
1,280,371
|
|
|
|
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40
|
|
|
610
|
|
|
|
600,277
|
|
|
|
New York Dormitory Authority, (Skidmore College),
5.00%, 7/1/28
|
|
|
325
|
|
|
|
327,178
|
|
|
|
New York Dormitory Authority, (The New School),
5.50%, 7/1/40
|
|
|
1,000
|
|
|
|
968,140
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,001,969
|
|
|
|
|
|
|
See Notes to
Financial Statements.
27
Eaton Vance
New
York Municipal Bond Fund II
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Special Tax
Revenue 1.7%
|
|
New York Transitional Finance Authority, Future Tax Revenue,
5.50%, 11/1/35
(1)
|
|
$
|
500
|
|
|
$
|
523,285
|
|
|
|
|
|
|
|
|
|
|
|
$
|
523,285
|
|
|
|
|
|
|
|
Transportation 12.2%
|
|
Metropolitan Transportation Authority, 5.00%, 11/15/34
|
|
$
|
2,000
|
|
|
$
|
1,869,780
|
|
|
|
Nassau County Bridge Authority, 5.00%, 10/1/35
|
|
|
350
|
|
|
|
348,530
|
|
|
|
Nassau County Bridge Authority, 5.00%, 10/1/40
|
|
|
65
|
|
|
|
62,860
|
|
|
|
New York Thruway Authority, 5.00%, 4/1/26
|
|
|
530
|
|
|
|
548,841
|
|
|
|
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37
|
|
|
340
|
|
|
|
330,953
|
|
|
|
Triborough Bridge and Tunnel Authority,
5.00%, 11/15/38
(1)
|
|
|
500
|
|
|
|
485,755
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,646,719
|
|
|
|
|
|
|
|
Water Revenue 3.3%
|
|
New York Environmental Facilities Corp., 5.00%, 10/15/39
|
|
$
|
750
|
|
|
$
|
744,908
|
|
|
|
New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance),
5.00%, 6/15/26
(2)
|
|
|
235
|
|
|
|
243,702
|
|
|
|
|
|
|
|
|
|
|
|
$
|
988,610
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 173.7%
|
|
|
(identified cost $53,713,107)
|
|
$
|
51,979,333
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid Dividends (44.3)%
|
|
$
|
(13,250,277
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (29.4)%
|
|
$
|
(8,809,063
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
29,919,993
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
BHAC
|
|
- Berkshire Hathaway Assurance Corp.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
The Fund invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt
securities to meet their obligations may be affected by economic
developments in a specific industry or municipality. In order to
reduce the risk associated with such economic developments, at
March 31, 2011, 77.1% 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 ranged from 2.2% to 26.4% of
total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of an inverse
floater (see Note 1H).
|
|
(2)
|
|
Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
|
See Notes to
Financial Statements.
28
Eaton Vance
Ohio
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 161.6%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
Bond Bank 9.9%
|
|
Cuyahoga County Port Authority, (Garfield Heights),
5.25%, 5/15/23
|
|
$
|
1,270
|
|
|
$
|
967,676
|
|
|
|
Ohio Economic Development, (Ohio Enterprise Bond Fund),
6.00%, 12/1/34
|
|
|
700
|
|
|
|
714,854
|
|
|
|
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32
(1)
|
|
|
1,140
|
|
|
|
1,090,467
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,772,997
|
|
|
|
|
|
|
|
Electric
Utilities 1.7%
|
|
Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40
|
|
$
|
500
|
|
|
$
|
480,245
|
|
|
|
|
|
|
|
|
|
|
|
$
|
480,245
|
|
|
|
|
|
|
|
General
Obligations 5.2%
|
|
Beavercreek, School District, 5.00%, 12/1/30
|
|
$
|
900
|
|
|
$
|
915,939
|
|
|
|
County of Franklin,
5.00%, 12/1/27
(2)
|
|
|
500
|
|
|
|
524,060
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,439,999
|
|
|
|
|
|
|
|
Hospital 5.4%
|
|
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
|
|
$
|
500
|
|
|
$
|
482,570
|
|
|
|
Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/46
|
|
|
735
|
|
|
|
570,779
|
|
|
|
Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40
|
|
|
500
|
|
|
|
444,380
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,497,729
|
|
|
|
|
|
|
|
Insured Electric
Utilities 21.0%
|
|
American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.25%, 2/15/33
|
|
$
|
700
|
|
|
$
|
702,758
|
|
|
|
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
|
|
|
2,750
|
|
|
|
1,054,598
|
|
|
|
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
|
|
|
1,000
|
|
|
|
177,670
|
|
|
|
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25
|
|
|
1,670
|
|
|
|
770,772
|
|
|
|
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/27
|
|
|
5,000
|
|
|
|
2,002,150
|
|
|
|
Ohio Water Development Authority, (Dayton Power & Light),
(FGIC), 4.80%, 1/1/34
|
|
|
755
|
|
|
|
684,083
|
|
|
|
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
|
|
500
|
|
|
|
478,215
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,870,246
|
|
|
|
|
|
|
|
Insured General
Obligations 40.5%
|
|
Bowling Green City School District, (AGM), 5.00%, 12/1/34
|
|
$
|
320
|
|
|
$
|
311,110
|
|
|
|
Brookfield Local School District, (AGM), 5.00%, 1/15/30
|
|
|
200
|
|
|
|
200,270
|
|
|
|
Cleveland Municipal School District, (AGM), 5.00%, 12/1/27
|
|
|
1,000
|
|
|
|
1,004,430
|
|
|
|
Clyde-Green Springs Exempted Village School District, (AGM),
4.50%, 12/1/31
|
|
|
900
|
|
|
|
824,463
|
|
|
|
Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32
|
|
|
1,575
|
|
|
|
1,572,827
|
|
|
|
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
|
|
|
1,000
|
|
|
|
993,650
|
|
|
|
Olentangy Local School District, (AGC), 5.00%, 12/1/36
|
|
|
1,400
|
|
|
|
1,379,000
|
|
|
|
Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27
|
|
|
2,400
|
|
|
|
897,888
|
|
|
|
St. Marys School District, (AGM), 5.00%, 12/1/35
|
|
|
750
|
|
|
|
718,680
|
|
|
|
Sylvania City School District, (AGC), 5.00%, 12/1/26
|
|
|
500
|
|
|
|
509,930
|
|
|
|
Sylvania City School District, (AGC), 5.00%, 12/1/32
|
|
|
1,000
|
|
|
|
988,850
|
|
|
|
Wapakoneta City School District, (AGM), 4.75%, 12/1/35
|
|
|
2,000
|
|
|
|
1,900,900
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,301,998
|
|
|
|
|
|
|
|
Insured
Hospital 12.7%
|
|
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32
|
|
$
|
820
|
|
|
$
|
758,500
|
|
|
|
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28
|
|
|
1,500
|
|
|
|
1,452,570
|
|
|
|
Lorain County, (Catholic Healthcare Partners), (AGM), Variable
Rate,
17.493%,
2/1/29
(3)(4)(5)
|
|
|
440
|
|
|
|
356,998
|
|
|
|
Ohio Higher Educational Facility Commission, (University
Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46
|
|
|
1,250
|
|
|
|
970,713
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,538,781
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 3.5%
|
|
Puerto Rico Public Buildings Authority, Government Facilities
Revenue, (XLCA), 5.25%, 7/1/36
|
|
$
|
235
|
|
|
$
|
203,458
|
|
|
|
Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
|
|
|
1,000
|
|
|
|
772,390
|
|
|
|
|
|
|
|
|
|
|
|
$
|
975,848
|
|
|
|
|
|
|
|
Insured Public
Education 32.4%
|
|
Cincinnati Technical and Community College, (AMBAC),
5.00%, 10/1/28
|
|
$
|
1,750
|
|
|
$
|
1,642,182
|
|
|
|
Kent State University, (AGC), 5.00%, 5/1/26
|
|
|
1,000
|
|
|
|
1,017,590
|
|
|
|
Kent State University, (AGC), 5.00%, 5/1/29
|
|
|
360
|
|
|
|
357,656
|
|
|
|
Miami University, (AMBAC), (AGM), 3.25%, 9/1/26
|
|
|
2,000
|
|
|
|
1,609,160
|
|
|
|
See Notes to
Financial Statements.
29
Eaton Vance
Ohio
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Public
Education (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio University, (AGM), 5.00%, 12/1/33
|
|
$
|
500
|
|
|
$
|
483,830
|
|
|
|
Ohio University, (AGM), 5.25%, 12/1/23
|
|
|
1,170
|
|
|
|
1,223,762
|
|
|
|
University of Akron, (AGM), 5.00%, 1/1/38
|
|
|
1,000
|
|
|
|
963,510
|
|
|
|
University of Cincinnati, (AMBAC), 5.00%, 6/1/31
|
|
|
750
|
|
|
|
742,433
|
|
|
|
Youngstown State University, (AGC), 5.50%, 12/15/33
|
|
|
1,000
|
|
|
|
1,002,860
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,042,983
|
|
|
|
|
|
|
|
Insured Sewer
Revenue 2.5%
|
|
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/46
|
|
$
|
615
|
|
|
$
|
532,934
|
|
|
|
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/47
|
|
|
180
|
|
|
|
155,774
|
|
|
|
|
|
|
|
|
|
|
|
$
|
688,708
|
|
|
|
|
|
|
|
Insured Special Tax
Revenue 10.9%
|
|
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23
|
|
$
|
1,335
|
|
|
$
|
675,176
|
|
|
|
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24
|
|
|
3,665
|
|
|
|
1,732,556
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
|
|
8,430
|
|
|
|
418,718
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
|
1,525
|
|
|
|
148,169
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
|
705
|
|
|
|
63,415
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,038,034
|
|
|
|
|
|
|
|
Insured
Transportation 1.6%
|
|
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41
(1)
|
|
$
|
500
|
|
|
$
|
445,365
|
|
|
|
|
|
|
|
|
|
|
|
$
|
445,365
|
|
|
|
|
|
|
|
Private
Education 5.7%
|
|
Ohio Higher Educational Facilities Authority, (John Carroll
University), 5.25%, 11/15/33
|
|
$
|
850
|
|
|
$
|
817,317
|
|
|
|
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/41
|
|
|
500
|
|
|
|
462,615
|
|
|
|
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44
|
|
|
350
|
|
|
|
311,248
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,591,180
|
|
|
|
|
|
|
|
Public
Education 5.0%
|
|
Ohio State University, 5.00%, 12/1/30
|
|
$
|
1,325
|
|
|
$
|
1,386,878
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,386,878
|
|
|
|
|
|
|
|
Transportation 3.6%
|
|
Ohio Turnpike Commission, 5.00%, 2/15/31
|
|
$
|
1,000
|
|
|
$
|
1,005,280
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,005,280
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 161.6%
|
|
|
(identified cost $47,608,079)
|
|
$
|
45,076,271
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid Dividends (61.0)%
|
|
$
|
(17,001,108
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (0.6)%
|
|
$
|
(183,623
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
27,891,540
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
CIFG
|
|
- CIFG Assurance North America, Inc.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
The Fund invests primarily in debt securities issued by Ohio
municipalities. The ability of the issuers of the debt
securities to meet their obligations may be affected by economic
developments in a specific industry or municipality. In order
to reduce the risk associated with such economic developments,
at March 31, 2011, 77.4% of total investments are backed by bond
insurance of various financial institutions and financial
guaranty assurance agencies. The aggregate percentage insured
by an individual financial institution ranged from 1.0% to 22.5%
of total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of an inverse
floater (see Note 1H).
|
(2)
|
|
Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
|
(3)
|
|
Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
March 31, 2011.
|
(4)
|
|
Security is subject to a shortfall agreement which may require
the Fund to pay amounts to a counterparty in the event of a
significant decline in the market value of the security
underlying the inverse floater. In case of a shortfall, the
maximum potential amount of payments the Fund could ultimately
be required to make under the agreement is $1,320,000. However,
such shortfall payment would be reduced by the proceeds from the
sale of the security underlying the inverse floater.
|
(5)
|
|
Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be sold
in certain transactions (normally to qualified institutional
buyers) and remain exempt from registration. At March 31,
2011, the aggregate value of these securities is $356,998 or
1.3% of the Funds net assets applicable to common shares.
|
See Notes to
Financial Statements.
30
Eaton Vance
Pennsylvania
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Investments 171.9%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
Bond Bank 2.9%
|
|
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32
|
|
$
|
1,000
|
|
|
$
|
987,220
|
|
|
|
|
|
|
|
|
|
|
|
$
|
987,220
|
|
|
|
|
|
|
|
Hospital 15.0%
|
|
Chester County Health and Education Facilities Authority,
(Jefferson Health System), 5.00%, 5/15/40
|
|
$
|
750
|
|
|
$
|
683,685
|
|
|
|
Franklin County Industrial Development Authority, (The
Chambersburg Hospital), 5.375%, 7/1/42
|
|
|
1,000
|
|
|
|
905,650
|
|
|
|
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32
|
|
|
1,455
|
|
|
|
1,400,801
|
|
|
|
Monroe County Hospital Authority, (Pocono Medical Center),
5.125%, 1/1/37
|
|
|
1,250
|
|
|
|
1,094,075
|
|
|
|
Northampton County General Purpose Authority, (Saint Lukes
Hospital), 5.50%, 8/15/33
|
|
|
250
|
|
|
|
225,330
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 5.00%, 5/15/31
|
|
|
675
|
|
|
|
630,295
|
|
|
|
South Fork Municipal Authority, (Conemaugh Health System),
5.50%, 7/1/29
|
|
|
250
|
|
|
|
232,040
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,171,876
|
|
|
|
|
|
|
|
Insured Electric
Utilities 6.1%
|
|
Lehigh County Industrial Development Authority, (PPL Electric
Utilities Corp.), (FGIC), (NPFG), 4.75%, 2/15/27
|
|
$
|
1,610
|
|
|
$
|
1,438,358
|
|
|
|
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/35
|
|
|
750
|
|
|
|
660,292
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,098,650
|
|
|
|
|
|
|
|
Insured
Escrowed / Prerefunded 0.8%
|
|
Southcentral General Authority, (Wellspan Health), (NPFG),
Escrowed to Maturity, 5.25%, 5/15/31
|
|
$
|
270
|
|
|
$
|
274,037
|
|
|
|
|
|
|
|
|
|
|
|
$
|
274,037
|
|
|
|
|
|
|
|
Insured General
Obligations 30.5%
|
|
Armstrong County, (NPFG), 5.40%, 6/1/31
|
|
$
|
655
|
|
|
$
|
644,671
|
|
|
|
Bethlehem Area School District, (AGM), 5.25%, 1/15/25
|
|
|
1,250
|
|
|
|
1,284,437
|
|
|
|
Centennial School District, (AGM), 5.25%, 12/15/37
|
|
|
660
|
|
|
|
665,980
|
|
|
|
Central Greene School District, (AGM), 5.00%, 2/15/35
|
|
|
1,350
|
|
|
|
1,310,539
|
|
|
|
Erie School District, (AMBAC), 0.00%, 9/1/30
|
|
|
1,000
|
|
|
|
294,290
|
|
|
|
Harrisburg School District, (AGC), 5.00%, 11/15/33
|
|
|
500
|
|
|
|
492,975
|
|
|
|
McKeesport School District, (NPFG), 0.00%, 10/1/21
|
|
|
2,555
|
|
|
|
1,453,488
|
|
|
|
Norwin School District, (AGM), 3.25%, 4/1/27
|
|
|
1,500
|
|
|
|
1,216,830
|
|
|
|
Reading School District, (AGM), 5.00%, 3/1/35
|
|
|
1,500
|
|
|
|
1,456,140
|
|
|
|
Scranton School District, (AGM), 5.00%, 7/15/38
|
|
|
1,000
|
|
|
|
983,110
|
|
|
|
Shaler Area School District, (XLCA), 0.00%, 9/1/33
|
|
|
2,550
|
|
|
|
681,947
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,484,407
|
|
|
|
|
|
|
|
Insured
Hospital 8.8%
|
|
Allegheny County Hospital Development Authority, (UPMC Health
System), (NPFG), 6.00%, 7/1/24
|
|
$
|
250
|
|
|
$
|
282,028
|
|
|
|
Centre County Hospital Authority, (Mount Nittany Medical
Center), (AGC), 6.25%, 11/15/44
|
|
|
500
|
|
|
|
505,835
|
|
|
|
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (AGM), 5.00%, 7/1/35
|
|
|
1,620
|
|
|
|
1,480,745
|
|
|
|
Washington County Hospital Authority, (Washington Hospital),
(AMBAC), 5.125%, 7/1/28
|
|
|
865
|
|
|
|
760,992
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,029,600
|
|
|
|
|
|
|
|
Insured Industrial
Development Revenue 2.8%
|
|
Pennsylvania Economic Development Financing Authority, (Aqua
Pennsylvania, Inc. Project), (BHAC),
5.00%, 10/1/39
(1)
|
|
$
|
1,000
|
|
|
$
|
970,440
|
|
|
|
|
|
|
|
|
|
|
|
$
|
970,440
|
|
|
|
|
|
|
|
Insured Lease
Revenue / Certificates of
Participation 4.9%
|
|
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31
|
|
$
|
500
|
|
|
$
|
494,955
|
|
|
|
Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (AGM), 4.75%, 2/15/27
|
|
|
1,215
|
|
|
|
1,202,255
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,697,210
|
|
|
|
|
|
|
|
Insured Private
Education 11.8%
|
|
Chester County Industrial Development Authority, Educational
Facility, (Westtown School), (AMBAC), 5.00%, 1/1/31
|
|
$
|
1,000
|
|
|
$
|
964,650
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (NPFG),
5.00%, 5/1/37
(2)
|
|
|
1,675
|
|
|
|
1,518,806
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Temple
University), (NPFG), 4.50%, 4/1/36
|
|
|
1,305
|
|
|
|
1,108,441
|
|
|
|
Pennsylvania Higher Educational Facilities Authority,
(University of the Sciences in Philadelphia), (AGC),
5.00%, 11/1/37
|
|
|
500
|
|
|
|
482,520
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,074,417
|
|
|
|
|
|
|
See Notes to
Financial Statements.
