Eaton Vance Ohio Municipal Bond Fund
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21226
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
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2011
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

 
     
Eaton Vance
Municipal Bond Funds
Semiannual Report
March 31, 2011
  (IMAGE)
 
Municipal II (EIV)        California II (EIA)        Massachusetts (MAB)        Michigan (MIW)
New York II (NYH)      New Jersey (EMJ)      Ohio (EIO)      Pennsylvania (EIP)
(EATON VANCE LOGO)

 


 

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
         
Performance and Fund Profiles
       
 
       
Municipal Bond Fund II
    2  
 
       
California Municipal Bond Fund II
    3  
 
       
Massachusetts Municipal Bond Fund
    4  
 
       
Michigan Municipal Bond Fund
    5  
 
       
New Jersey Municipal Bond Fund
    6  
 
       
New York Municipal Bond Fund II
    7  
 
       
Ohio Municipal Bond Fund
    8  
 
       
Pennsylvania Municipal Bond Fund
    9  
 
       
Endnotes and Additional Disclosures
    10  
Financial Statements
    11  
Officers and Trustees
    72  
Important Notices
    73  

 


 

Eaton Vance
Municipal Bond Fund II
March 31, 2011
Portfolio Manager William H. Ahern, Jr., CFA
Performance1
 
         
NYSE Amex Symbol   EIV
Inception Date 11/29/02        
 
 
       
% Average Annual Total Returns at net asset value (NAV)
       
 
Six Months
    -14.44  
One Year
    -6.82  
Five Years
    -1.04  
Since Inception
    3.05  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -5.90  
One Year
    0.83  
Five Years
    3.57  
Since Inception
    5.44  
 
 
       
% Premium/(Discount) to NAV (3/31/11)
    21.13  
 
 
       
% Market Yields
       
 
Market Yield2
    7.56  
Taxable-Equivalent Market Yield3
    11.63  
 
 
       
% APS Leverage4
    22.05  
 
 
       
% RIB Leverage4
    26.46  
 
 
       
Comparative Performance (9/30/10 - 3/31/11)5
  % Return
 
Barclays Capital Long (22+) Municipal Bond Index
    -7.94 *
Lipper General Municipal Debt Funds (Leveraged) Classification at NAV
    -8.66 *
 
 
       
* Source: Lipper.
       
Fund Profile
 
Rating Distribution6 (% of total investments)
 
(BAR CHART)
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 Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):6
                         
 
 
                       
AAA
    10.1     BBB     9.6  
AA
    62.0     D       1.3  
A
    16.9     Not Rated     0.1  
 
                       
 
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
Performance1
 
         
NYSE Amex Symbol   EIA
Inception Date 11/29/02        
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    -15.48  
One Year
    -7.75  
Five Years
    -1.22  
Since Inception
    2.25  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -18.64  
One Year
    -8.19  
Five Years
    -0.66  
Since Inception
    2.47  
 
 
       
% Premium/(Discount) to NAV (3/31/11)
    1.87  
 
 
       
% Market Yields
       
 
Market Yield2
    8.31  
Taxable-Equivalent Market Yield3
    14.29  
 
 
       
% APS Leverage4
    34.81  
 
 
       
% RIB Leverage4
    11.79  
 
 
       
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 California Muni. Debt Funds Classification at NAV
    -10.59 *
 
 
       
* Source: Lipper.
       
Fund Profile
 
Rating Distribution6 (% of total investments)
 
(BAR CHART)
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 Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):6
                         
 
 
                       
AAA
    16.4     BBB     2.8  
AA
    60.0     BB     1.5  
A
    19.3                  
 
                       
 
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
Performance1
 
         
NYSE Amex Symbol   MAB
Inception Date 11/29/02        
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    -12.39  
One Year
    -4.05  
Five Years
    1.50  
Since Inception
    4.20  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -13.77  
One Year
    -5.63  
Five Years
    1.32  
Since Inception
    4.37  
 
 
       
% Premium/(Discount) to NAV (3/31/11)
    1.43  
 
 
       
% Market Yields
       
 
Market Yield2
    6.64  
Taxable-Equivalent Market Yield3
    10.79  
 
 
       
% APS Leverage4
    34.87  
 
 
       
% RIB Leverage4
    8.55  
 
 
       
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 Distribution6 (% of total investments)
 
(BAR CHART)
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 Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):6
                         
 
 
                       
AAA
    18.2     BBB     1.8  
AA
    38.1     Not Rated     6.4  
A
    35.5                  
 
                       
 
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.

4


 

Eaton Vance
Michigan Municipal Bond Fund
March 31, 2011
Portfolio Manager William H. Ahern, Jr., CFA
Performance1
 
         
NYSE Amex Symbol   MIW
Inception Date 11/29/02        
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    -7.80  
One Year
    -1.13  
Five Years
    2.82  
Since Inception
    4.73  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    2.86  
One Year
    8.14  
Five Years
    5.19  
Since Inception
    6.02  
 
 
       
% Premium/(Discount) to NAV (3/31/11)
    10.73  
 
 
       
% Market Yields
       
 
Market Yield2
    6.20  
Taxable-Equivalent Market Yield3
    9.97  
 
 
       
% APS Leverage4
    40.46  
 
 
       
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 Michigan Muni. Debt Funds Classification at NAV
    -7.07 *
 
 
       
* Source: Lipper.
       
