UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-21142
Investment Company Act File Number
Eaton Vance 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, Including Area Code)
September 30
Date of Fiscal Year End
December 31, 2015
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
Municipal Bond Fund
December 31, 2015
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 161.5%
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Education — 18.4% |
||||||||
| California Educational Facilities Authority, (University of Southern California), |
$ | 9,750 | $ | 10,852,725 | ||||
| Connecticut Health and Educational Facilities Authority, (Wesleyan University), |
14,700 | 16,639,812 | ||||||
| Houston Higher Education Finance Corp., TX, (St. John’s School), 5.25%, 9/1/33(2) |
3,985 | 4,454,034 | ||||||
| Houston Higher Education Finance Corp., TX, (William Marsh Rice University), 5.00%, 5/15/35(1) |
15,000 | 17,165,400 | ||||||
| Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/27 |
5,810 | 7,589,080 | ||||||
| Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/30 |
8,325 | 10,941,131 | ||||||
| New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40(1) |
15,300 | 17,200,260 | ||||||
| North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/38(1) |
13,500 | 15,007,950 | ||||||
| North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/41(1) |
10,000 | 11,865,400 | ||||||
| University of California, 5.25%, 5/15/39 |
3,730 | 4,196,698 | ||||||
| University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 |
720 | 820,836 | ||||||
| University of Colorado, (University Enterprise Revenue), 5.25%, 6/1/36(1) |
10,000 | 11,698,200 | ||||||
| University of Massachusetts Building Authority, 5.00%, 11/1/39(1) |
14,175 | 16,382,189 | ||||||
| University of Michigan, 5.00%, 4/1/40 |
25 | 29,748 | ||||||
| University of Michigan, 5.00%, 4/1/40(1) |
15,000 | 17,848,500 | ||||||
| University of Nebraska, 5.00%, 7/1/40 |
20 | 23,484 | ||||||
| University of Nebraska, 5.00%, 7/1/40(1) |
11,800 | 13,855,560 | ||||||
|
|
|
|||||||
| $ | 176,571,007 | |||||||
|
|
|
|||||||
| Electric Utilities — 4.2% |
||||||||
| Energy Northwest, WA, (Columbia Generating Station), 5.00%, 7/1/40 |
$ | 2,320 | $ | 2,679,043 | ||||
| JEA St. Johns River Power Park System, FL, 4.00%, 10/1/32(1) |
10,000 | 10,198,000 | ||||||
| Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40 |
10,000 | 11,103,300 | ||||||
| South Carolina Public Service Authority, Prerefunded to 1/1/19, 5.50%, 1/1/38 |
6,545 | 7,289,756 | ||||||
| Unified Government of Wyandotte County/Kansas City, KS, Board of Public Utilities, 5.00%, 9/1/36 |
3,425 | 3,809,593 | ||||||
| Utility Debt Securitization Authority, NY, 5.00%, 12/15/35 |
4,500 | 5,357,070 | ||||||
|
|
|
|||||||
| $ | 40,436,762 | |||||||
|
|
|
|||||||
| Escrowed/Prerefunded — 0.7% |
||||||||
| South Carolina Public Service Authority, Prerefunded to 1/1/19, 5.50%, 1/1/38 |
$ | 565 | $ | 640,405 | ||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40 |
450 | 527,778 | ||||||
| Tennessee School Bond Authority, Prerefunded to 5/1/18, 5.50%, 5/1/38 |
5,000 | 5,530,500 | ||||||
|
|
|
|||||||
| $ | 6,698,683 | |||||||
|
|
|
|||||||
| General Obligations — 15.6% |
||||||||
| California, 5.00%, 10/1/33 |
$ | 15 | $ | 17,775 | ||||
| California, 5.00%, 10/1/33(1) |
18,800 | 22,277,812 | ||||||
| Chicago Park District, IL, (Harbor Facilities), 5.25%, 1/1/37(1) |
8,320 | 9,066,221 | ||||||
| Delaware Valley, PA, Regional Finance Authority, 5.75%, 7/1/32 |
3,000 | 3,780,030 | ||||||