31
Eaton Vance
Pennsylvania
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Insured Public
Education 10.8%
|
|
Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37
|
|
$
|
500
|
|
|
$
|
494,160
|
|
|
|
Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32
|
|
|
1,200
|
|
|
|
1,065,264
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Clarion
University Foundation), (XLCA), 5.00%, 7/1/33
|
|
|
500
|
|
|
|
419,320
|
|
|
|
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/27
|
|
|
500
|
|
|
|
508,115
|
|
|
|
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/29
|
|
|
375
|
|
|
|
376,867
|
|
|
|
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/32
|
|
|
875
|
|
|
|
856,389
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,720,115
|
|
|
|
|
|
|
|
Insured Sewer
Revenue 19.3%
|
|
Allegheny County Sanitation Authority, (BHAC), (FGIC),
5.00%, 12/1/32
|
|
$
|
300
|
|
|
$
|
297,822
|
|
|
|
Allegheny County Sanitation Authority, (BHAC), (NPFG),
5.00%, 12/1/22
|
|
|
1,500
|
|
|
|
1,565,085
|
|
|
|
Ambridge Borough Municipal Authority, Sewer Revenue, (AGM),
4.60%, 10/15/41
|
|
|
770
|
|
|
|
641,040
|
|
|
|
Bucks County Water and Sewer Authority, (AGM),
5.00%, 12/1/35
|
|
|
500
|
|
|
|
488,530
|
|
|
|
Erie Sewer Authority, (AMBAC), 0.00%, 12/1/26
|
|
|
1,920
|
|
|
|
714,509
|
|
|
|
Erie Sewer Authority, Series A, (AMBAC), 0.00%, 12/1/25
|
|
|
1,430
|
|
|
|
574,288
|
|
|
|
Erie Sewer Authority, Series B, (AMBAC), 0.00%, 12/1/25
|
|
|
2,155
|
|
|
|
865,448
|
|
|
|
University Area Joint Authority, (NPFG), 5.00%, 11/1/26
|
|
|
1,500
|
|
|
|
1,496,715
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,643,437
|
|
|
|
|
|
|
|
Insured Special Tax
Revenue 4.8%
|
|
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
|
$
|
22,015
|
|
|
$
|
1,093,485
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
|
|
3,510
|
|
|
|
341,032
|
|
|
|
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
|
|
2,220
|
|
|
|
199,689
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,634,206
|
|
|
|
|
|
|
|
Insured
Transportation 15.2%
|
|
Pennsylvania Turnpike Commission, (AGM),
5.25%, 7/15/30
(1)
|
|
$
|
2,000
|
|
|
$
|
2,085,280
|
|
|
|
Philadelphia, Airport Revenue, (AGC), 5.375%, 6/15/29
|
|
|
295
|
|
|
|
301,764
|
|
|
|
Pittsburgh and Allegheny County Sports and Exhibition Authority,
(AGM), 5.00%, 2/1/31
|
|
|
1,000
|
|
|
|
990,010
|
|
|
|
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41
(1)
|
|
|
2,100
|
|
|
|
1,870,533
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,247,587
|
|
|
|
|
|
|
|
Insured
Utilities 2.3%
|
|
Philadelphia Gas Works, (AMBAC), 5.00%, 10/1/37
|
|
$
|
890
|
|
|
$
|
777,415
|
|
|
|
|
|
|
|
|
|
|
|
$
|
777,415
|
|
|
|
|
|
|
|
Insured Water and
Sewer 0.4%
|
|
Saxonburg Water and Sewer Authority, (AGC), 5.00%, 3/1/35
|
|
$
|
150
|
|
|
$
|
145,614
|
|
|
|
|
|
|
|
|
|
|
|
$
|
145,614
|
|
|
|
|
|
|
|
Private
Education 21.0%
|
|
Allegheny County Higher Education Building Authority, (Duquesne
University), 5.50%, 3/1/31
|
|
$
|
1,050
|
|
|
$
|
1,059,533
|
|
|
|
General Authority of South Central Pennsylvania, (York College
of Pennsylvania), 5.50%, 11/1/31
|
|
|
1,500
|
|
|
|
1,472,745
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Saint
Josephs University), 5.00%, 11/1/40
|
|
|
625
|
|
|
|
557,062
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Thomas
Jefferson University), 5.00%, 3/1/40
|
|
|
925
|
|
|
|
854,608
|
|
|
|
Pennsylvania Higher Educational Facilities Authority,
(University of Pennsylvania), 4.75%, 7/15/35
|
|
|
2,900
|
|
|
|
2,776,866
|
|
|
|
Washington County Industrial Development Authority, (Washington
and Jefferson College), 5.25%, 11/1/30
|
|
|
500
|
|
|
|
496,350
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,217,164
|
|
|
|
|
|
|
|
Public
Education 3.6%
|
|
Pennsylvania State University, 5.00%, 3/1/40
|
|
$
|
500
|
|
|
$
|
495,825
|
|
|
|
State Public School Building Authority, (Northampton County
Community College),
5.50%, 3/1/31
(3)
|
|
|
750
|
|
|
|
740,138
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,235,963
|
|
|
|
|
|
|
|
Senior Living / Life
Care 0.5%
|
|
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24
|
|
$
|
200
|
|
|
$
|
187,540
|
|
|
|
|
|
|
|
|
|
|
|
$
|
187,540
|
|
|
|
|
|
|
See Notes to
Financial Statements.
32
Eaton Vance
Pennsylvania
Municipal Bond Fund
March 31, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Special Tax
Revenue 0.3%
|
|
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
|
$
|
110
|
|
|
$
|
113,505
|
|
|
|
|
|
|
|
|
|
|
|
$
|
113,505
|
|
|
|
|
|
|
|
Transportation 7.9%
|
|
Allegheny County Port Authority, 5.75%, 3/1/29
|
|
$
|
1,500
|
|
|
$
|
1,564,395
|
|
|
|
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35
|
|
|
465
|
|
|
|
451,743
|
|
|
|
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40
|
|
|
730
|
|
|
|
697,807
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,713,945
|
|
|
|
|
|
|
|
Water and
Sewer 2.2%
|
|
Philadelphia, Water and Wastewater Revenue, 5.25%, 1/1/32
|
|
$
|
765
|
|
|
$
|
757,304
|
|
|
|
|
|
|
|
|
|
|
|
$
|
757,304
|
|
|
|
|
|
|
|
|
Total Tax-Exempt
Investments 171.9%
|
|
|
(identified cost $64,384,156)
|
|
$
|
59,181,652
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Plus
Cumulative
|
|
|
Unpaid Dividends (63.1)%
|
|
$
|
(21,726,652
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (8.8)%
|
|
$
|
(3,019,899
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares 100.0%
|
|
$
|
34,435,101
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
|
|
|
AGC
|
|
- Assured Guaranty Corp.
|
AGM
|
|
- Assured Guaranty Municipal Corp.
|
AMBAC
|
|
- AMBAC Financial Group, Inc.
|
BHAC
|
|
- Berkshire Hathaway Assurance Corp.
|
CIFG
|
|
- CIFG Assurance North America, Inc.
|
FGIC
|
|
- Financial Guaranty Insurance Company
|
NPFG
|
|
- National Public Finance Guaranty Corp.
|
XLCA
|
|
- XL Capital Assurance, Inc.
|
The Fund invests primarily in debt securities issued by
Pennsylvania municipalities. The ability of the issuers of the
debt securities to meet their obligations may be affected by
economic developments in a specific industry or municipality. In
order to reduce the risk associated with such economic
developments, at March 31, 2011, 68.9% 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 ranged
from 1.9% to 26.3% of total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of an inverse
floater (see Note 1H).
|
|
(2)
|
|
Security (or a portion thereof) has been segregated to cover
payable for when-issued securities.
|
|
(3)
|
|
When-issued security.
|
See Notes to
Financial Statements.
33
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Assets and Liabilities (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011
|
|
|
|
|
|
Assets
|
|
Municipal Fund II
|
|
California Fund II
|
|
Massachusetts Fund
|
|
Michigan Fund
|
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identified cost
|
|
$
|
220,907,622
|
|
|
$
|
79,683,848
|
|
|
$
|
38,204,678
|
|
|
$
|
32,886,985
|
|
|
|
Unrealized depreciation
|
|
|
(20,541,741
|
)
|
|
|
(7,669,150
|
)
|
|
|
(1,224,047
|
)
|
|
|
(653,053
|
)
|
|
|
|
|
Investments, at value
|
|
$
|
200,365,881
|
|
|
$
|
72,014,698
|
|
|
$
|
36,980,631
|
|
|
$
|
32,233,932
|
|
|
|
|
|
Cash
|
|
$
|
|
|
|
$
|
1,121,641
|
|
|
$
|
523,492
|
|
|
$
|
299,117
|
|
|
|
Interest receivable
|
|
|
2,726,248
|
|
|
|
834,895
|
|
|
|
509,041
|
|
|
|
476,479
|
|
|
|
Receivable for investments sold
|
|
|
280,242
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
Receivable for variation margin on open financial futures
contracts
|
|
|
4,219
|
|
|
|
2,343
|
|
|
|
2,344
|
|
|
|
|
|
|
|
Receivable from the transfer agent
|
|
|
20,751
|
|
|
|
5,766
|
|
|
|
4,356
|
|
|
|
1,554
|
|
|
|
Deferred debt issuance costs
|
|
|
93,883
|
|
|
|
24,818
|
|
|
|
4,862
|
|
|
|
|
|
|
|
Other assets
|
|
|
54,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
203,545,763
|
|
|
$
|
74,004,161
|
|
|
$
|
39,024,726
|
|
|
$
|
33,011,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Payable for floating rate notes issued
|
|
$
|
53,645,000
|
|
|
$
|
8,705,000
|
|
|
$
|
3,330,000
|
|
|
$
|
|
|
|
|
Payable for open swap contracts
|
|
|
155,370
|
|
|
|
65,062
|
|
|
|
39,305
|
|
|
|
31,382
|
|
|
|
Due to custodian
|
|
|
302,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
90,509
|
|
|
|
34,524
|
|
|
|
17,652
|
|
|
|
15,466
|
|
|
|
Interest expense and fees payable
|
|
|
109,802
|
|
|
|
17,166
|
|
|
|
7,597
|
|
|
|
|
|
|
|
Accrued expenses
|
|
|
118,843
|
|
|
|
50,072
|
|
|
|
28,808
|
|
|
|
28,377
|
|
|
|
|
|
Total liabilities
|
|
$
|
54,422,312
|
|
|
$
|
8,871,824
|
|
|
$
|
3,423,362
|
|
|
$
|
75,225
|
|
|
|
|
|
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
|
$
|
44,701,691
|
|
|
$
|
25,700,268
|
|
|
$
|
13,576,032
|
|
|
$
|
13,325,279
|
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
104,421,760
|
|
|
$
|
39,432,069
|
|
|
$
|
22,025,332
|
|
|
$
|
19,610,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized
|
|
$
|
99,798
|
|
|
$
|
38,785
|
|
|
$
|
17,646
|
|
|
$
|
15,126
|
|
|
|
Additional paid-in capital
|
|
|
141,410,494
|
|
|
|
54,935,445
|
|
|
|
24,999,712
|
|
|
|
21,424,434
|
|
|
|
Accumulated net realized loss
|
|
|
(17,747,711
|
)
|
|
|
(8,112,418
|
)
|
|
|
(1,883,980
|
)
|
|
|
(1,309,470
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
1,344,273
|
|
|
|
319,023
|
|
|
|
160,276
|
|
|
|
160,783
|
|
|
|
Net unrealized depreciation
|
|
|
(20,685,094
|
)
|
|
|
(7,748,766
|
)
|
|
|
(1,268,322
|
)
|
|
|
(680,295
|
)
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
104,421,760
|
|
|
$
|
39,432,069
|
|
|
$
|
22,025,332
|
|
|
$
|
19,610,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Issued and
Outstanding
(Liquidation preference of $25,000 per share)
|
|
|
1,788
|
|
|
|
1,028
|
|
|
|
543
|
|
|
|
533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
|
|
|
9,979,801
|
|
|
|
3,878,453
|
|
|
|
1,764,582
|
|
|
|
1,512,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Per Common Share
|
|
Net assets applicable to common shares
¸
common shares issued and outstanding
|
|
$
|
10.46
|
|
|
$
|
10.17
|
|
|
$
|
12.48
|
|
|
$
|
12.96
|
|
|
|
|
|
See Notes to
Financial Statements.
34
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Assets and Liabilities (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011
|
|
|
|
|
|
Assets
|
|
New Jersey Fund
|
|
New York Fund II
|
|
Ohio Fund
|
|
Pennsylvania Fund
|
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identified cost
|
|
$
|
56,335,944
|
|
|
$
|
53,713,107
|
|
|
$
|
47,608,079
|
|
|
$
|
64,384,156
|
|
|
|
Unrealized depreciation
|
|
|
(2,243,080
|
)
|
|
|
(1,733,774
|
)
|
|
|
(2,531,808
|
)
|
|
|
(5,202,504
|
)
|
|
|
|
|
Investments, at value
|
|
$
|
54,092,864
|
|
|
$
|
51,979,333
|
|
|
$
|
45,076,271
|
|
|
$
|
59,181,652
|
|
|
|
|
|
Cash
|
|
$
|
1,214,692
|
|
|
$
|
2,221,776
|
|
|
$
|
214,002
|
|
|
$
|
612,808
|
|
|
|
Interest receivable
|
|
|
600,161
|
|
|
|
762,063
|
|
|
|
630,174
|
|
|
|
763,168
|
|
|
|
Receivable for investments sold
|
|
|
59,202
|
|
|
|
134,753
|
|
|
|
65,000
|
|
|
|
|
|
|
|
Receivable for variation margin on open financial futures
contracts
|
|
|
|
|
|
|
3,750
|
|
|
|
1,406
|
|
|
|
|
|
|
|
Receivable from the transfer agent
|
|
|
12,938
|
|
|
|
3,688
|
|
|
|
4,588
|
|
|
|
6,250
|
|
|
|
Deferred debt issuance costs
|
|
|
7,558
|
|
|
|
10,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
55,987,415
|
|
|
$
|
55,115,462
|
|
|
$
|
45,991,441
|
|
|
$
|
60,563,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Payable for floating rate notes issued
|
|
$
|
4,790,000
|
|
|
$
|
11,780,000
|
|
|
$
|
1,010,000
|
|
|
$
|
3,540,000
|
|
|
|
Payable for when-issued securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
740,138
|
|
|
|
Payable for open swap contracts
|
|
|
56,989
|
|
|
|
83,911
|
|
|
|
38,644
|
|
|
|
48,374
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
25,466
|
|
|
|
24,674
|
|
|
|
21,677
|
|
|
|
28,525
|
|
|
|
Interest expense and fees payable
|
|
|
13,527
|
|
|
|
23,743
|
|
|
|
2,642
|
|
|
|
8,444
|
|
|
|
Accrued expenses
|
|
|
32,757
|
|
|
|
32,864
|
|
|
|
25,830
|
|
|
|
36,644
|
|
|
|
|
|
Total liabilities
|
|
$
|
4,918,739
|
|
|
$
|
11,945,192
|
|
|
$
|
1,098,793
|
|
|
$
|
4,402,125
|
|
|
|
|
|
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
|
$
|
19,600,614
|
|
|
$
|
13,250,277
|
|
|
$
|
17,001,108
|
|
|
$
|
21,726,652
|
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
31,468,062
|
|
|
$
|
29,919,993
|
|
|
$
|
27,891,540
|
|
|
$
|
34,435,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized
|
|
$
|
25,885
|
|
|
$
|
25,629
|
|
|
$
|
25,287
|
|
|
$
|
29,544
|
|
|
|
Additional paid-in capital
|
|
|
36,671,595
|
|
|
|
36,300,987
|
|
|
|
35,798,028
|
|
|
|
41,853,892
|
|
|
|
Accumulated net realized loss
|
|
|
(3,027,855
|
)
|
|
|
(4,741,118
|
)
|
|
|
(5,614,757
|
)
|
|
|
(2,590,319
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
159,671
|
|
|
|
160,133
|
|
|
|
248,258
|
|
|
|
392,862
|
|
|
|
Net unrealized depreciation
|
|
|
(2,361,234
|
)
|
|
|
(1,825,638
|
)
|
|
|
(2,565,276
|
)
|
|
|
(5,250,878
|
)
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
31,468,062
|
|
|
$
|
29,919,993
|
|
|
$
|
27,891,540
|
|
|
$
|
34,435,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction Preferred Shares Issued and
Outstanding
(Liquidation preference of $25,000 per share)
|
|
|
784
|
|
|
|
530
|
|
|
|
680
|
|
|
|
869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
|
|
|
2,588,541
|
|
|
|
2,562,852
|
|
|
|
2,528,702
|
|
|
|
2,954,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Per Common Share
|
|
Net assets applicable to common shares
¸
common shares issued and outstanding
|
|
$
|
12.16
|
|
|
$
|
11.67
|
|
|
$
|
11.03
|
|
|
$
|
11.66
|
|
|
|
|
|
See Notes to
Financial Statements.
35
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2011
|
|
|
|
|
|
Investment Income
|
|
Municipal Fund II
|
|
California Fund II
|
|
Massachusetts Fund
|
|
Michigan Fund
|
|
|
|
Interest
|
|
$
|
5,505,202
|
|
|
$
|
2,004,779
|
|
|
$
|
967,053
|
|
|
$
|
855,162
|
|
|
|
|
|
Total investment income
|
|
$
|
5,505,202
|
|
|
$
|
2,004,779
|
|
|
$
|
967,053
|
|
|
$
|
855,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
546,699
|
|
|
$
|
209,560
|
|
|
$
|
106,081
|
|
|
$
|
92,263
|
|
|
|
Trustees fees and expenses
|
|
|
3,441
|
|
|
|
1,477
|
|
|
|
870
|
|
|
|
791
|
|
|
|
Custodian fee
|
|
|
50,742
|
|
|
|
26,995
|
|
|
|
17,154
|
|
|
|
16,048
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
9,138
|
|
|
|
9,068
|
|
|
|
9,063
|
|
|
|
9,073
|
|
|
|
Legal and accounting services
|
|
|
80,659
|
|
|
|
21,147
|
|
|
|
17,451
|
|
|
|
15,852
|
|
|
|
Printing and postage
|
|
|
14,395
|
|
|
|
5,885
|
|
|
|
4,227
|
|
|
|
4,410
|
|
|
|
Interest expense and fees
|
|
|
210,712
|
|
|
|
31,885
|
|
|
|
12,864
|
|
|
|
|
|
|
|
Preferred shares service fee
|
|
|
33,472
|
|
|
|
19,245
|
|
|
|
10,165
|
|
|
|
9,977
|
|
|
|
Miscellaneous
|
|
|
29,036
|
|
|
|
25,752
|
|
|
|
12,384
|
|
|
|
12,059
|
|
|
|
|
|
Total expenses
|
|
$
|
978,294
|
|
|
$
|
351,014
|
|
|
$
|
190,259
|
|
|
$
|
160,473
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of custodian fee
|
|
$
|
874
|
|
|
$
|
582
|
|
|
$
|
196
|
|
|
$
|
91
|
|
|
|
|
|
Total expense reductions
|
|
$
|
874
|
|
|
$
|
582
|
|
|
$
|
196
|
|
|
$
|
91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
977,420
|
|
|
$
|
350,432
|
|
|
$
|
190,063
|
|
|
$
|
160,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
4,527,782
|
|
|
$
|
1,654,347
|
|
|
$
|
776,990
|
|
|
$
|
694,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
(3,387,777
|
)
|
|
$
|
(2,386,161
|
)
|
|
$
|
(548,854
|
)
|
|
$
|
(80,045
|
)
|
|
|
Extinguishment of debt
|
|
|
(15,482
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial futures contracts
|
|
|
508,147
|
|
|
|
69,842
|
|
|
|
(2,128
|
)
|
|
|
28,729
|
|
|
|
Swap contracts
|
|
|
967,310
|
|
|
|
326,707
|
|
|
|
230,114
|
|
|
|
185,653
|
|
|
|
|
|
Net realized gain (loss)
|
|
$
|
(1,927,802
|
)
|
|
$
|
(1,989,612
|
)
|
|
$
|
(320,868
|
)
|
|
$
|
134,337
|
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
$
|
(20,319,874
|
)
|
|
$
|
(6,986,874
|
)
|
|
$
|
(3,576,250
|
)
|
|
$
|
(2,492,675
|
)
|
|
|
Financial futures contracts
|
|
|
151,640
|
|
|
|
(26,447
|
)
|
|
|
(4,970
|
)
|
|
|
3,910
|
|
|
|
Swap contracts
|
|
|
(85,807
|
)
|
|
|
(62,355
|
)
|
|
|
(26,627
|
)
|
|
|
(20,612
|
)
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(20,254,041
|
)
|
|
$
|
(7,075,676
|
)
|
|
$
|
(3,607,847
|
)
|
|
$
|
(2,509,377
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(22,181,843
|
)
|
|
$
|
(9,065,288
|
)
|
|
$
|
(3,928,715
|
)
|
|
$
|
(2,375,040
|
)
|
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(94,074
|
)
|
|
$
|
(53,955
|
)
|
|
$
|
(28,266
|
)
|
|
$
|
(27,628
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(17,748,135
|
)
|
|
$
|
(7,464,896
|
)
|
|
$
|
(3,179,991
|
)
|
|
$
|
(1,707,888
|
)
|
|
|
|
|
See Notes to
Financial Statements.