Fund Profile
 
Rating Distribution6 (% of total investments)
 
(BAR CHART)
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
Performance1
 
         
NYSE Amex Symbol   EMJ
Inception Date 11/29/02        
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    -12.51  
One Year
    -5.24  
Five Years
    1.85  
Since Inception
    4.52  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -14.46  
One Year
    -11.72  
Five Years
    2.07  
Since Inception
    5.03  
 
 
       
% Premium/(Discount) to NAV (3/31/11)
    4.14  
 
 
       
% Market Yields
       
 
Market Yield2
    7.26  
Taxable-Equivalent Market Yield3
    12.27  
 
 
       
% APS Leverage4
    35.09  
 
 
       
% RIB Leverage4
    8.58  
 
 
       
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 Jersey Muni. Debt Funds Classification at NAV
    -8.60 *
 
 
       
* Source: Lipper.
       
Fund Profile
 
Rating Distribution6 (% of total investments)
 
(BAR CHART)
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 Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):6
                         
 
 
                       
AAA
    12.7     BBB     5.7  
AA
    62.6                  
A
    19.0                  
 
                       
 
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.

6


 

Eaton Vance
New York Municipal Bond Fund II
March 31, 2011
Portfolio Manager Craig R. Brandon, CFA
Performance1
 
         
NYSE Amex Symbol   NYH
Inception Date 11/29/02        
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    -9.70  
One Year
    -3.33  
Five Years
    1.08  
Since Inception
    4.21  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -11.86  
One Year
    -8.16  
Five Years
    2.66  
Since Inception
    4.46  
 
 
       
% Premium/(Discount) to NAV (3/31/11)
    1.97  
 
 
       
% Market Yields
       
 
Market Yield2
    7.41  
Taxable-Equivalent Market Yield3
    12.52  
 
 
       
% APS Leverage4
    24.11  
 
 
       
% RIB Leverage4
    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 Distribution6 (% of total investments)
 
(BAR CHART)
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 Fund’s financial statements. Absent such securities, the Fund’s 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
Performance1
 
         
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 Yield2
    6.78  
Taxable-Equivalent Market Yield3
    11.13  
 
 
       
% APS Leverage4
    36.00  
 
 
       
% RIB Leverage4
    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 Distribution6 (% of total investments)
 
(BAR CHART)
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 Fund’s financial statements. Absent such securities, the Fund’s 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
Performance1
 
         
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 Yield2
    7.14  
Taxable-Equivalent Market Yield3
    11.33  
 
 
       
% APS Leverage4
    36.39  
 
 
       
% RIB Leverage4
    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 Distribution6 (% of total investments)
 
(BAR CHART)
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 Fund’s financial statements. Absent such securities, the Fund’s 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 Fund’s 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 Fund’s 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 Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. 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   (000’s 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   (000’s 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, (Children’s 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   (000’s 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   (000’s 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 Fund’s 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   (000’s 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   (000’s 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   (000’s 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   (000’s 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   (000’s omitted)     Value      
 
 
Insured – Special Tax Revenue — 18.8%
 
Martha’s 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   (000’s 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   (000’s 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   (000’s 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   (000’s 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   (000’s 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   (000’s 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. John’s 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   (000’s 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   (000’s 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. Mary’s 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 Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32
  $ 820     $ 758,500      
Hamilton County, (Cincinnati Children’s 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   (000’s 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 Fund’s 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   (000’s 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 Luke’s 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   (000’s 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 Joseph’s 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   (000’s 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
 
 
Financial Highlights
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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(9) Plus accumulated and unpaid dividends.

 
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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(9) Plus accumulated and unpaid dividends.

 
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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(9) Plus accumulated and unpaid dividends.

 
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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(9) Plus accumulated and unpaid dividends.

 
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 (000’s 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 Fund’s 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 Fund’s total liabilities (not including the preferred shares) from the Fund’s total assets, and dividing the result by the number of preferred shares outstanding.
(9) Plus accumulated and unpaid dividends.

 
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 security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of 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 security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
 
B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
 
C Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends.
 
At September 30, 2010, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability 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 Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.
 
E Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
 
F Use of Estimates — The preparation of the financial statements in conformity with 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 Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Fund) could be deemed to have personal liability for the obligations of the Fund. However, each Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.
 
H Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in 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 Fund’s 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 %     0.37–0.69      
Series B
    0.40       47,152       0.42       0.37–0.69      
California II
    0.38       53,955       0.42       0.37–0.69      
Massachusetts
    0.40       28,266       0.42       0.37–0.69      
Michigan
    0.38       27,628       0.42       0.37–0.50      
New Jersey
    0.38       41,123       0.42       0.37–0.69      
New York II
    0.38       27,939       0.42       0.37–0.69      
Ohio
    0.40       35,865       0.42       0.37–0.69      
Pennsylvania
    0.40       44,800       0.41       0.37–0.50      
                                     
 
 
 
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 Fund’s average weekly gross assets and is payable monthly. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Fund, and the amount of any outstanding APS issued by the Fund. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Fund’s APS then outstanding and the amount payable by the Fund to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Fund. EVM also serves as the administrator of each Fund, but receives no compensation. For the six months ended March 31, 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 EVM’s 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 Fund’s 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 Fund’s 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 Fund’s 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 day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.
(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 fund’s 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 and Trustees

     
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. O’Neil
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
 
* Interested Trustee
 
Number of Employees
 
Each Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.
 
Number of Shareholders
 
As of March 31, 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
 
 
IMPORTANT NOTICES

 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:
 
•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, 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 customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (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 SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
 
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”.

 
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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


 

(EATON VANCE LOGO)
     
1557-5/11   CE-8IMBIISRC

 


 

Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
The registrant’s 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 Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s 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 Fund’s 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 Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s 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 Fund’s 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 adviser’s 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 Commission’s 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 registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
     
(a)(1)
  Registrant’s Code of Ethics — Not applicable (please see Item 2).
(a)(2)(i)
  Treasurer’s Section 302 certification.
(a)(2)(ii)
  President’s Section 302 certification.
(b)
  Combined Section 906 certification.

 


 

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance 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