| Klein, TX, Independent School District, (PSF Guaranteed), 5.00%, 2/1/36(1) |
2,000 | 2,306,120 | ||||||
| Massachusetts, 5.00%, 7/1/35(1) |
10,000 | 11,962,200 | ||||||
| Mississippi, 5.00%, 10/1/30(1) |
10,000 | 11,655,500 | ||||||
| Mississippi, 5.00%, 10/1/36(1) |
12,075 | 14,022,697 | ||||||
| New York, NY, 5.00%, 10/1/32 |
10,000 | 11,707,500 | ||||||
1
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Oregon, 5.00%, 8/1/35(1) |
$ | 6,750 | $ | 7,881,638 | ||||
| Oregon, 5.00%, 8/1/36 |
2,000 | 2,335,300 | ||||||
| Pierce County, WA, Tacoma School District No. 10, 5.00%, 12/1/39(1) |
10,000 | 11,779,500 | ||||||
| Port of Houston Authority of Harris County, TX, 5.00%, 10/1/35 |
7,500 | 8,679,375 | ||||||
| Washington, 4.00%, 7/1/28(1) |
10,000 | 11,046,400 | ||||||
| Washington, 5.00%, 2/1/35(1) |
18,250 | 21,322,935 | ||||||
|
|
|
|||||||
| $ | 149,841,003 | |||||||
|
|
|
|||||||
| Hospital — 8.6% |
||||||||
| California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27 |
$ | 1,000 | $ | 1,166,250 | ||||
| California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28 |
1,770 | 2,046,492 | ||||||
| California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39 |
11,570 | 12,828,122 | ||||||
| Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.50%, 7/1/38 |
2,790 | 3,270,689 | ||||||
| Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36 |
7,190 | 7,490,039 | ||||||
| Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38 |
5,040 | 1,691,273 | ||||||
| Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/41 |
10,000 | 2,867,200 | ||||||
| Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 |
5,355 | 5,544,246 | ||||||
| New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.25%, 7/1/35 |
4,385 | 5,028,981 | ||||||
| Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.00%, 1/1/32 |
10,950 | 12,611,334 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), 5.25%, 8/15/40 |
5,655 | 6,337,558 | ||||||
| West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38 |
7,605 | 8,638,139 | ||||||
| Wisconsin Health & Educational Facilities Authority, (Ascension Health Alliance Senior Credit Group), 5.00%, 11/15/41(1) |
11,500 | 12,742,575 | ||||||
|
|
|
|||||||
| $ | 82,262,898 | |||||||
|
|
|
|||||||
| Industrial Development Revenue — 0.5% |
||||||||
| Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 |
$ | 4,245 | $ | 4,416,498 | ||||
|
|
|
|||||||
| $ | 4,416,498 | |||||||
|
|
|
|||||||
| Insured-Education — 2.1% |
||||||||
| Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32 |
$ | 15,900 | $ | 20,768,739 | ||||
|
|
|
|||||||
| $ | 20,768,739 | |||||||
|
|
|
|||||||
| Insured-Electric Utilities — 3.2% |
||||||||
| Louisiana Energy and Power Authority, (AGM), 5.25%, 6/1/38 |
$ | 4,905 | $ | 5,651,443 | ||||
| Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41 |
13,895 | 14,004,631 | ||||||
| Paducah, KY, Electric Plant Board, (AGC), 5.25%, 10/1/35 |
2,735 | 3,000,842 | ||||||
| South Carolina Public Service Authority, (BHAC), Prerefunded to 1/1/19, 5.50%, 1/1/38 |
7,215 | 8,035,995 | ||||||
|
|
|
|||||||
| $ | 30,692,911 | |||||||
|
|
|
|||||||
| Insured-Escrowed/Prerefunded — 5.2% |
||||||||
| American Municipal Power-Ohio, Inc., OH, (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39 |
$ | 5,000 | $ | 5,724,050 | ||||
| Bossier City, LA, Utilities Revenue, (BHAC), Prerefunded to 10/1/18, 5.25%, 10/1/26 |
3,185 | 3,550,734 | ||||||
| Bossier City, LA, Utilities Revenue, (BHAC), Prerefunded to 10/1/18, 5.25%, 10/1/27 |
1,985 | 2,212,938 | ||||||
| Bossier City, LA, Utilities Revenue, (BHAC), Prerefunded to 10/1/18, 5.50%, 10/1/38 |