36
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Operations (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2011
|
|
|
|
|
|
Investment Income
|
|
New Jersey Fund
|
|
New York Fund II
|
|
Ohio Fund
|
|
Pennsylvania Fund
|
|
|
|
Interest
|
|
$
|
1,387,682
|
|
|
$
|
1,335,961
|
|
|
$
|
1,251,812
|
|
|
$
|
1,592,503
|
|
|
|
|
|
Total investment income
|
|
$
|
1,387,682
|
|
|
$
|
1,335,961
|
|
|
$
|
1,251,812
|
|
|
$
|
1,592,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
152,913
|
|
|
$
|
147,708
|
|
|
$
|
130,054
|
|
|
$
|
170,893
|
|
|
|
Trustees fees and expenses
|
|
|
1,140
|
|
|
|
1,118
|
|
|
|
1,009
|
|
|
|
1,250
|
|
|
|
Custodian fee
|
|
|
19,543
|
|
|
|
19,593
|
|
|
|
17,081
|
|
|
|
19,967
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
9,068
|
|
|
|
9,083
|
|
|
|
9,073
|
|
|
|
7,380
|
|
|
|
Legal and accounting services
|
|
|
18,008
|
|
|
|
19,816
|
|
|
|
16,842
|
|
|
|
19,927
|
|
|
|
Printing and postage
|
|
|
5,989
|
|
|
|
5,773
|
|
|
|
1,078
|
|
|
|
6,774
|
|
|
|
Interest expense and fees
|
|
|
26,446
|
|
|
|
47,252
|
|
|
|
5,168
|
|
|
|
17,907
|
|
|
|
Preferred shares service fee
|
|
|
14,676
|
|
|
|
9,921
|
|
|
|
12,729
|
|
|
|
16,267
|
|
|
|
Miscellaneous
|
|
|
10,823
|
|
|
|
14,009
|
|
|
|
13,164
|
|
|
|
11,687
|
|
|
|
|
|
Total expenses
|
|
$
|
258,606
|
|
|
$
|
274,273
|
|
|
$
|
206,198
|
|
|
$
|
272,052
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of custodian fee
|
|
$
|
337
|
|
|
$
|
725
|
|
|
$
|
456
|
|
|
$
|
615
|
|
|
|
|
|
Total expense reductions
|
|
$
|
337
|
|
|
$
|
725
|
|
|
$
|
456
|
|
|
$
|
615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
258,269
|
|
|
$
|
273,548
|
|
|
$
|
205,742
|
|
|
$
|
271,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
1,129,413
|
|
|
$
|
1,062,413
|
|
|
$
|
1,046,070
|
|
|
$
|
1,321,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
(324,529
|
)
|
|
$
|
(962,228
|
)
|
|
$
|
(19,436
|
)
|
|
$
|
(191,326
|
)
|
|
|
Extinguishment of debt
|
|
|
|
|
|
|
(3,489
|
)
|
|
|
|
|
|
|
|
|
|
|
Financial futures contracts
|
|
|
752,176
|
|
|
|
381,962
|
|
|
|
138,483
|
|
|
|
|
|
|
|
Swap contracts
|
|
|
333,731
|
|
|
|
468,920
|
|
|
|
240,050
|
|
|
|
412,336
|
|
|
|
|
|
Net realized gain (loss)
|
|
$
|
761,378
|
|
|
$
|
(114,835
|
)
|
|
$
|
359,097
|
|
|
$
|
221,010
|
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
$
|
(6,374,743
|
)
|
|
$
|
(4,124,975
|
)
|
|
$
|
(5,285,943
|
)
|
|
$
|
(6,364,775
|
)
|
|
|
Financial futures contracts
|
|
|
(71,602
|
)
|
|
|
(27,775
|
)
|
|
|
48,204
|
|
|
|
|
|
|
|
Swap contracts
|
|
|
(38,580
|
)
|
|
|
(64,382
|
)
|
|
|
(21,524
|
)
|
|
|
288,693
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(6,484,925
|
)
|
|
$
|
(4,217,132
|
)
|
|
$
|
(5,259,263
|
)
|
|
$
|
(6,076,082
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(5,723,547
|
)
|
|
$
|
(4,331,967
|
)
|
|
$
|
(4,900,166
|
)
|
|
$
|
(5,855,072
|
)
|
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(41,123
|
)
|
|
$
|
(27,939
|
)
|
|
$
|
(35,865
|
)
|
|
$
|
(44,800
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(4,635,257
|
)
|
|
$
|
(3,297,493
|
)
|
|
$
|
(3,889,961
|
)
|
|
$
|
(4,578,806
|
)
|
|
|
|
|
See Notes to
Financial Statements.
37
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Changes in Net Assets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2011
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
Municipal Fund II
|
|
California Fund II
|
|
Massachusetts Fund
|
|
Michigan Fund
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
4,527,782
|
|
|
$
|
1,654,347
|
|
|
$
|
776,990
|
|
|
$
|
694,780
|
|
|
|
Net realized gain (loss) from investment transactions,
extinguishment of debt, financial futures contracts and swap
contracts
|
|
|
(1,927,802
|
)
|
|
|
(1,989,612
|
)
|
|
|
(320,868
|
)
|
|
|
134,337
|
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
(20,254,041
|
)
|
|
|
(7,075,676
|
)
|
|
|
(3,607,847
|
)
|
|
|
(2,509,377
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(94,074
|
)
|
|
|
(53,955
|
)
|
|
|
(28,266
|
)
|
|
|
(27,628
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(17,748,135
|
)
|
|
$
|
(7,464,896
|
)
|
|
$
|
(3,179,991
|
)
|
|
$
|
(1,707,888
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(4,758,337
|
)
|
|
$
|
(1,668,797
|
)
|
|
$
|
(740,627
|
)
|
|
$
|
(669,726
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(4,758,337
|
)
|
|
$
|
(1,668,797
|
)
|
|
$
|
(740,627
|
)
|
|
$
|
(669,726
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
114,174
|
|
|
$
|
36,443
|
|
|
$
|
26,201
|
|
|
$
|
3,398
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
114,174
|
|
|
$
|
36,443
|
|
|
$
|
26,201
|
|
|
$
|
3,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(22,392,298
|
)
|
|
$
|
(9,097,250
|
)
|
|
$
|
(3,894,417
|
)
|
|
$
|
(2,374,216
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares
|
|
At beginning of period
|
|
$
|
126,814,058
|
|
|
$
|
48,529,319
|
|
|
$
|
25,919,749
|
|
|
$
|
21,984,794
|
|
|
|
|
|
At end of period
|
|
$
|
104,421,760
|
|
|
$
|
39,432,069
|
|
|
$
|
22,025,332
|
|
|
$
|
19,610,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated undistributed net
investment income
included in net assets applicable to common shares
|
|
At end of period
|
|
$
|
1,344,273
|
|
|
$
|
319,023
|
|
|
$
|
160,276
|
|
|
$
|
160,783
|
|
|
|
|
|
See Notes to
Financial Statements.
38
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Changes in Net Assets (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2011
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
New Jersey Fund
|
|
New York Fund II
|
|
Ohio Fund
|
|
Pennsylvania Fund
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
1,129,413
|
|
|
$
|
1,062,413
|
|
|
$
|
1,046,070
|
|
|
$
|
1,321,066
|
|
|
|
Net realized gain (loss) from investment transactions,
extinguishment of debt, financial futures contracts and swap
contracts
|
|
|
761,378
|
|
|
|
(114,835
|
)
|
|
|
359,097
|
|
|
|
221,010
|
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
(6,484,925
|
)
|
|
|
(4,217,132
|
)
|
|
|
(5,259,263
|
)
|
|
|
(6,076,082
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(41,123
|
)
|
|
|
(27,939
|
)
|
|
|
(35,865
|
)
|
|
|
(44,800
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(4,635,257
|
)
|
|
$
|
(3,297,493
|
)
|
|
$
|
(3,889,961
|
)
|
|
$
|
(4,578,806
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(1,189,158
|
)
|
|
$
|
(1,129,768
|
)
|
|
$
|
(975,467
|
)
|
|
$
|
(1,274,117
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(1,189,158
|
)
|
|
$
|
(1,129,768
|
)
|
|
$
|
(975,467
|
)
|
|
$
|
(1,274,117
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
70,067
|
|
|
$
|
19,237
|
|
|
$
|
31,164
|
|
|
$
|
31,692
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
70,067
|
|
|
$
|
19,237
|
|
|
$
|
31,164
|
|
|
$
|
31,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(5,754,348
|
)
|
|
$
|
(4,408,024
|
)
|
|
$
|
(4,834,264
|
)
|
|
$
|
(5,821,231
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares
|
|
At beginning of period
|
|
$
|
37,222,410
|
|
|
$
|
34,328,017
|
|
|
$
|
32,725,804
|
|
|
$
|
40,256,332
|
|
|
|
|
|
At end of period
|
|
$
|
31,468,062
|
|
|
$
|
29,919,993
|
|
|
$
|
27,891,540
|
|
|
$
|
34,435,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated undistributed net
investment income
included in net assets applicable to common shares
|
|
At end of period
|
|
$
|
159,671
|
|
|
$
|
160,133
|
|
|
$
|
248,258
|
|
|
$
|
392,862
|
|
|
|
|
|
See Notes to
Financial Statements.
39
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Changes in Net Assets continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30, 2010
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
Municipal Fund II
|
|
California Fund II
|
|
Massachusetts Fund
|
|
Michigan Fund
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
9,570,039
|
|
|
$
|
3,477,716
|
|
|
$
|
1,553,462
|
|
|
$
|
1,403,938
|
|
|
|
Net realized loss from investment transactions, extinguishment
of debt, financial futures contracts and swap contracts
|
|
|
(1,561,454
|
)
|
|
|
(1,587,601
|
)
|
|
|
(298,284
|
)
|
|
|
(542,490
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
(30,895
|
)
|
|
|
(86,548
|
)
|
|
|
362,061
|
|
|
|
217,429
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(182,756
|
)
|
|
|
(103,957
|
)
|
|
|
(54,821
|
)
|
|
|
(54,182
|
)
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
7,794,934
|
|
|
$
|
1,699,610
|
|
|
$
|
1,562,418
|
|
|
$
|
1,024,695
|
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(9,355,497
|
)
|
|
$
|
(3,320,673
|
)
|
|
$
|
(1,472,968
|
)
|
|
$
|
(1,321,557
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(9,355,497
|
)
|
|
$
|
(3,320,673
|
)
|
|
$
|
(1,472,968
|
)
|
|
$
|
(1,321,557
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
224,935
|
|
|
$
|
69,999
|
|
|
$
|
59,710
|
|
|
$
|
5,554
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
224,935
|
|
|
$
|
69,999
|
|
|
$
|
59,710
|
|
|
$
|
5,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
$
|
(1,335,628
|
)
|
|
$
|
(1,551,064
|
)
|
|
$
|
149,160
|
|
|
$
|
(291,308
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares
|
|
At beginning of year
|
|
$
|
128,149,686
|
|
|
$
|
50,080,383
|
|
|
$
|
25,770,589
|
|
|
$
|
22,276,102
|
|
|
|
|
|
At end of year
|
|
$
|
126,814,058
|
|
|
$
|
48,529,319
|
|
|
$
|
25,919,749
|
|
|
$
|
21,984,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated undistributed net
investment income
included in net assets applicable to common shares
|
|
At end of year
|
|
$
|
1,668,902
|
|
|
$
|
387,428
|
|
|
$
|
152,179
|
|
|
$
|
163,357
|
|
|
|
|
|
See Notes to
Financial Statements.
40
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Changes in Net Assets continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30, 2010
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
New Jersey Fund
|
|
New York Fund II
|
|
Ohio Fund
|
|
Pennsylvania Fund
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
2,432,248
|
|
|
$
|
2,166,756
|
|
|
$
|
2,088,302
|
|
|
$
|
2,590,173
|
|
|
|
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
|
|
(1,356,399
|
)
|
|
|
(1,614,866
|
)
|
|
|
(732,210
|
)
|
|
|
(875,425
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
837,311
|
|
|
|
1,193,722
|
|
|
|
572,483
|
|
|
|
76,799
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(80,417
|
)
|
|
|
(54,269
|
)
|
|
|
(69,754
|
)
|
|
|
(87,380
|
)
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
1,832,743
|
|
|
$
|
1,691,343
|
|
|
$
|
1,858,821
|
|
|
$
|
1,704,167
|
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(2,359,324
|
)
|
|
$
|
(2,249,070
|
)
|
|
$
|
(1,922,367
|
)
|
|
$
|
(2,471,203
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(2,359,324
|
)
|
|
$
|
(2,249,070
|
)
|
|
$
|
(1,922,367
|
)
|
|
$
|
(2,471,203
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
120,969
|
|
|
$
|
38,845
|
|
|
$
|
79,243
|
|
|
$
|
66,978
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
120,969
|
|
|
$
|
38,845
|
|
|
$
|
79,243
|
|
|
$
|
66,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
$
|
(405,612
|
)
|
|
$
|
(518,882
|
)
|
|
$
|
15,697
|
|
|
$
|
(700,058
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Shares
|
|
At beginning of year
|
|
$
|
37,628,022
|
|
|
$
|
34,846,899
|
|
|
$
|
32,710,107
|
|
|
$
|
40,956,390
|
|
|
|
|
|
At end of year
|
|
$
|
37,222,410
|
|
|
$
|
34,328,017
|
|
|
$
|
32,725,804
|
|
|
$
|
40,256,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated undistributed net
investment income
included in net assets applicable to common shares
|
|
At end of year
|
|
$
|
260,539
|
|
|
$
|
255,427
|
|
|
$
|
213,520
|
|
|
$
|
390,713
|
|
|
|
|
|
See Notes to
Financial Statements.
41
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Statements
of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2011
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
Municipal Fund II
|
|
California Fund II
|
|
New Jersey Fund
|
|
New York Fund II
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(17,748,135
|
)
|
|
$
|
(7,464,896
|
)
|
|
$
|
(4,635,257
|
)
|
|
$
|
(3,297,493
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
94,074
|
|
|
|
53,955
|
|
|
|
41,123
|
|
|
|
27,939
|
|
|
|
|
|
Net decrease in net assets from operations excluding
distributions to preferred shareholders
|
|
$
|
(17,654,061
|
)
|
|
$
|
(7,410,941
|
)
|
|
$
|
(4,594,134
|
)
|
|
$
|
(3,269,554
|
)
|
|
|
Adjustments to reconcile net decrease in net assets from
operations to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased
|
|
|
(17,967,590
|
)
|
|
|
(15,396,250
|
)
|
|
|
(1,903,876
|
)
|
|
|
(5,587,131
|
)
|
|
|
Investments sold
|
|
|
15,900,203
|
|
|
|
15,235,028
|
|
|
|
3,423,881
|
|
|
|
5,987,059
|
|
|
|
Net amortization/accretion of premium (discount)
|
|
|
(755,046
|
)
|
|
|
(402,227
|
)
|
|
|
(265,195
|
)
|
|
|
(139,865
|
)
|
|
|
Amortization of deferred debt issuance costs
|
|
|
10,514
|
|
|
|
1,300
|
|
|
|
243
|
|
|
|
3,211
|
|
|
|
Decrease (increase) in interest receivable
|
|
|
169,855
|
|
|
|
(52,530
|
)
|
|
|
10,422
|
|
|
|
4,494
|
|
|
|
Decrease (increase) in receivable for investments sold
|
|
|
7,025,845
|
|
|
|
2,755,497
|
|
|
|
535,600
|
|
|
|
(134,753
|
)
|
|
|
Increase in receivable for variation margin on open financial
futures contracts
|
|
|
(2,485
|
)
|
|
|
(2,343
|
)
|
|
|
|
|
|
|
(3,750
|
)
|
|
|
Decrease (increase) in receivable from the transfer agent
|
|
|
(2,943
|
)
|
|
|
490
|
|
|
|
(2,409
|
)
|
|
|
(191
|
)
|
|
|
Increase in other assets
|
|
|
(54,539
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in payable for variation margin on open financial
futures contracts
|
|
|
|
|
|
|
(1,125
|
)
|
|
|
(4,062
|
)
|
|
|
(1,875
|
)
|
|
|
Increase in payable for open swap contracts
|
|
|
85,807
|
|
|
|
62,355
|
|
|
|
38,580
|
|
|
|
64,382
|
|
|
|
Decrease in payable to affiliate for investment adviser fee
|
|
|
(6,428
|
)
|
|
|
(2,697
|
)
|
|
|
(1,687
|
)
|
|
|
(1,083
|
)
|
|
|
Decrease in interest expense and fees payable
|
|
|
(47,211
|
)
|
|
|
(10,014
|
)
|
|
|
(6,363
|
)
|
|
|
(2,893
|
)
|
|
|
Decrease in accrued expenses
|
|
|
(16,488
|
)
|
|
|
(31,922
|
)
|
|
|
(28,125
|
)
|
|
|
(28,841
|
)
|
|
|
Net change in unrealized (appreciation) depreciation from
investments
|
|
|
20,319,874
|
|
|
|
6,986,874
|
|
|
|
6,374,743
|
|
|
|
4,124,975
|
|
|
|
Net realized loss from investments
|
|
|
3,387,777
|
|
|
|
2,386,161
|
|
|
|
324,529
|
|
|
|
962,228
|
|
|
|
Net realized loss on extinguishment of debt
|
|
|
15,482
|
|
|
|
|
|
|
|
|
|
|
|
3,489
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
10,408,566
|
|
|
$
|
4,117,656
|
|
|
$
|
3,902,147
|
|
|
$
|
1,979,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities
|
|
Distributions paid to common shareholders, net of reinvestments
|
|
$
|
(4,644,163
|
)
|
|
$
|
(1,632,354
|
)
|
|
$
|
(1,119,091
|
)
|
|
$
|
(1,110,531
|
)
|
|
|
Cash distributions paid to preferred shareholders
|
|
|
(94,325
|
)
|
|
|
(53,991
|
)
|
|
|
(41,199
|
)
|
|
|
(27,973
|
)
|
|
|
Proceeds from secured borrowings
|
|
|
6,645,000
|
|
|
|
|
|
|
|
|
|
|
|
1,705,000
|
|
|
|
Repayment of secured borrowings
|
|
|
(12,060,000
|
)
|
|
|
(1,665,000
|
)
|
|
|
(1,556,000
|
)
|
|
|
(1,260,000
|
)
|
|
|
Decrease in due to custodian
|
|
|
(255,078
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(10,408,566
|
)
|
|
$
|
(3,351,345
|
)
|
|
$
|
(2,716,290
|
)
|
|
$
|
(693,504
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash
|
|
$
|
|
|
|
$
|
766,311
|
|
|
$
|
1,185,857
|
|
|
$
|
1,286,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of period
|
|
$
|
|
|
|
$
|
355,330
|
|
|
$
|
28,835
|
|
|
$
|
935,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of period
|
|
$
|
|
|
|
$
|
1,121,641
|
|
|
$
|
1,214,692
|
|
|
$
|
2,221,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash
flow information:
|
|
Noncash financing activities not included herein consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of dividends and distributions
|
|
$
|
114,174
|
|
|
$
|
36,443
|
|
|
$
|
70,067
|
|
|
$
|
19,237
|
|
|
|
Cash paid for interest and fees
|
|
|
247,409
|
|
|
|
40,599
|
|
|
|
32,566
|
|
|
|
46,934
|
|
|
|
|
|
See Notes to
Financial Statements.
42
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Fund II
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
12.720
|
|
|
$
|
12.880
|
|
|
$
|
11.030
|
|
|
$
|
15.470
|
|
|
$
|
15.860
|
|
|
$
|
15.310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.454
|
|
|
$
|
0.961
|
|
|
$
|
0.943
|
|
|
$
|
1.037
|
|
|
$
|
1.048
|
|
|
$
|
1.058
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(2.228
|
)
|
|
|
(0.164
|
)
|
|
|
1.813
|
|
|
|
(4.159
|
)
|
|
|
(0.383
|
)
|
|
|
0.605
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.009
|
)
|
|
|
(0.018
|
)
|
|
|
(0.058
|
)
|
|
|
(0.168
|
)
|
|
|
(0.303
|
)
|
|
|
(0.265
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.117
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.783
|
)
|
|
$
|
0.779
|
|
|
$
|
2.698
|
|
|
$
|
(3.407
|
)
|
|
$
|
0.362
|
|
|
$
|
1.398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.477
|
)
|
|
$
|
(0.939
|
)
|
|
$
|
(0.848
|
)
|
|
$
|
(0.747
|
)
|
|
$
|
(0.752
|
)
|
|
$
|
(0.848
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.286
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.477
|
)
|
|
$
|
(0.939
|
)
|
|
$
|
(0.848
|
)
|
|
$
|
(1.033
|
)
|
|
$
|
(0.752
|
)
|
|
$
|
(0.848
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
10.460
|
|
|
$
|
12.720
|
|
|
$
|
12.880
|
|
|
$
|
11.030
|
|
|
$
|
15.470
|
|
|
$
|
15.860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
12.670
|
|
|
$
|
14.010
|
|
|
$
|
13.370
|
|
|
$
|
11.650
|
|
|
$
|
14.550
|
|
|
$
|
15.310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(14.44
|
)%
(3)
|
|
|
6.26
|
%
|
|
|
26.08
|
%
|
|
|
(23.08
|
)%
|
|
|
2.43
|
%
(4)
|
|
|
9.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(5.90
|
)%
(3)
|
|
|
12.78
|
%
|
|
|
23.88
|
%
|
|
|
(13.61
|
)%
|
|
|
(0.20
|
)%
(4)
|
|
|
0.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
43
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Fund II
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
104,422
|
|
|
$
|
126,814
|
|
|
$
|
128,150
|
|
|
$
|
109,648
|
|
|
$
|
153,612
|
|
|
$
|
157,463
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.38
|
%
(6)
|
|
|
1.22
|
%
|
|
|
1.28
|
%
|
|
|
1.09
|
%
|
|
|
1.00
|
%
(7)
|
|
|
1.02
|
%
|
|
|
Interest and fee
expense
(8)
|
|
|
0.38
|
%
(6)
|
|
|
0.38
|
%
|
|
|
0.87
|
%
|
|
|
0.93
|
%
|
|
|
0.99
|
%
|
|
|
0.91
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.76
|
%
(6)
|
|
|
1.60
|
%
|
|
|
2.15
|
%
|
|
|
2.02
|
%
|
|
|
1.99
|
%
(7)
|
|
|
1.93
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.38
|
%
(6)
|
|
|
1.22
|
%
|
|
|
1.27
|
%
|
|
|
1.05
|
%
|
|
|
0.99
|
%
(7)
|
|
|
1.01
|
%
|
|
|
Net investment income
|
|
|
8.15
|
%
(6)
|
|
|
7.86
|
%
|
|
|
9.05
|
%
|
|
|
7.40
|
%
|
|
|
6.62
|
%
|
|
|
6.87
|
%
|
|
|
Portfolio Turnover
|
|
|
8
|
%
(3)
|
|
|
13
|
%
|
|
|
22
|
%
|
|
|
54
|
%
|
|
|
31
|
%
|
|
|
26
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
0.99
|
%
(6)
|
|
|
0.89
|
%
|
|
|
0.89
|
%
|
|
|
0.69
|
%
|
|
|
0.64
|
%
(7)
|
|
|
0.65
|
%
|
|
|
Interest and fee
expense
(8)
|
|
|
0.27
|
%
(6)
|
|
|
0.28
|
%
|
|
|
0.61
|
%
|
|
|
0.60
|
%
|
|
|
0.64
|
%
|
|
|
0.58
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.26
|
%
(6)
|
|
|
1.17
|
%
|
|
|
1.50
|
%
|
|
|
1.29
|
%
|
|
|
1.28
|
%
(7)
|
|
|
1.23
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
0.99
|
%
(6)
|
|
|
0.89
|
%
|
|
|
0.89
|
%
|
|
|
0.67
|
%
|
|
|
0.63
|
%
(7)
|
|
|
0.64
|
%
|
|
|
Net investment income
|
|
|
5.82
|
%
(6)
|
|
|
5.75
|
%
|
|
|
6.32
|
%
|
|
|
4.73
|
%
|
|
|
4.25
|
%
|
|
|
4.37
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
1,788
|
|
|
|
1,788
|
|
|
|
1,788
|
|
|
|
1,788
|
|
|
|
3,500
|
|
|
|
3,500
|
|
|
|
Asset coverage per preferred
share
(9)
|
|
$
|
83,402
|
|
|
$
|
95,926
|
|
|
$
|
96,674
|
|
|
$
|
86,356
|
|
|
$
|
68,894
|
|
|
$
|
69,992
|
|
|
|
Involuntary liquidation preference per preferred
share
(10)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(10)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
During the year ended September 30, 2007, the investment
adviser fully reimbursed the Fund for a realized loss on the
disposal of an investment security which did not meet investment
guidelines. The loss had no effect on total return.
|
(5)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(6)
|
|
Annualized.
|
(7)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(8)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(9)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(10)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
44
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California Fund II
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
12.520
|
|
|
$
|
12.940
|
|
|
$
|
11.310
|
|
|
$
|
15.020
|
|
|
$
|
15.330
|
|
|
$
|
14.810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.427
|
|
|
$
|
0.898
|
|
|
$
|
0.877
|
|
|
$
|
0.983
|
|
|
$
|
0.981
|
|
|
$
|
0.989
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(2.333
|
)
|
|
|
(0.433
|
)
|
|
|
1.601
|
|
|
|
(3.583
|
)
|
|
|
(0.301
|
)
|
|
|
0.547
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.014
|
)
|
|
|
(0.027
|
)
|
|
|
(0.084
|
)
|
|
|
(0.233
|
)
|
|
|
(0.282
|
)
|
|
|
(0.243
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.053
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.920
|
)
|
|
$
|
0.438
|
|
|
$
|
2.394
|
|
|
$
|
(2.886
|
)
|
|
$
|
0.398
|
|
|
$
|
1.293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.430
|
)
|
|
$
|
(0.858
|
)
|
|
$
|
(0.764
|
)
|
|
$
|
(0.693
|
)
|
|
$
|
(0.708
|
)
|
|
$
|
(0.773
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.131
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.430
|
)
|
|
$
|
(0.858
|
)
|
|
$
|
(0.764
|
)
|
|
$
|
(0.824
|
)
|
|
$
|
(0.708
|
)
|
|
$
|
(0.773
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
10.170
|
|
|
$
|
12.520
|
|
|
$
|
12.940
|
|
|
$
|
11.310
|
|
|
$
|
15.020
|
|
|
$
|
15.330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
10.360
|
|
|
$
|
13.250
|
|
|
$
|
12.500
|
|
|
$
|
10.250
|
|
|
$
|
14.250
|
|
|
$
|
14.635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(15.48
|
)%
(3)
|
|
|
3.93
|
%
|
|
|
23.06
|
%
|
|
|
(19.81
|
)%
|
|
|
2.75
|
%
|
|
|
9.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(18.64
|
)%
(3)
|
|
|
13.86
|
%
|
|
|
31.17
|
%
|
|
|
(23.40
|
)%
|
|
|
2.11
|
%
|
|
|
4.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
45
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California Fund II
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
39,432
|
|
|
$
|
48,529
|
|
|
$
|
50,080
|
|
|
$
|
43,718
|
|
|
$
|
58,010
|
|
|
$
|
59,199
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.52
|
%
(5)
|
|
|
1.39
|
%
|
|
|
1.51
|
%
|
|
|
1.23
|
%
|
|
|
1.11
|
%
(6)
|
|
|
1.13
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.14
|
%
(5)
|
|
|
0.16
|
%
|
|
|
0.37
|
%
|
|
|
0.42
|
%
|
|
|
0.50
|
%
|
|
|
0.48
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.66
|
%
(5)
|
|
|
1.55
|
%
|
|
|
1.88
|
%
|
|
|
1.65
|
%
|
|
|
1.61
|
%
(6)
|
|
|
1.61
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.51
|
%
(5)
|
|
|
1.38
|
%
|
|
|
1.50
|
%
|
|
|
1.19
|
%
|
|
|
1.09
|
%
(6)
|
|
|
1.11
|
%
|
|
|
Net investment income
|
|
|
7.81
|
%
(5)
|
|
|
7.47
|
%
|
|
|
8.23
|
%
|
|
|
7.11
|
%
|
|
|
6.42
|
%
|
|
|
6.66
|
%
|
|
|
Portfolio Turnover
|
|
|
20
|
%
(3)
|
|
|
17
|
%
|
|
|
17
|
%
|
|
|
22
|
%
|
|
|
37
|
%
|
|
|
13
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
0.94
|
%
(5)
|
|
|
0.89
|
%
|
|
|
0.93
|
%
|
|
|
0.76
|
%
|
|
|
0.71
|
%
(6)
|
|
|
0.71
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.09
|
%
(5)
|
|
|
0.11
|
%
|
|
|
0.23
|
%
|
|
|
0.26
|
%
|
|
|
0.32
|
%
|
|
|
0.30
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.03
|
%
(5)
|
|
|
1.00
|
%
|
|
|
1.16
|
%
|
|
|
1.02
|
%
|
|
|
1.03
|
%
(6)
|
|
|
1.01
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
0.94
|
%
(5)
|
|
|
0.89
|
%
|
|
|
0.93
|
%
|
|
|
0.74
|
%
|
|
|
0.69
|
%
(6)
|
|
|
0.70
|
%
|
|
|
Net investment income
|
|
|
4.87
|
%
(5)
|
|
|
4.81
|
%
|
|
|
5.07
|
%
|
|
|
4.42
|
%
|
|
|
4.09
|
%
|
|
|
4.19
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
1,028
|
|
|
|
1,028
|
|
|
|
1,028
|
|
|
|
1,028
|
|
|
|
1,350
|
|
|
|
1,350
|
|
|
|
Asset coverage per preferred
share
(8)
|
|
$
|
63,358
|
|
|
$
|
72,208
|
|
|
$
|
73,719
|
|
|
$
|
67,578
|
|
|
$
|
67,980
|
|
|
$
|
68,858
|
|
|
|
Involuntary liquidation preference per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(5)
|
|
Annualized.
|
(6)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(7)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(8)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(9)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
46
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
14.710
|
|
|
$
|
14.660
|
|
|
$
|
12.130
|
|
|
$
|
15.090
|
|
|
$
|
15.640
|
|
|
$
|
15.100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.441
|
|
|
$
|
0.882
|
|
|
$
|
0.901
|
|
|
$
|
0.981
|
|
|
$
|
0.969
|
|
|
$
|
0.983
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(2.235
|
)
|
|
|
0.036
|
|
|
|
2.486
|
|
|
|
(2.981
|
)
|
|
|
(0.540
|
)
|
|
|
0.613
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.016
|
)
|
|
|
(0.031
|
)
|
|
|
(0.099
|
)
|
|
|
(0.289
|
)
|
|
|
(0.293
|
)
|
|
|
(0.256
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.810
|
)
|
|
$
|
0.887
|
|
|
$
|
3.288
|
|
|
$
|
(2.289
|
)
|
|
$
|
0.136
|
|
|
$
|
1.340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.420
|
)
|
|
$
|
(0.837
|
)
|
|
$
|
(0.758
|
)
|
|
$
|
(0.671
|
)
|
|
$
|
(0.686
|
)
|
|
$
|
(0.800
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.420
|
)
|
|
$
|
(0.837
|
)
|
|
$
|
(0.758
|
)
|
|
$
|
(0.671
|
)
|
|
$
|
(0.686
|
)
|
|
$
|
(0.800
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
12.480
|
|
|
$
|
14.710
|
|
|
$
|
14.660
|
|
|
$
|
12.130
|
|
|
$
|
15.090
|
|
|
$
|
15.640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
12.660
|
|
|
$
|
15.160
|
|
|
$
|
15.250
|
|
|
$
|
13.780
|
|
|
$
|
14.820
|
|
|
$
|
16.090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(12.39
|
)%
(3)
|
|
|
6.43
|
%
|
|
|
28.42
|
%
|
|
|
(15.70
|
)%
|
|
|
0.88
|
%
(4)
|
|
|
9.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(13.77
|
)%
(3)
|
|
|
5.44
|
%
|
|
|
17.59
|
%
|
|
|
(2.46
|
)%
|
|
|
(3.72
|
)%
(4)
|
|
|
(2.28
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
47
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
22,025
|
|
|
$
|
25,920
|
|
|
$
|
25,771
|
|
|
$
|
21,311
|
|
|
$
|
26,476
|
|
|
$
|
27,419
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.54
|
%
(6)
|
|
|
1.45
|
%
|
|
|
1.69
|
%
|
|
|
1.41
|
%
|
|
|
1.25
|
%
(7)
|
|
|
1.29
|
%
|
|
|
Interest and fee
expense
(8)
|
|
|
0.11
|
%
(6)
|
|
|
0.09
|
%
|
|
|
0.23
|
%
|
|
|
0.71
|
%
|
|
|
0.98
|
%
|
|
|
1.54
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.65
|
%
(6)
|
|
|
1.54
|
%
|
|
|
1.92
|
%
|
|
|
2.12
|
%
|
|
|
2.23
|
%
(7)
|
|
|
2.83
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.54
|
%
(6)
|
|
|
1.45
|
%
|
|
|
1.68
|
%
|
|
|
1.38
|
%
|
|
|
1.25
|
%
(7)
|
|
|
1.26
|
%
|
|
|
Net investment income
|
|
|
6.75
|
%
(6)
|
|
|
6.29
|
%
|
|
|
7.41
|
%
|
|
|
6.83
|
%
|
|
|
6.27
|
%
|
|
|
6.50
|
%
|
|
|
Portfolio Turnover
|
|
|
19
|
%
(3)
|
|
|
27
|
%
|
|
|
43
|
%
|
|
|
12
|
%
|
|
|
15
|
%
|
|
|
15
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
0.97
|
%
(6)
|
|
|
0.94
|
%
|
|
|
1.03
|
%
|
|
|
0.88
|
%
|
|
|
0.81
|
%
(7)
|
|
|
0.81
|
%
|
|
|
Interest and fee
expense
(8)
|
|
|
0.07
|
%
(6)
|
|
|
0.05
|
%
|
|
|
0.14
|
%
|
|
|
0.45
|
%
|
|
|
0.62
|
%
|
|
|
0.97
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.04
|
%
(6)
|
|
|
0.99
|
%
|
|
|
1.17
|
%
|
|
|
1.33
|
%
|
|
|
1.43
|
%
(7)
|
|
|
1.78
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
0.97
|
%
(6)
|
|
|
0.94
|
%
|
|
|
1.03
|
%
|
|
|
0.87
|
%
|
|
|
0.80
|
%
(7)
|
|
|
0.80
|
%
|
|
|
Net investment income
|
|
|
4.25
|
%
(6)
|
|
|
4.06
|
%
|
|
|
4.53
|
%
|
|
|
4.27
|
%
|
|
|
3.99
|
%
|
|
|
4.10
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
543
|
|
|
|
543
|
|
|
|
543
|
|
|
|
543
|
|
|
|
620
|
|
|
|
620
|
|
|
|
Asset coverage per preferred
share
(9)
|
|
$
|
65,564
|
|
|
$
|
72,737
|
|
|
$
|
72,462
|
|
|
$
|
64,287
|
|
|
$
|
67,711
|
|
|
$
|
69,229
|
|
|
|
Involuntary liquidation preference per preferred
share
(10)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(10)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
During the year ended September 30, 2007, the Fund realized
a gain on the disposal of an investment security which did not
meet investment guidelines. The gain was less than $0.01 per
share and had no effect on total return.
|
(5)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(6)
|
|
Annualized.