3,170 | 3,555,472 | ||||||
| Kane, Cook and DuPage Counties, IL, School District No. 46, (AMBAC), Escrowed to Maturity, 0.00%, 1/1/22 |
13,145 | 11,836,678 | ||||||
| Miami-Dade County, FL, Educational Facilities Authority, (University of Miami), (AMBAC), (BHAC), Prerefunded to 4/1/17, 5.00%, 4/1/31 |
7,865 | 8,287,114 | ||||||
2
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34 |
$ | 1,875 | $ | 2,120,119 | ||||
| South Carolina Public Service Authority, (BHAC), Prerefunded to 1/1/19, 5.50%, 1/1/38 |
625 | 708,412 | ||||||
| Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/20 |
5,570 | 5,212,072 | ||||||
| Washington Health Care Facilities Authority, (MultiCare Health System), (AGC), Prerefunded to 8/15/19, 6.00%, 8/15/39 |
5,795 | 6,794,406 | ||||||
|
|
|
|||||||
| $ | 50,001,995 | |||||||
|
|
|
|||||||
| Insured-General Obligations — 8.2% |
||||||||
| Chicago Park District, IL, (Limited Tax Park), (BAM), 5.00%, 1/1/39 |
$ | 35 | $ | 38,329 | ||||
| Chicago Park District, IL, (Limited Tax Park), (BAM), 5.00%, 1/1/39(1) |
13,600 | 14,893,496 | ||||||
| Cincinnati, OH, City School District, (AGM), (FGIC), 5.25%, 12/1/30 |
3,750 | 4,879,950 | ||||||
| Clark County, NV, (AMBAC), 2.50%, 11/1/36 |
11,845 | 10,118,828 | ||||||
| Frisco, TX, Independent School District, (AGM), (PSF Guaranteed), 2.75%, 8/15/39 |
9,530 | 9,286,604 | ||||||
| Kane, Cook and DuPage Counties, IL, School District No. 46, (AMBAC), 0.00%, 1/1/22 |
16,605 | 13,982,904 | ||||||
| Palm Springs, CA, Unified School District, (AGC), 5.00%, 8/1/32 |
8,955 | 10,008,645 | ||||||
| Port Arthur, TX, Independent School District, (AGC), 4.75%, 2/15/38(1) |
10,950 | 11,697,009 | ||||||
| Yuma and La Paz Counties, AZ, Community College District, (Arizona Western College), (NPFG), 3.75%, 7/1/31 |
4,275 | 4,295,007 | ||||||
|
|
|
|||||||
| $ | 79,200,772 | |||||||
|
|
|
|||||||
| Insured-Hospital — 11.8% |
||||||||
| Arizona Health Facilities Authority, (Banner Health), (BHAC), 5.375%, 1/1/32 |
$ | 8,250 | $ | 8,781,465 | ||||
| California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.05%, 8/15/38(1) |
11,000 | 11,715,990 | ||||||
| Colorado Health Facilities Authority, (Catholic Health), (AGM), 5.10%, 10/1/41(1) |
11,500 | 12,126,175 | ||||||
| Illinois Finance Authority, (Children’s Memorial Hospital), (AGC), 5.25%, 8/15/47(1) |
15,000 | 16,076,544 | ||||||
| Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41(1) |
2,500 | 2,649,550 | ||||||
| Iowa Finance Authority, Health Facilities, (Iowa Health System), (AGC), 5.625%, 8/15/37 |
2,625 | 2,956,118 | ||||||
| Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32 |
1,675 | 1,769,755 | ||||||
| Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(1) |
19,150 | 19,650,389 | ||||||
| New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 |
13,115 | 14,749,129 | ||||||
| Washington Health Care Facilities Authority, (Providence Health Care), Series C, (AGM), 5.25%, 10/1/33(1) |
8,700 | 9,548,331 | ||||||
| Washington Health Care Facilities Authority, (Providence Health Care), Series D, (AGM), 5.25%, 10/1/33(1) |
12,605 | 13,848,476 | ||||||
|
|
|
|||||||
| $ | 113,871,922 | |||||||
|
|
|
|||||||
| Insured-Industrial Development Revenue — 1.0% |
||||||||
| Pennsylvania Economic Development Financing Authority, (Aqua Pennsylvania, Inc.), (BHAC), 5.00%, 10/1/39(1) |
$ | 9,000 | $ | 10,049,130 | ||||
|
|
|
|||||||
| $ | 10,049,130 | |||||||
|
|
|
|||||||
| Insured-Lease Revenue/Certificates of Participation — 4.3% |
||||||||
| New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34 |