|
(7)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(8)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(9)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(10)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
48
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
14.540
|
|
|
$
|
14.730
|
|
|
$
|
12.570
|
|
|
$
|
15.150
|
|
|
$
|
15.430
|
|
|
$
|
15.000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.459
|
|
|
$
|
0.928
|
|
|
$
|
0.925
|
|
|
$
|
0.975
|
|
|
$
|
0.985
|
|
|
$
|
0.991
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(1.578
|
)
|
|
|
(0.208
|
)
|
|
|
2.110
|
|
|
|
(2.590
|
)
|
|
|
(0.309
|
)
|
|
|
0.462
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.018
|
)
|
|
|
(0.036
|
)
|
|
|
(0.113
|
)
|
|
|
(0.295
|
)
|
|
|
(0.288
|
)
|
|
|
(0.252
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.137
|
)
|
|
$
|
0.684
|
|
|
$
|
2.922
|
|
|
$
|
(1.910
|
)
|
|
$
|
0.388
|
|
|
$
|
1.201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.443
|
)
|
|
$
|
(0.874
|
)
|
|
$
|
(0.762
|
)
|
|
$
|
(0.670
|
)
|
|
$
|
(0.668
|
)
|
|
$
|
(0.771
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.443
|
)
|
|
$
|
(0.874
|
)
|
|
$
|
(0.762
|
)
|
|
$
|
(0.670
|
)
|
|
$
|
(0.668
|
)
|
|
$
|
(0.771
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
12.960
|
|
|
$
|
14.540
|
|
|
$
|
14.730
|
|
|
$
|
12.570
|
|
|
$
|
15.150
|
|
|
$
|
15.430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
14.350
|
|
|
$
|
14.430
|
|
|
$
|
13.900
|
|
|
$
|
10.400
|
|
|
$
|
14.030
|
|
|
$
|
14.190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(7.80
|
)%
(3)
|
|
|
5.16
|
%
|
|
|
25.29
|
%
|
|
|
(12.66
|
)%
(4)
|
|
|
2.81
|
%
|
|
|
8.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
2.86
|
%
(3)
|
|
|
10.60
|
%
|
|
|
42.90
|
%
|
|
|
(21.97
|
)%
(4)
|
|
|
3.53
|
%
|
|
|
(7.67
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
49
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
19,611
|
|
|
$
|
21,985
|
|
|
$
|
22,276
|
|
|
$
|
19,007
|
|
|
$
|
22,912
|
|
|
$
|
23,335
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.59
|
%
(6)
|
|
|
1.49
|
%
|
|
|
1.70
|
%
|
|
|
1.49
|
%
|
|
|
1.29
|
%
(7)
|
|
|
1.32
|
%
|
|
|
Interest and fee
expense
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.54
|
%
|
|
|
0.98
|
%
|
|
|
0.90
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.59
|
%
(6)
|
|
|
1.49
|
%
|
|
|
1.70
|
%
|
|
|
2.03
|
%
|
|
|
2.27
|
%
(7)
|
|
|
2.22
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.59
|
%
(6)
|
|
|
1.49
|
%
|
|
|
1.69
|
%
|
|
|
1.48
|
%
|
|
|
1.27
|
%
(7)
|
|
|
1.30
|
%
|
|
|
Net investment income
|
|
|
6.88
|
%
(6)
|
|
|
6.55
|
%
|
|
|
7.30
|
%
|
|
|
6.72
|
%
|
|
|
6.43
|
%
|
|
|
6.62
|
%
|
|
|
Portfolio Turnover
|
|
|
0
|
%
(3)
|
|
|
2
|
%
|
|
|
9
|
%
|
|
|
11
|
%
|
|
|
6
|
%
|
|
|
6
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
0.96
|
%
(6)
|
|
|
0.92
|
%
|
|
|
1.00
|
%
|
|
|
0.93
|
%
|
|
|
0.81
|
%
(7)
|
|
|
0.83
|
%
|
|
|
Interest and fee
expense
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.33
|
%
|
|
|
0.62
|
%
|
|
|
0.56
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
0.96
|
%
(6)
|
|
|
0.92
|
%
|
|
|
1.00
|
%
|
|
|
1.26
|
%
|
|
|
1.43
|
%
(7)
|
|
|
1.39
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
0.96
|
%
(6)
|
|
|
0.92
|
%
|
|
|
1.00
|
%
|
|
|
0.92
|
%
|
|
|
0.80
|
%
(7)
|
|
|
0.82
|
%
|
|
|
Net investment income
|
|
|
4.15
|
%
(6)
|
|
|
4.04
|
%
|
|
|
4.30
|
%
|
|
|
4.16
|
%
|
|
|
4.06
|
%
|
|
|
4.15
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
533
|
|
|
|
533
|
|
|
|
533
|
|
|
|
540
|
|
|
|
540
|
|
|
|
540
|
|
|
|
Asset coverage per preferred
share
(9)
|
|
$
|
61,793
|
|
|
$
|
66,248
|
|
|
$
|
66,794
|
|
|
$
|
60,199
|
|
|
$
|
67,442
|
|
|
$
|
68,222
|
|
|
|
Involuntary liquidation preference per preferred
share
(10)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(10)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
During the year ended September 30, 2008, the investment
adviser fully reimbursed the Fund for a realized loss on the
disposal of an investment security which did not meet investment
guidelines. The loss had no effect on total return.
|
(5)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(6)
|
|
Annualized.
|
(7)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(8)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(9)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(10)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
50
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
14.410
|
|
|
$
|
14.620
|
|
|
$
|
11.980
|
|
|
$
|
15.690
|
|
|
$
|
15.840
|
|
|
$
|
15.240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.437
|
|
|
$
|
0.943
|
|
|
$
|
0.926
|
|
|
$
|
0.982
|
|
|
$
|
0.996
|
|
|
$
|
1.002
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(2.211
|
)
|
|
|
(0.207
|
)
|
|
|
2.740
|
|
|
|
(3.393
|
)
|
|
|
(0.150
|
)
|
|
|
0.671
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.016
|
)
|
|
|
(0.031
|
)
|
|
|
(0.088
|
)
|
|
|
(0.196
|
)
|
|
|
(0.286
|
)
|
|
|
(0.253
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.016
|
)
|
|
|
(0.114
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.790
|
)
|
|
$
|
0.705
|
|
|
$
|
3.562
|
|
|
$
|
(2.721
|
)
|
|
$
|
0.560
|
|
|
$
|
1.420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.460
|
)
|
|
$
|
(0.915
|
)
|
|
$
|
(0.819
|
)
|
|
$
|
(0.706
|
)
|
|
$
|
(0.710
|
)
|
|
$
|
(0.820
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.103
|
)
|
|
|
(0.283
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.460
|
)
|
|
$
|
(0.915
|
)
|
|
$
|
(0.922
|
)
|
|
$
|
(0.989
|
)
|
|
$
|
(0.710
|
)
|
|
$
|
(0.820
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
12.160
|
|
|
$
|
14.410
|
|
|
$
|
14.620
|
|
|
$
|
11.980
|
|
|
$
|
15.690
|
|
|
$
|
15.840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
12.660
|
|
|
$
|
15.350
|
|
|
$
|
14.730
|
|
|
$
|
11.880
|
|
|
$
|
14.790
|
|
|
$
|
16.400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(12.51
|
)%
(3)
|
|
|
5.10
|
%
|
|
|
31.84
|
%
|
|
|
(18.15
|
)%
|
|
|
3.64
|
%
|
|
|
9.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(14.46
|
)%
(3)
|
|
|
11.12
|
%
|
|
|
33.95
|
%
|
|
|
(13.88
|
)%
|
|
|
(5.66
|
)%
|
|
|
6.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
51
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
31,468
|
|
|
$
|
37,222
|
|
|
$
|
37,628
|
|
|
$
|
30,776
|
|
|
$
|
40,262
|
|
|
$
|
40,620
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.41
|
%
(5)
|
|
|
1.36
|
%
|
|
|
1.53
|
%
|
|
|
1.33
|
%
|
|
|
1.14
|
%
(6)
|
|
|
1.19
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.16
|
%
(5)
|
|
|
0.17
|
%
|
|
|
0.46
|
%
|
|
|
1.16
|
%
|
|
|
0.92
|
%
|
|
|
0.86
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.57
|
%
(5)
|
|
|
1.53
|
%
|
|
|
1.99
|
%
|
|
|
2.49
|
%
|
|
|
2.06
|
%
(6)
|
|
|
2.05
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.40
|
%
(5)
|
|
|
1.36
|
%
|
|
|
1.52
|
%
|
|
|
1.28
|
%
|
|
|
1.11
|
%
(6)
|
|
|
1.16
|
%
|
|
|
Net investment income
|
|
|
6.84
|
%
(5)
|
|
|
6.79
|
%
|
|
|
7.81
|
%
|
|
|
6.72
|
%
|
|
|
6.29
|
%
|
|
|
6.59
|
%
|
|
|
Portfolio Turnover
|
|
|
3
|
%
(3)
|
|
|
8
|
%
|
|
|
39
|
%
|
|
|
48
|
%
|
|
|
27
|
%
|
|
|
22
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
0.88
|
%
(5)
|
|
|
0.88
|
%
|
|
|
0.93
|
%
|
|
|
0.84
|
%
|
|
|
0.73
|
%
(6)
|
|
|
0.75
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.10
|
%
(5)
|
|
|
0.11
|
%
|
|
|
0.28
|
%
|
|
|
0.73
|
%
|
|
|
0.59
|
%
|
|
|
0.55
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
0.98
|
%
(5)
|
|
|
0.99
|
%
|
|
|
1.21
|
%
|
|
|
1.57
|
%
|
|
|
1.32
|
%
(6)
|
|
|
1.30
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
0.88
|
%
(5)
|
|
|
0.88
|
%
|
|
|
0.92
|
%
|
|
|
0.81
|
%
|
|
|
0.72
|
%
(6)
|
|
|
0.73
|
%
|
|
|
Net investment income
|
|
|
4.30
|
%
(5)
|
|
|
4.39
|
%
|
|
|
4.75
|
%
|
|
|
4.24
|
%
|
|
|
4.05
|
%
|
|
|
4.18
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
784
|
|
|
|
784
|
|
|
|
784
|
|
|
|
812
|
|
|
|
900
|
|
|
|
900
|
|
|
|
Asset coverage per preferred
share
(8)
|
|
$
|
65,139
|
|
|
$
|
72,478
|
|
|
$
|
72,996
|
|
|
$
|
62,907
|
|
|
$
|
69,751
|
|
|
$
|
70,144
|
|
|
|
Involuntary liquidation preference per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(5)
|
|
Annualized.
|
(6)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(7)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(8)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(9)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
52
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Fund II
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
13.400
|
|
|
$
|
13.620
|
|
|
$
|
11.530
|
|
|
$
|
15.240
|
|
|
$
|
15.760
|
|
|
$
|
15.300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.415
|
|
|
$
|
0.847
|
|
|
$
|
0.857
|
|
|
$
|
0.938
|
|
|
$
|
0.969
|
|
|
$
|
0.990
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(1.693
|
)
|
|
|
(0.167
|
)
|
|
|
2.087
|
|
|
|
(3.483
|
)
|
|
|
(0.256
|
)
|
|
|
0.542
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.011
|
)
|
|
|
(0.021
|
)
|
|
|
(0.066
|
)
|
|
|
(0.237
|
)
|
|
|
(0.209
|
)
|
|
|
(0.240
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.049
|
)
|
|
|
(0.079
|
)
|
|
|
(0.015
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.289
|
)
|
|
$
|
0.659
|
|
|
$
|
2.878
|
|
|
$
|
(2.831
|
)
|
|
$
|
0.425
|
|
|
$
|
1.277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.441
|
)
|
|
$
|
(0.879
|
)
|
|
$
|
(0.788
|
)
|
|
$
|
(0.699
|
)
|
|
$
|
(0.697
|
)
|
|
$
|
(0.732
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.180
|
)
|
|
|
(0.248
|
)
|
|
|
(0.085
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.441
|
)
|
|
$
|
(0.879
|
)
|
|
$
|
(0.788
|
)
|
|
$
|
(0.879
|
)
|
|
$
|
(0.945
|
)
|
|
$
|
(0.817
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
11.670
|
|
|
$
|
13.400
|
|
|
$
|
13.620
|
|
|
$
|
11.530
|
|
|
$
|
15.240
|
|
|
$
|
15.760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
11.900
|
|
|
$
|
14.000
|
|
|
$
|
13.610
|
|
|
$
|
10.580
|
|
|
$
|
14.440
|
|
|
$
|
14.420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(9.70
|
)%
(3)
|
|
|
5.20
|
%
|
|
|
26.71
|
%
|
|
|
(19.25
|
)%
|
|
|
3.00
|
%
|
|
|
9.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(11.86
|
)%
(3)
|
|
|
9.99
|
%
|
|
|
37.98
|
%
|
|
|
(21.80
|
)%
|
|
|
6.66
|
%
|
|
|
4.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
53
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Fund II
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
29,920
|
|
|
$
|
34,328
|
|
|
$
|
34,847
|
|
|
$
|
29,459
|
|
|
$
|
38,947
|
|
|
$
|
40,263
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.46
|
%
(5)
|
|
|
1.41
|
%
|
|
|
1.51
|
%
|
|
|
1.33
|
%
|
|
|
1.16
|
%
(6)
|
|
|
1.14
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.30
|
%
(5)
|
|
|
0.28
|
%
|
|
|
0.63
|
%
|
|
|
0.46
|
%
|
|
|
0.46
|
%
|
|
|
0.42
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.76
|
%
(5)
|
|
|
1.69
|
%
|
|
|
2.14
|
%
|
|
|
1.79
|
%
|
|
|
1.62
|
%
(6)
|
|
|
1.56
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.45
|
%
(5)
|
|
|
1.41
|
%
|
|
|
1.50
|
%
|
|
|
1.28
|
%
|
|
|
1.14
|
%
(6)
|
|
|
1.11
|
%
|
|
|
Net investment income
|
|
|
6.82
|
%
(5)
|
|
|
6.49
|
%
|
|
|
7.67
|
%
|
|
|
6.67
|
%
|
|
|
6.24
|
%
|
|
|
6.48
|
%
|
|
|
Portfolio Turnover
|
|
|
10
|
%
(3)
|
|
|
13
|
%
|
|
|
30
|
%
|
|
|
44
|
%
|
|
|
38
|
%
|
|
|
26
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.03
|
%
(5)
|
|
|
1.01
|
%
|
|
|
1.03
|
%
|
|
|
0.83
|
%
|
|
|
0.74
|
%
(6)
|
|
|
0.72
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.21
|
%
(5)
|
|
|
0.20
|
%
|
|
|
0.43
|
%
|
|
|
0.29
|
%
|
|
|
0.29
|
%
|
|
|
0.27
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.24
|
%
(5)
|
|
|
1.21
|
%
|
|
|
1.46
|
%
|
|
|
1.12
|
%
|
|
|
1.03
|
%
(6)
|
|
|
0.99
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.02
|
%
(5)
|
|
|
1.01
|
%
|
|
|
1.02
|
%
|
|
|
0.80
|
%
|
|
|
0.73
|
%
(6)
|
|
|
0.71
|
%
|
|
|
Net investment income
|
|
|
4.79
|
%
(5)
|
|
|
4.65
|
%
|
|
|
5.24
|
%
|
|
|
4.17
|
%
|
|
|
3.98
|
%
|
|
|
4.11
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
530
|
|
|
|
530
|
|
|
|
530
|
|
|
|
530
|
|
|
|
900
|
|
|
|
900
|
|
|
|
Asset coverage per preferred
share
(8)
|
|
$
|
81,453
|
|
|
$
|
89,770
|
|
|
$
|
90,749
|
|
|
$
|
80,583
|
|
|
$
|
68,285
|
|
|
$
|
69,746
|
|
|
|
Involuntary liquidation preference per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(5)
|
|
Annualized.
|
(6)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(7)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(8)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(9)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
54
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
12.960
|
|
|
$
|
12.980
|
|
|
$
|
11.330
|
|
|
$
|
14.970
|
|
|
$
|
15.330
|
|
|
$
|
14.830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.414
|
|
|
$
|
0.828
|
|
|
$
|
0.846
|
|
|
$
|
0.948
|
|
|
$
|
0.966
|
|
|
$
|
0.978
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(1.944
|
)
|
|
|
(0.058
|
)
|
|
|
1.592
|
|
|
|
(3.665
|
)
|
|
|
(0.361
|
)
|
|
|
0.497
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.014
|
)
|
|
|
(0.028
|
)
|
|
|
(0.101
|
)
|
|
|
(0.298
|
)
|
|
|
(0.301
|
)
|
|
|
(0.263
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.544
|
)
|
|
$
|
0.742
|
|
|
$
|
2.337
|
|
|
$
|
(3.015
|
)
|
|
$
|
0.304
|
|
|
$
|
1.212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.386
|
)
|
|
$
|
(0.762
|
)
|
|
$
|
(0.687
|
)
|
|
$
|
(0.625
|
)
|
|
$
|
(0.664
|
)
|
|
$
|
(0.712
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.386
|
)
|
|
$
|
(0.762
|
)
|
|
$
|
(0.687
|
)
|
|
$
|
(0.625
|
)
|
|
$
|
(0.664
|
)
|
|
$
|
(0.712
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
11.030
|
|
|
$
|
12.960
|
|
|
$
|
12.980
|
|
|
$
|
11.330
|
|
|
$
|
14.970
|
|
|
$
|
15.330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
11.390
|
|
|
$
|
14.100
|
|
|
$
|
13.250
|
|
|
$
|
11.250
|
|
|
$
|
13.710
|
|
|
$
|
14.600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(12.03
|
)%
(3)
|
|
|
6.04
|
%
|
|
|
22.05
|
%
|
|
|
(20.51
|
)%
|
|
|
2.17
|
%
|
|
|
8.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(16.51
|
)%
(3)
|
|
|
13.01
|
%
|
|
|
25.48
|
%
|
|
|
(13.81
|
)%
|
|
|
(1.75
|
)%
|
|
|
5.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
55
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
27,892
|
|
|
$
|
32,726
|
|
|
$
|
32,710
|
|
|
$
|
28,495
|
|
|
$
|
37,617
|
|
|
$
|
38,532
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.37
|
%
(5)
|
|
|
1.36
|
%
|
|
|
1.57
|
%
|
|
|
1.35
|
%
|
|
|
1.16
|
%
(6)
|
|
|
1.19
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.04
|
%
(5)
|
|
|
0.02
|
%
|
|
|
0.10
|
%
|
|
|
0.29
|
%
|
|
|
0.53
|
%
|
|
|
0.41
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.41
|
%
(5)
|
|
|
1.38
|
%
|
|
|
1.67
|
%
|
|
|
1.64
|
%
|
|
|
1.69
|
%
(6)
|
|
|
1.60
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.37
|
%
(5)
|
|
|
1.36
|
%
|
|
|
1.57
|
%
|
|
|
1.33
|
%
|
|
|
1.14
|
%
(6)
|
|
|
1.16
|
%
|
|
|
Net investment income
|
|
|
7.16
|
%
(5)
|
|
|
6.61
|
%
|
|
|
7.87
|
%
|
|
|
6.82
|
%
|
|
|
6.33
|
%
|
|
|
6.56
|
%
|
|
|
Portfolio Turnover
|
|
|
4
|
%
(3)
|
|
|
11
|
%
|
|
|
18
|
%
|
|
|
22
|
%
|
|
|
30
|
%
|
|
|
16
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
0.87
|
%
(5)
|
|
|
0.88
|
%
|
|
|
0.95
|
%
|
|
|
0.83
|
%
|
|
|
0.74
|
%
(6)
|
|
|
0.75
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.02
|
%
(5)
|
|
|
0.01
|
%
|
|
|
0.06
|
%
|
|
|
0.18
|
%
|
|
|
0.34
|
%
|
|
|
0.26
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
0.89
|
%
(5)
|
|
|
0.89
|
%
|
|
|
1.01
|
%
|
|
|
1.01
|
%
|
|
|
1.08
|
%
(6)
|
|
|
1.01
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
0.87
|
%
(5)
|
|
|
0.88
|
%
|
|
|
0.95
|
%
|
|
|
0.82
|
%
|
|
|
0.72
|
%
(6)
|
|
|
0.73
|
%
|
|
|
Net investment income
|
|
|
4.53
|
%
(5)
|
|
|
4.30
|
%
|
|
|
4.77
|
%
|
|
|
4.19
|
%
|
|
|
4.03
|
%
|
|
|
4.14
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
680
|
|
|
|
680
|
|
|
|
680
|
|
|
|
875
|
|
|
|
875
|
|
|
|
875
|
|
|
|
Asset coverage per preferred
share
(8)
|
|
$
|
66,019
|
|
|
$
|
73,128
|
|
|
$
|
73,104
|
|
|
$
|
57,579
|
|
|
$
|
67,991
|
|
|
$
|
69,036
|
|
|
|
Involuntary liquidation preference per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(5)
|
|
Annualized.
|
(6)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(7)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(8)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(9)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
56
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
13.640
|
|
|
$
|
13.900
|
|
|
$
|
12.030
|
|
|
$
|
15.270
|
|
|
$
|
15.470
|
|
|
$
|
14.930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.447
|
|
|
$
|
0.878
|
|
|
$
|
0.889
|
|
|
$
|
0.995
|
|
|
$
|
0.995
|
|
|
$
|
0.994
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(1.980
|
)
|
|
|
(0.270
|
)
|
|
|
2.123
|
|
|
|
(3.047
|
)
|
|
|
(0.209
|
)
|
|
|
0.559
|
|
|
|
Distributions to preferred
shareholders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.015
|
)
|
|
|
(0.030
|
)
|
|
|
(0.071
|
)
|
|
|
(0.236
|
)
|
|
|
(0.291
|
)
|
|
|
(0.266
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.045
|
)
|
|
|
(0.076
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.548
|
)
|
|
$
|
0.578
|
|
|
$
|
2.896
|
|
|
$
|
(2.364
|
)
|
|
$
|
0.495
|
|
|
$
|
1.287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.432
|
)
|
|
$
|
(0.838
|
)
|
|
$
|
(0.753
|
)
|
|
$
|
(0.693
|
)
|
|
$
|
(0.695
|
)
|
|
$
|
(0.747
|
)
|
|
|
From net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.273
|
)
|
|
|
(0.183
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.432
|
)
|
|
$
|
(0.838
|
)
|
|
$
|
(1.026
|
)
|
|
$
|
(0.876
|
)
|
|
$
|
(0.695
|
)
|
|
$
|
(0.747
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
11.660
|
|
|
$
|
13.640
|
|
|
$
|
13.900
|
|
|
$
|
12.030
|
|
|
$
|
15.270
|
|
|
$
|
15.470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
12.220
|
|
|
$
|
14.230
|
|
|
$
|
14.600
|
|
|
$
|
13.400
|
|
|
$
|
14.150
|
|
|
$
|
15.020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(11.43
|
)%
(3)
|
|
|
4.53
|
%
|
|
|
27.36
|
%
|
|
|
(16.07
|
)%
|
|
|
3.44
|
%
|
|
|
9.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(11.02
|
)%
(3)
|
|
|
3.82
|
%
|
|
|
20.09
|
%
|
|
|
0.88
|
%
|
|
|
(1.28
|
)%
|
|
|
1.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
57
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Fund
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended September 30,
|
|
|
|
|
March 31, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
34,435
|
|
|
$
|
40,256
|
|
|
$
|
40,956
|
|
|
$
|
35,413
|
|
|
$
|
44,955
|
|
|
$
|
45,516
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.41
|
%
(5)
|
|
|
1.36
|
%
|
|
|
1.52
|
%
|
|
|
1.30
|
%
|
|
|
1.15
|
%
(6)
|
|
|
1.18
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.10
|
%
(5)
|
|
|
0.07
|
%
|
|
|
0.17
|
%
|
|
|
1.03
|
%
|
|
|
0.83
|
%
|
|
|
0.78
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.51
|
%
(5)
|
|
|
1.43
|
%
|
|
|
1.69
|
%
|
|
|
2.33
|
%
|
|
|
1.98
|
%
(6)
|
|
|
1.96
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
1.41
|
%
(5)
|
|
|
1.36
|
%
|
|
|
1.51
|
%
|
|
|
1.28
|
%
|
|
|
1.12
|
%
(6)
|
|
|
1.15
|
%
|
|
|
Net investment income
|
|
|
7.32
|
%
(5)
|
|
|
6.67
|
%
|
|
|
7.80
|
%
|
|
|
6.86
|
%
|
|
|
6.45
|
%
|
|
|
6.64
|
%
|
|
|
Portfolio Turnover
|
|
|
10
|
%
(3)
|
|
|
19
|
%
|
|
|
8
|
%
|
|
|
28
|
%
|
|
|
24
|
%
|
|
|
22
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
0.88
|
%
(5)
|
|
|
0.87
|
%
|
|
|
0.91
|
%
|
|
|
0.81
|
%
|
|
|
0.73
|
%
(6)
|
|
|
0.74
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.06
|
%
(5)
|
|
|
0.05
|
%
|
|
|
0.10
|
%
|
|
|
0.64
|
%
|
|
|
0.53
|
%
|
|
|
0.49
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
0.94
|
%
(5)
|
|
|
0.92
|
%
|
|
|
1.01
|
%
|
|
|
1.45
|
%
|
|
|
1.26
|
%
(6)
|
|
|
1.23
|
%
|
|
|
Expenses after custodian fee reduction excluding interest
and fees
|
|
|
0.88
|
%
(5)
|
|
|
0.87
|
%
|
|
|
0.90
|
%
|
|
|
0.80
|
%
|
|
|
0.71
|
%
(6)
|
|
|
0.72
|
%
|
|
|
Net investment income
|
|
|
4.58
|
%
(5)
|
|
|
4.28
|
%
|
|
|
4.68
|
%
|
|
|
4.26
|
%
|
|
|
4.10
|
%
|
|
|
4.17
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
869
|
|
|
|
869
|
|
|
|
869
|
|
|
|
1,040
|
|
|
|
1,040
|
|
|
|
1,040
|
|
|
|
Asset coverage per preferred
share
(8)
|
|
$
|
64,628
|
|
|
$
|
71,327
|
|
|
$
|
72,133
|
|
|
$
|
59,091
|
|
|
$
|
68,233
|
|
|
$
|
68,770
|
|
|
|
Involuntary liquidation preference per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(5)
|
|
Annualized.
|
(6)
|
|
The investment adviser was allocated a portion of the
Funds operating expenses (equal to less than 0.01% of
average daily net assets for the year ended September 30,
2007). Absent this allocation, total return would be lower.
|
(7)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
(8)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(9)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
58
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited)
1 Significant
Accounting Policies
Eaton Vance Municipal Bond Fund II (Municipal
Fund II), Eaton Vance California Municipal Bond
Fund II (California Fund II), Eaton Vance
Massachusetts Municipal Bond Fund (Massachusetts Fund), Eaton
Vance Michigan Municipal Bond Fund (Michigan Fund), Eaton Vance
New Jersey Municipal Bond Fund (New Jersey Fund), Eaton Vance
New York Municipal Bond Fund II (New York Fund II),
Eaton Vance Ohio Municipal Bond Fund (Ohio Fund) and Eaton Vance
Pennsylvania Municipal Bond Fund (Pennsylvania Fund), (each
individually referred to as the Fund, and collectively, the
Funds), are Massachusetts business trusts registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as
non-diversified, closed-end management investment companies,
except for Municipal Fund II, which is a diversified,
closed-end management investment company. Each Fund seeks to
provide current income exempt from regular federal income tax,
including alternative minimum tax, and, in state specific funds,
taxes in its specified state.
The following is a summary of significant accounting policies of
the Funds. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A Investment
Valuation
Debt obligations (including
short-term obligations with a remaining maturity of more than
sixty days) are generally valued on the basis of valuations
provided by third party pricing services, as derived from such
services pricing models. Inputs to the models may include,
but are not limited to, reported trades, executable bid and
asked prices, broker/dealer quotations, prices or yields of
securities with similar characteristics, benchmark curves or
information pertaining to the issuer, as well as industry and
economic events. The pricing services may use a matrix approach,
which considers information regarding securities with similar
characteristics to determine the valuation for a security.
Short-term obligations purchased with a remaining maturity of
sixty days or less are generally valued at amortized cost, which
approximates market value. Financial futures contracts are
valued at the closing settlement price established by the board
of trade or exchange on which they are traded. Interest rate
swaps are normally valued using valuations provided by a third
party pricing service. Such pricing service valuations are based
on the present value of fixed and projected floating rate cash
flows over the term of the swap contract. Future cash flows are
discounted to their present value using swap rates provided by
electronic data services or by broker/dealers. 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
securitys value, or the amount that the Fund might
reasonably expect to receive for the security upon its current
sale in the ordinary course. Each such determination is based on
a consideration of all 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 securitys
disposition, the price and extent of public trading in similar
securities of the issuer or of comparable entities, quotations
or relevant information obtained from broker-dealers or other
market participants, information obtained from the issuer,
analysts,
and/or
the
appropriate stock exchange (for exchange-traded securities), an
analysis of the entitys financial condition, and an
evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold.
B Investment Transactions and
Related Income
Investment transactions for
financial statement purposes are accounted for on a trade date
basis. Realized gains and losses on investments sold are
determined on the basis of identified cost. Interest income is
recorded on the basis of interest accrued, adjusted for
amortization of premium or accretion of discount.
C Federal
Taxes
Each Funds policy is to comply
with the provisions of the Internal Revenue Code applicable to
regulated investment companies and to distribute to shareholders
each year substantially all of its taxable, if any, and
tax-exempt net investment income, and all or substantially all
of its net realized capital gains. Accordingly, no provision for
federal income or excise tax is necessary. Each Fund intends to
satisfy conditions which will enable it to designate
distributions from the interest income generated by its
investments in municipal obligations, which are exempt from
regular federal income tax when received by each Fund, as
exempt-interest dividends.
At September 30, 2010, the following Funds, for federal
income tax purposes, had capital loss carryforwards which will
reduce the respective Funds taxable income arising from
future net realized gains on investment transactions, if any, to
the extent permitted by the Internal Revenue Code, and thus will
reduce the amount of distributions to shareholders, which would
otherwise be necessary to relieve the Funds of any liability for
federal income or excise tax. The amounts and expiration dates
of the capital loss carryforwards are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
California
|
|
Massachusetts
|
|
Michigan
|
|
New Jersey
|
|
New York
|
|
|
|
Pennsylvania
|
|
|
Expiration Date
|
|
Fund II
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund II
|
|
Ohio Fund
|
|
Fund
|
|
|
|
|
September 30, 2013
|
|
$
|
|
|
|
$
|
|
|
|
$
|
179,329
|
|
|
$
|
384,407
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
321,978
|
|
|
$
|
|
|
|
|
September 30, 2016
|
|
|
658,427
|
|
|
|
52,500
|
|
|
|
|
|
|
|
1,883
|
|
|
|
|
|
|
|
41,818
|
|
|
|
83,319
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
2,011,041
|
|
|
|
1,365,711
|
|
|
|
94,578
|
|
|
|
|
|
|
|
244,927
|
|
|
|
1,233,356
|
|
|
|
1,620,085
|
|
|
|
|
|
|
|
September 30, 2018
|
|
|
11,539,291
|
|
|
|
3,330,399
|
|
|
|
1,054,999
|
|
|
|
579,696
|
|
|
|
2,060,337
|
|
|
|
1,545,637
|
|
|
|
3,381,936
|
|
|
|
1,949,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,208,759
|
|
|
$
|
4,748,610
|
|
|
$
|
1,328,906
|
|
|
$
|
965,986
|
|
|
$
|
2,305,264
|
|
|
$
|
2,820,811
|
|
|
$
|
5,407,318
|
|
|
$
|
1,949,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
Additionally, at September 30, 2010, the Municipal
Fund II, California Fund II, Massachusetts Fund,
Michigan Fund, New Jersey Fund, New York Fund II, Ohio Fund
and Pennsylvania Fund had net capital losses of $1,499,034,
$1,573,635, $225,669, $524,009, $1,550,366, $1,647,209, $692,166
and $730,899, respectively, attributable to security
transactions incurred after October 31, 2009. These net
capital losses are treated as arising on the first day of the
Funds taxable year ending September 30, 2011.
As of March 31, 2011, the Funds had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Funds federal
tax returns filed in the
3-year
period ended September 30, 2010 remains subject to
examination by the Internal Revenue Service.
D Expense
Reduction
State Street Bank and
Trust Company (SSBT) serves as custodian of the Funds.
Pursuant to the respective custodian agreements, SSBT receives a
fee reduced by credits, which are determined based on the
average daily cash balance each Fund maintains with SSBT. All
credit balances, if any, used to reduce each Funds
custodian fees are reported as a reduction of expenses in the
Statements of Operations.
E Legal
Fees
Legal fees and other related expenses
incurred as part of negotiations of the terms and requirement of
capital infusions, or that are expected to result in the
restructuring of, or a plan of reorganization for, an investment
are recorded as realized losses. Ongoing expenditures to protect
or enhance an investment are treated as operating expenses.
F Use of
Estimates
The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during
the reporting period. Actual results could differ from those
estimates.
G Indemnifications
Under each Funds 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 Funds Declaration of Trust
contains an express disclaimer of liability on the part of Fund
shareholders and the By-laws provide that the Fund shall assume
the defense on behalf of any Fund shareholders. Moreover, the
By-laws also provide for indemnification out of Fund property of
any shareholder held personally liable solely by reason of being
or having been a shareholder for all loss or expense arising
from such liability. Additionally, in the normal course of
business, each Fund enters into agreements with service
providers that may contain indemnification clauses. Each
Funds maximum exposure under these arrangements is unknown
as this would involve future claims that may be made against
each Fund that have not yet occurred.
H Floating Rate
Notes Issued in Conjunction with Securities
Held
The Funds may invest in inverse floating
rate securities, also referred to as residual interest bonds,
whereby a Fund may sell a variable or fixed rate bond to a
broker for cash. At the same time, the Fund buys a residual
interest in the assets and cash flows of a Special-Purpose
Vehicle (the SPV), (which is generally organized as a trust),
set up by the broker, often referred to as an inverse floating
rate obligation (Inverse Floater). The broker deposits a bond
into the SPV with the same CUSIP number as the bond sold to the
broker by the Fund, and which may have been, but is not required
to be, the bond purchased from the Fund (the Bond). The SPV also
issues floating rate notes (Floating Rate Notes) which are sold
to third-parties. The Inverse Floater held by a Fund gives the
Fund the right (1) to cause the holders of the Floating
Rate Notes to generally tender their notes at par, and
(2) to have the broker transfer the Bond held by the SPV to
the Fund, thereby terminating the SPV. Should the Fund exercise
such right, it would generally pay the broker the par amount due
on the Floating Rate Notes and exchange the Inverse Floater for
the underlying Bond. Pursuant to generally accepted accounting
principles for transfers and servicing of financial assets and
extinguishment of liabilities, the Funds account for the
transaction described above as a secured borrowing by including
the Bond in their Portfolio of Investments and the Floating Rate
Notes as a liability under the caption Payable for
floating rate notes issued in their Statement of Assets
and Liabilities. The Floating Rate Notes have interest rates
that generally reset weekly and their holders have the option to
tender their notes to the broker for redemption at par at each
reset date. Interest expense related to the Funds
liability with respect to Floating Rate Notes is recorded as
incurred. The SPV may be terminated by the Fund, as noted above,
or by the broker upon the occurrence of certain termination
events as defined in the trust agreement, such as a downgrade in
the credit quality of the underlying Bond, bankruptcy of or
payment failure by the issuer of the underlying Bond, the
inability to remarket Floating Rate Notes that have been
tendered due to insufficient buyers in the market, or the
failure by the SPV to obtain renewal of the liquidity agreement
under which liquidity support is provided for the Floating Rate
Notes up to one year. Structuring fees paid to the liquidity
provider upon the creation of an SPV have been recorded as debt
issuance costs and are being amortized as interest expense to
the expected maturity of the related trust. Unamortized
structuring fees related to a terminated SPV are recorded as a
realized loss on extinguishment of debt. At March 31, 2011,
the amounts of the Funds Floating Rate Notes and related
interest rates and collateral were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
California
|
|
Massachusetts
|
|
New Jersey
|
|
New York
|
|
|
|
Pennsylvania
|
|
|
|
|
Fund II
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
Fund II
|
|
Ohio Fund
|
|
Fund
|
|
|
|
|
Floating Rate Notes Outstanding
|
|
$
|
53,645,000
|
|
|
$
|
8,705,000
|
|
|
$
|
3,330,000
|
|
|
$
|
4,790,000
|
|
|
$
|
11,780,000
|
|
|
$
|
1,010,000
|
|
|
$
|
3,540,000
|
|
|
|
Interest Rate or Range of Interest Rates (%)
|
|
|
0.23 - 0.45
|
|
|
|
0.25 - 0.31
|
|
|
|
0.25 - 0.28
|
|
|
|
0.26 - 0.45
|
|
|
|
0.23 - 0.26
|
|
|
|
0.30 - 0.35
|
|
|
|
0.26 - 0.40
|
|
|
|
Collateral for Floating Rate Notes Outstanding
|
|
$
|
57,906,437
|
|
|
$
|
8,679,237
|
|
|
$
|
3,957,433
|
|
|
$
|
6,091,978
|
|
|
$
|
12,948,151
|
|
|
$
|
1,535,832
|
|
|
$
|
4,926,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
For the six months ended March 31, 2011, the Funds
average Floating Rate Notes outstanding and the average interest
rate (annualized) including fees and amortization of deferred
debt issuance costs were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
California
|
|
Massachusetts
|
|
New Jersey
|
|
New York
|
|
|
|
Pennsylvania
|
|
|
|
|
Fund II
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
Fund II
|
|
Ohio Fund
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Floating Rate Notes Outstanding
|
|
$
|
54,035,522
|
|
|
$
|
8,705,000
|
|
|
$
|
3,330,000
|
|
|
$
|
5,978,374
|
|
|
$
|
11,391,676
|
|
|
$
|
1,010,000
|
|
|
$
|
4,158,626
|
|
|
|
Average Interest Rate
|
|
|
0.78
|
%
|
|
|
0.73
|
%
|
|
|
0.77
|
%
|
|
|
0.89
|
%
|
|
|
0.83
|
%
|
|
|
1.03
|
%
|
|
|
0.86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Funds may enter into shortfall and forbearance agreements
with the broker by which a Fund agrees to reimburse the broker,
in certain circumstances, for the difference between the
liquidation value of the Bond held by the SPV and the
liquidation value of the Floating Rate Notes, as well as any
shortfalls in interest cash flows. The Funds exposure
under shortfall and forbearance agreements that were entered
into as of March 31, 2011 was approximately $397,000,
$298,000, $54,000, $27,000 and $20,000 for the Municipal
Fund II, California Fund II, New Jersey Fund, New York
Fund II and Pennsylvania Fund, respectively, and none for
Massachusetts Fund, Michigan Fund and Ohio Fund.
The Funds may also purchase Inverse Floaters from brokers in a
secondary market transaction without first owning the underlying
bond. Such transactions are not required to be treated as
secured borrowings. Shortfall agreements, if any, related to
Inverse Floaters purchased in a secondary market transaction are
disclosed in the Portfolio of Investments. The Funds
investment policies and restrictions expressly permit
investments in Inverse Floaters. Inverse floating rate
securities 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 inverse floating rate securities 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. Inverse
Floaters held by the Funds are securities exempt from
registration under Rule 144A of the Securities Act of 1933.
I Financial Futures
Contracts
The Funds may enter into financial
futures contracts. Upon entering into a financial futures
contract, a Fund is required to deposit with the broker, either
in cash or securities, an amount equal to a certain percentage
of the purchase price (initial margin). Subsequent payments,
known as variation margin, are made or received by the Fund each
business day, depending on the daily fluctuations in the value
of the underlying security, and are recorded as unrealized gains
or losses by the Fund. Gains (losses) are realized upon the
expiration or closing of the financial futures contracts. Should
market conditions change unexpectedly, the Fund may not achieve
the anticipated benefits of the financial futures contracts and
may realize a loss. Futures contracts have minimal counterparty
risk as they are exchange traded and the clearinghouse for the
exchange is substituted as the counterparty, guaranteeing
counterparty performance.