$ | 1,035 | $ | 1,137,020 | ||||
| San Diego County, CA, Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(1) |
24,000 | 26,066,880 | ||||||
| Tri-Creek Middle School Building Corp., IN, (AGM), 5.25%, 1/15/34(1) |
13,000 | 14,022,710 | ||||||
|
|
|
|||||||
| $ | 41,226,610 | |||||||
|
|
|
|||||||
| Insured-Other Revenue — 1.6% |
||||||||
| Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 |
$ | 16,795 | $ | 7,548,345 | ||||
| New York, NY, Industrial Development Agency, (Yankee Stadium), (AGC), 7.00%, 3/1/49 |
6,750 | 7,897,365 | ||||||
|
|
|
|||||||
| $ | 15,445,710 | |||||||
|
|
|
|||||||
3
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Insured-Solid Waste — 0.5% |
||||||||
| Palm Beach County, FL, Solid Waste Authority, (BHAC), 5.00%, 10/1/24 |
$ | 2,760 | $ | 3,120,732 | ||||
| Palm Beach County, FL, Solid Waste Authority, (BHAC), 5.00%, 10/1/26 |
1,575 | 1,769,512 | ||||||
|
|
|
|||||||
| $ | 4,890,244 | |||||||
|
|
|
|||||||
| Insured-Special Tax Revenue — 5.3% |
||||||||
| Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27 |
$ | 15,975 | $ | 15,978,834 | ||||
| Houston, TX, Hotel Occupancy Tax, (AMBAC), 0.00%, 9/1/24 |
18,035 | 13,471,063 | ||||||
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39 |
15,000 | 16,824,900 | ||||||
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
28,945 | 4,343,776 | ||||||
|
|
|
|||||||
| $ | 50,618,573 | |||||||
|
|
|
|||||||
| Insured-Student Loan — 0.6% |
||||||||
| Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27 |
$ | 5,540 | $ | 6,060,040 | ||||
|
|
|
|||||||
| $ | 6,060,040 | |||||||
|
|
|
|||||||
| Insured-Transportation — 12.8% |
||||||||
| Chicago, IL, (O’Hare International Airport), (AGM), 4.75%, 1/1/34(1) |
$ | 21,640 | $ | 22,871,099 | ||||
| Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28 |
2,500 | 2,906,050 | ||||||
| Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/29 |
1,000 | 1,152,000 | ||||||
| Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/30 |
1,800 | 2,091,528 | ||||||
| Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31 |
1,570 | 1,808,342 | ||||||
| Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32 |
1,015 | 1,182,333 | ||||||
| Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/33 |
1,150 | 1,329,204 | ||||||
| Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39 |
8,080 | 9,035,137 | ||||||
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/21 |
10,200 | 8,999,664 | ||||||
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39 |
25,000 | 8,504,500 | ||||||
| Harris County, TX, Toll Road, Senior Lien, (BHAC), (NPFG), 5.00%, 8/15/33(1) |
7,800 | 8,281,104 | ||||||
| Manchester, NH, (Manchester-Boston Regional Airport), (AGM), 5.125%, 1/1/30 |
6,710 | 7,144,942 | ||||||
| Metropolitan Washington, D.C., Airports Authority, (BHAC), 5.00%, 10/1/29 |
1,785 | 2,009,678 | ||||||
| New Jersey Transportation Trust Fund Authority, (AGC), 5.50%, 12/15/38 |
11,700 | 12,758,265 | ||||||
| North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 5.50%, 1/1/29 |
1,015 | 1,119,819 | ||||||
| North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 5.75%, 1/1/39 |
1,160 | 1,286,765 | ||||||
| Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/24 |
1,605 | 1,048,274 | ||||||
| Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/25 |
1,950 | 1,206,485 | ||||||
| Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/26 |
1,000 | 585,610 | ||||||
| San Joaquin Hills Transportation Corridor Agency, CA, (Toll Road Bonds), (NPFG), 0.00%, 1/15/25 |
26,215 | 18,448,544 | ||||||
| Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/20 |
10,275 | 9,473,036 | ||||||
|
|
|
|||||||
| $ | 123,242,379 | |||||||
|
|
|
|||||||
| Insured-Water and Sewer — 8.3% |
||||||||
| Chicago, IL, Wastewater Transmission Revenue, (BHAC), 5.50%, 1/1/38 |
$ | 2,060 | $ | 2,198,988 | ||||
| Chicago, IL, Wastewater Transmission Revenue, (NPFG), 0.00%, 1/1/23 |
13,670 | 10,385,099 | ||||||
| DeKalb County, GA, Water and Sewer, (AGM), 5.25%, 10/1/32(1) |
10,000 | 12,407,300 | ||||||
| Detroit, MI, Water Supply System, (NPFG), 5.00%, 7/1/34 |
10 | 10,033 | ||||||
| Detroit, MI, Water Supply System, (NPFG), Prerefunded to 1/14/16, 5.00%, 7/1/34 |
2,495 | 2,499,316 | ||||||
| District of Columbia Water and Sewer Authority, (AGC), 5.00%, 10/1/34(1) |
8,500 | 9,251,485 | ||||||
| Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/32 |
5,540 | 7,351,691 | ||||||
| Massachusetts Water Resources Authority, (AGM), 5.25%, 8/1/38 |
1,070 | 1,441,600 | ||||||
| Massachusetts Water Resources Authority, (AMBAC), (BHAC), 4.00%, 8/1/40 |
9,095 | 9,145,477 | ||||||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32 |
2,615 | 2,971,215 | ||||||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33 |
2,240 | 2,536,218 | ||||||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35 |
2,730 | 3,065,108 | ||||||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37 |
2,240 | 2,499,146 | ||||||
4
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| New York, NY, Municipal Water Finance Authority, (BHAC), 5.75%, 6/15/40(1) |
$ | 9,500 | $ | 10,541,485 | ||||
| San Luis Obispo County, CA, (Nacimiento Water Project), (NPFG), 4.50%, 9/1/40 |
3,535 | 3,697,681 | ||||||
|
|
|
|||||||
| $ | 80,001,842 | |||||||
|
|
|
|||||||
| Lease Revenue/Certificates of Participation — 3.5% |
||||||||
| Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47 |
$ | 1,980 | $ | 2,297,473 | ||||
| North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26 |
10 | 12,201 | ||||||
| North Carolina, Limited Obligation Bonds, 5.00%, 5/1/26(1) |
16,000 | 19,521,120 | ||||||
| North Carolina, Limited Obligation Bonds, 5.00%, 5/1/30(1) |
10,000 | 11,631,200 | ||||||
|
|
|
|||||||
| $ | 33,461,994 | |||||||
|
|
|
|||||||
| Other Revenue — 2.6% |
||||||||
| New York, NY, Transitional Finance Authority, Building Aid Revenue, 5.00%, 7/15/36(1) |
$ | 10,750 | $ | 12,471,935 | ||||
| Oregon Department of Administrative Services, Lottery Revenue, 5.25%, 4/1/30 |
9,200 | 10,749,096 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30 |
1,700 | 1,874,947 | ||||||
|
|
|
|||||||
| $ | 25,095,978 | |||||||
|
|
|
|||||||
| Senior Living/Life Care — 0.1% |
||||||||
| Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30 |
$ | 1,175 | $ | 1,317,363 | ||||
|
|
|
|||||||
| $ | 1,317,363 | |||||||
|
|
|
|||||||
| Special Tax Revenue — 13.5% |
||||||||
| Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, 5.00%, 11/1/30 |
$ | 20 | $ | 24,435 | ||||
| Central Puget Sound Regional Transit Authority, WA, Sales and Use Tax Revenue, 5.00%, 11/1/30(1) |
12,575 | 15,363,632 | ||||||
| Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/31(1) |
20,000 | 23,248,400 | ||||||
| Massachusetts School Building Authority, Dedicated Sales Tax Revenue, 5.00%, 8/15/37(1) |
20,200 | 23,925,082 | ||||||
| New York Convention Center Development Corp., Hotel Occupancy Tax, 5.00%, 11/15/45(1) |
13,000 | 14,966,900 | ||||||
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 6/15/31 |
10,000 | 11,753,400 | ||||||
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34 |
3,285 | 3,808,070 | ||||||