J Interest Rate
Swaps
Pursuant to interest rate swap
agreements, a Fund makes periodic payments at a fixed interest
rate and, in exchange, receives payments based on the interest
rate of a benchmark industry index. During the term of the
outstanding swap agreement, changes in the underlying value of
the swap are recorded as unrealized gains or losses. The value
of the swap is determined by changes in the relationship between
two rates of interest. A Fund is exposed to credit loss in the
event of non-performance by the swap counterparty. Risk may also
arise from movements in interest rates.
K When-Issued Securities and
Delayed Delivery Transactions
The Funds may
purchase or sell securities on a delayed delivery or when-issued
basis. Payment and delivery may take place after the customary
settlement period for that security. At the time the transaction
is negotiated, the price of the security that will be delivered
is fixed. The Funds maintain security positions for these
commitments such that sufficient liquid assets will be available
to make payments upon settlement. Securities purchased on a
delayed delivery or when-issued basis are
marked-to-market
daily and begin earning interest on settlement date. Losses may
arise due to changes in the market value of the underlying
securities or if the counterparty does not perform under the
contract.
L Statement of Cash
Flows
The cash amount shown in the Statement
of Cash Flows of a Fund is the amount included in the
Funds Statement of Assets and Liabilities and represents
the cash on hand at its custodian and does not include any
short-term investments.
M Interim Financial
Statements
The interim financial statements
relating to March 31, 2011 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 Auction
Preferred Shares
Each Fund issued Auction Preferred Shares (APS) on
January 15, 2003 in a public offering. The underwriting
discounts and other offering costs incurred in connection with
the offering were recorded as a reduction of the paid-in capital
of the common shares of each respective Fund. Dividends on the
APS,
61
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
which accrue daily, are cumulative at rates which are reset
every seven days by an auction, unless a special dividend period
has been set. If the APS auctions do not successfully clear, the
dividend payment rate over the next period for the APS holders
is set at a specified maximum applicable rate until such time as
the APS auctions are successful. The maximum applicable rate on
the APS is 110% (150% for taxable distributions) of the greater
of the 1) AA Financial Composite Commercial
Paper Rate or 2) Taxable Equivalent of the Short-Term
Municipal Obligation Rate on the date of the auction. Series of
APS are identical in all respects except for the reset dates of
the dividend rates.
The number of APS issued and outstanding as of March 31,
2011 is as follows:
|
|
|
|
|
|
|
|
|
APS Issued
|
|
|
Fund
|
|
and Outstanding
|
|
|
|
|
Municipal II
|
|
|
|
|
|
|
Series A
|
|
|
894
|
|
|
|
Series B
|
|
|
894
|
|
|
|
California II
|
|
|
1,028
|
|
|
|
Massachusetts
|
|
|
543
|
|
|
|
Michigan
|
|
|
533
|
|
|
|
New Jersey
|
|
|
784
|
|
|
|
New York II
|
|
|
530
|
|
|
|
Ohio
|
|
|
680
|
|
|
|
Pennsylvania
|
|
|
869
|
|
|
|
|
|
|
|
|
|
|
|
|
The APS are redeemable at the option of each Fund at a
redemption price equal to $25,000 per share, plus accumulated
and unpaid dividends, on any dividend payment date. The APS are
also subject to mandatory redemption at a redemption price equal
to $25,000 per share, plus accumulated and unpaid dividends, if
a Fund is in default for an extended period on its asset
maintenance requirements with respect to the APS. If the
dividends on the APS remain unpaid in an amount equal to two
full years dividends, the holders of the APS as a class
have the right to elect a majority of the Board of Trustees. In
general, the holders of the APS and the common shares have equal
voting rights of one vote per share, except that the holders of
the APS, as a separate class, have the right to elect at least
two members of the Board of Trustees. The APS have a liquidation
preference of $25,000 per share, plus accumulated and unpaid
dividends. Each Fund is required to maintain certain asset
coverage with respect to the APS as defined in the Funds
By-laws and the 1940 Act. Each Fund pays an annual fee up to
0.15% of the liquidation value of the APS to broker-dealers as a
service fee if the auctions are unsuccessful; otherwise, the
annual fee is 0.25%.
62
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
3 Distributions
to Shareholders
Each Fund intends to make monthly distributions of net
investment income to common shareholders, after payment of any
dividends on any outstanding APS. In addition, at least
annually, each Fund intends to distribute all or substantially
all of its net realized capital gains (reduced by available
capital loss carryforwards from prior years, if any).
Distributions to common shareholders are recorded on the
ex-dividend date. Distributions to preferred shareholders are
recorded daily and are payable at the end of each dividend
period. The dividend rates for APS at March 31, 2011, and
the amount of dividends accrued (including capital gains, if
any) to APS shareholders, average APS dividend rates, and
dividend rate ranges for the six months then ended were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APS Dividend
|
|
Dividends
|
|
Average APS
|
|
Dividend
|
|
|
|
|
Rates at
|
|
Accrued to APS
|
|
Dividend
|
|
Rate
|
|
|
Fund
|
|
March 31, 2011
|
|
Shareholders
|
|
Rates
|
|
Ranges (%)
|
|
|
|
|
Municipal II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A
|
|
|
0.38
|
%
|
|
$
|
46,922
|
|
|
|
0.42
|
%
|
|
|
0.370.69
|
|
|
|
Series B
|
|
|
0.40
|
|
|
|
47,152
|
|
|
|
0.42
|
|
|
|
0.370.69
|
|
|
|
California II
|
|
|
0.38
|
|
|
|
53,955
|
|
|
|
0.42
|
|
|
|
0.370.69
|
|
|
|
Massachusetts
|
|
|
0.40
|
|
|
|
28,266
|
|
|
|
0.42
|
|
|
|
0.370.69
|
|
|
|
Michigan
|
|
|
0.38
|
|
|
|
27,628
|
|
|
|
0.42
|
|
|
|
0.370.50
|
|
|
|
New Jersey
|
|
|
0.38
|
|
|
|
41,123
|
|
|
|
0.42
|
|
|
|
0.370.69
|
|
|
|
New York II
|
|
|
0.38
|
|
|
|
27,939
|
|
|
|
0.42
|
|
|
|
0.370.69
|
|
|
|
Ohio
|
|
|
0.40
|
|
|
|
35,865
|
|
|
|
0.42
|
|
|
|
0.370.69
|
|
|
|
Pennsylvania
|
|
|
0.40
|
|
|
|
44,800
|
|
|
|
0.41
|
|
|
|
0.370.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning February 13, 2008 and consistent with the
patterns in the broader market for auction-rate securities, the
Funds APS auctions were unsuccessful in clearing due to an
imbalance of sell orders over bids to buy the APS. As a result,
the dividend rates of the APS were reset to the maximum
applicable rates. The table above reflects such maximum dividend
rates for each series as of March 31, 2011.
The Funds distinguish between distributions on a tax basis and a
financial reporting basis. Accounting principles generally
accepted in the United States of America require that only
distributions in excess of tax basis earnings and profits be
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.
4 Investment
Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management
(EVM) as compensation for investment advisory services rendered
to each Fund. The fee is computed at an annual rate of 0.55% of
each Funds average weekly gross assets and is payable
monthly. Average weekly gross assets include the principal
amount of any indebtedness for money borrowed, including debt
securities issued by a Fund, and the amount of any outstanding
APS issued by the Fund. Pursuant to a fee reduction agreement
with EVM, average weekly gross assets are calculated by adding
to net assets the liquidation value of a Funds APS then
outstanding and the amount payable by the Fund to floating rate
note holders, such adjustment being limited to the value of the
APS outstanding prior to any APS redemptions by the Fund. EVM
also serves as the administrator of each Fund, but receives no
compensation. For the six months ended March 31, 2011, the
investment adviser fees were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
California
|
|
Massachusetts
|
|
Michigan
|
|
New Jersey
|
|
New York
|
|
|
|
Pennsylvania
|
|
|
|
|
Fund II
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund II
|
|
Ohio Fund
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Adviser Fee
|
|
$
|
546,699
|
|
|
$
|
209,560
|
|
|
$
|
106,081
|
|
|
$
|
92,263
|
|
|
$
|
152,913
|
|
|
$
|
147,708
|
|
|
$
|
130,054
|
|
|
$
|
170,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Except for Trustees of the Funds who are not members of
EVMs organization, officers and Trustees receive
remuneration for their services to the Funds out of the
investment adviser fee. Trustees of the Funds who are not
affiliated with the investment adviser may elect to defer
receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation
Plan. For the six months ended March 31, 2011, no
significant amounts have been deferred. Certain officers and
Trustees of the Funds are officers of EVM.
63
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
5 Purchases
and Sales of Investments
Purchases and sales of investments, other than short-term
obligations, for the six months ended March 31, 2011 were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
California
|
|
Massachusetts
|
|
Michigan
|
|
New Jersey
|
|
New York
|
|
Ohio
|
|
Pennsylvania
|
|
|
|
|
Fund II
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
|
|
|
Purchases
|
|
$
|
17,967,590
|
|
|
$
|
15,396,250
|
|
|
$
|
7,464,671
|
|
|
$
|
|
|
|
$
|
1,903,876
|
|
|
$
|
5,587,131
|
|
|
$
|
2,186,558
|
|
|
$
|
6,266,216
|
|
|
|
Sales
|
|
$
|
15,900,203
|
|
|
$
|
15,235,028
|
|
|
$
|
8,519,345
|
|
|
$
|
360,047
|
|
|
$
|
3,423,881
|
|
|
$
|
5,987,059
|
|
|
$
|
1,987,510
|
|
|
$
|
6,054,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Common
Shares of Beneficial Interest
Common shares issued pursuant to the Funds dividend
reinvestment plan for the six months ended March 31, 2011
and the year ended September 30, 2010 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
California
|
|
Massachusetts
|
|
Michigan
|
|
New Jersey
|
|
New York
|
|
Ohio
|
|
Pennsylvania
|
|
|
|
|
Fund II
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2011 (Unaudited)
|
|
|
9,546
|
|
|
|
3,363
|
|
|
|
2,008
|
|
|
|
255
|
|
|
|
5,544
|
|
|
|
1,589
|
|
|
|
2,671
|
|
|
|
2,593
|
|
|
|
Year Ended September 30, 2010
|
|
|
17,591
|
|
|
|
5,807
|
|
|
|
4,173
|
|
|
|
391
|
|
|
|
8,500
|
|
|
|
2,956
|
|
|
|
6,248
|
|
|
|
5,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of each Fund at March 31, 2011, as determined
on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
California
|
|
Massachusetts
|
|
Michigan
|
|
New Jersey
|
|
New York
|
|
|
|
Pennsylvania
|
|
|
|
|
Fund II
|
|
Fund II
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund II
|
|
Ohio Fund
|
|
Fund
|
|
|
|
|
Aggregate cost
|
|
$
|
167,624,293
|
|
|
$
|
70,779,184
|
|
|
$
|
34,885,216
|
|
|
$
|
32,783,577
|
|
|
$
|
51,410,190
|
|
|
$
|
42,080,552
|
|
|
$
|
46,492,139
|
|
|
$
|
61,096,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
822,590
|
|
|
$
|
830,802
|
|
|
$
|
724,730
|
|
|
$
|
1,173,507
|
|
|
$
|
802,556
|
|
|
$
|
811,432
|
|
|
$
|
784,137
|
|
|
$
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(21,726,002
|
)
|
|
|
(8,300,288
|
)
|
|
|
(1,959,315
|
)
|
|
|
(1,723,152
|
)
|
|
|
(2,909,882
|
)
|
|
|
(2,692,651
|
)
|
|
|
(3,210,005
|
)
|
|
|
(5,454,451
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(20,903,412
|
)
|
|
$
|
(7,469,486
|
)
|
|
$
|
(1,234,585
|
)
|
|
$
|
(549,645
|
)
|
|
$
|
(2,107,326
|
)
|
|
$
|
(1,881,219
|
)
|
|
$
|
(2,425,868
|
)
|
|
$
|
(5,454,451
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 Overdraft
Advances
Pursuant to the respective custodian agreements, SSBT may, in
its discretion, advance funds to the Funds to make properly
authorized payments. When such payments result in an overdraft,
the Funds are obligated to repay SSBT at the current rate of
interest charged by SSBT for secured loans (currently, a rate
above the Federal Funds rate). This obligation is payable on
demand to SSBT. SSBT has a lien on a Funds assets to the
extent of any overdraft. At March 31, 2011, Municipal
Fund II had payments due to SSBT pursuant to the foregoing
arrangement of $302,788.
9 Financial
Instruments
The Funds may trade in financial instruments with off-balance
sheet risk in the normal course of their investing activities.
These financial instruments may include financial futures
contracts and interest rate swaps and may involve, to a varying
degree, elements of risk in excess of the amounts recognized for
financial statement purposes. The notional or contractual
amounts of these instruments represent the investment a Fund has
in particular classes of financial instruments and do not
necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments
is meaningful only when all related and offsetting transactions
are considered.
64
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
A summary of obligations under these financial instruments at
March 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
Expiration
|
|
|
|
|
|
Aggregate
|
|
|
|
Appreciation
|
|
|
Fund
|
|
Date
|
|
Contracts
|
|
Position
|
|
Cost
|
|
Value
|
|
(Depreciation)
|
|
|
|
|
Municipal II
|
|
6/11
|
|
45 U.S. 10-Year Treasury Note
|
|
Short
|
|
$
|
(5,373,803
|
)
|
|
$
|
(5,356,406
|
)
|
|
$
|
17,397
|
|
|
|
|
|
6/11
|
|
111 U.S. 30-Year Treasury Bond
|
|
Short
|
|
$
|
(13,335,433
|
)
|
|
$
|
(13,340,813
|
)
|
|
$
|
(5,380
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California II
|
|
6/11
|
|
25 U.S. 10-Year Treasury Note
|
|
Short
|
|
$
|
(2,972,178
|
)
|
|
$
|
(2,975,781
|
)
|
|
$
|
(3,603
|
)
|
|
|
|
|
6/11
|
|
53 U.S. 30-Year Treasury Bond
|
|
Short
|
|
$
|
(6,358,986
|
)
|
|
$
|
(6,369,937
|
)
|
|
$
|
(10,951
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts
|
|
6/11
|
|
25 U.S. 10-Year Treasury Note
|
|
Short
|
|
$
|
(2,970,811
|
)
|
|
$
|
(2,975,781
|
)
|
|
$
|
(4,970
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
|
|
6/11
|
|
9 U.S. 30-Year Treasury Bond
|
|
Short
|
|
$
|
(1,085,828
|
)
|
|
$
|
(1,081,688
|
)
|
|
$
|
4,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
|
|
6/11
|
|
65 U.S. 30-Year Treasury Bond
|
|
Short
|
|
$
|
(7,751,023
|
)
|
|
$
|
(7,812,188
|
)
|
|
$
|
(61,165
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York II
|
|
6/11
|
|
40 U.S. 10-Year Treasury Note
|
|
Short
|
|
$
|
(4,753,297
|
)
|
|
$
|
(4,761,250
|
)
|
|
$
|
(7,953
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio
|
|
6/11
|
|
15 U.S. 10-Year Treasury Note
|
|
Short
|
|
$
|
(1,791,268
|
)
|
|
$
|
(1,785,469
|
)
|
|
$
|
5,799
|
|
|
|
|
|
6/11
|
|
33 U.S. 30-Year Treasury Bond
|
|
Short
|
|
$
|
(3,965,564
|
)
|
|
$
|
(3,966,187
|
)
|
|
$
|
(623
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps
|
Municipal Fund II
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
3,000,000
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(107,688
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase Co.
|
|
|
3,000,000
|
|
|
|
4.425
|
|
|
3-month
USD-LIBOR-BBA
|
|
June 14, 2011/
June 14, 2041
|
|
|
(47,682
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(155,370
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California Fund II
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
1,812,500
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(65,062
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(65,062
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Fund
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
862,500
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(30,960
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase Co.
|
|
|
525,000
|
|
|
|
4.425
|
|
|
3-month
USD-LIBOR-BBA
|
|
June 14, 2011/
June 14, 2041
|
|
|
(8,345
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(39,305
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Fund
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
675,000
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(24,230
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase Co.
|
|
|
450,000
|
|
|
|
4.425
|
|
|
3-month
USD-LIBOR-BBA
|
|
June 14, 2011/
June 14, 2041
|
|
|
(7,152
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(31,382
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Fund
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
1,250,000
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(44,870
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase Co.
|
|
|
762,500
|
|
|
|
4.425
|
|
|
3-month
USD-LIBOR-BBA
|
|
June 14, 2011/
June 14, 2041
|
|
|
(12,119
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(56,989
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Fund II
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
2,000,000
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(71,792
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase Co.
|
|
|
762,500
|
|
|
|
4.425
|
|
|
3-month
USD-LIBOR-BBA
|
|
June 14, 2011/
June 14, 2041
|
|
|
(12,119
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(83,911
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Fund
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
750,000
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(26,922
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase Co.
|
|
|
737,500
|
|
|
|
4.425
|
|
|
3-month
USD-LIBOR-BBA
|
|
June 14, 2011/
June 14, 2041
|
|
|
(11,722
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(38,644
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Fund
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective Date/
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
Counterparty
|
|
Amount
|
|
Paid By Fund
|
|
Paid To Fund
|
|
Date
|
|
Depreciation
|
|
|
|
|
Bank of America
|
|
$
|
1,000,000
|
|
|
|
4.524
|
%
|
|
3-month
USD-LIBOR-BBA
|
|
May 18, 2011/
May 20, 2041
|
|
$
|
(35,896
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays Bank PLC
|
|
|
3,000,000
|
|
|
|
4.297
|
|
|
3-month
USD-LIBOR-BBA
|
|
April 18, 2011/
April 15, 2041
|
|
|
(955
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase Co.
|
|
|
725,000
|
|
|
|
4.425
|
|
|
3-month
USD-LIBOR-BBA
|
|
June 14, 2011/
June 14, 2041
|
|
|
(11,523
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(48,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The effective date represents the date on which a Fund and the
counterparty to the interest rate swap contract begin interest
payment accruals.
At March 31, 2011, the Funds had sufficient cash
and/or
securities to cover commitments under these contracts.
Each Fund is subject to interest rate risk in the normal course
of pursuing its investment objectives. Because the Funds hold
fixed-rate bonds, the value of these bonds may decrease if
interest rates rise. To hedge against this risk, the Funds enter
into interest rate swap contracts. The Funds also purchase and
sell U.S. Treasury futures contracts to hedge against changes in
interest rates.
The Funds enter into interest rate swap contracts that may
contain provisions whereby the counterparty may terminate the
contract under certain conditions, including but not limited to
a decline in a Funds net assets below a certain level over
a certain period of time, which would trigger a payment by the
Fund for those swaps in a liability position. At March 31,
2011, the fair value of interest rate swaps with credit-related
contingent features in a net liability position was equal to the
fair value of the liability derivative related to interest rate
swaps included in the table below for each respective Fund. The
value of securities pledged as collateral, if any, for open
interest rate swap contracts at March 31, 2011 is disclosed
in a note to each Funds Portfolio of Investments.
The non-exchange traded derivatives in which a Fund invests,
including swap contracts, are subject to the risk that the
counterparty to the contract fails to perform its obligations
under the contract. At March 31, 2011, the maximum amount
of loss the Funds would incur due to counterparty risk was equal
to the fair value of the asset derivative related to interest
rate swaps included in the table below for each respective Fund.