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/35 |
12,040 | 13,914,267 | ||||||
| New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 2/1/37(1) |
20,000 | 22,738,600 | ||||||
|
|
|
|||||||
| $ | 129,742,786 | |||||||
|
|
|
|||||||
| Transportation — 14.0% |
||||||||
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30 |
$ | 3,205 | $ | 3,789,175 | ||||
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31 |
4,950 | 5,839,465 | ||||||
| Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 |
8,275 | 9,194,435 | ||||||
| Illinois Toll Highway Authority, 5.00%, 12/1/31(3) |
3,375 | 4,003,762 | ||||||
| Illinois Toll Highway Authority, 5.00%, 1/1/37(1) |
10,000 | 11,576,400 | ||||||
| Kansas Department of Transportation, 5.00%, 9/1/35(1) |
10,000 | 12,067,900 | ||||||
| Los Angeles, CA, Department of Airports, (Los Angeles International Airport), 5.25%, 5/15/28 |
3,285 | 3,821,145 | ||||||
| Metropolitan Transportation Authority, NY, 5.25%, 11/15/32 |
4,380 | 5,226,260 | ||||||
| Metropolitan Transportation Authority, NY, 5.25%, 11/15/38 |
4,640 | 5,486,661 | ||||||
| Metropolitan Transportation Authority, NY, 5.25%, 11/15/40 |
4,735 | 5,451,595 | ||||||
| Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41 |
10,825 | 11,736,357 | ||||||
| Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/37 |
4,615 | 5,293,728 | ||||||
| New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 12/15/24 |
10,000 | 11,124,000 | ||||||
| Orlando-Orange County Expressway Authority, FL, 5.00%, 7/1/35 |
2,915 | 3,264,917 | ||||||
| Orlando-Orange County Expressway Authority, FL, 5.00%, 7/1/40 |
2,590 | 2,898,521 | ||||||
| Pennsylvania Turnpike Commission, 6.00%, 12/1/34 |
5,000 | 5,892,350 | ||||||
| Port Authority of New York and New Jersey, 5.00%, 12/1/34(1) |
14,360 | 16,980,269 | ||||||
| Port Authority of New York and New Jersey, 5.00%, 7/15/39 |
5,000 | 5,658,850 | ||||||
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/33 |
5,000 | 5,442,150 | ||||||
|
|
|
|||||||
| $ | 134,747,940 | |||||||
|
|
|
|||||||
5
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Water and Sewer — 14.9% |
||||||||
| California Department of Water Resources, (Central Valley Project), 5.25%, 12/1/35(1) |
$ | 10,000 | $ | 11,773,800 | ||||
| Charleston, SC, Waterworks and Sewer Revenue, 5.00%, 1/1/35 |
2,735 | 3,129,168 | ||||||
| Charleston, SC, Waterworks and Sewer Revenue, 5.00%, 1/1/45(1) |
25,000 | 29,197,250 | ||||||
| Chicago, IL, Water Revenue, 5.00%, 11/1/42 |
5,000 | 5,360,950 | ||||||
| Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32 |
1,070 | 1,182,885 | ||||||
| Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39 |
1,965 | 2,176,611 | ||||||
| Detroit, MI, Water Supply System, 5.25%, 7/1/41 |
2,910 | 3,179,524 | ||||||
| Honolulu, HI, City and County Wastewater System, 5.25%, 7/1/36(1) |
9,750 | 11,103,690 | ||||||
| King County, WA, Sewer Revenue, 5.00%, 1/1/34(1) |
10,000 | 11,441,200 | ||||||
| Marco Island, FL, Utility System, 5.00%, 10/1/34 |
1,445 | 1,633,977 | ||||||
| Marco Island, FL, Utility System, 5.00%, 10/1/40 |
6,325 | 7,158,256 | ||||||
| Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/35(1) |
8,750 | 10,496,150 | ||||||
| Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/36(1) |
7,925 | 9,470,216 | ||||||
| New York, NY, Municipal Water Finance Authority, 5.00%, 6/15/31 |
10,000 | 11,785,100 | ||||||
| Portland, OR, Water System, 5.00%, 5/1/36 |
5,385 | 6,061,679 | ||||||
| Texas Water Development Board, 5.00%, 10/15/40 |
10 | 11,816 | ||||||
| Texas Water Development Board, 5.00%, 10/15/40(1) |
15,500 | 18,314,025 | ||||||
|
|
|
|||||||
| $ | 143,476,297 | |||||||
|
|
|
|||||||
| Total Tax-Exempt Investments — 161.5% |
$ | 1,554,140,076 | ||||||
|
|
|
|||||||
| Other Assets, Less Liabilities — (61.5)% |
$ | (591,917,555 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
$ | 962,222,521 | ||||||
|
|
|
|||||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
At December 31, 2015, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of total investments, is as follows:
| New York |
12.3 | % | ||
| Others, representing less than 10% individually |
87.7 | % |
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 December 31, 2015, 40.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 13.8% of total investments.
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| (2) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
| (3) | When-issued security. |
Futures Contracts
| Description |
Contracts | Position | Expiration Month/Year |
Aggregate Cost | Value | Net Unrealized Depreciation |
||||||||||||||||
| Interest Rate Futures | ||||||||||||||||||||||
| U.S. Long Treasury Bond | 229 | Short | Mar-16 | $ | (35,168,960 | ) | $ | (35,208,750 | ) | $ | (39,790 | ) | ||||||||||
|
|
|
|||||||||||||||||||||
| $ | (39,790 | ) | ||||||||||||||||||||
|
|
|
|||||||||||||||||||||
6
Abbreviations:
| AGC |
- | Assured Guaranty Corp. | ||
| AGM |
- | Assured Guaranty Municipal Corp. | ||
| AMBAC |
- | AMBAC Financial Group, Inc. | ||
| BAM |
- | Build America Mutual Assurance Co. | ||
| BHAC |
- | Berkshire Hathaway Assurance Corp. | ||
| FGIC |
- | Financial Guaranty Insurance Company | ||
| NPFG |
- | National Public Finance Guaranty Corp. | ||
| PSF |
- | Permanent School Fund | ||
| XLCA |
- | XL Capital Assurance, Inc. | ||
At December 31, 2015, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund enters into U.S. Treasury futures contracts to hedge against changes in interest rates.
At December 31, 2015, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $39,790.
The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2015, as determined on a federal income tax basis, were as follows:
| Aggregate cost |
$ | 803,854,857 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 143,834,126 | ||
| Gross unrealized depreciation |
(2,338,907 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 141,495,219 | ||
|
|
|
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At December 31, 2015, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Tax-Exempt Investments |
$ | — | $ | 1,554,140,076 | $ | — | $ | 1,554,140,076 | ||||||||
| Total Investments |
$ | — | $ | 1,554,140,076 | $ | — | $ | 1,554,140,076 | ||||||||
| Liability Description | ||||||||||||||||
| Futures Contracts |
$ | (39,790 | ) | $ | — | $ | — | $ | (39,790 | ) | ||||||
| Total |
$ | (39,790 | ) | $ | — | $ | — | $ | (39,790 | ) | ||||||
The Fund held no investments or other financial instruments as of September 30, 2015 whose fair value was determined using Level 3 inputs. At December 31, 2015, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
7
Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.
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 Municipal Bond Fund
| By: | /s/ Payson F. Swaffield | |
| Payson F. Swaffield | ||
| President | ||
| Date: | February 22, 2016 | |
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/ Payson F. Swaffield | |
| Payson F. Swaffield | ||
| President | ||
| Date: | February 22, 2016 | |
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer | ||
| Date: | February 22, 2016 | |