Counterparties may be required to pledge collateral in the form
of cash, U.S. Government securities or highly-rated bonds for
the benefit of a Fund if the net amount due from the
counterparty with respect to a derivative contract exceeds a
certain threshold. The amount of collateral posted by the
counterparties with respect to such contracts would reduce the
amount of any loss incurred.
67
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
The fair values of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) and
whose primary underlying risk exposure is interest rate risk at
March 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
California
|
|
|
Massachusetts
|
|
|
Michigan
|
|
|
New Jersey
|
|
|
New York
|
|
|
Ohio
|
|
|
Pennsylvania
|
|
|
|
|
|
Fund II
|
|
|
Fund II
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund II
|
|
|
Fund
|
|
|
Fund
|
|
|
|
|
|
Asset Derivative:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts
(1)
|
|
$
|
17,397
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
4,140
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
5,799
|
|
|
$
|
|
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
17,397
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
4,140
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
5,799
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivative:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts
(1)
|
|
$
|
(5,380
|
)
|
|
$
|
(14,554
|
)
|
|
$
|
(4,970
|
)
|
|
$
|
|
|
|
$
|
(61,165
|
)
|
|
$
|
(7,953
|
)
|
|
$
|
(623
|
)
|
|
$
|
|
|
|
|
Interest Rate
Swaps
(2)
|
|
|
(155,370
|
)
|
|
|
(65,062
|
)
|
|
|
(39,305
|
)
|
|
|
(31,382
|
)
|
|
|
(56,989
|
)
|
|
|
(83,911
|
)
|
|
|
(38,644
|
)
|
|
|
(48,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(160,750
|
)
|
|
$
|
(79,616
|
)
|
|
$
|
(44,275
|
)
|
|
$
|
(31,382
|
)
|
|
$
|
(118,154
|
)
|
|
$
|
(91,864
|
)
|
|
$
|
(39,267
|
)
|
|
$
|
(48,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Amount represents cumulative unrealized appreciation or
(depreciation) on futures contracts in the Futures Contracts
table above. Only the current days variation margin on
open futures contracts is reported within the Statement of
Assets and Liabilities as Receivable or Payable for variation
margin, as applicable.
|
(2)
|
|
Statement of Assets and Liabilities location: Payable for open
swap contracts; Net unrealized depreciation.
|
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the
Statement of Operations and whose primary underlying risk
exposure is interest rate risk for the six months ended
March 31, 2011 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
California
|
|
|
Massachusetts
|
|
|
Michigan
|
|
|
New Jersey
|
|
|
New York
|
|
|
Ohio
|
|
|
Pennsylvania
|
|
|
|
|
|
Fund II
|
|
|
Fund II
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund II
|
|
|
Fund
|
|
|
Fund
|
|
|
|
|
|
Realized Gain (Loss) on Derivatives Recognized in
Income
(1)
|
|
$
|
1,475,457
|
|
|
$
|
396,549
|
|
|
$
|
227,986
|
|
|
$
|
214,382
|
|
|
$
|
1,085,907
|
|
|
$
|
850,882
|
|
|
$
|
378,533
|
|
|
$
|
412,336
|
|
|
|
Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in
Income
(2)
|
|
$
|
65,833
|
|
|
$
|
(88,802
|
)
|
|
$
|
(31,597
|
)
|
|
$
|
(16,702
|
)
|
|
$
|
(110,182
|
)
|
|
$
|
(92,157
|
)
|
|
$
|
26,680
|
|
|
$
|
288,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Statement of Operations location: Net realized gain
(loss) Financial futures contracts and Swap
contracts.
|
(2)
|
|
Statement of Operations location: Change in unrealized
appreciation (depreciation) Financial futures
contracts and Swap contracts.
|
The average notional amounts of futures contracts and interest
rate swaps outstanding during the six months ended
March 31, 2011, which are indicative of the volume of these
derivative types, were approximately as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
California
|
|
|
Massachusetts
|
|
|
Michigan
|
|
|
New Jersey
|
|
|
New York II
|
|
|
Ohio
|
|
|
Pennsylvania
|
|
|
|
|
|
Fund II
|
|
|
Fund II
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
Fund
|
|
|
|
|
|
Average Notional Amount:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
11,629,000
|
|
|
$
|
3,943,000
|
|
|
$
|
1,071,000
|
|
|
$
|
529,000
|
|
|
$
|
6,500,000
|
|
|
$
|
3,429,000
|
|
|
$
|
3,514,000
|
|
|
$
|
|
|
|
|
Interest Rate Swaps
|
|
$
|
6,000,000
|
|
|
$
|
1,812,500
|
|
|
$
|
1,387,500
|
|
|
$
|
1,125,000
|
|
|
$
|
2,012,500
|
|
|
$
|
2,762,500
|
|
|
$
|
1,487,500
|
|
|
$
|
4,725,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 Fair
Value Measurements
Under generally accepted accounting principles for fair value
measurements, a three-tier hierarchy to prioritize the
assumptions, referred to as inputs, is used in valuation
techniques to measure fair value. The three-tier hierarchy of
inputs is summarized in the three broad levels listed below.
|
|
|
Level 1 quoted prices in active markets for
identical investments
|
|
|
Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)
|
|
|
Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments)
|
68
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level
disclosed is determined based on the lowest level input that is
significant to the fair value measurement in its entirety. The
inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
At March 31, 2011, the hierarchy of inputs used in valuing
the Funds investments, which are carried at value, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Fund II
|
|
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
200,365,881
|
|
|
$
|
|
|
|
$
|
200,365,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
200,365,881
|
|
|
$
|
|
|
|
$
|
200,365,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
17,397
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
17,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
17,397
|
|
|
$
|
200,365,881
|
|
|
$
|
|
|
|
$
|
200,383,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
(5,380
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(5,380
|
)
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
(155,370
|
)
|
|
|
|
|
|
|
(155,370
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(5,380
|
)
|
|
$
|
(155,370
|
)
|
|
$
|
|
|
|
$
|
(160,750
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California Fund II
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
72,014,698
|
|
|
$
|
|
|
|
$
|
72,014,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
72,014,698
|
|
|
$
|
|
|
|
$
|
72,014,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
(14,554
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(14,554
|
)
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
(65,062
|
)
|
|
|
|
|
|
|
(65,062
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(14,554
|
)
|
|
$
|
(65,062
|
)
|
|
$
|
|
|
|
$
|
(79,616
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Fund
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
36,980,631
|
|
|
$
|
|
|
|
$
|
36,980,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
36,980,631
|
|
|
$
|
|
|
|
$
|
36,980,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
(4,970
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(4,970
|
)
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
(39,305
|
)
|
|
|
|
|
|
|
(39,305
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(4,970
|
)
|
|
$
|
(39,305
|
)
|
|
$
|
|
|
|
$
|
(44,275
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Fund
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
32,233,932
|
|
|
$
|
|
|
|
$
|
32,233,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
32,233,932
|
|
|
$
|
|
|
|
$
|
32,233,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
4,140
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
4,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
4,140
|
|
|
$
|
32,233,932
|
|
|
$
|
|
|
|
$
|
32,238,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps
|
|
$
|
|
|
|
$
|
(31,382
|
)
|
|
$
|
|
|
|
$
|
(31,382
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
|
|
|
$
|
(31,382
|
)
|
|
$
|
|
|
|
$
|
(31,382
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Fund
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
54,092,864
|
|
|
$
|
|
|
|
$
|
54,092,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
54,092,864
|
|
|
$
|
|
|
|
$
|
54,092,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
(61,165
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(61,165
|
)
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
(56,989
|
)
|
|
|
|
|
|
|
(56,989
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(61,165
|
)
|
|
$
|
(56,989
|
)
|
|
$
|
|
|
|
$
|
(118,154
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Fund II
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
51,979,333
|
|
|
$
|
|
|
|
$
|
51,979,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
51,979,333
|
|
|
$
|
|
|
|
$
|
51,979,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
(7,953
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(7,953
|
)
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
(83,911
|
)
|
|
|
|
|
|
|
(83,911
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(7,953
|
)
|
|
$
|
(83,911
|
)
|
|
$
|
|
|
|
$
|
(91,864
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Fund
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
45,076,271
|
|
|
$
|
|
|
|
$
|
45,076,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
45,076,271
|
|
|
$
|
|
|
|
$
|
45,076,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
5,799
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
5,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
5,799
|
|
|
$
|
45,076,271
|
|
|
$
|
|
|
|
$
|
45,082,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Notes
to Financial Statements (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Fund
|
Liability Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Futures Contracts
|
|
$
|
(623
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(623
|
)
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
(38,644
|
)
|
|
|
|
|
|
|
(38,644
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(623
|
)
|
|
$
|
(38,644
|
)
|
|
$
|
|
|
|
$
|
(39,267
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Fund
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
59,181,652
|
|
|
$
|
|
|
|
$
|
59,181,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
59,181,652
|
|
|
$
|
|
|
|
$
|
59,181,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps
|
|
$
|
|
|
|
$
|
(48,374
|
)
|
|
$
|
|
|
|
$
|
(48,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
|
|
|
$
|
(48,374
|
)
|
|
$
|
|
|
|
$
|
(48,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Funds held no investments or other financial instruments as
of September 30, 2010 whose fair value was determined using
Level 3 inputs. At March 31, 2011, the value of
investments transferred between Level 1 and Level 2,
if any, during the six months then ended was not significant.
71
Eaton Vance
Municipal
Bond Funds
March 31, 2011
|
|
|
Officers
|
|
|
|
|
Cynthia J. Clemson
President of EIA, MIW, NYH, EIO and EIP
Thomas M. Metzold
President of MAB, EIV and EMJ
Payson F. Swaffield
Vice President
|
|
Barbara E. Campbell
Treasurer
Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer
Paul M. ONeil
Chief Compliance Officer
|
|
|
|
Trustees
|
|
|
|
|
Ralph F. Verni
Chairman
Benjamin C. Esty
Thomas E. Faust Jr.*
Allen R. Freedman
|
|
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Lynn A. Stout
|
Number of
Employees
Each Fund is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a closed-end management investment company and has no
employees.
Number of
Shareholders
As of March 31, 2011, Fund records indicate that there are
66, 25, 18, 23, 22, 36, 48 and 96 registered shareholders for
Municipal Bond Fund II, California Municipal Bond
Fund II, Massachusetts Municipal Bond Fund, Michigan
Municipal Bond Fund, New Jersey Municipal Bond Fund, New York
Municipal Bond Fund II, Ohio Municipal Bond Fund and
Pennsylvania Municipal Bond Fund, respectively, and
approximately 4,324, 1,344, 782, 836, 1,194, 1,140, 1,301 and
1,533 shareholders owning the Fund shares in street name, such
as through brokers, banks and financial intermediaries for
Municipal Bond Fund II, California Municipal Bond
Fund II, Massachusetts Municipal Bond Fund, Michigan
Municipal Bond Fund, New Jersey Municipal Bond Fund, New York
Municipal Bond Fund II, Ohio Municipal Bond Fund and
Pennsylvania Municipal Bond Fund, respectively.
If you are a street name shareholder and wish to receive Fund
reports directly, which contain important information about a
Fund, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
NYSE Amex
symbols
|
|
|
Municipal Bond Fund II
|
|
EIV
|
California Municipal Bond Fund II
|
|
EIA
|
Massachusetts Municipal Bond Fund
|
|
MAB
|
Michigan Municipal Bond Fund
|
|
MIW
|
New Jersey Municipal Bond Fund
|
|
EMJ
|
New York Municipal Bond Fund II
|
|
NYH
|
Ohio Municipal Bond Fund
|
|
EIO
|
Pennsylvania Municipal Bond Fund
|
|
EIP
|
72
Eaton Vance
Municipal
Bond Funds
March 31, 2011
Privacy.
The
Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has
in effect the following policy (Privacy Policy) with respect to
nonpublic personal information about its customers:
|
|
|
Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information
such as name, address, social security number, tax status,
account balances and transactions.
|
|
|
None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In
the normal course of servicing a customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers.
|
|
|
Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
|
|
|
We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the
link on our homepage: www.eatonvance.com.
|
Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel, Boston
Management and Research, and Eaton Vance Distributors, Inc. Our
Privacy Policy applies only to those Eaton Vance customers who
are individuals and who have a direct relationship with us. If a
customers account (i.e., fund shares) is held in the name
of a third-party financial adviser/broker-dealer, it is likely
that only such advisers privacy policies apply to the
customer. This notice supersedes all previously issued privacy
disclosures. For more information about Eaton Vances
Privacy Policy, please call
1-800-262-1122.
Delivery of Shareholder
Documents.
The Securities and Exchange
Commission (the SEC) permits funds to deliver only
one copy of shareholder documents, including prospectuses, proxy
statements and shareholder reports, to fund investors with
multiple accounts at the same residential or post office box
address. This practice is often called householding
and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the
mailing of your documents indefinitely unless you instruct Eaton
Vance, or your financial adviser, otherwise.
If you would
prefer that your Eaton Vance documents not be householded,
please contact Eaton Vance at
1-800-262-1122,
or contact your financial adviser. Your instructions that
householding not apply to delivery of your Eaton Vance documents
will be effective within 30 days of receipt by Eaton Vance
or your financial adviser.
Portfolio
Holdings.
Each Eaton Vance Fund and its
underlying Portfolio(s) (if applicable) will file a schedule of
portfolio holdings on
Form N-Q
with the SEC for the first and third quarters of each fiscal
year. The
Form N-Q
will be available on the Eaton Vance website at
www.eatonvance.com, by calling Eaton Vance at
1-800-262-1122
or in the EDGAR database on the SECs website at
www.sec.gov.
Form N-Q
may also be reviewed and copied at the SECs public
reference room in Washington, D.C. (call
1-800-732-0330
for information on the operation of the public reference room).
Proxy
Voting.
From time to time, funds are required to
vote proxies related to the securities held by the funds. The
Eaton Vance Funds or their underlying Portfolios (if applicable)
vote proxies according to a set of policies and procedures
approved by the Funds and Portfolios Boards. You may
obtain a description of these policies and procedures and
information on how the Funds or Portfolios voted proxies
relating to portfolio securities during the most recent
12-month
period ended June 30, without charge, upon request, by
calling
1-800-262-1122
and by accessing the SECs website at www.sec.gov.
Additional Notice to
Shareholders.
A Fund may redeem or purchase its
outstanding auction preferred shares (APS) in order to maintain
compliance with regulatory requirements, borrowing or rating
agency requirements or for other purposes as it deems
appropriate or necessary. A Fund also may purchase shares of its
common stock in the open market when they trade at a discount to
net asset value or at other times if the Fund determines such
purchases are advisable. There can be no assurance that a Fund
will take such action or that such purchases would reduce the
discount.
Closed-End
Fund Information.
The Eaton Vance
closed-end funds make certain quarterly fund performance data
and information about portfolio characteristics (such as top
holdings and asset allocation) available on the Eaton Vance
website after the end of each calendar quarter-end. Certain
month-end fund performance data for the funds, including total
returns, are posted to the website shortly after the end of each
calendar month. Portfolio holdings for the most recent calendar
quarter-end are also posted to the website approximately
30 days following the end of the quarter. This information
is available at www.eatonvance.com on the fund information pages
under Individual Investors Closed-End
Funds.
73
This Page Intentionally Left Blank
This Page Intentionally Left Blank
This Page Intentionally Left Blank
Investment
Adviser and Administrator
Eaton
Vance Management
Two International Place
Boston, MA 02110
Custodian
State
Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer
Agent
American
Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Fund
Offices
Two
International Place
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Chief Financial
Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice
Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief
Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice
President and Chief Financial Officer of United Asset Management Corporation (an institutional
investment management firm) and as a Senior Manager at Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public accounting firm).
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund
Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds
investment adviser and adopted the investment advisers proxy voting policies and procedures (the
Policies) which are described below. The Trustees will review the Funds proxy voting records
from time to time and will annually consider approving the Policies for the upcoming year. In the
event that a conflict of interest arises between the Funds shareholders and the investment
adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment
adviser will generally refrain from voting the proxies related to the companies giving rise to such
conflict until it consults with the Boards Special Committee except as contemplated under the Fund
Policy. The Boards Special Committee will instruct the investment adviser on the appropriate
course of action.
The Policies are designed to promote accountability of a companys management to its shareholders
and to align the interests of management with those shareholders. An independent proxy
voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to
assist in the voting of proxies through the provision of vote analysis, implementation and
recordkeeping and disclosure
services. The investment adviser will generally vote proxies through the Agent. The Agent is
required to vote all proxies and/or refer them back to the investment adviser pursuant to the
Policies. It is generally the policy of the investment adviser to vote in accordance with the
recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to
mergers and restructurings, and the disposition of assets, termination, liquidation and mergers
contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover
measures and other proposals designed to limit the ability of shareholders to act on possible
transactions, except in the case of closed-end management investment companies. The investment
adviser generally supports management on social and environmental proposals. The investment
adviser may abstain from voting from time to time where it determines that the costs associated
with voting a proxy outweighs the benefits derived from exercising the right to vote or the
economic effect on shareholders interests or the value of the portfolio holding is indeterminable
or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of
interest between the Funds shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund by maintaining a list of significant existing and
prospective corporate clients. The investment advisers personnel responsible for reviewing and
voting proxies on behalf of the Fund will report any proxy received or expected to be received from
a company included on that
list to the personnel of the investment adviser identified in the
Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner
inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel
will consult with members of senior management of the investment adviser to determine if a material
conflict of interests exists. If it is determined that a material conflict does exist, the
investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent
12 month period ended June 30 is available (1) without charge, upon request, by calling
1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal
financial officer that the effectiveness of the registrants current disclosure controls and
procedures (such disclosure controls and procedures having been evaluated within 90 days of the
date of this filing) provide reasonable assurance that the information required to be disclosed by
the registrant has been recorded, processed, summarized and reported within the time period
specified in the Commissions rules and forms and that the information required to be disclosed by
the registrant has been accumulated and communicated to the registrants principal executive
officer and principal financial officer in order to allow timely decisions regarding required
disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting
during the second fiscal quarter of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrants internal control over financial
reporting.
Item 12. Exhibits
|
|
|
(a)(1)
|
|
Registrants Code of Ethics Not applicable (please see Item 2).
|
(a)(2)(i)
|
|
Treasurers Section 302 certification.
|
(a)(2)(ii)
|
|
Presidents Section 302 certification.
|
(b)
|
|
Combined Section 906 certification.
|
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Eaton Vance Ohio Municipal Bond Fund
|
|
|
|
|
By:
|
|
/s/ Cynthia J. Clemson
Cynthia J. Clemson
|
|
|
|
|
President
|
|
|
|
|
|
|
|
Date:
|
|
May 9, 2011
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
|
|
|
|
|
By:
|
|
/s/ Barbara E. Campbell
Barbara E. Campbell
|
|
|
|
|
Treasurer
|
|
|
|
|
|
|
|
Date:
|
|
May 9, 2011
|
|
|
|
|
|
|
|
By:
|
|
/s/ Cynthia J. Clemson
Cynthia J. Clemson
|
|
|
|
|
President
|
|
|
|
|
|
|
|
Date:
|
|
May 9, 2011
|
|
|
Eaton Vance Ohio Municipal Bond Fund Common Shared of Befeficial Interest, $.01 Par Value (AMEX:EIO)
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Eaton Vance Ohio Municipal Bond Fund Common Shared of Befeficial Interest, $.01 Par Value (AMEX:EIO)
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